Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549-1004
RE: Bombardier Capital Mortgage Securitization Corporation:
BCMSC Trust 2000-A
Ladies and Gentlemen:
On behalf of Bombardier Capital Mortgage Securitization Corporation (The
Registrant), we hereby file with the Commission a Current Report on Form 8-K
(The "Report") on behalf of the BCMSC Trust 2000-A and deliver to you herewith
the following documents:
One copy of the Report, including the exhibit being filed therewith,
together with an exhibit index:
Please acknowledge receipt and filing of this letter to
Bombardier Capital Mortgage Securitization Corporation:
1600 Mountain View Drive, Colchester, VT 05446.
Very truly yours,
/s/ Robert Gillespie
Robert Gillespie
Bombardier Capital Mortgage Securitization Corporation:
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) April 30, 2002
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BCMSC Trust Series 2000-A
Delaware 333-40113 03-0355080
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1600 Mountain View Drive, Colchester, Vermont 05446
(Address of principal executive offices) (ZIP code)
Registrant's telephone number, including area code: (802) 654-7200
Page 1 of 9
Exhibit Index Appears on Page 4
Item 5. Other Event
Information concerning interest and principal distributions made on the
Certificates Certificates) of the BCMSC Trust Series 2000-A on April 15, 2002
is contained in the Distribution Date Statement provided to each holder of the
Certificates. Such Distribution Date Statement is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1. Distribution Date Statement relating to interest and prinicipal
distributions made on April 15, 2002 on the Series 2000-A Certificates
SIGNATURE
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, thereunto duly authorized on the date indicated.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
BY: /s/ Robert Gillespie
Robert Gillespie
Title: President
Date: April 30, 2002
I. ORIGINAL DEAL PARAMETERS
(AInitial Pool Principal Balance $ 416,788,877.53
(BInitial Certificates Principal Balance $ 401,190,000.00
(i) Initial Class A-1 Certificate Principal Balance $ 85,000,000.00
Certificate Amount Percentage 20.39%
Certificate Pass-through Rate 2.06%
(ii) Initial Class A-2 Certificate Principal Balance $ 76,000,000.00
Certificate Amount Percentage 18.23%
Certificate Pass-through Rate 7.58%
(iii)Initial Class A-3 Certificate Principal Balance $ 50,000,000.00
Certificate Amount Percentage 12.00%
Certificate Pass-through Rate 7.83%
(iv) Initial Class A-4 Certificate Principal Balance $ 74,531,000.00
Certificate Amount Percentage 17.88%
Certificate Pass-through Rate 8.29%
(v) Initial Class A-5 Certificate Principal Balance $ 25,000,000.00
Certificate Amount Percentage 6.00%
Certificate Pass-through Rate 8.32%
(vi) Initial Class M-1 Certificate Principal Balance $ 29,178,000.00
Certificate Amount Percentage 7.00%
Certificate Pass-through Rate 8.51%
(vii)Initial Class M-2 Certificate Principal Balance $ 20,841,000.00
Certificate Amount Percentage 5.00%
Certificate Pass-through Rate 9.00%
(viiiInitial Class B-1 Certificate Principal Balance $ 18,757,000.00
Certificate Amount Percentage 4.50%
Certificate Pass-through Rate 9.00%
(ix) Initial Class B-2 Certificate Principal Balance $ 21,883,000.00
Certificate Amount Percentage 5.25%
Certificate Pass-through Rate 9.00%
(CInitial Weighted Average Coupon (WAC) 10.90%
(DInitial Weighted Average Original Maturity (WAOM) 325.00 months
(EInitial Weighted Average Remaining Maturity (WAM) 323.00 months
(FInitial Number of Receivables 9,828
(GServicing Fee Rate 1.00%
(HCredit Enhancement
(i) Reserve Fund Initial Deposit Percentage 0.00%
