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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): December 27, 1999
PROVIDENT BANK HOME EQUITY LOAN TRUST
Home Equity Loan Asset-Backed Certs., Series 1999-3 Trust
New York (governing law of 333-02038 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 December 27, 1999 a distribution was made to holders of PROVIDENT BANK
HOME EQUITY LOAN TRUST, Home Equity Loan Asset-Backed Certs., Series 1999-3
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 Home Equity Loan Asset-Backed Certs.,
Series 1999-3 Trust, relating to the
December 27, 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 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri Sharps, Vice President
By: Sherri Sharps, Vice President
Date: 1/6/00
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
December 27, 1999 distribution.
<TABLE>
<CAPTION>
The Provident Bank
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/27/99
PROVIDENT Series: 1999-3
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 743844CU4 SEQ 5.94500% 644,161,783.91 3,297,661.00 2,974,968.49
A-2 743844CV2 SEQ 6.01000% 76,433,207.71 395,563.08 272,619.91
A-3 743844CW0 SEQ 5.98000% 472,739,782.75 2,434,347.24 2,931,106.70
X-1 PRV9903X1 IO 3.14134% 0.00 885,821.36 0.00
X-2 PRV9903X2 IO 3.10392% 0.00 88,077.52 0.00
X-3 PRV9903X3 IO 2.73709% 0.00 505,557.82 0.00
R PRV9903R1 RES 0.00000% 0.00 0.00 0.00
Totals 1,193,334,774.3 7,607,028.02 6,178,695.10
</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 0.00 641,186,815.42 6,272,629.49 0.00
A-2 0.00 76,160,587.80 668,182.99 0.00
A-3 0.00 469,808,676.05 5,365,453.94 0.00
X-1 0.00 0.00 885,821.36 0.00
X-2 0.00 0.00 88,077.52 0.00
X-3 0.00 0.00 505,557.82 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,187,156,079.27 13,785,723.12 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-1 648,000,000.00 644,161,783.91 277,648.06 2,697,320.43 0.00 0.00
A-2 77,000,000.00 76,433,207.71 18,592.48 254,027.43 0.00 0.00
A-3 475,000,000.00 472,739,782.75 118,672.13 2,812,434.57 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 1,193,334,774.37 414,912.67 5,763,782.43 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 2,974,968.49 641,186,815.42 0.98948583 2,974,968.49
A-2 272,619.91 76,160,587.80 0.98909854 272,619.91
A-3 2,931,106.70 469,808,676.05 0.98907090 2,931,106.70
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 6,178,695.10 1,187,156,079.27 0.98929673 6,178,695.10
</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-1 648,000,000.00 994.07682702 0.42846923 4.16253153 0.00000000
A-2 77,000,000.00 992.63906117 0.24146078 3.29905753 0.00000000
A-3 475,000,000.00 995.24164789 0.24983606 5.92091488 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 4.59100076 989.48582627 0.98948583 4.59100076
A-2 0.00000000 3.54051831 989.09854286 0.98909854 3.54051831
A-3 0.00000000 6.17075095 989.07089695 0.98907090 6.17075095
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 5.94500% 644,161,783.91 3,297,661.00 0.00 0.00
A-2 77,000,000.00 6.01000% 76,433,207.71 395,563.08 0.00 0.00
A-3 475,000,000.00 5.98000% 472,739,782.75 2,434,347.25 0.00 0.00
X-1 0.00 3.14134% 644,161,783.91 885,821.09 0.00 0.00
X-2 0.00 3.10392% 76,433,207.71 88,077.52 0.00 0.00
X-3 0.00 2.73709% 472,739,782.75 505,557.83 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,200,000,000.0 7,607,027.77 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 3,297,661.00 0.00 641,186,815.42
A-2 0.00 0.00 395,563.08 0.00 76,160,587.80
A-3 0.01 0.00 2,434,347.24 0.00 469,808,676.05
X-1 0.00 0.00 885,821.36 0.00 641,186,815.42
X-2 0.00 0.00 88,077.52 0.00 76,160,587.80
X-3 0.00 0.00 505,557.82 0.00 469,808,676.05
R 0.00 0.00 0.00 0.00 0.00
Totals 0.01 0.00 7,607,028.02 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 5.94500% 994.07682702 5.08898302 0.00000000 0.00000000
A-2 77,000,000.00 6.01000% 992.63906117 5.13718286 0.00000000 0.00000000
A-3 475,000,000.00 5.98000% 995.24164789 5.12494158 0.00000000 0.00000000
X-1 0.00 3.14134% 1882.27631607 2.58841816 0.00000000 0.00000000
X-2 0.00 3.10392% 2207.89016381 2.54425394 0.00000000 0.00000000
