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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 28, 2000
NEW CENTURY MORTGAGE SECURITIES, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JUNE 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2000-NCB)
New Century Mortgage Securities, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware 333-76805 33-0852169
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
18400 Von Karman
Irvine, California 92612
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 863-7243
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pools
On July 28, 2000, a single series of certificates, entitled
New Century Home Equity Loan Trust, Series 2000-NCB, Asset Backed Pass-Through
Certificates (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 New Century Mortgage Securities, Inc. as depositor (the
"Depositor"), Countrywide Home Loans, Inc. as servicer (the "Servicer"), Firstar
Bank, N.A. as trustee (the "Trustee") and U.S. Bank National Association as
trust administrator (the "Trust Administrator"). The Certificates consist of
three classes of certificates (collectively, the "Certificates"), designated as
the "Class A Certificates", the "Class P Certificates" and the "Class R
Certificates." The Certificates evidence in the aggregate the entire beneficial
ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a
segregated pool (the "Mortgage Pool") of residential, fixed-rate and adjustable
rate, first and second lien mortgage loans having original terms to maturity up
to 30 years (the "Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans
having an aggregate principal balance of $384,965,205 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 "Mortgage Loan Purchase Agreement")
among the Depositor, New Century Mortgage Corporation and NC Capital
Corporation. The Class A Certificates were sold by the Depositor to Salomon
Smith Barney Inc. (the "Underwriter"), pursuant to an Underwriting Agreement,
dated July 27, 2000 among the Depositor, New Century Mortgage Corporation and
the Underwriter.
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The Certificates have the following initial Certificate
Balances and Pass-Through Rates:
Initial Certificate
Class Principal Balance Pass-Through Rate
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A $383,040,000 Variable
P $100.00 N/A
R 100 % Percentage Interest N/A
The Certificates, other than the P Certificates, R
Certificates, and the Mortgage Loans are more particularly described in the
Prospectus, dated September 10, 1999, and the Prospectus Supplement, dated July
27, 2000, as previously filed with the Securities and Exchange Commission
pursuant to Rule 424(b). The Class P and Class R 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.
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Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of July 1,
2000, by and among New Century Mortgage Securities,
Inc. as Depositor, Countrywide Home Loans, Inc. as
Servicer, Firstar Bank, N.A. as Trustee and U.S. Bank
National Association as Trust Administrator, relating
to the Series 2000-NCB Certificates.
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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 27, 2000
NEW CENTURY MORTGAGE
SECURITIES, INC.
By:
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Name:
Title:
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Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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<S> <C> <C>
4.1 Pooling and Servicing Agreement, dated as of 7
July 1, 2000, by and among New Century
Mortgage Securities, Inc. as Depositor,
Countrywide Home Loans, Inc. as Servicer,
Firstar Bank, N.A. as Trustee and U.S. Bank
National Association as Trust Administrator,
relating to the Series 2000-NCB Certificates.
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