February 10, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: First Boston Mortgage Securities Corp., Conduit Mortgage
Pass-Through Certificates, Series 1992-3; File No. 333-53115.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of First Boston Mortgage
Securities Corp., as depositor under a series 1992-3 Pooling and
Servicing Agreement dated as of July 1, 1992, providing for, among
other things, the issuance of Conduit Mortgage Pass-Through
Certificates, Series 1992-3 is a Current Report on Form 8-K.
The Conduit Mortgage Pass-Through Certificates, Series 1992-3 will
be comprised of two Classes of Certificates designated as the Class
1-A Certificates and the Class 2-A Certificates (collectively, the
"Class A Certificates"), and one Class of Certificates designated
as the Class R Certificates (together with the Class A
Certificates, the "Certificates").
The Certificates evidence beneficial ownership interests in a trust
fund (the "Trust Fund") to be created by First Boston Mortgage
Securities Corp. (the "Depositor"), which will hold interests in a
pool of mortgage loans (the "Mortgage Loans") secured by mortgages
on cooperative apartment buildings and certain other property held in
trust for the benefit of the Certificateholders. The Mortgage Loans
were originated by National Consumer Cooperative Bank (d/b/a National
Cooperative Bank) ("NCB"), or affiliates of NCB, and will be
purchased by the Depositor from NCB and transferred by the Depositor
to the Trust Fund pursuant to a Pooling and Servicing Agreement,
dated as of July 1, 1992, in exchange for the Certificates. The
Mortgage Loans in the Mortgage Pool will comprise two separate groups
of Mortgage Loans: Loan Group 1 and Loan Group 2 (each, a "Loan
Group"). Distributions of principal and interest on the Class 1-A
Certificates will be based on payments received on the Mortgage Loans
in Loan Group 1. Distributions of principal and interest on the
Class 2-A Certificates will be based on payments received on the
Mortgage Loans in Loan Group 2. The Mortgage Loans are more fully
described in the Prospectus Supplement dated July 17, 1992.
A limited amount of losses on the Mortgage Loans will initially be
covered by amounts in the Cash Collateral Account, as more fully
described in the Prospectus Supplement. The initial amount on deposit
in the Cash Collateral Account will be approximately 7.0 % of the
aggregate principal balance of the Mortgage Loans as of the Cut-off
Date.
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant is subject to the filing requirements of
Section 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The agent for Registrant will file, promptly after each Distribution
Date (as defined in the Indenture), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit
thereto the applicable Distribution Date Report. Each such Current
Report will also disclose under Item 5 any matter occurring during
the relevant reporting period which would be reportable under Item
1, 2, 4 or 5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the
Registrant will file an annual report of Form 10-K, which responds to
Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and
13 of Part III and Item 14 of Part IV thereof, and include as
exhibits thereto certain information from the Distribution Date
reports aggregated for such year and a copy of the independent
accountants' annual compliance statement required under the Pooling
and Servicing Agreement.
The agent for the Registrant will follow the above procedures except
for any fiscal year as to which its reporting obligations under
Section 15(d) of the Exchange Act have been suspended pursuant to
such Section. In such event, the agent for the Registrant will file
a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (949) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for First Boston Mortgage Securities Corp.,
Conduit Mortgage Pass-Through Certificates, Series 1992-3.
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): August 25, 1992
First Boston Mortgage Securities Corp.
(as depositor under the Pooling and Servicing Agreement, dated
as of July 1, 1992, providing for the issuance of Conduit
Mortgage Pass-Through Certificates, Series, 1992-3).
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates, Series 1992-3
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-53115 13-332-0910
(Commission File Number) (I.R.S. Employer
Identification No.)
Park Avenue Plaza
New York, New York 10055
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212)909-7537
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
October 26, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
November 22, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
December 28, 1992.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of July 1, 1992.
Date: February 10, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
October 26, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
November 22, 1992.
Monthly Remittance Statement to the Certificateholders dated as of
December 28, 1992.