(ii) Reserve Fund Target % 0.00%
(iii)Target Overcollateralization Percentage Prior to Crossover Date 5.25%
(iv) Target Overcollateralization Percentage After Crossover Date 9.19%
(v) Target Overcollateralization Floor 1.25%
(vi) Target Credit Enhancement % Prior to Crossover Date 5.25%
(vii)Target Credit Enhancement % After Crossover Date 9.19%
(viiiTarget Credit Enhancement Floor 1.25%
(ix) Target Credit Enhancement Amount $21,881,416.07
(ICrossover Date Tests
Earliest Crossover Date Feb-2005
Percent of Initial Suboridnation Percentage 186.00%
(JClass B-2 Floor Percentage (of Initial Pool Balance) 0.75%
II. CURRENT PORTFOLIO INFORMATION
(ABeginning Pool Schedule Balance $ 352,961,536.41
(BBeginning Pool Factor 84.685930%
(CEnding Pool Schedule Balance $ 345,959,228.55
(DEnding Pool Factor 83.005869%
(EEnding Total Certificate Balance (after Current Distributions) $ 338,688,946.26
(FCurrent Overcollateralization Amount (after Current Distributions) $ 7,270,282.29
(GWeighted Average Coupon (WAC) 10.88%
(HWeighted Average Remaining Maturity (WAM) 301.10 months
(IEnding Number of Receivables 8,237
III.COLLECTION CALCULATIONS
(AInterest
(i) Scheduled Interest Collections during Current Period 2,665,822.13
(ii) Paid Ahead Interest Collections applied to Current Period 70,811.26
(iii)Servicer Advance 327,278.32
(iv) Liquidation Proceeds Attributable to Interest 234,975.74
(v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) -
(vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) -
(vii)Recoveries on Previously Liquidated Contracts 69,818.51
------------
(viiiTotal Interest Amount Available for Distribution 3,368,705.96
(BPrincipal
(i) Scheduled Principal Collections 187,719.66
(ii) Full and Partial Principal Prepayments 910,511.76
(iii)Paid Ahead Principal Collections Applied to Current Period 8,419.90
(iv) Servicer Advance 25,262.33
(v) Liquidation Proceeds Attributable to Principal 1,158,505.66
(vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00
(vii)Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00
(viiiOther Principal Amounts 0.00
------------
(ix) Total Principal Amount Available for Distribution 2,290,419.31
IV. DISTRIBUTION CALCULATIONS
(A) Total Interest Available for Distribution 3,368,705.96
(B) Total Principal Available for Distribution 2,290,419.31
(C) Reserve Fund Draw Amount Required 0.00
(D) Draw on Letter of Credit for Interest Distribution 0.00
Less:
Monthly Servicing Fee 294,134.61
Reimbursement to Servicer for Liquidation Expense 5,209.82
Late Payment Fees, Extension Fees and Other Permitted Fees 0.00
Other Permitted Withdrawals from Certificate Account 0.00
------------
Available Distribution Amount 5,359,780.84
Interest Accrual Period 31 days
Total Interest Amount Due 2,207,845.55
Total Interest Distribution Amount 2,207,845.55
Amount Available for Principal Distribution Amount 3,151,935.29
Principal Distribution Calculation:
Total Principal Amount Available for Distribution 2,290,419.31
Principal Loss on Liquidated Assets 4,711,888.55
------------
Principal Distribution Due 7,002,307.86
Principal Distribution Shortfall Carryover Amount 3,850,372.57
Accelerated Principal Distribution Amount for Current Period 0.00
------------
Total Principal Amount to be Distributed 3,151,935.29
Draw on Letter of Credit for Principal Distribution 0.00
Excess Interest 0.00
Reserve Account Deposit 0.00
Reserve Account Release 0.00
Class X Distribution Amount 0.00
Class R Distribution Amount 0.00
V. SERVICER ADVANCE
(AInterest
(i) Beginning Advance 12,837,548.79
(ii) Monthly Servicer Advance (Reimbursement) 327,278.32
------------
(iii) Ending Advance Balance 13,164,827.11
(BPrincipal
(i) Beginning Advance 973,072.60
