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Previous: SECURITY NATIONAL BANK OF SO DAK, 13F-HR, 2000-05-09 |
Next: SONIC INNOVATIONS INC, S-8, 2000-05-09 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 25, 2000
AMORTIZING RESIDENTIAL COLLATERAL MORTGAGE TRUST
Mortgage Pass-Through Certificates, Series 2000-BC1 Trust
52-2222361
52-2222362
New York (governing law of 333-68513-10 52-2222363
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On April 25, 2000 a distribution was made to holders of AMORTIZING
RESIDENTIAL COLLATERAL MORTGAGE TRUST, Mortgage Pass-Through Certificates,
Series 2000-BC1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
2000-BC1 Trust, relating to the April 25,
2000 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMORTIZING RESIDENTIAL COLLATERAL MORTGAGE TRUST
Mortgage Pass-Through Certificates, Series 2000-BC1 Trust
By: First Union National Bank, as Trustee
By: /s/ Pablo de la Canal, Officer
By: Pablo de la Canal, Officer
Date: 5/3/00
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 2000-BC1 Trust, relating to the April 25,
2000 distribution.
<TABLE>
<CAPTION>
Amortizing Residential Collateral Mortgage Trust
Mortgage Pass-Through Certificates
Record Date: 3/31/00
Distribution Date: 4/25/00
ARC Series: 2000-BC1
Contact: Customer Service - CTSLink
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 863572K85 SEN 6.44500% 957,163,434.23 4,969,406.44 32,513,289.85
A-2 863572K93 SEN 8.05000% 271,029,456.26 1,818,155.94 3,965,912.79
M-1 863572L27 MEZ 6.60500% 40,604,000.00 216,041.48 0.00
M-2 863572L35 MEZ 7.10500% 40,604,000.00 232,395.87 0.00
B 863572L43 SUB 8.37500% 13,534,000.00 91,307.51 0.00
X SAC00BC1X SEN 0.00000% 0.00 2,191,688.89 0.00
P SAC00BC1P SEN 0.00000% 0.00 219,030.45 0.00
OC SAC00BCOC SEN 0.00000% 647.72 0.00 0.00
R-III SAC00B1R3 SEN 0.00000% 0.00 0.00 0.00
R-II SAC00B1R2 SEN 0.00000% 0.00 0.00 0.00
R-I SAC00B1R1 SEN 0.00000% 0.00 0.00 0.00
Totals 1,322,935,538.2 9,738,026.58 36,479,202.64
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 924,650,144.38 37,482,696.29 0.00
A-2 0.00 267,063,543.47 5,784,068.73 0.00
M-1 0.00 40,604,000.00 216,041.48 0.00
M-2 0.00 40,604,000.00 232,395.87 0.00
B 0.00 13,534,000.00 91,307.51 0.00
X 0.00 0.00 2,191,688.89 0.00
P 0.00 0.00 219,030.45 0.00
OC 0.00 647.72 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00
Totals 0.00 1,286,456,335.57 46,217,229.22 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 983,064,000.00 957,163,434.23 610,984.75 31,902,305.10 0.00 0.00
A-2 275,679,000.00 271,029,456.26 238,995.13 3,726,917.66 0.00 0.00
M-1 40,604,000.00 40,604,000.00 0.00 0.00 0.00 0.00
M-2 40,604,000.00 40,604,000.00 0.00 0.00 0.00 0.00
B 13,534,000.00 13,534,000.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 0.00 0.00 0.00 0.00
OC 647.72 647.72 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,353,485,647.7 1,322,935,538.21 849,979.88 35,629,222.76 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 32,513,289.85 924,650,144.38 0.94057980 32,513,289.85
A-2 3,965,912.79 267,063,543.47 0.96874823 3,965,912.79
M-1 0.00 40,604,000.00 1.00000000 0.00
M-2 0.00 40,604,000.00 1.00000000 0.00
B 0.00 13,534,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
P 0.00 0.00 0.00000000 0.00
OC 0.00 647.72 1.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
Totals 36,479,202.64 1,286,456,335.57 0.95047653 36,479,202.64
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 983,064,000.00 973.65322525 0.62151065 32.45191066 0.00000000
A-2 275,679,000.00 983.13421138 0.86693266 13.51904810 0.00000000
M-1 40,604,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 40,604,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 13,534,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 647.72 1000.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes are per $1,000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 33.07342131 940.57980394 0.94057980 33.07342131
A-2 0.00000000 14.38598076 968.74823062 0.96874823 14.38598076
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 983,064,000.00 6.44500% 957,163,434.23 4,969,406.44 0.00 0.00
A-2 275,679,000.00 8.05000% 271,029,456.26 1,818,155.94 0.00 0.00
M-1 40,604,000.00 6.60500% 40,604,000.00 216,041.48 0.00 0.00
M-2 40,604,000.00 7.10500% 40,604,000.00 232,395.87 0.00 0.00
B 13,534,000.00 8.37500% 13,534,000.00 91,307.51 0.00 0.00
X 0.00 0.00000% 0.00 0.00 0.00 0.00
P 0.00 0.00000% 0.00 0.00 0.00 0.00
OC 647.72 0.00000% 647.72 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,353,485,647.7 7,327,307.24 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 4,969,406.44 0.00 924,650,144.38
A-2 0.00 0.00 1,818,155.94 0.00 267,063,543.47
M-1 0.00 0.00 216,041.48 0.00 40,604,000.00
M-2 0.00 0.00 232,395.87 0.00 40,604,000.00
B 0.00 0.00 91,307.51 0.00 13,534,000.00
X 0.00 0.00 2,191,688.89 0.00 0.00
P 0.00 0.00 219,030.45 0.00 0.00
OC 0.00 0.00 0.00 0.00 647.72
