<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 September, 1999
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1999-5
(Exact name of the registrant as specified in charter)
Delaware 333-65911 36-4297927
(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 September, 1999,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 1999-5 , Monthly Distribution Report for September 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: October 12, 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
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 6.5799
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 05/27/1999
CERTIFICATE BALANCE AT ISSUE: $594,348,880.41
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1751 $585,960,909.25
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $500,637.66
Unscheduled Principal Collection/Reversals $126,410.08
Liquidations-in-full 6 $1,656,006.53
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,283,054.27 -$2,283,054.27
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1745 $583,677,854.98
SCHEDULED INTEREST AT MORTGAGE RATE: $3,473,018.12
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $36.43
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 $36.43
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: $260,068.54
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: $5,496,050.95
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 6.5799
- ----------------------------------------------------------------------------------------
<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>
$2,283,054.27 $3,212,959.72 $36.43 $3,212,996.15 $0.00 $5,496,013.99
<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 $6,905,589.00 $0.00 $0.00 $0.00 $6,905,589.00
BANKRUPTCY BOND
SINGLE -UNITS $173,352.00 $0.00 $0.00 $0.00 $173,352.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $11,886,977.60 $0.00 $0.00 $0.00 $11,886,977.60
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
15 $5,272,492.11 0 $0.00 1 $391,077.87
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
May 25, 1999, to that certain Prospectus dated May 25,1999,
pursuant to which certain of the Group I, and IV certificates were offered.
The special hazard coverage, bankruptcy coverage and fraud coverage
(collectively, "Credit Enhancements")provided by the I-B Certificates provide
coverage to the Group I Loans, subject to the conditions and limitations to
payment specified thereunder.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
I-B-1 $12,439,341.85
I-B-2 $5,627,322.17
I-B-3 $2,369,399.02
I-B-4 $1,777,048.27
I-B-5 $1,480,874.88
I-B-6 $1,480,874.15
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $6,905,589.00,
$173,352.00, $11,886,977.60 respectively,
and such coverages are referred to in the table above under the column
"Insurance Type" as "special hazard," "bankruptcy bond," and "mortgage
repurchase," respectively. However,
no policy of insurance exists for any such coverage, notwithstanding the
reference to "insurance."
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF August 31, 1999):
SERIES: 1999-5 (1538)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $583,677,854.98** $5,663,569.98*** $5,272,492.11***
NUMBER 1745 16 15
% OF POOL
(DOLLARS) 100.00% 0.97% 0.90%
% OF POOL
(NO. OF LOANS) 100.00% 0.92% 0.86%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $391,077.87*** $0.00***
NUMBER 0 1 0
% OF POOL
(DOLLARS) 0.00% 0.07% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.06% 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 September 01, 1999 scheduled payments and August 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
August 31, 1999.
Trading Factor, calculated as of distribution date : 0.98204586.
