8-K 1 bon99001_10505.txt MAY 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 25, 2005 BANC ONE FINANCIAL SERVICES Home Equity Loan Trust 1999-1 New York (governing law of 333-39127-05 52-2164454 Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road 21045 Columbia, Maryland (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On May 25, 2005 a distribution was made to holders of BANC ONE FINANCIAL Services Home Equity Loan Trust 1999-1. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Trust 1999-1, relating to the May 25, 2005 distribution. 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 hereunto duly authorized. BANC ONE FINANCIAL SERVICES Home Equity Loan Trust 1999-1 (Registrant) By: Wells Fargo Bank, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 05/25/05 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Trust 1999-1, relating to the May 25, 2005 distribution.

Banc One Financial Services Home Equity Loan Trust 1999-1 Monthly Servicing Report For the Collection & Interest Period Ending 1204/3130/~~2004~~2005 For Distribution on 0105/25/2005 A. CURRENT PERIOD COLLECTIONS & OTHER AMOUNTS (A) Principal and Interest Collections (i) Interest Collections $~~233~~208,~~125~~031.4527 (ii) Principal Collections $~~106~~97,~~839~~980.6124 (iii) Principal Curtailments $3029,~~723~~579.7277 (iv) Principal Prepayments in Full $~~492~~440,~~836~~295.4697 (v) Count Principal Prepayments in Full 2314 (B) Net Liquidation Proceeds net of related Foreclosure Profits $2082,~~196~~413.2940 (C) Insurance Proceeds to extent not included in Net Liquidation Proceed $0.00 ~~Proceed~~ (D) Proceeds from Loan Repurchases or Substitution Adjustment $0.00 (E) Released Mortgaged Property Proceeds $0.00 (F) Other Amounts (i) Net REO Revenue $0.00 (ii) Compensating Interest $0.00 (iii) Net Loss on Eligible Investments $0.00 (G) Monthly Advance $5449,~~652~~826.4035 (H) Termination Price $0.00 (I) Total Collections (A+B+C+D+E+F+G+H) $~~938~~908,~~373~~127.9300 (J) Civil Relief Act Shortfall $0.00 (K) Prepayment Interest ~~Shortfal~~Shortfall $0.00 B. CURRENT PERIOD DELINQUENCIES & LIQUIDATION LOAN LOSSES (A) Delinquent Loans, REO, Foreclosures and Bankruptcies Count Amount Percentage (i) 30-59 Days Delinquent (Incl. REO, FC and Bankruptcies) 4131 $1,~~416~~183,~~805~~581.5249 5.~~993~~776% (ii) 60-89 Days Delinquent (Incl. REO, FC and Bankruptcies) 1814 $~~641~~460,~~274~~743.1255 2.~~713~~249% (iii) 90 Days or More Delinquent (Incl. REO, FC and Bankruptcies) ~~116~~77 $43,~~400~~122,~~185~~067.8316 1815.~~613~~236% (iv) Loans in REO status at end of Collection Period 12 $~~608~~658,~~733~~929.2790 23.~~575~~216% (v) Loans in Foreclosure 148 $~~644~~387,~~822~~438.5663 21.~~728~~891% (vi) Loans in Bankruptcy or Insolvency Proceedings ~~159~~136 $5,~~767~~020,~~640~~186.4813 24.~~397~~500% (vii) Total 60+ including REO, Foreclosure & Bankruptcy ~~134~~91 $53,~~041~~582,~~459~~810.9571 2117.~~326~~485% (B) Liquidation Losses / Monthly Loss Rate (Annualized) $047,134.0060 02.