New Century Mort SEC Inc Home Equity Loan Trust Ser 1999 NCD – ‘8-K’ for 12/30/99

On:  Monday, 1/3/00   ·   For:  12/30/99   ·   Accession #:  882377-0-4   ·   File #:  333-76805-03

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         New Century Mortgage Securities, Inc.                  5     14K 
 2: EX-4.2      Subsequent Transfer Instrument                         5     15K 
 3: EX-99.1     Characteristics of the Mortgage Pool                  11     31K 

8-K   —   New Century Mortgage Securities, Inc.
Document Table of Contents

8-K
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================================================================================

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): December 30, 1999

 NEW CENTURY MORTGAGE SECURITIES, INC.

(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
 DATED AS OF DECEMBER 1, 1999, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 1999-NCD)

 New Century Mortgage Securities, Inc.
 -------------------------------------
(Exact name of registrant as specified in its charter)
--------------------------------------------------------------------------------

   Delaware                333-76805                  33-0852169
----------------------------      -----------             ----------------------
(State or Other Jurisdiction      (Commission             (I.R.S. Employer      
of Incorporation)                 File Number)            Identification Number)

18400 Von Karman                                              
Irvine, California                                     92612  
----------------------------------------                     ----------         
(Address of Principal Executive Offices)                     (Zip Code)         

Registrant's telephone number, including area code:  (949) 863-7243             
                                        --------------

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Item 2.  Acquisition or Disposition of Assets                                   
------------------------------------                          

           On December 21, 1999, a single series of certificates, entitled New
Century Home Equity Loan Trust, Series 1999-NCD (the "Certificates"), were      
issued pursuant to a pooling and servicing agreement, dated as of December 1,   
1999 (the "Agreement"), among the New Century Mortgage Securities, Inc. as      
depositor, New Century Mortgage Corporation as master servicer, Firstar Bank,   
N.A. as trustee and U.S. Bank National Association as trust administrator. On   
December 30, 1999 following the closing of the initial issuance of the          
Certificates, the Trustee purchased from the Depositor certain Subsequent       
Mortgage Loans, as defined in the Agreement, with an aggregate principal balance
equal to approximately $52,935,677.42 with funds on deposit in the pre-funding  
account (the "Pre-Funding Account") established pursuant to the Agreement at a  
purchase price equal to the principal balance thereof, which Subsequent Mortgage
Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument,
dated December 30, 1999, between the Depositor and the Trustee (the             
"Instrument"). Attached to the Instrument is the Mortgage Loan Schedule listing 
the Subsequent Mortgage Loans that are the subject of such Instrument.          

Item 5. Other Events                                                            
------------                                                    

Description of the Mortgage Pool                                                

     The Certificates, issued pursuant to the Agreement, evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust  
Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of      
conventional, one- to four- family, first and second lien adjustable-rate and   
fixed rate mortgage loans having original terms to maturity of not greater than 
30 years (the "Mortgage Loans"). As of the Closing Date, the Trust Fund         
primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans 
having an aggregate principal balance of approximately $167,057,046.53 as of    
December 1, 1999 and (ii) the Pre-Funding Account, which contained approximately
$52,935,677.42.                                                                 

    As more fully described above, on December 30, 1999, the Depositor
purchased the Subsequent Mortgage Loans with the funds on deposit in the        
Pre-Funding Account. The tables attached as an exhibit hereto describe certain  
characteristics of the Mortgage Pool as of December 1, 1999, the end of the     
"Funding Period" (as defined in the Agreement).                                 

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Item 7.  Financial Statements and Exhibits                                      
---------------------------------                             

(a)      Not applicable                 

(b)      Not applicable                 

(c)      Exhibits                       

Exhibit No.                          Description      
-----------                          -----------      

            4.2       Subsequent Transfer Instrument, dated as of December
                         30, 1999 among New Century Mortgage Securities, Inc. as
                     seller, Firstar Bank, N.A. as trustee and U.S. Bank
               National Association, as trust administrator.

              99.1      Characteristics of the Mortgage Pool as of December 1,
                       1999, relating to New Century Home Equity Loan Trust,
            Series 1999-NCD, Asset Backed Pass-Through
Certificates.                 

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SIGNATURES

        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.                                          

Dated:  December 30, 1999                                                       

                NEW CENTURY MORTGAGE
            SECURITIES, INC.

                      By:      /s/John Kontoulis
                                       -------------------------------------
                   Name:    John Kontoulis
                          Title:   Senior Vice President

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 Index to Exhibits
 -----------------

                                                                Sequentially
      Exhibit No.          Description                           Numbered Page
      -----------          -----------                           -------------
4.2        Subsequent Transfer Instrument                 

99.1       Characteristics of the Mortgage Pool as of     
     December 1, 1999, relating to New Century
    Home Equity Loan Trust, Series 1999-NCD,
  Asset Backed Pass-Through Certificates

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		1/3/00
For Period End:		12/30/99		1		4
		12/21/99		2					424B5
		12/1/99		1		5
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