Document:

<PAGE>   1

                                  EXHIBIT 10.1

<PAGE>   2

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service -- CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                                ARE SERIES 1999-2

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
                        Certificate  Certificate     Beginning                                        Current
                           Class     Pass-Through   Certificate        Interest       Principal       Realized
  Class       CUSIP     Description     Rate          Balance        Distribution    Distribution       Loss
  -----       -----     -----------  ------------  --------------    ------------    ------------       ----
<S>         <C>         <C>          <C>          <C>                <C>             <C>                <C>
   A-1      02926NAB2       SEQ       6.96188%     273,526,208.72    1,586,880.53     7,081,148.71      0.00
   A-2      02926NAC0       SEQ       7.09000%      52,367,642.76      309,405.49       886,046.88      0.00
INV_CERT    AMINV1992       SEQ       0.00000%       8,939,695.46      252,203.62             0.00      0.00

Totals                                             334,833,546.94    2,148,489.64     7,967,195.59      0.00
</TABLE>

<TABLE>
<CAPTION>
                Ending                         Cumulative
              Certificate        Total          Realized
  Class         Balance       Distribution       Losses
  -----      --------------   -------------    ----------
<S>          <C>              <C>              <C>
   A-1       266,445,060.01    8,668,029.24       0.00
   A-2        51,481,595.88    1,195,452.37       0.00
INV_CERT       8,939,695.46      252,203.62       0.00

Totals       326,866,351.35   10,115,685.23       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>   3

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service -- CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

                        Principal Distribution Statement

<TABLE>
<CAPTION>
                 Original            Beginning        Scheduled       Unscheduled                                      Total
                   Face             Certificate       Principal         Principal                     Realized        Principal
 Class            Amount              Balance        Distribution     Distribution     Accretion      Loss(1)        Reduction
 -----        --------------      --------------     ------------     ------------     ---------      --------      ------------
<S>           <C>                 <C>                 <C>             <C>              <C>            <C>           <C>
  A-1         332,350,000.00      273,526,208.72      168,520.24      6,912,628.47        0.00          0.00        7,081,148.71
  A-2          61,750,000.00       52,367,642.76       54,315.65        831,731.23        0.00          0.00          886,046.88
INV_CERT       10,223,416.68        8,939,695.46            0.00              0.00        0.00          0.00                0.00
 Totals       404,323,416.68      334,833,546.94      222,835.89      7,744,359.70        0.00          0.00        7,967,195.59
</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 Description.

<TABLE>
<CAPTION>
                 Ending                Ending              Total
               Certificate          Certificate          Principal
 Class           Balance             Percentage        Distribution
 -----       --------------         -----------        ------------
<S>          <C>                    <C>                <C>
  A-1        266,445,060.01          0.80170020        7,081,148.71
  A-2         51,481,595.88          0.83371005          886,046.88
INV_CERT       8,939,695.46          0.87443325                0.00
 Totals      326,866,351.35          0.80842795        7,967,195.59
</TABLE>

                                     Page 2
<PAGE>   4

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service -- CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
                 Original            Beginning            Scheduled         Unscheduled
                   Face             Certificate           Principal          Principal                                 Realized
Class(2)          Amount               Balance           Distribution       Distribution          Accretion             Loss(3)
---------     --------------        ------------         ------------       ------------          ----------          ----------
<S>           <C>                   <C>                  <C>                <C>                   <C>                 <C>
   A-1        332,350,000.00        823.00649532          0.50705654         20.79924318          0.00000000          0.00000000
   A-2         61,750,000.00        848.05899206          0.87960567         13.46933166          0.00000000          0.00000000
INV_CERT       10,223,416.68          0.00000000          0.00000000          0.00000000          0.00000000          0.00000000
</TABLE>

<TABLE>
<CAPTION>
                       Total             Ending                Ending               Total
                     Principal         Certificate           Certificate          Principal
Class(2)             Reduction           Balance             Percentage         Distribution
---------           -----------        ------------          -----------        ------------
<S>                 <C>                <C>                   <C>                <C>
   A-1              21.30629971        801.70019561          0.80170020         21.30629971
   A-2              14.34893733        833.71005474          0.83371005         14.34893733
INV_CERT             0.00000000          0.00000000          0.87443325          0.00000000
</TABLE>

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 Description.

                                     Page 3
<PAGE>   5

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

                         Interest Distribution Statement

<TABLE>
<CAPTION>
                                                       Beginning
                  Original              Current       Certificate/         Current        Payment of    Current      Non-Supported
                   Face               Certificate       Notional           Accrued          Unpaid     Interest        Interest
 Class            Amount                 Rate            Balance           Interest        Interest    Shortfall       Shortfall
 -----        --------------           ---------      --------------     ------------      --------    ----------      ---------
<S>           <C>                      <C>            <C>                <C>               <C>         <C>             <C>
  A-1         332,350,000.00           6.96188 %      273,526,208.72     1,586,880.53        0.00         0.00            0.00
  A-2          61,750,000.00           7.09000 %       52,367,642.76       309,405.49        0.00         0.00            0.00
INV_CERT       10,223,416.68           0.00000 %        8,939,695.46             0.00        0.00         0.00            0.00
              --------------           -------        --------------     ------------        ----         ----            ----
Totals        404,323,416.68                                             1,896,286.02        0.00         0.00            0.00
</TABLE>

