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: February 18, 1999
(Date of earliest event reported)
Commission File No. 333-56081
Chase Mortgage Finance Corporation
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Delaware 52-1495132
(State of Incorporation) (I.R.S. Employer Identification No.)
343 Thornall Street
Edison, New Jersey 08837
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(Address of principal executive offices) (Zip Code)
(732) 205-0600
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(Registrant's Telephone Number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
Attached as exhibits are 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) 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) furnished to the Registrant
by Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Underwriter") in
respect of the Registrant's proposed offering of Multi-Class Mortgage
Pass-Through Certificates, Series 1999-S3 (the "Certificates").
The Certificates will be offered pursuant to a Prospectus and related
Prospectus Supplement (together, the "Prospectus"), which will be filed with the
Commission pursuant to Rule 424 under the Securities Act of 1933, as amended
(the "Act"). The Certificates will be registered pursuant to the Act under the
Registrant's Registration Statement on Form S-3 (No. 333-56081) (the
"Registration Statement"). The Registrant hereby incorporates the Collateral
Term Sheets by reference in the Registration Statement.
The Collateral Term Sheets were prepared solely by the Underwriter, and
the Registrant did not prepare or participate in the preparation of the
Collateral Term Sheets.
Any statement or information contained in the Collateral Term Sheets
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.
<PAGE>
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Collateral Term Sheets
prepared by Merrill Lynch, Pierce,
Fenner & Smith Incorporated, in
connection with Chase Mortgage
Finance Corporation, Multi-Class
Mortgage Pass-Through
Certificates, Series 1999-S3.
<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.
CHASE MORTGAGE FINANCE CORPORATION
Date: February 18, 1999
By: /s/ Eileen Lindblom
-----------------------------
Name: Eileen Lindblom
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Collateral Term Sheets E
prepared by Merrill Lynch, Pierce,
Fenner & Smith Incorporated,
in connection with Chase Mortgage
Finance Corporation, Multi-Class
Mortgage Pass-Through
Certificates, Series 1999-S3
MORTGAGE RATES(1)
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
MORTGAGE RATE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ------------- -------------- ------------ ------------
<S> <C> <C> <C>
6.00%-6.49%............................ 11 $ 3,531,171 3.1%
6.50%-6.99%............................ 218 73,362,546 63.8
7.00%-7.49%............................ 122 36,712,130 31.9
7.50%-7.99%............................ 11 1,278,431 1.1
8.00%-8.49%............................ 2 117,083 0.1
Totals........................... 364 $115,001,361 100%
</TABLE>
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(1) The Mortgage Rates borne by the Mortgage Loans as of the Cut-off Date
ranged from 6.250% per annum to 8.000% per annum, and the weighted average
Mortgage Rate on the Mortgage Loans as of the Cut-off Date was
approximately 6.868% per annum.
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
STATE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ----- -------------- ------------ ------------
<S> <C> <C> <C>
Arizona................................ 7 $ 2,352,683 2.0%
California............................. 82 29,445,373 25.6
Colorado............................... 9 3,039,240 2.6
Connecticut............................ 6 2,485,900 2.2
Delaware............................... 1 598,128 0.5
Florida................................ 38 10,093,833 8.8
Georgia................................ 9 2,625,722 2.3
Hawaii................................. 1 647,927 0.6
Idaho.................................. 1 107,500 0.1
Illinois............................... 14 3,867,179 3.4
Indiana................................ 2 920,952 0.8
Iowa................................... 1 99,339 0.1
Kentucky............................... 6 2,115,852 1.8
</TABLE>
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
<PAGE>
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
STATE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ----- -------------- ------------ ------------
<S> <C> <C> <C>
Louisiana.............................. 2 604,857 0.5
Maine.................................. 1 259,143 0.2
Maryland............................... 10 2,914,111 2.5
Massachusetts.......................... 5 1,344,928 1.2
Michigan............................... 12 3,233,358 2.8
