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: March 12, 1999
(Date of earliest event reported)
Commission File No. 333-61785
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Master Servicing Agreement, dated as of March 1, 1999, relating to the Fremont
Home Loan Owner Trust 1999-1, Home Loan Asset Backed Notes, Series 1999-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
Delaware 06-1204982
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 713-2000
- --------------------------------------------------------------------------------
(Registrant's Telephone Number, including area code)
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
Attached as an exhibit are certain Structural Term Sheets and
Collateral Term Sheets (as defined in the no-action letter dated May 20, 1994
issued by the Securities and Exchange Commission to Kidder, Peabody Acceptance
Corporation-I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset
Corporation (the "Kidder Letter") as modified by a no-action letter (the "First
PSA No-Action Letter") issued by the staff of the Commission on May 27, 1994 to
the Public Securities Association (the "PSA") and as further modified by a
no-action letter (the "Second PSA No-Action Letter") issued by the staff of the
Commission on March 9, 1995 to the PSA) prepared by PaineWebber Incorporated,
which are hereby filed pursuant to such letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Structural Term Sheets and Collateral Term
Sheets prepared by PaineWebber Incorporated
in connection with Fremont Home Loan
Owner Trust 1999-1, Home Loan Asset
Backed Notes, Series 1999-1
<PAGE>
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.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
March 16, 1999
By: /s/ Barbara Dawson
-----------------------------
Name: Barbara Dawson
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Structural Term Sheets and Collateral E
Term Sheets prepared by PaineWebber
Incorporated in connection with Fremont
Home Loan Owner Trust 1999-1, Home Loan
Asset Backed Notes, Series 1999-1
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
FREMONT HOME LOAN OWNER TRUST 1999-1
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ('PW') as one of the underwriters for the Fremont Home
Loan Owner Trust 1999-1, Home Loan Asset-Backed Notes, Series 1999-1, and not by
or as agent for Fremont Investment & Loan or any of its affiliates
(collectively, the "Transferor" and "Master Servicer") or for PaineWebber
Mortgage Acceptance Corporation IV (the "Depositor"). Neither the Depositor nor
the Transferor has prepared, reviewed or participated in the preparation hereof,
nor are they responsible for the accuracy hereof and they have not authorized
the dissemination hereof. The analysis in this report is accurate to the best of
PW's knowledge and is based on information provided by the Transferor. PW makes
no representations as to the accuracy of such information provided by the
Transferor. The information herein is preliminary, and will be superseded in its
entirety by the applicable prospectus supplement and prospectus and by any other
information subsequently filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
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- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE>
GENERAL DEAL INFORMATION
<TABLE>
<S> <C> <C> <C>
Deal Name Fremont Home Loan Owner Trust 1999-1 e.g. CONHE 98-1
Depositor PaineWebber Mortgage Acceptance Corporation IV
Transferor Fremont Investment & Loan
Originator Fremont Investment & Loan
Lead\Co Managers PaineWebber Inc. (lead) Chase Securities (co) Credit Suisse First Boston (co)
Total Collateral $418,342,161 (approximate)
Cut-off Date 3/1/99 C.O.B.
Bond Insurer FSA e.g. MBIA
Trustee First Union National Bank
Master Servicer Fremont Investment and Loan e.g Advanta
Sub-servicer Fairbanks Capital Corp. e.g. Ameriquest
Sub-servicer
Sub-servicer
</TABLE>
<TABLE>
<CAPTION>
Name Type Company Tel. Fax.
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Contact Andrew Lipton Rating Agency Moody's 212-553-7103 212-553-4773
Contact Bridget Steers Rating Agency S & P 212-208-5315 212-412-0224
Contact n/a Rating Agency Fitch
Contact n/a Rating Agency DCR
Contact Robin Belanger Trustee First Union National Bank 301-874-6050 301-874-2002
Contact Ronald Warwick Master Servicer Fremont Investment and Loan 714-283-6560 714-283-6509
Contact Tony Malanga Issuer Capital Markets PaineWebber Mortgage Acceptance 212-713-4002 212-957-1019
Corporation IV
Contact Chris Schoen Lead Manager Banker PaineWebber Inc. (lead) 212-713-2173 212-713-7999
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
Settlement Date Mar 23, 1999 SMMEA yes
1st Fixing Date Mar 19, 1999 Date certificates first fix on ERISA yes
Payment Day (of Month) 25 e.g. 25 for the 25th of each month REMIC no
1st Accrual Period 23-Mar-99 to 24-Apr-99
Business Day Convention Following
Accrual Day Convention no e.g. If the last day in the accrual period
is not a business day, does the period
extend to the next good day ?
