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Previous: NATURES SUNSHINE PRODUCTS INC, 10-Q, 2000-05-09 |
Next: LORD ABBETT DEVELOPING GROWTH FUND INC /NEW/, 497, 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
PROVIDENT BANK HOME EQUITY LOAN TRUST
Home Equity Loan Asset-Backed Certs., Series 2000-1 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 April 25, 2000 a distribution was made to holders of PROVIDENT BANK HOME
EQUITY LOAN TRUST, Home Equity Loan Asset-Backed Certs., Series 2000-1 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 2000-1 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.
PROVIDENT BANK HOME EQUITY LOAN TRUST
Home Equity Loan Asset-Backed Certs., Series 2000-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 5/5/00
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 2000-1 Trust, relating to the
April 25, 2000 distribution.
<TABLE>
<CAPTION>
The Provident Bank
Mortgage Pass-Through Certificates
Record Date: 3/31/00
Distribution Date: 4/25/00
PROVIDENT Series: 2000-1
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 743844CY6 SEQ 6.39250% 418,000,000.00 1,855,600.69 974,501.29
A-2 743844CZ3 SEQ 6.39250% 197,000,000.00 874,529.51 798,182.15
X-1 PRV0000X1 IO 5.37842% 0.00 1,873,486.66 0.00
X-2 PRV0000X2 IO 5.12068% 0.00 816,630.07 0.00
R PRV00000R RES 0.00000% 0.00 3.97 0.00
Totals 615,000,000.00 5,420,250.90 1,772,683.44
</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 0.00 417,025,498.71 2,830,101.98 0.00
A-2 0.00 196,201,817.85 1,672,711.66 0.00
X-1 0.00 0.00 1,873,486.66 0.00
X-2 0.00 0.00 816,630.07 0.00
R 0.00 0.00 3.97 0.00
Totals 0.00 613,227,316.56 7,192,934.34 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-1 418,000,000.00 418,000,000.00 254,110.82 720,390.47 0.00 0.00
A-2 197,000,000.00 197,000,000.00 49,182.31 748,999.84 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
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 615,000,000.00 615,000,000.00 303,293.13 1,469,390.31 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-1 974,501.29 417,025,498.71 0.99766866 974,501.29
A-2 798,182.15 196,201,817.85 0.99594831 798,182.15
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 1,772,683.44 613,227,316.56 0.99711759 1,772,683.44
</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-1 418,000,000.00 1000.00000000 0.60792062 1.72342218 0.00000000
A-2 197,000,000.00 1000.00000000 0.24965640 3.80202964 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
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
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 2.33134280 997.66865720 0.99766866 2.33134280
A-2 0.00000000 4.05168604 995.94831396 0.99594831 4.05168604
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 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-1 418,000,000.00 6.39250% 418,000,000.00 1,855,600.69 0.00 0.00
A-2 197,000,000.00 6.39250% 197,000,000.00 874,529.51 0.00 0.00
X-1 0.00 5.37842% 418,000,785.19 1,873,486.66 0.00 0.00
X-2 0.00 5.12068% 191,372,381.00 816,630.07 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 615,000,000.00 5,420,246.93 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 1,855,600.69 0.00 417,025,498.71
A-2 0.00 0.00 874,529.51 0.00 196,201,817.85
X-1 0.00 0.00 1,873,486.66 0.00 417,026,283.90
X-2 0.00 0.00 816,630.07 0.00 190,574,198.86
R 0.00 0.00 3.97 0.00 0.00
Totals 0.00 0.00 5,420,250.90 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-1 418,000,000.00 6.39250% 1000.00000000 4.43923610 0.00000000 0.00000000
A-2 197,000,000.00 6.39250% 1000.00000000 4.43923609 0.00000000 0.00000000
X-1 0.00 5.37842% 1000.00000000 4.48201708 0.00000000 0.00000000
X-2 0.00 5.12068% 1000.00000000 4.26723055 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
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 4.43923610 0.00000000 997.66865720
A-2 0.00000000 0.00000000 4.43923609 0.00000000 995.94831396
X-1 0.00000000 0.00000000 4.48201708 0.00000000 997.66866158
X-2 0.00000000 0.00000000 4.26723055 0.00000000 995.82916753
R 0.00000000 0.00000000 992500.00000000 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%
PROV 0.00000% 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 7,450,648.45
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 7,450,648.45
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 257,714.10
Payment of Interest and Principal 7,192,934.35
Total Withdrawals (Pool Distribution Amount) 7,450,648.45
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 253,905.52
Trustee Fee 3,808.58
MIBA Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 257,714.10
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
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 39,710,000.00 0.00 0.00 39,710,000.00
Reserve Fund 26,595,000.00 0.00 0.00 26,595,000.00
</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 36 2,619,780.22 0.442641% 0.431168%
60 Days 3 159,283.42 0.036887% 0.026215%
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 39 2,779,063.64 0.479528% 0.457383%
</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 300,948.36
</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%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 11.132061%
Weighted Average Net Coupon 10.632059%
Weighted Average Pass-Through Rate 10.624560%
Weighted Average Maturity(Stepdown Calculation ) 287
Beginning Scheduled Collateral Loan Count 5,429
Number Of Loans Paid In Full (2,704)
Ending Scheduled Collateral Loan Count 8,133
Beginning Scheduled Collateral Balance 615,000,000.00
Ending Scheduled Collateral Balance 607,600,482.75
Ending Actual Collateral Balance at 31-Mar-2000 607,600,482.75
Monthly P &I Constant 5,956,275.78
Ending Scheduled Balance for Premium Loans 607,600,482.75
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 Total
Collateral Description Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 11.213004 10.955263
Weighted Average Net Rate 10.705504 10.447763
Weighted Average Maturity 258.00 357.00
Beginning Loan Count 4,215 1,214 5,429
Loans Paid In Full (1,976) (728) (2,704)
Ending Loan Count 6,191 1,942 8,133
Beginning Scheduled Balance 286,100,745.73 121,657,028.89 407,757,774.62
Ending scheduled Balance 417,026,283.90 190,574,198.85 607,600,482.75
Record Date 3/31/00 3/31/00
Principal And Interest Constant 4,159,981.16 1,796,294.62 5,956,275.78
Scheduled Principal 254,110.82 49,182.31 303,293.13
Unscheduled Principal 720,390.47 748,999.84 1,469,390.31
Scheduled Interest 3,905,870.34 1,747,112.31 5,652,982.65
Servicing Fees 174,167.01 79,738.51 253,905.52
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 2,612.50 1,196.08 3,808.58
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 0.00 0.00 0.00
Net Interest 3,729,090.83 1,666,177.72 5,395,268.55
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 1,768,054.56 95,283.42 0.00 0.00 0.00 0.00
Percentage Of Balanc 0.424% 0.023% 0.000% 0.000% 0.000% 0.000%
Loan Count 29 2 0 0 0 0
Percentage Of Loans 0.468% 0.032% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 851,725.66 64,000.00 0.00 0.00 0.00 0.00
Percentage Of Balanc 0.447% 0.034% 0.000% 0.000% 0.000% 0.000%
Loan Count 7 1 0 0 0 0
Percentage Of Loans 0.360% 0.051% 0.000% 0.000% 0.000% 0.000%
Totals:Principal Balance 2,619,780.22 159,283.42 0.00 0.00 0.00 0.00
Percentage of Balanc 0.431% 0.026% 0.000% 0.000% 0.000% 0.000%
Loan Count 36 3 0 0 0 0
Percentage Of Loans 0.443% 0.037% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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