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST
> PRINCIPAL TOTAL LOSSES INTEREST BALANCE
1-A 43,675,652.82 43,675,652.82 294,446.69
> 10,773.67 305,220.36 0.00 0.00 43,664,879.15
2-A 48,948,497.19 48,948,497.19 307,833.32
> 46,264.04 354,097.36 0.00 0.00 48,902,233.15
R 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00 0.00
TOTALS 92,624,150.01 92,624,150.01 602,280.01
> 57,037.71 659,317.72 0.00 0.00 92,567,112.30
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST
> PRINCIPAL TOTAL BALANCE CURRENT NEXT
1-A 319339BK2 1,000.000000 6.741667
> 0.246675 6.988341 999.753325 8.090000% 8.090000%
2-A 319339BL0 1,000.000000 6.288923
> 0.945158 7.234080 999.054842 7.546707% 7.546734%
R 0.000000 0
> 0 0 0 NA NA
SELLER: First Boston Mortgage Securities C
>orp. ADMINistrator: Kellie Muniz
SERVICER: National Consumer Cooperative Bank
> Bankers Trust Company
LEAD UNDERWRITER: First Boston Mortgage Securities C
>orp. 3 Park Plaza
RECORD DATE: 31-Jul-92
> Irvine, CA 92714
DISTRIBUTION DATE: 25-Aug-92
> FACTOR INFORMATION(212) 250-6000
Page 1 of 2
> (c) COPYRIGHT 1991 Bankers Trust Compa
>ny
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTION DATE: 25-Aug-92
MONTHLY PRINCIPAL ADVANCES
> 0.00
MONTHLY INTEREST ADVANCES
> 6,015.63
TOTAL MONTHLY ADVANCES
> 6,015.63
TOTAL SERVICING FEES DUE MASTER SERVICER
> 9,648.35
DELINQUENT SERVICING FEES
> (80.21)
SERVICING FEES FOR THIS PERIOD
> 9,568.14
DELINQUENT AND
> LOANS
FORECLOSURE LOAN ONE TWO
> THREE + IN
INFORMATION MONTH MONT
>HS MONTHS FORECLOSURE
PRINCIPAL BALANCE 0
> 0 0 0
NUMBER OF LOANS 0
> 0 0 0
BOOK VALUE OF ANY REO PROPERTIES
> (SEE ATTACHMENTS IF ANY)
PRINCIPAL PREPAYMENTS
> 0.00
CLASS 1-A REALIZED LOSSES
> 0.00
CLASS 2-A REALIZED LOSSES
> 0.00
RECOVERED MONTHLY ADVANCES
> 0.00
AMOUNT IN CASH COLLATERAL ACCOUNT
> 6,483,691.00
Page 2 of 2 (c) COPYRIGHT 1991 Bankers Trust Company
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST
> PRINCIPAL TOTAL LOSSES INTEREST BALANCE
1-A 43,675,652.82 43,664,879.15 294,374.06
> 10,855.47 305,229.53 0.00 0.00 43,654,023.68
2-A 48,948,497.19 48,902,233.15 307,543.44
> 46,616.10 354,159.54 0.00 0.00 48,855,617.05
R 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00 0.00
TOTALS 92,624,150.01 92,567,112.30 601,917.50
> 57,471.57 659,389.07 0.00 0.00 92,509,640.73
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST
> PRINCIPAL TOTAL BALANCE CURRENT NEXT
1-A 319339BK2 999.753325 6.740004
> 0.248547 6.988551 999.504778 8.090000% 8.090000%
2-A 319339BL0 999.054842 6.283001
> 0.95235 7.235351 998.102493 7.546734% 7.546760%
R 0.000000 0
> 0 0 0 NA NA
SELLER: First Boston Mortgage Securities C
>orp. ADMINistrator: Kellie Muniz
SERVICER: National Consumer Cooperative Bank
> Bankers Trust Company
LEAD UNDERWRITER: First Boston Mortgage Securities C
>orp. 3 Park Plaza
RECORD DATE: 31-Aug-92
> Irvine, CA 92714
DISTRIBUTION DATE: 25-Sep-92
> FACTOR INFORMATION(212) 250-6000
Page 1 of 2
> (c) COPYRIGHT 1991 Bankers Trust Compa
>ny
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTION DATE: 25-Sep-92
MONTHLY PRINCIPAL ADVANCES
> 0.00
MONTHLY INTEREST ADVANCES
> 0.00
TOTAL MONTHLY ADVANCES
