-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TwW0HLj0wUCkXO9+6coTUcek0rJ580suJU6+LCm80+QzRQrcJyTplVsAyeX7qvRW glIKrvpQAtQPoNETr0pAFg== 0001098755-00-000003.txt : 20000403 0001098755-00-000003.hdr.sgml : 20000403 ACCESSION NUMBER: 0001098755-00-000003 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA MORTGAGE LOAN TRUST 1999-3 CENTRAL INDEX KEY: 0001093341 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 880360305 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 333-75295-01 FILM NUMBER: 591524 BUSINESS ADDRESS: STREET 1: 10790 RANCHO BERNARDO DRIVE CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 8586763099 MAIL ADDRESS: STREET 1: AVANTA MORTGAGE CORP STREET 2: WELSH & MCKEON ROADS PO BOX 918 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 10-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from________________to_______________. Commission file number '333-75295-01 ADVANTA Mortgage Loan Trust 1999-3 New York 88-0360305 (State of other jurisdictio (IRS Employer incorporation or organizat Identification No.) c/o Bankers Trust Company 4 Albany Street New York, NY 10015 Registrant's telephone number, including area code: (212) 250-2500 Securities registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered: None None Securities registered pursuant to Section 12(g) of the Act: None (Title of class) Indicated by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ($ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] State the aggregate market value of the voting stock held by non-affiliates of registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of specified date within 60 days prior to the date of filing: $495,293,189.25 Documents Incorporated by Reference: Not Applicable PART 1 ITEM 1 - BUSINESS The ADVANTA Mortgage Loan Trust 1999-3 (the "Trust" or "Issuer") is a New York common law trust established as of August 1, 1999 pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") between ADVANTA Mortgage Conduit Services, Inc. as sponsors (the "Sponsor") and ADVANTA Mortgage Corp. USA as Master Servicer (the "Master Servicer") (together, the "Companies") and Bankers Trust Company, acting thereunder not in its individual capacity but solely as trustee (the "Trustee"). The Issuer's only purpose is the issuance of $525,000,000.00 principal amount of ADVANTA Mortgage Loan Asset-Backed Certificates, Series 1999-3, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, (the "Certificates") and the subordinated residual certificates pursuant to the Pooling and Servicing Agreement. On August 1, 1999 the Sponsor sold $525,000,000.00 aggregate principal amount of mortgage loans (the "Mort- gage Loans"), to the Issuer in exchange for the Certificates, and sold the Certificates pursuant to a public offering, the underwriting of Class A-1, A-2, A-3, A-4, A-5 and A-6 certificates of which was co-managed by Bear, Stearns & Co. Inc. and Salomon Smith Barney the underwriting for Class A-7 certificates was co-managed by Bear, Stearns & Co. Inc, Prudential Securities and Salomon Smith Barney. The Mortgage Loans and the distributions thereon, along with certain insurance proceeds, certain proceeds obtained on foreclosure and any investment income earned thereon, are the only significant assets of the Issuer. The Certificates represent obligations solely of the Issuer. The Certificates were registered under a Registration Statement (file no. 333-75295) on Form S-3 declared effective on September 1, 1998 ITEM 2 - PROPERTIES The Issuer neither owns nor leases any physical properties. ITEM 3 - LEGAL PROCEEDINGS The Master Servicer is not aware of any material pending legal proceedings involving either the Issuer, the Trustee, the Sponsor or the Master Servicer with respect to the Certificates or the Issuer's property. ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matter has been submitted to a vote of the holders of beneficial interests in the Issuer through the solicitation of proxies or otherwise. PART II ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK- HOLDER MATTERS The Trust is not an issuer of common stock in a corporation, although the Certificates represent equity interest that has voting rights. The equity of the Trust consists of the beneficial or ownership interest therein for which, to the best knowledge of the Master Servicer, there is no established public trading market. As of March 4, 2000, there were approximately 7 holders of the Class A-1 Certificates, 1 holder of the Class A-2 Certificates, 16 holders of the Class A-3 Certificates,17 holders of the Class A-4 Certificates, 3 holders of the Class A-5 Certificates, 3 holders of the Class A-6 Certificates, 9 holders of the Class A-7 Certificates. The number of holders includes individual parrticipants in security position listings. As of December 24, 1999 4 monthly distributions had been made to the holders of the Certificates ITEM 6 - SELECTED FINANCIAL DATA Not applicable. ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATION On August 1, 1999, the Issuer issued $117,581,000 aggregate principal amount of Class A-1 Certificates having a pass-thru rate of 6.81%, $69,182,000 aggregate principal amount of Class A-2 Certificates having a pass-thru rate of 7.23% per annum, $46,259,000 aggregate principal amount of Class A-3 Certificates having a pass-thu rate of 7.38% per annum, $74,498,000 aggregate principal amount of Class A-4 Certificates having a pass-thru rate of 7.75% per annum, $29,980,000 aggregate principal amount of Class A-5 Certificates having a pass-thru rate of 8.04% per annum, $37,500,000 aggregate principal amount of Class A-6 Certificates having a pass-thru rate of 7.59% per annum, $150,000,000 aggregate principal amount of Class A-7 Certificates having a pass-thru rate of Libor + 0.40% per annum which are collateralized by Mortgage Loans. The sale of the Mortgage Loans to the Issuer, the issuance of the Certificates and the simultaneous delivery of the Certificates to the Companies for sale pursuant to a public offering, the underwriting for Class A-1, A-2, A-3, A-4, A-5 and A-6 was co-managed by Bear, Stearns & Co. Inc., Salomon Smith Barney and the underwriting for Class A-7 was co-managed by Bear, Stearns & Co., Inc., Prudential Securities and Salomon Smith Barney for as a sale of the Certificates. The value of the Certificates issued by the Issuer equaled the value of the Mortgage Loans conveyed to the Issuer by the Companies, plus funds held in the Prefunding Account (if any) and subsequently used to acquire additional mortgage loans. Accordingly, there was no income, expense, gain or loss resulting from the aforementioned transaction. CAPITAL RESOURCES AND LIQUIDITY The Issuer's primary sources of funds with respect to the Certificates will be receipts of interest on and principal of the Mortgage Loans, along with certain insurance proceeds, certain proceeds obtained on foreclosure and any investment income earned thereon. The respective management's of the Companies believe that the Issuer will have sufficient liquidity and capital resources to pay all amounts on the Certificates as they become due and all other anticipated expenses of the Issuer. The Issuer does not have, nor will it have in the future, any significant source of capital for payment of the Certificates and its operating expenses other than the receipt of interest on and principal of the mortgage loans, certain insurance proceeds and certain proceeds obtained on foreclosure and any payments made by the Certificate Insurer. The Issuer is a limited purpose trust. The Certificates represent obligations solely of the Issuer. ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Not applicable. ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE There were no changes of accountants or disagreements on accounting or financial disclosures between the Issuer and its accountants. PART III ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT The Issuer does not have any directors or officers. ITEM 11 - EXECUTIVE COMPENSATION Not applicable.See "Item 10-Directors and Executive Officers of the Registrant". ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the ADVANTA Mortgage Loan Certificates, Series 1999-3, Class A-1 ("Class A-1 Certificates"), Class A-2 ("Class A-2 Certificates"), Class A-3 ("Class A-3 Certificates"), Class A-4 ("Class A-4 Certificates"), Class A-5 ("Class A-5 Certificates"), Class A-6 ("Class A-6 Certificates"), Class A-7 ("Class A-7 Certificates"), (ii) the principal amount of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates, Class A-7 Certificates, and (iii) the percent that the principal amount of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 Certificates owned represents of the outstanding principal amount of the Class A-1, Class A-2, Class A-3 Class A-4, Class A-5, Class A-6, Class A-7 respectively. The information set forth in the table is based upon information obtained by the Issuer from Depository Trust Company. The Master Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates. Amount Owned (All Dollar Amounts are in Thousands) Name and Address Principal Percent Class A-1 Certificates Boston Safe Deposit and Trust Company Constance Holloway c/o Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259 5.19% Chase Manhattan Bank Orma Trim, Supervisor 4 New York Plaza, 13th Floor New York, NY 10004 60.38% The Northern Trust Company Jarvise A. McKee 801 S. Canal C-IN Chicago, IL 60607 5.95% State Street Bank and Trust Company Joseph J. Callahan 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 23.37% Class A-2 Certificates Chase Manhattan Bank Orma Trim, Supervisor 4 New York Plaza, 13th Floor New York, NY 10004 100.00% Class A-3 Certificates Boston Safe Deposit and Trust Company Constance Holloway c/o Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259 3,500 7.57% Chase Manhattan Bank Orma Trim, Supervisor 4 New York Plaza, 13th Floor New York, NY 10004 65.41% The Northern Trust Company Jarvise A. McKee 801 S. Canal C-IN Chicago, IL 60607 5.03% Prudential Securities Incorporated Issuer Services c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717 10.81% Class A-4 Certificates The Bank of New York Cecile Lamarco 925 Patterson Plank Rd Secaucus, NJ 07094 25.17% Bankers Trust Company J. Lasher c/o BT Services, Tennessee 648 Grassmere Park Drive Nashville, TN 37211 6.04% Bank One Trust Compnay, N.A. - State Susan G. Haley Proxy Specialist 1900 Polaris Parkway, 4th Floor Columbus, OH 43240 6.38% Chase Manhattan Bank Orma Trim, Supervisor 4 New York Plaza, 13th Floor New York, NY 10004 20.27% Citibank, N.A. Marta Hoosain P O Box 30576 Tampa, FL 33630-3576 15.30% PWI CMO Account Jonathan Banks 1000 Harbor Blvd, 8th Floor Weehawken, NJ 07087 12.20% State Street Bank and Trust Company Joseph J. Callahan 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 8.99% Class A-5 Certificates Chase Manhattan Bank Orma Trim, Supervisor 4 New York Plaza, 13th Floor New York, NY 10004 56.70% Citibank, N.A. Marta Hoosain P O Box 30576 Tampa, FL 33630-3576 25.02% U.S. Bank National Association Ron Williams MPFP 1603 Proxy Unit 601 Second Avenue South Minneapolis, MN 55402 18.28% Class A-6 Certificates The Bank of New York Cecile Lamarco 925 Patterson Plank Rd Secaucus, NJ 07094 38.67% Boston Safe Deposit and Trust Company Constance Holloway c/o Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 31.73% Pittsburgh, PA 15259 11,900 State Street Bank and Trust Company Joseph J. Callahan 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 29.60% Class A-7 Certificates Bankers Trust Company J. Lasher c/o BT Services, Tennessee 648 Grassmere Park Drive Nashville, TN 37211 47.47% Chase Manhattan Bank Orma Trim, Supervisor 4 New York Plaza, 13th Floor New York, NY 10004 17.27% Investors Fiduciary Trust Company/SSB Joseph J. Callahan 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 13.93% The Northern Trust Company Jarvis A. McKee 801 S. Canal C-IN Chicago, IL 60607 7.13% State Street Bank and Trust Company Joseph J. Callahan 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 5.60% ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS None PART IV ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (a) The following documents are filed as part of this report: 1. Financial Statements: Not applicable. 