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 September 01, 1999, and
unscheduled prepayments in months prior to September ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 7.2464
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 05/27/1999
CERTIFICATE BALANCE AT ISSUE: $155,116,057.80
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 409 $152,319,918.11
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $110,410.30
Unscheduled Principal Collection/Reversals $15,498.34
Liquidations-in-full 5 $1,791,470.15
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,917,378.79 -$1,917,378.79
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 404 $150,402,539.32
SCHEDULED INTEREST AT MORTGAGE RATE: $1,018,484.38
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: $98,480.56
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: $2,837,382.61
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 7.2464
- ----------------------------------------------------------------------------------------
<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>
$1,917,378.79 $920,003.82 $0.00 $920,003.82 $0.00 $2,837,382.61
<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 $4,887,932.00 $0.00 $0.00 $0.00 $4,887,932.00
BANKRUPTCY BOND
SINGLE -UNITS $175,954.00 $0.00 $0.00 $0.00 $175,954.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $9,775,864.62 $0.00 $0.00 $0.00 $9,775,864.62
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
12 $4,188,927.39 2 $614,659.34 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
1 $822,244.96 0 $0.00
</TABLE>
The Group C-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, III, and IV Certificates. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated May 25, 1999, to that certain
Prospectus dated May 25,1999,
pursuant to which certain of the Group II, III, and IV certificates were
offered. The special hazard coverage, bankruptcy coverage and fraud
coverage (collectively, "Credit Enhancements")
provided by the C-B Certificates provide coverage to the Group II, III, and
IV Loans, subject to the conditions and limitations to payment specified
thereunder. Losses on Mortgage Loans in
any one or more of such Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or
Loan Groups have not sustained any losses.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
C-B-1 $16,064,899.80
C-B-2 $7,545,634.96
C-B-3 $4,381,336.39
C-B-4 $3,407,707.52
C-B-5 $1,217,036.84
C-B-6 $2,677,485.72
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,887,932.00,
$175,954.00, $9,775,864.62 respectively,
and such coverages are referred to in the table above under the column
"Insurance Type" as "special hazard," "bankruptcy bond," and "mortgage
repurchase," respectively. However,
no policy of insurance exists for any such coverage, notwithstanding the
reference to "insurance."
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF August 31, 1999):
SERIES: 1999-5 (1539)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $150,402,539.32** $5,625,831.69*** $4,188,927.39***
NUMBER 404 15 12
% OF POOL
(DOLLARS) 100.00% 3.74% 2.79%
% OF POOL
(NO. OF LOANS) 100.00% 3.71% 2.97%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $614,659.34*** $0.00*** $822,244.96***
NUMBER 2 0 1
% OF POOL
(DOLLARS) 0.41% 0.00% 0.55%
% OF POOL
(NO. OF LOANS) 0.50% 0.00% 0.25%
<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 September 01, 1999 scheduled payments and August 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
August 31, 1999.
Trading Factor, calculated as of distribution date : 0.96961296.
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 September 01, 1999, and
unscheduled prepayments in months prior to September ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 7.3605
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 05/25/1999
CERTIFICATE BALANCE AT ISSUE: $268,529,392.09
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2130 $262,047,601.29
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $180,119.15
Unscheduled Principal Collection/Reversals $37,734.66
Liquidations-in-full 20 $2,024,653.77
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,242,507.58 -$2,242,507.58
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2110 $259,805,093.71
SCHEDULED INTEREST AT MORTGAGE RATE: $1,786,121.26
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: $178,179.34
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: $3,850,449.50
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 7.3605
- ----------------------------------------------------------------------------------------
<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>
$2,242,507.58 $1,607,941.92 $0.00 $1,607,941.92 $0.00 $3,850,449.50
<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 $4,887,932.00 $0.00 $0.00 $0.00 $4,887,932.00
BANKRUPTCY BOND
SINGLE -UNITS $175,954.00 $0.00 $0.00 $0.00 $175,954.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $9,775,864.62 $0.00 $0.00 $0.00 $9,775,864.62
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
54 $6,517,383.81 10 $1,074,820.89 5 $480,640.83
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
1 $85,866.78 0 $0.00
</TABLE>
The Group C-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, III, and IV Certificates. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated May 25, 1999, to that certain
Prospectus dated May 25,1999,
pursuant to which certain of the Group II, III, and IV certificates were
offered. The special hazard coverage, bankruptcy coverage and fraud
coverage (collectively, "Credit Enhancements")
provided by the C-B Certificates provide coverage to the Group II, III, and
IV Loans, subject to the conditions and limitations to payment specified
thereunder. Losses on Mortgage Loans in
any one or more of such Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or
Loan Groups have not sustained any losses.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
C-B-1 $16,064,899.80
C-B-2 $7,545,634.96
C-B-3 $4,381,336.39
C-B-4 $3,407,707.52
C-B-5 $1,217,036.84
C-B-6 $2,677,485.72
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,887,932.00,
$175,954.00, $9,775,864.62 respectively,
and such coverages are referred to in the table above under the column
"Insurance Type" as "special hazard," "bankruptcy bond," and "mortgage
repurchase," respectively. However,no policy of insurance exists for any
such coverage, notwithstanding the reference to "insurance."
