<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) JUNE 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 JUNE 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 JUNE 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
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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 JUNE 25, 1999
Payment Date.
-4-
<PAGE> 1
Record Date: 05/31/99
Prior Period: 05/26/99
Distribution Date: 06/25/99
[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% 150,744,000.00 143,642,219.08 748,136.56 907,313.65 0.00
Factors per 4.96296078 6.01890390
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
PO 337403CN7 N/A 1,438,164.00 1,422,445.47 0.00 3,952.65 0.00
Factors per 0.00000000 2.74840004
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
1A-WIO* 337403CP2 0.36% 113,352,150.00 113,352,150.00 32,811.33 0.00 0.00
Factors per 0.28946368 0.00000000
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
2A 337403CQ0 6.28% 55,130,000.00 54,437,267.85 284,704.42 54,385.95 0.00
Factors per 5.16423762 0.98650372
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
A-R 337403CR8 6.25% 50.00 0.00 2,201.02 0.00 0.00
Factors per 44020.40000000 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 1,898,630.73 9,899.68 6,004.80 0.00
Factors per 5.17224660 3.13730408
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
B-1 337403CU1 6.26% 1,064,000.00 1,055,456.16 5,503.27 3,338.09 0.00
Factors per 5.17224624 3.13730263
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
B-2 337403CV9 6.26% 744,000.00 738,025.74 3,848.15 2,334.15 0.00
Factors per 5.17224462 3.13729839
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
B-3 337403CW7 6.26% 744,000.00 738,025.74 3,848.15 2,334.15 0.00
Factors per 5.17224462 3.13729839
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
B-4 337403CX5 6.26% 426,000.00 422,579.25 2,203.38 1,336.49 0.00
Factors per 5.17225352 3.13730047
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
B-5 337403CS6 6.26% 425,259.00 421,844.20 2,199.55 1,334.17 0.00
Factors per 5.17225973 3.13731161
Thousand
- -----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
TOTALS 212,629,523.00 204,776,494.22 1,095,355.51 982,334.10 0.00
=============================================================================================================================
<CAPTION>
ENDING
TOTAL CERTIFICATE
CLASS DISTRIBUTION BALANCE
- --------------------------------------------------------
<S> <C> <C>
1A 1,655,450.21 142,734,905.43
Factors per 10.98186468 946.86956317
Thousand
- -------------------------------------------------------
PO 3,952.65 1,418,492.82
Factors per 2.74840004 986.32201891
Thousand
- --------------------------------------------------------
1A-WIO* 32,811.33 109,675,713.97
Factors per 0.28946368 967.56624352
Thousand
- ---------------------------------------------------------
2A 339,090.37 54,382,881.90
Factors per 6.15074134 986.44806639
Thousand
- --------------------------------------------------------
A-R 2,201.02 0.00
Factors per 44020.40000000 0.00000000
Thousand
- --------------------------------------------------------
A-LR 0.00 0.00
Factors per 0.00000000 0.00000000
Thousand
- --------------------------------------------------------
M 15,904.48 1,892,625.93
Factors per 8.30955068 988.83277429
Thousand
- --------------------------------------------------------
B-1 8,841.36 1,052,118.07
Factors per 8.30954887 988.83277256
Thousand
- --------------------------------------------------------
B-2 6,182.30 735,691.59
Factors per 8.30954301 988.83278226
Thousand
- --------------------------------------------------------
B-3 6,182.30 735,691.59
Factors per 8.30954301 988.83278226
Thousand
- --------------------------------------------------------
B-4 3,539.87 421,242.76
Factors per 8.30955399 988.83276995
Thousand
- --------------------------------------------------------
B-5 3,533.72 420,510.03
Factors per 8.30957134 988.83275839
Thousand
- --------------------------------------------------------
---------------------------------
TOTALS 2,077,689.61 203,794,160.12
========================================================
</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: 05/31/99
Prior Period: 05/26/99
Distribution Date: 06/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 1
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 533,513.43
Prepayments 393,105.47
------------
TOTAL PRINCIPAL DISTRIBUTION 926,618.90
Interest 856,119.77
(Master Servicing Fee) 2,482.14
(Subservicing Fee) 48,690.42
(Trust Administration Fee) 1,054.91
(Trustee Fee) 620.53
------------
TOTAL INTEREST DISTRIBUTION 803,271.77
TOTAL AVAILABLE FUNDS 1,729,890.67
============
</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 169
Weighted Average Loan Rate 6.898246%
Agg. Beginning Principal Balance of Loans 148,928,245.74
Agg. Ending Principal Balance of Loans 148,001,626.84
Agg. Schd. Principal Balance of Discount Pool 1 Loans 39,252,531.77
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 148,001,626.84
Adjusted Pool Amount (PO) 109,904,224.41
Class 1A-PO Deferred Amount --
Book Value of Real Estate acquired --
Pool 1 Distribution Amount 1,729,890.67
</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: 05/31/99
Prior Period: 05/26/99
Distribution Date: 06/25/99
[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 97.102526%
Class 1A-WIO 0.00 0.00 0.00 0.00 Group 1 M Percentage 1.042974%
Class 1M 0.00 0.00 0.00 0.00 Group 1 B-1 Percentage 0.579793%
Class 1B-1 0.00 0.00 0.00 0.00 Group 1 B-2 Percentage 0.405419%
Class 1B-2 0.00 0.00 0.00 0.00 Group 1 B-3 Percentage 0.405419%
Class 1B-3 0.00 0.00 0.00 0.00 Group 1 B-4 Percentage 0.232135%
Class 1B-4 0.00 0.00 0.00 0.00 Group 1 B-5 Percentage 0.231732%
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: 05/31/99
Prior Period: 05/26/99
Distribution Date: 06/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 2
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 52,613.55
Prepayments 3,101.66
-----------
TOTAL PRINCIPAL DISTRIBUTION 55,715.21
Interest 305,276.90
(Master Servicing Fee) 930.80
(Subservicing Fee) 11,635.05
(Trust Administration Fee) 395.59
(Trustee Fee) 232.70
-----------
TOTAL NET INTEREST DISTRIBUTION 292,082.75
TOTAL AVAILABLE FUNDS 347,797.96
===========
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY NUMBER
INFORMATION OF LOANS PRINCIPAL BALANCE
- ---------------------------------------------------------------------
<S> <C> <C>
Delinquent 30-59 Days 5 1,582,797.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
- ---------------------------------------------------------------------
</TABLE>
COLLATERAL INFORMATION
<TABLE>
<S> <C>
Weighted Average to Maturity 353
Weighted Average Mortgage Rate 6.559445%
Agg. Beginning Principal Balance of Loans 55,848,247.98
Agg. Ending Principal Balance of Loans 55,792,532.77
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 55,792,532.77
Book Value of Real Estate acquired --
Pool 2 Distribution Amount 347,797.96
</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: 05/31/99
Prior Period: 05/26/99
Distribution Date: 06/25/99
[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 97.473546%
Group 2 M Percentage 0.909422%
Group 2 B-1 Percentage 0.505551%
Group 2 B-2 Percentage 0.353506%
Group 2 B-3 Percentage 0.353506%
Group 2 B-4 Percentage 0.202411%
Group 2 B-5 Percentage 0.202058%
</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
