10-K 1 form10k2000_3.txt FORM 10-K SERIES 2000-3 CONFORMED WITH EXHIBITS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ----- ACT OF 1934 (FEE REQUIRED) FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR (15D) OF THE SECURITIES ----- EXCHANGE ACT OF 1934 (NO FEE REQUIRED) FOR THE TRANSITION PERIOD FROM _____ TO ________________________ COMMISSION FILE NUMBER 333-46102 GREENPOINT CREDIT, LLC, AS SERVICER AND SELLER OF CERTAIN MANUFACTURED HOUSING CONTRACTS CONVEYED TO A CERTAIN TRUST WHICH TRUST ISSUED: GREENPOINT CREDIT MANUFACTURED HOUSING CONTRACT TRUST PASS- THROUGH CERTIFICATES, SERIES 2000-3, (TOGETHER, THE "OFFERED CERTIFICATES") -------------------------------------------------------------------------------- (exact name of registrant as specified in charter) GREENPOINT CREDIT, LLC DELAWARE 13-4002891 (state or other jurisdiction (I.R.S. employer of incorporation) identification number) 10089 Willow Creek Road San Diego, California 92131 (858) 530-9394 (address and telephone number of registrant's principal executive offices) SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED NONE NONE INDICATE BY CHECK MARK WHETHER THE REGISTRANT 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 ___1 1 On February 27, 1992, the Securities and Exchange Commission granted the Registrant a "no action" and exemptive order request to modify the information required to be reported by the trust under Section 13 and 15(d) of the Securities Exchange Act of 1934 AGGREGATE MARKET VALUE OF VOTING STOCK HELD BY NON-AFFILIATES OF THE REGISTRANT: NOT APPLICABLE. DOCUMENTS INCORPORATED BY REFERENCE: NONE NUMBER OF SHARES OF REGISTRANT'S COMMON STOCK OUTSTANDING AS OF DECEMBER 31, 2000: NOT APPLICABLE. ITEM 1. BUSINESS GreenPoint Credit, LLC, (the "Registrant") is filing this Annual Report on Form 10-K in its capacity as Seller of certain manufactured housing contracts (the "Contracts") conveyed to a trust (the "Trust"). The Trust issued the GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates, Series 2000-3 (the "Certificates") pursuant to a pooling and servicing agreement, dated as of May 1, 2000 (the "Agreement"), between the Registrant, as Seller and Servicer and Bank One, National Association, as Trustee (the "Trustee"). The Certificates evidence undivided beneficial interests in the Trust. In filing this Annual Report on Form 10-K, the Registrant is using a reduced disclosure format pursuant to a "no action" letter and exemptive order granted to its predecessor in interest, Security Pacific Acceptance Corp., by the Securities and Exchange Commission on February 27, 1992 (the "Order"). ITEM 2. PROPERTIES Pursuant to the terms of the Order, reference is hereby made to the Annual Statement as to Compliance delivered to the Trustee with respect to the Trust (the "Annual Statement as to Compliance"), filed as Exhibit 99.1 to this Annual Report on Form 10-K. ITEM 3. LEGAL PROCEEDINGS The Registrant was a party to no material pending legal proceedings during the period covered by this Annual Report and during such period knew of no other material pending legal proceedings involving the Trust, the manufactured housing contracts contained in such Trust (the "Contract Pool"), or with respect to the Contract Pool, the Trustee, any custodian's or the Servicer other than ordinary routine litigation incidental to the Trustee's, any custodian's or the Servicer's duties under the Agreement. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Registrant knows of no vote or consent of holders of any Certificate that was solicited for any purpose during the calendar year covered by this Annual Report on Form 10-K. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS (a) There is no established public trading market for the offered Certificates. (b) As of December 31, 2000, the total number of holders of record of each class of Offered Certificates were as follows: (i) Class I A Certificates, 13; Class I M-1 Certificates, 2; Class I M-2 Certificates, 2; Class I B-1 Certificates, 3; Class I B-2 Certificates, 2; Class II A-1, 1; and Class II A-2, 6. 2 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The Annual Statement as to Compliance with respect to the Trust for the period covered by this Annual Report appears as Exhibit 99.1 to this Annual Report on Form 10-K. The Annual Report on the Servicer's servicing activities for the Trust for the period covered by this Annual Report is included as Exhibit 99.2 to this Annual Report on Form 10-K. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE Not Applicable. PART IV ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS No transaction between the Trust and the holders of the Certificates occurred during the period covered by this Annual Report on Form 10-K, except routine distributions to such certificate holders as contemplated by the agreement. ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K Pursuant to the Order, the Registrant includes as an exhibit to this Annual Report on Form 10-K the Annual Statement as to Compliance with respect to the Trust for the year ended December 31, 2000 delivered by the Servicer under the Agreement and the annual report on the Servicer's servicing activities for the Trust. Exhibit No. 99.1 Annual Statement as to Compliance for the Trust for the year ended December 31, 2000. 99.2 Annual Servicing Report for the Trust for the year ended December 31, 2000. 99.3 Aggregate Payment Amounts for Calendar year 2000. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

