1
NovaStar Mortgage Funding Trust
NovaStar Home Equity Loan Asset-Backed Bonds
Series 1999-1
Statement To Bondholder
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CUMULATIVE CURRENT
ORIGINAL PRINCIPAL REALIZED REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 75,000,000.00 73,858,114.00 328,822.49 188,822.53 517,645.02 0.00 0.00 0.00 73,669,291.47
A-2 20,000,000.00 19,658,766.47 88,996.89 505,074.27 594,071.16 0.00 0.00 0.00 19,153,692.20
A-3 45,000,000.00 44,228,435.56 231,646.43 327,845.59 559,492.02 0.00 0.00 0.00 43,900,589.97
A-4 20,000,000.00 19,574,777.38 104,170.44 293,596.26 397,766.70 0.00 0.00 0.00 19,281,181.12
B-1 2,197,208.51 2,197,208.51 9,782.16 0.00 9,782.16 0.00 0.00 0.00 2,197,208.51
B-2 585,922.27 585,922.27 2,652.53 0.00 2,652.53 0.00 0.00 0.00 585,922.27
B-3 1,318,325.11 1,318,325.11 6,904.73 0.00 6,904.73 0.00 0.00 0.00 1,318,325.11
B-4 585,922.27 585,922.27 3,118.08 60,957.14 64,075.22 0.00 0.00 0.00 524,965.13
IO-1 77,519,379.85 76,350,963.32 238,676.04 0.00 238,676.04 0.00 0.00 0.00 76,350,963.32
IO-2 20,671,834.62 20,296,117.79 49,057.60 0.00 49,057.60 0.00 0.00 0.00 20,296,117.79
IO-3 46,035,805.62 45,257,109.28 120,907.40 0.00 120,907.40 0.00 0.00 0.00 45,257,109.28
IO-4 20,460,358.06 20,096,092.52 50,777.17 0.00 50,777.17 0.00 0.00 0.00 20,096,092.52
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 162,197,208.51 159,517,301.92 1,235,511.97 1,376,295.79 2,611,807.76 0.00 0.00 0.00 158,201,963.27
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 66987WAC1 984.774853 4.384300 2.517634 6.901934 982.257220 5.342500% 5.352500%
A-2 66987WAD9 982.938324 4.449845 25.253714 29.703558 957.684610 5.432500% 5.442500%
A-3 66987WAE7 982.854124 5.147698 7.285458 12.433156 975.568666 6.285000% 6.285000%
A-4 66987WAF4 978.738869 5.208522 14.679813 19.888335 964.059056 6.386000% 6.386000%
B-1 1,000.000000 4.452083 0.000000 4.452083 1,000.000000 5.342500% 5.352500%
B-2 1,000.000000 4.527100 0.000000 4.527100 1,000.000000 5.432500% 5.442500%
B-3 1,000.000000 5.237500 0.000000 5.237500 1,000.000000 6.285000% 6.285000%
B-4 1,000.000000 5.321667 104.036223 109.357890 895.963777 6.386000% 6.386000%
IO-1 984.927427 3.078921 0.000000 3.078921 984.927427 5.342500% 5.352500%
IO-2 981.824698 2.373162 0.000000 2.373162 981.824698 5.432500% 5.442500%
IO-3 983.084985 2.626377 0.000000 2.626377 983.084985 6.285000% 6.285000%
IO-4 982.196522 2.481734 0.000000 2.481734 982.196522 6.386000% 6.386000%
- ------------------------------------------------------------------------------------------------------------------------------------
Seller: NovaStar Financial, Inc.