Day Count Basis ACT/360 e.g. ACT/360
Settles with accrued no
Payment Delay 0 Days
Look back from distribution date 2 Days between distribution and fixing date
LIBOR Reference Rate Telerate LIBO, T3750
Cashflows Modelled on Bloomberg yes Yes/No
</TABLE>
<TABLE>
<CAPTION>
To Call To Maturity Pricing Post Call Target
Floating Tranches Original Face WAL Maturity WAL Maturity Speed Index Margin Margin Subord'n Moody's S & P Fitch Duff No Wrap
- ----------------- ------------- ---- -------- ---- ----------- ------- ----- ------ ------ -------- ------- ----- ----- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Series 1999-1 418,342,161 2.39 08/05 2.60 01-Mar-1930 30% CPR 1M LIB 0.0% Aaa AAA FSA
1M LIB
1M LIB
1M LIB
1M LIB
-------------
Total Floating 418,342,161
-------------
Total Fixed Coupon for fixed
-------------
Total 418,342,161
-------------
</TABLE>
Floating Pricing Speed Definition:
30% CPR for all
Collateral
(inlcuding some
fixed rate product) e.g. Define HEP or prepayment
model used
Fixed Collateral Pricing Speed Definition:
none e.g. Define HEP or prepayment
model used
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
PURCHASE INFORMATION
<TABLE>
<CAPTION>
Tranche Purchase Credit Pricing To Maturity
Certificate Size Amount Approval Price Speed WAL Maturity
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Series 1999-1 418,342,161.00 30% CPR 2.6 1-Mar-2030
</TABLE>
Subordination Information (This section is calculated and is only valid for
senior-sub deals).
<TABLE>
<CAPTION>
Tranche Size Subordination Model
Certificate Initial Stepdown Initial Stepdown Subord.
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AAA $ 418,342,161
AA
A
BBB
-------------
O/C $ 0
------------- -------------
Total $ 418,342,161 $ 0
------------- -------------
</TABLE>
[The model subordination is the parameter used in the tranche details for the
credit model.]
We are bidding this deal at x subject to all the features discussed being
structured into this deal to our satisfaction. We require a prospectus and
pooling and servicing agreement to be sent to us directly, and also have the
right to put the deal back to you at 100 within 1 week of receipt of the
prospectus and pooling and servicing agreement, should we find that you have not
delivered the structure initially discussed
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Underwriter Retention Order Minimum Guarantee Bought Contingent on
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
POT
- ----------------------------------------------------------------------------------------------------------------------------------
Total - - - - -
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Underwriter Retention Order Minimum Guarantee Bought Contingent on
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
POT
- ----------------------------------------------------------------------------------------------------------------------------------
Total - - - - -
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Underwriter Retention Order Minimum Guarantee Bought Contingent on
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
POT
- ----------------------------------------------------------------------------------------------------------------------------------
Total - - - - -
</TABLE>
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
CREDIT ENHANCEMENT
<TABLE>
<S> <C> <C> <C>
Percentage of whole deal purchased N/A %
Overcollateralisation
Initial Amount 0% ($ amount)
Target 4.00% (of original)
Stepdown 8.00% (of current)
Stepdown Floor 0.50% (of original)
Stepdown when AAA balance is 0 NA yes/no
Stepdown when AAA senior credit enhancement reached NA yes/no
Specified Stepdown Date, if no tigger event. 25-May-01 Date
Do trigger events prevent 'OC Stepdown' ? yes yes/no
Structural Features
Senior-Subordinate
Servicer advances full recoverable interest and principal interest Yes/no
Monoline Wrap
Ultimate Principal yes Yes/no
Timely Interest yes Yes/no
Policy pays without exception yes Yes/no
Losses
Can losses be repaid from future excess spread ? N/A yes/no
Can all losses be applied to subordinate certificates ? N/A Yes/no
If not what are the limits
Special Hazard - $ amount
Bankruptcy - $ amount
Fraud - $ amount
Triggers
Senior Enhancement % N/A
Delinquency Trigger 10.50% % of senior enhancement more than 90 days delinquent.
Current value or rolling average ? 6 mo. avg
</TABLE>
<TABLE>
<CAPTION>
From Date To Date %
---------------------------------------------------
<S> <C> <C> <C> <C>
Loss Trigger 0 24 1.25% % of initial more than 60 day delinquent
25 36 1.75%
37 48 2.50%
49 360 3.15%
Do both triggers need to be active ? yes ? yes/no
</TABLE>
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
DEAL STRUCTURAL FEATURES
Definitions
Interest catchup .................... Reimbursement of coupon, and interest
there-on, not paid due to limitation by
the available funds cap, paid from
future excess spread.
