<PAGE>
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, DC 20549
------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Month of January, 2000
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1998-1
(Exact name of the registrant as specified in charter)
Delaware 33-84896 36-4207957
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
Incorporation) Number)
75 NORTH FAIRWAY DRIVE
VERNON HILLS, IL 60061
(Address of principal executive offices)
Registrant's telephone number, including area code:
(847) 549-6500
<PAGE>
ITEM 5.
See Exhibit A, the Distribution Report for the Month of January, 2000,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 1998-1 (1406), Monthly Distribution Report for January 2000.
SIGNATURES
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.
Dated: February 10, 2000
PNC MORTGAGE SECURITIES CORP.
(Registrant)
By: /s/ (RICHIE MOORE)
------------------
RICHIE MOORE
SECOND VICE PRESIDENT
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 WEIGHTED AVERAGE PC RATE: 7.3583
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 01/30/1998
CERTIFICATE BALANCE AT ISSUE: $484,094,252.36
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 887 $274,017,967.06
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $254,502.69
Unscheduled Principal Collection/Reversals $67,179.49
Liquidations-in-full 10 $2,956,658.70
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,278,340.88 -$3,278,340.88
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 877 $270,739,626.18
SCHEDULED INTEREST AT MORTGAGE RATE: $1,747,781.43
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $67,073.07
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,959,049.24
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 (1406) WEIGHTED AVERAGE PC RATE: 7.3583
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$3,278,340.88 $1,680,708.36 $0.00 $1,680,708.36 $0.00 $4,959,049.24
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,820,797.00 $0.00 $0.00 $0.00 $4,820,797.00
BANKRUPTCY BOND
SINGLE -UNITS $166,816.00 $0.00 $0.00 $0.00 $166,816.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $9,681,885.00 $0.00 $0.00 $0.00 $9,681,885.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
16 $4,735,137.18 2 $567,653.07 1 $303,960.77
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 28, 1998,
pursuant to which certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after
the principal and interest distribution are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
I-B-1 $11,150,223.76
I-B-2 $4,270,298.56
I-B-3 $1,897,910.57
I-B-4 $1,660,670.88
I-B-5 $1,186,193.51
I-B-6 $1,186,196.98
$21,351,494.26
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,820,797.00,
$166,816.00, $9,681,885.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF December 31, 1999):
SERIES: 1998-1 (1406)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $270,739,626.18** $5,606,751.02*** $4,735,137.18***
NUMBER 877 19 16
% OF POOL
(DOLLARS) 100.00% 2.07% 1.75%
% OF POOL
(NO. OF LOANS) 100.00% 2.17% 1.82%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $567,653.07*** $303,960.77*** $0.00***
NUMBER 2 1 0
% OF POOL
(DOLLARS) 0.21% 0.11% 0.00%
% OF POOL
(NO. OF LOANS) 0.23% 0.11% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all January 01, 2000 scheduled payments and December 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
December 31, 1999.
Trading Factor, calculated as of distribution date : 0.55927048.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including January 01, 2000, and
unscheduled prepayments in months prior to January ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 WEIGHTED AVERAGE PC RATE: 7.4794
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 01/30/1998
CERTIFICATE BALANCE AT ISSUE: $207,436,432.22
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 280 $97,341,661.29
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $92,418.67
Unscheduled Principal Collection/Reversals $24,577.89
Liquidations-in-full 3 $984,739.91
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,101,736.47 -$1,101,736.47
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 277 $96,239,924.82
SCHEDULED INTEREST AT MORTGAGE RATE: $630,491.17
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $23,516.74
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,708,710.90
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 (1407) WEIGHTED AVERAGE PC RATE: 7.4794
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,101,736.47 $606,974.43 $0.00 $606,974.43 $0.00 $1,708,710.90
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,036,105.00 $0.00 $0.00 $0.00 $4,036,105.00
BANKRUPTCY BOND
SINGLE -UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $4,148,729.00 $0.00 $0.00 $0.00 $4,148,729.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
6 $1,633,050.23 0 $0.00 1 $227,210.47
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group II-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 28, 1998,
pursuant to which certain of the Group II Certificates were offered.
