<PAGE>   1
                                                                    Exhibit 10.1

<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                  Certificateholder Distribution Summary
</TABLE>


<TABLE>
<CAPTION>
                          Certificate    Certificate      Beginning                                       Current       Ending
                            Class        Pass-Through    Certificate         Interest       Principal     Realized    Certificate
 Class        CUSIP       Description        Rate          Balance         Distribution    Distribution     Loss        Balance
--------    ---------     -----------    ------------   --------------     ------------    ------------   --------   --------------
<S>         <C>           <C>            <C>            <C>                <C>             <C>            <C>        <C>
    A       02926NAA4        SEQ           7.00125%     150,990,678.17      851,571.70     9,305,778.01     0.00     141,684,900.16
INV_CERT    ARE991INV        SUB           0.00000%       5,148,060.64            0.00             0.00     0.00       5,248,284.26
                                                        --------------      ----------     ------------     ----     --------------
Totals                                                  156,138,738.81      851,571.70     9,305,778.01     0.00     146,933,184.42
</TABLE>

<TABLE>
                             Cumulative
               Total          Realized
 Class      Distribution       Losses
--------    -------------    ---------
<S>         <C>               <C>
    A       10,157,349.71       0.00
INV_CERT             0.00       0.00
            -------------       ----
Totals      10,157,349.71       0.00
</TABLE>


All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.


                                     Page 1
<PAGE>   2

<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                       Principal Distribution Statement
</TABLE>


<TABLE>
<CAPTION>
              Original          Beginning      Scheduled     Unscheduled                                Total          Ending
                Face           Certificate     Principal      Principal                  Realized     Principal      Certificate
  Class        Amount            Balance      Distribution   Distribution   Accretion    Loss(1)      Reduction        Balance
--------   --------------    --------------   ------------   ------------   ---------    --------    ------------   --------------
<S>        <C>               <C>              <C>            <C>            <C>          <C>         <C>            <C>
    A      229,000,000.00    150,990,678.17       0.00       9,305,778.01      0.00        0.00      9,305,778.01   141,684,900.16
INV_CERT     7,285,896.30      5,148,060.64       0.00               0.00      0.00        0.00              0.00     5,248,284.26
           --------------    --------------      -----       ------------      ----        ----      ------------   --------------
  Totals   236,285,896.30    156,138,738.81       0.00       9,305,778.01      0.00        0.00      9,305,778.01   146,933,184.42
</TABLE>

<TABLE>
             Ending           Total
           Certificate      Principal
  Class     Percentage     Distribution
--------    ----------     ------------
<S>         <C>            <C>
    A       0.61871135     9,305,778.01
INV_CERT    0.72033475             0.00
            ----------     ------------
  Totals    0.62184492     9,305,778.01
</TABLE>


(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Descript


                                     Page 2
<PAGE>   3

<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                    Principal Distribution Factors Statement
</TABLE>


<TABLE>
<CAPTION>
                Original        Beginning       Scheduled      Unscheduled                                Total         Ending
                  Face         Certificate      Principal       Principal                  Realized      Principal    Certificate
 Class(2)        Amount          Balance       Distribution    Distribution   Accretion     Loss(3)      Reduction      Balance
 ---------   --------------    ------------    ------------    ------------   ----------   ----------   -----------   ------------
<S>          <C>               <C>             <C>             <C>            <C>          <C>          <C>           <C>
    A        229,000,000.00    659.34793961     0.00000000     40.63658520    0.00000000   0.00000000   40.63658520   618.71135441
INV_CERT       7,285,896.30    706.57890643     0.00000000      0.00000000    0.00000000   0.00000000    0.00000000   720.33474591
</TABLE>

<TABLE>
                Ending          Total
              Certificate      Principal
 Class(2)      Percentage     Distribution
 ---------     ----------     ------------
<S>            <C>            <C>
    A          0.61871135     40.63658520
INV_CERT       0.72033475      0.00000000
</TABLE>


(1) All denominations are Per $1000.