R-III 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 9,738,026.58 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 983,064,000.00 6.44500% 973.65322525 5.05501823 0.00000000 0.00000000
A-2 275,679,000.00 8.05000% 983.13421138 6.59519202 0.00000000 0.00000000
M-1 40,604,000.00 6.60500% 1000.00000000 5.32069451 0.00000000 0.00000000
M-2 40,604,000.00 7.10500% 1000.00000000 5.72347232 0.00000000 0.00000000
B 13,534,000.00 8.37500% 1000.00000000 6.74652800 0.00000000 0.00000000
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 647.72 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes are per $1,000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.05501823 0.00000000 940.57980394
A-2 0.00000000 0.00000000 6.59519202 0.00000000 968.74823062
M-1 0.00000000 0.00000000 5.32069451 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.72347232 0.00000000 1000.00000000
B 0.00000000 0.00000000 6.74652800 0.00000000 1000.00000000
X 0.00000000 0.00000000 25000.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 25000.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
Loss Mitigation 0.01500% 1,322,935,538.21 1,286,456,335.57 0.00 0.00 95.04765254%
Fee
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 47,111,350.12
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 47,111,350.12
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 894,120.90
Payment of Interest and Principal 46,217,229.22
Total Withdrawals (Pool Distribution Amount) 47,111,350.12
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 505,713.73
Trustee Fee - First Union 825.98
PMI Fees 360,021.10
Master Servicing Fee - Norwest Bank 11,023.40
Loss Mitigation Fee 16,536.69
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 894,120.90
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
</TABLE>
<TABLE>
<CAPTION> CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 242 25,613,234.02 2.336133% 1.990991%
60 Days 63 6,649,775.46 0.608167% 0.516906%
90+ Days 46 3,849,865.30 0.444058% 0.299261%
Foreclosure 58 6,102,717.43 0.559900% 0.474382%
REO 1 34,460.58 0.009653% 0.002679%
Totals 410 42,250,052.79 3.957911% 3.284220%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Current Period Class A Insufficient Funds 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 9.492796%
Weighted Average Net Coupon 8.987686%
Weighted Average Pass-Through Rate 8.650372%
Weighted Average Maturity(Stepdown Calculation ) 324
Beginning Scheduled Collateral Loan Count 10,615
Number Of Loans Paid In Full 256
Ending Scheduled Collateral Loan Count 10,359
Beginning Scheduled Collateral Balance 1,322,935,538.21
Ending Scheduled Collateral Balance 1,286,456,335.57
Ending Actual Collateral Balance at 31-Mar-2000 1,287,283,133.73
Monthly P &I Constant 11,315,278.07
Ending Scheduled Balance for Premium Loans 1,269,994,977.31
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 6,767,428.24
Overcollateralized Amount 877.27
Overcollateralized Deficiency Amount 6,766,550.97
Base Overcollateralized Amount 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
PMI Claims Filed $0.00
PMI Claims Paid $0.00
PMI Claims Denied $0.00
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 Total
Collateral Description Mixed ARM Mixed ARM
Weighted Average Coupon Rate 9.513887 9.418262
Weighted Average Net Rate 8.671665 8.785449
Weighted Average Maturity 336.00 279.00
Beginning Loan Count 7,195 3,420 10,615
Loans Paid In Full 212 44 256
Ending Loan Count 6,983 3,376 10,359
Beginning Scheduled Balance 1,031,156,835.81 291,778,702.40 1,322,935,538.21
Ending scheduled Balance 998,643,545.96 287,812,789.61 1,286,456,335.57
Record Date 3/31/00 3/31/00
Principal And Interest Constant 8,786,242.66 2,529,035.41 11,315,278.07
Scheduled Principal 610,984.75 238,995.13 849,979.88
Unscheduled Principal 31,902,305.10 3,726,917.66 35,629,222.76
Scheduled Interest 8,175,257.91 2,290,040.28 10,465,298.19
Servicing Fees 409,863.34 95,850.35 505,713.69
Master Servicing Fees 8,592.92 2,431.49 11,024.41
Trustee Fee 644.45 182.38 826.83
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 304,617.87 55,403.68 360,021.55
Net Interest 7,451,539.33 2,136,172.38 9,587,711.71
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group 30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 24,019,318.35 5,443,683.68 3,252,081.66 6,036,743.91 34,460.58 2,574,285.50
Percentage Of Balance 2.405% 0.545% 0.326% 0.604% 0.003% 0.258%
Loan Count 220 50 38 56 1 17
Percentage Of Loans 3.151% 0.716% 0.544% 0.802% 0.014% 0.243%
2 Principal Balance 1,593,915.67 1,206,091.78 597,783.64 65,973.52 0.00 0.00
Percentage Of Balance 0.554% 0.419% 0.208% 0.023% 0.000% 0.000%
Loan Count 22 13 8 2 0 0
Percentage Of Loans 0.652% 0.385% 0.237% 0.059% 0.000% 0.000%
Totals:Principal Balance 25,613,234.02 6,649,775.46 3,849,865.30 6,102,717.43 34,460.58 2,574,285.50
Percentage of Balance 1.991% 0.517% 0.299% 0.474% 0.003% 0.200%
Loan Count 242 63 46 58 1 17
Percentage Of Loans 2.336% 0.608% 0.444% 0.560% 0.010% 0.164%
</TABLE>
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