<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
APRIL 30, 1997
(DATE OF EARLIEST EVENT REPORTED)
PNC MORTGAGE SECURITIES CORP.
AS DEPOSITOR AND MASTER SERVICER UNDER A
POOLING AND SERVICING AGREEMENT
DATED AS OF APRIL 1, 1997
PROVIDING FOR THE ISSUANCE OF
$446,638,440
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-3
Delaware 33-84896 36-4152188
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
Incorporation) Number)
75 NORTH FAIRWAY DRIVE
VERNON HILLS, ILLINOIS 60061
(Address of principal executive offices)
Registrant's telephone number, including area code:
(847) 549-6500
<PAGE>
Item 5. OTHER EVENTS
DESCRIPTION OF THE CERTIFICATES AND THE MORTGAGE POOL.
On April 30, 1997 (the "Closing Date"), PNC Mortgage Securities Corp. (the
"Company"), pursuant to a pooling and servicing agreement, dated as of April 1,
1997, between the Company and First Bank National Association, as trustee,
caused the Mortgage Pass-Through Certificates, Series 1997-3, to be issued (the
"Certificates") which consist of the following thirty-one classes: (i) Class IA-
1, Class IA-2, Class IA-3, Class IA-4, Class IA-5, Class IA-6, Class IA-7 (the
"Group IA Certificates"), (ii) Class IIA-1, Class IIA-2, Class IIA-3, Class IIA-
4, Class IIA-5, Class IIA-6 and Class IIA-7 (the "Group IIA Certificates" and,
together with the Group IA Certificates, the "Class A Certificates"), (iii)
Class IP, (iv) Class IX-1 and Class IX-2 (the "Class IX Certificates") and
Class IIX (together with the Class IX Certificates, the "Class X Certificates"),
(v) Class IB-1, Class IB-2 and Class IB-3 (the "Group I Senior Subordinate
Certificates"), (vi) Class IB-4, Class IB-5 and Class IB-6 (the "Group I Junior
Subordinate Certificates" and, together with the Group I Senior Subordinate
Certificates, the "Group IB Certificates"), (vii) Class IIB-1, Class IIB-2 and
Class IIB-3 (the "Group II Senior Subordinate Certificates"), (viii) Class IIB-
4, Class IIB-5 and Class IIB-6 (the "Group II Junior Subordinate Certificates"
and, together with the Group II Senior Subordinate Certificates, the "Group IIB
Certificates") and (ix) Class R (the "Residual Certificates" and, together with
the Class A, Class X and Class IP Certificates, the "Senior Certificates"). The
Group IA, Class IP, Class IX and Group IB Certificates are sometimes referred to
as the "Group I Certificates" and the Group IIA, Class IIX and Group IIB
Certificates are sometimes referred to as the "Group II Certificates". The
Group I Certificates and the Group II Certificates are each a "Certificate
Group". The Class IA-3 and Class IIA-4 Certificates are sometimes referred to
as the "Lockout Certificates". The Group I Senior Subordinate Certificates and
Group II Senior Subordinate Certificates are collectively referred to as the
"Senior Subordinate Certificates". The Group I Junior Subordinate Certificates
and Group II Junior Subordinate Certificates are collectively referred to as the
"Junior Subordinate Certificates". The Group IB and Group IIB Certificates are
collectively referred to as the "Subordinate Certificates" or "Class B
Certificates". Only the Senior Certificates (other than the Class IIA-1
Certificates) and the Senior Subordinate Certificates (collectively, the
"Offered Certificates") are offered to the public pursuant to the Company's
Prospectus dated November 21, 1996 (the "Prospectus"), and Prospectus Supplement
dated April 28, 1997 (the "Prospectus Supplement").
The Certificates evidence all the beneficial ownership interest in a trust
(the "Trust") established by the Company, the assets of which consist of a pool
of conventional fixed-rate one- to four-family residential and cooperative
apartment mortgage loans with original terms to maturity of not more than 30
years (the "Mortgage Loans") deposited and master serviced by the Company, and
certain other assets, as described in the Prospectus and Prospectus Supplement.
The Mortgage Pool (as described in the Prospectus Supplement) consists of two
groups of Mortgage Loans ("Loan Group I" and "Loan Group II", and each, a "Loan
Group"). The Mortgage Loans in Loan Group I are sometimes referred to as the
"Group I Loans" and the Mortgage Loans in Loan Group II are sometimes referred
to as the "Group II Loans". The Group I Certificates correspond to the Group I
Loans, which consist
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of fixed-rate Mortgage Loans with terms to maturity of not more than 15
years. The Group II Certificates correspond to the Group II Loans, which
consist of fixed-rate Mortgage Loans with terms to maturity of not more than
30 years. Distributions of interest and principal on the Group I
Certificates and the Group II Certificates are solely based on interest and
principal received or advanced with respect to the Group I Loans and Group II
Loans, respectively, except under the limited circumstances described in the
Prospectus and Prospectus Supplement in "Description of the Certificates
- --Cross-Collateralization".
The Company has caused an election to be made to treat the Trust as a
"real estate mortgage investment conduit" (a "REMIC") for federal income tax
purposes. All of the Certificates, other than the Class R Certificates,
represent ownership of REMIC "regular interests" in the Trust. The Class R
Certificates represent ownership of the REMIC "residual interests" in the
Trust. See "Certain Federal Income Tax Consequences" in the Prospectus
Supplement and in the Prospectus.
The Offered Certificates evidence interests only in the Trust and are
payable solely from amounts received with respect thereto.
___________________________
Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Prospectus, dated November 21, 1996, and
Prospectus Supplement, dated April 28, 1997, of PNC Mortgage Securities Corp.,
relating to its Mortgage Pass-Through Certificates, Series 1997-3.
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The initial Class Principal Balance, initial Remittance Rate and Last
Scheduled Distribution Date for each Class of Offered Certificates is set forth
in the table below:
<TABLE>
<CAPTION>
INITIAL CLASS INITIAL LAST SCHEDULED
CLASS PRINCIPAL BALANCE REMITTANCE RATE (1) DISTRIBUTION DATE
----- ----------------- ------------------- -----------------
<S> <C> <C> <C>
Class IA-1 $ 36,550,361.00 7.000%(2) May 25, 2027
Class IA-2 19,784,500.00 7.000%(3) May 25, 2027
Class IA-3 31,741,470.00 7.000% May 25, 2027
Class IA-4 44,000,000.00 7.000% May 25, 2027
Class IA-5 8,820,291.00 7.000% May 25, 2027
Class IA-6 4,779,258.00 7.000% May 25, 2027
Class IA-7 1,616,275.00 7.000%(4) May 25, 2027
Class IIA-2 28,500,000.00 7.500% May 25, 2027
Class IIA-3 139,910,604.00 7.500% May 25, 2027
Class IIA-4 71,700,000.00 7.500% May 25, 2027
Class IIA-5 6,635,107.00 7.500%(5) May 25, 2027
Class IIA-6 16,000,000.00 7.500% May 25, 2027
Class IIA-7 19,587,131.00 7.500% May 25, 2027
Class IX-1 -- 7.000%(6) May 25, 2027
Class IX-2 -- 7.000%(7) May 25, 2027
Class IIX -- 7.500%(8) May 25, 2027
Class IP 129,474.89 0.000%(9) May 25, 2027
Class IB-1 2,659,670.00 7.000% May 25, 2027
Class IB-2 379,952.00 7.000% May 25, 2027
Class IB-3 379,952.00 7.000% May 25, 2027
Class IIB-1 7,180,984.00 7.500% May 25, 2027
Class IIB-2 4,488,115.00 7.500% May 25, 2027
Class IIB-3 1,795,246.00 7.500% May 25, 2027
Class R 50.00 7.000% May 25, 2027
</TABLE>
__________________________
(1) Interest distributed to the Offered Certificates (other than the Class IP
Certificates which will not be entitled to receive distributions of
interest) on each Distribution Date will have accrued during the preceding
calendar month at the applicable per annum Remittance Rate.
(2) The Class IA-1 Certificates are comprised of two payment components. The
interest and principal distributable to the Class IA-1 Certificates will be
based on the interest and principal allocable to each component thereof.
(3) The Class IA-2 Certificates are comprised of two payment components. The
interest and principal distributable to the Class IA-2 Certificates will be
based on the interest and principal allocable to each component thereof.
(4) On each Distribution Date on or before the Class IA-7 Accretion Termination
Date (as defined in the Prospectus Supplement), an amount equal to the
Class IA-7 Accrual Amount (as defined in the Prospectus Supplement) will be
added to the Class IA-7 Principal Balance, and such amount will be
distributed as principal on the TAC Component of the Class IA-2
Certificates as described in the Prospectus Supplement.
(5) On each Distribution Date on or before the Class IIA-5 Accretion
Termination Date (as defined in the Prospectus Supplement), an amount equal
to the Class IIA-5 Accrual Amount (as described in the Prospectus
Supplement) will be added to the Class IIA-5 Principal Balance, and such
amount will be distributed as principal on the Class IIA-3 Certificates and
the TAC Component of the Class IIA-1 Certificates as described in the
Prospectus Supplement.
(6) The Remittance Rate on the Class IX-1 Certificates will be 7.000% per
annum. The Class IX-1 Certificates will accrue interest on the Class IX-1
Notional Amount. The "Class IX-1 Notional Amount" with respect to any
Distribution Date will equal the product of (x) the aggregate scheduled
principal balance, as of the second preceding Due Date after giving effect
to payments scheduled to be received as of such Due Date, whether or not
received, or with respect to the initial Distribution Date, as of the Cut-
Off Date, of the Group I Loans (as defined in the Prospectus and Prospectus
Supplement) having Pass-Through Rates in excess of 7.000% per annum and
having remaining terms to maturity (reflecting Curtailments received on or
prior to the Cut-Off Date)
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of less than or equal to 165 months as of the Cut-Off Date (the
"Class IX-1 15-Year Premium Rate Mortgage Loans") (such aggregate balance,
the "Class IX-1 Premium Loan Balance") and (y) a fraction, the numerator of
which is the weighted average of the Stripped Interest Rates (as defined in
the Prospectus Supplement) for the Class IX-1 15-Year Premium Rate Mortgage
Loans as of such Due Date and the denominator of which is 7.000% (the
"Class IX-1 Premium Fraction"). The Class IX-1 Notional Amount as of the
Cut-Off Date was approximately $3,563,719. The Class IX-1 Certificates are
not entitled to receive distributions of principal.
(7) The Remittance Rate on the Class IX-2 Certificates is 7.000% per annum.
The Class IX-2 Certificates accrue interest on the Class IX-2 Notional
Amount. The "Class IX-2 Notional Amount" with respect to any Distribution
Date will equal the product of (x) the aggregate scheduled principal
balance, as of the second preceding Due Date after giving effect to
payments scheduled to be received as of such Due Date, whether or not
received, or with respect to the initial Distribution Date, as of the cut-
Off Date, of the Group I Loans having Pass-Through Rates in excess of
7.000% per annum and having remaining terms to maturity (reflecting
Curtailments received on or prior to the Cut-Off Date) of greater than 165
months as of the Cut-Off Date (the "Class IX-2 15-Year Premium Rate
Mortgage Loans") (such aggregate balance, the "Class IX-2 Premium Loan
Balance") and (y) a fraction, the numerator of which is the weighted
average of the Stripped Interest Rates (as defined in the Prospectus
Supplement) for the Class IX-2 15-Year Premium Rate Mortgage Loans as of
such Due Date and the denominator of which is 7.000% (the "Class IX-2
Premium Fraction"). The Class IX-2 Notional Amount as of the Cut-Off Date
was approximately $6,117,050. The Class IX-2 Certificates will not be
entitled to receive distributions of principal.
(8) The Remittance Rate on the Class IIX Certificates is 7.500% per annum. The
Class IIX Certificates will accrue interest on the Class IIX Fraction of
the Group II Notional Amount (the "Class IIX Notional Amount"). The "Class
IIX Fraction" with respect to any Distribution Date will equal
30.2074506121%. The "Group II Notional Amount" with respect to any
Distribution Date will equal the product of (x) the aggregate scheduled
principal balance, as of the second preceding Due Date after giving effect
to payments scheduled to be received as of such Due Date, whether or not
received, or with respect to the initial Distribution Date, as of the Cut-
Off Date, of the Group II Loans (as defined in the Prospectus Supplement)
having Pass-Through Rates in excess of 7.500% per annum (the "30-Year
Premium Rate Mortgage Loans") (such balance, the "Group II Premium Loan
Balance") and (y) a fraction, the numerator of which is the weighted
average of the Stripped Interest Rates (as defined in the Prospectus and
Prospectus Supplement) for the 30-Year Premium Rate Mortgage Loans as of
such Due Date and the denominator of which is 7.500% (the "Group II Premium
Fraction"). The Class IIX Notional Amount as of the Cut-Off Date was
approximately $5,525,230. The Class IIX Certificates are not be entitled
to receive distributions of principal.
(9) The Class IP Certificates are not entitled to receive distributions of
interest.
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Certain Classes of Certificates will be comprised of multiple components
(each, a "Component"), each of which will have a specified principal balance (a
"Component Balance") or notional amount (a "Component Notional Amount") which
functions in a manner comparable to that of a Class Principal Balance or Class
Notional Amount, on which interest will accrue at a designated Remittance Rate.
Holders of a Class of Certificates comprised of Components will be entitled to
receive distributions on any Distribution Date to the extent of the amount
distributed with respect to the related Components on such Distribution Date.
Holders of a Class of Certificates comprised of Components may not transfer such
Components separately.
For purposes of calculating distributions, the Class IA-1 Certificates
will be comprised of two Components having the designations, initial Component
Balances and Remittance Rates set forth below:
Initial
Designation Component Balance Remittance Rate
----------- ----------------- ---------------
PAC Component $11,330,672 7.000%
Companion Component $25,219,689 7.000%
For purposes of calculating distributions, the Class IA-2 Certificates will
be comprised of two Components having the designations, initial Component
Balances and Remittance Rates set forth below:
Initial
Designation Component Balance Remittance Rate
----------- ----------------- ---------------
PAC Component $ 7,984,500 7.000%
TAC Component $11,800,000 7.000%
For purposes of calculating distributions, the Class IIA-1 Certificates,
which are not offered hereby, will be comprised of four Components having the
designations, initial Component Balances and Remittance Rates set forth below:
Initial
Designation Component Balance Remittance Rate
----------- ----------------- ---------------
PAC Component $ 2,111,439 7.500%
TAC Component $56,279,967 7.500%(1)
IO Component $ --- 7.500%(2)
PO Component $ 1,270,136 (3)
- ------------------------------------------
(1) On each Distribution Date on or before the TAC Component Accretion
Termation Date (as defined in the Prospectus Supplement), an amount equal
to the TAC Component Accrual Amount (as defined in the Prospectus
Supplement) will be added to the Component Balance of the TAC Component of
the Class IIA-1 Certificates, and such amount will be distributed as
principal on the Class IIA-3 Certificates as described herein.
(2) The Remittance Rate on the IO Component of the Class IIA-1 Certificates
(the "IO Component") will be 7.500% per annum. The IO Component will
accrue interest on the IO Fraction of the Group II Notional Amount (the "IO
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Component Notional Amount). The "IO Fraction" with respect to any
Distribution Date will equal 69.7925493879%. The IO Component Notional
Amount as of the Cut-Off Date was approximately $12,765,721. The IO
Component will not be entitled to receive distributions of principal.
(3) The PO Component of the Class IIA-1 Certificates (the "PO Component") is
not entitled to distributions of interest.
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The Mortgage Pool consists of Mortgage Loans having an aggregate principal
balance outstanding as of April 1, 1997 (the "Cut-Off Date"), after deducting
payments due on or before that date, of approximately $511,029,657. The Group I
Loans and Group II Loans had an aggregate principal balance outstanding as of
the Cut-Off Date, after deducting payments due on or before that date, of
approximately $151,981,114 and $359,048,543, respectively.
Each Mortgage Loan has a first payment date during the period from February
1990 through May 1997 inclusive, and has an original term to maturity of not
more than 15 years in the case of Group I Loans and 30 years in the case of
Group II Loans.
LOAN GROUP I
As of the Cut-Off Date, the Mortgage Interest Rate on each Group I Loan was
not less than 6.375% and not more than 9.000% per annum. As of the Cut-Off
Date, the weighted average of the Mortgage Interest Rates on the Group I Loans
was approximately 7.730% per annum. As of the Cut-Off Date, the Pass-Through
Rate for each Group I Loan was not less than 6.085% and not more than 8.710% per
annum. As of the Cut-Off Date, the weighted average of the Pass-Through Rates
for the Group I Loans was approximately 7.440% per annum.