Minnesota.............................. 3 989,361 0.9
Mississippi............................ 1 362,189 0.3
Missouri............................... 1 411,754 0.4
Nevada................................. 2 1,183,183 1.0
New Jersey............................. 14 3,368,733 2.9
New Mexico............................. 2 197,621 0.2
New York............................... 47 16,139,217 14.0
North Carolina......................... 6 1,010,203 0.9
Ohio................................... 8 1,173,057 1.0
Oklahoma............................... 4 806,877 0.7
Oregon................................. 5 2,151,350 1.9
Pennsylvania........................... 9 2,084,835 1.8
Rhode Island........................... 1 289,065 0.3
South Carolina......................... 4 779,428 0.7
South Dakota........................... 1 373,791 0.3
Tennessee.............................. 2 472,438 0.4
Texas.................................. 29 10,379,086 9.0
Utah................................... 4 1,185,730 1.0
Vermont................................ 1 300,040 0.3
Virginia............................... 3 895,880 0.8
Washington............................. 8 2,993,147 2.6
Wisconsin.............................. 1 81,205 0.1
Wyoming................................ 1 617,147 0.5
Totals......................... 364 $115,001,361 100%
</TABLE>
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
<PAGE>
ORIGINAL PRINCIPAL BALANCE(2)
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
ORIGINAL PRINCIPAL BALANCE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- -------------------------- -------------- ------------ ------------
<S> <C> <C> <C>
$100,000 or less....................... 48 $ 3,466,784 3.0%
$100,001-$150,000...................... 26 3,042,429 2.6
$150,001-$200,000...................... 9 1,562,987 1.4
$200,001-$250,000...................... 18 4,283,049 3.7
$250,001-$300,000...................... 74 20,366,077 17.7
$300,001-$350,000...................... 55 17,525,921 15.2
$350,001-$400,000...................... 43 16,242,496 14.1
$400,001-$450,000...................... 21 8,925,045 7.8
$450,001-$500,000...................... 23 11,097,099 9.6
$500,001-$550,000...................... 14 7,443,774 6.5
$550,001-$600,000...................... 15 8,674,676 7.5
$600,001-$650,000...................... 12 7,535,823 6.6
$650,001-$700,000...................... 2 1,363,596 1.2
$700,001-$750,000...................... 1 721,000 0.6
$750,001-$800,000...................... 1 756,950 0.7
$950,001-$1,000,000.................... 2 1,993,656 1.7
Totals.............................. 364 $115,001,361 100%
</TABLE>
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(2) The average outstanding principal balance of the Mortgage Loans as of the
Cut-off Date was approximately $315,938. The original principal balances of
the Mortgage Loans ranged from $28,000 to $1,000,000.
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
<PAGE>
MORTGAGE LOAN AGE
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
MORTGAGE LOAN AGE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ----------------- -------------- ------------ ------------
<S> <C> <C> <C>
Less than 1 month...................... 19 $ 6,434,000 5.6%
1 month................................ 259 80,700,210 70.2
2 months............................... 55 17,144,680 14.9
3 months............................... 11 3,297,303 2.9
4 months............................... 12 4,884,793 4.2
5 months............................... 6 2,199,689 1.9
8 months............................... 1 217,727 0.2
9 months............................... 1 122,960 0.1
Total............................... 364 $115,001,361 100%
</TABLE>
ORIGINAL LOAN-TO-VALUE RATIO(3)
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
ORIGINAL LOAN-TO-VALUE RATIO MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------------------- -------------- ------------ ------------
<S> <C> <C> <C>
50.00% or less......................... 58 $ 17,829,386 15.5%
50.01%-55.00%.......................... 11 3,926,182 3.4
55.01%-60.00%.......................... 21 6,530,202 5.7
60.01%-65.00%.......................... 50 15,274,100 13.3
65.01%-70.00%.......................... 45 12,917,371 11.2
70.01%-75.00%.......................... 68 23,293,047 20.3
75.01%-80.00%.......................... 104 33,891,614 29.5
80.01%-85.00%.......................... 1 343,700 0.3
85.01%-90.00%.......................... 2 578,262 0.5
90.01%-95.00%.......................... 4 417,497 0.4
Totals.............................. 364 $115,001,361 100%
</TABLE>
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(3) The weighted average original loan-to-value ratio of the Mortgage Loans was
approximately 66.39% as of the Cut-off Date.