2. Financial Statement Schedules: Not applicable. 3. Exhibits: As the Issuer was established as of August 1, 1999, the Master Servicer was obligated to prepare an Annual Statement to Certificateholders as to Compliance for the year ended December 31, 1999, and mail such statement to the Certificateholders on or before the last day of March, 2000 and Independent Certified Public Accountants were required to prepare an annual report pertaining to the compliance of the Master Servicer with its servicing obligations pursuant to the Pooling and Servicing Agreement on or before the last day of March, 2000. The Annual Statement to Certificate- holders as to Compliance is included herewith as Exhibit 28.1 and the Annual Independent Certified Public Accountants' Report is included herewith as Exhibit 28.2. The Statement to Certificateholders on December 24, 1999, is included herewith as Exhibit 28.3. Exhibit No. Description *3.1 Certificates of Incorporation of the Companies *3.2 By-laws of the Companies *4 Pooling and Servicing Agreement 28.1 Annual Statement to Certificateholders as to Compliance for the year ended December 31, 1999. 28.2 Annual Independent Certified Public Accountants' Report. 28.3 Report of Management on Compliance with Minimum Servicing Standards. 28.4 Statement to Certificateholders on December 24, 1999. * Incorporated by reference to the Exhibit of the same designation filed with the Issuer's Form S-3 registration statement declared effective September 1, 1998. (b) Reports on Form 8-K. Four reports on Form 8-K have been filed by the Issuer during the period covered by this report. Items Reported/Financial Date of Reports on Form 8-K Statements Filed September 27, 19Monthly Report for the August 1999 Monthly Period relating to the ADVANTA Mortgage Loan Asset- Backed Certificates 1999-3, Class A-1 Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, issued by the ADVANTA Mortgage Loan Trust 1999-3. October 25, 1999Monthly Report for the September 1999 Monthly Period relating to the ADVANTA Mortgage Loan Asset- Backed Certificates 1999-3, Class A-1 Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, issued by the ADVANTA Mortgage Loan Trust 1999-3. November 26, 199Monthly Report for the October 1999 Monthly Period relating to the ADVANTA Mortgage Loan Asset- Backed Certificates 1999-3, Class A-1 Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, issued by the ADVANTA Mortgage Loan Trust 1999-3. December 27, 199Monthly Report for the November 1999 Monthly Period relating to the ADVANTA Mortgage Loan Asset- Backed Certificates 1999-3, Class A-1 Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, issued by the ADVANTA Mortgage Loan Trust 1999-3. (c) See "Item 14(a) (3)-Exhibits". (d) Not applicable. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. ADVANTA Mortgage Corp., USA, as Master Servicer and on behalf of ADVANTA Mortgage Loan Trust 1999-3 Registrant BY; /s/ H. John Berens H. John Berens Senior Vice President Advanta Mortgage March 31, 2000 INDEX TO EXHIBITS (Item 14(c)) Exhibit # Description *3.1 Certificates of Incorporation of the Companies *3.2 By-laws of the Companies. *4 Pooling and Servicing Agreement 28.1 Annual Statement to Certificateholders as to Compliance for the year ended December 31, 1999. 28.2 Annual Independent Certified Public Account- ants' Report. 28.3 Report of Management on Compliance with Minimum Servicing Standards. 28.4 Statement to Certificateholders on December 28, 1999. * Incorporated by reference to the Exhibit of the same designation filed with the Issuer's Form S-3 registration statement declared effective September 1, 1998. EXHIBIT 28.1 March 24, 1999 Bankers Trust Company Attention: Mark McNeill 1761 East St. Andrew Place Santa Ana, CA 92705-4934 RE: Annual Statement as to Compliance Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of August 1, 1999, relating to ADVANTA Mortgage Loan Trust 1999-3, I, H. John Berens, hereby certify that (I) a review of the activities of the Servicer during the preceding year and the performance under this Agreement has been made under my supervision, and (II) to the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement for such year. Sincerely, BY; /s/ H. John Berens H. John Berens Senior Vice President Advanta Mortgage HJB/lp cc: Mr. James L. Shreero Mary T. Woehr, Esq.
