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

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Summary

This document summarizes the distribution of interest and principal payments to holders of mortgage pass-through certificates for the American Residential Eagle Certificate Trust, Series 1999-1. Wells Fargo Bank Minnesota, N.A. acts as the certificate administrator, providing details on payments, balances, and realized losses for each class of certificates as of September 30, 2000. The statement outlines the amounts distributed, remaining balances, and confirms that all calculations are made in accordance with the Pooling and Servicing Agreement.

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EX-10.1 2 f67373ex10-1.txt EXHIBIT 10.1 1 EXHIBIT 10.1 2 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Certificateholder Distribution Summary
Certificate Certificate Beginning Current Ending Cumulative Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses - -------- --------- ----------- ------------ -------------- ------------ ------------ -------- -------------- ------------ --------- A 02926NAA4 SEQ 6.97188 % 128,073,372.26 744,093.49 5,363,377.73 0.00 122,709,994.53 6,107,471.22 0.00 INV_CERT ARE991INV SUB 0.00000 % 5,316,432.65 97,323.00 0.00 0.00 5,316,432.65 97,323.00 0.00 Totals 133,389,804.91 841,416.49 5,363,377.73 0.00 128,026,427.18 6,204,794.22 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 3 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Principal Distribution Statement
Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) - -------- -------------- -------------- ------------ ------------ --------- -------- A 229,000,000.00 128,073,372.26 0.00 5,363,377.73 0.00 0.00 INV_CERT 7,285,896.30 5,316,432.65 0.00 0.00 0.00 0.00 Totals 236,285,896.30 133,389,804.91 0.00 5,363,377.73 0.00 0.00
Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution - -------- ------------ -------------- ---------- ------------ A 5,363,377.73 122,709,994.53 0.53585150 5,363,377.73 INV_CERT 0.00 5,316,432.65 0.72968821 0.00 Totals 5,363,377.73 128,026,427.18 0.54182848 5,363,377.73
(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 Page 2 4 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class (2) Amount Balance Distribution Distribution Accretion Loss (3) - --------- -------------- ------------ ------------ ------------ ---------- ---------- A 229,000,000.00 559.27236795 0.00000000 23.42086345 0.00000000 0.00000000 INV_CERT 7,285,896.30 729.68821283 0.00000000 0.00000000 0.00000000 0.00000000
Total Ending Ending Total Principal Certificate Certificate Principal Class (2) Reduction Balance Percentage Distribution - --------- ----------- ------------ ----------- ------------ A 23.42086345 535.85150450 0.53585150 23.42086345 INV_CERT 0.00000000 729.68821283 0.72968821 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 Description Page 3 5 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Interest Distribution Statement
Beginning Original Current Certificate/ Current Payment of Current Non-Supported Face Certificate Notional Accrued Unpaid Interest Interest Class Amount Rate Balance Interest Interest Shortfall Shortfall - --------- -------------- ----------- -------------- ---------- ---------- --------- ------------- A 229,000,000.00 6.97188% 128,073,372.26 744,093.49 0.00 0.00 0.00 INV_CERT 7,285,896.30 0.00000% 5,316,432.65 0.00 0.00 0.00 0.00 Totals 236,285,896.30 744,093.49 0.00 0.00 0.00
Remaining Ending Total Unpaid Certificate/ Realized Interest Interest Notional Class Loss(4) Distribution Shortfall Balance - --------- -------- ------------ --------- -------------- A 0.00 744,093.49 0.00 122,709,994.53 INV_CERT 0.00 97,323.00 0.00 5,316,432.65 Totals 0.00 841,416.49 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 6 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Interest Distribution Factors Statement
Beginning Payment of Original Current Certificate/ Current Unpaid Current Non-Supported Face Certificate Notional Accrued Interest Interest Interest Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall - -------- -------------- ----------- ------------ ---------- ----------- ---------- ------------- A 229,000,000.00 6.97188% 559.272368 3.24931655 0.00000000 0.00000000 0.00000000 INV_CERT 7,285,896.30 0.00000% 729 ###-###-#### 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending Total Unpaid Certificate/ Realized Interest Interest Notional Class(5) Loss(6) Distribution Shortfall Balance - -------- ---------- ------------ ---------- ----------- A 0.00000000 3.24931655 0.00000000 ###-###-#### INV_CERT 0.00000000 13.35772512 0.00000000 ###-###-####
(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 7
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 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% 24,547.40 24,223.94 0.00 0.00 55.19029009%
