<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) MAY 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)
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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.)
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 MAY 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 MAY 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 MAY 25, 1999
Payment Date.
- 4 -
<PAGE> 1
Record Date: 04/30/99
Prior Period: 04/26/99
Distribution Date: 05/25/99
[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 337403CM9 6.25% 150,744,000.00 147,346,397.80 767,429.16 3,704,178.72 0.00
Factors per 5.09094332 24.57264448
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
PO 337403CN7 N/A 1,438,164.00 1,426,239.18 0.00 3,793.71 0.00
Factors per 0.00000000 2.63788414
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
1A-WIO* 337403CP2 0.36% 113,352,150.00 113,352,150.00 33,958.87 0.00 0.00
Factors per 0.29958735 0.00000000
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
2A 337403CQ0 6.28% 55,130,000.00 54,492,440.04 284,992.05 55,172.19 0.00
Factors per 5.16945492 1.00076528
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
A-R 337403CR8 6.25% 50.00 0.00 2,201.09 0.00 0.00
Factors per 44021.80000000 0.00000000
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
A-LR 337403CY3 6.25% 50.00 0.00 0.00 0.00 0.00
Factors per 0.00000000 0.00000000
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
M 337403CT4 6.26% 1,914,000.00 1,903,102.56 9,922.97 4,471.83 0.00
Factors per 5.18441484 2.33637931
Thousand
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B-1 337403CU1 6.26% 1,064,000.00 1,057,942.07 5,516.22 2,485.91 0.00
Factors per 5.18441729 2.33638158
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
B-2 337403CV9 6.26% 744,000.00 739,764.01 3,857.21 1,738.27 0.00
Factors per 5.18442204 2.33638441
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
B-3 337403CW7 6.26% 744,000.00 739,764.01 3,857.21 1,738.27 0.00
Factors per 5.18442204 2.33638441
Thousand
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B-4 337403CX5 6.26% 426,000.00 423,574.55 2,208.56 995.30 0.00
Factors per 5.18441315 2.33638498
Thousand
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B-5 337403CS6 6.26% 425,259.00 422,837.77 2,204.72 993.57 0.00
Factors per 5.18441703 2.33638794
Thousand
- ------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Totals 212,629,523.00 208,552,061.99 1,116,148.06 3,775,567.77 0.00
==============================================================================================================================
<CAPTION>
ENDING
TOTAL CERTIFICATE
CLASS DISTRIBUTION BALANCE
- ---------------------------------------------------
<S> <C> <C>
1A 4,471,607.88 143,642,219.08
Factors per 29.66358780 952.88846707
Thousand
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PO 3,793.71 1,422,445.47
Factors per 2.63788414 989.07041895
Thousand
- ---------------------------------------------------
1A-WIO* 33,958.87 113,241,836.27
Factors per 0.29958735 999.02680514
Thousand
- ---------------------------------------------------
2A 340,164.24 54,437,267.85
Factors per 6.17022021 987.43457011
Thousand
- ---------------------------------------------------
A-R 2,201.09 0.00
Factors per 44021.80000000 0.00000000
Thousand
- ---------------------------------------------------
A-LR 0.00 0.00
Factors per 0.00000000 0.00000000
Thousand
- ---------------------------------------------------
M 14,394.80 1,898,630.73
Factors per 7.52079415 991.97007837
Thousand
- ---------------------------------------------------
B-1 8,002.13 1,055,456.16
Factors per 7.52079887 991.97007519
Thousand
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B-2 5,595.48 738,025.74
Factors per 7.52080645 991.97008065
Thousand
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B-3 5,595.48 738,025.74
Factors per 7.52080645 991.97008065
Thousand
- ---------------------------------------------------
B-4 3,203.86 422,579.25
Factors per 7.52079812 991.97007042
Thousand
- ---------------------------------------------------
B-5 3,198.29 421,844.20