Servicer: NovaStar Mortgage Corporation
Record Date: May 31, 1999
Distribution Date: May 25, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
2
NovaStar Home Equity Loan Trust
NovaStar Home Equity Loan Asset-Backed Bonds
Series 1999-1
Statement To Bondholder - Pool I
- -----------------------------------------------------------------------------------------------------------------------------
Distribution Date: May 25, 1999
- -----------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
Aggregate Collections From the Mortgage Loans in Pool I
- --------------------------------------------------------------------------------------
Total Collection on Pool 867,498.72
Total Servicer Advances 0.00
Total Compensating Interest 0.00
- --------------------------------------------------------------------------------------
Available Carry-Forward Amount 0.00
Aggregate Unpaid Carry-Forward Amount 0.00
Current Period Insured Payments Paid by Insurer 0.00
Aggregate Unreimbursed Insured Amounts Payable to Insurer 0.00
Aggregate Beginning Principal Balance of Mortgage Loans 76,350,963.32
Aggregate Ending Principal Balance of Mortgage Loans 76,188,671.47
Required Subordination Amount 2,519,380.00
Current Subordination Amount 2,492,849.32
Subordination Increase Amount 26,530.68
Subordination Reduction Amount 0.00
Net Monthly Excess Cashflow 38,379.04
Unpaid Accrued Interest 0.00
Current Realized Loss on Mortgage Loans 0.00
Aggregate Realized Loss on Mortgage Loans 0.00
Prepayment Penalties 3,189.15
Weighted Average Mortgage Rate 10.10533642%
- -----------------------------------------------------------------------------------------------------
DELINQUENCY DELINQUENT DELINQUENT DELINQUENT LOANS IN REO
INFORMATION 30-59 DAYS 60-89 DAYS 90 + DAYS FORECLOSURE PROPERTY
- -----------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 1,748,317.42 529,093.97 0.00 2,186,706.76 211,834.52
NUMBER OF LOANS 21 7 0 21 2
- -----------------------------------------------------------------------------------------------------
- -------------------------------------------------------
REPURCHASE Current Cumulative
INFORMATION Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
- -------------------------------------------------------
CONVERTED MTGE Current Cumulative
LOANS INFO Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
Cumulative Loss Percentage 0.00000%
Delinquency Percentage 3.14816%
Rolling Delinquency Percentage 2.22184%
Prepayment Interest Shortfalls 0.00
Relief Act Shortfalls 0.00
MI Insurer Insolvency Event Occurred No
- -----------------------------------------------------------------------------------------------------------------------------
3
NovaStar Home Equity Loan Trust
NovaStar Home Equity Loan Asset-Backed Bonds
Series 1999-1
Statement To Bondholder - Pool II
- ---------------------------------------------------------------------------------------------------------------------------
Distribution Date: May 25, 1999
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
Aggregate Collections From the Mortgage Loans in Pool II
- --------------------------------------------------------------------------------------
Total Collection on Pool 662,857.08
Total Servicer Advances 0.00
Total Compensating Interest 0.00
- --------------------------------------------------------------------------------------
Available Carry-Forward Amount 0.00
Aggregate Unpaid Carry-Forward Amount 0.00
Current Period Insured Payments Paid by Insurer 0.00
Aggregate Unreimbursed Insured Amounts Payable to Insurer 0.00
Aggregate Beginning Principal Balance of Mortgage Loans 20,296,117.79
Aggregate Ending Principal Balance of Mortgage Loans 19,825,527.20
Required Subordination Amount 671,835.00
Current Subordination Amount 637,351.32
Subordination Increase Amount 34,483.68
Subordination Reduction Amount 0.00
Net Monthly Excess Cashflow 0.00
Unpaid Accrued Interest 0.00
Current Realized Loss on Mortgage Loans 0.00
Aggregate Realized Loss on Mortgage Loans 0.00
Prepayment Penalties 6,583.33
Weighted Average Mortgage Rate 10.05077592%
- -----------------------------------------------------------------------------------------------------
DELINQUENCY DELINQUENT DELINQUENT DELINQUENT LOANS IN REO
INFORMATION 30-59 DAYS 60-89 DAYS 90+ DAYS FORECLOSURE PROPERTY
- -----------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 447,221.16 0.00 0.00 1,733,690.93 0.00
NUMBER OF LOANS 3 0 0 9 0
- -----------------------------------------------------------------------------------------------------
- -------------------------------------------------------
REPURCHASE Current Cumulative
INFORMATION Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
- -------------------------------------------------------
CONVERTED MTGE Current Cumulative
LOANS INFO Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
Cumulative Loss Percentage 0.00000%
Delinquency Percentage 8.74474%
Rolling Delinquency Percentage 6.35674%
Prepayment Interest Shortfalls 0.00
Relief Act Shortfalls 0.00
MI Insurer Insolvency Event Occurred No
- ----------------------------------------------------------------------------------------------------------------------------
