New Century Mort Sec Inc Home Equity Loan Trust Ser 1999 Ncd · 8-K · For 12/17/99

Filed On 12/28/99   ·   SEC File 333-76805-03   ·   Accession Number 882377-99-649

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         New Century Mortgage Securities, Inc.                  6     16K 
 2: EX-4.1      Pooling and Servicing Agreement                      236    805K 

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 17, 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                                   
------------------------------------                          

Description of the Certificates and the Mortgage Pools                          

          On December 21, 1999, a single series of certificates,
entitled New Century Home Equity Loan Trust, Series 1999-NCD, Asset Backed      
Pass-Through Certificates (the "Certificates"), were issued pursuant to a       
pooling and servicing agreement, dated as of December 1, 1999 (the "Agreement"),
attached hereto as Exhibit 4.1, among New Century Mortgage Securities, Inc. as  
depositor (the "Depositor"), New Century Mortgage Corporation ("New Century") as
master servicer (in such capacity, the "Master Servicer"), Firstar Bank, N.A. as
trustee (the "Trustee") and U.S. Bank National Association as trust             
administrator (the "Trust Administrator"). The Certificates consist of two      
classes of certificates (collectively, the "Certificates"), designated as the   
"Class A Certificates" and the "Class R Certificates." The Certificates 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, fixed-rate, first and second lien        
mortgage loans having original terms to maturity up to 30 years (the "Mortgage  
Loans"). The Mortgage Pool consists of Mortgage Loans having an aggregate       
principal balance of $167,057,047 as of December 1, 1999 (the "Cut-off Date").  
The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase        
Agreement, dated December 17, 1999 (the "Mortgage Loan Purchase Agreement")     
among the Depositor, New Century and NC Capital Corporation. The Class A        
Certificates were sold by the Depositor to Greenwich Capital Markets, Inc. (the 
"Underwriter"), pursuant to an Underwriting Agreement, dated December 10, 1999  
among the Depositor, New Century Mortgage Corporation and the Underwriter.      

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           The Certificates have the following initial Certificate
Balances and Pass-Through Rates:                                                

Initial Certificate   
        Class                 Principal Balance                Pass-Through Rate
        -----                 -----------------                -----------------

   A                     $217,580,000                        7.46%

  R               100 % Percentage Interest                  N/A

            The Certificates, other than the R Certificates, and the
Mortgage Loans are more particularly described in the Prospectus, dated         
September 10, 1999, and the Prospectus Supplement, dated December 17, 1999, as  
previously filed with the Securities and Exchange Commission pursuant to Rule   
424(b). The Class R have not been and will not be publicly offered by the       
Depositor. Capitalized terms used but not otherwise defined herein shall have   
the meanings assigned to them in the Prospectus Supplement.                     

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

(a)      Not applicable                                       

(b)      Not applicable                                       

(c)      Exhibits                                             

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

             4.1           Pooling and Servicing Agreement, dated as of December
                1, 1999, by and among 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, relating to the Series 1999-NCD
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 17, 1999                                                       

                                      NEW CENTURY MORTGAGE
                                  SECURITIES, INC.

                                             By: /s/ Patrick J. Flanagan
                                                 -----------------------
                                             Name:   Patrick J. Flanagan
                                   Title:  President

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

                                                                  Sequentially
Exhibit No.                   Description                          Numbered Page
-----------                   -----------                          -------------

4.1        Pooling and Servicing Agreement, dated as of              7  
December 1, 1999, by and among 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, relating to the Series 1999-NCD    
Certificates.                                     

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 8-K Filing		Date		First		Last			Other Filings
		9/10/99		3
		12/1/99		1		6
		12/10/99		2
For The Period Ended		12/17/99		1		5
		12/21/99		2					424B5
Filed On / Filed As Of		12/28/99
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