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SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Month of June, 1999
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1999-7
(Exact name of the registrant as specified in charter)
Delaware 333-65911
(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
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ITEM 5.
See Exhibit A, the Distribution Report for the Month of June, 1999,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 1999-7 , Monthly Distribution Report for June 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: July 9, 1999
PNC MORTGAGE SECURITIES CORP.
(Registrant)
By: /s/ (RICHIE MOORE)
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RICHIE MOORE
SECOND VICE PRESIDENT
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<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
06/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 05/1999
SERIES: 1999-7 WEIGHTED AVERAGE PC RATE: 7.1234
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 05/28/1999
CERTIFICATE BALANCE AT ISSUE: $278,421,463.94
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1087 $278,421,463.94
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $26,344.92
Unscheduled Principal Collection/Reversals $86,146.39
Liquidations-in-full 8 $1,818,863.00
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,931,354.31 -$1,931,354.31
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1079 $276,490,109.63
SCHEDULED INTEREST AT MORTGAGE RATE: $1,643,142.09
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals -$167.06
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 -$167.06
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: $121,073.76
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals -$21.73
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 -$21.73
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,453,277.31
</TABLE>
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<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
06/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 05/1999
SERIES: 1999-7 WEIGHTED AVERAGE PC RATE: 7.1234
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<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
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LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
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PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,931,354.31 $1,522,068.33 -$145.33 $1,521,923.00 $0.00 $3,453,277.31
<CAPTION>
INSURANCE RESERVES*
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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 $0.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE -UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
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ONE TWO THREE
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COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
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<S> <C> <C> <C> <C> <C>
1 $198,912.52 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
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COUNT PRIN BALANCE COUNT PRIN BALANCE
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<S> <C> <C> <C>
0 $0.00 0 $0.00
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The Class B Certificates provide, to the limited extent described interest
in the Prospectus Supplement, credit support, as well as special hazard,
bankruptcy, and fraud coverage to the Class A Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement dated May 26, 1999,
to that certain Prospectus Supplement dated May 25, 1999, pursuant to which
certain of the Class A Certificates were offered. The special hazard,
bankruptcy , and fraud coverage provided by the Class B Certificates is
limited only by the aggregate class principal balance of the Class B
Certificates.
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<CAPTION>
<S> <C> <C> <C>
CLASS CLASS PRINCIPAL BALANCE
B-1 $2,783,936.55
B-2 $2,783,936.55
B-3 $1,809,641.76
Total $7,377,514.86
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
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<TABLE>
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EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF May 31, 1999):
SERIES: 1999-7 (1545)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
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<S> <C> <C> <C>
DOLLAR AMOUNT $276,490,109.63** $198,912.52*** $198,912.52***
NUMBER 1079 1 1
% OF POOL
(DOLLARS) 100.00% 0.07% 0.07%
% OF POOL
(NO. OF LOANS) 100.00% 0.09% 0.09%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
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<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
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<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 June 01, 1999 scheduled payments and May 01, 1999
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
May 31, 1999.
Trading Factor, calculated as of distribution date : 0.99306320.
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 June 01, 1999, and
unscheduled prepayments in months prior to June ) can be calculated.
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