<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) SEPTEMBER 27, 1999.
---------------------
First Union Residential Securitization Transactions, Inc.
(Issuer in respect of the FURST Mortgage Loan Trust
Mortgage Pass-Through Certificates Series 1999-A)
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(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.)
<TABLE>
<CAPTION>
<S> <C>
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)
</TABLE>
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 SEPTEMBER 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.
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20.1 Monthly statement to holders of FURST Mortgage Loan Trust 1999-A Mortgage
Pass-Through Certificates Series 1999-A relating to the SEPTEMBER 27, 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
---------------------------------------------
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 SEPTEMBER 27, 1999
Payment Date.
-4-
<PAGE> 1
Record Date: 08/31/99
Prior Period: 08/25/99
Distribution Date: 09/27/99
[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% 150,744,000.00 138,417,266.58 720,923.26 1,560,545.12 0.00
Factors per 4.78243419 10.35228679
Thousand
- --------------------------------------------------------------------------------------------------------------------------
PO 337403CN7 N/A 1,438,164.00 1,410,497.67 0.00 4,385.63 0.00
Factors per 0.00000000 3.04946446
Thousand
- --------------------------------------------------------------------------------------------------------------------------
1A-WIO* 337403CP2 0.35% 113,352,150.00 104,871,154.32 30,598.59 0.00 0.00
Factors per 0.26994274 0.00000000
Thousand
- --------------------------------------------------------------------------------------------------------------------------
2A 337403CQ0 6.28% 55,130,000.00 53,498,896.36 279,993.09 1,120,716.07 0.00
Factors per 5.07877907 20.32860638
Thousand
- --------------------------------------------------------------------------------------------------------------------------
A-R 337403CR8 6.25% 50.00 0.00 2,200.95 0.00 0.00
Factors per 44019.00000000 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 1,880,474.29 9,806.95 6,157.10 0.00
Factors per 5.12379833 3.21687565
Thousand
- --------------------------------------------------------------------------------------------------------------------------
B-1 337403CT4 6.26% 1,064,000.00 1,045,362.93 5,451.72 3,422.75 0.00
Factors per 5.12379699 3.21687030
Thousand
- --------------------------------------------------------------------------------------------------------------------------
B-2 337403CU1 6.26% 744,000.00 730,968.07 3,812.10 2,393.35 0.00
Factors per 5.12379032 3.21686828
Thousand
- --------------------------------------------------------------------------------------------------------------------------
B-3 337403CV8 6.26% 744,000.00 730,968.07 3,812.10 2,393.35 0.00
Factors per 5.12379032 3.21686828
Thousand
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B-4 337403CW7 6.26% 426,000.00 418,538.16 2,182.74 1,370.39 0.00
Factors per 5.12380282 3.21687793
Thousand
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B-5 337403CX5 6.26% 425,259.00 417,810.14 2,178.94 1,368.00 0.00
Factors per 5.12379515 3.21686314
Thousand
- --------------------------------------------------------------------------------------------------------------------------
==========================================================================================================================
TOTALS 212,629,523.00 198,550,782.27 1,060,960.44 2,702,751.76 0.00
==========================================================================================================================
<CAPTION>
================================================================================
ENDING
TOTAL CERTIFICATE
CLASS DISTRIBUTION BALANCE
================================================================================
<S> <C> <C>
1A 2,281,468.38 136,856,721.46
Factors per 15.13472098 907.87508266
Thousand
- --------------------------------------------------------------------------------
PO 4,385.63 1,406,112.04
Factors per 3.04946446 977.71327888
Thousand
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1A-WIO* 30,598.59 103,458,115.35
Factors per 0.26994274 912.71418628
Thousand
- --------------------------------------------------------------------------------
2A 1,400,709.16 52,378,180.29
Factors per 25.40738545 950.08489552
Thousand
- --------------------------------------------------------------------------------
A-R 2,200.95 0.00
Factors per 44019.00000000 0.00000000
Thousand
- --------------------------------------------------------------------------------
A-LR 0.00 0.00
Factors per 0.00000000 0.00000000
Thousand
- --------------------------------------------------------------------------------
M 15,964.05 1,874,317.19
Factors per 8.34067398 979.26707941
Thousand
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B-1 8,874.47 1,041,940.18
Factors per 8.34066729 979.26708647
Thousand
