<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 November, 2000
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 2000-3
(Exact name of the registrant as specified in charter)
Delaware 333-72879 36-4369664
(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 November, 2000,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 2000-3 , Monthly Distribution Report for November 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: December 6, 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
11/2000 DISTRIBUTION REPORT
SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 7.73412%
POOL NUMBER: 1669
____________________________________________________________________________________________
<S> <C>
ISSUE DATE: 04/28/2000
CERTIFICATE BALANCE AT ISSUE: $25,772,043.96
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@PC RATE) OUTSTANDING
_________ __________________ __________________
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 221 $23,882,189.36
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month $68,391.69
Unscheduled Principal Collection/Reversals $29,613.47
Liquidations-in-full 1 $163,895.80
Net principal Distributed $261,900.96 ($261,900.96)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00
BALANCE CURRENT FISCAL MONTH-END: 220 $23,620,288.40
SCHEDULED INTEREST AT MORTGAGE RATE: $164,917.64
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals $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: $10,848.74
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $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: $415,969.86
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
11/2000 DISTRIBUTION REPORT
SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 7.73412%
POOL NUMBER: 1669
____________________________________________________________________________________________
<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>
$261,900.96 $154,068.90 $0.00 $154,068.90 $0.00 $415,969.86
<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 $3,951,854.00 $0.00 $0.00 $0.00 $3,951,854.00
Bankruptcy Bond
Single-Units $134,389.00 $0.00 $0.00 $0.00 $134,389.00
Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00
Mortgage Repurchase $6,511,368.58 $0.00 $0.00 $0.00 $6,511,368.58
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
<S> <C> <C> <C> <C> <C>
7 $741,586.55 0 $0.00 0 $0.00
FOUR IN FORECLOSURE ACQUIRED
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
0 $0.00 1 $208,225.83 0 $0.00
</TABLE>
The Group D-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,II & III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated May 2, 2000, to that
certain prospectus dated March 29, 2000, to which certain of the Groups I,II &
III certificates were offered. The special hazard, bankruptcy, and Fraud
coverage (collectively, "Credit Enhancements") provided by the D-B certificates
provide coverage to the Group I,II & III Loans, subject to the conditions and
limitations to payment specified thereunder.
The Class Principal Balances of each Class of the Class DB1, DB2, DB3, DB4,
DB5, DB6 Certificates immediately after the principal and interest distribution
on 11/25/2000 are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
DB1 $9,694,481.27
DB2 $5,816,688.96
DB3 $3,554,642.38
DB4 $2,100,472.13
DB5 $1,292,596.77
DB6 $1,777,359.54
__________________
Total $24,236,241.04
==================
</TABLE>
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (As of October 30, 2000):
SERIES: 2000-3 POOL NUMBER: 1669
I II III
Total Loans In Total Delinquent Loans Delinquent
Mortgage Pool Loans 1 Month
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $23,620,288.40** $949,812.38*** $741,586.55***
Number: 230 8 7
% of Pool: 100.00% 4.02% 3.14%
(Dollars)
% of Pool: 100.00% 3.48% 3.04%
(No. of Loans)
<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*** $208,225.83***
Number: 0 0 1
% of Pool: 0.00% 0.00% 0.88%
(Dollars)
% of Pool: 0.00% 0.00% 0.43%
(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 November 01, 2000 scheduled payments and October 01, 2000
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
October 30, 2000.
Trading Factor, calculated as of distribution date : 0.07255092.
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 November 01, 2000, and
unscheduled prepayments in months prior to November ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
11/2000 DISTRIBUTION REPORT
SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.30316%
POOL NUMBER: 1664
____________________________________________________________________________________________
<S> <C>
ISSUE DATE: 04/28/2000
CERTIFICATE BALANCE AT ISSUE: $218,322,225.30
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@PC RATE) OUTSTANDING
_________ __________________ __________________
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 534 $195,720,789.06
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month $121,830.57
Unscheduled Principal Collection/Reversals $21,420.26
Liquidations-in-full 11 $3,522,517.82
Net principal Distributed $3,665,768.65 ($3,665,768.65)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00
BALANCE CURRENT FISCAL MONTH-END: 523 $192,055,020.41
SCHEDULED INTEREST AT MORTGAGE RATE: $1,456,123.24
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals $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: $101,017.31
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $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: $5,020,874.58
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
11/2000 DISTRIBUTION REPORT
SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.30316%
POOL NUMBER: 1664
____________________________________________________________________________________________
<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>
$3,665,768.65 $1,355,105.93 $0.00 $1,355,105.93 $0.00 $5,020,874.58
<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 $3,951,854.00 $0.00 $0.00 $0.00 $3,951,854.00
Bankruptcy Bond
Single-Units $134,389.00 $0.00 $0.00 $0.00 $134,389.00
Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00
Mortgage Repurchase $6,511,368.58 $0.00 $0.00 $0.00 $6,511,368.58
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
<S> <C> <C> <C> <C> <C>
20 $7,204,013.03 5 $3,027,888.01 8 $3,438,571.91
FOUR IN FORECLOSURE ACQUIRED
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
5 $2,329,729.99 5 $2,139,890.90 0 $0.00
</TABLE>
The Group D-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,II & III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated May 2, 2000, to that
certain prospectus dated March 29, 2000, to which certain of the Groups I,II &
III certificates were offered. The special hazard, bankruptcy, and Fraud
coverage (collectively, "Credit Enhancements") provided by the D-B certificates
provide coverage to the Group I,II & III Loans, subject to the conditions and
limitations to payment specified thereunder.