~~000~~669% C. CURRENT PERIOD INSURED PAYMENTS $95,571.62 (A) Required Payments $~~109~~896,~~561~~509.6015 (B) Net Available Distribution Amount $~~925,036~~0.2200 (C) Insured or Deficiency Amount (max(0,(A-B)) $0.00 (D) Preference Amount $0.00 (E) Insured Payments (C+D) ~~$0.00~~ D. CURRENT PERIOD FORMULA PRINCIPAL DISTRIBUTION AMOUNT (A) Principal Distributable ~~Amoun~~Amount $567,855.98 (i) Total Principal Collections $~~630~~129,~~399~~548.7900 (ii) plus Principal Balance of Liquidated Home Equity Loans $~~20,196~~0.2900 (iii) plus Insurance Proceeds received $0.00 (iv) plus Portion of Purchase Price allocable to Principal of ~~$0.00~~ Defective Home Equity Loans $0.00 (v) plus Principal Portion of Substitution Adjustments not previously distributed $0697,403.0098 ~~distribute~~ (vi) equals Total Principal Distributable ~~Amoun~~Amount $~~650,596~~0.0800 (B) Unpaid Principal Shortfall $0697,403.0098 (C) Formula Principal Distribution Amount (A+B) $~~650~~578,~~596~~845.0830 (D) Formula Principal Distribution Amount required to maintain OC $~~539~~421,~~994~~776.7475 (E) Class A-4 Priority Amount ~~$316,089.42~~ E. CURRENT PERIOD AVAILABLE FUNDS $908,127.00 (A) Total Collections $~~938~~8,~~373~~828.9339 (B) Master Service Fee $10899,~~121~~298.2261 (C) Available Funds $~~928,252~~0.7100 (D) Insured Payments $0899,298.0061 (E) Total Available Funds and Insured Payments ~~$928,252.71~~ F. WATERFALL AMOUNTS (A) Trustee Fee and Premium Amount (i) Trustee Fee $~~273~~238.2737 (ii) Premium Amount $2,~~943~~551.2210 (B) Accrued and Unpaid Master Servicing Fee $0.00 (C) Current Monthly Interest Amounts (i) Class A-1 Certificate (a) Current Monthly Interest Amount Due $0.00 (b) Current Monthly Interest Amount Paid $0.00 (c) Interest ~~Shortfal~~Shortfall $0.00 (ii) Class A-2 Certificate (a) Current Monthly Interest Amount Due $0.00 (b) Current Monthly Interest Amount Paid $0.00 (c) Interest ~~Shortfal~~Shortfall $0.00 (iii) Class A-3 Certificate (a) Current Monthly Interest Amount Due $4338,~~544~~227.9208 (b) Current Monthly Interest Amount Paid $4338,~~544~~227.9208 (c) Interest ~~Shortfal~~Shortfall $0.00 (iv) Class A-4 Certificate (a) Current Monthly Interest Amount Due $6657,~~016~~344.6753 (b) Current Monthly Interest Amount Paid $6657,~~016~~344.6753 (c) Interest ~~Shortfal~~Shortfall $0.00 (v) Total Current Monthly Interest Amount Due $~~109~~95,~~561~~571.6062 (vi) Total Current Montly Interest Amount Paid $~~109~~95,~~561~~571.6062 (vii) Total Interest ~~Shortfalls~~Shortfall $0.00 (D) Unpaid Interest Shortfall and Interest on Unpaid Interest Shortfall (i) Class A-1 Certificate (a) Unpaid Interest Shortfall Due $0.00 (b) Unpaid Interest Shortfall Paid $0.00 (c) Remaining Unpaid Interest Shortalls $0.00 (ii) Class A-2 Certificate (a) Unpaid Interest Shortfall Due $0.00 (b) Unpaid Interest Shortfall Paid $0.00 (c) Remaining Unpaid Interest Shortalls $0.00 (iii) Class A-3 Certificate (a) Unpaid Interest Shortfall Due $0.00 (b) Unpaid Interest Shortfall Paid $0.00 (c) Remaining Unpaid Interest Shortalls $0.00 (iv) Class A-4 Certificate (a) Unpaid Interest Shortfall Due $0.00 (b) Unpaid Interest Shortfall Paid $0.00 (c) Remaining Unpaid Interest Shortalls $0.00 (v) Total Unpaid Interest Shortfall Due $0.00 (vi) Total Unpaid Interest Shortfall Paid $0.00 (vii) Total Remaining Unpaid