X-3 0.00 2.73709% 2111.20727503 2.25776930 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 5.08898302 0.00000000 989.48582627
A-2 0.00000000 0.00000000 5.13718286 0.00000000 989.09854286
A-3 0.00000002 0.00000000 5.12494156 0.00000000 989.07089695
X-1 0.00000000 0.00000000 2.58841895 0.00000000 1873.58329381
X-2 0.00000000 0.00000000 2.54425394 0.00000000 2200.01512054
X-3 0.00000000 0.00000000 2.25776926 0.00000000 2098.11725381
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
Class Rate Balance Balance Balance Balance Percentage
<S> <C> <C> <C> <C> <C> <C>
C 1,200.00000% 179,000.00 178,073.00 0.00 0.00 98.92944444%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 14,032,351.35
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 183,625.26
Realized Losses 0.00
Total Deposits 14,215,976.61
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 251,253.52
Payment of Interest and Principal 13,964,723.09
Total Withdrawals (Pool Distribution Amount) 14,215,976.61
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 247,540.42
Trustee Fee 3,713.10
Supplemental Pool Insurance Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 251,253.52
</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 64,062,500.00 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 164 14,873,780.76 2.197213% 2.529906%
60 Days 44 2,986,913.45 0.589496% 0.508049%
90+ Days 31 2,918,066.81 0.415327% 0.496339%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 239 20,778,761.02 3.202036% 3.534294%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 183,625.26
</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 10.544169%
Weighted Average Net Coupon 10.036669%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 287
Beginning Scheduled Collateral Loan Count 7,525
Number Of Loans Paid In Full 61
Ending Scheduled Collateral Loan Count 7,464
Beginning Scheduled Collateral Balance 594,097,035.10
Ending Scheduled Collateral Balance 587,918,340.00
Ending Actual Collateral Balance at 30-Nov-1999 587,918,340.00
Monthly P &I Constant 5,635,128.78
Ending Scheduled Balance for Premium Loans 587,918,340.00
</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 10.658846 10.759933 10.335956
Weighted Average Net Rate 10.151346 10.252433 9.828456
Weighted Average Maturity 245.00 255.00 356.00
Beginning Loan Count 5,160 155 2,210 7,525
Loans Paid In Full 36 1 24 61
Ending Loan Count 5,124 154 2,186 7,464
Beginning Scheduled Balance 338,386,662.59 34,051,418.80 221,658,953.71 594,097,035.10
Ending scheduled Balance 335,411,694.10 33,778,798.89 218,727,847.01 587,918,340.00
Record Date 11/30/99 11/30/99 11/30/99
Principal And Interest Constant 3,283,324.07 323,918.29 2,027,886.42 5,635,128.78
Scheduled Principal 277,648.06 18,592.48 118,672.13 414,912.67
Unscheduled Principal 2,697,320.43 254,027.43 2,812,434.57 5,763,782.43
Scheduled Interest 3,005,676.01 305,325.81 1,909,214.29 5,220,216.11
Servicing Fees 140,994.43 14,188.09 92,357.90 247,540.42
Master Servicing Fees 0.00 0.00 0.00 0.00
Trustee Fee 2,114.91 212.82 1,385.37 3,713.10
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 2,862,566.67 290,924.90 1,815,471.02 4,968,962.59
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 6,289,574.94 1,861,552.84 1,438,154.34 0.00 0.00 0.00
Percentage Of Balance 1.875% 0.555% 0.429% 0.000% 0.000% 0.000%
Loan Count 102 31 22 0 0 0
Percentage Of Loans 1.991% 0.605% 0.429% 0.000% 0.000% 0.000%
2 Principal Balance 1,574,360.13 50,735.00 328,912.93 0.00 0.00 0.00
Percentage Of Balance 4.661% 0.150% 0.974% 0.000% 0.000% 0.000%
Loan Count 6 1 1 0 0 0
Percentage Of Loans 3.896% 0.649% 0.649% 0.000% 0.000% 0.000%
3 Principal Balance 7,009,845.69 1,074,625.61 1,150,999.54 0.00 0.00 0.00
Percentage Of Balance 3.205% 0.491% 0.526% 0.000% 0.000% 0.000%
Loan Count 56 12 8 0 0 0
Percentage Of Loans 2.562% 0.549% 0.366% 0.000% 0.000% 0.000%
Totals:Principal Balance 14,873,780.76 2,986,913.45 2,918,066.81 0.00 0.00 0.00
Percentage of Balance 2.530% 0.508% 0.496% 0.000% 0.000% 0.000%
Loan Count 164 44 31 0 0 0
Percentage Of Loans 2.197% 0.589% 0.415% 0.000% 0.000% 0.000%
</TABLE>
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