(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Descript


                                     Page 3
<PAGE>   4


<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                       Interest Distribution Statement
</TABLE>


<TABLE>
<CAPTION>
                                           Beginning
              Original        Current     Certificate/      Current      Payment of     Current     Non-Supported
                Face        Certificate     Notional        Accrued        Unpaid      Interest       Interest      Realized
 Class         Amount           Rate         Balance       Interest       Interest     Shortfall      Shortfall      Loss(4)
--------   --------------    ---------    --------------   ----------    ----------    ---------    -------------   --------
<S>        <C>              <C>           <C>              <C>           <C>           <C>          <C>             <C>
    A      229,000,000.00    7.00125%     150,990,678.17   851,571.70          0.00      0.00           0.00          0.00
INV_CERT     7,285,896.30    0.00000%       5,148,060.64         0.00          0.00      0.00           0.00          0.00
           --------------                                  ----------          ----      ----           ----          ----
Totals     236,285,896.30                                  851,571.70          0.00      0.00           0.00          0.00
</TABLE>


<TABLE>
                           Remaining        Ending
             Total           Unpaid      Certificate/
            Interest        Interest       Notional
 Class     Distribution    Shortfall       Balance
--------   ------------    ----------   --------------
<S>        <C>                   <C>    <C>
    A      851,571.70            0.00   141,684,900.16
INV_CERT         0.00            0.00     5,248,284.26
           ----------            ----
Totals     851,571.70            0.00
</TABLE>


(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.


                                     Page 4
<PAGE>   5


<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                      Interest Distribution Factors Statement
</TABLE>


<TABLE>
<CAPTION>
                                           Beginning                     Payment of
               Original        Current    Certificate/       Current       Unpaid       Current      Non-Supported
                 Face        Certificate    Notional         Accrued      Interest      Interest        Interest       Realized
Class(5)        Amount           Rate        Balance        Interest      Shortfall     Shortfall       Shortfall       Loss(6)
--------    --------------     ---------   ------------    ----------     ----------    ----------      ----------     ----------
<S>         <C>              <C>          <C>              <C>           <C>            <C>          <C>               <C>
    A       229,000,000.00     7.00125%    659.34793961    3.71865371     0.00000000    0.00000000      0.00000000     0.00000000
INV_CERT      7,285,896.30     0.00000%    706.57890643    0.00000000     0.00000000    0.00000000      0.00000000     0.00000000
</TABLE>


<TABLE>
                            Remaining       Ending
               Total         Unpaid      Certificate/
             Interest       Interest       Notional
Class(5)    Distribution    Shortfall       Balance
--------     ----------     ----------   ------------
<S>         <C>             <C>          <C>
    A        3.71865371     0.00000000   618.71135441
INV_CERT     0.00000000     0.00000000   720.33474591
</TABLE>


(1) All denominations are Per $1000.

(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.


                                     Page 5
<PAGE>   6


<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                    Certificateholder Component Statement
</TABLE>


<TABLE>
<CAPTION>
           Component      Beginning      Ending    Beginning     Ending      Ending
          Pass-Through    Notional      Notional   Component   Component    Component
Class         Rate        Balance       Balance     Balance     Balance     Percentage
-----    -------------   ---------     ---------   ---------   ---------   -------------
<S>      <C>             <C>           <C>         <C>         <C>         <C>
FSA      1,200.00000%    28,939.88     27,156.27     0.00        0.00      61.87112498%
</TABLE>


                                     Page 6
<PAGE>   7

<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                     Certificateholder Account Statement
</TABLE>



<TABLE>
<CAPTION>
                        CERTIFICATE ACCOUNT
<S>                                                      <C>
Beginning Balance                                                 0.00

Deposits
     Payments of Interest and Principal                  10,544,729.59
     Liquidations, Insurance Proceeds, Reserve Funds              0.00
     Proceeds from Repurchased Loans                              0.00
     Other Amounts (Servicer Advances)                            0.00
     Realized Losses                                       (260,047.55)
                                                         -------------
Total Deposits                                           10,284,682.04

Withdrawals
     Reimbursement for Servicer Advances                          0.00
     Payment of Service Fee                                 127,332.33
     Payment of Interest and Principal                   10,157,349.71
                                                         -------------
Total Withdrawals (Pool Distribution Amount)             10,284,682.04

Ending Balance                                                    0.00
                                                         =============
</TABLE>



