<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) OCTOBER 25, 1999.
-----------------
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
- ----------------------------------------------------------------------------
(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
--------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 383-9568
--------------
- --------------------------------------------------------------------------------
(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 OCTOBER 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 OCTOBER 25,
1999 Payment Date.
-2-
<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
---------------------------------------------
Vice President
-3-
<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 OCTOBER 25,
1999 Payment Date.
-4-
<PAGE> 1
Record Date: 09/30/99
Prior Period: 09/25/99
Distribution Date: 10/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
<TABLE>
<CAPTION>
ORIGINAL BEGINNING CURRENT
CERTIFICATE CERTIFICATE CERTIFICATE REALIZED
CLASS CUSIP RATE BALANCE BALANCE INTEREST PRINCIPAL LOSS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1A 337403CM8 6.25% 150,744,000.00 136,856,721.46 712,795.42 1,706,708.60 0.00
Factors per 4.72851603 11.32190071
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
PO 337403CN7 N/A 1,438,164.00 1,406,112.04 0.00 6,223.66 0.00
Factors per 0.00000000 4.32750368
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
A-WIO* 337403CP2 0.35% 113,352,150.00 103,458,115.35 30,170.51 0.00 0.00
Factors per 0.26616619 0.00000000
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
2A 337403CQ0 6.28% 55,130,000.00 52,378,180.29 273,955.77 386,264.23 0.00
Factors per 4.96926846 7.00642536
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
A-R 337403CR8 6.25% 50.00 0.00 2,201.16 0.00 0.00
Factors per 44023.20000000 0.00000000
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
A-LR N/A 6.25% 50.00 0.00 0.00 0.00 0.00
Factors per 0.00000000 0.00000000
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
M 337403CS6 6.26% 1,914,000.00 1,874,317.19 9,773.20 6,242.32 0.00
Factors per 5.10616510 3.26140021
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
B-1 337403CT4 6.26% 1,064,000.00 1,041,940.18 5,432.96 3,470.13 0.00
Factors per 5.10616541 3.26140038
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
B-2 337403CU1 6.26% 744,000.00 728,574.72 3,798.99 2,426.48 0.00
Factors per 5.10616935 3.26139785
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
B-3 337403CV8 6.26% 744,000.00 728,574.72 3,798.99 2,426.48 0.00
Factors per 5.10616935 3.26139785
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
B-4 337403CW7 6.26% 426,000.00 417,167.77 2,175.23 1,389.36 0.00
Factors per 5.10617371 3.26140845
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
B-5 337403CX5 6.26% 425,259.00 416,442.14 2,171.44 1,386.94 0.00
Factors per 5.10615883 3.26140070
Thousand
- ----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Totals 212,629,523.00 195,848,030.51 1,046,273.67 2,116,538.20 0.00
==================================================================================================================================
<CAPTION>
ENDING
TOTAL CERTIFICATE
CLASS DISTRIBUTION BALANCE
- ----------------------------------------------------
<S> <C> <C>
1A 2,419,504.02 135,150,012.86
Factors per 16.05041673 896.55318195
Thousand
- ----------------------------------------------------
PO 6,223.66 1,399,888.38
Factors per 4.32750368 973.38577520
Thousand
- ----------------------------------------------------
A-WIO* 30,170.51 102,292,470.72
Factors per 0.26616619 902.43079395
Thousand
- ----------------------------------------------------
2A 660,220.00 51,991,916.06
Factors per 11.97569381 943.07847016
Thousand
- ----------------------------------------------------
A-R 2,201.16 0.00
Factors per 44023.20000000 0.00000000
Thousand
- ----------------------------------------------------
A-LR 0.00 0.00
Factors per 0.00000000 0.00000000
Thousand
- ----------------------------------------------------
M 16,015.52 1,868,074.87
Factors per 8.36756531 976.00567921
Thousand
- ----------------------------------------------------
B-1 8,903.09 1,038,470.05
Factors per 8.36756579 976.00568609
Thousand
- ----------------------------------------------------
B-2 6,225.47 726,148.24
Factors per 8.36756720 976.00569892
Thousand
- ----------------------------------------------------
B-3 6,225.47 726,148.24
Factors per 8.36756720 976.00569892
Thousand
- ----------------------------------------------------
B-4 3,564.59 415,778.41
Factors per 8.36758216 976.00565728