<TABLE>
<CAPTION>
                                                Remaining         Ending
                                  Total          Unpaid        Certificate/
                Realized        Interest        Interest        Notional
 Class          Loss (4)      Distribution      Shortfall        Balance
 -----          --------      ------------      ---------    --------------
<S>             <C>           <C>               <C>          <C>
  A-1             0.00        1,586,880.53         0.00      266,445,060.01
  A-2             0.00          309,405.49         0.00       51,481,595.88
INV_CERT          0.00          252,203.62         0.00        8,939,695.46
                 -----        ------------        -----      --------------
Totals            0.00        2,148,489.64         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>   6

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                                ARE SERIES 1999-2

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
                                                    Beginning                       Payment of
                 Original          Current         Certificate/        Current        Unpaid         Current       Non-Supported
                   Face          Certificate         Notional          Accrued       Interest        Interest        Interest
Class (5)         Amount            Rate             Balance          Interest       Shortfall      Shortfall       Shortfall
---------     --------------     -----------      ------------       ----------     -----------     ----------     -------------
<S>           <C>                <C>              <C>                <C>             <C>            <C>            <C>
  A-1         332,350,000.00      6.96188 %       823.00649532       4.77472703      0.00000000     0.00000000      0.00000000
  A-2          61,750,000.00      7.09000 %       848.05899206       5.01061522      0.00000000     0.00000000      0.00000000
INV_CERT       10,223,416.68      0.00000 %         0.00000000       0.00000000      0.00000000     0.00000000      0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                        Remaining            Ending
                                      Total              Unpaid           Certificate/
                 Realized            Interest           Interest            Notional
Class (5)        Loss (6)          Distribution         Shortfall            Balance
---------       ----------         ------------         ----------        ------------
<S>             <C>                <C>                  <C>               <C>
  A-1           0.00000000          4.77472703          0.00000000        801.70019561
  A-2           0.00000000          5.01061522          0.00000000        833.71005474
INV_CERT        0.00000000          0.00000000          0.00000000          0.00000000
</TABLE>

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>   7

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                                ARE SERIES 1999-2

                      Certificateholder Component Statement

<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>
FEE      1,200.00000 %     55,722.23    54,305.99         0.00           0.00      80.54430375 %
</TABLE>

                                     Page 6
<PAGE>   8

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                                ARE SERIES 1999-2

                      Certificateholder Account Statement

<TABLE>
<CAPTION>
                        CERTIFICATE ACCOUNT

<S>                                                       <C>
BEGINNING BALANCE                                                   0.00

Deposits
     Payments of Interest and Principal                    10,610,978.94
     Liquidations, Insurance Proceeds, Reserve Funds                0.00
     Proceeds from Repurchased Loans                                0.00
     Other Amounts (Servicer Advances)                              0.00
     Realized Losses                                         (206,155.16)

TOTAL DEPOSITS                                             10,404,823.78

Withdrawals
     Reimbursement for Servicer Advances                            0.00
     Payment of Service Fee                                   289,138.55
     Payment of Interest and Principal                     10,115,685.23

Total Withdrawals (Pool Distribution Amount)               10,404,823.78

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                                         139,513.99
Management Fee                                                1,000.00
FSA Group 1 Premium                                          47,867.09
FSA Group 2 Premium                                           7,855.15
PMI Group 1 Fee                                              81,644.86
PMI Group 2 Fee                                              11,257.46
Supported Prepayment/Curtailment Interest Shortfall               0.00

Net Servicing Fee                                           289,138.55
</TABLE>

<TABLE>
<CAPTION>
                                 OTHER ACCOUNTS

                           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
Financial Guaranty           0.00              0.00           0.00          0.00
</TABLE>

                                     Page 7
<PAGE>   9

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

             Loan Status Stratification/Credit Enhancement Statement

<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>
                                              0-29 Days       13       1,030,509.90          0-29 Days        6         362,538.93
30 Days        82       8,118,124.12            30 Days        2         369,436.50            30 Days        0               0.00
60 Days         4         225,530.56            60 Days        3         183,525.13            60 Days       23       2,528,246.46
90 Days         1         165,896.85            90 Days        1          67,609.74            90 Days       21       1,658,466.29
120 Days        1         347,157.55           120 Days        5         203,902.25           120 Days       17       1,168,551.33
150 Days        0               0.00           150 Days        4         294,033.70           150 Days        9         770,900.07
180+ Days       1          42,371.39          180+ Days       26       2,247,076.15          180+ Days       60       4,598,777.54

               89       8,899,080.47                          54       4,396,093.37                         136      11,087,480.62
</TABLE>

<TABLE>
<CAPTION>
                 REO                                            TOTAL
 -------------------------------------          ---------------------------------------
               NO. OF      PRINCIPAL                            NO. OF      PRINCIPAL
                LOANS       BALANCE                             LOANS        BALANCE
               ------     ------------                          ------    -------------
<S>            <C>        <C>                   <C>             <C>       <C>
 0-29 Days        0               0.00          0-29 Days         19       1,393,048.83
   30 Days        0               0.00            30 Days         84       8,487,560.62
   60 Days        0               0.00            60 Days         30       2,937,302.15
   90 Days        0               0.00            90 Days         23       1,891,972.88
  120 Days        0               0.00           120 Days         23       1,719,611.13
  150 Days        0               0.00           150 Days         13       1,064,933.77
 180+ Days       16       1,211,611.73          180+ Days        103       8,099,836.81

