<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) MARCH 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
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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 MARCH 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 MARCH
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 MARCH 25, 1999
Payment Date.
-4-
<PAGE> 1
Record Date: 02/28/99
Prior Period: 02/25/99
Distribution Date: 03/25/99
[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% 150,744,000.00 150,744,000.00 785,125.00 2,396,098.98 0.00
Factors per 5.20833333 15.89515324
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
PO 337403CN7 N/A 1,438,164.00 1,438,164.00 0.00 8,122.87 0.00
Factors per 0.00000000 5.64808325
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
1A-WIO* 337403CP2 0.39% 113,352,150.00 113,352,150.00 34,118.65 0.00 0.00
Factors per 0.30099694 0.00000000
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
2A 337403CQ0 6.27% 55,130,000.00 55,130,000.00 288,250.44 55,690.68 0.00
Factors per 5.22855868 1.01017014
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
A-R 337403CR8 6.25% 50.00 50.00 4,332.92 50.00 0.00
Factors per 86658.40000000 1000.00000000
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
A-LR 337403CY3 6.25% 50.00 50.00 0.26 50.00 0.00
Factors per 5.20000000 1000.00000000
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
M 337403CT4 6.26% 1,914,000.00 1,914,000.00 9,979.05 4,980.34 0.00
Factors per 5.21371473 2.60205852
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
B-1 337403CU1 6.26% 1,064,000.00 1,064,000.00 5,547.39 2,768.59 0.00
Factors per 5.21371241 2.60205827
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
B-2 337403CV9 6.26% 744,000.00 744,000.00 3,879.00 1,935.93 0.00
Factors per 5.21370968 2.60205645
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
B-3 337403CW7 6.26% 744,000.00 744,000.00 3,879.00 1,935.93 0.00
Factors per 5.21370968 2.60205645
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
B-4 337403CX5 6.26% 426,000.00 426,000.00 2,221.04 1,108.48 0.00
Factors per 5.21370892 2.60206573
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
B-5 337403CS6 6.26% 425,259.00 425,259.00 2,217.18 1,106.55 0.00
Factors per 5.21371682 2.60206133
Thousand
- --------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------
TOTALS 212,629,523.00 212,629,523.00 1,139,549.93 2,473,848.35 0.00
================================================================================================================================
<CAPTION>
ENDING
TOTAL CERTIFICATE
CLASS DISTRIBUTION BALANCE
- -----------------------------------------------------
<S> <C> <C>
1A 3,181,223.98 148,347,901.02
Factors per 21.10348657 984.10484676
Thousand
- -----------------------------------------------------
PO 8,122.87 1,430,041.13
Factors per 5.64808325 994.35191675
Thousand
- -----------------------------------------------------
1A-WIO* 34,118.65 105,463,574.55
Factors per 0.30099694 930.40647707
Thousand
- -----------------------------------------------------
2A 343,941.12 55,074,309.32
Factors per 6.23872882 998.98982986
Thousand
- -----------------------------------------------------
A-R 4,382.92 0.00
Factors per 87658.40000000 0.00000000
Thousand
- -----------------------------------------------------
A-LR 50.26 0.00
Factors per 1005.20000000 0.00000000
Thousand
- -----------------------------------------------------
M 14,959.39 1,909,019.66
Factors per 7.81577325 997.39794148
Thousand
- -----------------------------------------------------
B-1 8,315.98 1,061,231.41
Factors per 7.81577068 997.39794173
Thousand
- -----------------------------------------------------
B-2 5,814.93 742,064.07
Factors per 7.81576613 997.39794355
Thousand
- -----------------------------------------------------
B-3 5,814.93 742,064.07
Factors per 7.81576613 997.39794355
Thousand
- -----------------------------------------------------
B-4 3,329.52 424,891.52
Factors per 7.81577465 997.39793427
Thousand
- -----------------------------------------------------
B-5 3,323.73 424,152.45
Factors per 7.81577815 997.39793867
Thousand
- -----------------------------------------------------
----------------------------------
TOTALS 3,613,398.28 210,155,674.65
=====================================================
</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: 02/28/99
Prior Period: 02/25/99
Distribution Date: 03/25/99
[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 523,650.98
Prepayments 1,893,214.95
------------
TOTAL PRINCIPAL DISTRIBUTION 2,416,865.93
Interest 903,845.51
(Master Servicing Fee) 2,601.42
(Subservicing Fee) 55,581.05
(Trust Administration Fee) 1,755.96 1,105.60
(Trustee Fee) 636.12 650.35
------------
TOTAL INTEREST DISTRIBUTION 2,392.08 843,907.08
TOTAL AVAILABLE FUNDS 3,260,773.01
============
</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 172
Weighted Average Loan Rate 6.909059%
Agg. Beginning Principal Balance of Loans 156,085,128.00
Agg. Ending Principal Balance of Loans 153,668,262.07
Agg. Schd. Principal Balance of Discount Pool 1 Loans 50,621,553.45
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 153,668,262.07
Adjusted Pool Amount (PO) 105,246,067.11
Class 1A-PO Deferred Amount --
Book Value of Real Estate acquired --
Pool 1 Distribution Amount 3,260,773.01
</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: 02/28/99
Prior Period: 02/25/99
Distribution Date: 03/25/99
[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 97.578272%
Class 1A-WIO 0.00 0.00 0.00 0.00 Group 1 M Percentage 0.871725%
Class 1M 0.00 0.00 0.00 0.00 Group 1 B-1 Percentage 0.484595%
Class 1B-1 0.00 0.00 0.00 0.00 Group 1 B-2 Percentage 0.338852%
Class 1B-2 0.00 0.00 0.00 0.00 Group 1 B-3 Percentage 0.338852%
Class 1B-3 0.00 0.00 0.00 0.00 Group 1 B-4 Percentage 0.194020%
Class 1B-4 0.00 0.00 0.00 0.00 Group 1 B-5 Percentage 0.193683%
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: 02/28/99
Prior Period: 02/25/99
Distribution Date: 03/25/99
[FIRST UNION LOGO]
FIRST UNION RESIDENTIAL SECURITIZATIONS TRANSACTIONS
SERIES 1999-A
STATEMENT TO CERTIFICATEHOLDER
POOL 2
SCHEDULE OF REMITTANCE
<TABLE>
<S> <C>
Scheduled Principal 51,640.57
Prepayments 5,341.84
---------------
TOTAL PRINCIPAL DISTRIBUTION 56,982.41
Interest 309,000.73
(Master Servicing Fee) 942.41
(Subservicing Fee) 11,780.08
(Trust Administration Fee) 400.52
(Trustee Fee) 235.60
---------------
TOTAL NET INTEREST DISTRIBUTION 295,642.12
TOTAL AVAILABLE FUNDS 352,624.53
===============
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 356
Weighted Average Mortgage Rate 6.557770%
Agg. Beginning Principal Balance of Loans 56,544,394.48
Agg. Ending Principal Balance of Loans 56,487,412.07
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 56,487,412.07
Book Value of Real Estate acquired --
Pool 2 Distribution Amount 352,624.53
</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: 02/28/99
Prior Period: 02/25/99
Distribution Date: 03/25/99
[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 97.498612%
Group 2 M Percentage 0.900399%
Group 2 B-1 Percentage 0.500535%
Group 2 B-2 Percentage 0.349998%
Group 2 B-3 Percentage 0.349998%
Group 2 B-4 Percentage 0.200402%
Group 2 B-5 Percentage 0.200054%
</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