The Class Principal Balances of each Class of the Class DB1, DB2, DB3, DB4,
DB5, DB6 Certificates immediately after the principal and interest distribution
on 11/25/2000 are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
DB1 $9,694,481.27
DB2 $5,816,688.96
DB3 $3,554,642.38
DB4 $2,100,472.13
DB5 $1,292,596.77
DB6 $1,777,359.54
__________________
Total $24,236,241.04
==================
</TABLE>
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (As of October 30, 2000):
SERIES: 2000-3 POOL NUMBER: 1664
I II III
Total Loans In Total Delinquent Loans Delinquent
Mortgage Pool Loans 1 Month
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $192,055,020.41** $13,480,633.86*** $7,204,013.03***
Number: 576 33 20
% of Pool: 100.00% 7.02% 3.75%
(Dollars)
% of Pool: 100.00% 5.73% 3.47%
(No. of Loans)
<CAPTION>
IV V VI
Loans Delinquent Loans Delinquent Loans In
2 Month 3 Month Foreclosure
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $3,027,888.01*** $1,108,841.92*** $2,139,890.90***
Number: 5 3 5
% of Pool: 1.58% 0.58% 1.11%
(Dollars)
% of Pool: 0.87% 0.52% 0.87%
(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 November 01, 2000 scheduled payments and October 01, 2000
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
October 30, 2000.
Trading Factor, calculated as of distribution date : 0.58990677.
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 November 01, 2000, and
unscheduled prepayments in months prior to November ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
11/2000 DISTRIBUTION REPORT
SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.48982%
POOL NUMBER: 1670
____________________________________________________________________________________________
<S> <C>
ISSUE DATE: 04/28/2000
CERTIFICATE BALANCE AT ISSUE: $81,474,164.94
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@PC RATE) OUTSTANDING
_________ __________________ __________________
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 640 $76,283,823.77
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collection Due Current Month $115,166.62
Unscheduled Principal Collection/Reversals $7,538.47
Liquidations-in-full 6 $737,139.08
Net principal Distributed $859,844.17 ($859,844.17)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00
BALANCE CURRENT FISCAL MONTH-END: 634 $75,423,979.60
SCHEDULED INTEREST AT MORTGAGE RATE: $575,740.66
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collection/Reversals $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: $35,734.68
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $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: $1,399,850.15
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
11/2000 DISTRIBUTION REPORT
SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.48982%
POOL NUMBER: 1670
____________________________________________________________________________________________
<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>
$859,844.17 $540,005.98 $0.00 $540,005.98 $0.00 $1,399,850.15
<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 $3,951,854.00 $0.00 $0.00 $0.00 $3,951,854.00
Bankruptcy Bond
Single-Units $134,389.00 $0.00 $0.00 $0.00 $134,389.00
Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00
Mortgage Repurchase $6,511,368.58 $0.00 $0.00 $0.00 $6,511,368.58
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
<S> <C> <C> <C> <C> <C>
22 $2,392,084.86 4 $358,369.76 2 $279,703.08
FOUR IN FORECLOSURE ACQUIRED
Count Principal Balance Count Principal Balance Count Principal Balance
_____ _________________ _____ _________________ _____ _________________
1 $138,583.86 1 $164,564.21 0 $0.00
</TABLE>
The Group D-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,II & III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated May 2, 2000, to that
certain prospectus dated March 29, 2000, to which certain of the Groups I,II &
III certificates were offered. The special hazard, bankruptcy, and Fraud
coverage (collectively, "Credit Enhancements") provided by the D-B certificates
provide coverage to the Group I,II & III Loans, subject to the conditions and
limitations to payment specified thereunder.
The Class Principal Balances of each Class of the Class DB1, DB2, DB3, DB4,
DB5, DB6 Certificates immediately after the principal and interest distribution
on 11/25/2000 are as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
DB1 $9,694,481.27
DB2 $5,816,688.96
DB3 $3,554,642.38
DB4 $2,100,472.13
DB5 $1,292,596.77
DB6 $1,777,359.54
__________________
Total $24,236,241.04
==================
</TABLE>
Capitalized items used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (As of October 30, 2000):
SERIES: 2000-3 POOL NUMBER: 1670
I II III
Total Loans In Total Delinquent Loans Delinquent
Mortgage Pool Loans 1 Month
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $75,423,979.60** $3,056,138.05*** $2,392,084.86***
Number: 669 28 22
% of Pool: 100.00% 4.05% 3.17%
(Dollars)
% of Pool: 100.00% 4.19% 3.29%
(No. of Loans)
<CAPTION>
IV V VI
Loans Delinquent Loans Delinquent Loans In
2 Month 3 Month Foreclosure
-------------------- --------------------- ---------------------
<S> <C> <C> <C>
Dollar Amount: $358,369.76*** $141,119.22*** $164,564.21***
Number: 4 1 1
% of Pool: 0.48% 0.19% 0.22%
(Dollars)
% of Pool: 0.60% 0.15% 0.15%
(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 November 01, 2000 scheduled payments and October 01, 2000
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
October 30, 2000.
Trading Factor, calculated as of distribution date : 0.23166859.
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 November 01, 2000, and
unscheduled prepayments in months prior to November ) can be calculated.
</TABLE>