Interest ~~Shortfalls~~Shortfall $0.00 (E) Monthly Principal Distribution: (i) Class A-4 Certificate Priority Amount $~~316~~421,~~089~~776.4275 (ii) Class A-1 Certificate $0.00 (iii) Class A-2 Certificate $0.00 (iv) Class A-3 Certificate $~~223~~157,~~905~~068.3256 (v) Other Class A-4 Certificate Amounts $0.00 (vi) Total Monthly Principal Distribution $~~539~~578,~~994~~845.7430 (F) Reimbursement Amount owed to Certificate Insurer $0.00 (G) Non Recoverable Advances not previously reimbursed to Master Servicer $0.00 (H) Excess Spread: $~~275~~222,~~479~~092.8823 (I) Distributable Excess Spread Allocation (i) Class A-1 Certificate $0.00 (ii) Class A-2 Certificate $0.00 (iii) Class A-3 Certificate $0.00 (iv) Class A-4 Certificate $0.00 (v) Total Certificate Distributable Excess Spread $0.00 (J) Other Amounts owed to Certificate Insurer $0.00 (K) Prepayment Interest Shortfall owed to Certificateholder (i) Class A-1 Certificate (a) Prepayment Interest Shortfall Due $0.00 (b) Prepayment Interest Shortfall Paid $0.00 $0.00 (c) Remaining Prepayment Interest ~~Shortfalls~~Shortfall $0.00 (ii) Class A-2 Certificate $0.00 (a) Prepayment Interest Shortfall Due $0.00 (b) Prepayment Interest Shortfall Paid ~~$0.00~~ (c) Remaining Prepayment Interest ~~Shortfalls~~Shortfall $0.00 (iii) Class A-3 Certificate $0.00 (a) Prepayment Interest Shortfall Due $0.00 (b) Prepayment Interest Shortfall Paid ~~$0.00~~ (c) Remaining Prepayment Interest ~~Shortfalls~~Shortfall $0.00 (iv) Class A-4 Certificate $0.00 (a) Prepayment Interest Shortfall Due $0.00 (b) Prepayment Interest Shortfall Paid ~~$0.00~~ (c) Remaining Prepayment Interest ~~Shortfalls~~Shortfall $0.00 $0.00 (v) Total Prepayment Interest Shortfall Due $0.00 (vi) Total Prepayment Interest Shortfall Paid ~~$0.00~~ (vii) Total Remaining Prepayment Interest ~~Shortfalls~~Shortfall $0.00 (L) Other Amounts owed to Master ~~Service~~Servicer $0.00 (i) Reimbursement of Compensating Interest $049,826.0035 (ii) Reimbursement of Unreimbursed Servicing Advances ~~$0.00~~ (iii) Reimbursement of Unreimbursed Monthly Advances $~~84,178~~0.5700 (M) Other termination/transfer amounts due to Trustee $0172,265.0088 (N) Amount released to Class R Certificateholder ~~$191,301~~6.31052% G. CALCULATION OF OC TARGET AMOUNT Yes (A) Twelve Month Average Monthly Loss Rate ~~2.924%~~ (B) Is Rolling Twelve Month Loss Rate greater than 2.75%? 5.053% Yes (C) Cumulative Losses / Cumulative Loss Rate $1314,~~357~~209,~~846~~043.84 ~~4.751%~~ (D) Is Cumulative Loss Rate greater than 5.00%? NoYes (E) Has OC Stepdown Date been reached? ~~Yes~~$3,483,423.83 (F) Overcollateralization Target Amount ~~$4,018,855.14~~ H. COMPARATIVE POOL AND CERTIFICATE CHARACTERISTICS Begin of Collection Period End of Collection Period (A) Certificate Balances and Factor (i) Class A-1 Certificate Balance $0.00 $0.00 (ii) Class A-1 Certificate ~~Facto~~Factor 0.0000000 0.0000000 (iii) Class A-2 Certificate Balance $0.00 $0.00 (iv) Class A-2 Certificate ~~Facto~~Factor 0.0000000 0.0000000 (v) Class A-3 Certificate Balance $76,~~917~~950,~~258~~378.9182 $76,~~693~~793,~~353~~310.5926 (vi) Class A-3 Certificate ~~Facto~~Factor 0.~~2478946~~2176210 0.