(ii) Monthly Servicer Advance (Reimbursement) 25,262.33
------------
(iii) Ending Advance Balance 998,334.93
(CTotal Servicer Advance
(i) Beginning Advance 13,810,621.39
(ii) Monthly Servicer Advance (Reimbursement) 352,540.65
------------
(iii) Ending Advance Balance 14,163,162.04
VI. CREDIT ENHANCEMENT
(AOvercollateralization
(I) Target Overcollaterallization Amount 21,881,416.07
(ii) Beginning Balance 11,120,654.86
(iii)Write down 3,850,372.57
(iv) Overcollaterallization Addition Amount 0.00
(v) Overcollaterallization Reduction Amount 0.00
(vi) Ending Balance 7,270,282.29
(BReserve Fund (if applicable)
(i) Required Reserve Fund Balance 0.00
(ii) Beginning Reserve Fund Balance 0.00
(iii)Draws for Certificate Distributions 0.00
(iv) Excess Interest Deposited 0.00
(v) Reserve Fund Release 0.00
(vi) Ending Reserve Fund Balance 0.00
(CLetter of Credit (if applicable)
(i) Beginning LC Balance 0.00
(ii) Draw on LC for Interest Distribution 0.00
(iii)Draw on LC for Principal Distribution 0.00
Ending Balance 0.00
VII.CERTIFICATE DISTRIBUTIONS
(ASenior Certificates - Interest
(i) Class A1
Pass-Through Rate 2.06%
Beginning Carryover Interest $ -
Current Interest Accrual $ 45,501.81
Current Carryover Interest Accrual $ -
Interest Paid $ 45,501.81
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 0.54
(ii) Class A2
Pass-Through Rate 7.58%
Beginning Carryover Interest $ -
Current Interest Accrual $ 479,750.00
Current Carryover Interest Accrual $ -
Interest Paid $ 479,750.00
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.31
(iii)Class A3
Pass-Through Rate 7.83%
Beginning Carryover Interest $ -
Current Interest Accrual $ 326,250.00
Current Carryover Interest Accrual $ -
Interest Paid $ 326,250.00
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.53
(iv) Class A4
Pass-Through Rate 8.29%
Beginning Carryover Interest $ -
Current Interest Accrual $ 514,884.99
Current Carryover Interest Accrual $ -
Interest Paid $ 514,884.99
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.91
(v) Class A5
Pass-Through Rate 8.32%
Beginning Carryover Interest $ -
Current Interest Accrual $ 173,333.33
Current Carryover Interest Accrual $ -
Interest Paid $ 173,333.33
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.93
(BSubordinate Certificates - Interest
(i) Class M1
Pass-Through Rate 8.51%
Beginning Carryover Interest $ -
Current Interest Accrual $ 207,017.91
Current Carryover Interest Accrual $ -
Interest Paid $ 207,017.91
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.10
(ii) Class M2
Pass-Through Rate 9.00%
Beginning Carryover Interest $ -
Current Interest Accrual $ 156,307.50
Current Carryover Interest Accrual $ -
Interest Paid $ 156,307.50
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.50
(iii)Class B1
Pass-Through Rate 9.00%
Beginning Carryover Interest $ -
Current Interest Accrual $ 140,677.50
Current Carryover Interest Accrual $ -
Interest Paid $ 140,677.50
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.50
(iv) Class B2
Pass-Through Rate 9.00%
Beginning Carryover Interest $ -
Current Interest Accrual $ 164,122.50
Current Carryover Interest Accrual $ -
Interest Paid $ 164,122.50
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.50
(CSenior Certificates - Principal
(i) Class A1
Initial Certificate Balance 85,000,000.00
Initial Certificate Percentage 20.39%
Beginning Certificate Balance 25,650,881.55
Current Principal Due 715,080.91
Current Principal Paid 321,877.99
Principal Shortfall Carryover for Current Period 393,202.92
Accelerated Principal Distribution 0.00
Ending Certificate Balance 25,329,003.56
Ending Pool Factor 7.48%
Principal Paid per $1000 12.55
Total Class Distribution 321,877.99
(ii) Class A2
Initial Certificate Balance 76,000,000.00
