<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 October, 1999
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1999-4
(Exact name of the registrant as specified in charter)
Delaware 333-65911 36-4299716
(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 October, 1999,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 1999-4 , Monthly Distribution Report for October 1999.
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: November 9, 1999
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
10/1999 DISTRIBUTION REPORT
SERIES: 1999-4 WEIGHTED AVERAGE PC RATE: 6.6959
POOL NUMBER: Group 1 = 1528, 1531
____________________________________________________________________________________________
<S> <C>
ISSUE DATE: 04/30/1999
CERTIFICATE BALANCE AT ISSUE: $596,400,064.00
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@PC RATE) OUTSTANDING
_________ __________________ __________________
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1940 $598,118,490.57
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month $508,824.37
Unscheduled Principal Collection/Reversals $76,309.21
Liquidations-in-full 11 $2,881,027.47
Net principal Distributed $3,466,161.05 ($3,466,161.05)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00
BALANCE CURRENT FISCAL MONTH-END: 1929 $594,652,329.52
SCHEDULED INTEREST AT MORTGAGE RATE: $3,594,946.94
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals $9.56
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $9.56
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: $256,674.65
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.98
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.98
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,804,441.92
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1999 DISTRIBUTION REPORT
SERIES: 1999-4 WEIGHTED AVERAGE PC RATE: 6.69596%
POOL NUMBER: Group 1 = 1528, 1531
____________________________________________________________________________________________
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
Loan Count Of Aggregate Loss
Incurred Loss Amount
__________________ _________________
<S> <C>
0 $0.00
*Aggregate Loss Amount and Count do not include this month's activity
<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>
$3,466,161.05 $3,338,272.29 $8.58 $3,338,280.87 $0.00 $6,804,441.92
<CAPTION>
INSURANCE RESERVES
Original Claims In Claims Coverage Coverage
Insurance Type Balance Progress Paid Adjustments Remaining
___________________ ________________ ________________ ________________ ________________ ________________
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
Special Hazard $5,964,001.00 $0.00 $0.00 $0.00 $5,964,001.00
Bankruptcy Bond
Single-Units $186,986.00 $0.00 $0.00 $0.00 $186,986.00
Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00
Mortgage Repurchase $11,928,001.28 $0.00 $0.00 $0.00 $11,928,001.28
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
<S> <C> <C> <C> <C> <C>
24 $6,630,307.29 5 $1,034,585.90 0 $0.00
IN FORECLOSURE ACQUIRED
Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
Each of the Class B Certificates provide, to the limited extent described in
the Prospectus Supplement, credit support, special hazard, bankruptcy and fraud
coverage to certain of the PNC Mortgage Securities Corp. Series 1999-4,
Mortgage Pass-Through Certificates. The 'Prospectus Supplement' is that certain
Prospectus Supplement, dated 09/25/1999, pursuant to which the Offered
Certificates were offered.
The Class Principal Balances of each Class of the Class B Certificates
immediately after the principal and interest distribution on 10/25/1999 are as
follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
CB1 $11,575,714.75
CB2 $6,233,077.63
CB3 $2,374,505.39
CB4 $2,077,693.21
CB5 $1,484,066.86
CB6 $1,484,066.86
DB1 $13,757,942.44
DB2 $7,468,598.19
DB3 $4,127,382.74
DB4 $3,144,672.14
DB5 $1,768,878.89
DB6 $2,161,963.51
__________________
Total $57,658,562.61
==================
</TABLE>
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $5,964,001.00, $186,986.00 and $11,928,001.28,
respectively
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (As of September 30, 1999):
SERIES: 1999-4 POOL NUMBER: Group 1 = 1528, 1531
I II III
Total Loans In Total Delinquent Loans Delinquent
Mortgage Pool Loans 1 Month
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $594,652,329.52** $7,664,893.19*** $6,630,307.29***
Number: 1979 29 24
% of Pool: 100.00% 1.29% 1.11%
(Dollars)
% of Pool: 100.00% 1.47% 1.21%
(No. of Loans)
<CAPTION>
IV V VI
Loans Delinquent Loans Delinquent Loans In
2 Month 3 Month Foreclosure
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $1,034,585.90*** $0.00*** $0.00***
Number: 5 0 0
% of Pool: 0.17% 0.00% 0.00%
(Dollars)
% of Pool: 0.25% 0.00% 0.00%
(No. of Loans)
<CAPTION>
VII
Loans Acquired
--------------------
<S> <C>
Dollar Amount: $0.00***
Number: 0
% of Pool: 0.00%
(Dollars)
% of Pool: 0.00%
(No. of Loans)
* 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 October 01, 1999 scheduled payments and September 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
September 30, 1999.
Trading Factor, calculated as of distribution date : 0.60016211.