                 16       1,211,611.73                           295      25,594,266.19
</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>
                                          0-29 Days     0.410224%     0.315004%      0-29 Days       0.189334%         0.110820%
30 Days      2.587567%     2.481532%        30 Days     0.063111%     0.112929%        30 Days       0.000000%         0.000000%
60 Days      0.126223%     0.068940%        60 Days     0.094667%     0.056100%        60 Days       0.725781%         0.772829%
90 Days      0.031556%     0.050711%        90 Days     0.031556%     0.020667%        90 Days       0.662670%         0.506957%
120 Days     0.031556%     0.106118%       120 Days     0.157778%     0.062328%       120 Days       0.536447%         0.357201%
150 Days     0.000000%     0.000000%       150 Days     0.126223%     0.089880%       150 Days       0.284001%         0.235647%
180+ Days    0.031556%     0.012952%      180+ Days     0.820448%     0.686882%      180+ Days       1.893342%         1.405745%
             2.808457%     2.720254%                    1.704008%     1.343789%                      4.291575%         3.389200%
</TABLE>

<TABLE>
<CAPTION>
                       REO                                                          TOTAL
---------------------------------------------------           ---------------------------------------------------
                      NO. OF              PRINCIPAL                                 NO. OF              PRINCIPAL
                       LOANS               BALANCE                                   LOANS               BALANCE
                     ---------            ---------                                ---------            ---------
<S>                  <C>                  <C>                 <C>                  <C>                  <C>
0-29 Days            0.000000%            0.000000%           0-29 Days            0.599558%            0.425824%
  30 Days            0.000000%            0.000000%             30 Days            2.650678%            2.594461%
  60 Days            0.000000%            0.000000%             60 Days            0.946671%            0.897869%
  90 Days            0.000000%            0.000000%             90 Days            0.725781%            0.578335%
 120 Days            0.000000%            0.000000%            120 Days            0.725781%            0.525647%
 150 Days            0.000000%            0.000000%            150 Days            0.410224%            0.325527%
180+ Days            0.504891%            0.370363%           180+ Days            3.250237%            2.475942%
                     0.504891%            0.370363%                                9.308930%            7.823606%
</TABLE>

<TABLE>
<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      436,568.63    Periodic Advance                                    0.00
Current Period Class A Insufficient Funds                           0.00
</TABLE>

                                     Page 8
<PAGE>   10

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

                           Delinquency Status By Group

<TABLE>
<CAPTION>
             DELINQUENT                                    BANKRUPTCY                                   FORECLOSURE
-------------------------------------         --------------------------------------        ---------------------------------------
  GROUP        NO OF      PRINCIPAL                           NO OF      PRINCIPAL                         NO OF        PRINCIPAL
    1          LOANS       BALANCE                            LOANS       BALANCE                          LOANS         BALANCE
---------      -----     ------------                         -----     ------------                       -----      -------------
<S>            <C>       <C>                  <C>             <C>       <C>                 <C>            <C>        <C>
                                              0-29 Days        11         923,124.47        0-29 Days         2          72,512.34
  30 Days       62       6,007,452.72           30 Days         2         369,436.50          30 Days         0               0.00
  60 Days        4         225,530.56           60 Days         2         142,524.59          60 Days        18       1,999,798.90
  90 Days        0               0.00           90 Days         1          67,609.74          90 Days        14       1,289,765.43
 120 Days        1         347,157.55          120 Days         2          98,406.34         120 Days        13         902,165.06
 150 Days        0               0.00          150 Days         2         149,867.10         150 Days         7         639,979.89
180+ Days        0               0.00         180+ Days        17       1,664,206.20        180+ Days        47       3,950,180.75
---------      -----     ------------                         -----     ------------                       -----      -------------
                67       6,580,140.83                          37       3,415,174.94                        101       8,854,402.37
</TABLE>

<TABLE>
<CAPTION>
                        REO                                                     TOTAL
-----------------------------------------------          -----------------------------------------------
                        NO OF       PRINCIPAL                                    NO OF       PRINCIPAL
                        LOANS        BALANCE                                     LOANS        BALANCE
                        -----      ------------                                  -----     -------------
<S>                     <C>        <C>                   <C>                     <C>       <C>
0-29 Days                  0               0.00          0-29 Days                 13         995,636.81
  30 Days                  0               0.00            30 Days                 64       6,376,889.22
  60 Days                  0               0.00            60 Days                 24       2,367,854.05
  90 Days                  0               0.00            90 Days                 15       1,357,375.17
 120 Days                  0               0.00           120 Days                 16       1,347,728.95
 150 Days                  0               0.00           150 Days                  9         789,846.99
180+ Days                 15       1,147,629.84          180+ Days                 79       6,762,016.79
                        -----      ------------                                  -----     -------------
                          15       1,147,629.84                                   220      19,997,347.98
</TABLE>

<TABLE>
<CAPTION>
               DELINQUENT                                   BANKRUPTCY                                     FORECLOSURE
---------------------------------------       --------------------------------------        ----------------------------------------
 GROUP           NO OF        PRINCIPAL                       NO OF        PRINCIPAL                          NO OF        PRINCIPAL
    1            LOANS         BALANCE                        LOANS         BALANCE                           LOANS         BALANCE
---------      ---------      ---------                     ---------      ---------                        ---------      ---------
<S>            <C>            <C>             <C>           <C>            <C>              <C>             <C>            <C>
                                              0-29 Days     0.439648%      0.336499%        0-29 Days       0.079936%      0.026432%
  30 Days      2.478018%      2.189847%         30 Days     0.079936%      0.134668%          30 Days       0.000000%      0.000000%
  60 Days      0.159872%      0.082211%         60 Days     0.079936%      0.051953%          60 Days       0.719424%      0.728970%
  90 Days      0.000000%      0.000000%         90 Days     0.039968%      0.024645%          90 Days       0.559552%      0.470147%
 120 Days      0.039968%      0.126546%        120 Days     0.079936%      0.035871%         120 Days       0.519584%      0.328859%
 150 Days      0.000000%      0.000000%        150 Days     0.079936%      0.054630%         150 Days       0.279776%      0.233287%
180+ Days      0.000000%      0.000000%       180+ Days     0.679456%      0.606639%        180+ Days       1.878497%      1.439927%
                                                                           2.677858%         2.398604%      1.478817%      1.244905%
</TABLE>