The Class Principal Balances of the Class II-B Certificates immediately
after the principal and interest distribution on are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
II-B-1 $3,104,539.19
II-B-2 $689,897.18
II-B-3 $413,938.13
II-B-4 $344,948.61
II-B-5 $344,948.62
II-B-6 $275,962.43
$5,174,234.16
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,036,105.00,
$100,000.00, $4,148,729.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF December 31, 1999):
SERIES: 1998-1 (1407)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $96,239,924.82** $1,860,260.70*** $1,633,050.23***
NUMBER 277 7 6
% OF POOL
(DOLLARS) 100.00% 1.93% 1.70%
% OF POOL
(NO. OF LOANS) 100.00% 2.53% 2.17%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $227,210.47*** $0.00***
NUMBER 0 1 0
% OF POOL
(DOLLARS) 0.00% 0.24% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.36% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all January 01, 2000 scheduled payments and December 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
December 31, 1999.
Trading Factor, calculated as of distribution date : 0.46394900.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including January 01, 2000, and
unscheduled prepayments in months prior to January ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 WEIGHTED AVERAGE PC RATE: 7.5522
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 01/30/1998
CERTIFICATE BALANCE AT ISSUE: $128,532,742.83
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 744 $83,138,397.56
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $87,318.54
Unscheduled Principal Collection/Reversals $33,904.03
Liquidations-in-full 10 $1,286,145.07
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,407,367.64 -$1,407,367.64
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) -$11,101.61
BALANCE CURRENT FISCAL MONTH-END: 734 $81,719,928.31
SCHEDULED INTEREST AT MORTGAGE RATE: $543,645.38
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $20,391.35
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,930,621.67
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 (1408) WEIGHTED AVERAGE PC RATE: 7.5522
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,407,367.64 $523,254.03 $0.00 $523,254.03 $0.00 $1,930,621.67
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $1,285,327.00 $0.00 $0.00 $0.00 $1,285,327.00
BANKRUPTCY BOND
SINGLE -UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $2,570,655.00 $0.00 $0.00 $0.00 $2,570,655.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
18 $1,758,698.54 0 $0.00 2 $216,073.59
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 1 $200,303.20
</TABLE>
The Group III-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
And fraud coverage to certain Group III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 28, 1998,
pursuant to which certain of the Group III Certificates were offered.
The Class Principal Balances of the Class III-B Certificates immediately
after the principal and interest distribution are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
III-B-1 $2,513,871.99
III-B-2 $1,319,782.48
III-B-3 $628,467.53
III-B-4 $377,080.72
III-B-5 $377,080.71
III-B-6 $428,829.54
$5,645,112.97
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $1,285,327.00,
$100,000.00, $2,570,655.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF December 31, 1999):
SERIES: 1998-1 (1408)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $81,719,928.31** $2,175,075.33*** $1,758,698.54***
NUMBER 734 21 18
% OF POOL
(DOLLARS) 100.00% 2.66% 2.15%
% OF POOL
(NO. OF LOANS) 100.00% 2.86% 2.45%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $216,073.59*** $0.00***
NUMBER 0 2 0
% OF POOL
(DOLLARS) 0.00% 0.26% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.27% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $200,303.20***
NUMBER 1
% OF POOL
(DOLLARS) 0.25%
% OF POOL
(NO. OF LOANS) 0.14%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all January 01, 2000 scheduled payments and December 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
December 31, 1999.
Trading Factor, calculated as of distribution date : 0.63579074.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including January 01, 2000, and
unscheduled prepayments in months prior to January ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 WEIGHTED AVERAGE PC RATE: 7.6287
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 01/30/1998
CERTIFICATE BALANCE AT ISSUE: $150,098,526.71
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1290 $101,710,348.48
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $411,581.57
Unscheduled Principal Collection/Reversals $137,225.67
Liquidations-in-full 19 $1,310,629.88
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,859,437.12 -$1,859,437.12
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1271 $99,850,911.36
SCHEDULED INTEREST AT MORTGAGE RATE: $671,963.94
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment -$1,453.98
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed -$1,453.98
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $25,425.47
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation -$88.02
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed -$88.02
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,504,609.63
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 (1409) WEIGHTED AVERAGE PC RATE: 7.6287
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,859,437.12 $646,538.47 -$1,365.96 $645,172.51 $0.00 $2,504,609.63
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $1,500,985.00 $0.00 $0.00 $0.00 $1,500,985.00
BANKRUPTCY BOND
SINGLE -UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $1,500,985.00 $0.00 $0.00 $0.00 $1,500,985.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
17 $1,305,393.34 1 $58,909.07 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
1 $58,909.36 1 $43,379.11
</TABLE>
The Group IV-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 28, 1998,
pursuant to which certain of the Group IV Certificates were offered.