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
<PAGE>
LOAN PURPOSE
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
LOAN PURPOSE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ------------ -------------- ------------ ------------
<S> <C> <C> <C>
Purchase............................... 67 $ 20,424,139 17.8%
Cash-out Refinance..................... 124 38,609,721 33.6
Rate/Term Refinance.................... 173 55,967,501 48.7
Totals.............................. 364 $115,001,361 100%
</TABLE>
REMAINING TERMS TO STATED MATURITY(4)
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
MONTHS REMAINING MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------- -------------- ------------ ------------
<S> <C> <C> <C>
109 to 120............................. 7 $ 2,633,089 2.3%
169 to 180............................. 357 112,368,271 97.7
Totals.............................. 364 $115,001,361 100%
</TABLE>
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(4) The weighted average remaining term to stated maturity of the Mortgage
Loans as of the Cut-off Date was approximately 177 months.
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
<PAGE>
REMAINING TERMS TO EXPECTED MATURITY(5)
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
MONTHS REMAINING MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------- -------------- ------------ ------------
<S> <C> <C> <C>
109 to 120............................. 7 $ 2,633,089 2.3%
157 to 168............................. 1 122,960 0.1
169 to 180............................. 356 112,245,311 97.6
Totals......................... 364 $115,001,361 100%
</TABLE>
- -----------
(5) Based on payments actually received (or scheduled to be received) on each
Mortgage Loan as of the Cut-off Date. The weighted average remaining term
to expected maturity of the Mortgage Loans as of the Cut-off Date was
approximately 177 months.
TYPES OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
PROPERTY TYPE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------- -------------- ------------ ------------
<S> <C> <C> <C>
Single-family Detached................. 299 $ 93,587,895 81.4%
Cooperative Unit(6).................... 3 771,644 0.7
Attached Planned Unit Development...... 5 1,340,761 1.2
Detached Planned Unit Development...... 42 16,064,266 14.0
Condominium............................ 13 2,729,571 2.4
Two- to Four-Family Dwelling Unit...... 2 507,223 0.4
Totals......................... 364 $115,001,361 100%
</TABLE>
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(6) Mortgage Loans secured by "COOPERATIVE UNITS" were made to finance or
refinance the purchase of stock allocated to units in residential
cooperative housing corporations (each, a "CO-OP LOAN").
- --------------------------------------------------------------------------------
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
<PAGE>
OCCUPANCY(7)
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
OCCUPANCY MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------- -------------- ------------ ------------
<S> <C> <C> <C>
Owner-occupied......................... 348 $110,266,678 95.9%
Second Home............................ 16 4,734,682 4.1
Totals......................... 364 $115,001,361 100.0%
</TABLE>
- -----------
(7) Based on representations by the Mortgagors at the time of origination of
the related Mortgage Loans.
LOAN DOCUMENTATION
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
LOAN DOCUMENTATION MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ------------------ -------------- ------------ ------------
<S> <C> <C> <C>
Limited Documentation.................. 92 $ 16,775,682 14.6%
Full Documentation..................... 272 98,225,679 85.4
Totals......................... 364 $115,001,361 100.0%
</TABLE>
FICO SCORES
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE MORTGAGE POOL BY
PRINCIPAL BALANCE AGGREGATE PRINCIPAL
NUMBER OF AS OF THE BALANCE AS OF THE
FICO SCORE MORTGAGE LOANS CUT-OFF DATE CUT-OFF DATE
- ------------------ -------------- ------------ ------------
<S> <C> <C> <C>
Up to 620.............................. 6 $ 1,764,543 1.5%
620 to 700............................. 124 35,380,897 30.8
701 to 800............................. 234 77,855,920 67.7
Totals......................... 364 $115,001,361 100.0%
</TABLE>
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
