-----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, VapZItOhyMFq0OGVFi7k4bmIbr0yJUYEvyhPfa+woMkygjkV5Ft3uDQJsz1pv3dk 9N2OcpV16NfUkK/AsYEFqQ== 0001056404-99-000501.txt : 19990902 0001056404-99-000501.hdr.sgml : 19990902 ACCESSION NUMBER: 0001056404-99-000501 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990825 ITEM INFORMATION: FILED AS OF DATE: 19990901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPT ONE MORT ACCEPT CORP LOAN TR ASSET BK CERT SER 1999-2 CENTRAL INDEX KEY: 0001085358 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-14625-01 FILM NUMBER: 99704297 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 9497908300 MAIL ADDRESS: STREET 1: 3 ADA RD CITY: IRVINE STATE: CA ZIP: 92618 8-K 1 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): August 25, 1999 OPTION ONE MORTGAGE LOAN TRUST Asset Backed Certificates, Series 1999-2 Trust New York (governing law of 333-14625-01 52-2172813 Pooling and Servicing Agreement) (Commission 52-2172816 (State or other File Number) IRS EIN jurisdiction C/O Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway 21044 Columbia, Maryland (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 August 25, 1999 a distribution was made to holders of OPTION ONE MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 1999-2 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 Asset Backed Certificates, Series 1999-2 Trust, relating to the August 25, 1999 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OPTION ONE MORTGAGE LOAN TRUST Asset Backed Certificates, Series 1999-2 Trust By: Norwest Bank Minnesota, N.A., as Trustee By: /s/ Sherri J. Sharps, Vice President By: Sherri J. Sharps, Vice President Date: 8/30/99 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 1999-2 Trust, relating to the August 25, 1999 distribution. EX-99.1 2
Option One Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 7/31/99 Distribution Date: 8/25/99 OOMC Series: 1999-2 Contact: Customer Service Norwest Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 68389FAC8 SEQ 5.88000% 69,197,522.64 339,067.86 2,055,566.38 A-2 68389FAD6 SEQ 5.92000% 50,000,000.00 246,666.67 0.00 A-3 68389FAE4 SEQ 6.02000% 24,000,000.00 120,400.00 0.00 A-4 68389FAF1 SEQ 6.34000% 52,000,000.00 274,733.33 0.00 A-5 68389FAG9 SEQ 6.76000% 15,791,000.00 88,955.97 0.00 A-6 68389FAH7 SEQ 6.32000% 19,000,000.00 100,066.67 0.00 A-7 68389FAJ3 SEQ 6.48000% 37,869,880.00 204,497.35 404,766.71 A-8 68389FAK0 SEQ 5.46750% 89,414,725.57 407,395.84 984,521.93 P OPT99002P SUB 0.00000% 100.00 35,406.49 0.00 R OPT99022R RES 0.00000% 0.00 168,844.11 0.00 OC OPT9902OC SUB 0.00000% 4,464,205.53 0.00 0.00 Totals 361,737,433.74 1,986,034.29 3,444,855.02
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 67,141,956.26 2,394,634.24 0.00 A-2 0.00 50,000,000.00 246,666.67 0.00 A-3 0.00 24,000,000.00 120,400.00 0.00 A-4 0.00 52,000,000.00 274,733.33 0.00 A-5 0.00 15,791,000.00 88,955.97 0.00 A-6 0.00 19,000,000.00 100,066.67 0.00 A-7 0.00 37,465,113.29 609,264.06 0.00 A-8 0.00 88,430,203.64 1,391,917.77 0.00 P 0.00 100.00 35,406.49 0.00 R 0.00 0.00 168,844.11 0.00 OC 0.00 5,249,449.67 0.00 0.00 Totals 0.00 359,077,822.86 5,430,889.31 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 74,000,000.00 69,197,522.64 0.00 2,055,566.38 0.00 0.00 A-2 50,000,000.00 50,000,000.00 0.00 0.00 0.00 0.00 A-3 24,000,000.00 24,000,000.00 0.00 0.00 0.00 0.00 A-4 52,000,000.00 52,000,000.00 0.00 0.00 0.00 0.00 A-5 15,791,000.00 15,791,000.00 0.00 0.00 0.00 0.00 A-6 19,000,000.00 19,000,000.00 0.00 0.00 0.00 0.00 A-7 38,433,000.00 37,869,880.00 0.00 404,766.71 0.00 0.00 A-8 94,761,000.00 89,414,725.57 0.00 984,521.93 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 OC 1,934,938.59 4,464,205.53 0.00 0.00 0.00 0.00 Totals 369,920,038.59 361,737,433.74 0.00 3,444,855.02 0.00 0.00 (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.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 2,055,566.38 67,141,956.26 0.90732373 2,055,566.38 A-2 0.00 50,000,000.00 1.00000000 0.00 A-3 0.00 24,000,000.00 1.00000000 0.00 A-4 0.00 52,000,000.00 1.00000000 0.00 A-5 0.00 15,791,000.00 1.00000000 0.00 A-6 0.00 19,000,000.00 1.00000000 0.00 A-7 404,766.71 37,465,113.29 0.97481626 404,766.71 A-8 984,521.93 88,430,203.64 0.93319196 984,521.93 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 OC 0.00 5,249,449.67 2.71297999 0.00 Totals 3,444,855.02 359,077,822.86 0.97069038 3,444,855.02
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 74,000,000.00 935.10165730 0.00000000 27.77792405 0.00000000 A-2 50,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 24,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 52,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 15,791,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-6 19,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-7 38,433,000.00 985.34800822 0.00000000 10.53174902 0.00000000 A-8 94,761,000.00 943.58148996 0.00000000 10.38952660 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 1,934,938.59 2307.15618215 0.00000000 0.00000000 0.00000000 (2) Per $1,000 Denominations
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 27.77792405 907.32373324 0.90732373 27.77792405 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-7 0.00000000 10.53174902 974.81625920 0.97481626 10.53174902 A-8 0.00000000 10.38952660 933.19196336 0.93319196 10.38952660 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 2,712.97998662 2.71297999 0.00000000 (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.