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 October 01, 1999, and
unscheduled prepayments in months prior to October ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1999 DISTRIBUTION REPORT
SERIES: 1999-4 WEIGHTED AVERAGE PC RATE: 7.38657%
POOL NUMBER: Group 2 = 1529, 1530
____________________________________________________________________________________________
<S> <C>
ISSUE DATE: 04/30/1999
CERTIFICATE BALANCE AT ISSUE: $990,819,513.00
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@PC RATE) OUTSTANDING
_________ __________________ __________________
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 3000 $356,088,511.62
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month $246,790.59
Unscheduled Principal Collection/Reversals $82,267.14
Liquidations-in-full 27 $3,220,910.93
Net principal Distributed $3,549,968.66 ($3,549,968.66)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00
BALANCE CURRENT FISCAL MONTH-END: 2973 $352,538,542.96
SCHEDULED INTEREST AT MORTGAGE RATE: $2,442,383.88
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals $8.39
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $8.39
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: $249,862.05
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $1.48
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $1.48
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $5,742,497.40
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1999 DISTRIBUTION REPORT
SERIES: 1999-4 WEIGHTED AVERAGE PC RATE: 7.38657%
POOL NUMBER: Group 2 = 1529, 1530
____________________________________________________________________________________________
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
Loan Count Of Aggregate Loss
Incurred Loss Amount
__________________ _________________
<S> <C>
0 $0.00
*Aggregate Loss Amount and Count do not include this month's activity
<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>
$3,549,968.66 $2,192,521.83 $6.91 $2,192,528.74 $0.00 $5,742,497.40
<CAPTION>
INSURANCE RESERVES
Original Claims In Claims Coverage Coverage
Insurance Type Balance Progress Paid Adjustments Remaining
___________________ ________________ ________________ ________________ ________________ ________________
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
Special Hazard $3,944,194.00 $0.00 $0.00 $0.00 $3,944,194.00
Bankruptcy Bond
Single-Units $153,275.00 $0.00 $0.00 $0.00 $153,275.00
Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00
Mortgage Repurchase $7,888,388.98 $0.00 $0.00 $0.00 $7,888,388.98
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
<S> <C> <C> <C> <C> <C>
86 $10,127,259.91 11 $1,317,475.42 3 $455,436.84
IN FORECLOSURE ACQUIRED
Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________
<S> <C> <C> <C>
2 $225,980.95 0 $0.00
</TABLE>
Each of the Class B Certificates provide, to the limited extent described in
the Prospectus Supplement, credit support, special hazard, bankruptcy and fraud
coverage to certain of the PNC Mortgage Securities Corp. Series 1999-4,
Mortgage Pass-Through Certificates. The 'Prospectus Supplement' is that certain
Prospectus Supplement, dated 09/25/1999, pursuant to which the Offered
Certificates were offered.
The Class Principal Balances of each Class of the Class B Certificates
immediately after the principal and interest distribution on 10/25/1999 are as
follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
CB1 $11,575,714.75
CB2 $6,233,077.63
CB3 $2,374,505.39
CB4 $2,077,693.21
CB5 $1,484,066.86
CB6 $1,484,066.86
DB1 $13,757,942.44
DB2 $7,468,598.19
DB3 $4,127,382.74
DB4 $3,144,672.14
DB5 $1,768,878.89
DB6 $2,161,963.51
__________________
Total $57,658,562.61
==================
</TABLE>
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $3,944,194.00, $153,275.00 and $7,888,388.98,
respectively
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (As of September 30, 1999):
SERIES: 1999-4 POOL NUMBER: Group 2 = 1529, 1530
I II III
Total Loans In Total Delinquent Loans Delinquent
Mortgage Pool Loans 1 Month
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $352,538,542.96** $12,126,153.12*** $10,127,259.91***
Number: 3102 102 86
% of Pool: 100.00% 3.44% 2.87%
(Dollars)
% of Pool: 100.00% 3.29% 2.77%
(No. of Loans)
<CAPTION>
IV V VI
Loans Delinquent Loans Delinquent Loans In
2 Month 3 Month Foreclosure
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $1,317,475.42*** $455,436.84*** $225,980.95***
Number: 11 3 2
% of Pool: 0.37% 0.13% 0.06%
(Dollars)
% of Pool: 0.35% 0.10% 0.06%
(No. of Loans)
<CAPTION>
VII
Loans Acquired
--------------------
<S> <C>
Dollar Amount: $0.00***
Number: 0
% of Pool: 0.00%
(Dollars)
% of Pool: 0.00%
(No. of Loans)
* 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 October 01, 1999 scheduled payments and September 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
September 30, 1999.
Trading Factor, calculated as of distribution date : 0.35580501.
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 October 01, 1999, and
unscheduled prepayments in months prior to October ) can be calculated.
</TABLE>