All of the Group I Loans have principal and interest payable on the
first day of each month (the "Due Date"). None of the Group I Loans are
Buydown Loans. The latest original scheduled maturity of any Group I Loan is
February 2012. Each of the Group I Loans have original terms to maturity of
not more than 15 years, and as of the Cut-Off Date, the weighted average
remaining term to maturity (adjusted for Curtailments) of the Group I Loans
was approximately 168.4 months. At origination, based upon an appraisal of
the Mortgaged Property securing each Group I Loan, approximately 93.8% of the
Group I Loans had Loan-to-Value Ratios less than or equal to 80%, and
approximately 6.2% of the Group I Loans had Loan-to-Value Ratios greater than
80% but less than or equal to 95%. No Group I Loan had a Loan-to-Value Ratio
at origination greater than 95%. At origination, the weighted average of the
Loan-to-Value Ratios of the Group I Loans was approximately 69.2%. As of the
Cut-Off Date, the weighted average of the Loan-to-Value Ratios of the Group I
Loans was approximately 66.7%. As of the Cut-Off Date, approximately 6.2% of
the Group I Loans were covered by a Primary Insurance Policy. All of the
Group I Loans with Loan-to-Value Ratios as of the Cut-Off Date in excess of
80% were covered by a Primary Insurance Policy. At origination, each Group I
Loan had a principal balance of not less than $23,150 nor more than
$1,000,000, and the average principal balance of the Group I Loans as of the
Cut-Off Date was approximately $277,845. Approximately 94.3% of the Group I
Loans were secured by owner-occupied Mortgaged Properties which were the
primary residences of the related Mortgagors, based solely on representations
of the Mortgagors obtained at the origination of the related Group I Loans,
and approximately 4.0% of the Group I Loans were secured by owner-occupied
Mortgaged Properties which were second or vacation homes of the related
Mortgagors, based solely on such representations. Approximately 1.7% of the
Group I Loans were secured by Mortgaged Properties which were investor
properties of the related Mortgagors, based solely on such representations.
Approximately 0.5% of the Group I Loans are secured by
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interests in cooperative apartments. The aggregate principal balance of
Group I Loans originated under reduced and no documentation programs
(including certain Group I Loans for which verification of income and
deposits was not required), which generally limit the original Loan-to-Value
Ratio of the Group I Loan, was approximately $16,175,044, which was
approximately 10.6% of the Loan Group I. As of the Cut-Off Date, the
weighted average of the Loan-to-Value Ratios of such Group I Loans originated
under such reduced and no documentation programs was approximately 64.1%.
Approximately 23.4% of the Group I Loans were secured by Mortgaged
Properties located in California; 9.3%, in Florida; 8.8%, in Illinois; 6.7%, in
Michigan; 6.3%, in Colorado; 5.7%, in Texas; and no other single state contains
Mortgaged Properties securing more than 5.0% of the Group I Loans. No more than
1.0% of the Group I Loans were secured by Mortgaged Properties located in any
one California zip code area, and no more than 0.9% of the Group I Loans were
secured by Mortgaged Properties located in any other single zip code area.
Approximately 71.7% of the Group I Loans were originated for the purpose of
refinancing existing mortgage debt, including cash-out refinancings.
Approximately 28.3% of the Group I Loans were originated for the purpose of
purchasing the Mortgaged Property.
LOAN GROUP II
As of the Cut-Off Date, the Mortgage Interest Rate on each Group II Loan
was not less than 7.000% and not more than 9.875% per annum. As of the Cut-Off
Date, the weighted average of the Mortgage Interest Rates on the Group II Loans
was approximately 8.145% per annum. As of the Cut-Off Date, the Pass-Through
Rate for each Group II Loan was not less than 6.710% and not more than 9.585%
per annum. As of the Cut-Off Date, the weighted average of the Pass-Through
Rates for the Group II Loans was approximately 7.856% per annum.
All of the Group II Loans have principal and interest payable on the first
day of each month (the "Due Date"). Approximately 0.1% of the Group II Loans
are Buydown Loans. The latest original scheduled maturity of any Group II Loan
is April 2027. Each of the Group II Loans have original terms to maturity of
not more than 30 years, and as of the Cut-Off Date, the weighted average
remaining term to maturity (adjusted for Curtailments) of the Group II Loans was
approximately 356.8 months. At origination, based upon an appraisal of the
Mortgaged Property securing each Group II Loan, approximately 81.9% of the Group
II Loans had Loan-to-Value Ratios less than or equal to 80%, and approximately
18.1% of the Group II Loans had Loan-to-Value Ratios greater than 80% but less
than or equal to 95%. No Group II Loan had a Loan-to-Value Ratio at origination
greater than 95%. At origination, the weighted average of the Loan-to-Value
Ratios of the Group II Loans was approximately 75.7%. As of the Cut-Off Date,
the weighted average of the Loan-to-Value Ratios of the Group II Loans was
approximately 75.6%. As of the Cut-Off Date, approximately 18.2% of the Group
II Loans were covered by a Primary Insurance Policy. All of the Group II Loans
with Loan-to-Value Ratios as of the Cut-Off Date in excess of 80% were covered
by a Primary Insurance Policy. At origination, each Group II Loan had a
principal balance of not less than $33,600 nor more than $1,200,000 and the
average principal balance of the Group II Loans as of the Cut-Off Date was
approximately $277,044.
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Approximately 96.0% of the Group II Loans were secured by owner-occupied
Mortgaged Properties which were the primary residences of the related
Mortgagors, based solely on representations of the Mortgagors obtained at the
origination of the related Group II Loans, and approximately 3.2% of the
Group II Loans were secured by owner-occupied Mortgaged Properties which were
second or vacation homes of the related Mortgagors, based solely on such
representations. Approximately 0.8% of the Group II Loans were secured by
Mortgaged Properties which were investor properties of the related
Mortgagors, based solely on such representations. Approximately 0.1% of the
Group II Loans were secured by interests in cooperative apartments. The
aggregate principal balance of Group II Loans in the Loan Group II originated
under reduced and no documentation programs (including certain Group II Loans
for which verification of income and deposits was not required), which
generally limit the original Loan-to-Value Ratio of the Group II Loan, was
approximately $55,425,148, which was approximately 15.4% of the Loan Group
II. As of the Cut-Off Date, the weighted average of the Loan-to-Value Ratios
of such Group II Loans originated under such reduced and no documentation
programs was approximately 71.4%.
Approximately 31.1% of the Group II Loans were secured by Mortgaged
properties located in California; 8.3%, in Michigan; 6.3%, in Illinois; and no
other single state contains Mortgage Properties securing more than 5% of the
Group II Loans. No more than 0.6% of the Group II Loans were secured by
Mortgaged Properties located in any one California zip code area, and no more
than 0.6% of the Group II Loans were secured by Mortgaged Properties located in
any other single zip code area. Approximately 45.9% of the Group II Loans were
originated for the purpose of refinancing existing mortgage debt, including
cash-out refinancings. Approximately 54.1% of the Group II Loans were
originated for the purpose of purchasing the Mortgaged Property.
The Servicing Fee with respect to each Group I Loan is 0.250%. The
Servicing Fee with respect to each Group II Loan ranges from a minimum of 0.150%
to a maximum of 0.250%, with a weighted average of 0.248%. The Master Servicing
Fee with respect to each Group I Loan is 0.040%. The Master Servicing Fee with
respect to each Group II Loan ranges from a minimum of 0.040% to a maximum of
0.100%, with a weighted average of 0.042%. See "Description of the Certificates
- -- Servicing compensation and Payment of Expenses" in the Prospectus for
information regarding other possible compensation to the Company and the
servicers.
The following tables describe additional characteristics of the Mortgage
Loans for each Loan Group as of the Cut-Off Date. All percentages set forth
below have been calculated based on the principal balance of the Mortgage Loans
in the applicable Loan Group as of the Cut-Off Date. Note that the sum of the
percentages set forth under the heading "% of Aggregate Balance of Pool" in each
of the tables that follow may not equal 100% due to rounding.
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a) Number of loans: 547
b) Mortgage Interest Rates: GROUP I
AGGREGATE PERCENTAGE
MORTGAGE NUMBER BALANCES AS OF AGGREGATE
INTEREST OF OF THE CUT- BALANCE OF
RATE (MIR) LOANS OFF DATE THE POOL
---------- ------ ---------------- ------------
6.375% 1 $ 262,385.58 0.17 %
7.000% 6 $ 1,529,398.63 1.01 %
7.125% 3 $ 752,769.40 0.50 %
7.250% 7 $ 2,462,720.94 1.62 %
7.375% 11 $ 3,756,840.88 2.47 %
7.500% 125 $ 38,243,469.13 25.16 %
7.625% 94 $ 29,724,129.30 19.56 %
7.750% 101 $ 31,412,368.02 20.67 %
7.875% 55 $ 16,486,804.74 10.85 %
8.000% 43 $ 12,169,206.80 8.01 %
8.125% 17 $ 3,261,193.61 2.15 %
8.250% 17 $ 3,500,902.23 2.30 %
8.375% 20 $ 2,847,502.51 1.87 %
8.500% 17 $ 1,946,762.64 1.28 %
8.625% 12 $ 2,108,070.10 1.39 %
8.750% 4 $ 342,003.49 0.23 %
8.875% 12 $ 1,027,868.62 0.68 %
9.000% 2 $ 146,717.47 0.10 %
----- ---------------- -----------
TOTAL 547 $ 151,981,114.09 100.00 %
----- ---------------- -----------
----- ---------------- -----------
11
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c) Pass-Through Rates: GROUP I
AGGREGATE WEIGHTED AVERAGE
BALANCES AS WEIGHTED SCHEDULED
RANGE OF OF THE CUT- AVERAGE REMAINING TERM
PASS-THROUGH RATES OFF DATE MIRS (in months)
------------------ -------------- ----------- ----------------
6.001 - 6.250% $ 262,385.58 6.375% 139
6.501 - 6.750% $ 1,529,398.63 7.000% 177
6.751 - 7.000% $ 3,215,490.34 7.221% 176
7.001 - 7.250% $ 42,000,310.01 7.489% 169
7.251 - 7.500% $ 61,136,497.32 7.689% 169
7.501 - 7.750% $ 28,656,011.54 7.928% 172
7.751 - 8.000% $ 6,762,095.84 8.190% 173
8.001 - 8.250% $ 4,794,265.15 8.426% 176
8.251 - 8.500% $ 2,450,073.59 8.642% 172
8.501 - 8.750% $ 1,174,586.09 8.891% 177
--------------- ------ ------
$151,981,114.09 7.730% * 170 *
---------------
---------------
* Represents a weighted average (by principal balance) of all the
Mortgage Loans.
12
<PAGE>
d) Original Principal Balances: GROUP I
<TABLE>
<CAPTION>
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
ORIGINAL OF OF THE CUT- BALANCE OF
BALANCES LOANS OFF DATE POOL
------------------- ------ ---------------- ------------
<S> <C> <C> <C>
$ 50,000 OR LESS 17 $ 689,923.70 0.45 %
$ 50,001 - 75,000 21 $ 1,393,577.38 0.92 %
$ 75,001 - 100,000 20 $ 1,738,975.31 1.14 %
$100,001 - 150,000 33 $ 4,094,531.66 2.69 %
$150,001 - 200,000 10 $ 1,819,090.90 1.20 %
$200,001 - 250,000 124 $ 27,940,496.33 18.38 %
$250,001 - 300,000 122 $ 32,190,886.83 21.18 %
$300,001 - 350,000 73 $ 22,951,364.76 15.10 %
$350,001 - 400,000 39 $ 14,114,786.58 9.29 %
$400,001 - 450,000 33 $ 13,699,549.62 9.01 %
$450,001 - 500,000 20 $ 9,289,873.57 6.11 %
OVER $500,000 35 $ 22,058,057.45 14.51 %
------ ---------------- ------------
TOTAL 547 $ 151,981,114.09 100.00 %
------ ----------------
------ ----------------
</TABLE>
Outstanding principal balance of the smallest Mortgage Loan
at the Cut-Off Date: $22,959
Outstanding principal balance of the largest Mortgage Loan
at the Cut-Off Date: $991,079
13
<PAGE>
e) Years of initial Monthly Payment: GROUP I
AGGREGATE PERCENTAGE
YEAR NUMBER BALANCES AS OF AGGREGATE
OF OF OF THE CUT- BALANCE OF
PAYMENT LOANS OFF DATE POOL
------- ------ ---------------- ------------
1993 1 $ 262,385.58 0.17 %
1995 71 $ 20,837,139.25 13.71 %
1996 205 $ 60,595,388.89 39.87 %
1997 270 $ 70,286,200.37 46.25 %
------ ---------------- ------------
TOTAL 547 $ 151,981,114.09 100.00 %
------ ----------------
------ ----------------
14
<PAGE>
f) Current Loan-to-Value Ratios: GROUP I
AGGREGATE PERCENTAGE
CURRENT NUMBER BALANCES AS OF AGGREGATE
LOAN-TO-VALUE OF OF THE CUT- BALANCE OF
RATIOS LOANS OFF DATE POOL
-------------- ------ ---------------- ------------
60.00% OR LESS 140 $ 36,793,361.54 24.21 %
60.01-70.00% 138 $ 38,580,538.27 25.39 %
70.01-75.00% 118 $ 34,759,086.24 22.87 %
75.01-80.00% 115 $ 32,955,060.54 21.68 %
80.01-85.00% 22 $ 5,562,432.29 3.66 %
85.01-90.00% 14 $ 3,330,635.21 2.19 %
------ ---------------- ------------
TOTAL 547 $ 151,981,114.09 100.00 %
------ ----------------
------ ----------------
15
<PAGE>
g) Types of Mortgaged Properties: GROUP I
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
PROPERTY OF OF THE CUT- BALANCE OF
TYPES LOANS OFF DATE POOL
------------ ------ ----------------- ------------
SINGLE FAMILY DETACHED 469 $ 131,659,326.20 86.63 %
DUPLEX 2 $ 309,923.48 0.20 %
FOURPLEX 4 $ 1,282,346.20 0.84 %
TOWNHOUSE 1 $ 291,158.27 0.19 %
CONDOMINIUM 16 $ 3,327,325.89 2.19 %
PLANNED UNIT DEVELOPMENT 46 $ 13,984,245.99 9.20 %
HI-RISE CONDO 2 $ 294,929.92 0.19 %
HOUSING COOPERATIVES 7 $ 831,858.14 0.55 %
------ ----------------- ------------
TOTAL 547 $ 151,981,114.09 100.00 %
------ -----------------
------ -----------------
16
<PAGE>
h) Geographic Distribution by state: GROUP I
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
OF OF THE CUT- BALANCE OF
STATE LOANS OFF DATE POOL
-------------------- ------ ----------------- ------------
ALABAMA 3 $ 723,755.79 0.48 %
ARIZONA 16 $ 4,870,463.89 3.20 %
ARKANSAS 1 $ 332,270.98 0.22 %
CALIFORNIA 121 $ 35,584,557.35 23.41 %
COLORADO 30 $ 9,623,782.28 6.33 %
CONNECTICUT 1 $ 317,018.55 0.21 %
FLORIDA 54 $ 14,187,005.50 9.33 %
GEORGIA 15 $ 3,044,119.05 2.00 %
HAWAII 2 $ 1,185,844.94 0.78 %
IDAHO 4 $ 1,406,683.26 0.93 %
ILLINOIS 44 $ 13,394,483.44 8.81 %
INDIANA 1 $ 123,932.79 0.08 %
IOWA 4 $ 977,654.17 0.64 %
KANSAS 2 $ 544,575.95 0.36 %
KENTUCKY 2 $ 301,635.39 0.20 %
LOUISIANA 1 $ 395,715.96 0.26 %
MAINE 1 $ 114,746.08 0.08 %
MARYLAND 11 $ 3,051,333.06 2.01 %
MASSACHUSETTS 8 $ 2,572,072.03 1.69 %
MICHIGAN 48 $ 10,175,739.78 6.70 %
MINNESOTA 14 $ 3,827,063.48 2.52 %
MISSISSIPPI 1 $ 252,616.99 0.17 %
MISSOURI 9 $ 2,985,825.72 1.96 %
MONTANA 1 $ 397,680.41 0.26 %
NEVADA 9 $ 1,837,145.97 1.21 %
NEW HAMPSHIRE 1 $ 149,177.05 0.10 %
NEW JERSEY 6 $ 1,101,718.04 0.72 %
NEW MEXICO 6 $ 1,550,202.90 1.02 %
NEW YORK 27 $ 7,116,931.35 4.68 %
NORTH CAROLINA 6 $ 1,553,814.27 1.02 %
OHIO 8 $ 3,035,496.36 2.00 %
OKLAHOMA 7 $ 1,778,017.69 1.17 %
OREGON 5 $ 1,810,018.49 1.19 %
PENNSYLVANIA 7 $ 1,654,299.10 1.09 %
RHODE ISLAND 3 $ 481,084.02 0.32 %
SOUTH CAROLINA 7 $ 2,227,887.99 1.47 %
TENNESSEE 9 $ 2,534,807.31 1.67 %
TEXAS 31 $ 8,600,386.08 5.66 %
UTAH 5 $ 1,364,792.65 0.90 %
VIRGINIA 9 $ 2,715,118.65 1.79 %
WASHINGTON 4 $ 854,568.31 0.56 %
WISCONSIN 3 $ 1,225,071.02 0.81 %
------ ----------------- ------------
TOTAL 547 $ 151,981,114.09 100.00 %
17
<PAGE>
i) Scheduled maturity years: GROUP I
AGGREGATE PERCENTAGE
YEAR NUMBER BALANCES AS OF AGGREGATE
OF OF OF THE CUT- BALANCE OF
MATURITY LOANS OFF DATE POOL
-------- ------ ------------------ ------------
2006 2 $ 378,793.88 0.25 %
2007 1 $ 283,763.94 0.19 %
2008 1 $ 262,385.58 0.17 %
2010 161 $ 47,357,468.48 31.16 %
2011 145 $ 43,285,773.42 28.48 %
2012 237 $ 60,412,928.79 39.75 %
------ ------------------ ------------
TOTAL 547 $ 151,981,114.09 100.00 %
------ ------------------
------ ------------------
Weighted average (by principal balance) remaining term
(adjusted for curtailments) of the Mortgage Loans
calculated as of the Cut-Off Date: 168.4
Latest scheduled maturity of any Mortgage Loan: February, 2012
18
<PAGE>
j) Original Terms: GROUP I
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
LOAN TERM OF OF THE CUT- BALANCE OF
(IN MONTHS) LOANS OFF DATE POOL
--------------- ------ ---------------- ------------
120 3 $ 662,557.82 0.44 %
180 544 $ 151,318,556.27 99.56 %
------ ---------------- ------------
TOTAL 547 $ 151,981,114.09 100.00 %
------ ----------------
------ ----------------
19
<PAGE>
a) Number of loans: 1,296
b) Mortgage Interest Rates: GROUP II
<TABLE>
<CAPTION>
AGGREGATE PERCENTAGE
MORTGAGE NUMBER BALANCES AS OF AGGREGATE
INTEREST OF OF THE CUT- BALANCE OF
RATE (MIR) LOANS OFF DATE THE POOL
---------- ------ ---------------- ------------
<S> <C> <C> <C>
7.000% 3 $ 774,271.24 0.22 %
7.125% 3 $ 849,568.49 0.24 %
7.250% 11 $ 3,159,317.58 0.88 %
7.375% 11 $ 3,612,707.30 1.01 %
7.500% 26 $ 7,409,471.94 2.06 %
7.625% 39 $ 11,615,446.05 3.24 %
7.740% 1 $ 224,357.30 0.06 %
7.750% 96 $ 29,122,928.39 8.11 %
7.875% 168 $ 49,576,558.83 13.81 %
8.000% 174 $ 52,020,522.60 14.49 %
8.125% 149 $ 44,285,839.77 12.33 %
8.250% 170 $ 51,960,307.27 14.47 %
8.375% 141 $ 36,440,742.12 10.15 %
8.500% 86 $ 19,874,946.30 5.54 %
8.625% 73 $ 18,985,385.32 5.29 %
8.750% 60 $ 11,686,452.97 3.25 %
8.875% 40 $ 9,438,782.37 2.63 %
9.000% 26 $ 4,422,896.52 1.23 %
9.125% 10 $ 2,226,555.56 0.62 %
9.250% 5 $ 918,144.45 0.26 %
9.375% 2 $ 140,654.35 0.04 %
9.500% 1 $ 75,525.33 0.02 %
9.875% 1 $ 227,161.04 0.06 %
----- ---------------- -----------
TOTAL 1296 $ 359,048,543.09 100.00 %
----- ----------------
----- ----------------
</TABLE>
2 0
<PAGE>
c) Pass-Through Rates: GROUP II
<TABLE>
<CAPTION>
AGGREGATE WEIGHTED AVERAGE
BALANCES AS WEIGHTED SCHEDULED
RANGE OF OF THE CUT- AVERAGE REMAINING TERM
PASS-THROUGH RATES OFF DATE MIRS (in months)
------------------ -------------- ----------- ----------------
<S> <C> <C> <C>
6.501 - 6.750% $ 774,271.24 7.000% 357
6.751 - 7.000% $ 4,008,886.07 7.224% 356
7.001 - 7.250% $ 11,022,179.24 7.459% 358
7.251 - 7.500% $ 40,962,731.74 7.715% 357
7.501 - 7.750% $101,597,081.43 7.939% 358
7.751 - 8.000% $ 96,246,147.04 8.192% 357
8.001 - 8.250% $ 56,315,688.42 8.419% 358
8.251 - 8.500% $ 30,671,838.29 8.673% 358
8.501 - 8.750% $ 13,861,678.89 8.915% 355
8.751 - 9.000% $ 3,144,700.01 9.161% 357
9.001 - 9.250% $ 216,179.68 9.419% 358
9.501 - 9.750% $ 227,161.04 9.875% 273
--------------- ------ ------
$359,048,543.09 8.145% * 357 *
---------------
---------------
</TABLE>
* Represents a weighted average (by principal balance) of all the
Mortgage Loans.