> 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER
> 9,642.41
DELINQUENT SERVICING FEES
> 0.00
SERVICING FEES FOR THIS PERIOD
> 9,642.41
DELINQUENT AND
> LOANS
FORECLOSURE LOAN ONE TWO
> THREE + IN
INFORMATION MONTH MONT
>HS MONTHS FORECLOSURE
PRINCIPAL BALANCE 0
> 0 0 0
NUMBER OF LOANS 0
> 0 0 0
BOOK VALUE OF ANY REO PROPERTIES
> (SEE ATTACHMENTS IF ANY)
PRINCIPAL PREPAYMENTS
> 0.00
CLASS 1-A REALIZED LOSSES
> 0.00
CLASS 2-A REALIZED LOSSES
> 0.00
RECOVERED MONTHLY ADVANCES
> 0.00
AMOUNT IN CASH COLLATERAL ACCOUNT
> 6,483,691.00
Page 2 of 2 (c) COPYRIGHT 1991 Bankers Trust Company
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST
> PRINCIPAL TOTAL LOSSES INTEREST BALANCE
1-A 43,675,652.82 43,654,023.68 294,300.88
> 10,937.87 305,238.75 0.00 0.00 43,643,085.81
2-A 48,948,497.19 48,855,617.05 307,251.35
> 46,970.87 354,222.22 0.00 0.00 48,808,646.18
R 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00 0.00
TOTALS 92,624,150.01 92,509,640.73 601,552.23
> 57,908.74 659,460.97 0.00 0.00 92,451,731.99
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST
> PRINCIPAL TOTAL BALANCE CURRENT NEXT
1-A 319339BK2 999.504778 6.738328
> 0.250434 6.988762 999.254344 8.090000% 8.090000%
2-A 319339BL0 998.102493 6.277033
> 0.959598 7.236631 997.142895 7.546760% 7.546786%
R 0.000000 0
> 0 0 0 NA NA
SELLER: First Boston Mortgage Securities C
>orp. ADMINISTRATOR: Kellie Muniz
SERVICER: National Consumer Cooperative Bank
> Bankers Trust Company
LEAD UNDERWRITER: First Boston Mortgage Securities C
>orp. 3 Park Plaza
RECORD DATE: 30-Sep-92
> Irvine, CA 92714
DISTRIBUTION DATE: 26-Oct-92
> FACTOR INFORMATION(212) 250-6000
Page 1 of 2
> (c) COPYRIGHT 1991 Bankers Trust Compa
>ny
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTION DATE: 26-Oct-92
MONTHLY PRINCIPAL ADVANCES
> 0.00
MONTHLY INTEREST ADVANCES
> 7,880.04
TOTAL MONTHLY ADVANCES
> 7,880.04
TOTAL SERVICING FEES DUE MASTER SERVICER
> 9,636.42
DELINQUENT SERVICING FEES
> (107.29)
SERVICING FEES FOR THIS PERIOD
> 9,529.13
DELINQUENT AND
> LOANS
FORECLOSURE LOAN ONE TWO
> THREE + IN
INFORMATION MONTH MONT
>HS MONTHS FORECLOSURE
PRINCIPAL BALANCE 0
> 0 0 0
NUMBER OF LOANS 0
> 0 0 0
BOOK VALUE OF ANY REO PROPERTIES
> (SEE ATTACHMENTS IF ANY)
PRINCIPAL PREPAYMENTS
> 0.00
CLASS 1-A REALIZED LOSSES
> 0.00
CLASS 2-A REALIZED LOSSES
> 0.00
RECOVERED MONTHLY ADVANCES
> 0.00
AMOUNT IN CASH COLLATERAL ACCOUNT
> 6,483,691.00
Page 2 of 2 (c) COPYRIGHT 1991 Bankers Trust Company
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST
> PRINCIPAL TOTAL LOSSES INTEREST BALANCE
1-A 43,675,652.82 43,643,085.81 294,227.13
> 1,933.60 296,160.73 0.00 0.00 43,641,152.21
2-A 48,948,497.19 48,808,646.18 306,957.02
> 47,328.31 354,285.33 0.00 0.00 48,761,317.87
R 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00 0.00
TOTALS 92,624,150.01 92,451,731.99 601,184.15
> 49,261.91 650,446.06 0.00 0.00 92,402,470.08
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST
> PRINCIPAL TOTAL BALANCE CURRENT NEXT
1-A 319339BK2 999.254344 6.73664
> 0.044272 6.780911 999.210072 8.090000% 8.090000%
2-A 319339BL0 997.142895 6.27102
