================================================================================
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): July 27, 2000
OPTION ONE MORTGAGE ACCEPTANCE CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JULY 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES,
SERIES 2000-3)
Option One Mortgage Acceptance Corporation
------------------------------------------
(Exact name of registrant as specified in its charter)
--------------------------------------------------------------------------------
Delaware 333-96403 33-0727357
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
3 Ada
Irvine, California 92618
------------------ -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 790-8100
--------------
================================================================================
<PAGE>
-2-
Item 2. Acquisition or Disposition of Assets
------------------------------------
Description of the Certificates and the Mortgage Pool
On July 27, 2000, a single series of certificates, entitled
Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2000-3 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of July 1, 2000 (the "Agreement"), attached hereto as Exhibit 4.1,
among Option Mortgage Acceptance Corporation as depositor (the "Depositor"),
Option One Mortgage Corporation ("Option One") as master servicer (the "Master
Servicer") and Wells Fargo Bank Minnesota, N.A. as trustee (the "Trustee"). The
Certificates consist of eight classes of certificates (collectively, the
"Certificates"), designated as the "Class A Certificates", "Class S
Certificates", "Class M-1 Certificates", "Class M-2 Certificates", "Class M-3
Certificates", "Class C Certificates", "Class P Certificates" and "Class R
Certificates". The Certificates evidence in the aggregate the entire beneficial
ownership interest in a trust fund (the "Trust Fund"), consisting of a pool of
mortgage loans (the "Mortgage Pool") of conventional, one- to four- family,
adjustable rate, first lien mortgage loans having original terms to maturity up
to 30 years (the "Mortgage Loans"). The Mortgage Pool consist of Mortgage Loans
having an aggregate principal balance of $65,107,262 as of July 1, 2000 (the
"Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan
Purchase Agreement, dated July 27, 2000 (the "Purchase Agreement") between
Option One and the Depositor. The Class A Certificates, the Class M-1
Certificates, the Class M-2 Certificates, the Class M-3 Certificates and the
Class S Certificates were sold by the Depositor to Banc of America Securities
LLC (the "Underwriter"), pursuant to an Underwriting Agreement, dated July 21,
2000 (the "Underwriting Agreement") among the Depositor, Option One and the
Underwriter.
The Certificates have the following initial Certificate
Balances and Pass-Through Rates:
Initial Certificate
Class Principal Balance or Pass-Through Rate
----- Notional Amount -----------------
---------------
A $ 79,000,000 Variable
S $ 10,000,000 Variable
M-1 $ 7,250,000 Variable
M-2 $ 5,500,000 Variable
M-3 $ 4,750,000 Variable
C $ 3,499,900 Variable
P $ 100 N/A
<PAGE>
-3-
Initial Certificate
Class Principal Balance or Pass-Through Rate
----- Notional Amount -----------------
---------------
R 100% N/A
The Certificates, other than the Class C Certificates, the
Class P Certificates and the Class R Certificates, and the Mortgage Loans are
more particularly described in the Prospectus, dated April 20, 2000, and the
Prospectus Supplement, dated July 21, 2000, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class P Certificates and the Class R Certificates have not
been and will not be publicly offered by the Depositor. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the
Prospectus Supplement.
Item 7. Financial Statements and Exhibits
---------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
----------- -----------
4.1 Pooling and Servicing Agreement,
dated as of July 1, 2000, by and
among Option One Mortgage Acceptance
Corporation as Depositor, Option One
Mortgage Corporation as Master
Servicer and Wells Fargo Bank
Minnesota, N.A. as Trustee, relating
to the Series 2000-3 Certificates.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
Dated: July 21, 2000
OPTION ONE MORTGAGE
ACCEPTANCE CORPORATION
By: /s/ William O'Neill
Name: William O'Neill
Title: Treasurer
<PAGE>
<TABLE>
<CAPTION>
Index to Exhibits
-----------------
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- -------------
<S> <C> <C>
4.1 Pooling and Servicing Agreement, dated as of 7
July 1, 2000, by and among Option One Mortgage
Acceptance Corporation as Depositor, Option One
Mortgage Corporation as Master Servicer and Wells
Fargo Bank Minnesota, N.A. as Trustee relating to
the Series 2000-3 Certificates.
</TABLE>