Initial Certificate Percentage 18.23%
Beginning Certificate Balance 76,000,000.00
Current Principal Due 2,118,685.45
Current Principal Paid 953,679.78
Principal Shortfall Carryover for Current Period 1,165,005.67
Accelerated Principal Distribution 0.00
Ending Certificate Balance 75,046,320.22
Ending Pool Factor 22.16%
Principal Paid per $1000 12.55
Total Class Distribution 953,679.78
(iii)Class A3
Initial Certificate Balance 50,000,000.00
Initial Certificate Percentage 12.00%
Beginning Certificate Balance 50,000,000.00
Current Principal Due 1,393,872.01
Current Principal Paid 627,420.91
Principal Shortfall Carryover for Current Period 766,451.10
Accelerated Principal Distribution 0.00
Ending Certificate Balance 49,372,579.09
Ending Pool Factor 14.58%
Principal Paid per $1000 12.55
Total Class Distribution 627,420.91
(iv) Class A4
Initial Certificate Balance 74,531,000.00
Initial Certificate Percentage 17.88%
Beginning Certificate Balance 74,531,000.00
Current Principal Due 2,077,733.49
Current Principal Paid 935,246.16
Principal Shortfall Carryover for Current Period 1,142,487.33
Accelerated Principal Distribution 0.00
Ending Certificate Balance 73,595,753.84
Ending Pool Factor 21.73%
Principal Paid per $1000 12.55
Total Class Distribution 935,246.16
(v) Class A5
Initial Certificate Balance 25,000,000.00
Initial Certificate Percentage 7.00%
Beginning Certificate Balance 25,000,000.00
Current Principal Due 696,936.00
Current Principal Paid 313,710.45
Principal Shortfall Carryover for Current Period 383,225.55
Accelerated Principal Distribution 0.00
Ending Certificate Balance 24,686,289.55
Ending Pool Factor 7.29%
Principal Paid per $1000 12.55
Total Class Distribution 313,710.45
(DSubordinate Certificates - Principal
(i) Class M1
Initial Certificate Balance 29,178,000.00
Initial Certificate Percentage 5.00%
Beginning Certificate Balance 29,178,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 29,178,000.00
Ending Pool Factor 8.61%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iii)Class M2
Initial Certificate Balance 20,841,000.00
Initial Certificate Percentage 5.00%
Beginning Certificate Balance 20,841,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 20,841,000.00
Ending Pool Factor 6.15%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iv) Class B1
Initial Certificate Balance 18,757,000.00
Initial Certificate Percentage 4.50%
Beginning Certificate Balance 18,757,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 18,757,000.00
Ending Pool Factor 5.54%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iv) Class B2
Initial Certificate Balance 21,883,000.00
Initial Certificate Percentage 5.25%
Beginning Certificate Balance 21,883,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 21,883,000.00
Ending Pool Factor 6.46%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(ETotal Certificate Balances
Beg of Period End of Period
(i) Aggregate Balance of Certificates $ 341,840,881.55 $ 338,688,946.26
(ii) Total Certificate Pool Factor 85.2067304% 84.4210838%
VIIIDELINQUENCY INFORMATION
Percent of Percent of
Delinquent Receivables at End of Due Period:Scheduled Balance Pool Balance Units Total Units
30-59 Days Delinquent $ 26,500,998.99 7.66% 615 7.47%
60-89 Days Delinquent $ 14,580,999.67 4.21% 341 4.14%
90 Days or More Delinquent $ 44,999,549.15 13.01% 1,045 12.69%
Homes Repossessed or Foreclosed Upon $ 19,398,313.50 5.61% 441 5.35%
Bankruptcy*(included in above delinquency)$ 26,209,157.56 7.58% 596 7.24%
Extensions granted during period 129
Rewrites granted during period 0
* The Bankruptcy units and balances are already included in the above delinquency numbers.
This information is provided for reference only.