* Signed by Charles O. Ryan, Attorney-in-Fact. Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized. GREENPOINT CREDIT, LLC By: /s/ Peter Paul* -------------------------------- Peter Paul President, CEO and Manager * Signed by Charles O. Ryan, Attorney-in-Fact. 4 EXHIBIT INDEX Sequentially Exhibit No. Description Numbered Page 99.1 Annual Statement as to Compliance for the Trust for the year ended December 31, 2000 6 99.2 Annual Servicing Report for the Trust for the year ended December 31, 2000 7 99.3 Aggregate Payment Amounts for Calendar year 2000 9 5 EXHIBIT 99.1 ANNUAL STATEMENT AS TO COMPLIANCE The undersigned certifies that she is an Assistant Vice President of GreenPoint Credit, LLC (the "Servicer") and that, as such, she is duly authorized to execute and deliver this certificate on behalf of the Servicer pursuant to Section 4.20 of the Pooling and Servicing Agreement (the "Agreement"), dated as of May 1, 2000 between GreenPoint Credit , as Seller, GreenPoint Credit, as Servicer, and Bank One, as Trustee , (all capitalized terms used herein without definition having the respective meanings specified in the Agreement) and further certifies that: 1. I have reviewed the activities for the one year period ending December 31, 2000 and performance under this agreement has been made under such officer's supervision under Section 4.20 of the Agreement; and 2. To the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement throughout such period. IN WITNESS WHEREOF, I have affixed hereunto my signature this 30th day of March, 2000. GREENPOINT CREDIT, LLC By /s/ Mary Churley --------------------------------- Mary Churley Assistant Vice President and Manager Investor Servicing 6 EXHIBIT 99.2 January 16, 2001 PricewaterhouseCoopers LLP 400 S. Hope Street Los Angeles, CA 90071 Ladies and Gentlemen: As of and for the year ended December 31, 2000, GreenPoint Credit LLC 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, GreenPoint Credit Corporation had in effect a fidelity bond and errors and omissions policy in the amount of $50 million and $20 million respectively. Sincerely, /s/ Peter Paul /s/ Charlies P. Richardson ------------------------------ ----------------------------------------------- Peter Paul, President Charles P. Richardson, Executive Vice President /s/ Charles O. Ryan /s/ Mary Churley ------------------------------ ----------------------------------------------- Charles O. Ryan, Vice President Mary Churley, Assistant Vice President 7 REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors and Stockholder Of GreenPoint Credit LLC We have examined management's assetion about GreenPoint Credit LLC's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for theyear ended December 31, 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 America 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 reasonsble 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 the Company complied with the aforementioned minimum servicing standards as of and the the year ended December 31, 2000 is fairly stated, in all material respects. /s/ PricewaterhouseCoopers LLP January 16, 20001 8 EXHIBIT 99.3 GREENPOINT MANUFACTURED HOUSING CONTRACT TRUST PASS THROUGH CERTIFICATES 2000-3 JANUARY 1, 2000 THROUGH DECEMBER 31, 2000

Number and aggregate remaining principal balance of Contracts with payments delinquent:

Aggregate amount of servicing fees and expenses payable out of the trust for 2000: 4,694,343.61 The number of contracts that were repurchased or replaced during 2000: 2 2000 Aggregate Principal Balance of All Contracts repossessed or foreclosed upon 15,556,292.47 The balance in the Reserve Account as of 12/31/00 0.00 2000 Cumulative Realized Losses 3,022,754.89 The amount of any outstanding Monthly Advance Amount as of 12/31/00 268,256.59 2000 amounts deposited to Reserve Account 0.00 The pool scheduled principal balance, expressed as a percentage 95.0926802% of the Cut-Off Date pool principal balance The number of Manufactured Homes Currently held by the Servicer due to Repossessions 261 and the aggregate principal balance of the related defaulted Contracts 10,126,562.83

GREENPOINT CREDIT LLC 10-K