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B-2 6,205.45 728,574.72
Factors per 8.34065860 979.26709677
Thousand
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B-3 6,205.45 728,574.72
Factors per 8.34065860 979.26709677
Thousand
- --------------------------------------------------------------------------------
B-4 3,553.13 417,167.77
Factors per 8.34068075 979.26706573
Thousand
- --------------------------------------------------------------------------------
B-5 3,546.94 416,442.14
Factors per 8.34065828 979.26708194
Thousand
- --------------------------------------------------------------------------------
================================================================================
TOTALS 3,763,712.20 195,848,030.51
================================================================================
</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 * NOTIONAL BALANCE FAX: 704-383-6039
<PAGE> 2
Record Date: 08/31/99
Prior Period: 08/25/99
Distribution Date: 09/27/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 1
SCHEDULE OF REMITTANCE
<TABLE>
<CAPTION>
<S> <C>
Scheduled Principal 533,756.43
Prepayments 1,046,927.11
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TOTAL PRINCIPAL DISTRIBUTION 1,580,683.54
Interest 824,694.45
(Master Servicing Fee) 2,394.08
(Subservicing Fee) 47,080.51
(Trust Administration Fee) 1,017.48
(Trustee Fee) 598.52
-------------------------------------
TOTAL INTEREST DISTRIBUTION 773,603.85
TOTAL AVAILABLE FUNDS 2,354,287.39
=====================================
</TABLE>
<TABLE>
<CAPTION>
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DELINQUENCY NUMBER
INFORMATION OF LOANS PRINCIPAL BALANCE
- -------------------------------------------------------------------------------
<S> <C> <C>
Delinquent 30-59 Days 1 219,482.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
- -------------------------------------------------------------------------------
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<S> <C>
Weighted Average to Maturity 166
Weighted Average Loan Rate 6.889443%
Agg. Beginning Principal Balance of Loans 143,644,916.44
Agg. Ending Principal Balance of Loans 142,064,232.90
Agg. Schd. Principal Balance of Discount Pool 1 Loans 38,773,762.12
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 142,064,232.90
Adjusted Pool Amount (PO) 104,441,621.90
Class 1A-PO Deferred Amount -
Book Value of Real Estate acquired -
Pool 1 Distribution Amount 2,354,287.39
</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: 08/31/99
Prior Period: 08/25/99
Distribution Date: 09/27/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 1
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 A-1 0.00 0.00 0.00 0.00 Group 1 A Percentage 97.028006%
Class 1A-WIO 0.00 0.00 0.00 0.00 Group 1 M Percentage 1.069799%
Class 1M 0.00 0.00 0.00 0.00 Group 1 B-1 Percentage 0.594705%
Class 1B-1 0.00 0.00 0.00 0.00 Group 1 B-2 Percentage 0.415846%
Class 1B-2 0.00 0.00 0.00 0.00 Group 1 B-3 Percentage 0.415846%
Class 1B-3 0.00 0.00 0.00 0.00 Group 1 B-4 Percentage 0.238106%
Class 1B-4 0.00 0.00 0.00 0.00 Group 1 B-5 Percentage 0.237691%
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: 08/31/99
Prior Period: 08/25/99
Distribution Date: 09/27/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 2
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 52,767.35
Prepayments 1,069,300.89
-------------------------------------
TOTAL PRINCIPAL DISTRIBUTION 1,122,068.24
Interest 300,327.10
(Master Servicing Fee) 915.10
(Subservicing Fee) 11,438.72
(Trust Administration Fee) 388.92
(Trustee Fee) 228.77
-------------------------------------
TOTAL NET INTEREST DISTRIBUTION 287,355.59
TOTAL AVAILABLE FUNDS 1,409,423.83
=====================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================================
DELINQUENCY NUMBER
INFORMATION OF LOANS PRINCIPAL BALANCE
=======================================================================================================================
<S> <C> <C>
Delinquent 20-59 Days 0 0.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
=======================================================================================================================
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<CAPTION>
<S> <C>
Weighted Average to Maturity 350
Weighted Average Mortgage Rate 6.563848%
Agg. Beginning Principal Balance of Loans 54,905,865.32
Agg. Ending Principal Balance of Loans 53,783,797.08
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 53,783,797.08
Book Value of Real Estate acquired -
Pool 2 Distribution Amount 1,409,423.83
</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: 08/31/99
Prior Period: 08/25/99
Distribution Date: 09/27/99
[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 97.437489%
Group 2 M Percentage 0.922401%
Group 2 B-1 Percentage 0.512766%
Group 2 B-2 Percentage 0.358551%
Group 2 B-3 Percentage 0.358551%
Group 2 B-4 Percentage 0.205299%
Group 2 B-5 Percentage 0.204942%
</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