<TABLE>
<CAPTION>
                       REO                                                       TOTAL
 -------------------------------------------------          -------------------------------------------------
                       NO OF             PRINCIPAL                                NO OF             PRINCIPAL
                       LOANS              BALANCE                                 LOANS              BALANCE
                     ---------           ---------                              ---------           ---------
<S>                  <C>                 <C>                <C>                 <C>                 <C>
 0-29 Days           0.000000%           0.000000%          0-29 Days           0.519584%           0.362931%
   30 Days           0.000000%           0.000000%            30 Days           2.557954%           2.324514%
   60 Days           0.000000%           0.000000%            60 Days           0.959233%           0.863134%
   90 Days           0.000000%           0.000000%            90 Days           0.599520%           0.494793%
  120 Days           0.000000%           0.000000%           120 Days           0.639488%           0.491276%
  150 Days           0.000000%           0.000000%           150 Days           0.359712%           0.287916%
 180+ Days           0.599520%           0.418336%          180+ Days           3.157474%           2.464902%
  4.036771%          3.227622%           0.599520%           0.418336%          8.792966%           7.289467%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                                 BANKRUPTCY                                   FORECLOSURE
-------------------------------------         -----------------------------------        --------------------------------------
 GROUP         NO OF      PRINCIPAL                        NO OF       PRINCIPAL                         NO OF       PRINCIPAL
    2          LOANS       BALANCE                         LOANS        BALANCE                          LOANS        BALANCE
---------      -----     ------------                      -----       ----------                        -----      -----------
<S>            <C>       <C>                  <C>          <C>         <C>                <C>            <C>        <C>
                                              0-29 Days       2        107,385.43         0-29 Days         4        290,026.59
  30 Days        20      2,110,671.40           30 Days       0              0.00           30 Days         0              0.00
  60 Days         0              0.00           60 Days       1         41,000.54           60 Days         5        528,447.56
  90 Days         1        165,896.85           90 Days       0              0.00           90 Days         7        368,700.86
 120 Days         0              0.00          120 Days       3        105,495.91          120 Days         4        266,386.27
 150 Days         0              0.00          150 Days       2        144,166.60          150 Days         2        130,920.18
180+ Days         1         42,371.39         180+ Days       9        582,869.95         180+ Days        13        648,596.79
                 22      2,318,939.64                        17        980,918.43                          35      2,233,078.25
</TABLE>

<TABLE>
<CAPTION>
                     REO                                                  TOTAL
---------------------------------------------         ---------------------------------------------
                       NO OF        PRINCIPAL                                NO OF      PRINCIPAL
                       LOANS         BALANCE                                 LOANS       BALANCE
                       -----        ---------                                -----     ------------
<S>                    <C>          <C>               <C>                    <C>       <C>
0-29 Days                 0              0.00         0-29 Days                 6        397,412.02
  30 Days                 0              0.00           30 Days                20      2,110,671.40
  60 Days                 0              0.00           60 Days                 6        569,448.10
  90 Days                 0              0.00           90 Days                 8        534,597.71
 120 Days                 0              0.00          120 Days                 7        371,882.18
 150 Days                 0              0.00          150 Days                 4        275,086.78
180+ Days                 1         63,981.89         180+ Days                24      1,337,820.02
                          1         63,981.89                                  75      5,596,918.21
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                                 BANKRUPTCY                                   FORECLOSURE
-----------------------------------         ----------------------------------------        ----------------------------------------
 GROUP         NO OF      PRINCIPAL                           NO OF        PRINCIPAL                          NO OF        PRINCIPAL
    2          LOANS       BALANCE                            LOANS         BALANCE                           LOANS         BALANCE
---------    ---------    ---------                         ---------      ---------                        ---------      ---------
<S>          <C>          <C>               <C>             <C>            <C>               <C>            <C>            <C>
                                            0-29 Days       0.299850%      0.203345%         0-29 Days      0.599700%      0.549194%
  30 Days    2.998501%    3.996767%           30 Days       0.000000%      0.000000%           30 Days      0.000000%      0.000000%
  60 Days    0.000000%    0.000000%           60 Days       0.149925%      0.077639%           60 Days      0.749625%      1.000668%
  90 Days    0.149925%    0.314142%           90 Days       0.000000%      0.000000%           90 Days      1.049475%      0.698172%
 120 Days    0.000000%    0.000000%          120 Days       0.449775%      0.199767%          120 Days      0.599700%      0.504429%
 150 Days    0.000000%    0.000000%          150 Days       0.299850%      0.272994%          150 Days      0.299850%      0.247910%
180+ Days    0.149925%    0.080234%         180+ Days       1.349325%      1.103722%         180+ Days      1.949025%      1.228183%
             3.298351%    4.391144%                         2.548726%      1.857467%                        5.247376%      4.228557%
</TABLE>