~~2408840~~2127031 (vii) Class A-4 Certificate Balance $1210,~~244~~635,~~205~~771.0507 $1110,~~928~~213,~~115~~994.6332 (vii) Class A-4 Certificate Factor 0.~~4354579~~3782549 0.~~4242164~~3632547 (ix) Aggregate Certificate ~~Balanc~~Balance $2017,~~161~~586,~~463~~149.9689 $1917,~~621~~007,~~469~~304.2259 (x) Aggregate Certificate ~~Facto~~Factor 0.~~0731665~~0638206 0.~~0712068~~0617200 (B) Collateral Pool (i) Pool Principal Balance $2421,~~290~~188,~~920~~132.4440 $2320,~~640~~490,~~324~~728.3642 (ii) Weighted Average Loan Rate 11.~~826~~759% 11.~~810~~756% (iii) Weighted Average Original Term (months) 203.45 203.45 (iv) Weighted Average Remaining Term (months) 140.7710 ~~140~~139.2239 (v) Loan Count ~~743~~638 ~~719~~621 (vi) 3 Largest Loan Pool Balances $~~672~~638,~~523~~807.9860 $~~670~~638,~~200~~058.6905 (C) Overcollateralization Amount $43,~~129~~601,~~456~~982.4851 $43,~~018~~483,~~855~~423.1483 I. MASTER SERVICER TERMINATION & OTHER TRIGGER TESTS (A) Twelve Month Average Monthly Loss Rate 26.~~924~~052% (B) Is Rolling Twelve Month Loss Rate greater than 4.00%? NoYes (C) Six Month Average of Pool Delinquency Rate 2119.~~090~~219% (D) Is Rolling Six Month Delinquency Rate greater than 5.00%? Yes (E) Has Deposit Event Occurred? No J. SUMMARY STATEMENT OF AMOUNTS DUE TO CERTIFICATEHOLDERS Per $1000 of Original (A) Amount of distribution allocable to Current Monthly Interest & Unpaid Interest Shortfall Dollars Certificate Principal ~~Interest Shortfall~~ (i) Class A-1 Certificate $0.00 0.00000000 (ii) Class A-2 Certificate $0.00 0.00000000 (iii) Class A-3 Certificate $4338,~~544~~227.9208 1.~~36342050~~19691538 (iv) Class A-4 Certificate $6657,~~016~~344.6753 2.~~34784381~~03942430 (v) Total $~~109~~95,~~561~~571.6062 0.~~39760193~~34683192 (B) Amount of distribution allocable to Formula Principal Distributable ~~Amoun~~Amount (i) Class A-1 Certificate $0.00 0.00000000 (ii) Class A-2 Certificate $0.00 0.00000000 (iii) Class A-3 Certificate $~~223~~157,~~905~~068.3256 74.~~01062438~~91792083 (iv) Class A-4 Certificate $~~316~~421,~~089~~776.4275 1115.~~24153282~~00023992 (v) Total $~~539~~578,~~994~~845.7430 12.~~95965517~~10064488 (C) Amount of distribution allocable to Distributable Excess ~~Sprea~~Spread (i) Class A-1 Certificate $0.00 0.00000000 (ii) Class A-2 Certificate $0.00 0.00000000 (iii) Class A-3 Certificate $0.00 0.00000000 (iv) Class A-4 Certificate $0.00 0.00000000 (v) Total $0.00 0.00000000 (D) Amount of distribution allocable to Prepayment Interest ~~Shortfa~~Shortfall (i) Class A-1 Certificate $0.00 0.00000000 (ii) Class A-2 Certificate $0.00 0.00000000 (iii) Class A-3 Certificate $0.00 0.00000000 (iv) Class A-4 Certificate $0.00 0.00000000 (v) Total $0.00 0.00000000 (E) Total Principal and Interest Distributed to Certificateholder (i) Class A-1 Certificate $0.00 0.00000000 (ii) Class A-2 Certificate $0.00 0.00000000 (iii) Class A-3 Certificate $~~267~~195,~~450~~295.2564 86.~~37404488~~11483621 (iv) Class A-4 Certificate $~~382~~479,~~106~~121.0928 1317.~~58937663~~03966421 (v) Total $~~649~~674,~~556~~416.3492 2.~~35725710~~44747680

Filing Compare · BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1