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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 MAY, 1996
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1994-1
(EXACT NAME OF THE REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 33-53016 36-7067987
(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 May, 1996, attached
hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
Series 1994-1, Monthly Distribution Report for May 1996.
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: June 1, 1996
PNC MORTGAGE SECURITIES CORP.
(REGISTRANT)
BY: /s/ (RICHIE MOORE)
-------------------------
RICHIE MOORE
ASSISTANT VICE PRESIDENT
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PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
PROCESSING MONTH: 04/1996 MORTGAGE PASS-THROUGH CERTIFICATES
05/1996 DISTRIBUTION REPORT
SERIES 1994-1 (1364) WEIGHTED AVERAGE PC RATE: 6.8275
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<S> <C>
ISSUE DATE: 01/28/1994
CERTIFICATE BALANCE AT ISSUE: $230,592,119.02
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CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------ ---------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 767 $206,057,568.35
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $209,764.17
Unscheduled Principal Collection/Reversals $52,104.72
Liquidations-in-full 7 $1,630,132.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,892,001.38 ($1,892,001.38)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 760 $204,165,566.97
SCHEDULED INTEREST AT MORTGAGE RATE: $1,229,115.28
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: $56,632.89
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: $3,064,483.77
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PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
PROCESSING MONTH: 04/1996 MORTGAGE PASS-THROUGH CERTIFICATES
05/1996 DISTRIBUTION REPORT
SERIES 1994-1 (1364) WEIGHTED AVERAGE PC RATE: 6.8275
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BEGINNING ENDING
PRINCIPAL BALANCE PRINCIPAL BALANCE
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<S> <C>
$206,057,568.35 $204,165,566.97
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PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION DISTRIBUTION
- -------------------- -------------- ------------ -------------- --------------------
<S> <C> <C> <C> <C>
$1,892,001.38 $1,172,482.39 $0.00 $1,172,482.39 $3,064,483.77
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PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
PROCESSING MONTH: 04/1996 MORTGAGE PASS-THROUGH CERTIFICATES
05/1996 DISTRIBUTION REPORT
SERIES 1994-1 (1364) WEIGHTED AVERAGE PC RATE: 6.8275
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MEMO ITEMS
----------
MEMO IMCOME/EXPENSES TO SERVICERS: ISSUER P & I ADVANCES:
- ----------------------------------- ---------------------------------------
<S> <C> <C> <C>
Late Charges $0.00 Beginning Advance Balance ($0.00)
Prepayment Fees $0.00 New Advances ($0.00)
Miscellaneous Fees $0.00 Advances Recovered ($0.00)
Ending Advance Balances ($0.00)
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INSURANCE RESERVES*
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INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS COVERAGE REMAINING
------------------- ----------------- ------------------ ----------- ------------- ------------------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,305,921.00 $0.00 $0.00 $211,964.82 $2,093,956.18
BANKRUPTCY BOND
SINGLE-UNITS $50,000.00 $0.00 $0.00 $0.00 $50,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $4,611,842.00 $0.00 $0.00 $2,517,885.82 $2,093,956.18
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DELINQUENT INSTALLMENTS
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ONE TWO THREE IN FORECLOSURE ACQUIRED
-------------------- -------------------- ------------------- -------------------- -------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----- ------------ ----- ------------ ----- ------------ ----- ------------ ----- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8 $2,429,415.80 1 $206,164.93 0 $0.00 1 $156,432.82 0 $0.00
* The Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, and Class B-6 Certificates (collectively, the "Subordinate
Certificates") provide credit support and special hazard, bankruptcy and fraud coverage, to the Class T-1, Class T-2,
Class T-3, Class T-4, Class T-5, Class T-6, Class T-7, Class T-8, Class T-9, Class T-10, Class W, Class F-1, Class F-2, Class F-3,
Class S-1, Class S-2, and Class S-3 (collectively, the Senior Certificates), to the extent described in the prospectus
supplement (the "Prospectus Supplement"), pursuant to which the Class B-1, Class B-2, Class B-3 and Senior Certificates were
offered. The Class Principal Balances of the Subordinated Certificates immediately after the principal and interest distribution
on May 26, 1996, are as follows:
CLASS CLASS PRINCIPAL BALANCE
B-1 $5,048,457.71
B-2 $3,926,238.13
B-3 $2,804,455.39
B-4 $1,121,781.78
B-5 $224,356.38
B-6 $897,425.61
----------------------
AGGREGATE CLASS B PRIN BALANCE: $14,022,715.00
The amount of special hazard, bankruptcy and fraud coverage to be allocated ezclusively to the Subordinated Certificates, as
described in the Prospectus Supplement is $2,093,956.18, $50,000.00, and $2,093,956.18 respectively: after the specified
amounts are reached, such losses will be allocated among all outstanding classes of Subordinated Certificates and Senior
Certificates pro rata, as described in the Prospectus Supplement.
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SERIES 1994-1 DELINQUENT * MORTGAGE LOANS (AS OF APRIL 30, 1996):
I II III IV V VI VII
TOTAL LOANS TOTAL LOANS DELINQUENT
IN DELINQ. ------------------------------------------------- LOANS IN LOANS
MORTGAGE POOL LOANS 1 MONTH 2 MONTH 3 MONTH FORECLOSURE ACQUIRED
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<S> <C> <C> <C> <C> <C> <C> <C>
DOLLAR AMOUNT $204,165,566.97** $2,792,013.55*** $2,429,415.80*** $206,164.93*** $0.00*** $156,432.82*** $0.00***
NUMBER 760 10 8 1 0 1 0
% OF POOL
(DOLLARS) 100.00% 1.37% 1.19% 0.10% 0.00% 0.08% 0.00%
% OF POOL
(NO. OF LOANS) 100.00% 1.32% 1.05% 0.13% 0.00% 0.13% 0.00%
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* 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 May 1, 1996 scheduled payments and April 1, 1996
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
April 30, 1996.
Trading Factor, calculated as of May 25, 1996: .88539699. 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 May 1, and unscheduled prepayments in
months prior to April, can be calculated.
