<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) APRIL 25, 1999.
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First Union Residential Securitization Transactions, Inc.
(Issuer in respect of the FURST Mortgage Loan Trust
Mortgage Pass-Through Certificates Series 1999-A)
-------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-3574 56-1967773
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o First Union National Bank, 230 S. Tryon Street, 9th Floor,
Charlotte, NC 28288-1179
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 383-9568
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- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. See the monthly statement to Bondholders attached as Exhibit 20.1
hereto reflecting the required information for the APRIL 1999 payment to the
FURST Mortgage Loan Trust 1999-A Mortgage Pass-Through Certificates Series
1999-A
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Item 601 (a) of Regulation.
S-K Exhibit Number.
20.1 Monthly statement to holders of FURST Mortgage Loan Trust 1999-A
Mortgage Pass-Through Certificates Series 1999-A relating to the APRIL 25, 1999
Payment Date.
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<PAGE> 3
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of First Union
Residential Securitization Transactions, Inc. by the undersigned thereunto duly
authorized.
Dated: DECEMBER 3, 1999 By: First Union National Bank, as Trust
Administrator and on behalf of First Union
Residential Securitization Transactions, Inc.
BY: Robert Ashbaugh
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Vice President
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<PAGE> 4
EXHIBIT INDEX
20.1 Monthly statement to holders of FURST Mortgage Loan Trust 1999-A
Mortgage Pass-Through Certificates Series 1999-A relating to the APRIL 25, 1999
Payment Date.
-4-
<PAGE> 1
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 03/31/99
PRIOR PERIOD: 03/25/99
DISTRIBUTION DATE: 04/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
Original Beginning Current Ending
Certificate Certificate Certificate Realized Total Certificate
Class Cusip Rate Balance Balance Interest Principal Loss Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A 337403CM8 6.25% 150,744,000.00 148,347,900.85 772,645.32 1,001,503.22 0.00 1,774,148.54 147,346,397.63
Factors per
Thousand 5.12554609 6.64373521 11.76928130 977.46111043
- ------------------------------------------------------------------------------------------------------------------------------------
PO 337403CN7 N/A 1,438,164.00 1,430,041.13 0.00 3,801.95 0.00 3,801.95 1,426,239.18
Factors per
Thousand 0.00000000 2.64361366 2.64361366 991.70830309
- ------------------------------------------------------------------------------------------------------------------------------------
1A-WIO* 337403CP2 0.36% 113,352,150.00 113,352,150.00 34,615.15 0.00 0.00 34,615.15 113,241,836.27
Factors per
Thousand 0.30537709 0.00000000 0.30537709 999.02680514
- ------------------------------------------------------------------------------------------------------------------------------------
2A 337403CQ0 6.27% 55,130,000.00 55,074,309.32 287,959.26 581,869.28 0.00 869,828.54 54,492,440.04
Factors per
Thousand 5.22327698 10.55449447 15.77777145 988.43533539
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A-R 337403CR8 6.25% 50.00 0.00 0.00 0.00 0.00 0.00 0.00
Factors per
Thousand 0.00000000 0.00000000 0.00000000 0.00000000
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A-LR N/A 6.25% 50.00 0.00 0.00 0.00 0.00 0.00 0.00
Factors per
Thousand 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
M 337403CS6 6.26% 1,914,000.00 1,909,019.72 9,953.10 5,917.10 0.00 15,870.20 1,903,102.62
Factors per
Thousand 5.20015674 3.09148380 8.29164054 994.30648903
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B-1 337403CT4 6.26% 1,064,000.00 1,061,231.44 5,532.97 3,289.34 0.00 8,822.31 1,057,942.10
Factors per
Thousand 5.20015977 3.09148496 8.29164474 994.30648496
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B-2 337403CU1 6.26% 744,000.00 742,064.09 3,868.92 2,300.06 0.00 6,168.98 739,764.03
Factors per
Thousand 5.20016129 3.09147849 8.29163978 994.30649194
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B-3 337403CV8 6.26% 744,000.00 742,064.09 3,868.92 2,300.06 0.00 6,168.98 739,764.03
Factors per
Thousand 5.20016129 3.09147849 8.29163978 994.30649194
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B-4 337403CW7 6.26% 426,000.00 424,891.54 2,215.27 1,316.97 0.00 3,532.24 423,574.57
Factors per
Thousand 5.20016432 3.09147887 8.29164319 994.30650235
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B-5 337403CX5 6.26% 425,259.00 424,153.45 2,211.42 1,314.68 0.00 3,526.10 422,838.77
Factors per
Thousand 5.20017213 3.09148072 8.29165285 994.30880945
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TOTALS 212,629,523.00 210,155,675.63 1,122,870.33 1,603,612.66 0.00 2,726,482.99 208,552,062.97
====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
* Notional Balance
<PAGE> 2
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 03/31/99