EXHIBIT 28.2 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To ADVANTA Mortgage Corp. USA: We have examined management's assertion included in the accompanying Report of Management on Compliance with Minimum Servicing Standards, that Advanta Mortgage Corp. USA, an indirect wholly-owned subsidiary of Advanta Corp., complied with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and errors and omissions coverage in the amount of $5 million per occurrence as of and during the year ended December 31, 1999. Management is responsible for Advanta Mortgage Corp. USA's compliance with minimum servicing standards and for maintaining a fidelity bond and errors and omission policy. Our responsibility is to express an opinion on management's assertion about Advanta Mortgage Corp. USA's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Advanta Mortgage Corp. USA's compliance with the minimum servicing standards. In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and errors and omissions coverage in the amount of $5 million per occurrence as of and during the year ended December 31, 1999 is fairly stated, in all material respects. BY; /s/ Arthur Andersen LLP Philadelphia, PA January 21, 2000
EXHIBIT 28.3 REPORT OF MANAGEMENT ON COMPLIANCE WITH MINIMUM SERVICING STANDARDS As of and during the year ended December 31, 1999, Advanta Mortgage Corp. USA has complied in all material respects with the minimum servicing standards as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and during the same period, Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and errors and omissions coverage in the amount of $5 million per occurrence. BY; /s/ H. John Berens BY; /s/ James L. Shreero H. John Berens James L. Shreero Senior Vice President Senior Vice President Loan Servicing Officer and Chief Financial Officer
EXHIBIT 28.4 ADVANTA Mortgage Loan Trust 1999-3 Statement to Certificateholders Distribution in Dollars - Current Period
Prior Original Principal Total Realized Class Face Value Balance Interest Principal Distribution Losses A-1 117,581,000. 108,179,123. 613,9 3,408,605 4,022,52 A-2 69,182,000 69,182,000 416,8 416,8 A-3 46,259,000 46,259,000 284,4 284,4 A-4 74,498,000 74,498,000 481,1 481,1 A-5 29,980,000 29,980,000 200,8 200,8 A-6 37,500,000 37,500,000 237,1 237,1 A-7 150,000,000. 145,475,122. 750,3 2,560,374 3,310,74 B BS R-II Totals 525,000,000. 511,073,245. 2,984,78 5,968,979 8,953,76
Current Deferred Principal Class Interest Balance A-1 104,770,518.45 A-2 69,182,000.00 A-3 46,259,000.00 A-4 74,498,000.00 A-5 29,980,000.00 A-6 37,500,000.00 A-7 142,914,747.93 B - BS - R-II - Totals 505,104,266.38
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face
Orig. Principal Prior Period Period (with Notional) Principal Class Starting Ending Method Cusip Balance Balance A-1 11/26/99 12/26/99 F-30/360 00755WGV2 117,581,000. 920.039 A-2 F-30/360 00755WGW0 69,182,000 1,000.0000 A-3 F-30/360 00755WGX8 46,259,000 1,000.0000 A-4 F-30/360 00755WGY6 74,498,000 1,000.0000 A-5 A-30/360 00755WGZ3 29,980,000 1,000.0000 A-6 A-30/360 00755WHA7 37,500,000 1,000.0000 A-7 11/26/99 12/26/99 A-Act/360 00755WHB5 150,000,000. 969.834 B BS R-II
Current Total Principal Class Interest Principal Distribution Balance A-1 5.2 28.9 34.2 891.049731 A-2 6.0 6.0 1,000.000000 A-3 6.1 6.1 1,000.000000 A-4 6.4 6.4 1,000.000000 A-5 6.7 6.7 1,000.000000 A-6 6.3 6.3 1,000.000000 A-7 5.0 17.0 22.0 952.764986 B - BS - R-II -
Distribution in Dollars - To Date
Original Unscheduled Scheduled Total Total Class Face Value Interest Principal Principal Principal Distribution A-1 117,581,000. 2,569,66 11,104,886 1,705,594 12,810,481 15,380,147. A-2 69,182,000 1,667,28 1,667,286 A-3 46,259,000 1,137,97 1,137,971 A-4 74,498,000 1,924,53 1,924,531 A-5 29,980,000 803,4 803,46 A-6 37,500,000 948,7 948,75 A-7 150,000,000. 2,988,42 6,467,43 617,81 7,085,25 10,073,681. B BS R-II 693,0 693,02 Totals 525,000,000. 12,733,123 17,572,322 2,323,411 19,895,733 32,628,857.
