American Residential Eagle Certificate Trust 1999-1 Certificateholder Distribution Statement (Wells Fargo Bank Minnesota, N.A.)

Summary

This document is a distribution statement for certificateholders of the American Residential Eagle Certificate Trust, Series 1999-1, administered by Wells Fargo Bank Minnesota, N.A. It details the principal and interest payments, balances, and realized losses for the mortgage pass-through certificates as of June 30, 2000, with distributions made on July 25, 2000. The statement outlines the amounts distributed to each class of certificateholders and confirms that all calculations were made in accordance with the Pooling and Servicing Agreement.

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EX-10.1 2 ex10-1.txt EXHIBIT 10.1 1 Exhibit 10.1 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Certificateholder Distribution Summary
Certificate Certificate Beginning Current Ending Class Pass-Through Certificate Interest Principal Realized Certificate Class CUSIP Description Rate Balance Distribution Distribution Loss Balance - -------- --------- ----------- ------------ -------------- ------------ ------------ -------- -------------- A 02926NAA4 SEQ 7.00125% 150,990,678.17 851,571.70 9,305,778.01 0.00 141,684,900.16 INV_CERT ARE991INV SUB 0.00000% 5,148,060.64 0.00 0.00 0.00 5,248,284.26 -------------- ---------- ------------ ---- -------------- Totals 156,138,738.81 851,571.70 9,305,778.01 0.00 146,933,184.42
Cumulative Total Realized Class Distribution Losses - -------- ------------- --------- A 10,157,349.71 0.00 INV_CERT 0.00 0.00 ------------- ---- Totals 10,157,349.71 0.00
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. Page 1 2 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total Ending Face Certificate Principal Principal Realized Principal Certificate Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction Balance - -------- -------------- -------------- ------------ ------------ --------- -------- ------------ -------------- A 229,000,000.00 150,990,678.17 0.00 9,305,778.01 0.00 0.00 9,305,778.01 141,684,900.16 INV_CERT 7,285,896.30 5,148,060.64 0.00 0.00 0.00 0.00 0.00 5,248,284.26 -------------- -------------- ----- ------------ ---- ---- ------------ -------------- Totals 236,285,896.30 156,138,738.81 0.00 9,305,778.01 0.00 0.00 9,305,778.01 146,933,184.42
Ending Total Certificate Principal Class Percentage Distribution - -------- ---------- ------------ A 0.61871135 9,305,778.01 INV_CERT 0.72033475 0.00 ---------- ------------ Totals 0.62184492 9,305,778.01
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Descript Page 2 3 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total Ending Face Certificate Principal Principal Realized Principal Certificate Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction Balance --------- -------------- ------------ ------------ ------------ ---------- ---------- ----------- ------------ A 229,000,000.00 659.34793961 0.00000000 40.63658520 0.00000000 0.00000000 40.63658520 618.71135441 INV_CERT 7,285,896.30 706.57890643 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 720.33474591
Ending Total Certificate Principal Class(2) Percentage Distribution --------- ---------- ------------ A 0.61871135 40.63658520 INV_CERT 0.72033475 0.00000000
(1) All denominations are Per $1000. (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Descript Page 3 4 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Interest Distribution Statement
Beginning Original Current Certificate/ Current Payment of Current Non-Supported Face Certificate Notional Accrued Unpaid Interest Interest Realized Class Amount Rate Balance Interest Interest Shortfall Shortfall Loss(4) - -------- -------------- --------- -------------- ---------- ---------- --------- ------------- -------- A 229,000,000.00 7.00125% 150,990,678.17 851,571.70 0.00 0.00 0.00 0.00 INV_CERT 7,285,896.30 0.00000% 5,148,060.64 0.00 0.00 0.00 0.00 0.00 -------------- ---------- ---- ---- ---- ---- Totals 236,285,896.30 851,571.70 0.00 0.00 0.00 0.00
Remaining Ending Total Unpaid Certificate/ Interest Interest Notional Class Distribution Shortfall Balance - -------- ------------ ---------- -------------- A 851,571.70 0.00 141,684,900.16 INV_CERT 0.00 0.00 5,248,284.26 ---------- ---- Totals 851,571.70 0.00
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description. Page 4 5 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Interest Distribution Factors Statement
Beginning Payment of Original Current Certificate/ Current Unpaid Current Non-Supported Face Certificate Notional Accrued Interest Interest Interest Realized Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss(6) - -------- -------------- --------- ------------ ---------- ---------- ---------- ---------- ---------- A 229,000,000.00 7.00125% 659.34793961 3.71865371 0.00000000 0.00000000 0.00000000 0.00000000 INV_CERT 7,285,896.30 0.00000% 706.57890643 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending Total Unpaid Certificate/ Interest Interest Notional Class(5) Distribution Shortfall Balance - -------- ---------- ---------- ------------ A 3.71865371 0.00000000 618.71135441 INV_CERT 0.00000000 0.00000000 720.33474591
(1) All denominations are Per $1000. (6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description. Page 5 6 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage - ----- ------------- --------- --------- --------- --------- ------------- FSA 1,200.00000% 28,939.88 27,156.27 0.00 0.00 61.87112498%