Page 6 8 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Certificateholder Account Statement CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 6,508,535.09 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses (194,308.71) ------------ Total Deposits 6,314,226.38 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 109,432.16 Payment of Interest and Principal 6,204,794.22 ------------ Total Withdrawals (Pool Distribution Amount) 6,314,226.38 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 Shortfal 0.00 ============ SERVICING FEES Gross Servicing Fee 55,579.08 Management Fee 1,000.00 Trustee Fee 555.77 FSA Insurance Premium 24,547.40 Mortgage Insurance Premium 27,749.91 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------ Net Servicing Fee 109,432.16 ============
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - ------------ --------- ----------- -------- ------- Financial Guaranty 0.00 0.00 0.00 0.00
Page 7 9 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 Loan Status Stratification/Credit Enhancement Statement DELINQUENT
NO. OF PRINCIPAL LOANS BALANCE ------ ------------ 30 Days 48 4,047,995.86 60 Days 7 997,983.10 90 Days 14 865,361.95 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ------------ 69 5,911,340.91
NO. OF PRINCIPAL LOANS BALANCE -------- -------- 30 Days 3.983402% 3.161844% 60 Days 0.580913% 0.779513% 90 Days 1.161826% 0.675924% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 5.726141% 4.617282%
BANKRUPTCY
NO. OF PRINCIPAL LOANS BALANCE ------ ------------ 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 52 6,128,576.38 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 ---- ------------ 52 6,128,576.38
NO. OF PRINCIPAL LOANS BALANCE -------- -------- 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 4.315353% 4.786962% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 4.315353% 4.786962%
FORECLOSURE
NO. OF PRINCIPAL LOANS BALANCE ------ ------------ 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 58 5,717,347.64 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ------------ 58 5,717,347.64
NO. OF PRINCIPAL LOANS BALANCE -------- -------- 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 4.813278% 4.465756% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 4.813278% 4.465756%
REO
NO. OF PRINCIPAL LOANS BALANCE ------ ------------ 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 27 2,727,298.09 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ------------ 27 2,727,298.09
NO. OF PRINCIPAL LOANS BALANCE -------- -------- 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 2.240664% 2.130262% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 2.240664% 2.130262%
TOTAL
NO. OF PRINCIPAL LOANS BALANCE ------ ------------- 0-29 Days 0 0.00 30 Days 48 4,047,995.86 60 Days 7 997,983.10 90 Days 151 15,438,584.06 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 --- ------------- 206 20,484,563.02
NO. OF PRINCIPAL LOANS BALANCE --------- --------- 0-29 Days 0.000000% 0.000000% 30 Days 3.983402% 3.161844% 60 Days 0.580913% 0.779513% 90 Days 12.531120% 12.058904% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% --------- --------- 17.095436% 16.000261%
(7) The 90 day category of REO, foreclosure and bankruptcies contain all loans in their respective category. Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 2,929,337.57 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 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% 5,316,432.65 4.15260565% 95.847394% 0.000000%
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure Page 8 10 American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A. Record Date: 30-Sep-2000 Securities Administration Services Distribution Date: 25-Oct-2000 7485 New Horizon Way Frederick, MD 21703 24-Oct-2000 7:05:46PM Telephone: (301) 815-6600 Fax: (301) 846-8152
ARE Series 1999-1 COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 10.302245% Weighted Average Net Coupon 9.802245% Weighted Average Pass-Through Rate 9.797245% Weighted Average Maturity (Stepdown Calculation) 310 Beginning Scheduled Collateral Loan Count 1,245 Number of Loans Paid in Full 40 Ending Scheduled Collateral Loan Count 1,205 Beginning Scheduled Collateral Balance 133,389,804.93 Ending Scheduled Collateral Balance 128,026,427.20 Ending Actual Collateral Balance at 30-Sep-2000 128,026,427.20 Monthly P&I Constant 1,231,088.15 Class A Optimal Amount 6,132,018.62 Ending Scheduled Balance for Premium Loans 128,026,427.20 Scheduled Principal 85,909.48 Unscheduled Principal 5,277,468.25 Required Overcollateralized Amount 5,316,432.65 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 5,316,432.65 Overcollateralized Amount 5,316,432.65 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 5,316,432.65 Extra Principal Distribution Amount 0.00 Excess Cash Amount 291,631.71
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