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 A-1 74,000,000.00 5.88000% 69,197,522.64 339,067.86 0.00 0.00 A-2 50,000,000.00 5.92000% 50,000,000.00 246,666.67 0.00 0.00 A-3 24,000,000.00 6.02000% 24,000,000.00 120,400.00 0.00 0.00 A-4 52,000,000.00 6.34000% 52,000,000.00 274,733.33 0.00 0.00 A-5 15,791,000.00 6.76000% 15,791,000.00 88,955.97 0.00 0.00 A-6 19,000,000.00 6.32000% 19,000,000.00 100,066.67 0.00 0.00 A-7 38,433,000.00 6.48000% 37,869,880.00 204,497.35 0.00 0.00 A-8 94,761,000.00 5.46750% 89,414,725.57 407,395.84 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 OC 1,934,938.59 0.00000% 4,464,205.53 0.00 0.00 0.00 Totals 369,920,038.59 1,781,783.69 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 339,067.86 0.00 67,141,956.26 A-2 0.00 0.00 246,666.67 0.00 50,000,000.00 A-3 0.00 0.00 120,400.00 0.00 24,000,000.00 A-4 0.00 0.00 274,733.33 0.00 52,000,000.00 A-5 0.00 0.00 88,955.97 0.00 15,791,000.00 A-6 0.00 0.00 100,066.67 0.00 19,000,000.00 A-7 0.00 0.00 204,497.35 0.00 37,465,113.29 A-8 0.00 0.00 407,395.84 0.00 88,430,203.64 P 0.00 0.00 35,406.49 0.00 100.00 R 0.00 0.00 168,844.11 0.00 0.00 OC 0.00 0.00 0.00 0.00 5,249,449.67 Totals 0.00 0.00 1,986,034.29 0.00 (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.
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 A-1 74,000,000.00 5.88000% 935.10165730 4.58199811 0.00000000 0.00000000 A-2 50,000,000.00 5.92000% 1000.00000000 4.93333340 0.00000000 0.00000000 A-3 24,000,000.00 6.02000% 1000.00000000 5.01666667 0.00000000 0.00000000 A-4 52,000,000.00 6.34000% 1000.00000000 5.28333327 0.00000000 0.00000000 A-5 15,791,000.00 6.76000% 1000.00000000 5.63333354 0.00000000 0.00000000 A-6 19,000,000.00 6.32000% 1000.00000000 5.26666684 0.00000000 0.00000000 A-7 38,433,000.00 6.48000% 985.34800822 5.32087919 0.00000000 0.00000000 A-8 94,761,000.00 5.46750% 943.58148996 4.29919313 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 1,934,938.59 0.00000% 2307.15618215 0.00000000 0.00000000 0.00000000
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 4.58199811 0.00000000 907.32373324 A-2 0.00000000 0.00000000 4.93333340 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 5.01666667 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 5.28333327 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 5.63333354 0.00000000 1000.00000000 A-6 0.00000000 0.00000000 5.26666684 0.00000000 1000.00000000 A-7 0.00000000 0.00000000 5.32087919 0.00000000 974.81625920 A-8 0.00000000 0.00000000 4.29919313 0.00000000 933.19196336 P 0.00000000 0.00000000 354064.90000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 422110274999.999 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 2712.97998662 (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.