Factors per 7.52080497 991.97007000
Thousand
- ---------------------------------------------------
------------------------------
Totals 4,891,715.83 204,776,494.22
===================================================
</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: 04/30/99
Prior Period: 04/26/99
Distribution Date: 05/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 1
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C> <C>
Scheduled Principal 539,422.19
Prepayments 3,180,196.86
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TOTAL PRINCIPAL DISTRIBUTION 3,719,619.05
Interest 878,026.45
(Master Servicing Fee) 2,544.13
(Subservicing Fee) 49,992.40
(Trust Administration Fee) 1,717.29 1,081.26
(Trustee Fee) 628.92 636.03
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TOTAL INTEREST DISTRIBUTION 2,346.21 823,772.62
TOTAL AVAILABLE FUNDS 4,543,391.67
============
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
DELINQUENCY NUMBER
INFORMATION OF LOANS PRINCIPAL BALANCE
- ---------------------------------------------------------------------------
<S> <C> <C>
Delinquent 30-59 Days 2 479,780.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
- ---------------------------------------------------------------------------
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<S> <C>
Weighted Average to Maturity 170
Weighted Average Loan Rate 6.902368%
Agg. Beginning Principal Balance of Loans 152,647,864.79
Agg. Ending Principal Balance of Loans 148,928,245.74
Agg. Schd. Principal Balance of Discount Pool 1 Loans 39,406,028.52
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 148,928,245.74
Adjusted Pool Amount (PO) 110,675,553.95
Class 1A-PO Deferred Amount --
Book Value of Real Estate acquired --
Pool 1 Distribution Amount 4,543,391.67
</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: 04/30/99
Prior Period: 04/26/99
Distribution Date: 05/25/99
[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 97.826274%
Class 1A-WIO 0.00 0.00 0.00 0.00 Group 1 M Percentage 0.782454%
Class 1M 0.00 0.00 0.00 0.00 Group 1 B-1 Percentage 0.434969%
Class 1B-1 0.00 0.00 0.00 0.00 Group 1 B-2 Percentage 0.304151%
Class 1B-2 0.00 0.00 0.00 0.00 Group 1 B-3 Percentage 0.304151%
Class 1B-3 0.00 0.00 0.00 0.00 Group 1 B-4 Percentage 0.174151%
Class 1B-4 0.00 0.00 0.00 0.00 Group 1 B-5 Percentage 0.173848%
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: 04/30/99
Prior Period: 04/26/99
Distribution Date: 05/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 2
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 52,308.64
Prepayments 3,640.06
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TOTAL PRINCIPAL DISTRIBUTION 55,948.70
Interest 305,581.79
(Master Servicing Fee) 931.74
(Subservicing Fee) 11,646.71
(Trust Administration Fee) 395.99
(Trustee Fee) 232.93
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TOTAL NET INTEREST DISTRIBUTION 292,374.43
TOTAL AVAILABLE FUNDS 348,323.13
==========
295643.12000000
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Delinquency Number
Information of Loans Principal Balance
- -------------------------------------------------------------------------------
<S> <C> <C>
Delinquent 30-59 Days 0 0.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
- -------------------------------------------------------------------------------
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<S> <C>
Weighted Average to Maturity 354
Weighted Average Mortgage Rate 6.559425%
Agg. Beginning Principal Balance of Loans 55,904,196.68
Agg. Ending Principal Balance of Loans 55,848,247.98
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 55,848,247.98
Book Value of Real Estate acquired --
Pool 2 Distribution Amount 348,323.13
</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: 04/30/99
Prior Period: 04/26/99
Distribution Date: 05/25/99
[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 98.515519%
Group 2 M Percentage 0.534354%
Group 2 B-1 Percentage 0.297049%
Group 2 B-2 Percentage 0.207711%
Group 2 B-3 Percentage 0.207711%
Group 2 B-4 Percentage 0.118931%
Group 2 B-5 Percentage 0.118725%
</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