21
<PAGE>
d) Original Principal Balances: GROUP II
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
ORIGINAL OF OF THE CUT- BALANCE OF
BALANCES LOANS OFF DATE POOL
------------------- ------ ---------------- ------------
$ 50,000 OR LESS 16 $ 707,633.44 0.20 %
$ 50,001 - 75,000 41 $ 2,608,965.88 0.73 %
$ 75,001 - 100,000 50 $ 4,354,614.06 1.21 %
$100,001 - 150,000 60 $ 7,465,264.35 2.08 %
$150,001 - 200,000 41 $ 7,268,417.92 2.02 %
$200,001 - 250,000 340 $ 78,842,713.28 21.96 %
$250,001 - 300,000 346 $ 95,012,171.00 26.46 %
$300,001 - 350,000 181 $ 59,239,306.50 16.50 %
$350,001 - 400,000 86 $ 32,405,155.24 9.03 %
$400,001 - 450,000 40 $ 17,168,748.81 4.78 %
$450,001 - 500,000 40 $ 19,125,068.12 5.33 %
OVER $500,000 55 $ 34,850,484.49 9.71 %
------ ---------------- ------------
TOTAL 1,296 $ 359,048,543.09 100.00 %
------ ---------------- ------------
------ ---------------- ------------
Outstanding principal balance of the smallest Mortgage Loan
at the Cut-Off Date: $ 31,976
Outstanding principal balance of the largest Mortgage Loan
at the Cut-Off Date: $1,199,292
22
<PAGE>
e) Years of initial Monthly Payment: GROUP II
AGGREGATE PERCENTAGE
YEAR NUMBER BALANCES AS OF AGGREGATE
OF OF OF THE CUT- BALANCE OF
PAYMENT LOANS OFF DATE POOL
------- ------ ---------------- ------------
1990 1 $ 227,161.04 0.06 %
1991 1 $ 258,622.31 0.07 %
1992 2 $ 444,772.42 0.12 %
1993 1 $ 318,853.59 0.09 %
1995 2 $ 592,800.77 0.17 %
1996 70 $ 19,322,425.40 5.38 %
1997 1219 $ 337,883,907.56 94.11 %
------ ---------------- ------------
TOTAL 1296 $ 359,048,543.09 100.00 %
====== ================
23
<PAGE>
f) Current Loan-to-Value Ratios: GROUP II
AGGREGATE PERCENTAGE
CURRENT NUMBER BALANCES AS OF AGGREGATE
LOAN-TO-VALUE OF OF THE CUT- BALANCE OF
RATIOS LOANS OFF DATE POOL
-------------- ------ ---------------- ------------
60.00% OR LESS 126 $ 33,261,409.36 9.26 %
60.01-70.00% 181 $ 53,771,058.26 14.98 %
70.01-75.00% 234 $ 63,104,126.83 17.58 %
75.01-80.00% 509 $ 144,259,124.05 40.18 %
80.01-85.00% 29 $ 7,344,231.08 2.05 %
85.01-90.00% 170 $ 45,562,201.25 12.69 %
90.01-95.00% 47 $ 11,746,392.26 3.27 %
------ ---------------- ------------
TOTAL 1296 $ 359,048,543.09 100.00 %
------ ---------------- ------------
------ ---------------- ------------
24
<PAGE>
g) Types of Mortgaged Properties: GROUP II
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
PROPERTY OF OF THE CUT- BALANCE OF
TYPES LOANS OFF DATE POOL
------------ ------ ----------------- ------------
SINGLE FAMILY DETACHED 1105 $ 312,001,954.78 86.90 %
DUPLEX 4 $ 758,592.74 0.21 %
TRIPLEX 3 $ 757,140.37 0.21 %
FOURPLEX 7 $ 1,641,230.16 0.46 %
TOWNHOUSE 3 $ 936,610.92 0.26 %
CONDOMINIUM 53 $ 11,240,274.58 3.13 %
PLANNED UNIT DEVELOPMENT 113 $ 30,717,419.16 8.56 %
HI-RISE CONDO 6 $ 783,905.03 0.22 %
HOUSING COOPERATIVES 2 $ 211,415.35 0.06 %
------ ----------------- ------------
TOTAL 1296 $ 359,048,543.09 100.00 %
------ ----------------- ------------
------ ----------------- ------------
25
<PAGE>
h) Geographic Distribution by state: GROUP II
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
OF OF THE CUT- BALANCE OF
STATE LOANS OFF DATE POOL
-------------------- ------ ----------------- ------------
ALABAMA 7 $ 2,104,323.61 0.59 %
ALASKA 1 $ 467,401.09 0.13 %
ARIZONA 24 $ 5,931,079.43 1.65 %
ARKANSAS 2 $ 579,541.71 0.16 %
CALIFORNIA 357 $ 111,803,979.17 31.14 %
COLORADO 46 $ 12,776,737.05 3.56 %
CONNECTICUT 13 $ 5,008,146.94 1.39 %
DELAWARE 2 $ 537,192.02 0.15 %
DISTRICT OF COLUMBIA 3 $ 937,410.39 0.26 %
FLORIDA 78 $ 17,007,673.93 4.74 %
GEORGIA 47 $ 13,669,027.70 3.81 %
HAWAII 2 $ 771,433.54 0.21 %
IDAHO 5 $ 762,151.97 0.21 %
ILLINOIS 89 $ 22,693,132.77 6.32 %
INDIANA 9 $ 1,678,658.13 0.47 %
IOWA 1 $ 279,712.19 0.08 %
KANSAS 3 $ 615,706.21 0.17 %
KENTUCKY 6 $ 1,494,342.72 0.42 %
LOUISIANA 1 $ 51,896.54 0.01 %
MAINE 1 $ 49,886.64 0.01 %
MARYLAND 28 $ 8,691,131.37 2.42 %
MASSACHUSETTS 28 $ 8,650,436.74 2.41 %
MICHIGAN 121 $ 29,872,794.35 8.32 %
MINNESOTA 21 $ 5,972,416.22 1.66 %
MISSOURI 14 $ 3,499,646.21 0.97 %
MONTANA 1 $ 93,546.15 0.03 %
NEBRASKA 2 $ 499,567.79 0.14 %
NEVADA 18 $ 4,699,403.74 1.31 %
NEW HAMPSHIRE 3 $ 871,483.51 0.24 %
NEW JERSEY 31 $ 9,035,202.08 2.52 %
NEW MEXICO 8 $ 2,496,316.06 0.70 %
NEW YORK 65 $ 16,811,231.27 4.68 %
NORTH CAROLINA 14 $ 4,413,906.37 1.23 %
OHIO 20 $ 4,342,486.79 1.21 %
OKLAHOMA 6 $ 1,550,500.00 0.43 %
OREGON 9 $ 1,885,348.67 0.53 %
PENNSYLVANIA 37 $ 9,647,994.65 2.69 %
RHODE ISLAND 2 $ 457,081.72 0.13 %
SOUTH CAROLINA 10 $ 2,279,036.48 0.63 %
TENNESSEE 15 $ 4,179,624.17 1.16 %
TEXAS 56 $ 15,717,464.57 4.38 %
UTAH 19 $ 3,416,810.91 0.95 %
VERMONT 3 $ 706,086.56 0.20 %
VIRGINIA 36 $ 10,541,202.25 2.94 %
26
<PAGE>
h) Geographic Distribution by state: GROUP II
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
OF OF THE CUT- BALANCE OF
STATE LOANS OFF DATE POOL
-------------------- ------ ----------------- ------------
WASHINGTON 24 $ 6,831,141.27 1.90 %
WISCONSIN 8 $ 2,667,249.44 0.74 %
------ ----------------- ------------
TOTAL 1296 $ 359,048,543.09 100.00 %
------ ---------------
------ ---------------
27
<PAGE>
i) Scheduled maturity years: GROUP II
<TABLE>
<CAPTION>
AGGREGATE PERCENTAGE
YEAR NUMBER BALANCES AS OF AGGREGATE
OF OF OF THE CUT- BALANCE OF
MATURITY LOANS OFF DATE POOL
-------- ------ ------------------ ------------
<S> <C> <C> <C>
2017 4 $ 1,251,144.71 0.35 %
2020 1 $ 227,161.04 0.06 %
2021 1 $ 258,622.31 0.07 %
2022 2 $ 444,772.42 0.12 %
2023 1 $ 318,853.59 0.09 %
2025 3 $ 831,804.77 0.23 %
2026 151 $ 40,270,539.32 11.22 %
2027 1133 $ 315,445,644.93 87.86 %
------ ------------------ ------------
TOTAL 1296 $ 359,048,543.09 100.00 %
------ ------------------
------ ------------------
</TABLE>
Weighted average (by principal balance) remaining term
(adjusted for curtailments) of the Mortgage Loans
calculated as of the Cut-Off Date: 356.8
Latest scheduled maturity of any Mortgage Loan: April, 2027
2 8
<PAGE>
j) Original Terms: GROUP II
<TABLE>
<CAPTION>
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
LOAN TERM OF OF THE CUT- BALANCE OF
(IN MONTHS) LOANS OFF DATE POOL
--------------- ------ ---------------- ------------
<S> <C> <C> <C>
240 4 $ 1,251,144.71 0.35 %
349 1 $ 282,606.65 0.08 %
351 1 $ 285,809.66 0.08 %
354 1 $ 218,770.45 0.06 %
355 2 $ 650,889.79 0.18 %
356 1 $ 271,650.25 0.08 %
357 1 $ 346,206.17 0.10 %
360 1285 $ 355,741,465.41 99.08 %
------ ---------------- ------------
TOTAL 1296 $ 359,048,543.09 100.00 %
------ ---------------- ------------
------ ---------------- ------------
</TABLE>
29
<PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
The following exhibit is furnished herewith:
4.1 Pooling and Servicing Agreement between PNC Mortgage Securities
Corp., Depositor and Master Servicer, and First Bank National
Association, Trustee, dated as of April 1, 1997.
30
<PAGE>
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 thereunto duly authorized.
Dated: April 30, 1997.
PNC MORTGAGE SECURITIES
CORP.
