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Previous: PACER TECHNOLOGY, DFAN14A, 1999-11-08 |
Next: PROVIDENT BANK, 8-K, 1999-11-08 |
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): October 25, 1999
PROVIDENT BANK HOME EQUITY LOAN TRUST
Home Equity Loan Asset-Backed Certs., Series 1999-3
New York (governing law of 333-81675 Pending
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 October 25, 1999 a distribution was made to holders of PROVIDENT BANK HOME
EQUITY LOAN TRUST, Home Equity Loan Asset-Backed Certs., Series 1999-3.
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 Home Equity Loan Asset-Backed Certs.,
Series 1999-3 Trust, relating to the
October 25, 1999 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.
PROVIDENT BANK HOME EQUITY LOAN TRUST
Home Equity Loan Asset-Backed Certs., Series 1999-3
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Edward Frere, Vice President
By: Edward Frere, Vice President
Date: 11/8/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1999-3 Trust, relating to the
October 25, 1999 distribution.
<TABLE>
<CAPTION>
The Provident Bank
Mortgage Pass-Through Certificates
Record Date: 9/30/99
Distribution Date: 10/25/99
PROVIDENT Series: 1999-3
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
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 743844CU4 SEQ 5.73500% 648,000,000.00 2,580,750.00 2,046,626.49
A-2 743844CV2 SEQ 5.80000% 77,000,000.00 310,138.89 73,824.19
A-3 743844CW0 SEQ 5.77000% 475,000,000.00 1,903,298.61 854,014.37
X-1 PRV9903X1 IO 5.37260% 0.00 1,532,216.86 0.00
X-2 PRV9903X2 IO 5.41610% 0.00 156,248.94 0.00
X-3 PRV9903X3 IO 5.02030% 0.00 936,800.02 0.00
R PRV9903R1 RES 0.00000% 0.00 0.00 0.00
Totals 1,200,000,000.0 7,419,453.32 2,974,465.05
</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 0.00 645,953,373.51 4,627,376.49 0.00
A-2 0.00 76,926,175.81 383,963.08 0.00
A-3 0.00 474,145,985.63 2,757,312.98 0.00
X-1 0.00 0.00 1,532,216.86 0.00
X-2 0.00 0.00 156,248.94 0.00
X-3 0.00 0.00 936,800.02 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,197,025,534.95 10,393,918.37 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-1 648,000,000.00 648,000,000.00 23,302.51 2,023,323.98 0.00 0.00
A-2 77,000,000.00 77,000,000.00 13,824.19 60,000.00 0.00 0.00
A-3 475,000,000.00 475,000,000.00 68,984.77 785,029.60 0.00 0.00
X-1 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,200,000,000.0 1,200,000,000.00 106,111.47 2,868,353.58 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 2,046,626.49 645,953,373.51 0.99684163 2,046,626.49
A-2 73,824.19 76,926,175.81 0.99904124 73,824.19
A-3 854,014.37 474,145,985.63 0.99820208 854,014.37
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
X-3 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 2,974,465.05 1,197,025,534.95 0.99752128 2,974,465.05
</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-1 648,000,000.00 1000.00000000 0.03596066 3.12241355 0.00000000
A-2 77,000,000.00 1000.00000000 0.17953494 0.77922078 0.00000000
A-3 475,000,000.00 1000.00000000 0.14523109 1.65269389 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) Per $1,000.00 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 3.15837421 996.84162579 0.99684163 3.15837421
A-2 0.00000000 0.95875571 999.04124429 0.99904124 0.95875571
A-3 0.00000000 1.79792499 998.20207501 0.99820208 1.79792499
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 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-1 648,000,000.00 5.73500% 648,000,000.00 2,580,750.00 0.00 0.00
A-2 77,000,000.00 5.80000% 77,000,000.00 310,138.89 0.00 0.00
A-3 475,000,000.00 5.77000% 475,000,000.00 1,903,298.61 0.00 0.00
X-1 0.00 5.37260% 342,224,878.68 1,532,216.86 0.00 0.00
X-2 0.00 5.41610% 34,618,211.07 156,248.94 0.00 0.00
X-3 0.00 5.02030% 223,919,170.96 936,800.02 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,200,000,000.0 7,419,453.32 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 2,580,750.00 0.00 645,953,373.51
A-2 0.00 0.00 310,138.89 0.00 76,926,175.81
A-3 0.00 0.00 1,903,298.61 0.00 474,145,985.63
X-1 0.00 0.00 1,532,216.86 0.00 340,178,252.19
X-2 0.00 0.00 156,248.94 0.00 34,544,386.88
X-3 0.00 0.00 936,800.02 0.00 233,065,156.59
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 7,419,453.32 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-1 648,000,000.00 5.73500% 1000.00000000 3.98263889 0.00000000 0.00000000
A-2 77,000,000.00 5.80000% 1000.00000000 4.02777779 0.00000000 0.00000000
A-3 475,000,000.00 5.77000% 1000.00000000 4.00694444 0.00000000 0.00000000
X-1 0.00 5.37260% 1000.00000000 4.47722230 0.00000000 0.00000000