Interest carry forward .............. Reimbursement of coupon, and interest
thereon, not paid due to lack of cash
available in any month due to very high
delinquency levels.
<TABLE>
<S> <C> <C>
Excess Spread pays back interest catchup yes Yes/no
AAA Interest carry forward pays before AA Current Interest n/a Yes/no
All interest arrears accrue at marginal rate yes Yes/no
Are all interest arrears paid at call? no Yes/no
Is available funds defined as a rate or a cash amount cash amt
Is compensating interest paid on prepayments ? up to servicing fee
Is compensating interest paid on curtailments? up to servicing fee ? Yes/no
Does comp. int. affect av. funds or certificate coupon? no
Any coupon stepdown for good performance ? no Yes/no
Call Structure
Deal callable at 10% %
Senior Margin Stepup after first call date 2 x spread e.g 2 for double margin rate
Subordinate Margin Stepup after first call date n/a e.g 1.5
Call % based on
Pre-funding
% prefunded n/a %
Final date for prefunding amount to prepay n/a Date
Fees
Surety 20 bps (may be 18)
Servicer Fees (bps) 50 bps
Trustee Fees (bps) 2 bps
Carve-out Fees (bps) 50 bps starting in 4/00
Total 122 bps
</TABLE>
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
COLLATERAL BREAKDOWN
e.g. lib6, 1yr fixed /29 LIB, 2yr fixed/28 LIB,
3yr fixed/27 LIB, 4yr fixed/26 LIB, 5yr fixed/25 LIB, Fixed
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Index 2/28 Lib 3/27 Lib 6 mon Libor Fixed Ave
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
% of Prin Bal 63.57% 19.67% 7.55% 9.20%
$ Amount 265,941,666 82,292,735 31,599,381 38,508,379 418,342,161
WAM 358 358 354 348 357
Mth to Roll 22 34 5 - 23
Gross Margin 6.3 6.2 6.2 6.26
Initial Gross Cpn 9.85% 9.87% 8.98% 10.54% 9.85%
Gross Cap 16.84% 16.88% 15.98% 16.78%
Floor 9.85% 9.87% 8.98% 9.78%
Initial interim 3.00% 3.02% 1.23% 2.85%
Interim Cap 1.50% 1.51% 1.23% 1.48%
</TABLE>
Current av
FI av
Net cap
Libor
18 Month WAC prediction, assuming constant LIBOR- Gross WAC Delinquencies
<TABLE>
<CAPTION>
- ----------------------------------------------
Month W.A.C Month W.A.C Maximum % initially 30 day delinquent 3.77%
- ----------------------------------------------
<S> <C> <C> <C> <C> <C>
1 9.861% 10 9.861% Maximum % initially 60 day delinquent 0.13%
2 9.861% 11 9.861%
3 9.861% 12 10.130%
4 9.861% 13 10.130%
5 9.861% 14 10.130%
6 9.861% 15 10.130%
7 9.861% 16 10.130%
8 9.861% 17 10.130%
9 9.861% 18 10.131%
</TABLE>
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
DISPERSION FIGURES
--------------------------------------------
Min Max W.Avg
--------------------------------------------
Gross Coupon 6.99% 15.25% 9.86%
Margin 4.00 12.00 6.26
Cap 13.99% 30.90% 16.78%
Floor 6.99% 14.25% 9.78%
Loan Size 9.953 478,937 113,711
LTV 10.00% 90.00% 77.00%
Debt to Income 0.03 64.7 39.68
- --------------------------------------------------------------------
LOAN SIZE DISTRIBUTION
- --------------------------------------------------------
Loan Size % Prin No. Of
($1,000s) Balance Loans
- --------------------------------------------------------
(less than)50 5.56% 621
50-100 23.36% 1312
100-150 26.47% 900
150-300 37.11% 757
300-500 7.50% 89
(greater than)500 - -
- --------------------------------------------------------
LTV DISTRIBUTION
- --------------------------------------------------------
LTV % Prin No. Of
($1,000s) Balance Loans
- --------------------------------------------------------
0 - 50% 2.11% 134
50 - 60% 4.10% 194
60 - 70% 18.04% 809
70 - 80% 49.76% 1755
80 - 90% 25.99% 787
90 - 100% - -
(greater than)100% - -
- --------------------------------------------------------
SEASONING
-------------------------
% Prin. No. Of
Balance Loans
-------------------------
30 Yr Loans 99.32% 3641
15 Yr Loans 0.68% 38
Balloon Loans
- ----------------------------------------------------
WA Age 0.25 Years
WA Original Term 359 Months
WA Remaining Term 357 Months
- ---------------------------------------
LARGE LOANS ((greater than) $500,000)
- -------------------------------------------------------------------------------