(Registrant)
By: \s\ Thomas G. Lehmann
--------------------------------
Thomas G. Lehmann
Vice President
(Authorized Officer)
31
<PAGE>
EXECUTION VERSION
PNC MORTGAGE SECURITIES CORP.,
as Depositor and Master Servicer
and
FIRST BANK
NATIONAL ASSOCIATION,
as Trustee
POOLING AND SERVICING AGREEMENT
$511,030,337.02
PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates
Series 1997-3
Cut-Off Date: April 1, 1997
<PAGE>
TABLE OF CONTENTS
PAGE
Preliminary Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE I
Section 1.01. DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . 4
Accrual Amount. . . . . . . . . . . . . . . . . . . . . . . . 4
Aggregate Certificate Principal Balance . . . . . . . . . . . 5
Appraised Value . . . . . . . . . . . . . . . . . . . . . . . 5
Assignment of Proprietary Lease . . . . . . . . . . . . . . . 5
Authenticating Agent. . . . . . . . . . . . . . . . . . . . . 5
Authorized Denomination . . . . . . . . . . . . . . . . . . . 5
Available Distribution Amount . . . . . . . . . . . . . . . . 5
Bankruptcy Loss . . . . . . . . . . . . . . . . . . . . . . . 6
Beneficial Holder:. . . . . . . . . . . . . . . . . . . . . . 7
Book-Entry Certificates . . . . . . . . . . . . . . . . . . . 7
Business Day. . . . . . . . . . . . . . . . . . . . . . . . . 7
Buydown Agreement . . . . . . . . . . . . . . . . . . . . . . 7
Buydown Fund. . . . . . . . . . . . . . . . . . . . . . . . . 7
Buydown Fund Account. . . . . . . . . . . . . . . . . . . . . 7
Buydown Loan. . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificate . . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificate Account . . . . . . . . . . . . . . . . . . . . . 8
Certificate Distribution Amount . . . . . . . . . . . . . . . 8
Certificate Principal Balance . . . . . . . . . . . . . . . . 20
Certificate Register and Certificate Registrar. . . . . . . . 20
Certificateholder or Holder . . . . . . . . . . . . . . . . . 20
Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Class A Certificates. . . . . . . . . . . . . . . . . . . . . 21
Class B Certificates. . . . . . . . . . . . . . . . . . . . . 21
Class IA-1 Certificates . . . . . . . . . . . . . . . . . . . 21
Class IA-2 Certificates . . . . . . . . . . . . . . . . . . . 21
Class IA-3 Certificates . . . . . . . . . . . . . . . . . . . 21
Class IA-3 Liquidation Amount . . . . . . . . . . . . . . . . 21
Class IA-3 Percentage . . . . . . . . . . . . . . . . . . . . 21
Class IA-3 Prepayment Percentage. . . . . . . . . . . . . . . 21
Class IA-3 Principal Distribution Amount. . . . . . . . . . . 22
Class IA-4 Certificates . . . . . . . . . . . . . . . . . . . 22
Class IA-5 Certificates . . . . . . . . . . . . . . . . . . . 22
Class IA-6 Certificates . . . . . . . . . . . . . . . . . . . 22
Class IA-7 Certificates . . . . . . . . . . . . . . . . . . . 22
Class IA-7 Accretion Termination Date . . . . . . . . . . . . 22
Class IA-7 Accrual Amount . . . . . . . . . . . . . . . . . . 22
Class IB-1 Certificates . . . . . . . . . . . . . . . . . . . 22
Class IB-2 Certificates . . . . . . . . . . . . . . . . . . . 22
i
<PAGE>
PAGE
Class IB-3 Certificates . . . . . . . . . . . . . . . . . . . 23
Class IB-4 Certificates . . . . . . . . . . . . . . . . . . . 23
Class IB-5 Certificates . . . . . . . . . . . . . . . . . . . 23
Class IB-6 Certificates . . . . . . . . . . . . . . . . . . . 23
Class IIA-1 Certificates. . . . . . . . . . . . . . . . . . . 23
Class IIA-2 Certificates. . . . . . . . . . . . . . . . . . . 23
Class IIA-3 Certificates. . . . . . . . . . . . . . . . . . . 23
Class IIA-4 Certificates. . . . . . . . . . . . . . . . . . . 23
Class IIA-4 Liquidation Amount. . . . . . . . . . . . . . . . 23
Class IIA-4 Percentage. . . . . . . . . . . . . . . . . . . . 24
Class IIA-4 Prepayment Percentage . . . . . . . . . . . . . . 24
Class IIA-4 Principal Distribution Amount . . . . . . . . . . 24
Class IIA-5 Accretion Termination Date. . . . . . . . . . . . 24
Class IIA-5 Accrual Amount. . . . . . . . . . . . . . . . . . 24
Class IIA-5 Certificates. . . . . . . . . . . . . . . . . . . 24
Class IIA-6 Certificates. . . . . . . . . . . . . . . . . . . 24
Class IIA-7 Certificates. . . . . . . . . . . . . . . . . . . 24
Class IIB-1 Certificates. . . . . . . . . . . . . . . . . . . 24
Class IIB-2 Certificates. . . . . . . . . . . . . . . . . . . 25
Class IIB-3 Certificates. . . . . . . . . . . . . . . . . . . 25
Class IIB-4 Certificates. . . . . . . . . . . . . . . . . . . 25
Class IIB-5 Certificates. . . . . . . . . . . . . . . . . . . 25
Class IIB-6 Certificates. . . . . . . . . . . . . . . . . . . 25
Class IIX Certificates. . . . . . . . . . . . . . . . . . . . 25
Class IIX Fraction. . . . . . . . . . . . . . . . . . . . . . 25
Class IIX Notional Amount . . . . . . . . . . . . . . . . . . 25
Class IP Certificates . . . . . . . . . . . . . . . . . . . . 25
Class IP Fraction . . . . . . . . . . . . . . . . . . . . . . 25
Class IP Mortgage Loan. . . . . . . . . . . . . . . . . . . . 26
Class IX Certificates . . . . . . . . . . . . . . . . . . . . 26
Class IX-1 Certificates . . . . . . . . . . . . . . . . . . . 26
Class IX-1 Notional Amount. . . . . . . . . . . . . . . . . . 26
Class IX-1 Premium Fraction . . . . . . . . . . . . . . . . . 26
Class IX-1 Premium Loan Balance . . . . . . . . . . . . . . . 26
Class IX-1 15-Year Premium Rate Mortgage Loans. . . . . . . . 26
Class IX-2 Certificates . . . . . . . . . . . . . . . . . . . 26
Class IX-2 Premium Fraction . . . . . . . . . . . . . . . . . 26
Class IX-2 Premium Loan Balance . . . . . . . . . . . . . . . 26
Class IX-2 Notional Amount. . . . . . . . . . . . . . . . . . 26
Class IX-2 15-Year Premium Rate Mortgage Loans. . . . . . . . 26
Class Notional Amount . . . . . . . . . . . . . . . . . . . . 26
Class Principal Balance . . . . . . . . . . . . . . . . . . . 27
Class R Certificates. . . . . . . . . . . . . . . . . . . . . 27
Clearing Agency . . . . . . . . . . . . . . . . . . . . . . . 27
Closing Date. . . . . . . . . . . . . . . . . . . . . . . . . 27
Code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Companion Component . . . . . . . . . . . . . . . . . . . . . 28
Company . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
ii
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PAGE
Compensating Interest . . . . . . . . . . . . . . . . . . . . 28
Component . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Component Balance . . . . . . . . . . . . . . . . . . . . . . 28
Cooperative . . . . . . . . . . . . . . . . . . . . . . . . . 28
Cooperative Apartment . . . . . . . . . . . . . . . . . . . . 29
Cooperative Lease . . . . . . . . . . . . . . . . . . . . . . 29
Cooperative Loans . . . . . . . . . . . . . . . . . . . . . . 29
Cooperative Stock . . . . . . . . . . . . . . . . . . . . . . 29
Cooperative Stock Certificate . . . . . . . . . . . . . . . . 29
Corporate Trust Office. . . . . . . . . . . . . . . . . . . . 29
Curtailment . . . . . . . . . . . . . . . . . . . . . . . . . 29
Curtailment Shortfall . . . . . . . . . . . . . . . . . . . . 29
Custodial Account for P&I . . . . . . . . . . . . . . . . . . 29
Custodial Account for Reserves. . . . . . . . . . . . . . . . 30
Custodial Agreement . . . . . . . . . . . . . . . . . . . . . 30
Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Cut-Off Date. . . . . . . . . . . . . . . . . . . . . . . . . 30
DCR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Definitive Certificates . . . . . . . . . . . . . . . . . . . 30
Depositary Agreement. . . . . . . . . . . . . . . . . . . . . 30
Destroyed Mortgage Note . . . . . . . . . . . . . . . . . . . 30
Determination Date. . . . . . . . . . . . . . . . . . . . . . 30
Disqualified Organization . . . . . . . . . . . . . . . . . . 30
Distribution Date . . . . . . . . . . . . . . . . . . . . . . 31
DTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
DTC Participant . . . . . . . . . . . . . . . . . . . . . . . 31
Due Date. . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Eligible Institution. . . . . . . . . . . . . . . . . . . . . 31
Eligible Investments. . . . . . . . . . . . . . . . . . . . . 31
ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Event of Default. . . . . . . . . . . . . . . . . . . . . . . 32
Excess Liquidation Proceeds . . . . . . . . . . . . . . . . . 32
FDIC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
FHA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
FHLB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
FHLMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
FNMA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Fraud Loss. . . . . . . . . . . . . . . . . . . . . . . . . . 33
Group I Bankruptcy Coverage . . . . . . . . . . . . . . . . . 33
Group I Bankruptcy Coverage Initial Amount. . . . . . . . . . 33
Group I Certificates. . . . . . . . . . . . . . . . . . . . . 33
Group I Credit Support Depletion Date . . . . . . . . . . . . 33
Group I Current Transfer Amount . . . . . . . . . . . . . . . 33
Group I Fraud Coverage. . . . . . . . . . . . . . . . . . . . 33
Group I Fraud Coverage Initial Amount . . . . . . . . . . . . 34
Group I Loan. . . . . . . . . . . . . . . . . . . . . . . . . 34
Group I Senior Certificates . . . . . . . . . . . . . . . . . 34
Group I Subordinate Liquidation Amount. . . . . . . . . . . . 34
iii
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PAGE
Group I Subordinate Prepayment Percentage . . . . . . . . . . 34
Group I Subordinate Principal Distribution Amount . . . . . . 34
Group I Transfer Balance. . . . . . . . . . . . . . . . . . . 35
Group IA Certificates . . . . . . . . . . . . . . . . . . . . 35
Group IA Liquidation Amount . . . . . . . . . . . . . . . . . 35
Group IA Percentage . . . . . . . . . . . . . . . . . . . . . 35
Group IA Prepayment Percentage. . . . . . . . . . . . . . . . 35
Group IA Principal Distribution Amount. . . . . . . . . . . . 37
Group IB Certificates . . . . . . . . . . . . . . . . . . . . 37
Group II Bankruptcy Coverage. . . . . . . . . . . . . . . . . 37
Group II Bankruptcy Coverage Initial Amount . . . . . . . . . 37
Group II Certificates . . . . . . . . . . . . . . . . . . . . 37
Group II Credit Support Depletion Date. . . . . . . . . . . . 37
Group II Current Transfer Amount. . . . . . . . . . . . . . . 37
Group II Fraud Coverage . . . . . . . . . . . . . . . . . . . 37
Group II Fraud Coverage Initial Amount. . . . . . . . . . . . 38
Group II Loan . . . . . . . . . . . . . . . . . . . . . . . . 38
Group II Notional Amount. . . . . . . . . . . . . . . . . . . 38
Group II Premium Fraction . . . . . . . . . . . . . . . . . . 38
Group II Premium Loan Balance . . . . . . . . . . . . . . . . 38
Group II Senior Certificates. . . . . . . . . . . . . . . . . 38
Group II Subordinate Liquidation Amount . . . . . . . . . . . 38
Group II Subordinate Prepayment Percentage. . . . . . . . . . 38
Group II Subordinate Principal Distribution Amount. . . . . . 38
Group II Transfer Balance . . . . . . . . . . . . . . . . . . 39
Group IIA Certificates. . . . . . . . . . . . . . . . . . . . 39
Group IIA Liquidation Amount. . . . . . . . . . . . . . . . . 39
Group IIA Percentage. . . . . . . . . . . . . . . . . . . . . 39
Group IIA Prepayment Percentage . . . . . . . . . . . . . . . 39
Group IIA Principal Distribution Amount . . . . . . . . . . . 41
Group IIB Certificates. . . . . . . . . . . . . . . . . . . . 41
Indirect DTC Participants . . . . . . . . . . . . . . . . . . 41
Insurance Proceeds. . . . . . . . . . . . . . . . . . . . . . 41
Interest Distribution Amount. . . . . . . . . . . . . . . . . 41
Investment Account. . . . . . . . . . . . . . . . . . . . . . 42
Investment Depository . . . . . . . . . . . . . . . . . . . . 42
IO Component. . . . . . . . . . . . . . . . . . . . . . . . . 42
IO Component Notional Amount. . . . . . . . . . . . . . . . . 42
IO Fraction . . . . . . . . . . . . . . . . . . . . . . . . . 42
Junior Subordinate Certificates . . . . . . . . . . . . . . . 42
Lender. . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Liquidated Mortgage Loan. . . . . . . . . . . . . . . . . . . 42
Liquidation Principal . . . . . . . . . . . . . . . . . . . . 42
Liquidation Proceeds. . . . . . . . . . . . . . . . . . . . . 42
Loan Group. . . . . . . . . . . . . . . . . . . . . . . . . . 42
Loan Group I. . . . . . . . . . . . . . . . . . . . . . . . . 43
Loan Group II . . . . . . . . . . . . . . . . . . . . . . . . 43
Loan-to-Value Ratio . . . . . . . . . . . . . . . . . . . . . 43
iv
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Lockout Percentage. . . . . . . . . . . . . . . . . . . . . . 43
Lowest Class or Lowest Classes. . . . . . . . . . . . . . . . 43
Master Servicer . . . . . . . . . . . . . . . . . . . . . . . 43
Master Servicing Fee. . . . . . . . . . . . . . . . . . . . . 43
Monthly P&I Advance . . . . . . . . . . . . . . . . . . . . . 43
Monthly Payment . . . . . . . . . . . . . . . . . . . . . . . 43
Mortgage. . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Mortgage File . . . . . . . . . . . . . . . . . . . . . . . . 43
Mortgage Interest Rate. . . . . . . . . . . . . . . . . . . . 45
Mortgage Loan Schedule. . . . . . . . . . . . . . . . . . . . 46
Mortgage Loans. . . . . . . . . . . . . . . . . . . . . . . . 46
Mortgage Note . . . . . . . . . . . . . . . . . . . . . . . . 46
Mortgage Pool . . . . . . . . . . . . . . . . . . . . . . . . 46
Mortgaged Property. . . . . . . . . . . . . . . . . . . . . . 46
Mortgagor . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Netting Procedure . . . . . . . . . . . . . . . . . . . . . . 46
Nonrecoverable Advance. . . . . . . . . . . . . . . . . . . . 47
Non-U.S. Person . . . . . . . . . . . . . . . . . . . . . . . 47
OTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Officer"s Certificate . . . . . . . . . . . . . . . . . . . . 47
Opinion of Counsel. . . . . . . . . . . . . . . . . . . . . . 47
Original Value. . . . . . . . . . . . . . . . . . . . . . . . 47
Ownership Interest. . . . . . . . . . . . . . . . . . . . . . 48
PAC-I-1 Component . . . . . . . . . . . . . . . . . . . . . . 48
PAC-I-2 Component . . . . . . . . . . . . . . . . . . . . . . 48
PAC-II Component. . . . . . . . . . . . . . . . . . . . . . . 48
Pass-Through Entity . . . . . . . . . . . . . . . . . . . . . 48
Pass-Through Rate . . . . . . . . . . . . . . . . . . . . . . 48
Paying Agent. . . . . . . . . . . . . . . . . . . . . . . . . 48
Payoff. . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Payoff Earnings . . . . . . . . . . . . . . . . . . . . . . . 48
Payoff Interest . . . . . . . . . . . . . . . . . . . . . . . 49
Payoff Period . . . . . . . . . . . . . . . . . . . . . . . . 49
Percentage Interest . . . . . . . . . . . . . . . . . . . . . 49
Permitted Transferee. . . . . . . . . . . . . . . . . . . . . 50
Person. . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Planned Principal Balance . . . . . . . . . . . . . . . . . . 50
PO Component. . . . . . . . . . . . . . . . . . . . . . . . . 51
PO Component Fraction . . . . . . . . . . . . . . . . . . . . 51
PO Component Mortgage Loan. . . . . . . . . . . . . . . . . . 51
Prepaid Monthly Payment . . . . . . . . . . . . . . . . . . . 51
Primary Insurance Policy. . . . . . . . . . . . . . . . . . . 51
Principal Balance . . . . . . . . . . . . . . . . . . . . . . 51
Principal Payment . . . . . . . . . . . . . . . . . . . . . . 52
Principal Payment Amount. . . . . . . . . . . . . . . . . . . 52
Principal Prepayment. . . . . . . . . . . . . . . . . . . . . 52
Principal Prepayment Amount . . . . . . . . . . . . . . . . . 52
Prior Period. . . . . . . . . . . . . . . . . . . . . . . . . 52
v
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Pro Rata Allocation . . . . . . . . . . . . . . . . . . . . . 52
Purchase Obligation . . . . . . . . . . . . . . . . . . . . . 53
Purchase Price. . . . . . . . . . . . . . . . . . . . . . . . 53
Qualified Insurer . . . . . . . . . . . . . . . . . . . . . . 53
Rating Agency . . . . . . . . . . . . . . . . . . . . . . . . 53
Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Realized Loss . . . . . . . . . . . . . . . . . . . . . . . . 53
Record Date . . . . . . . . . . . . . . . . . . . . . . . . . 57
Regular Interest Certificates . . . . . . . . . . . . . . . . 57
REMIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
REMIC Provisions. . . . . . . . . . . . . . . . . . . . . . . 57
Remittance Rate . . . . . . . . . . . . . . . . . . . . . . . 57
Residual Certificates . . . . . . . . . . . . . . . . . . . . 57
Residual Distribution Amount. . . . . . . . . . . . . . . . . 57
Responsible Officer . . . . . . . . . . . . . . . . . . . . . 57
S&P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Securities Act. . . . . . . . . . . . . . . . . . . . . . . . 57
Security Agreement. . . . . . . . . . . . . . . . . . . . . . 58
Selling and Servicing Contract. . . . . . . . . . . . . . . . 58
Senior Certificates . . . . . . . . . . . . . . . . . . . . . 58
Servicer. . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . 58
Servicing Officer . . . . . . . . . . . . . . . . . . . . . . 58
Special Hazard Coverage . . . . . . . . . . . . . . . . . . . 58
