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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 August, 1996
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1996-2
(Exact name of the registrant as specified in charter)
Delaware 33-84896 36-4090068
(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 August, 1996,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
Series 1996-2, Monthly Distribution Report for August 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: September 9, 1996
PNC MORTGAGE SECURITIES CORP.
(Registrant)
By: /s/ (RICHIE MOORE)
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RICHIE MOORE
ASSISTANT VICE PRESIDENT
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<TABLE>
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EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
08/1996 DISTRIBUTION REPORT
PROCESSING MONTH: 07/1996
SERIES 1996-2 (1381) WEIGHTED AVERAGE PC RATE: 6.6034
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<S> <C>
ISSUE DATE: 06/28/1996
CERTIFICATE BALANCE AT ISSUE: $86,542,998.26
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 365 $86,093,279.12
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $389,135.65
Unscheduled Principal Collection/Reversals $27,862.13
Liquidations-in-full 1 $196,425.84
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $613,423.62 ($613,423.62)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 364 $85,479,855.50
SCHEDULED INTEREST AT MORTGAGE RATE: $490,383.46
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: $16,679.67
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: $1,087,127.41
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<TABLE>
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PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
08/1996 DISTRIBUTION REPORT
PROCESSING MONTH: 07/1996
SERIES 1996-2 (1381) WEIGHTED AVERAGE PC RATE: 6.6034
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MEMO ITEMS
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MEMO INCOME/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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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 $1,730,860.00 $0.00 $0.00 $0.00 $1,730,860.00
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 $1,730,860.00 $0.00 $0.00 $0.00 $1,730,860.00
<CAPTION>
DELINQUENT INSTALLMENTS
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ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
5 $1,187,555.93 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
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COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
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The Class B-4 and Class B-5 Certificates (the "Junior Subordinate Certificates")
provide credit support and limited special hazard, bankruptcy and fraud coverage
(collectively, "Coverage") to (i) the Class B-1, Class B-2 and Class B-3
Certificates (the "Senior Subordinate Certificates" and, together with the
Junior Subordinate Certificates, the "Class B Certificates"), (ii) the Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class X, Class P
and Class R Certificates (the "Senior Support Certificates"), to the extent
described in the prospectus supplement (the "Prospectus Supplement") pursuant
to which the Senior, Senior Support and Senior Subordinate Certificates were
offered. The Class B-3 Certificates provide Coverage to the Class B-1 and
Class B-2 Certificates, and the Class B-2 Certificates provide Coverage to
the Class B-1 Certificates, in each case as described in the Prospectus
Supplement. The Senior Subordinate Certificates provide Coverage to the
Senior and Senior Support Certificates, and the Senior Support Certificates
provide Coverage to the Senior Certificates, in each case, to the extent
described in the Prospectus Supplement.
The Class Principal Balances of the Class B and Senior Support Certificates
immediately after the principal and interest distribution on August 26, 1996
are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
A-7 $8,114,809.38
B-1 $642,526.92
B-2 $214,175.97
B-3 $342,680.76
B-4 $299,845.17
B-5 $214,176.30
</TABLE>
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced distribution date is $1,730,860.00, $50,000.00, and $1,730,860.00,
respectively.
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<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
08/1996 DISTRIBUTION REPORT
PROCESSING MONTH: 07/1996
SERIES 1996-2 (1381) WEIGHTED AVERAGE PC RATE: 6.6034
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BEGINNING ENDING
PRINCIPAL BALANCE PRINCIPAL BALANCE
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<S> <C>
$86,093,279.12 $85,479,855.50
<CAPTION>
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION DISTRIBUTION
- - ------------ ------------- ---------- ------------- --------------
<S> <C> <C> <C> <C>
$613,423.62 $473,703.79 $0.00 $473,703.79 $1,087,127.41
</TABLE>
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<TABLE>
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EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF JULY 31, 1996):
SERIES 1996-2
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 $85,479,855.50** $1,187,555.93*** $0.00***
NUMBER 364 5 2
% OF POOL
(DOLLARS) 100.00% 1.39% 1.39%
% OF POOL
(NO. OF LOANS) 100.00% 1.37% 0.55%
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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 August 1, 1996 scheduled payments and July 1, 1996
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
July 31, 1996.
Trading Factor, calculated as of August 26, 1996: .98771544. 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 August 1, and unscheduled prepayments in
months prior to July) can be calculated.
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