Current Realized Deferred Principal Class Losses Interest Balance A-1 104,770,518.46 A-2 69,182,000.00 A-3 46,259,000.00 A-4 74,498,000.00 A-5 29,980,000.00 A-6 37,500,000.00 A-7 142,914,747.93 B - BS - R - Totals 505,104,266.39
Interest Detail
Pass Prior Principal Non- Prior Unscheduled Through (with Notional) Accrued Supported Unpaid Interest Class Rate Balance Interest Interest SF Interest Adjustments A-1 6.81000% 108,179,123. 613,9 A-2 7.23000% 69,182,000 416,8 A-3 7.38000% 46,259,000 284,4 A-4 7.75000% 74,498,000 481,1 A-5 8.04000% 29,980,000 200,8 A-6 7.59000% 37,500,000 237,1 A-7 5.99000% 145,475,122. 750,3 B BS R-II Totals 511,073,245. 2,984,78
Paid or Current Optimal Deferred Unpaid Class Interest Interest Interest A-1 613,9 613,9 - A-2 416,8 416,8 - A-3 284,4 284,4 - A-4 481,1 481,1 - A-5 200,8 200,8 - A-6 237,1 237,1 - A-7 750,3 750,3 - B - BS - R-II - Totals 2,984,78 2,984,78 -
Collection Account Report
Summary Adjustable Fixed Total Principal Collections 2,222,206 2,870,61 5,092,820 Principal Withdrawals Principal Other Accounts TOTAL PRINCIPAL 2,222,206 2,870,61 5,092,820 Interest Collected 1,183,650 3,006,63 4,190,285 Interest Withdrawals Interest Other Accounts Fees (95,1 (234,2 (329,34 TOTAL INTEREST 1,088,536 2,772,40 3,860,945 TOTAL AVAILABLE TO CERTIFICATEHOLDERS 3,310,742 5,643,02 8,953,765
Principal - Collections Adjustable Fixed Total Scheduled Principal 138,20 447,9 586,17 Curtailments Prepayments in Full 2,083,999 2,422,64 4,506,644 Repurchased Principal Amounts Substitution Principal Amount Liquidations Insurance Principal Other Principal Total Realized Loss of Principal TOTAL PRINCIPAL COLLECTED 2,222,206 2,870,61 5,092,820
Collection Account Report
Principal - Withdrawals Adjustable Fixed Total SPACE INTENTIONALLY LEFT BLANK
Principal - Other Accounts Adjustable Fixed Total Amounts Remaining in Pre-Funding Account
Interest - Collections Adjustable Fixed Total Scheduled Interest 1,203,849 3,048,48 4,252,339 Repurchased Interest Substitution Interest Amount Liquidation Interest Insurance Interest Other Interest Delinquent Interest (265,62 (587,0 (852,71 Interest Advanced 245,42 545,2 790,65 Prepayment Interest Shortfalls ( (2, (2,9 Compensating Interest 2, 2,9 Civil Relief Act Shortfalls TOTAL INTEREST COLLECTED 1,183,650 3,006,63 4,190,285
Collection Account Report
Interest - Withdrawals Adjustable Fixed Total Current Nonrecoverable Advances TOTAL INTEREST WITHDRAWALS
Interest - Other Accounts Adjustable Fixed Total Capitalized Interest Requirement Pre-Funding Account Earnings Capitalized Interest Account
Interest - Fees Adjustable Fixed Total Current Servicing Fees 74,9 189,1 264,11 Trustee Fee Amount 1,1 2, 3,9 Insurance Premium Amount 19,0 42,2 61,3 TOTAL FEES 95,1 234,2 329,34
Credit Enhancement Report
Accounts Adjustable Fixed Total SPACE INTENTIONALLY LEFT BLANK
Insurance Adjustable Fixed Total Total Insured Payments
Structural Features Adjustable Fixed Total Specified Overcollateralization Amount 9,263,103.27 11,706,948.64 20,970,051.91 Current Overcollateralization Amount 7,049,240.99 4,623,888.22 11,673,129.21 Overcollateralization Deficiency Amount 2,552,030.27 7,621,051.94 10,173,082.21 Overcollateralization Deficit Amount Overcollateralization Increase Amount 338,167.99 537,991.53 876,159.52 Overcollateralization Reduction Amount Components of Change in Overcollateralization* Excess Interest Generated by Pool 338,167.99 537,991.53 876,159.52 Pre-Funding Account Interest Earnings Additional Principal TOTAL 338,16 537,991.53 876,159.52 *(NOTE: If at specified amount, components will not equal increase amount)
Collateral Report
Collateral Adjustable Fixed Total Loan Count: Original Prior Prefunding Scheduled Paid Offs Full Voluntary Prepayments Repurchases Liquidations Current Principal Balance Original 142,758,206.98 331,219,376.10 473,977,583.08 Prior 152,186,195.13 369,684,020.47 521,870,215.60 Prefunding Scheduled Principal (138,206.58) (447,969.04) (586,175.62) Partial and Full Voluntary Prepayments (2,083,999 (2,422,64 (4,506,644 Repurchases Liquidations Current 149,963,988. 366,813,406. 516,777,395.