<TABLE>
<CAPTION>
        PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S>                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                   0.00
Servicing Fee Support                                             0.00
                                                             ---------
Non-Supported Prepayment/Curtailment Interest Shortfall           0.00
                                                             =========

                        SERVICING FEES

Gross Servicing Fee                                          65,057.83
Management Fee                                                1,000.00
Trustee Fee                                                     650.67
FSA Insurance Premium                                        28,939.88
Mortgage Insurance Premium                                   31,683.95
Supported Prepayment/Curtailment Interest Shortfall               0.00
                                                            ----------
Net Servicing Fee                                           127,332.33
                                                            ==========
</TABLE>



                                            OTHER ACCOUNTS

<TABLE>
<CAPTION>
                            Beginning          Current         Current           Ending
    Account Type             Balance         Withdrawals       Deposits          Balance
<S>                         <C>              <C>               <C>               <C>
Financial Guaranty             0.00             0.00             0.00             0.00
</TABLE>



                                     Page 7
<PAGE>   8

<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                          Certificateholder Delinquency/Credit Enhancement Statement
</TABLE>


<TABLE>
<CAPTION>
             DELINQUENT                              BANKRUPTCY                              FORECLOSURE
-------------------------------------   ------------------------------------     -----------------------------------
             No. of       Principal                 No. of       Principal                  No. of       Principal
              Loans        Balance                   Loans        Balance                    Loans        Balance
            ---------   -------------              ---------   -------------               ---------   -------------
<S>         <C>         <C>             <C>        <C>         <C>             <C>         <C>         <C>
 30 Days          51    4,623,436.31     30 Days          3      465,551.11      30 Days          1      236,505.38
 60 Days          12    1,088,517.22     60 Days          4      334,500.47      60 Days          7      533,503.64
 90 Days          31    3,682,730.62     90 Days         27    3,349,659.55      90 Days         64    6,819,142.45
120 Days           0            0.00    120 Days          0            0.00     120 Days          0            0.00
150 Days           0            0.00    150 Days          0            0.00     150 Days          0            0.00
180 Days           0            0.00    180 Days          0            0.00     180 Days          0            0.00
            =========   =============              =========   =============               =========   =============
                  94    9,394,684.15                     34    4,149,711.13                      72    7,589,151.47

             No. of       Principal                 No. of       Principal                  No. of       Principal
              Loans        Balance                   Loans        Balance                    Loans        Balance
            ---------   -------------              ---------   -------------               ---------   -------------
 30 Days    3.825956%       3.146625%    30 Days   0.225056%       0.316845%     30 Days   0.075019%       0.160961%
 60 Days    0.900225%       0.740825%    60 Days   0.300075%       0.227655%     60 Days   0.525131%       0.363093%
 90 Days    2.325581%       2.506398%    90 Days   2.025506%       2.279716%     90 Days   4.801200%       4.640982%
120 Days    0.000000%       0.000000%   120 Days   0.000000%       0.000000%    120 Days   0.000000%       0.000000%
150 Days    0.000000%       0.000000%   150 Days   0.000000%       0.000000%    150 Days   0.000000%       0.000000%
180 Days    0.000000%       0.000000%   180 Days   0.000000%       0.000000%    180 Days   0.000000%       0.000000%
            =========   =============              =========   =============               =========   =============
            7.051763%       6.393848%              2.550638%       2.824216%               5.401350%       5.165036%
</TABLE>

<TABLE>
<CAPTION>
                   REO                                         Total
 ----------------------------------------   ------------------------------------------
              No. of          Principal                      No. of       Principal
               Loans           Balance                        Loans         Balance
           -------------   --------------                   ---------    -------------
<S>        <C>             <C>              <C>             <C>         <C>
 30 Days              0             0.00         30 Days          55     5,325,492.80
 60 Days              0             0.00         60 Days          23     1,956,521.33
 90 Days             24     2,419,820.01         90 Days         146    16,271,352.63
120 Days              0             0.00        120 Days           0             0.00
150 Days              0             0.00        150 Days           0             0.00
180 Days              0             0.00        180 Days           0             0.00
           =============   ==============                   =========    =============
                     24     2,419,820.01                         224    23,553,366.76