The Class Principal Balances of the Class IV-B Certificates immediately
after the principal and interest distribution are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
IV-B-1 $3,104,539.19
IV-B-2 $689,897.18
IV-B-3 $413,938.13
IV-B-4 $344,948.61
IV-B-5 $344,948.62
IV-B-6 $275,962.43
$5,174,234.16
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $1,500,985.00,
$100,000.00, $1,500,985.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF December 31, 1999):
SERIES: 1998-1 (1409)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $99,850,911.36** $1,466,590.88*** $1,305,393.34***
NUMBER 1271 20 17
% OF POOL
(DOLLARS) 100.00% 1.47% 1.31%
% OF POOL
(NO. OF LOANS) 100.00% 1.57% 1.34%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $58,909.07*** $0.00*** $58,909.36***
NUMBER 1 0 1
% OF POOL
(DOLLARS) 0.06% 0.00% 0.06%
% OF POOL
(NO. OF LOANS) 0.08% 0.00% 0.08%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $43,379.11***
NUMBER 1
% OF POOL
(DOLLARS) 0.04%
% OF POOL
(NO. OF LOANS) 0.08%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all January 01, 2000 scheduled payments and December 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
December 31, 1999.
Trading Factor, calculated as of distribution date : 0.66523579.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including January 01, 2000, and
unscheduled prepayments in months prior to January ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 WEIGHTED AVERAGE PC RATE: 7.1840
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 01/30/1998
CERTIFICATE BALANCE AT ISSUE: $235,481,387.71
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 429 $134,634,545.85
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $200,123.99
Unscheduled Principal Collection/Reversals $58,959.47
Liquidations-in-full 6 $1,881,414.46
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,140,497.92 -$2,140,497.92
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 423 $132,494,047.93
SCHEDULED INTEREST AT MORTGAGE RATE: $833,480.82
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $27,461.87
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,946,516.87
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
0.00
PROCESSING MONTH: 12/1999
SERIES: 1998-1 (1410) WEIGHTED AVERAGE PC RATE: 7.1840
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$2,140,497.92 $806,018.95 $0.00 $806,018.95 $0.00 $2,946,516.87
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $3,811,159.00 $0.00 $0.00 $0.00 $3,811,159.00
BANKRUPTCY BOND
SINGLE -UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $4,709,628.00 $0.00 $0.00 $0.00 $4,709,628.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
6 $1,671,053.59 1 $280,275.75 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group V-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 28, 1998,
pursuant to which certain of the Group V Certificates were offered.
The Class Principal Balances of the Class VB Certificates immediately after
the principal and interest distribution on are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
V-B-1 $4,223,482.47
V-B-2 $1,826,371.01
V-B-3 $913,184.99
V-B-4 $570,740.50
V-B-5 $228,296.02
V-B-6 $799,040.14
$8,561,115.13
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $3,811,159.00,
$100,000.00, $4,709,628.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF December 31, 1999):
SERIES: 1998-1 (1410)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $132,494,047.93** $1,951,329.34*** $1,671,053.59***
NUMBER 423 7 6
% OF POOL
(DOLLARS) 100.00% 1.47% 1.26%
% OF POOL
(NO. OF LOANS) 100.00% 1.65% 1.42%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $280,275.75*** $0.00*** $0.00***
NUMBER 1 0 0
% OF POOL
(DOLLARS) 0.21% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.24% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all January 01, 2000 scheduled payments and December 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
December 31, 1999.
Trading Factor, calculated as of distribution date : 0.56265189.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including January 01, 2000, and
unscheduled prepayments in months prior to January ) can be calculated.
</TABLE>