> 0.9669 7.237920 996.175995 7.546786% 7.546813%
R 0.000000 0
> 0 0 0 NA NA
SELLER: First Boston Mortgage Securities C
>orp. ADMINISTRATORS: Kellie Muniz
SERVICER: National Consumer Cooperative Bank
> Bankers Trust Company
LEAD UNDERWRITER: First Boston Mortgage Securities C
>orp. 3 Park Plaza
RECORD DATE: 30-Oct-92
> Irvine, CA 92714
DISTRIBUTION DATE: 25-Nov-92
> FACTOR INFORMATION(212) 250-6000
Page 1 of 2
> (c) COPYRIGHT 1991 Bankers Trust Compa
>ny
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTION DATE: 25-Nov-92
MONTHLY PRINCIPAL ADVANCES
> 0.00
MONTHLY INTEREST ADVANCES
> 6,015.63
TOTAL MONTHLY ADVANCES
> 6,015.63
TOTAL SERVICING FEES DUE MASTER SERVICER
> 9,630.39
DELINQUENT SERVICING FEES
> (80.21)
SERVICING FEES FOR THIS PERIOD
> 9,550.18
DELINQUENT AND
> LOANS
FORECLOSURE LOAN ONE TWO
> THREE + IN
INFORMATION MONTH MONT
>HS MONTHS FORECLOSURE
PRINCIPAL BALANCE 770,000.00
> 0 0 0
NUMBER OF LOANS 1
> 0 0 0
BOOK VALUE OF ANY REO PROPERTIES
> (SEE ATTACHMENTS IF ANY)
PRINCIPAL PREPAYMENTS
> (6,813.53)
CLASS 1-A REALIZED LOSSES
> 0.00
CLASS 2-A REALIZED LOSSES
> 0.00
RECOVERED MONTHLY ADVANCES
> 0.00
AMOUNT IN CASH COLLATERAL ACCOUNT
> 6,483,691.00
Page 2 of 2 (c) COPYRIGHT 1991 Bankers Trust Company
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST
> PRINCIPAL TOTAL LOSSES INTEREST BALANCE
1-A 43,675,652.82 43,641,152.21 294,214.10
> 8,788.90 303,003.00 0.00 0.00 43,632,363.31
2-A 48,948,497.19 48,761,317.87 306,660.46
> 47,697.21 354,357.67 0.00 0.00 48,713,620.66
R 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00 0.00
TOTALS 92,624,150.01 92,402,470.08 600,874.56
> 56,486.11 657,360.67 0.00 0.00 92,345,983.97
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST
> PRINCIPAL TOTAL BALANCE CURRENT NEXT
1-A 319339BK2 999.210072 6.736341
> 0.201231 6.937572 999.008841 8.090000% 8.090000%
2-A 319339BL0 996.175995 6.264962
> 0.974437 7.239398 995.201558 7.546813% 7.546840%
R 0.000000 0
> 0 0 0 NA NA
SELLER: First Boston Mortgage Securities C
>orp. ADMINISTRATION: Kellie Muniz
SERVICER: National Consumer Cooperative Bank
> Bankers Trust Company
LEAD UNDERWRITER: First Boston Mortgage Securities C
>orp. 3 Park Plaza
RECORD DATE: 30-Nov-92
> Irvine, CA 92714
DISTRIBUTION DATE: 28-Dec-92
> FACTOR INFORMATION(212) 250-6000
Page 1 of 2 (c) COPYRIGHT 1991 Bankers Trust Company
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates
Series 1992-3
Statement To Certificateholders
DISTRIBUTION DATE: 28-Dec-92
MONTHLY PRINCIPAL ADVANCES
> 0.00
MONTHLY INTEREST ADVANCES
> 0.00
TOTAL MONTHLY ADVANCES
> 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER
> 9,625.26
DELINQUENT SERVICING FEES
> 0.00
SERVICING FEES FOR THIS PERIOD
> 9,625.26
DELINQUENT AND
> LOANS
FORECLOSURE LOAN ONE TWO
> THREE + IN
INFORMATION MONTH MONT
>HS MONTHS FORECLOSURE
PRINCIPAL BALANCE 0
> 0 0 0
NUMBER OF LOANS 0
> 0 0 0
BOOK VALUE OF ANY REO PROPERTIES
> (SEE ATTACHMENTS IF ANY)
PRINCIPAL PREPAYMENTS
> 10.73
CLASS 1-A REALIZED LOSSES
> 0
CLASS 2-A REALIZED LOSSES
> 0
RECOVERED MONTHLY ADVANCES
> 0
AMOUNT IN CASH COLLATERAL ACCOUNT
> 6,483,691.00
Page 2 of 2 (c) COPYRIGHT 1991 Bankers Trust Company