Page 6 7 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Certificateholder Account Statement
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 10,544,729.59 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses (260,047.55) ------------- Total Deposits 10,284,682.04 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 127,332.33 Payment of Interest and Principal 10,157,349.71 ------------- Total Withdrawals (Pool Distribution Amount) 10,284,682.04 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 65,057.83 Management Fee 1,000.00 Trustee Fee 650.67 FSA Insurance Premium 28,939.88 Mortgage Insurance Premium 31,683.95 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 127,332.33 ==========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00
Page 7 8 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENT BANKRUPTCY FORECLOSURE - ------------------------------------- ------------------------------------ ----------------------------------- No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance --------- ------------- --------- ------------- --------- ------------- 30 Days 51 4,623,436.31 30 Days 3 465,551.11 30 Days 1 236,505.38 60 Days 12 1,088,517.22 60 Days 4 334,500.47 60 Days 7 533,503.64 90 Days 31 3,682,730.62 90 Days 27 3,349,659.55 90 Days 64 6,819,142.45 120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180 Days 0 0.00 180 Days 0 0.00 180 Days 0 0.00 ========= ============= ========= ============= ========= ============= 94 9,394,684.15 34 4,149,711.13 72 7,589,151.47 No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance --------- ------------- --------- ------------- --------- ------------- 30 Days 3.825956% 3.146625% 30 Days 0.225056% 0.316845% 30 Days 0.075019% 0.160961% 60 Days 0.900225% 0.740825% 60 Days 0.300075% 0.227655% 60 Days 0.525131% 0.363093% 90 Days 2.325581% 2.506398% 90 Days 2.025506% 2.279716% 90 Days 4.801200% 4.640982% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% ========= ============= ========= ============= ========= ============= 7.051763% 6.393848% 2.550638% 2.824216% 5.401350% 5.165036%
REO Total ---------------------------------------- ------------------------------------------ No. of Principal No. of Principal Loans Balance Loans Balance ------------- -------------- --------- ------------- 30 Days 0 0.00 30 Days 55 5,325,492.80 60 Days 0 0.00 60 Days 23 1,956,521.33 90 Days 24 2,419,820.01 90 Days 146 16,271,352.63 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180 Days 0 0.00 180 Days 0 0.00 ============= ============== ========= ============= 24 2,419,820.01 224 23,553,366.76 No. of Principal No. of Principal Loans Balance Loans Balance ------------- -------------- --------- ------------- 30 Days 0.000000% 0.000000% 30 Days 4.126032% 3.624432% 60 Days 0.000000% 0.000000% 60 Days 1.725431% 1.331572% 90 Days 1.800450% 1.646885% 90 Days 10.952738% 11.073981% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 50 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% ============= ============== ========= ============= 1.800450% 1.646885% 16.804201% 16.029985%
(7) Delinquencies are stratified according to the information the Servicer has provided. Bankruptcies are included in the 30, 60 and 90 day fields.
Current Period Realized Loss - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 Cumulative Realized Losses - Includes Interest Shortfall 2,354,214.31 Periodic Advance 0.00 Current Period Class A Insufficient Funds 0.00
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next Original $ Original % Current $ Current % Class % Prepayment % - ------- ------------ ------------ ------------ ------------ ----------- ---------- Class A 7,285,896.30 3.08350876% 5,248,284.26 3.57188492% 96.428115% 0.000000%
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure Page 8 9 Contact: Customer Service - CTSLink American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A. Mortgage Pass-Through Certificates Securities Administration Services Record Date: 30-Jun-2000 7485 New Horizon Way Distribution Date: 25-Jul-2000 Frederick, MD 21703 ARE Series 1999-1 Telephone: (301) 815-6600 26-Jul-2000 9:33:36AM Fax: (301) 846-8152 COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 10.300168% Weighted Average Net Coupon 9.800168% Weighted Average Pass-Through Rate 9.795167% Weighted Average Maturity (Stepdown Calculation) 313 Beginning Scheduled Collateral Loan Count 1,401 Number of Loans Paid in Full 68 Ending Scheduled Collateral Loan Count 1,333 Beginning Scheduled Collateral Balance 156,138,738.81 Ending Scheduled Collateral Balance 146,933,184.42 Ending Actual Collateral Balance at 30-Jun-2000 146,933,184.42 Monthly P&I Constant 1,405,154.07 Class A Optimal Amount 10,188,289.57 Ending Scheduled Balance for Premium Loans 146,933,184.42 Scheduled Principal 97,662.94 Unscheduled Principal 9,208,115.07 Required Overcollateralized Amount 5,316,432.67 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 428,419.57 Specified O/C Amount 5,316,432.67 Overcollateralized Amount 5,248,284.26 Overcollateralized Deficiency Amount 428,419.57 Base Overcollateralization Amount 5,316,432.67 Extra Principal Distribution Amount 360,271.17 Excess Cash Amount 360,271.17 Bankruptcy 34 Bankruptcies are included in the 30, 60, and 90 day delinquencies $ 4,149,711.13
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