4
NovaStar Home Equity Loan Trust
NovaStar Home Equity Loan Asset-Backed Bonds
Series 1999-1
Statement To Bondholder - Pool III
- ------------------------------------------------------------------------------------------------------------------------------
Distribution Date: May 25, 1999
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
Aggregate Collections From the Mortgage Loans in Pool III
- --------------------------------------------------------------------------------------
Total Collection on Pool 742,648.36
Total Servicer Advances 0.00
Total Compensating Interest 0.00
- --------------------------------------------------------------------------------------
Available Funds Cap Carry-Forward Amount 0.00
Aggregate Unpaid Available Funds Cap Carry-Forward Amount 0.00
Available Carry-Forward Amount 0.00
Aggregate Unpaid Carry-Forward Amount 0.00
Aggregate Beginning Principal Balance of Mortgage Loans 45,257,109.28
Aggregate Ending Principal Balance of Mortgage Loans 44,936,395.97
Required Subordination Amount 1,035,806.00
Current Subordination Amount 1,028,673.72
Subordination Increase Amount 7,132.28
Subordination Reduction Amount 0.00
Net Monthly Excess Cashflow 18,073.88
Unpaid Accrued Interest 0.00
Current Realized Loss on Mortgage Loans 0.00
Aggregate Realized Loss on Mortgage Loans 0.00
Prepayment Penalties 6,191.01
Weighted Average Mortgage Rate 10.08365707%
- -----------------------------------------------------------------------------------------------------
DELINQUENCY DELINQUENT DELINQUENT DELINQUENT LOANS IN REO
INFORMATION 30-59 DAYS 60-89 DAYS 90+ DAYS FORECLOSURE PROPERTY
- -----------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 520,305.48 249,050.15 0.00 518,645.31 0.00
NUMBER OF LOANS 8 4 0 6 0
- -----------------------------------------------------------------------------------------------------
- -------------------------------------------------------
REPURCHASE Current Cumulative
INFORMATION Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
- -------------------------------------------------------
CONVERTED MTGE Current Cumulative
LOANS INFO Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
Cumulative Loss Percentage 0.00000%
Delinquency Percentage 1.15418%
Rolling Delinquency Percentage 0.75516%
Prepayment Interest Shortfalls 0.00
Relief Act Shortfalls 0.00
MI Insurer Insolvency Event Occurred No
- -----------------------------------------------------------------------------------------------------------------------------
5
NovaStar Home Equity Loan Trust
NovaStar Home Equity Loan Asset-Backed Bonds
Series 1999-1
Statement To Bondholder - Pool IV
- ------------------------------------------------------------------------------------------------------------------------------
Distribution Date: May 25, 1999
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
Aggregate Collections From the Mortgage Loans in Pool IV
- --------------------------------------------------------------------------------------
Total Collection on Pool 539,121.36
Total Servicer Advances 0.00
Total Compensating Interest 0.00
- --------------------------------------------------------------------------------------
Available Carry-Forward Amount 0.00
Aggregate Unpaid Carry-Forward Amount 0.00
Current Period Insured Payments Paid by Insurer 0.00
Aggregate Unreimbursed Insured Amounts Payable to Insurer 0.00
Aggregate Beginning Principal Balance of Mortgage Loans 20,096,092.52
Aggregate Ending Principal Balance of Mortgage Loans 19,741,539.12
Required Subordination Amount 460,358.00
Current Subordination Amount 521,315.14
Subordination Increase Amount 0.00
Subordination Reduction Amount 60,957.14
Net Monthly Excess Cashflow 9,631.12
Unpaid Accrued Interest 0.00
Current Realized Loss on Mortgage Loans 0.00
Aggregate Realized Loss on Mortgage Loans 0.00
Prepayment Penalties 1,714.25
Weighted Average Mortgage Rate 9.98224748%
- -----------------------------------------------------------------------------------------------------
DELINQUENCY DELINQUENT DELINQUENT DELINQUENT LOANS IN REO
INFORMATION 30-59 DAYS 60-89 DAYS 90+ DAYS FORECLOSURE PROPERTY
- -----------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 164,762.35 36,082.78 114,788.41 448,860.49 0.00
NUMBER OF LOANS 3 1 1 4 0
- -----------------------------------------------------------------------------------------------------
- -------------------------------------------------------
REPURCHASE Current Cumulative
INFORMATION Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
- -------------------------------------------------------
CONVERTED MTGE Current Cumulative
LOANS INFO Period History
- -------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00
NUMBER OF LOANS 0 0
- -------------------------------------------------------
Cumulative Loss Percentage 0.00000%
Delinquency Percentage 2.85514%
Rolling Delinquency Percentage 1.99976%
Prepayment Interest Shortfalls 0.00
Relief Act Shortfalls 0.00
MI Insurer Insolvency Event Occurred No
- -------------------------------------------------------------------------------------------------------------------------------