Special Hazard Coverage Initial Amount. . . . . . . . . . . . 58
Special Hazard Loss . . . . . . . . . . . . . . . . . . . . . 58
Step Down Percentage. . . . . . . . . . . . . . . . . . . . . 59
Stripped Interest Rate. . . . . . . . . . . . . . . . . . . . 59
Subordinate Certificates. . . . . . . . . . . . . . . . . . . 59
Subordinate Percentage. . . . . . . . . . . . . . . . . . . . 59
Subordination Level . . . . . . . . . . . . . . . . . . . . . 59
Substitute Mortgage Loan. . . . . . . . . . . . . . . . . . . 60
TAC-I Component . . . . . . . . . . . . . . . . . . . . . . . 60
TAC-II Component. . . . . . . . . . . . . . . . . . . . . . . 60
TAC-II Component Accretion Termination Date . . . . . . . . . 60
TAC-II Component Accrual Amount . . . . . . . . . . . . . . . 60
Targeted Principal Balance. . . . . . . . . . . . . . . . . . 60
Tax Matters Person. . . . . . . . . . . . . . . . . . . . . . 60
Termination Date. . . . . . . . . . . . . . . . . . . . . . . 60
Termination Payment . . . . . . . . . . . . . . . . . . . . . 60
Transfer. . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Transfer Balance. . . . . . . . . . . . . . . . . . . . . . . 60
Transferee. . . . . . . . . . . . . . . . . . . . . . . . . . 61
Transferee Group. . . . . . . . . . . . . . . . . . . . . . . 61
Transferee Affidavit and Agreement. . . . . . . . . . . . . . 61
Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 61
Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Uncollected Interest. . . . . . . . . . . . . . . . . . . . . 61
vi
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Uncompensated Interest Shortfall. . . . . . . . . . . . . . . 61
Underwriter . . . . . . . . . . . . . . . . . . . . . . . . . 61
Underwriting Standards. . . . . . . . . . . . . . . . . . . . 61
Uninsured Cause . . . . . . . . . . . . . . . . . . . . . . . 62
U.S. Person . . . . . . . . . . . . . . . . . . . . . . . . . 62
VA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Withdrawal Date . . . . . . . . . . . . . . . . . . . . . . . 62
30-Year Premium Rate Mortgage Loans . . . . . . . . . . . . . 62
ARTICLE II
CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND DESIGNATIONS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND DESIGNATIONS. 62
Section 2.02. ACCEPTANCE BY TRUSTEE . . . . . . . . . . . . . . . . . . . . 66
Section 2.03. REPRESENTATIONS AND WARRANTIES OF THE COMPANY CONCERNING THE
MORTGAGE LOANS. . . . . . . . . . . . . . . . . . . . . . . . 68
Section 2.04. AUTHENTICATION OF THE CERTIFICATES. . . . . . . . . . . . . . 72
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. THE COMPANY TO ACT AS MASTER SERVICER . . . . . . . . . . . . 72
Section 3.02. CUSTODIAL ACCOUNTS. . . . . . . . . . . . . . . . . . . . . . 74
Section 3.03. THE INVESTMENT ACCOUNT; ELIGIBLE INVESTMENTS. . . . . . . . . 74
Section 3.04. THE CERTIFICATE ACCOUNT . . . . . . . . . . . . . . . . . . . 75
Section 3.05. PERMITTED WITHDRAWALS FROM THE CERTIFICATE ACCOUNT AND
CUSTODIAL ACCOUNTS FOR P&I AND OF BUYDOWN FUNDS FROM THE
BUYDOWN FUND ACCOUNTS. . . . . . . . . . . . . . . . . . . . 76
Section 3.06. MAINTENANCE OF PRIMARY INSURANCE POLICIES; COLLECTIONS
THEREUNDER. . . . . . . . . . . . . . . . . . . . . . . . . . 77
Section 3.07. MAINTENANCE OF HAZARD INSURANCE . . . . . . . . . . . . . . . 77
Section 3.08. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS . . 78
Section 3.09. REALIZATION UPON DEFAULTED MORTGAGE LOANS . . . . . . . . . . 79
Section 3.10. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES . . . . . . . 80
Section 3.11. COMPENSATION TO THE MASTER SERVICER AND THE SERVICERS . . . . 81
Section 3.12. REPORTS TO THE TRUSTEE; CERTIFICATE ACCOUNT STATEMENT . . . . 81
Section 3.13. ANNUAL STATEMENT AS TO COMPLIANCE . . . . . . . . . . . . . . 81
Section 3.14. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING THE
MORTGAGE LOANS. . . . . . . . . . . . . . . . . . . . . . . . 82
Section 3.15. ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS" SERVICING REPORT . . . 82
Section 3.16. [RESERVED.] . . . . . . . . . . . . . . . . . . . . . . . . . 82
Section 3.17. [RESERVED.] . . . . . . . . . . . . . . . . . . . . . . . . . 82
Section 3.18. [RESERVED.] . . . . . . . . . . . . . . . . . . . . . . . . . 82
Section 3.19. [RESERVED.] . . . . . . . . . . . . . . . . . . . . . . . . . 82
vii
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Section 3.20. [RESERVED.] . . . . . . . . . . . . . . . . . . . . . . . . . 82
Section 3.21. ASSUMPTION OR TERMINATION OF SELLING AND SERVICING CONTRACTS BY
TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF EXPENSES
Section 4.01. DISTRIBUTIONS TO CERTIFICATEHOLDERS . . . . . . . . . . . . . 83
Section 4.02. STATEMENTS TO CERTIFICATEHOLDERS. . . . . . . . . . . . . . . 84
Section 4.03. ADVANCES BY THE MASTER SERVICER; DISTRIBUTION REPORTS TO THE
TRUSTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Section 4.04. NONRECOVERABLE ADVANCES.. . . . . . . . . . . . . . . . . . . 86
ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES. . . . . . . . . . . . . . . . . . . . . . . 86
Section 5.02. CERTIFICATES ISSUABLE IN CLASSES; DISTRIBUTIONS OF
PRINCIPAL AND INTEREST; AUTHORIZED DENOMINATIONS. . . . . . . 91
Section 5.03. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES . . . . 92
Section 5.04. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES . . . . . . 92
Section 5.05. PERSONS DEEMED OWNERS . . . . . . . . . . . . . . . . . . . . 93
Section 5.06. TEMPORARY CERTIFICATES. . . . . . . . . . . . . . . . . . . . 93
Section 5.07. BOOK-ENTRY FOR BOOK-ENTRY CERTIFICATES. . . . . . . . . . . . 93
Section 5.08. NOTICES TO CLEARING AGENCY. . . . . . . . . . . . . . . . . . 94
Section 5.09. DEFINITIVE CERTIFICATES . . . . . . . . . . . . . . . . . . . 94
Section 5.10. OFFICE FOR TRANSFER OF CERTIFICATES . . . . . . . . . . . . . 95
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. LIABILITY OF THE COMPANY AND THE MASTER SERVICER. . . . . . . 95
Section 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE MASTER SERVICER 95
Section 6.03. LIMITATION ON LIABILITY OF THE COMPANY, THE MASTER SERVICER
AND OTHERS. . . . . . . . . . . . . . . . . . . . . . . . . . 96
Section 6.04. THE COMPANY AND MASTER SERVICER NOT TO RESIGN . . . . . . . . 96
ARTICLE VII
DEFAULT
Section 7.01. EVENTS OF DEFAULT . . . . . . . . . . . . . . . . . . . . . . 97
Section 7.02. TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. . . . . . . . . . . 99
Section 7.03. NOTIFICATION TO CERTIFICATEHOLDERS. . . . . . . . . . . . . . 100
viii
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PAGE
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. DUTIES OF TRUSTEE . . . . . . . . . . . . . . . . . . . . . . 100
Section 8.02. CERTAIN MATTERS AFFECTING THE TRUSTEE . . . . . . . . . . . . 101
Section 8.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS . . . . 102
Section 8.04. TRUSTEE MAY OWN CERTIFICATES. . . . . . . . . . . . . . . . . 102
Section 8.05. THE MASTER SERVICER TO PAY TRUSTEE"S FEES AND EXPENSES. . . . 102
Section 8.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE. . . . . . . . . . . . . 103
Section 8.07. RESIGNATION AND REMOVAL OF TRUSTEE. . . . . . . . . . . . . . 103
Section 8.08. SUCCESSOR TRUSTEE . . . . . . . . . . . . . . . . . . . . . . 104
Section 8.09. MERGER OR CONSOLIDATION OF TRUSTEE. . . . . . . . . . . . . . 104
Section 8.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE . . . . . . . . 104
Section 8.11. AUTHENTICATING AGENTS . . . . . . . . . . . . . . . . . . . . 105
Section 8.12. PAYING AGENTS . . . . . . . . . . . . . . . . . . . . . . . . 106
ARTICLE IX
TERMINATION
Section 9.01. TERMINATION UPON REPURCHASE BY THE COMPANY OR LIQUIDATION
OF ALL MORTGAGE LOANS . . . . . . . . . . . . . . . . . . . . 107
Section 9.02. ADDITIONAL TERMINATION REQUIREMENTS . . . . . . . . . . . . . 108
Section 9.03. TRUST IRREVOCABLE . . . . . . . . . . . . . . . . . . . . . . 109
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01. AMENDMENT . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Section 10.02. RECORDATION OF AGREEMENT. . . . . . . . . . . . . . . . . . . 110
Section 10.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. . . . . . . . . . 110
Section 10.04. ACCESS TO LIST OF CERTIFICATEHOLDERS. . . . . . . . . . . . . 111
Section 10.05. GOVERNING LAW . . . . . . . . . . . . . . . . . . . . . . . . 111
Section 10.06. NOTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Section 10.07. SEVERABILITY OF PROVISIONS. . . . . . . . . . . . . . . . . . 112
Section 10.08. COUNTERPART SIGNATURES. . . . . . . . . . . . . . . . . . . . 112
Section 10.09. BENEFITS OF AGREEMENT . . . . . . . . . . . . . . . . . . . . 112
Section 10.10. NOTICES AND COPIES TO RATING AGENCY.. . . . . . . . . . . . . 112
ix
<PAGE>
EXHIBITS
Exhibit A -- Forms of Certificates
Exhibit B -- Form of Residual Certificates
Exhibit C -- [Reserved.]
Exhibit D -- Schedule of Mortgage Loans
Exhibit E -- Form of Selling and Servicing Contract
Exhibit F -- Form of Transferor Certificate for Class IB-4, Class IB-5, Class
IB-6, Class IIB-4, Class IIB-5 and Class IIB-6 Certificates
Exhibit G -- Form of Transferee's Certificate for Class IB-4, Class IB-5,
Class IB-6, Class IIB-4, Class IIB-5 and Class IIB-6 Certificates
Exhibit H -- [Reserved.]
Exhibit I -- Form of Transferor Certificate
Exhibit J -- Form of Transferee Affidavit and Agreement
Exhibit K -- Form of Additional Matter Incorporated into the Form of the
Certificates
Exhibit L -- Form of Rule 144A Investment Representation
Exhibit M -- Form of Trustee's Certificate of Review of Mortgage Loans
Exhibit N -- Schedule of Certain Mortgage Loans With Group Primary Insurance
Policies
Exhibit O -- Planned Principal Balances
Exhibit P -- Targeted Principal Balances
x
<PAGE>
This Pooling and Servicing Agreement, dated and effective as of April 1,
1997 (this "Agreement"), is executed between PNC Mortgage Securities Corp.,
as Depositor and Master Servicer (the "Company"), and First Bank National
Association, as Trustee (the "Trustee"). Capitalized terms used in this
Agreement and not otherwise defined have the meanings ascribed to such terms
in Article I hereof.
PRELIMINARY STATEMENT
The Company at the Closing Date is the owner of the Mortgage Loans and
the other property being conveyed by it to the Trustee for inclusion in the
Trust Fund. On the Closing Date, the Company will acquire the Certificates
from the Trust Fund as consideration for its transfer to the Trust Fund of
the Mortgage Loans and certain other assets and will be the owner of the
Certificates. The Company has duly authorized the execution and delivery of
this Agreement to provide for the conveyance to the Trustee of the Mortgage
Loans and the issuance to the Company of the Certificates representing in the
aggregate the entire beneficial ownership of the Trust Fund. All covenants
and agreements made by the Company and the Trustee herein with respect to the
Mortgage Loans and the other property constituting the Trust Fund are for the
benefit of the Holders from time to time of the Certificates. The Company is
entering into this Agreement, and the Trustee is accepting the trust created
hereby, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged.
The Certificates issued hereunder, other than the Class IIA-1, Class IB-4,
Class IB-5, Class IB-6, Class IIB-4, Class IIB-5 and Class IIB-6 Certificates,
have been offered for sale pursuant to a Prospectus, dated November 21, 1996,
and a Prospectus Supplement, dated April 28, 1997, of the Company (together, the
"Prospectus"). The Class IIA-1, Class IB-4, Class IB-5, Class IB-6, Class IIB-4,
Class IIB-5 and Class IIB-6 Certificates have been offered for sale pursuant to
a Private Placement Memorandum, dated April 30, 1997. The Trust Fund created
hereunder is intended to be the "Trust" as described in the Prospectus and the
Private Placement Memorandum and the Certificates are intended to be the
"Certificates" described therein. The following table sets forth the
designation, type of interest, Remittance Rate, initial Class Principal Balance
and last scheduled Distribution Date for each Class of Certificates comprising
the interests in the Trust Fund created hereunder:
1
<PAGE>
<TABLE>
<CAPTION>
INITIAL CLASS
TYPE OF REMITTANCE PRINCIPAL LAST SCHEDULED
DESIGNATION INTEREST RATE(1) BALANCE DISTRIBUTION DATE*
<S> <C> <C> <C> <C>
Class IA-1 Regular 7.000%(2) $ 36,550,361.00 May 25, 2027
Class IA-2 Regular 7.000%(3) 19,784,500.00 May 25, 2027
Class IA-3 Regular 7.000% 31,741,470.00 May 25, 2027
Class IA-4 Regular 7.000% 44,000,000.00 May 25, 2027
Class IA-5 Regular 7.000% 8,820,291.00 May 25, 2027
Class IA-6 Regular 7.000% 4,779,258.00 May 25, 2027
Class IA-7 Regular 7.000%(4) 1,616,275.00 May 25, 2027
Class IP Regular (5) 129,474.89 May 25, 2027
Class IX-1 Regular 7.000%(6) 0.00 May 25, 2027
Class IX-2 Regular 7.000%(6) 0.00 May 25, 2027
Class IIA-1 Regular 7.500%(7) 59,661,541.86 May 25, 2027
Class IIA-2 Regular 7.500% 28,500,000.00 May 25, 2027
Class IIA-3 Regular 7.500% 139,910,604.00 May 25, 2027
Class IIA-4 Regular 7.500% 71,700,000.00 May 25, 2027
Class IIA-5 Regular 7.500%(8) 6,635,107.00 May 25, 2027
Class IIA-6 Regular 7.500% 16,000,000.00 May 25, 2027
Class IIA-7 Regular 7.500% 19,587,131.00 May 25, 2027
Class IIX Regular 7.500%(6) 0.00 May 25, 2027
Class IB-1 Regular 7.000% 2,659,670.00 May 25, 2027
Class IB-2 Regular 7.000% 379,952.00 May 25, 2027
Class IB-3 Regular 7.000% 379,952.00 May 25, 2027
Class IB-4 Regular 7.000% 379,952.00 May 25, 2027
Class IB-5 Regular 7.000% 455,943.00 May 25, 2027
Class IB-6 Regular 7.000% 303,965.20 May 25, 2027
Class IIB-1 Regular 7.500% 7,180,984.00 May 25, 2027
Class IIB-2 Regular 7.500% 4,488,115.00 May 25, 2027
Class IIB-3 Regular 7.500% 1,795,246.00 May 25, 2027
Class IIB-4 Regular 7.500% 1,615,722.00 May 25, 2027
Class IIB-5 Regular 7.500% 897,623.00 May 25, 2027
Class IIB-6 Regular 7.500% 1,077,149.07 May 25, 2027
Class R+ Residual 7.000% 50.00 May 25, 2027
</TABLE>
2
<PAGE>
- -------------------
* The Distribution Date in the month after the maturity date for the latest
maturing Mortgage Loan in the Mortgage Pool (the "latest possible maturity
date" for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
Regulations).
+ The Class R Certificates are entitled to receive the Residual Distribution
Amount and Excess Liquidation Proceeds.
(1) Interest distributed to the Certificates (other than the Class IP
Certificates and the Class IIA-1 Certificates in respect of the PO
Component which will not be entitled to receive distributions of interest)
on each Distribution Date will have accrued during the Prior Period at the
applicable per annum Remittance Rate.
(2) For purposes of calculating distributions, the Class IA-1 Certificates will
be comprised of two Components having the designations, initial Component
Balances and Remittance Rates set forth below:
INITIAL COMPONENT
DESIGNATION BALANCE REMITTANCE RATE
PAC-I-1 Component $11,330,672.00 7.000%
Companion Component 25,219,689.00 7.000%
(3) For purposes of calculating distributions, the Class IA-2 Certificates will
be comprised of two Components having the designations, initial Component
Balances and Remittance Rates set forth below:
INITIAL COMPONENT
DESIGNATION BALANCE REMITTANCE RATE
PAC-I-2 Component $ 7,984,500.00 7.000%
TAC-I Component 11,800,000.00 7.000%
(4) On each Distribution Date on or before the Class IA-7 Accretion Termination
Date, an amount equal to the Class IA-7 Accrual Amount will be added to the
Class IA-7 Principal Balance, and such amount will be distributed as
principal on the TAC-I Component of the Class IA-2 Certificates as
described herein.
(5) The Class IP Certificates will not have a Remittance Rate and will not be
entitled to receive distributions of interest.
(6) The Remittance Rate on the Class IX-1, Class IX-2 and Class IIX
Certificates will be 7.000%, 7.000% and 7.500% per annum, respectively.
The Class IX-1, Class IX-2 and Class IIX Certificates will accrue interest
on the Class IX-1 Notional Amount, Class IX-2 Notional Amount and Class IIX
Notional Amount, respectively. The Class IX-1 Notional Amount, Class IX-2
Notional Amount and Class IIX Notional Amount as of the Cut-Off Date will
be $3,563,719.88, $6,117,050.59 and $5,525,230.31, respectively. The Class
IX-1, Class IX-2 and Class IIX Certificates will not be entitled to receive
distributions of principal.
(7) For purposes of calculating distributions, the Class IIA-1 Certificates
will be comprised of four Components having the designations, initial
Component Balances and Remittance Rates set forth below:
INITIAL COMPONENT
DESIGNATION BALANCE REMITTANCE RATE
PAC-II Component $ 2,111,439.00 7.500%
TAC-II Component 56,279,967.00 7.500%(A)
IO Component 0.00 7.500%(B)
PO Component 1,270,135.86 (C)
(A) On each Distribution Date on or before the TAC-II Component
Accretion Termination Date, an amount equal to the TAC-II Component
Accrual Amount will be added to the TAC-II Component Balance, and
such amount will be distributed as principal on the Class IIA-3
Certificates as described herein.