Thousand
- ----------------------------------------------------
B-5 3,558.38 415,055.20
Factors per 8.36755953 976.00568124
Thousand
- ----------------------------------------------------
----------------------------------------
Totals 3,162,811.87 193,731,492.31
====================================================
</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 * NOTIONAL BALANCE FAX: 704-383-6039
<PAGE> 2
Record Date: 09/30/99
Period: 09/25/99
Distribution Date: 10/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A PRIOR
STATEMENT TO CERTIFICATEHOLDER
POOL 1
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 537,471.85
Prepayments 1,191,440.56
------------
TOTAL PRINCIPAL DISTRIBUTION 1,728,912.41
Interest 815,605.90
(Master Servicing Fee) 2,367.74
(Subservicing Fee) 46,673.84
(Trust Administration Fee) 1,006.29
(Trustee Fee) 591.93
------------
TOTAL INTEREST DISTRIBUTION 764,966.10
TOTAL AVAILABLE FUNDS 2,493,878.51
============
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
DELINQUENCY NUMBER
INFORMATION OF LOANS PRINCIPAL BALANCE
- -----------------------------------------------------------------------------------
<S> <C> <C>
Delinquent 30-59 Days 2 624,739.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
- -----------------------------------------------------------------------------------
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<S> <C>
Weighted Average to Maturity 165
Weighted Average Loan Rate 6.889327%
Agg. Beginning Principal Balance of Loans 142,064,232.90
Agg. Ending Principal Balance of Loans 140,335,320.49
Agg. Schd. Principal Balance of Discount Pool 38,606,117.55
Previous Scheduled Principal Payments --
Previous Prepayments --
Prior Weighted Average to Maturity N/A
Prior Weighted Average Loan Rate N/A
Realized Losses --
Adjusted Pool Amount 140,335,320.49
Adjusted Pool Amount (PO) 103,269,753.61
Class 1A-PO Deferred Amount --
Book Value of Real Estate acquired --
Pool 1 Distribution Amount 2,493,878.51
</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
Record Date: 09/30/99
Prior Period: 09/25/99
Distribution Date: 10/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 1
CERTIFICATE INFORMATION
<TABLE>
<CAPTION>
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 97.005966%
Class 1A-WIO 0.00 0.00 0.00 0.00 Group 1 M Percentage 1.077732%
Class 1M 0.00 0.00 0.00 0.00 Group 1 B-1 Percentage 0.599115%
Class 1B-1 0.00 0.00 0.00 0.00 Group 1 B-2 Percentage 0.418930%
Class 1B-2 0.00 0.00 0.00 0.00 Group 1 B-3 Percentage 0.418930%
Class 1B-3 0.00 0.00 0.00 0.00 Group 1 B-4 Percentage 0.239871%
Class 1B-4 0.00 0.00 0.00 0.00 Group 1 B-5 Percentage 0.239454%
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
Record Date: 09/30/99
Prior Period: 09/25/99
Distribution Date: 10/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 2
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 52,097.44
Prepayments 335,528.33
----------
TOTAL PRINCIPAL DISTRIBUTION 387,625.77
Interest 294,014.00
(Master Servicing Fee) 896.40
(Subservicing Fee) 11,204.96
(Trust Administration Fee) 380.97
(Trustee Fee) 224.10
----------
TOTAL NET INTEREST DISTRIBUTION 281,307.58
TOTAL AVAILABLE FUNDS 668,933.35
==========
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY NUMBER
INFORMATION OF LOANS PRINCIPAL BALANCE
- ------------------------------------------------------------------------------
<S> <C> <C>
Delinquent 30-59 Days 2 475,125.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
- ------------------------------------------------------------------------------
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<S> <C>
Weighted Average to Maturity 349
Weighted Average Mortgage Rate 6.559910%
Agg. Beginning Principal Balance of Loans 53,783,797.08
Agg. Ending Principal Balance of Loans 53,396,171.31
Previous Scheduled Principal Payments --
Previous Prepayments --
Prior Weighted Average to Maturity N/A
Prior Weighted Average Loan Rate N/A
Realized Losses --
Adjusted Pool Amount 53,396,171.31
Book Value of Real Estate acquired --
Pool 2 Distribution Amount 668,933.35
</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
RECORD DATE: 09/30/99
PRIOR PERIOD: 09/25/99
DISTRIBUTION DATE: 10/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 2
CERTIFICATE INFORMATION
<TABLE>
<CAPTION>
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 97.386542%
Group 2 M Percentage 0.940740%
Group 2 B-1 Percentage 0.522961%
Group 2 B-2 Percentage 0.365679%
Group 2 B-3 Percentage 0.365679%
Group 2 B-4 Percentage 0.209381%
Group 2 B-5 Percentage 0.209017%
</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
