SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No.1
(Mark One)
/ x / ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 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
Commission File No.: 333-64775
Mortgage Lenders Home Equity Loan Trust
Asset Backed Certificates , Series 1999-1
(Exact name of registrant as specified in its charter)
New York N/A
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
c/o Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code:
(410) 884-2000
Securities to be registered pursuant to Section 12(b) of the Act:
NONE
Securities to be registered pursuant to Section 12(g) of the Act:
NONE
Indicate 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 ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 24, 2000, on behalf of
Mortgage Lenders Home Equity Loan Trust Asset Backed Certificates , Series
1999-1 established pursuant to the Indenture Agreement among Mortgage
Lenders Network Home Equity Loan Trust 1999-1, as the Issuer , and Wells
Fargo Bank Minnesota, N. A., as Indenture Trustee, pursuant to which the
Mortgage Lenders Home Equity Loan Trust Asset Backed Certificates , Series
1999-1 registered under the Securities Act of 1933 the "Certificates") were
issued.
Item 14 of the original Form 10K is amended in its entirety to read as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K.
(a) Exhibits
(99.1) Annual Independent Accountants' Servicing Reports
concerning servicing activities for the year ended December
31, 1999.
a) MORTGAGE LENDERS NETWORK USA INC <F1>
(99.2) Report of Management as to Compliance with Minimum
Servicing Standards for the year ended December 31, 1999.
a) MORTGAGE LENDERS NETWORK USA INC <F1>
(99.3) Annual Statements of Compliance under the Pooling and
Servicing Agreements for the year ended December 31, 1999.
a) MORTGAGE LENDERS NETWORK USA INC <F1>
(99.4) Aggregate Statement of Principal and
Interest Distributions to Certificate
Holders. <F2>
(b) On October 7, 1999, November 5, 1999, and December 7, 1999,
reports on Form 8-K were filed by the Company in order to
provide the statements for the monthly distributions to holders
of the Certificates. No other reports on Form 8-K have been
filed during the last quarter of the period covered by this
report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
SIGNATURE
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:
Mortgage Lenders Home Equity Loan Trust
Asset Backed Certificates , Series 1999-1
Signed: Wilmington Trust Company as Owner Trustee
By: Rosemary Pantano, Officer
By: /s/ Rosemary Pantano, Officer
Dated: April 6, 2001
Exhibit Index
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1999.
a) MORTGAGE LENDERS NETWORK USA INC <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards
for the year ended December 31, 1999.
a) MORTGAGE LENDERS NETWORK USA INC <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1999.
a) MORTGAGE LENDERS NETWORK USA INC. <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.<F2>
<F1> Filed herewith.
<F2> Previously filed.
EX-99.1 (a)
Annual Independant Accountant's Servicing Report
GRANT THORNTON (LOGO)
Accountants and
Management Consultants
Grant Thornton LLP
The US Member Firm of
Grant Thornton International
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON
MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE
AUDIT PROGRAM FOR MORTGAGE BANKERS AND MANAGEMENT ASSERTION
To the Board of Directors of
Mortgage Lenders Network USA, Inc. and Subsidiaries
We have examined management's assertion about Mortgage Lenders Network, USA,
Inc. and Subsidiaries (the "Company") compliance with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers (USAP) as of and for the year
ended September 30, 2000 included in the accompanying management assertion.
Management is responsible for the Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company'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 a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that Mortgage Lenders Network USA, Inc.
and Subsidiaries complied with the aforementioned minimum servicing standards as
of and for the year ended September 30, 2000 is fairly stated, in all material
respects.
Grant Thornton LLP
Boston, Massachusetts
November 17, 2000
98 N. Washington St.
Boston, MA 02114-1913
Tel: 617 723-7900
Fax: 617 723-3640
EX-99.2 (a)
Report of Management
Mortgage Lenders Network USA
Middlesex Corporate Center
Eleventh Floor, 213 Court Street
Middletown, Connecticut 06457
860 344 5700
860 344 5707 Fax
November 17, 2000
Grant Thornton LLP
Certified Public Accountants
98 North Washington Street
Boston, MA 02114-1913
Gentlemen:
As of and for the year ended September 30, 2000, Mortgage Lenders Network USA,
Inc. has complied in all material respects with the minimum servicing standards
set forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers. As of and for this same period,
Mortgage Lenders Network USA, Inc. had in effect a fidelity bond of $10,000,000
and errors and omissions policy in the amount of $5,000,000.
Very truly yours,
Mortgage Lenders Network USA, Inc.
Mitchell Hellerman, President & Chief Executive Officer
Randal S. Roberge, Senior Vice President & Chief Financial Officer
Kevin J. Small, Senior Vice President & Chief Credit Officer
EX-99.3 (a)
Annual Statement of Compliance
MLN USA (LOGO)
Mortgage Lenders Network USA, Inc
Servicing Department
213 Court Street
Middletown, Connecticut 06457-3387
800 691 0929
860 344 5719
FORM OF ANNUAL STATEMENT AS TO COMPLIANCE
The undersigned, Mortgage Lenders Network (the "Servicer"), in its capacity as
Servicer under that certain Servicing Agreement dated as of June 1, 1999 (the
"Servicing Agreement") among Mortgage Lenders Network Home Equity Loan Trust
1999-1, as Issuer, Mortgage Lenders Network USA, Inc., as Servicer, and Norwest
Bank Minnesota, National Association, as Indenture Trustee, does hereby certify
pursuant to Section 2.08 of the Servicing Agreement that as of the 22nd day of
December, 2000:
(a) review of the activities of the Servicer for the year ended December 31,
2000 and of its performance under the Servicing Agreement has been made
under my supervision, and
(b) to the best of my knowledge, based on such review, the Servicer has
fulfilled all of its material obligations under the Servicing Agreement
throughout such year.
IN WITNESS WHEREOF, I have hereunto signed my name as of the 22nd day of
December, 2000.
Name: Sandra Daversa Jarish
Title: Vice President