(B) The Remittance Rate on the IO Component will be 7.500% per annum.
The IO Component will accrue interest on the IO Component Notional
Amount. The IO Component Notional Amount as of the Cut-Off Date
will be $12,765,721.75. The IO Component will not be entitled to
receive distributions of principal.
(C) The PO Component will not have a Remittance Rate and will not be
entitled to receive distributions of interest.
3
<PAGE>
(8) On each Distribution Date on or before the Class IIA-5 Accretion
Termination Date, an amount equal to the Class IIA-5 Accrual Amount will be
added to the Class IIA-5 Principal Balance, and such amount will be
distributed as principal on the Class IIA-1 Certificates in respect of the
TAC-II Component and the Class IIA-3 Certificates as described herein.
As provided herein, with respect to the Trust Fund, the Company will cause
an election to be made on behalf of the Trust Fund to be treated for federal
income tax purposes as a REMIC. The Certificates (other than the Class R
Certificates) will be designated "regular interests" in the Trust Fund and the
Class R Certificates will be designated the sole class of "residual interests"
in the Trust Fund, for purposes of the REMIC Provisions. As of the Cut-Off Date,
the Mortgage Loans have an aggregate Principal Balance of $511,030,337.02, and
the Certificates have an Aggregate Certificate Principal Balance of
$511,030,337.02.
W I T N E S S E T H :
WHEREAS, the Company is a corporation duly organized and existing under and
by virtue of the laws of the State of Delaware and has full corporate power and
authority to enter into this Agreement and to undertake the obligations
undertaken by it herein;
WHEREAS, the Company is the owner of the Mortgage Loans identified in the
Mortgage Loan Schedule hereto having unpaid Principal Balances on the Cut-Off
Date as stated therein;
WHEREAS, the Company has been duly authorized to create the Trust Fund,
consisting of the Mortgage Loans and certain other property and to sell
undivided beneficial ownership interests in such Trust Fund and in order to do
so is selling the Certificates issued hereunder as hereinafter provided; and
WHEREAS, the Trustee is a national banking association duly organized and
existing under the laws of the United States and has full power and authority to
enter into this Agreement.
NOW, THEREFORE, in order to declare the terms and conditions upon which the
Certificates are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the
Certificates by the Holders thereof, the Company covenants and agrees with the
Trustee, for the equal and proportionate benefit of the respective Holders from
time to time of the Certificates, as follows:
ARTICLE I
Section 1.01. DEFINITIONS.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:
ACCRUAL AMOUNT: The Class IA-7 Accrual Amount, TAC-II Component Accrual
Amount or Class IIA-5 Accrual Amount, as applicable.
4
<PAGE>
AGGREGATE CERTIFICATE PRINCIPAL BALANCE: At any given time, the sum of the
then current Class Principal Balances of all Classes of Certificates.
APPRAISED VALUE: The amount set forth in an appraisal made by or for the
mortgage originator in connection with its origination of each Mortgage Loan.
ASSIGNMENT OF PROPRIETARY LEASE: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.
AUTHENTICATING AGENT: Any authenticating agent appointed by the Trustee
pursuant to Section 8.11.
AUTHORIZED DENOMINATION: With respect to the Certificates (except the Class
IX, Class IIX and Class R Certificates), an initial Certificate Principal
Balance equal to $25,000 and integral multiples of $1 in excess thereof, except
that one Certificate of each of the Class IP, Class IIA-1, Class IB-6 and Class
IIB-6 Certificates may be issued in a different amount. With respect to the
Class IX and Class IIX Certificates, a Class Notional Amount as of the Cut-Off
Date equal to $100,000 and integral multiples of $1 in excess thereof, except
that one Certificate of each such Class may be issued in a different amount.
With respect to the Class R Certificates, one Certificate with a Percentage
Interest equal to 0.01% and one Certificate with a Percentage Interest equal to
99.99%.
AVAILABLE DISTRIBUTION AMOUNT: For each of Loan Group I and Loan Group II,
on any Distribution Date, the sum of the following amounts (in the case of
paragraphs (1), (2) and (3), with respect to the Mortgage Loans in such Loan
Group):
(1) the total amount of all cash received by or on behalf of
the Master Servicer with respect to such Mortgage Loans by the
Determination Date for such Distribution Date and not previously
distributed (including Monthly P&I Advances made by Servicers,
proceeds of Liquidated Mortgage Loans and scheduled amounts of
distributions from Buydown Funds respecting Buydown Loans, if any),
except:
(a) all scheduled payments of principal and
interest collected but due on a date subsequent to
the related Due Date;
(b) all Curtailments received after the Prior
Period (together with any interest payment
received with such prepayments to the extent that
it represents the payment of interest accrued on a
related Mortgage Loan subsequent to the Prior
Period);
(c) all Payoffs received on or after the 15th
day of the month of any such Determination Date
(together with any interest payment received with
such Payoffs to the extent that it represents the
payment of interest accrued on a related Mortgage
Loan subsequent to the Prior Period), and interest
5
<PAGE>
accrued during the period from the 1st to the 14th
day of the month of such Determination Date and
received with Payoffs received during such period,
which interest shall not be included in the
calculation of the Available Distribution Amount
for any Distribution Date;
(d) Insurance Proceeds and Liquidation
Proceeds received after the Prior Period;
(e) all amounts in the Certificate Account
which are due and reimbursable to a Servicer or
the Master Servicer pursuant to the terms of this
Agreement;
(f) the sum of the Master Servicing Fee and
the Servicing Fee for each Mortgage Loan; and
(g) Excess Liquidation Proceeds;
(2) the sum, to the extent not previously distributed, of the
following amounts, to the extent advanced or received, as applicable,
by the Master Servicer by the Distribution Date:
(a) any Monthly P&I Advance made by the Master Servicer
to the Trustee with respect to such Distribution Date; and
(b) Compensating Interest;
(3) the total amount, to the extent not previously distributed, of all
cash received by the Distribution Date by the Trustee, in respect of a
Purchase Obligation under Section 2.02 and Section 2.03 or any permitted
repurchase of a Mortgage Loan; and
(4) amounts distributable on such Distribution Date to the Transferee
Group pursuant to the first proviso at the end of clause (I)(a) or (I)(b),
as applicable, of the definition of "Certificate Distribution Amount"; and
(5) amounts distributable on such Distribution Date to the Transferee
Group pursuant to the second proviso at the end of clause (I)(a) or (I)(b)
or the proviso at the end of clause (II)(a) or (II)(b), as applicable, of
the definition of "Certificate Distribution Amount."
BANKRUPTCY LOSS: A loss on a Mortgage Loan arising out of (i) a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a case under the United States Bankruptcy Code, other than any
such reduction that arises out of clause (ii) of this definition of "Bankruptcy
Loss," including, without limitation, any such reduction that results in a
permanent forgiveness of principal, or (ii) with respect to any Mortgage Loan, a
valuation, by
6
<PAGE>
a court of competent jurisdiction in a case under such Bankruptcy Code, of the
related Mortgaged Property in an amount less than the then outstanding Principal
Balance of such Mortgage Loan.
BENEFICIAL HOLDER: A Person holding a beneficial interest in any Book-Entry
Certificate as or through a DTC Participant or an Indirect DTC Participant or a
Person holding a beneficial interest in any Definitive Certificate.
BOOK-ENTRY CERTIFICATES: The Class A Certificates (except the Class IIA-1
Certificates), beneficial ownership and transfers of which shall be made through
book entries as described in Section 5.07.
BUSINESS DAY: Any day other than a Saturday, a Sunday, or a day on which
banking institutions in Chicago, Illinois or New York, New York are authorized
or obligated by law or executive order to be closed.
BUYDOWN AGREEMENT: An agreement between a Person and a Mortgagor pursuant
to which such Person has provided a Buydown Fund.
BUYDOWN FUND: A fund provided by the originator of a Mortgage Loan or
another Person with respect to a Buydown Loan which provides an amount
sufficient to subsidize regularly scheduled principal and interest payments due
on such Buydown Loan for a period. Buydown Funds may be (i) funded at the par
values of future payment subsidies, or (ii) funded in an amount less than the
par values of future payment subsidies, and determined by discounting such par
values in accordance with interest accruing on such amounts, in which event they
will be deposited in an account bearing interest. Buydown Funds may be held in a
separate Buydown Fund Account or may be held in a Custodial Account for P&I or a
Custodial Account for Reserves and monitored by a Servicer.
BUYDOWN FUND ACCOUNT: A separate account or accounts created and maintained
pursuant to Section 3.02 (a) with the corporate trust department of the Trustee
or another financial institution approved by the Master Servicer, (b) within
FDIC insured accounts (or other accounts with comparable insurance coverage
acceptable to the Rating Agency) created, maintained and monitored by a Servicer
or (c) in a separate non-trust account without FDIC or other insurance in an
Eligible Institution. Such account or accounts may be non-interest bearing or
may bear interest. In the event that a Buydown Fund Account is established
pursuant to clause (b) of the preceding sentence, amounts held in such Buydown
Fund Account shall not exceed the level of deposit insurance coverage on such
account; accordingly, more than one Buydown Fund Account may be established.
BUYDOWN LOAN: A Mortgage Loan for which the Mortgage Interest Rate has been
subsidized through a Buydown Fund provided at the time of origination of such
Mortgage Loan.
CERTIFICATE: Any one of the Certificates issued pursuant to this Agreement,
executed by the Trustee and authenticated by or on behalf of the Trustee
hereunder in substantially one of the forms set forth in Exhibits A and B
hereto. The additional matter appearing in Exhibit K shall be deemed
incorporated into Exhibits A and B as though set forth at the end of Exhibit A
and at the end of Exhibit B, as applicable.
7
<PAGE>
CERTIFICATE ACCOUNT: The separate trust account created and maintained with
the Trustee, the Investment Depository or any other bank or trust company
acceptable to the Rating Agency which is incorporated under the laws of the
United States or any state thereof pursuant to Section 3.04, which account shall
bear a designation clearly indicating that the funds deposited therein are held
in trust for the benefit of the Trustee on behalf of the Certificateholders or
any other account serving a similar function acceptable to the Rating Agency.
Funds in the Certificate Account in respect of the Mortgage Loans in Loan Group
I and the Mortgage Loans in Loan Group II and amounts withdrawn from the
Certificate Account attributable to each of such Loan Groups shall be accounted
for separately. Funds in the Certificate Account may be invested in Eligible
Investments and reinvestment earnings thereon (net of investment losses and
Payoff Earnings applied to Compensating Interest) shall be paid to the Master
Servicer as additional servicing compensation, in the same manner and subject to
the same terms and conditions that apply to the Investment Account under this
Agreement. Funds deposited in the Certificate Account (exclusive of the Master
Servicing Fee) shall be held in trust for the Certificateholders and for the
uses and purposes set forth in Section 3.04, Section 3.05 and Section 4.01.
CERTIFICATE DISTRIBUTION AMOUNT: (I) For any Distribution Date prior to the
Group I or Group II Credit Support Depletion Date, as applicable, the Available
Distribution Amount shall be distributed to the Certificates in the following
amounts and priority; PROVIDED, HOWEVER, that if the Group I Transfer Balance is
greater than zero, then the Available Distribution Amount for Loan Group II
shall first be distributed to the Group II and Class R Certificates in
accordance with clause (I)(b) or (II)(b), as applicable, of this definition of
"Certificate Distribution Amount" and then the Available Distribution Amount for
Loan Group I shall be distributed to the Group I and Class R Certificates in
accordance with clause (I)(a) or (II)(a), as applicable, hereof:
(a) With respect to the Group I and Class R Certificates, on any
Distribution Date prior to the Group I Credit Support Depletion Date, to the
extent of the Available Distribution Amount for Loan Group I remaining following
prior distributions, if any, on such Distribution Date:
(i) First, to the Class IP Certificates, the aggregate
for all Class IP Mortgage Loans of the product for each Class
IP Mortgage Loan of the applicable Class IP Fraction and the
sum of (x) scheduled payments of principal on such Class IP
Mortgage Loan due on or before the related Due Date in respect
of which no distribution has been made on any previous
Distribution Date and which were received by the Determination
Date, or which have been advanced as part of a Monthly P&I
Advance with respect to such Distribution Date, (y) the
principal portion received in respect of such Class IP
Mortgage Loan during the Prior Period of (1) Curtailments, (2)
Insurance Proceeds, (3) the amount, if any, of the principal
portion of the Purchase Price pursuant to a Purchase
Obligation or any repurchase of a Mortgage Loan permitted
hereunder and (4) Liquidation Proceeds and (z) the principal
portion of Payoffs received in respect of such Class IP
Mortgage Loan during the Payoff Period;
(ii) Second, to the Group IA, Class IX and Class R
Certificates, concurrently, the sum of the Interest
Distribution Amounts for such Classes of Certificates
remaining unpaid from previous Distribution Dates, pro rata
according to their respective shares of such unpaid amounts;
8
<PAGE>
(iii) Third, (a) to the Group IA, Class IX and Class R
Certificates, concurrently, the sum of the Interest
Distribution Amounts for such Classes of Certificates for the
current Distribution Date, pro rata according to their
respective Interest Distribution Amounts, and (b) on or before
the Class IA-7 Accretion Termination Date, to the Class IA-2
Certificates in respect of the TAC-I Component, as principal,
to the extent of the TAC-I Component Balance, the Class IA-7
Accrual Amount;
(iv) Fourth, to the Group IA and Class R Certificates, the
Group IA Principal Distribution Amount as follows:
(1) first, to the Class IA-3 Certificates, an
amount up to the amount of the Class IA-3 Principal
Distribution Amount for such Distribution Date, until
the Class IA-3 Principal Balance has been reduced to
zero;
(2) second, the portion of the Group IA Principal
Distribution Amount remaining after the distribution in
paragraph (I)(a)(iv)(1) above, concurrently:
(A) 58.6620300352% to the Class IA-1
Certificates in respect of the PAC-I-1
Component, to the extent necessary to reduce
the PAC-I-1 Component Balance to its Planned
Principal Balance for such Distribution
Date; and
(B) 41.3379699648% to the Class IA-2
Certificates in respect of the PAC-I-2
Component, to the extent necessary to reduce
the PAC-I-2 Component Balance to its Planned
Principal Balance for such Distribution
Date;
(3) third, to the Class IA-4 Certificates, the
portion of the Group IA Principal Distribution Amount
remaining after the distributions in paragraphs
(I)(a)(iv)(1) through (2) above, to the extent necessary
to reduce the Class IA-4 Principal Balance to its Planned
Principal Balance for such Distribution Date;
(4) fourth, to the Class IA-5 Certificates, the
portion of the Group IA Principal Distribution Amount
remaining after the distributions in paragraphs
(I)(a)(iv)(1) through (3) above, to the extent necessary
to reduce the Class IA-5 Principal Balance to its Planned
Principal Balance for such Distribution Date;
(5) fifth, to the Class IA-6 Certificates, the
portion of the Group IA Principal Distribution Amount
remaining after the distributions in paragraphs
(I)(a)(iv)(1) through (4) above, to the extent necessary
to reduce the Class IA-6 Principal Balance to its Planned
Principal Balance for such Distribution Date;
(6) sixth, the portion of the Group IA Principal
Distribution Amount remaining after the distributions in
paragraphs (I)(a)(iv)(1) through (5) above, concurrently:
9
<PAGE>
(A) 65.2751643521% to the Class IA-1 Certificates in
respect of the Companion Component until the Companion
Component Balance has been reduced to zero; and
(B) 34.7248356479% sequentially as follows:
(1) first, to the Class IA-2 Certificates in respect
of the TAC-I Component to the extent necessary to reduce
the TAC-I Component Balance to its Targeted Principal
Balance for such Distribution Date;
(2) second, to the Class IA-7 Certificates until the
Class IA-7 Principal Balance has been reduced to zero; and
(3) third, to the Class IA-2 Certificates in respect
of the TAC-I Component until the TAC-I Component Balance
has been reduced to zero;
(7) seventh, to the Class R Certificates, the portion of the
Group IA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(a)(iv)(1) through (6) above, until
the Class R Principal Balance has been reduced to zero;
(8) eighth, the portion of the Group IA Principal
Distribution Amount remaining after the distributions in
paragraphs (I)(a)(iv)(1) through (7) above, concurrently:
(A) 58.6620300352% to the Class IA-1 Certificates in
respect of the PAC-I-1 Component, until the PAC-I-1 Component
Balance has been reduced to zero; and
(B) 41.3379699648% to the Class IA-2 Certificates in
respect of the PAC-I-2 Component, until the PAC-I-2 Component
Balance has been reduced to zero;
(9) ninth, to the Class IA-4 Certificates, the portion of the
Group IA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(a)(iv)(1) through (8) above, until
the Class IA-4 Principal Balance has been reduced to zero;
(10) tenth, to the Class IA-5 Certificates, the portion of the
Group IA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(a)(iv)(1) through (9) above, until
the Class IA-5 Principal Balance has been reduced to zero;
10
<PAGE>
(11) eleventh, to the Class IA-6 Certificates, the portion of
the Group IA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(a)(iv)(1) through (10) above,
until the Class IA-6 Principal Balance has been reduced to
zero; and
(12) twelfth, to the Class IA-3 Certificates, the portion
of the Group IA Principal Distribution Amount remaining
after the distributions in paragraphs (I)(a)(iv)(1) through
(11) above, until the Class IA-3 Principal Balance has been
reduced to zero;
(v) Fifth, to the Class IP Certificates, to the extent of
amounts otherwise available to pay the Group I Subordinate
Principal Distribution Amount (without regard to clauses
(I)(B) and (II) of the definition thereof) on such
Distribution Date, the amount payable to the Class IP