<TABLE>
<CAPTION>
                     REO                                                  TOTAL
-----------------------------------------------         -----------------------------------------------
                     NO OF            PRINCIPAL                              NO OF            PRINCIPAL
                     LOANS             BALANCE                               LOANS             BALANCE
                   ---------          ---------                            ---------          ---------
<S>                <C>                <C>               <C>                <C>                <C>
0-29 Days          0.000000%          0.000000%         0-29 Days          0.899550%          0.752539%
  30 Days          0.000000%          0.000000%           30 Days          2.998501%          3.996767%
  60 Days          0.000000%          0.000000%           60 Days          0.899550%          1.078307%
  90 Days          0.000000%          0.000000%           90 Days          1.199400%          1.012314%
 120 Days          0.000000%          0.000000%          120 Days          1.049475%          0.704196%
 150 Days          0.000000%          0.000000%          150 Days          0.599700%          0.520904%
180+ Days          0.149925%          0.121156%         180+ Days          3.598201%          2.533296%
                   0.149925%          0.121156%                           11.244378%         10.598324%
</TABLE>

                                     Page 9
<PAGE>   11

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

<TABLE>
<CAPTION>
                      Original $         Original %         Current $          Current %
                    -------------       ------------      -------------       ------------
<S>                 <C>                 <C>               <C>                 <C>
Bankruptcy             100,000.00        0.02473268%         100,000.00        0.03059354%
Fraud               12,129,702.50        3.00000000%      12,129,702.50        3.71090583%
Special Hazard       4,043,234.17        1.00000000%       4,043,234.17        1.23696861%
</TABLE>

Limit of Subordinate's Exposure to Certain Types of Losses

                                    Page 10
<PAGE>   12

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                                ARE SERIES 1999-2

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                  Fixed & Mixed ARM
----------------------                                  -----------------
<S>                                                     <C>
Weighted Average Gross Coupon                                   9.479005%
Weighted Average Net  Coupon                                    8.979005%
Weighted Average Pass-Through Rate                              8.438741%
Weighted Average Maturity (Stepdown Calculation)                     333
Beginning Scheduled Collateral Loan Count                          3,225
Number of Loans Paid in Full                                          56
Ending Scheduled Collateral Loan Count                             3,169
Beginning Scheduled Collateral Balance                    334,833,546.94
Ending Scheduled Collateral Balance                       326,866,351.35
Ending Actual Collateral Balance at 30-Sep-2000           327,141,562.53
Monthly P&I Constant                                        2,866,619.19
Ending Scheduled Balance for Premium Loans                326,866,351.35
</TABLE>

                                    Page 11
<PAGE>   13

<TABLE>
<S>                                                                         <C>
American Residential Eagle Certificate Trust                                Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates                                                     Wells Fargo Bank Minnesota, N.A.
Record Date:                        30-Sep-2000                                        Securities Administration Services
Distribution Date:                  25-Oct-2000                                        7485 New Horizon Way
                                                                                       Frederick, MD 21703
                                                                                       Telephone:     (301) 815-6600
                                                                                       Fax:           (301) 846-8152
</TABLE>

                               ARE SERIES 1999-2

<TABLE>
<CAPTION>
GROUP                                                 1                         2                   Total
-----                                           --------------           -------------          --------------
<S>                                             <C>                      <C>                    <C>
Collateral  Description                              Mixed ARM             Mixed Fixed
Weighted Average Coupon Rate                          9.452178                9.594521
Weighted Average Net Rate                             8.603771                8.842621
Weighted Average Maturity                               343.00                  279.00
Record Date                                           09/30/00                09/30/00
Principal And  Interest Constant                  2,383,522.06              483,097.13            2,866,619.19
Beginning Loan Count                                     2,547                     678                   3,225
Loans Paid In Full                                          45                      11                      56
Ending Loan Count                                        2,502                     667                   3,169
Beginning Scheduled Balance                     281,205,252.94           53,628,294.00          334,833,546.94
Ending Scheduled Balance                        274,124,104.23           52,742,247.12          326,866,351.35
Scheduled Principal                                 168,520.24               54,315.65              222,835.89
Unscheduled Principal                             6,912,628.47              831,731.23            7,744,359.70
Scheduled Interest                                2,215,001.82              428,781.48            2,643,783.30
Servicing Fee                                       117,168.87               22,345.12              139,513.99
Master Servicing Fee                                      0.00                    0.00                    0.00
Trustee Fee                                               0.00                    0.00                    0.00
FRY Amount                                                0.00                    0.00                    0.00
Special Hazard Fee                                        0.00                    0.00                    0.00
Other Fee                                            81,644.86               11,257.46               92,902.32
Pool Insurance Fee                                        0.00                    0.00                    0.00
Spread 1                                                  0.00                    0.00                    0.00
Spread 2                                                  0.00                    0.00                    0.00
Spread 3                                                  0.00                    0.00                    0.00
Net Interest                                      2,016,188.09              395,178.90            2,411,366.99
Realized Loss Amount                                132,078.15               74,077.01              206,155.16
Cumulative Realized Loss                            330,780.49              105,788.14              436,568.63
Percentage of Cumulative Losses                           0.00                    0.00                    0.00
</TABLE>