IX. REPURCHASED CONTRACTS
(ARepurchased Contracts - Breach of Rep or Warranty
(i) Beginning Cumulative Repurchased Contracts since cutoff $ 1,225,016.66
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ 1,225,016.66
(BRepurchased Contracts - Delinquent Loans
(i) Beginning Cumulative Repurchased Contracts since cutoff $ -
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff -
X. REPOSSESSION / LOSS INFORMATION
Units Scheduled Balance
Beginning Repossession Inventory 490 $21,283,052.98
Repossessions Incurred 99 $ 3,985,654.73
Less Repurchase of Delinquent Loans 0 $ -
Less Repossessions Sold 148 $ 5,870,394.21
==== =================
==== =================
Ending Repossession Inventory 441 $19,398,313.50
Principal Balance of Repossessions Liquidated $ 5,870,394.21
Liquidation Proceeds Attributable to Principal $ 1,158,505.66
-------------
Principal Loss on Liquidation of Repo $ 4,711,888.55
Reimbursement to Servicer for Liquidation Expense $ 5,209.82
Recoveries for Previously Liquidated Contracts $ 69,818.51
-------------
Net Liquidation Loss (Realized Loss) $ 4,647,279.86
Recoveries
Liquidation Proceeds Attributable to Interest $ 234,975.74
Liquidation Proceeds Attributable to Principal $ 1,158,505.66
Recoveries for Previously Liquidated Contracts $ 69,818.51
-------------
Total Recoveries $ 1,463,299.91
Recovery Percentage of Principal Balance of Repossessions Liquidated 25%
XI. TRIGGERS
Has the Crossover Date Occurred? NO
Where the Current Distribution Date of 04/15/02
is greater than the Earliest Crossover Date of February 28, 2005
And
Subordinated Certificates Beginning Principal Balance of 90,659,000.00
plus the Current Overcollateralization Amount of 7,270,282.29
divided by the Current Beginning Pool Principal Balance of 352,961,536.41
-----------
Equals 27.75%
-----------
And is greater than the:
Subordinated Initital Certificates Percentage of 14.75%
multiplied by the
Percentage (as Percent of Initial Class Subordination Percentage) 175%
-----------
Equals 25.81%
-----------
Principal Distribution Tests: Actual Ratio Test Ratio Result
Over 60 Days Delinquent
--------------------------------------
Current Mo 22.83%
1st Preceding Mo 24.33%
2nd Preceding Mo 26.56%
Average 60 Day Delinquency Ratio: 24.58% 5.50% FAIL
Over 30 Days Delinquent
--------------------------------------
Current Mo 30.49%
1st Preceding Mo 32.55%
2nd Preceding Mo 35.75%
Average 30 Day Delinquency Ratio: 32.93% 8.50% FAIL
Net Liquidation Losses
Ending Pool Bal (Realized Losses)
-----------------------------------------------------
Current Mo 345,959,228.55 4,647,279.86
1st Preceding Mo 352,961,536.41 4,620,170.69
2nd Preceding Mo 359,723,878.35 3,578,479.62
----------------------------------------------------------------------
Total 1,058,644,643.31 12,845,930.17
----------------------------------------------------------------------
Divided by 3
--------------------------------
Average 352,881,547.77
Sum of last 3 months of Losses 12,845,930.17
Divided by 3 month average of Pool Balance 352,881,547.77
Annualized (multiply by 4) 4
Current Realized Loss Ratio: 14.56% 3.00% FAIL
Beginning Cumulative Realized Losses 24,906,283.13
Net Liquidation Losses (Realized Losses) 4,647,279.86
---------------
Ending Cumulative Realized Losses 29,553,562.99
Divided by Initial Pool Principal Balance 416,788,877.53
Cumulative Realized Loss Ratio: 7.09% 7.00% FAIL
Should Principal Be Distributed to the Subordinated Certificates? NO
The undersigned, duly authorized representatives of Bombardier Capital Inc., do
hereby certify that this Remittance Report has been prepared in accordance with
the Pooling and Servicing Agreement and is correct, to the best of our
knowledge.
BY: _____________________ DATE:_________________________
NAME: Ana Dropps
TITLE: Controller - Mortgage Finance Division
BY: _____________________ DATE:_________________________
NAME: Brian Peters
TITLE: Vice President - Finance