Certificates on previous Distribution Dates pursuant to clause
(I)(a)(vi) of this definition of "Certificate Distribution
Amount" and remaining unpaid from such previous Distribution
Dates;
(vi) Sixth, to the Class IP Certificates as principal, to
the extent of amounts otherwise available to pay the Group I
Subordinate Principal Distribution Amount (without regard to
clauses (I)(B) and (II) of the definition thereof) on such
Distribution Date, an amount equal to the Class IP Fraction of
any Realized Loss on a Class IP Mortgage Loan, other than a
Special Hazard Loss, Fraud Loss or Bankruptcy Loss in excess
of the Special Hazard Coverage, Group I Fraud Coverage or
Group I Bankruptcy Coverage, as applicable, PROVIDED that any
amounts distributed in respect of losses pursuant to paragraph
(I)(a)(v) or this paragraph (I)(a)(vi) of this definition of
"Certificate Distribution Amount" shall not cause a further
reduction in the Class IP Principal Balance;
(vii) Seventh, to the Class IB-1 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining
unpaid from previous Distribution Dates;
(viii) Eighth, to the Class IB-1 Certificates, the Interest
Distribution Amount for such Class of Certificates for the
current Distribution Date;
(ix) Ninth, to the Class IB-1 Certificates, the portion of
the Group I Subordinate Principal Distribution Amount
allocable to such Class of Certificates pursuant to the
definition of "Group I Subordinate Principal Distribution
Amount" herein, until the Class IB-1 Principal Balance has
been reduced to zero;
(x) Tenth, to the Class IB-2 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining
unpaid from previous Distribution Dates;
(xi) Eleventh, to the Class IB-2 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xii) Twelfth, to the Class IB-2 Certificates, the portion
of the Group I Subordinate Principal Distribution Amount
allocable to such Class of Certificates pursuant to the
11
<PAGE>
definition of "Group I Subordinate Principal Distribution
Amount" herein, until the Class IB-2 Principal Balance has
been reduced to zero;
(xiii) Thirteenth, to the Class IB-3 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xiv) Fourteenth, to the Class IB-3 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xv) Fifteenth, to the Class IB-3 Certificates, the
portion of the Group I Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group I Subordinate Principal Distribution
Amount" herein, until the Class IB-3 Principal Balance has
been reduced to zero;
(xvi) Sixteenth, to the Class IB-4 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xvii) Seventeenth, to the Class IB-4 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xviii) Eighteenth, to the Class IB-4 Certificates, the
portion of the Group I Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group I Subordinate Principal Distribution
Amount" herein, until the Class IB-4 Principal Balance has
been reduced to zero;
(xix) Nineteenth, to the Class IB-5 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xx) Twentieth, to the Class IB-5 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xxi) Twenty-first, to the Class IB-5 Certificates, the
portion of the Group I Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group I Subordinate Principal Distribution
Amount" herein, until the Class IB-5 Principal Balance has
been reduced to zero;
(xxii) Twenty-second, to the Class IB-6 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xxiii) Twenty-third, to the Class IB-6 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xxiv) Twenty-fourth, to the Class IB-6 Certificates, the
portion of the Group I Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group I Subordinate Principal Distribution
Amount" herein, until the Class IB-6 Principal Balance has
been reduced to zero;
12
<PAGE>
(xxv) Twenty-fifth, to each Class of Group IB Certificates in the
order of seniority, the remaining portion, if any, of the Available
Distribution Amount for Loan Group I, up to the amount of unreimbursed
Realized Losses previously allocated to such Class, if any, provided
that any amounts distributed in respect of losses pursuant to this
paragraph (I)(a)(xxv) of this definition of "Certificate Distribution
Amount" shall not cause a further reduction in the Class Principal
Balances of the Group IB Certificates; and
(xxvi) Twenty-sixth, to the Class R Certificates, the Residual
Distribution Amount for Loan Group I for such Distribution Date;
PROVIDED, HOWEVER, that if on such Distribution Date the Group II Current
Transfer Amount is greater than zero, then the portion of the Group I
Subordinate Principal Distribution Amount, if any, otherwise distributable to
the Lowest Class of Group IB Certificates pursuant to this clause (I)(a) of this
definition of "Certificate Distribution Amount," up to the amount of the Group
II Current Transfer Amount, shall be included in the Available Distribution
Amount for Loan Group II;
PROVIDED FURTHER, that on any such Distribution Date on which the Group II
Transfer Balance is greater than zero, the portion of the Available Distribution
Amount for Loan Group I otherwise distributable pursuant to this clause (I)(a)
of this definition of "Certificate Distribution Amount" to the Lowest Class of
Group IB Certificates (after giving effect to the immediately preceding proviso)
shall be distributed to such Class and included in the Available Distribution
Amount for Loan Group II, respectively, pro rata according to the Class
Principal Balance of such Class and the Group II Transfer Balance, in the
following amounts and priority:
(i) First, the Interest Distribution Amounts for such Class and
the Group II Transfer Balance, respectively, remaining unpaid from
previous Distribution Dates;
(ii) Second, the Interest Distribution Amounts for such Class
and the Group II Transfer Balance, respectively, for the current
Distribution Date; and
(iii) Third, the remaining amount, until the Class Principal
Balance of such Class and the Group II Transfer Balance have been
reduced to zero;
(b) With respect to the Group II and Class R Certificates, on any
Distribution Date prior to the Group II Credit Support Depletion Date, to the
extent of the Available Distribution Amount for Loan Group II remaining
following prior distributions, if any, on such Distribution Date:
(i) First, to the Class IIA-1 Certificates in respect of
the PO Component, the aggregate for all PO Component Mortgage
Loans of the product for each PO Component Mortgage Loan of
the applicable PO Component Fraction and the sum of (x)
scheduled payments of principal on such PO Component Mortgage
Loan due on or before the related Due Date in respect of which
no distribution has been made on any previous Distribution
Date and which were received by the Determination Date, or
which have been advanced as part of a Monthly P&I Advance with
respect to such Distribution Date, (y) the principal portion
received in respect of such PO Component Mortgage Loan during
the Prior Period of (1) Curtailments, (2) Insurance Proceeds,
(3) the amount, if any, of the principal portion of the
Purchase Price pursuant to a
13
<PAGE>
Purchase Obligation or any repurchase of a Mortgage Loan permitted
hereunder and (4) Liquidation Proceeds and (z) the principal portion
of Payoffs received in respect of such PO Component Mortgage Loan
during the Payoff Period;
(ii) Second, to the Group IIA Certificates (except the
Class IIA-1 Certificates), Class IIX Certificates and Class
IIA-1 Certificates in respect of the PAC-II Component, TAC-II
Component and IO Component, concurrently, the sum of the Interest
Distribution Amounts for such Classes of Certificates or Components
remaining unpaid from previous Distribution Dates, pro rata
according to their respective shares of such unpaid amounts;
(iii) Third, (a) to the Group IIA Certificates (except
the Class IIA-1 Certificates), Class IIX Certificates and
Class IIA-1 Certificates in respect of the PAC-II Component,
TAC-II Component and IO Component, concurrently, the sum of the
Interest Distribution Amounts for such Classes of Certificates or
Components for the current Distribution Date, pro rata according
to their respective Interest Distribution Amounts, (b) on or
before the TAC-II Component Accretion Termination Date, to the
Class IIA-3 Certificates, as principal, to the extent of the Class
IIA-3 Principal Balance, the sum of the TAC-II Component Accrual
Amount and the Class IIA-5 Accrual Amount and (c) after the TAC-II
Component Accretion Termination Date until and including the Class
IIA-5 Accretion Termination Date, to the Class IIA-1 Certificates in
respect of the TAC-II Component, as principal, to the extent of the
TAC-II Component Balance, the Class IIA-5 Accrual Amount;
(iv) Fourth, to the Group IIA Certificates (except the Class
IIA-1 Certificates) and the Class IIA-1 Certificates in respect of
the PAC-II Component and TAC-II Component, the Group IIA Principal
Distribution Amount as follows:
(1) first, to the Class IIA-4 Certificates, an amount up to
the amount of the Class IIA-4 Principal Distribution Amount for
such Distribution Date, until the Class IIA-4 Principal Balance
has been reduced to zero;
(2) second, to the Class IIA-2 Certificates, the portion of
the Group IIA Principal Distribution Amount remaining after the
distribution in paragraph (I)(b)(iv)(1) above, to the extent
necessary to reduce the Class IIA-2 Principal Balance to its
Planned Principal Balance for such Distribution Date;
(3) third, to the Class IIA-6 Certificates, the portion of
the Group IIA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(b)(iv)(1) and (2) above, to the
extent necessary to reduce the Class IIA-6 Principal Balance to
its Planned Principal Balance for such Distribution Date;
(4) fourth, to the Class IIA-7 Certificates, the portion of
the Group IIA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(b)(iv)(1) through (3) above, to
the extent necessary to reduce the Class IIA-7 Principal Balance
to its Planned Principal Balance for such Distribution Date;
14
<PAGE>
(5) fifth, to the Class IIA-1 Certificates in respect of the
PAC-II Component, the portion of the Group IIA Principal
Distribution Amount remaining after the distributions in
paragraphs (I)(b)(iv)(1) through (4) above, to the extent
necessary to reduce the PAC-II Component Balance to its Planned
Principal Balance for such Distribution Date;
(6) sixth, to the Class IIA-3 Certificates, the portion of
the Group IIA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(b)(iv)(1) through (5) above, to
the extent necessary to reduce the Class IIA-3 Principal Balance
to its Targeted Principal Balance for such Distribution Date;
(7) seventh, to the Class IIA-1 Certificates in respect of
the TAC-II Component, the portion of the Group IIA Principal
Distribution Amount remaining after the distributions in
paragraphs (I)(b)(iv)(1) through (6) above, to the extent
necessary to reduce the TAC-II Component Balance to its Targeted
Principal Balance for such Distribution Date;
(8) eighth, to the Class IIA-5 Certificates, the
portion of the Group IIA Principal Distribution Amount
remaining after the distributions in paragraphs
(I)(b)(iv)(1) through (7) above, until the Class IIA-5
Principal Balance has been reduced to zero;
(9) ninth, to the Class IIA-3 Certificates, the
portion of the Group IIA Principal Distribution Amount
remaining after the distributions in paragraphs
(I)(b)(iv)(1) through (8) above, until the Class IIA-3
Principal Balance has been reduced to zero;
(10) tenth, to the Class IIA-1 Certificates in
respect of the TAC-II Component, the portion of the Group
IIA Principal Distribution Amount remaining after the
distributions in paragraphs (I)(b)(iv)(1) through (9)
above, until the TAC-II Component Balance has been
reduced to zero;
(11) eleventh, to the Class IIA-2 Certificates,
the portion of the Group IIA Principal Distribution
Amount remaining after the distributions in
paragraphs (I)(b)(iv)(1) through (10) above, until
the Class IIA-2 Principal Balance has been reduced
to zero;
(12) twelfth, to the Class IIA-6 Certificates,
the portion of the Group IIA Principal Distribution
Amount remaining after the distributions in
paragraphs (I)(b)(iv)(1) through (11) above, until
the Class IIA-6 Class Principal Balance has been
reduced to zero;
(13) thirteenth, to the Class IIA-7
Certificates, the portion of the Group IIA Principal
Distribution Amount remaining after the
distributions in paragraphs (I)(b)(iv)(1) through
(12) above, until the Class IIA-7 Principal Balance
has been reduced to zero;
15
<PAGE>
(14) fourteenth, to the Class IIA-1 Certificates
in respect of the PAC-II Component, the portion of
the Group IIA Principal Distribution Amount
remaining after the distributions in paragraphs
(I)(b)(iv)(1) through (13) above, until the PAC-II
Component Balance has been reduced to zero; and
(15) fifteenth, to the Class IIA-4 Certificates,
the portion of the Group IIA Principal Distribution
Amount remaining after the distributions in
paragraphs (I)(b)(iv)(1) through (14) above, until
the Class IIA-4 Principal Balance has been reduced
to zero;
(v) Fifth, to the Class IIA-1 Certificates in respect of
the PO Component, to the extent of amounts otherwise available
to pay the Group II Subordinate Principal Distribution Amount
(without regard to clauses (I)(B) and (II) of the definition
thereof) on such Distribution Date, the amount payable to the
Class IIA-1 Certificates in respect of the PO Component on
previous Distribution Dates pursuant to clause (I)(b)(vi) of
this definition of "Certificate Distribution Amount" and
remaining unpaid from such previous Distribution Dates;
(vi) Sixth, to the Class IIA-1 Certificates in respect of
the PO Component as principal, to the extent of amounts
otherwise available to pay the Group II Subordinate Principal
Distribution Amount (without regard to clauses (I)(B) and (II)
of the definition thereof) on such Distribution Date, an
amount equal to the PO Component Fraction of any Realized Loss
on a PO Component Mortgage Loan, other than a Special Hazard
Loss, Fraud Loss or Bankruptcy Loss in excess of the Special
Hazard Coverage, Group II Fraud Coverage or Group II
Bankruptcy Coverage, as applicable, PROVIDED that any amounts
distributed in respect of losses pursuant to paragraph
(I)(b)(v) or this paragraph (I)(b)(vi) of this definition of
"Certificate Distribution Amount" shall not cause a further
reduction in the PO Component Balance;
(vii) Seventh, to the Class IIB-1 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(viii) Eighth, to the Class IIB-1 Certificates, the Interest
Distribution Amount for such Class of Certificates for the
current Distribution Date;
(ix) Ninth, to the Class IIB-1 Certificates, the portion
of the Group II Subordinate Principal Distribution Amount
allocable to such Class of Certificates pursuant to the
definition of "Group II Subordinate Principal Distribution
Amount" herein, until the Class IIB-1 Principal Balance has
been reduced to zero;
(x) Tenth, to the Class IIB-2 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining
unpaid from previous Distribution Dates;
(xi) Eleventh, to the Class IIB-2 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
16
<PAGE>
(xii) Twelfth, to the Class IIB-2 Certificates, the portion
of the Group II Subordinate Principal Distribution Amount
allocable to such Class of Certificates pursuant to the
definition of "Group II Subordinate Principal Distribution
Amount" herein, until the Class IIB-2 Principal Balance has
been reduced to zero;
(xiii) Thirteenth, to the Class IIB-3 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xiv) Fourteenth, to the Class IIB-3 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xv) Fifteenth, to the Class IIB-3 Certificates, the
portion of the Group II Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group II Subordinate Principal Distribution
Amount" herein, until the Class IIB-3 Principal Balance has
been reduced to zero;
(xvi) Sixteenth, to the Class IIB-4 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xvii) Seventeenth, to the Class IIB-4 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xviii) Eighteenth, to the Class IIB-4 Certificates, the
portion of the Group II Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group II Subordinate Principal Distribution
Amount" herein, until the Class IIB-4 Principal Balance has
been reduced to zero;
(xix) Nineteenth, to the Class IIB-5 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xx) Twentieth, to the Class IIB-5 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xxi) Twenty-first, to the Class IIB-5 Certificates, the
portion of the Group II Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group II Subordinate Principal Distribution
Amount" herein, until the Class IIB-5 Principal Balance has
been reduced to zero;
(xxii) Twenty-second, to the Class IIB-6 Certificates, the
Interest Distribution Amount for such Class of Certificates
remaining unpaid from previous Distribution Dates;
(xxiii) Twenty-third, to the Class IIB-6 Certificates, the
Interest Distribution Amount for such Class of Certificates
for the current Distribution Date;
(xxiv) Twenty-fourth, to the Class IIB-6 Certificates, the
portion of the Group II Subordinate Principal Distribution
Amount allocable to such Class of Certificates pursuant to the
definition of "Group II Subordinate Principal Distribution
Amount" herein, until the Class IIB-6 Principal Balance has
been reduced to zero;
17
<PAGE>
(xxv) Twenty-fifth, to each Class of Group IIB Certificates in the
order of seniority, the remaining portion, if any, of the Available
Distribution Amount for Loan Group II, up to the amount of unreimbursed
Realized Losses previously allocated to such Class, if any, provided
that any amounts distributed in respect of losses pursuant to this
paragraph (I)(b)(xxv) of this definition of "Certificate Distribution
Amount" shall not cause a further reduction in the Class Principal
Balances of the Group IIB Certificates; and
(xxvi) Twenty-sixth, to the Class R Certificates, the
Residual Distribution Amount for Loan Group II for such
Distribution Date;
PROVIDED, HOWEVER, that if on such Distribution Date the Group I Current
Transfer Amount is greater than zero, then the portion of the Group II
Subordinate Principal Distribution Amount, if any, otherwise distributable to
the Lowest Class of Group IIB Certificates pursuant to this clause (I)(b) of
this definition of "Certificate Distribution Amount," up to the amount of the
Group I Current Transfer Amount, shall be included in the Available Distribution
Amount for Loan Group I;
PROVIDED FURTHER, that on any such Distribution Date on which the Group I
Transfer Balance is greater than zero, the portion of the Available Distribution
Amount for Loan Group II otherwise distributable pursuant to this clause (I)(b)
of this definition of "Certificate Distribution Amount" to the Lowest Class of
Group IIB Certificates (after giving effect to the immediately preceding
proviso) shall be distributed to such Class and included in the Available
Distribution Amount for Loan Group I, respectively, pro rata according to the
Class Principal Balance of such Class and the Group I Transfer Balance, in the
following amounts and priority:
(i) First, the Interest Distribution Amounts for such
Class and the Group I Transfer Balance, respectively,