<TABLE>
<CAPTION>
                                                      1                        2                    Total
                                                --------------           -------------          --------------
<S>                                             <C>                     <C>                     <C>
Required Overcollateralization Amount             7,679,044.22            1,260,651.24            8,939,695.46
Overcollateralization Increase Amount                     0.00                    0.00                    0.00
Overcollateralization Reduction Amount                    0.00                    0.00                    0.00
Specified Overcollateralization Amount            7,679,044.22            1,260,651.24            8,939,695.46
Overcollateralization Amount                      7,679,044.22            1,260,651.24            8,939,695.46
Overcollateralization Deficiency Amount                   0.00                    0.00                    0.00
Base Overcollateralization Amount                 7,679,044.22            1,260,651.24            8,939,695.46
Extra Principal Distribution Amount                       0.00                    0.00                    0.00
Excess Cash  Amount                                 380,601.12               77,757.66              458,358.78
</TABLE>

                                    Page 12<PAGE>   1

                                  EXHIBIT 10.1
<PAGE>   2
<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                               ARE Series 1999-1
                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
                   Certificate Certificate     Beginning                             Current     Ending                  Cumulative
                     Class     Pass-Through   Certificate    Interest    Principal   Realized  Certificate      Total      Realized
 Class     CUSIP   Description    Rate          Balance    Distribution Distribution   Loss      Balance     Distribution   Losses
-------- --------- ----------- ------------ -------------- ------------ ------------ -------- -------------- ------------ ---------
<S>      <C>       <C>         <C>          <C>            <C>          <C>          <C>      <C>            <C>          <C>
   A     02926NAA4    SEQ       6.97188 %   128,073,372.26  744,093.49  5,363,377.73   0.00   122,709,994.53 6,107,471.22    0.00
INV_CERT ARE991INV    SUB       0.00000 %     5,316,432.65   97,323.00          0.00   0.00     5,316,432.65    97,323.00    0.00
 Totals                                     133,389,804.91  841,416.49  5,363,377.73   0.00   128,026,427.18 6,204,794.22    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>   3

<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                                ARE Series 1999-1
                        Principal Distribution Statement

<TABLE>
<CAPTION>
            Original      Beginning     Scheduled   Unscheduled
              Face       Certificate    Principal    Principal             Realized
 Class       Amount        Balance     Distribution Distribution Accretion Loss (1)
-------- -------------- -------------- ------------ ------------ --------- --------
<S>      <C>            <C>            <C>          <C>          <C>       <C>
   A     229,000,000.00 128,073,372.26     0.00     5,363,377.73    0.00     0.00
INV_CERT   7,285,896.30   5,316,432.65     0.00             0.00    0.00     0.00
 Totals  236,285,896.30 133,389,804.91     0.00     5,363,377.73    0.00     0.00
</TABLE>

<TABLE>
<CAPTION>
            Total        Ending         Ending       Total
          Principal    Certificate    Certificate   Principal
 Class    Reduction      Balance      Percentage  Distribution
-------- ------------ --------------  ----------  ------------
<S>      <C>          <C>             <C>         <C>
   A     5,363,377.73 122,709,994.53  0.53585150  5,363,377.73
INV_CERT         0.00   5,316,432.65  0.72968821          0.00
 Totals  5,363,377.73 128,026,427.18  0.54182848  5,363,377.73
</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 Description

                                     Page 2
<PAGE>   4

<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                               ARE Series 1999-1
                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
             Original     Beginning    Scheduled   Unscheduled
               Face      Certificate   Principal    Principal               Realized
Class (2)     Amount       Balance    Distribution Distribution Accretion   Loss (3)
--------- -------------- ------------ ------------ ------------ ---------- ----------
<S>       <C>            <C>          <C>          <C>          <C>        <C>
   A      229,000,000.00 559.27236795  0.00000000   23.42086345 0.00000000 0.00000000
INV_CERT    7,285,896.30 729.68821283  0.00000000    0.00000000 0.00000000 0.00000000
</TABLE>

<TABLE>
<CAPTION>
             Total      Ending       Ending       Total
           Principal  Certificate  Certificate  Principal
Class (2)  Reduction    Balance    Percentage  Distribution
--------- ----------- ------------ ----------- ------------
<S>       <C>         <C>          <C>         <C>
   A      23.42086345 535.85150450  0.53585150  23.42086345
INV_CERT   0.00000000 729.68821283  0.72968821   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 Description

                                     Page 3
<PAGE>   5

<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                                ARE Series 1999-1
                         Interest Distribution Statement

<TABLE>
<CAPTION>
                                                Beginning
                  Original        Current      Certificate/      Current     Payment of    Current   Non-Supported
                    Face        Certificate      Notional        Accrued       Unpaid     Interest     Interest
Class              Amount          Rate          Balance         Interest     Interest    Shortfall    Shortfall
---------      --------------   -----------   --------------    ----------   ----------   ---------  -------------
<S>            <C>              <C>           <C>               <C>          <C>          <C>        <C>
    A          229,000,000.00    6.97188%     128,073,372.26    744,093.49       0.00        0.00         0.00
INV_CERT         7,285,896.30    0.00000%       5,316,432.65          0.00       0.00        0.00         0.00
Totals         236,285,896.30                                   744,093.49       0.00        0.00         0.00
</TABLE>

<TABLE>
<CAPTION>
                                         Remaining       Ending
                            Total         Unpaid      Certificate/
             Realized      Interest      Interest       Notional
Class         Loss(4)    Distribution    Shortfall       Balance
---------    --------    ------------    ---------    --------------
<S>          <C>         <C>               <C>       <C>
    A           0.00      744,093.49        0.00      122,709,994.53
INV_CERT        0.00       97,323.00        0.00        5,316,432.65
Totals          0.00      841,416.49        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>   6

<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone:  (301) 815-6600
                                                              Fax:          (301) 846-8152
</TABLE>