X-2 0.00 5.41610% 1000.00000000 4.51348973 0.00000000 0.00000000
X-3 0.00 5.02030% 1000.00000000 4.18365259 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) 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 3.98263889 0.00000000 996.84162579
A-2 0.00000000 0.00000000 4.02777779 0.00000000 999.04124429
A-3 0.00000000 0.00000000 4.00694444 0.00000000 998.20207501
X-1 0.00000000 0.00000000 4.47722230 0.00000000 994.01964434
X-2 0.00000000 0.00000000 4.51348973 0.00000000 997.86747531
X-3 0.00000000 0.00000000 4.18365259 0.00000000 1040.84503167
R 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>
C 1,200.00000% 0.00 0.00 0.00 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 10,647,990.74
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 10,647,990.74
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 254,072.38
Payment of Interest and Principal 10,393,918.36
Total Withdrawals (Pool Distribution Amount) 10,647,990.74
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 250,317.63
Trustee Fee 3,754.75
Supplemental Pool Insurance Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 254,072.38
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 5,000.00 0.00 0.00 5,000.00
Reserve Fund 67,062,500.00 0.00 0.00 67,062,500.00
Reserve Fund 61,750,000.00 0.00 0.00 61,750,000.00
</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 25 2,638,825.37 0.330557% 0.220449%
60 Days 3 162,526.15 0.039667% 0.013578%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 28 2,801,351.52 0.370223% 0.234026%
</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>
<S> <C> <C> <C> <C> <C> <C> <C>
Class X-1 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class X-2 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class X-3 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed ARM and Balloon
Weighted Average Gross Coupon 10.544529%
Weighted Average Net Coupon 10.037029%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 289
Beginning Scheduled Collateral Loan Count 7,594
Number Of Loans Paid In Full 31
Ending Scheduled Collateral Loan Count 7,563
Beginning Scheduled Collateral Balance 1,200,000,000.00
Ending Scheduled Collateral Balance 1,197,025,534.95
Ending Actual Collateral Balance at 30-Sep-1999 597,787,795.66
Monthly P &I Constant 5,385,073.91
Ending Scheduled Balance for Premium Loans 597,787,795.66
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 3 Total
Collateral Description Mixed Balloon Mixed ARM and Balloon 6 Month LIBOR ARM
Weighted Average Coupon Rate 10.659333 10.757021 10.336216
Weighted Average Net Rate 10.151833 10.249521 9.828716
Weighted Average Maturity 247.00 257.00 358.00
Beginning Loan Count 5,208 158 2,228 7,594
Loans Paid In Full 23 1 7 31
Ending Loan Count 5,185 157 2,221 7,563
Beginning Scheduled Balance 342,224,878.68 34,618,211.07 223,919,170.96 600,762,260.71
Ending scheduled Balance 340,178,252.19 34,544,386.88 223,065,156.59 597,787,795.66
Record Date 9/30/99 9/30/99 9/30/99
Principal And Interest Constant 3,063,210.09 324,148.21 1,997,715.61 5,385,073.91
Scheduled Principal 23,302.51 13,824.19 68,984.77 106,111.47
Unscheduled Principal 2,023,323.98 60,000.00 785,029.60 2,868,353.58
Scheduled Interest 3,039,907.58 310,324.02 1,928,730.84 5,278,962.44
Servicing Fees 142,593.71 14,424.25 93,299.67 250,317.63
Master Servicing Fees 0.00 0.00 0.00 0.00
Trustee Fee 2,138.90 216.37 1,399.48 3,754.75
FRY Amount 0.00 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00 0.00
Net Interest 2,895,174.97 295,683.40 1,834,031.69 5,024,890.06
Realized Loss Amount 0.00 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 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 940,279.05 50,000.00 0.00 0.00 0.00 0.00
Percentage Of Balance 0.276% 0.015% 0.000% 0.000% 0.000% 0.000%
Loan Count 15 1 0 0 0 0
Percentage Of Loans 0.289% 0.019% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 631,000.00 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 1.827% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 2 0 0 0 0 0
Percentage Of Loans 1.274% 0.000% 0.000% 0.000% 0.000% 0.000%
3 Principal Balance 1,067,546.32 112,526.15 0.00 0.00 0.00 0.00
Percentage Of Balance 0.479% 0.050% 0.000% 0.000% 0.000% 0.000%
Loan Count 8 2 0 0 0 0
Percentage Of Loans 0.360% 0.090% 0.000% 0.000% 0.000% 0.000%
Totals:Principal Balance 2,638,825.37 162,526.15 0.00 0.00 0.00 0.00
Percentage of Balance 0.441% 0.027% 0.000% 0.000% 0.000% 0.000%
Loan Count 25 3 0 0 0 0
Percentage Of Loans 0.331% 0.040% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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