              No. of          Principal                      No. of       Principal
               Loans           Balance                        Loans         Balance
           -------------   --------------                   ---------    -------------
 30 Days       0.000000%        0.000000%        30 Days    4.126032%        3.624432%
 60 Days       0.000000%        0.000000%        60 Days    1.725431%        1.331572%
 90 Days       1.800450%        1.646885%        90 Days   10.952738%       11.073981%
120 Days       0.000000%        0.000000%       120 Days    0.000000%        0.000000%
 50 Days       0.000000%        0.000000%       150 Days    0.000000%        0.000000%
180 Days       0.000000%        0.000000%       180 Days    0.000000%        0.000000%
           =============   ==============                   =========    =============
               1.800450%        1.646885%                  16.804201%       16.029985%
</TABLE>


(7) Delinquencies are stratified according to the information the Servicer has
provided. Bankruptcies are included in the 30, 60 and 90 day fields.


<TABLE>
<CAPTION>
<S>                                                            <C>             <C>                                            <C>
Current Period Realized Loss - Includes Interest Shortfall             0.00    Principal Balance of Contaminated Properties   0.00
Cumulative Realized Losses - Includes Interest Shortfall       2,354,214.31    Periodic Advance                               0.00
Current Period Class A Insufficient Funds                              0.00
</TABLE>


                  SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS
                      PERCENTAGE AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
                                                                                       Current             Next
              Original $        Original %        Current $          Current %          Class %         Prepayment %
-------      ------------      ------------      ------------      ------------       -----------        ----------
<S>          <C>               <C>               <C>               <C>                <C>                <C>
Class A      7,285,896.30      3.08350876%       5,248,284.26      3.57188492%        96.428115%         0.000000%
</TABLE>

Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure


                                     Page 8
<PAGE>   9


<TABLE>
<S>                                                          <C>                       <C>       <C>
                                                                                       Contact:  Customer Service - CTSLink
  American Residential Eagle Certificate Trust                                                   Wells Fargo Bank Minnesota, N.A.
  Mortgage Pass-Through Certificates                                                             Securities Administration Services
  Record Date:                        30-Jun-2000                                                7485 New Horizon Way
  Distribution Date:                  25-Jul-2000                                                Frederick, MD 21703
                                                             ARE  Series 1999-1                  Telephone:  (301) 815-6600
  26-Jul-2000     9:33:36AM                                                                      Fax:        (301) 846-8152

                                                            COLLATERAL STATEMENT
</TABLE>


<TABLE>
<CAPTION>
<S>                                                                     <C>
Collateral Description                                                  Fixed Mixed & ARM & Balloon

Weighted Average Gross Coupon                                                  10.300168%

Weighted Average Net  Coupon                                                    9.800168%

Weighted Average Pass-Through Rate                                              9.795167%

Weighted Average Maturity (Stepdown Calculation)                                     313

Beginning Scheduled Collateral Loan Count                                          1,401

Number of Loans Paid in Full                                                          68

Ending Scheduled Collateral Loan Count                                             1,333

Beginning Scheduled Collateral Balance                                    156,138,738.81

Ending Scheduled Collateral Balance                                       146,933,184.42

Ending Actual Collateral Balance at 30-Jun-2000                           146,933,184.42

Monthly P&I Constant                                                        1,405,154.07

Class A Optimal Amount                                                     10,188,289.57

Ending Scheduled Balance for Premium Loans                                146,933,184.42

Scheduled Principal                                                            97,662.94

Unscheduled Principal                                                       9,208,115.07

Required Overcollateralized Amount                                          5,316,432.67

Overcollateralized Increase Amount                                                  0.00

Overcollateralized Reduction Amount                                           428,419.57

Specified O/C Amount                                                        5,316,432.67

Overcollateralized Amount                                                   5,248,284.26

Overcollateralized Deficiency Amount                                          428,419.57

Base Overcollateralization Amount                                           5,316,432.67

Extra Principal Distribution Amount                                           360,271.17

Excess Cash Amount                                                            360,271.17

Bankruptcy                                                                            34

Bankruptcies are included in the 30, 60, and 90 day delinquencies       $   4,149,711.13
</TABLE>


                                     Page 9