Credit Margin
Amount State LTV Grade Coupon (bps)
- -------------------------------------------------------------------------------
N/A
- -------------------------------------------------------------------------------
PREPAYMENT CLAUSES BREAKDOWN
- ----------------------------------------------------
% Prin No. Of
Balance Loans
- ----------------------------------------------------
None 15.01% 612
1 Year 2.64% 67
2 year 6.09% 204
3 Year 17.06% 694
4 Year - -
5 Year 59.21% 2102
- ----------------------------------------------------
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
- -------------------------------
Property Type %
- -------------------------------
Single Family 81.14%
2-4 7.07%
Condo 3.30%
-
Townhouse -
PUD 7.63%
Mobile Home -
Manu Housing 0.86%
- -------------------------------
Total 100.0%
- -------------------------------
- -------------------------------
Property Purpose %
- -------------------------------
Owner Occupied 91.26%
Investment 8.42%
2nd Home 0.32%
- -------------------------------
Total 100.00%
- -------------------------------
- -------------------------------
Geographic State % Please show at least the states with
- -------------------------------the top five highest concentrations of
California 45.22% collateral in this deal.
Illinois 8.65%
Washington 6.72%
Utah 5.58%
Michigan 4.37%
- ------------------------------
Total 70.5%
- ------------------------------
- ------------------------------
Highest ZIP Conc. %
- ------------------------------
95076 0.51%
- ------------------------------
- ------------------------------
Loan Reason %
- ------------------------------
Purchase 40.40%
Rate/ Term Refi 8.99%
Cash out Refi 32.57%
Debt Consol. 18.03%
- ------------------------------
Total 100.0%
- ------------------------------
- ------------------------------
Loan Program %
- ------------------------------
No Income Verification
Stated Income 28.57%
Low Doc.
Full Doc. 66.16%
Easy 5.26%
- ------------------------------
Total 100.0%
- ------------------------------
- ------------------------------
Lien Position %
- ------------------------------
1st Lien 100.00%
2nd Lien -
- ------------------------------
Total 100.0%
- ------------------------------
- ------------------------------
Origination %
- ------------------------------
Retail
Broker
Correspondent
Bulk
- ------------------------------
- ------------------------------
Originator %
- ------------------------------
- ------------------------------
Total 0.0%
- ------------------------------
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
BORROWER CREDIT BREAKDOWN
Issuer Specific Credit Grades
- ----------------------------------------------------
% of No. Of Margin Coupon
Grade Total LTV Loans (bps) %
- ----------------------------------------------------
A 12.82% 78.85% 449 5.332 9.36%
A- 41.81% 80.14% 1345 5.447 9.44%
B 23.09% 77.15% 838 5.681 9.73%
C 14.18% 73.23% 623 6.060 10.68%
C- 4.17% 65.35% 230 6.625 11.58%
D 3.93% 62.66% 194 7.006 12.00%
-------- --------
Total 100.0% 3679
-------- --------
FICO Scores
- -------------------------------
Score % of No. Of
Bracket Total Loans
- -------------------------------
N/A
-------- --------
Total 0.0% 0
-------- --------
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Full Issuer Name Fremont Home Loan Owner Trust 1999-1
Kondor+ Short Name
Issue date: 23-Mar-1999
Maturity date: 01-Mar-1930
Basis: ACT/360
Series 1999-1
Principal: 418,342,161
Indexation ; Fxd / Flt Rate + bps: 1M LIB + 1M LIB + 1M LIB + 1M LIB + 1M LIB +
Maturity date: 1-Mar-30
Risk Weighting 50%
Risk Weighting Category MBS MBS MBS MBS MBS
K+ Pool Type HEL HEL HEL HEL HEL
Life cap: 16.78%
Life floor: 9.78%
Interim / per adj rate cap: 1.48%
Lookback period: 2
Payment freq and date: 25 monthly
No. of payment delay days: 0 (0 unless stated otherwise)
Additional info
1st fix
1st fix date 19-Mar-1999
Reference rate Telerate
Settles on 23-Mar-1999
</TABLE>
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A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