Prefunding Adjustable Fixed Total PRE-FUNDING ACCOUNT Original Pre-Funded Amount 12,924,201. 46,424,128.36 59,348,329.36 Balance of Subsequent Mortgage Loans Added This Period Pre-Funding Account Earnings Withdrawal Account Earnings Pre-Funding Account Ending Balance CAPITALIZED INTEREST ACCOUNT Original Capitalized Interest Deposit 117,36 575,6 693,02 Capitalized Interest Requirement Withdrawal Remaining Amounts Capitalized Interest Account Ending Balance
Collateral Report
Characteristics Adjustable Fixed Total Weighted Average Coupon Original 9.495321% 9.907285% 9.783205% Weighted Average Coupon Prior 9.496136% 9.903984% 9.785190% Weighted Average Coupon Current 9.492450% 9.895444% 9.777924% Weighted Average Months to Maturity Original 348 246 277 Weighted Average Months to Maturity Prior 345 243 273 Weighted Average Months to Maturity Current 344 242 272 Weighted Average Remaining Amortization Term Original 348 302 316 Weighted Average Remaining Amortization Term Prior 346 295 310 Weighted Average Remaining Amortization Term Current 345 294 309 Weighted Average Seasoning Original 3.58 3.22 3.33 Weighted Average Seasoning Prior 5.26 4.79 4.93 Weighted Average Seasoning Current 6.20 5.76 5.89 Note: Original information refers to deal issue
Collateral Report
Arm Characteristics Adjustable Fixed Total Weighted Average Margin Original 5.302% Weighted Average Margin Prior 5.236% Weighted Average Margin Current 5.233% Weighted Average Max Rate Original 16.388% 9.907% Weighted Average Max Rate Prior 16.400% 9.904% Weighted Average Max Rate Current 16.399% 9.895% Weighted Average Min Rate Original 9.008% 9.157% Weighted Average Min Rate Prior 8.940% 9.154% Weighted Average Min Rate Current 8.934% 9.145% Weighted Average Cap Up Original 1.082% Weighted Average Cap Up Prior 1.075% Weighted Average Cap Up Current 1.075% Weighted Average Cap Down Original 1.082% Weighted Average Cap Down Prior 1.075% Weighted Average Cap Down Current 1.075% Note: Original information refers to deal issue
Servicing Fees / Advances Adjustable Fixed Total Current Servicing Fees 74,9 189,1 264,11 Delinquent Servicing Fees 20,1 41,8 62,0 TOTAL SERVICING FEES 95,1 231,0 326,16 Total Servicing Fees 95,1 231,0 326,16 Compensating Interest ( (2, (2,9 Delinquent Servicing Fees (20,1 (41,8 (62,0 COLLECTED SERVING FEES 74,1 187,0 261,17 Prepayment Interest Shortfall 2, 2,9 Total Advanced Interest 245,42 545,2 790,65 Current Nonrecoverable Advances Unreimbursed Delq/Servicing Advances Paid To Servicer
Additional Collateral Information Adjustable Fixed Total Weighted Average Coupon Next 9.482145% 9.887612% 9.769949%
Delinquency Report - Total
Current 1 Payment 2 Payments 3+ Payments Total DELINQUENT Balance 9,983,07 2,806,554 194,7 12,984,425. % Balance 1.93% 0.54% 0.04% 2.51% # Loans 162 47 3 212 % # Loans 2.30% 0.67% 0.04% 3.01% FORECLOSURE Balance 66,3 663,65 3,428,77 4,158,729 % Balance 0.00% 0.01% 0.13% 0.66% 0.80% # Loans 8 50 59 % # Loans 0.00% 0.01% 0.11% 0.71% 0.83% BANKRUPTCY Balance 420,2 500,1 69,4 248,4 1,238,300 % Balance 0.08% 0.10% 0.01% 0.05% 0.24% # Loans 8 5 21 % # Loans 0.11% 0.09% 0.03% 0.07% 0.30% REO Balance % Balance 0.00% 0.00% 0.00% 0.00% 0.00% # Loans % # Loans 0.00% 0.00% 0.00% 0.00% 0.00% TOTAL Balance 420,2 10,549,496 3,539,695 3,872,05 18,381,455. % Balance 0.08% 2.04% 0.68% 0.75% 3.55% # Loans % # Loans 0.11% 2.40% 0.81% 0.82% 4.14% Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
Delinquency Report - Fixed Group
Current 1 Payment 2 Payments 3+ Payments Total DELINQUENT Balance 7,217,05 1,720,114 68,2 9,005,402 % Balance 1.97% 0.47% 0.02% 2.46% # Loans % # Loans 2.27% 0.68% 0.04% 2.99% FORECLOSURE Balance 427,93 2,212,17 2,640,117 % Balance 0.00% 0.00% 0.12% 0.60% 0.72% # Loans % # Loans 0.00% 0.00% 0.09% 0.63% 0.72% BANKRUPTCY Balance 115,9 226,8 69,4 184,8 597,16 % Balance 0.03% 0.06% 0.02% 0.05% 0.16% # Loans % # Loans 0.06% 0.06% 0.04% 0.07% 0.23% REO Balance % Balance 0.00% 0.00% 0.00% 0.00% 0.00% # Loans % # Loans 0.00% 0.00% 0.00% 0.00% 0.00% TOTAL Balance 115,9 7,443,94 2,217,539 2,465,20 12,242,684. % Balance 0.03% 2.03% 0.61% 0.67% 3.34% # Loans % # Loans 0.06% 2.33% 0.81% 0.74% 3.94% Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