                               ARE Series 1999-1
                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
                                           Beginning                Payment of
               Original       Current     Certificate/    Current     Unpaid       Current     Non-Supported
                 Face       Certificate     Notional      Accrued    Interest     Interest        Interest
Class(5)        Amount         Rate         Balance      Interest   Shortfall     Shortfall      Shortfall
--------    --------------  -----------   ------------  ----------  -----------   ----------   -------------
<S>         <C>             <C>           <C>           <C>         <C>           <C>          <C>
A           229,000,000.00    6.97188%     559.272368   3.24931655  0.00000000    0.00000000     0.00000000
INV_CERT      7,285,896.30    0.00000%    729.6882128   0.00000000  0.00000000    0.00000000     0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                      Remaining       Ending
                          Total        Unpaid      Certificate/
            Realized     Interest     Interest       Notional
Class(5)     Loss(6)   Distribution   Shortfall       Balance
--------   ----------  ------------   ----------    -----------
<S>        <C>         <C>            <C>           <C>
A          0.00000000   3.24931655    0.00000000    535.8515045
INV_CERT   0.00000000  13.35772512    0.00000000    729.6882128
</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>   7

<TABLE>
<CAPTION>
<S>                                                  <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                                ARE Series 1999-1
                      Certificateholder Component Statement

<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%      24,547.40    24,223.94       0.00        0.00     55.19029009%
</TABLE>

                                     Page 6
<PAGE>   8

<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                               ARE Series 1999-1
                       Certificateholder Account Statement

<TABLE>
<S>                                                                <C>
                              CERTIFICATE ACCOUNT

Beginning Balance                                                          0.00
Deposits
     Payments of Interest and Principal                            6,508,535.09
     Liquidations, Insurance Proceeds, Reserve Funds                       0.00
     Proceeds from Repurchased Loans                                       0.00
     Other Amounts (Servicer Advances)                                     0.00
     Realized Losses                                                (194,308.71)
                                                                   ------------
Total Deposits                                                     6,314,226.38

Withdrawals
     Reimbursement for Servicer Advances                                   0.00
     Payment of Service Fee                                          109,432.16
     Payment of Interest and Principal                             6,204,794.22
                                                                   ------------
Total Withdrawals (Pool Distribution Amount)                       6,314,226.38

Ending Balance                                                             0.00

                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

Total Prepayment/Curtailment Interest Shortfall                            0.00
Servicing Fee Support                                                      0.00
                                                                   ------------
Non-Supported Prepayment/Curtailment Interest Shortfal                     0.00
                                                                   ============

                                 SERVICING FEES

Gross Servicing Fee                                                   55,579.08
Management Fee                                                         1,000.00
Trustee Fee                                                              555.77
FSA Insurance Premium                                                 24,547.40
Mortgage Insurance Premium                                            27,749.91
Supported Prepayment/Curtailment Interest Shortfall                        0.00
                                                                   ------------
Net Servicing Fee                                                    109,432.16
                                                                   ============
</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>   9

<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                                ARE Series 1999-1
             Loan Status Stratification/Credit Enhancement Statement

                                   DELINQUENT

<TABLE>
<CAPTION>
                                                     NO. OF           PRINCIPAL
                                                     LOANS             BALANCE
                                                     ------         ------------
<S>                                                  <C>            <C>
30 Days                                                48           4,047,995.86
60 Days                                                 7             997,983.10
90 Days                                                14             865,361.95
120 Days                                                0                   0.00
150 Days                                                0                   0.00
180+ Days                                               0                   0.00
                                                       --           ------------
                                                       69           5,911,340.91
</TABLE>

<TABLE>
<CAPTION>
                                                     NO. OF           PRINCIPAL
                                                      LOANS            BALANCE
                                                    --------           --------
<S>                                                 <C>                <C>
30 Days                                             3.983402%          3.161844%
60 Days                                             0.580913%          0.779513%
90 Days                                             1.161826%          0.675924%
120 Days                                            0.000000%          0.000000%
150 Days                                            0.000000%          0.000000%
180+ Days                                           0.000000%          0.000000%
                                                    --------           --------
                                                    5.726141%          4.617282%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                                                     NO. OF           PRINCIPAL
                                                     LOANS             BALANCE
                                                     ------         ------------
<S>                                                  <C>                 <C>
0-29 Days                                               0                   0.00
30 Days                                                 0                   0.00
60 Days                                                 0                   0.00
90 Days                                                52           6,128,576.38
120 Days                                                0                   0.00
150 Days                                                0                   0.00
180+ Days                                               0                   0.00
                                                     ----           ------------
                                                       52           6,128,576.38
</TABLE>

<TABLE>
<CAPTION>
                                                     NO. OF            PRINCIPAL
                                                     LOANS              BALANCE
                                                    --------           --------
<S>                                                 <C>                <C>
0-29 Days                                           0.000000%          0.000000%
30 Days                                             0.000000%          0.000000%
60 Days                                             0.000000%          0.000000%
90 Days                                             4.315353%          4.786962%
120 Days                                            0.000000%          0.000000%
150 Days                                            0.000000%          0.000000%
180+ Days                                           0.000000%          0.000000%
                                                    --------           --------
                                                    4.315353%          4.786962%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                                                     NO. OF           PRINCIPAL
                                                     LOANS             BALANCE
                                                     ------         ------------
<S>                                                  <C>            <C>
0-29 Days                                               0                   0.00
30 Days                                                 0                   0.00
60 Days                                                 0                   0.00
90 Days                                                58           5,717,347.64
120 Days                                                0                   0.00
150 Days                                                0                   0.00
180+ Days                                               0                   0.00
                                                       --           ------------
                                                       58           5,717,347.64
</TABLE>