Certificateholder Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Rate Balance Balance Balance Balance Percentage Class FSA 1,200.00000% 55,080.00 54,548.00 0.00 0.00 96.07242242%
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 5,567,769.32 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 68,923.94 Realized Losses 0.00 Total Deposits 5,636,693.26 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 150,723.95 Payment of Interest and Principal 5,485,969.31 Total Withdrawals (Pool Distribution Amount) 5,636,693.26 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 150,723.91 Trustee Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 150,723.91
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance FSA Account-Group 1 0.00 0.00 0.00 0.00 FSA Account-Group 2 0.00 0.00 0.00 0.00 FSA Account-Group 3 0.00 0.00 0.00 0.00 Capitalized Interest-Group 1 0.00 0.00 0.00 0.00 Capitalized Interest-Group 2 0.00 0.00 0.00 0.00 Capitalized Interest-Group 3 0.00 0.00 0.00 0.00
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 42 3,532,000.49 1.261640% 0.983631% 60 Days 26 2,572,816.68 0.781015% 0.716507% 90+ Days 19 1,848,308.94 0.570742% 0.514738% Foreclosure 38 2,928,187.64 1.141484% 0.815474% REO 1 66,643.61 0.030039% 0.018560% Totals 126 10,947,957.36 3.784920% 3.048909%
OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 68,923.94
Class OC 100.00 0.00002703% 100.00 0.00002785% 1.461925% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000028% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.875945% Weighted Average Net Coupon 9.375945% Weighted Average Pass-Through Rate 0.000000% Weighted Average Maturity(Stepdown Calculation ) 273 Beginning Scheduled Collateral Loan Count 3,352 Number Of Loans Paid In Full 23 Ending Scheduled Collateral Loan Count 3,329 Beginning Scheduled Collateral Balance 361,737,433.74 Ending Scheduled Collateral Balance 359,077,822.86 Ending Actual Collateral Balance at 31-Jul-1999 359,171,259.98 Monthly P &I Constant 3,234,127.05 Ending Scheduled Balance for Premium Loans 359,077,822.86
Group Level Collateral Statement Group ID 1 2 3 Total Collateral Description Mixed Fixed Mixed Fixed Mixed ARM Weighted Average Coupon Rate 10.090000 9.017156 9.239678 Weighted Average Net Rate 9.770194 8.517156 8.739678 Weighted Average Maturity 276.00 296.00 354.00 Beginning Loan Count 2,948 118 286 3,352 Loans Paid In Full 20 1 2 23 Ending Loan Count 2,928 117 284 3,329 Beginning Scheduled Balance 231,556,328.60 38,023,631.84 92,157,473.30 361,737,433.74 Ending scheduled Balance 230,028,863.44 37,659,348.84 91,389,610.58 359,077,822.86 Record Date 7/31/99 7/31/99 7/31/99 Principal And Interest Constant 2,164,455.29 308,326.18 761,345.58 3,234,127.05 Scheduled Principal 182,681.59 22,605.34 51,757.76 257,044.69 Unscheduled Principal 1,344,783.57 341,677.66 716,104.96 2,402,566.19 Scheduled Interest 1,981,773.70 285,720.84 709,587.82 2,997,082.36 Servicing Fees 96,481.78 15,843.18 38,398.95 150,723.91 Master Servicing Fees 0.00 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 0.00 Net Interest 1,885,291.92 269,877.66 671,188.87 2,826,358.45 Realized Loss Amount 0.00 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 0.00 Percentage Cumulative Losses 0.00 0.00 0.00 0.00 Group ID 1 2 3 Required Overcollateralization Amou 4,108,849.12 672,581.09 4,593,034.11 9,374,464.32 Overcollateralization Increase Amount 0.00 0.00 0.00 0.00 Overcollateralization Reduction Amount 1,527,465.16 364,283.00 767,862.72 2,659,610.88 Specified Overcollateralization Amount 4,108,849.12 672,581.09 4,593,034.11 9,374,464.32 Overcollateralization Amount 1,567,705.96 153,751.84 2,742,747.73 4,464,205.53 Overcollateralization Deficiency Amount 2,541,143.17 518,829.25 1,850,286.38 4,910,258.79 Base Overcollateralization Amount 4,108,849.12 672,581.09 4,593,034.11 9,374,464.32 Extra Principal Distribution Amount 528,101.22 40,483.71 216,659.21 785,244.14 Excess Cash Amount 528,101.22 40,483.71 216,659.21 785,244.14
Delinquency Status By Groups Group 30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy 1 Principal Balance 2,549,380.04 1,702,004.28 1,287,937.76 2,367,816.46 66,643.61 138,982.09 Percentage Of Balance 1.108% 0.740% 0.560% 1.029% 0.029% 0.060% Loan Count 39 23 17 33 1 2 Percentage Of Loans 1.332% 0.786% 0.581% 1.127% 0.034% 0.068% 2 Principal Balance 0.00 0.00 560,371.18 560,371.18 0.00 0.00 Percentage Of Balance 0.000% 0.000% 1.488% 1.488% 0.000% 0.000% Loan Count 0 0 2 2 0 0 Percentage Of Loans 0.000% 0.000% 1.709% 1.709% 0.000% 0.000% 3 Principal Balance 982,620.45 870,812.40 0.00 870,812.40 0.00 365,043.29 Percentage Of Balance 1.075% 0.953% 0.000% 0.953% 0.000% 0.399% Loan Count 3 3 0 3 0 1 Percentage Of Loans 1.056% 1.056% 0.000% 1.056% 0.000% 0.352% Totals Principal Balance 3,532,000.49 2,572,816.68 1,848,308.94 3,799,000.04 66,643.61 504,025.38 Percentage Of Balance 0.984% 0.717% 0.515% 1.058% 0.019% 0.140% Loan Count 42 26 19 38 1 3 Percentage Of Loans 1.262% 0.781% 0.571% 1.141% 0.030% 0.090%
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