Delinquency Report - Adjustable Group
Current 1 Payment 2 Payments 3+ Payments Total DELINQUENT Balance 2,766,01 1,086,439 126,5 3,979,023 % Balance 1.84% 0.72% 0.08% 2.64% # Loans % # Loans 2.42% 0.62% 0.06% 3.10% FORECLOSURE Balance 66,3 235,71 1,216,59 1,518,612 % Balance 0.00% 0.04% 0.16% 0.81% 1.01% # Loans % # Loans 0.00% 0.06% 0.19% 0.99% 1.24% BANKRUPTCY Balance 304,2 273,2 63,6 641,13 % Balance 0.20% 0.18% 0.00% 0.04% 0.42% # Loans % # Loans 0.31% 0.19% 0.00% 0.06% 0.56% REO Balance % Balance 0.00% 0.00% 0.00% 0.00% 0.00% # Loans % # Loans 0.00% 0.00% 0.00% 0.00% 0.00% TOTAL Balance 304,2 3,105,55 1,322,155 1,406,84 6,138,771 % Balance 0.20% 2.06% 0.88% 0.93% 4.07% # Loans % # Loans 0.31% 2.67% 0.81% 1.11% 4.90% Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
Prepayment Report - Voluntary Prepayments
Voluntary Prepayments Adjustable Fixed Total Current Number of Paid in Full Loans 18 46 64 Number of Repurchased Loans Total Number of Loans Prepaid in Full 18 46 64 Paid in Full Balance 2,083,999 2,422,64 4,506,644 Repurchase Loans Balance Curtailments Amount Total Prepayment Amount 2,083,999 2,422,64 4,506,644 Cumulative Number of Paid in Full Loans 50 153 203 Number of Repurchased Loans 0 Total Number of Loans Prepaid in Full 50 153 203 Paid in Full Balance 5,098,552 9,124,88 14,223,438. Repurchase Loans Balance Curtailments Amount ( (1, (1,7 Total Prepayment Amount 5,098,126 9,123,52 14,221,651. SPACE INTENTIONALLY LEFT BLANK
Prepayment Report - Voluntary Prepayments
Voluntary Prepayment Rates Adjustable Fixed Total SMM 1.37% 0.66% 0.86% 3 Months Average SMM 0.96% 0.69% 0.77% 12 Months Average SMM Average SMM Since Cut-Off 0.84% 0.62% 0.69% CPR 15.26% 7.60% 9.89% 3 Months Average CPR 10.97% 7.98% 8.86% 12 Months Average CPR Average CPR Since Cut-Off 9.64% 7.24% 7.95% PSA 1230.85% 659.33% 840.31% 3 Months Average PSA Approximation 1045.76% 833.38% 900.29% 12 Months Average PSA Approximation Average PSA Since Cut-Off Approximation 997.91% 823.20% 878.18%
Realized Loss Report - Collateral
Collateral Realized Losses Adjustable Fixed Total Current Number of Loans Liquidated Collateral Realized Loss / (Gain) Amount Net Liquidation Proceeds Cumulative Number of Loans Liquidated Collateral Realized Loss / (Gain) Amount Net Liquidation Proceeds Note: Collateral realized losses may include adjustments to loans liquidated in prior periods. SPACE INTENTIONALLY LEFT BLANK
Realized Loss Report - Collateral
Default Speeds Adjustable Fixed Total MDR 0.00% 0.00% 0.00% 3 Months Average MDR 12 Months Average MDR Average MDR Since Cut-Off 0.00% 0.00% 0.00% CDR 0.00% 0.00% 0.00% 3 Months Average CDR 12 Months Average CDR Average CDR Since Cut-Off 0.00% 0.00% 0.00% SDA 0.00% 0.00% 0.00% 3 Months Average SDA Approximation 12 Months Average SDA Approximation Average SDA Since Cut-Off Approximation 0.00% 0.00% 0.00% Loss Severity Approximation for Current Period 3 Months Average Loss Severity Approximation 12 Months Average Loss Severity Approximation Average Loss Severity Approximation Since Cut-Off
Triggers, Adj. Rate Cert. And Miscellaneous Report
Trigger Events Adjustable Fixed Total Has Servicer Termination Loss Trigger Occurred? No
Adjustable Rate Certificate Information Adjustable Fixed Total Next Pass-Through Rates for Adjustable Rate Certificates Class A-5 8.040000% Class A-6 7.590000% Class A-7 6.881250%
Additional Information Adjustable Fixed Total SUPPLEMENTAL INTEREST ACCOUNT Supplemental Interest Amount Supplemental Interest Shortfall Carry-Forward Amount Supplemental Interest Shortfall Amount Deposit to Supp Int Acct (Class B Distribution) Payment to Supplemental interest Right Supplemental Interest Account Ending Balance
-----END PRIVACY-ENHANCED MESSAGE-----