PRIOR PERIOD: 03/25/99
DISTRIBUTION DATE: 04/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
- ------------------------------------------------------ -------------------------------------------------------------------------
SCHEDULE OF REMITTANCE COLLATERAL INFORMATION
<S> <C> <C> <C>
Scheduled Principal 537,813.47
Prepayments 482,583.81 Weighted Average to Maturity 171
--------------- Weighted Average Loan Rate 6.905385%
TOTAL PRINCIPAL DISTRIBUTION 1,020,397.28
Interest 884,282.05 Agg. Beginning Principal Balance of Loans 153,668,262.07
Agg. Ending Principal Balance of Loans 152,647,864.79
(Master Servicing Fee) 2,561.14 Agg. Schd. Principal Balance of Discount Pool 1 Loans 39,553,473.74
(Subservicing Fee) 50,268.52
(Trust Administration Fee) 1,088.48 Previous Scheduled Principal Payments -
(Trustee Fee) 640.28 Previous Prepayments -
--------------- Prior Weighted Average to Maturity N/A
TOTAL INTEREST DISTRIBUTION 829,723.62 Prior Weighted Average Loan Rate N/A
TOTAL AVAILABLE FUNDS 1,850,120.90
===============
Realized Losses -
Adjusted Pool Amount 152,647,864.79
- ------------------------------------------------------ Adjusted Pool Amount (PO) 114,245,469.97
DELINQUENCY NUMBER Class 1A-PO Deferred Amount -
INFORMATION OF LOANS PRINCIPAL BALANCE Book Value of Real Estate acquired -
- ------------------------------------------------------
Delinquent 30-59 Days 0 0.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00 Pool 1 Distribution Amount 1,850,120.90
- ------------------------------------------------------ -------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 3
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 03/31/99
PRIOR PERIOD: 03/25/99
DISTRIBUTION DATE: 04/25/99
<TABLE>
<CAPTION>
===================================================================================================================================
POOL 1
CERTIFICATE INFORMATION
Beginning Upaid Ending Unpaid Non-Supported Realized Loss Class
Interest Shortfall Interest Shortfall Interest Shortfall Interest Portion Percentage
<S> <C> <C> <C> <C> <C> <C>
Class A-1 0.00 0.00 0.00 0.00 Group 1 A Percentage 97.174832%
Class 1A-WIO 0.00 0.00 0.00 0.00 Group 1 M Percentage 1.016947%
Class 1M 0.00 0.00 0.00 0.00 Group 1 B-1 Percentage 0.565325%
Class 1B-1 0.00 0.00 0.00 0.00 Group 1 B-2 Percentage 0.395302%
Class 1B-2 0.00 0.00 0.00 0.00 Group 1 B-3 Percentage 0.395302%
Class 1B-3 0.00 0.00 0.00 0.00 Group 1 B-4 Percentage 0.226342%
Class 1B-4 0.00 0.00 0.00 0.00 Group 1 B-5 Percentage 0.225949%
Class 1B-5 0.00 0.00 0.00 0.00
===================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 4
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 03/31/99
PRIOR PERIOD: 03/25/99
DISTRIBUTION DATE: 04/25/99
<TABLE>
<CAPTION>
============================================================================================================================
POOL 2
- ------------------------------------------------------- -----------------------------------------------------------------
SCHEDULE OF REMITTANCE COLLATERAL INFORMATION
<S> <C> <C> <C>
Scheduled Principal 53,809.58
Prepayments 529,405.81 Weighted Average to Maturity 355
------------- Weighted Average Mortgage Rate 6.557770%
TOTAL PRINCIPAL DISTRIBUTION 583,215.39
Interest 308,728.73 Agg. Beginning Principal Balance of Loans 56,487,412.07
Agg. Ending Principal Balance of Loans 55,904,196.68
(Master Servicing Fee) 941.46
(Subservicing Fee) 11,768.21 Previous Scheduled Principal Payments -
(Trust Administration Fee) 400.12 Previous Prepayments -
(Trustee Fee) 235.36
-------------
TOTAL NET INTEREST DISTRIBUTION 295,383.58 Prior Weighted Average to Maturity N/A
Prior Weighted Average Loan Rate N/A
TOTAL AVAILABLE FUNDS 878,598.97
=============
Realized Losses -
- -----------------------------------------------------
DELINQUENCY NUMBER Adjusted Pool Amount 55,904,196.68
INFORMATION OF LOANS PRINCIPAL BALANCE
- -----------------------------------------------------
Delinquent 30-59 Days 0 0.00
Delinquent 60-89 Days 0 0.00 Book Value of Real Estate acquired -
Delinquent 90+ Days 0 0.00 Pool2 Distribution Amount 878,598.97
- ----------------------------------------------------- ------------------------------------------------------------------
============================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 5
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 03/31/99
PRIOR PERIOD: 03/25/99
DISTRIBUTION DATE: 04/25/99
<TABLE>
<CAPTION>
================================================================================================================================
POOL 2
CERTIFICATE INFORMATION
Beginning Unpaid Ending Unpaid Non-Supported Realized Loss Class
Interest Shortfall Interest Shortfall Interest Shortfall Interest Portion Percentage
<S> <C> <C> <C> <C> <C> <C>
Class 2A 0.00 0.00 0.00 0.00 Group 2 A Percentage 97.498376%
Group 2 M Percentage 0.900484%
Group 2 B-1 Percentage 0.500583%
Group 2 B-2 Percentage 0.350031%
Group 2 B-3 Percentage 0.350031%
Group 2 B-4 Percentage 0.200421%
Group 2 B-5 Percentage 0.200073%
================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039