<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 May 1997
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-3
(Exact name of the registrant as specified in charter)
Delaware 33-84896 36-4152188
(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 May 1997,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
Series 1997-3, Monthly Distribution Report for May 1997.
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 9, 1997
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
05/1997 DISTRIBUTION REPORT
PROCESSING MONTH: 04/1997
SERIES 1997-3 (1389) WEIGHTED AVERAGE PC RATE: 7.7308
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 04/1/1997
CERTIFICATE BALANCE AT ISSUE: $511,030,337.02
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1843 $511,030,337.02
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $749,887.62
Unscheduled Principal Collection/Reversals $133,027.07
Liquidations-in-full 10 $3,104,209.00
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,987,123.69 ($3,987,123.69)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1833 $507,043,213.33
SCHEDULED INTEREST AT MORTGAGE RATE: $3,416,061.95
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $3.12
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 $3.12
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: $123,297.62
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.04
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 $0.04
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,279,891.10
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
05/1997 DISTRIBUTION REPORT
PROCESSING MONTH: 04/1997
SERIES 1997-3 (1389) WEIGHTED AVERAGE PC RATE: 7.7308
- ----------------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
LOAN AGGREGATE LOSS PRINCIPAL SCHEDULED
COUNT AMOUNT DISTRIBUTION INTEREST DUE
- ----- -------------- ------------ ------------
<S> <C> <C> <C>
0 $0.00 $3,987,123.69 $3,292,764.33
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE (CONT'D.)
INTEREST NET INTEREST TOTAL
ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ---------- ------------ ----- ------------
<S> <C> <C> <C>
$3.16 $3,292,767.49 $0.00 $7,279,891.10
- --------------------------------------------------------------------------------------------------------------------------
<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 $5,110,303.00 $0.00 $0.00 $0.00 $5,110,303.00
BANKRUPTCY BOND $225,886.00 $0.00 $0.00 $0.00 $225,886.00
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $125,886.00 $0.00 $0.00 $0.00 $125,886.00
MORTGAGE REPURCHASE $8,700,795.00 $0.00 $0.00 $0.00 $8,700,795.00
Group I $1,519,811.00 $0.00 $0.00 $0.00 $1,519,811.00
Group II $7,180,984.00 $0.00 $0.00 $0.00 $7,180,984.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
9 $2,020,510.83 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>
Each of the Class B Certificates provide, to the limited extent described in
the Prospectus Supplement, credit support, special hazard, bankruptcy and fraud
coverage to certain of the PNC Mortgage Securities Corp. Series 1997-3 Mortgage
Pass Through Certificates. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated April 28, 1997, pursuant to which the Offered
Certificates were offered.
The Class Principal Balances of each Class of the Class B Certificates
immediately after the principal and interest distribution on May 27, 1997,
are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE CLASS CLASS PRINCIPAL BALANCE
<S> <C> <C> <C>
IB-1 $2,650,765.73 IIB-1 $7,176,183.05
IB-2 $378,679.97 IIB-2 $4,485,114.40
IB-3 $378,679.97 IIB-3 $1,794,045.76
IB-4 $378,679.97 IIB-4 $1,614,641.78
IB-5 $454,416.56 IIB-5 $897,022.88
IB-6 $302,947.56 IIB-6 $1,076,428.93
------------- -------------
TOTAL $4,544,169.76 TOTAL $17,043,436.80
------------- --------------
------------- --------------
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $5,110,303.00, $225,886.00, and $8,700,795.00, respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF APRIL 30, 1997):
SERIES 1997-3 (1389)
I II III
TOTAL LOANS TOTAL
IN DELINQUENT LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-----------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $507,043,213.33** $2,020,510.83*** $2,020,510.83***
NUMBER 1833 9 9
% OF POOL
(DOLLAR) 100.00% 0.40% 0.40%
% OF POOL
(NO. OF LOANS) 100.00% 0.49% 0.49%
<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 May 01, 1997 scheduled payments and April 01, 1997
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
April 30, 1997.
Trading Factor, calculated as of Distribution Date: May 27, 1997: 0.99219787.
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 01, and
unscheduled prepayments in months prior to May) can be calculated.
</TABLE>