<TABLE>
<CAPTION>
                                                    NO. OF             PRINCIPAL
                                                    LOANS               BALANCE
                                                   --------            --------
<S>                                                <C>                 <C>
0-29 Days                                          0.000000%           0.000000%
30 Days                                            0.000000%           0.000000%
60 Days                                            0.000000%           0.000000%
90 Days                                            4.813278%           4.465756%
120 Days                                           0.000000%           0.000000%
150 Days                                           0.000000%           0.000000%
180+ Days                                          0.000000%           0.000000%
                                                   --------            --------
                                                   4.813278%           4.465756%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                                                     NO. OF           PRINCIPAL
                                                     LOANS             BALANCE
                                                     ------         ------------
<S>                                                  <C>            <C>
0-29 Days                                               0                   0.00
30 Days                                                 0                   0.00
60 Days                                                 0                   0.00
90 Days                                                27           2,727,298.09
120 Days                                                0                   0.00
150 Days                                                0                   0.00
180+ Days                                               0                   0.00
                                                       --           ------------
                                                       27           2,727,298.09
</TABLE>

<TABLE>
<CAPTION>
                                                    NO. OF             PRINCIPAL
                                                    LOANS               BALANCE
                                                   --------            --------
<S>                                                <C>                 <C>
0-29 Days                                          0.000000%           0.000000%
30 Days                                            0.000000%           0.000000%
60 Days                                            0.000000%           0.000000%
90 Days                                            2.240664%           2.130262%
120 Days                                           0.000000%           0.000000%
150 Days                                           0.000000%           0.000000%
180+ Days                                          0.000000%           0.000000%
                                                   --------            --------
                                                   2.240664%           2.130262%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                                                    NO. OF           PRINCIPAL
                                                    LOANS             BALANCE
                                                    ------         -------------
<S>                                                  <C>            <C>
0-29 Days                                              0                    0.00
30 Days                                               48            4,047,995.86
60 Days                                                7              997,983.10
90 Days                                              151           15,438,584.06
120 Days                                               0                    0.00
150 Days                                               0                    0.00
180+ Days                                              0                    0.00
                                                     ---           -------------
                                                     206           20,484,563.02
</TABLE>

<TABLE>
<CAPTION>
                                                    NO. OF             PRINCIPAL
                                                    LOANS               BALANCE
                                                  ---------           ---------
<S>                                               <C>                 <C>
0-29 Days                                          0.000000%           0.000000%
30 Days                                            3.983402%           3.161844%
60 Days                                            0.580913%           0.779513%
90 Days                                           12.531120%          12.058904%
120 Days                                           0.000000%           0.000000%
150 Days                                           0.000000%           0.000000%
180+ Days                                          0.000000%           0.000000%
                                                  ---------           ---------
                                                  17.095436%          16.000261%
</TABLE>

(7)   The 90 day category of REO, foreclosure and bankruptcies contain all loans
      in their respective category.

<TABLE>
<S>                                                                 <C>
Current Period Realized Loss - Includes Interest Shortfall                  0.00
Cumulative Realized Losses - Includes Interest Shortfall            2,929,337.57
Current Period Class A Insufficient Funds                                   0.00
Principal Balance of Contaminated Properties                                0.00
Periodic Advance                                                            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%        5,316,432.65       4.15260565%     95.847394%     0.000000%
</TABLE>

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

                                     Page 8
<PAGE>   10
<TABLE>
<S>                                                  <C>      <C>
American Residential Eagle Certificate Trust         Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Sep-2000                             Securities Administration Services
Distribution Date:    25-Oct-2000                             7485 New Horizon Way
                                                              Frederick, MD 21703
24-Oct-2000   7:05:46PM                                       Telephone: (301) 815-6600
                                                              Fax:       (301) 846-8152
</TABLE>

                                ARE Series 1999-1
                              COLLATERAL STATEMENT

<TABLE>
<S>                                                     <C>
Collateral Description                                  Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon                                             10.302245%
Weighted Average Net  Coupon                                               9.802245%
Weighted Average Pass-Through Rate                                         9.797245%
Weighted Average Maturity (Stepdown Calculation)                                310
Beginning Scheduled Collateral Loan Count                                     1,245
Number of Loans Paid in Full                                                     40
Ending Scheduled Collateral Loan Count                                        1,205
Beginning Scheduled Collateral Balance                               133,389,804.93
Ending Scheduled Collateral Balance                                  128,026,427.20
Ending Actual Collateral Balance at 30-Sep-2000                      128,026,427.20
Monthly P&I Constant                                                   1,231,088.15
Class A Optimal Amount                                                 6,132,018.62
Ending Scheduled Balance for Premium Loans                           128,026,427.20
Scheduled Principal                                                       85,909.48
Unscheduled Principal                                                  5,277,468.25
Required Overcollateralized Amount                                     5,316,432.65
Overcollateralized Increase Amount                                             0.00
Overcollateralized Reduction Amount                                            0.00
Specified O/C Amount                                                   5,316,432.65
Overcollateralized Amount                                              5,316,432.65
Overcollateralized Deficiency Amount                                           0.00
Base Overcollateralization Amount                                      5,316,432.65
Extra Principal Distribution Amount                                            0.00
Excess Cash Amount                                                       291,631.71
</TABLE>

                                     Page 9

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