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF August 31, 1999):
SERIES: 1999-5 (1540)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $259,805,093.71** $8,158,712.31*** $6,517,383.81***
NUMBER 2110 70 54
% OF POOL
(DOLLARS) 100.00% 3.14% 2.51%
% OF POOL
(NO. OF LOANS) 100.00% 3.32% 2.56%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $1,074,820.89*** $480,640.83*** $85,866.78***
NUMBER 10 5 1
% OF POOL
(DOLLARS) 0.41% 0.19% 0.03%
% OF POOL
(NO. OF LOANS) 0.47% 0.24% 0.05%
<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 September 01, 1999 scheduled payments and August 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
August 31, 1999.
Trading Factor, calculated as of distribution date : 0.96751083.
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 September 01, 1999, and
unscheduled prepayments in months prior to September ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 6.9397
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 05/27/1999
CERTIFICATE BALANCE AT ISSUE: $65,147,782.92
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 583 $63,651,391.61
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $202,809.51
Unscheduled Principal Collection/Reversals $33,275.32
Liquidations-in-full 7 $496,048.91
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $732,133.74 -$732,133.74
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 576 $62,919,257.87
SCHEDULED INTEREST AT MORTGAGE RATE: $407,497.66
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: $39,369.77
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: $1,100,261.63
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
09/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 08/1999
SERIES: 1999-5 WEIGHTED AVERAGE PC RATE: 6.9397
- ----------------------------------------------------------------------------------------
<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>
$732,133.74 $368,127.89 $0.00 $368,127.89 $0.00 $1,100,261.63
<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 $4,887,932.00 $0.00 $0.00 $0.00 $4,887,932.00
BANKRUPTCY BOND
SINGLE -UNITS $175,954.00 $0.00 $0.00 $0.00 $175,954.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $9,775,864.62 $0.00 $0.00 $0.00 $9,775,864.62
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
6 $968,028.75 0 $0.00 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 C-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, III, and IV Certificates. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated May 25, 1999, to that certain
Prospectus dated May 25,1999,
pursuant to which certain of the Group II, III, and IV certificates were
offered. The special hazard coverage, bankruptcy coverage and fraud
coverage (collectively, "Credit Enhancements")
provided by the C-B Certificates provide coverage to the Group II, III, and
IV Loans, subject to the conditions and limitations to payment specified
thereunder. Losses on Mortgage Loans in
any one or more of such Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or
Loan Groups have not sustained any losses.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
C-B-1 $16,064,899.80
C-B-2 $7,545,634.96
C-B-3 $4,381,336.39
C-B-4 $3,407,707.52
C-B-5 $1,217,036.84
C-B-6 $2,677,485.72
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,887,932.00,
$175,954.00, $9,775,864.62 respectively,
and such coverages are referred to in the table above under the column
"Insurance Type" as "special hazard," "bankruptcy bond," and "mortgage
repurchase," respectively. However,
no policy of insurance exists for any such coverage, notwithstanding the
reference to "insurance."
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF August 31, 1999):
SERIES: 1999-5 (1541)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $62,919,257.87** $968,028.75*** $968,028.75***
NUMBER 576 6 6
% OF POOL
(DOLLARS) 100.00% 1.54% 1.54%
% OF POOL
(NO. OF LOANS) 100.00% 1.04% 1.04%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 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 September 01, 1999 scheduled payments and August 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
August 31, 1999.
Trading Factor, calculated as of distribution date : 0.96579277.
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 September 01, 1999, and
unscheduled prepayments in months prior to September ) can be calculated.
</TABLE>