remaining unpaid from previous Distribution Dates;
(ii) Second, the Interest Distribution Amounts for such
Class and the Group I Transfer Balance, respectively, for the
current Distribution Date; and
(iii) Third, the remaining amount, until the Class
Principal Balance of such Class and the Group I Transfer
Balance have been reduced to zero;
(II) For any Distribution Date on or after the Group I or Group II
Credit Support Depletion Date, as applicable, the Available Distribution Amount
shall be distributed to the outstanding Classes of Certificates in the following
amounts and priority; PROVIDED, HOWEVER, that if the Group I Transfer Balance is
greater than zero, then the Available Distribution Amount for Loan Group II
shall first be distributed to the Group II and Class R Certificates in
accordance with clause (I)(b) or (II)(b), as applicable, of this definition of
"Certificate Distribution Amount" and then the Available Distribution Amount for
Loan Group I shall be distributed to the Group I and Class R Certificates in
accordance with clause (I)(a) or (II)(a), as applicable, hereof:
(a) With respect to the Group I Senior and Class R Certificates, on any
Distribution Date on or after the Group I Credit Support Depletion Date, to the
extent of the Available Distribution Amount for Loan Group I remaining following
prior distributions, if any, on such Distribution Date:
18
<PAGE>
(i) First, to the Class IP Certificates, principal in the
amount that would otherwise be distributed to such Class on
such Distribution Date pursuant to clause (I)(a)(i) of this
definition of "Certificate Distribution Amount";
(ii) Second, to the Group IA, Class IX and Class R
Certificates, the amount payable to each such Class of
Certificates on prior Distribution Dates pursuant to clause
(I)(a)(ii) or (II)(a)(iii) of this definition of "Certificate
Distribution Amount," and remaining unpaid, pro rata according
to such amount payable to the extent of amounts available;
(iii) Third, to the Group IA, Class IX and Class R
Certificates, concurrently, the sum of the Interest
Distribution Amounts for such Classes of Certificates for the
current Distribution Date, pro rata according to their
respective Interest Distribution Amounts;
(iv) Fourth, to the Group IA and Class R Certificates, the
Group IA Principal Distribution Amount allocated pro rata
according to their respective Class Principal Balances until
such Class Principal Balances have been reduced to zero; and
(v) Fifth, to the Class R Certificates, the Residual
Distribution Amount for Loan Group I for such Distribution
Date;
PROVIDED, HOWEVER, that on any such Distribution Date on which the Group II
Transfer Balance is greater than zero, the portion of the Available Distribution
Amount for Loan Group I remaining after the distributions in paragraphs
(II)(a)(i) through (iv) of this definition of "Certificate Distribution Amount"
shall be included in the Available Distribution Amount for Loan Group II in the
following amounts and priority:
(i) First, the Interest Distribution Amount for the Group
II Transfer Balance remaining unpaid from previous
Distribution Dates;
(ii) Second, the Interest Distribution Amount for the Group
II Transfer Balance for the current Distribution Date; and
(iii) Third, the remaining amount, until the Group II
Transfer Balance has been reduced to zero;
(b) With respect to the Group II Senior and Class R Certificates, on
any Distribution Date on or after the Group II Credit Support Depletion Date, to
the extent of the Available Distribution Amount for Loan Group II remaining
following prior distributions, if any, on such Distribution Date:
(i) First, to the Class IIA-1 Certificates in respect of
the PO Component, principal in the amount that would otherwise
be distributed to such Class on such Distribution Date
pursuant to clause (I)(b)(i) of this definition of
"Certificate Distribution Amount";
(ii) Second, to the Group IIA Certificates (except the
Class IIA-1 Certificates), Class IIX Certificates and Class
IIA-1 Certificates in respect of the PAC-II
19
<PAGE>
Component, TAC-II Component and IO Component, the amount payable
to each such Class of Certificates or Component on prior Distribution
Dates pursuant to clause (I)(b)(ii) or (II)(b)(iii) of this
definition of "Certificate Distribution Amount," and remaining
unpaid, pro rata according to such amount payable to the
extent of amounts available;
(iii) Third, to the Group IIA Certificates (except the Class
IIA-1 Certificates), Class IIX Certificates and Class IIA-1
Certificates in respect of the PAC-II Component, TAC-II
Component and IO Component, concurrently, the sum of the
Interest Distribution Amounts for such Classes of Certificates
or Components for the current Distribution Date, pro rata
according to their respective Interest Distribution Amounts;
(iv) Fourth, to the Group IIA Certificates (except the
Class IIA-1 Certificates) and the Class IIA-1 Certificates in
respect of the PAC-II Component and TAC-II Component, the
Group IIA Principal Distribution Amount allocated pro rata
according to their respective Class Principal Balances or
Component Balances until such Class Principal Balances or
Component Balances have been reduced to zero; and
(v) Fifth, to the Class R Certificates, the Residual
Distribution Amount for Loan Group II for such Distribution
Date;
PROVIDED, HOWEVER, that on any such Distribution Date on which the Group I
Transfer Balance is greater than zero, the portion of the Available Distribution
Amount for Loan Group II remaining after the distributions in paragraphs
(II)(b)(i) through (iv) of this definition of "Certificate Distribution Amount"
shall be included in the Available Distribution Amount for Loan Group I in the
following amounts and priority:
(i) First, the Interest Distribution Amount for the Group
I Transfer Balance remaining unpaid from previous Distribution
Dates;
(ii) Second, the Interest Distribution Amount for the Group
I Transfer Balance for the current Distribution Date; and
(iii) Third, the remaining amount, until the Group I
Transfer Balance has been reduced to zero.
CERTIFICATE PRINCIPAL BALANCE: For each Certificate of any Class, the
portion of the related Class Principal Balance, if any, represented by such
Certificate.
CERTIFICATE REGISTER AND CERTIFICATE REGISTRAR: The register maintained and
the registrar appointed, respectively, pursuant to Section 5.03.
CERTIFICATEHOLDER OR HOLDER: The person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of
giving any consent pursuant to this Agreement, any Certificate registered in the
name of the Company, the Master Servicer or any affiliate thereof shall be
deemed not to be outstanding and the Percentage Interest evidenced thereby shall
not be taken into account in determining whether the requisite percentage of
Percentage Interests necessary to effect any such consent has been obtained;
provided, that the
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Trustee may conclusively rely upon an Officer's Certificate to determine
whether any Person is an affiliate of the Company or the Master Servicer.
CLASS: All Certificates having the same priority and rights to payments
from the Available Distribution Amount, designated as a separate Class, as set
forth in the forms of Certificates attached hereto as Exhibits A and B. Each
Class shall be entitled to receive the amounts allocated to such Class pursuant
to the definition of "Certificate Distribution Amount" only to the extent of the
Available Distribution Amount for such Distribution Date remaining after
distributions in accordance with prior clauses of the definition of "Certificate
Distribution Amount."
CLASS A CERTIFICATES: The Class IA-1, Class IA-2, Class IA-3, Class IA-4,
Class IA-5, Class IA-6, Class IA-7, Class IIA-1, Class IIA-2, Class IIA-3, Class
IIA-4, Class IIA-5, Class IIA-6 and Class IIA-7 Certificates, collectively.
CLASS B CERTIFICATES: The Group IB and Group IIB Certificates,
collectively.
CLASS IA-1 CERTIFICATES: The Certificates designated as "Class IA-1" on the
face thereof in substantially the form attached hereto as Exhibit A-1. Except as
otherwise described herein, the Class IA-1 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-2 CERTIFICATES: The Certificates designated as "Class IA-2" on the
face thereof in substantially the form attached hereto as Exhibit A-2. Except as
otherwise described herein, the Class IA-2 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-3 CERTIFICATES: The Certificates designated as "Class IA-3" on the
face thereof in substantially the form attached hereto as Exhibit A-3. Except as
otherwise described herein, the Class IA-3 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-3 LIQUIDATION AMOUNT: The aggregate, for each Group I Loan which
became a Liquidated Mortgage Loan during the Prior Period, of the lesser of (i)
the Class IA-3 Percentage of the Principal Balance of such Mortgage Loan
(exclusive of the Class IP Fraction thereof, if applicable) and (ii) the Class
IA-3 Percentage on any Distribution Date occurring prior to the fifth
anniversary of the first Distribution Date, and the Class IA-3 Prepayment
Percentage on any Distribution Date thereafter, in each case, of the Liquidation
Principal with respect to such Mortgage Loan.
CLASS IA-3 PERCENTAGE: For any Distribution Date, the Class IA-3 Principal
Balance divided by the sum of (x) the sum of the Class Principal Balances of the
Group I and Class R Certificates (reduced by the Class IP Principal Balance) and
(y) the Group II Transfer Balance, in each case, immediately prior to such
Distribution Date.
CLASS IA-3 PREPAYMENT PERCENTAGE: For any Distribution Date, the product of
(a) the Class IA-3 Percentage for such Distribution Date and (b) the applicable
Step Down Percentage.
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CLASS IA-3 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the sum of (i) the Class IA-3 Percentage of the Principal
Payment Amount for Loan Group I (exclusive of the portion thereof attributable
to principal distributions to the Class IP Certificates pursuant to clause
(I)(a)(i) of the definition of "Certificate Distribution Amount"), (ii) the
Class IA-3 Prepayment Percentage of the Principal Prepayment Amount for Loan
Group I (exclusive of the portion thereof attributable to principal
distributions to the Class IP Certificates pursuant to clause (I)(a)(i) of the
definition of "Certificate Distribution Amount"), and (iii) the Class IA-3
Liquidation Amount.
CLASS IA-4 CERTIFICATES: The Certificates designated as "Class IA-4" on the
face thereof in substantially the form attached hereto as Exhibit A-4. Except as
otherwise described herein, the Class IA-4 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-5 CERTIFICATES: The Certificates designated as "Class IA-5" on the
face thereof in substantially the form attached hereto as Exhibit A-5. Except as
otherwise described herein, the Class IA-5 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-6 CERTIFICATES: The Certificates designated as "Class IA-6" on the
face thereof in substantially the form attached hereto as Exhibit A-6. Except as
otherwise described herein, the Class IA-6 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-7 CERTIFICATES: The Certificates designated as "Class IA-7" on the
face thereof in substantially the form attached hereto as Exhibit A-7. Except as
otherwise described herein, the Class IA-7 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IA-7 ACCRETION TERMINATION DATE: The earlier to occur of (i) the
Distribution Date on which the TAC-I Component Balance has been reduced to zero
and (ii) the Group I Credit Support Depletion Date.
CLASS IA-7 ACCRUAL AMOUNT: On any Distribution Date, an amount equal to
the lesser of (i) the amount allocable to the Class IA-7 Certificates on such
Distribution Date pursuant to the definition of "Interest Distribution Amount"
herein, without regard to the proviso at the end of the first sentence of such
definition, and (ii) the TAC-I Component Balance. Notwithstanding the foregoing,
for any Distribution Date after the Class IA-7 Accretion Termination Date, the
Class IA-7 Accrual Amount shall be zero.
CLASS IB-1 CERTIFICATES: The Certificates designated as "Class IB-1" on the
face thereof in substantially the form attached hereto as Exhibit A-19. Except
as otherwise described herein, the Class IB-1 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IB-2 CERTIFICATES: The Certificates designated as "Class IB-2" on the
face thereof in substantially the form attached hereto as Exhibit A-20. Except
as otherwise described herein, the
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Class IB-2 Certificates, all of which are related to the Mortgage Loans in
Loan Group I, shall be entitled to receive distributions related solely to
such Mortgage Loans.
CLASS IB-3 CERTIFICATES: The Certificates designated as "Class IB-3" on the
face thereof in substantially the form attached hereto as Exhibit A-21. Except
as otherwise described herein, the Class IB-3 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IB-4 CERTIFICATES: The Certificates designated as "Class IB-4" on the
face thereof in substantially the form attached hereto as Exhibit A-22. Except
as otherwise described herein, the Class IB-4 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IB-5 CERTIFICATES: The Certificates designated as "Class IB-5" on the
face thereof in substantially the form attached hereto as Exhibit A-23. Except
as otherwise described herein, the Class IB-5 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IB-6 CERTIFICATES: The Certificates designated as "Class IB-6" on the
face thereof in substantially the form attached hereto as Exhibit A-24. Except
as otherwise described herein, the Class IB-6 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-1 CERTIFICATES: The Certificates designated as "Class IIA-1" on
the face thereof in substantially the form attached hereto as Exhibit A-11.
Except as otherwise described herein, the Class IIA-1 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-2 CERTIFICATES: The Certificates designated as "Class IIA-2" on
the face thereof in substantially the form attached hereto as Exhibit A-12.
Except as otherwise described herein, the Class IIA-2 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-3 CERTIFICATES: The Certificates designated as "Class IIA-3" on
the face thereof in substantially the form attached hereto as Exhibit A-13.
Except as otherwise described herein, the Class IIA-3 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-4 CERTIFICATES: The Certificates designated as "Class IIA-4" on
the face thereof in substantially the form attached hereto as Exhibit A-14.
Except as otherwise described herein, the Class IIA-4 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-4 LIQUIDATION AMOUNT: The aggregate, for each Group II Loan which
became a Liquidated Mortgage Loan during the Prior Period, of the lesser of (i)
the Class IIA-4 Percentage of the Principal Balance of such Mortgage Loan
(exclusive of the PO Component Fraction thereof, if applicable) and (ii) the
Class IIA-4 Percentage on any Distribution Date occurring prior to the fifth
anniversary of the first Distribution Date, and the Class IIA-4 Prepayment
Percentage on any
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Distribution Date thereafter, in each case, of the Liquidation Principal with
respect to such Mortgage Loan.
CLASS IIA-4 PERCENTAGE: For any Distribution Date, the Class IIA-4
Principal Balance divided by the sum of (x) the sum of the Class Principal
Balances of the Group II Certificates (reduced by the PO Component Balance) and
(y) the Group I Transfer Balance, in each case, immediately prior to such
Distribution Date.
CLASS IIA-4 PREPAYMENT PERCENTAGE: For any Distribution Date, the product
of (a) the Class IIA-4 Percentage for such Distribution Date and (b) the
applicable Step Down Percentage.
CLASS IIA-4 PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the sum of (i) the Class IIA-4 Percentage of the Principal
Payment Amount for Loan Group II (exclusive of the portion thereof attributable
to principal distributions to the Class IIA-1 Certificates in respect of the PO
Component pursuant to clause (I)(b)(i) of the definition of "Certificate
Distribution Amount"), (ii) the Class IIA-4 Prepayment Percentage of the
Principal Prepayment Amount for Loan Group II (exclusive of the portion thereof
attributable to principal distributions to the Class IIA-1 Certificates in
respect of the PO Component pursuant to clause (I)(b)(i) of the definition of
"Certificate Distribution Amount"), and (iii) the Class IIA-4 Liquidation
Amount.
CLASS IIA-5 ACCRETION TERMINATION DATE: The earlier to occur of (i) the
Distribution Date on which the TAC-II Component Balance has been reduced to zero
and (ii) the Group II Credit Support Depletion Date.
CLASS IIA-5 ACCRUAL AMOUNT: On any Distribution Date, an amount equal to
the lesser of (i) the amount allocable to the Class IIA-5 Certificates on such
Distribution Date pursuant to the definition of "Interest Distribution Amount"
herein, without regard to the proviso at the end of the first sentence of such
definition, and (ii) the TAC-II Component Balance. Notwithstanding the
foregoing, for any Distribution Date after the Class IIA-5 Accretion Termination
Date, the Class IIA-5 Accrual Amount shall be zero.
CLASS IIA-5 CERTIFICATES: The Certificates designated as "Class IIA-5" on
the face thereof in substantially the form attached hereto as Exhibit A-15.
Except as otherwise described herein, the Class IIA-5 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-6 CERTIFICATES: The Certificates designated as "Class IIA-6" on
the face thereof in substantially the form attached hereto as Exhibit A-16.
Except as otherwise described herein, the Class IIA-6 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIA-7 CERTIFICATES: The Certificates designated as "Class IIA-7" on
the face thereof in substantially the form attached hereto as Exhibit A-17.
Except as otherwise described herein, the Class IIA-7 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIB-1 CERTIFICATES: The Certificates designated as "Class IIB-1" on
the face thereof in substantially the form attached hereto as Exhibit A-25.
Except as otherwise described herein,
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the Class IIB-1 Certificates, all of which are related to the Mortgage Loans
in Loan Group II, shall be entitled to receive distributions related solely
to such Mortgage Loans.
CLASS IIB-2 CERTIFICATES: The Certificates designated as "Class IIB-2" on
the face thereof in substantially the form attached hereto as Exhibit A-26.
Except as otherwise described herein, the Class IIB-2 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIB-3 CERTIFICATES: The Certificates designated as "Class IIB-3" on
the face thereof in substantially the form attached hereto as Exhibit A-27.
Except as otherwise described herein, the Class IIB-3 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIB-4 CERTIFICATES: The Certificates designated as "Class IIB-4" on
the face thereof in substantially the form attached hereto as Exhibit A-28.
Except as otherwise described herein, the Class IIB-4 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIB-5 CERTIFICATES: The Certificates designated as "Class IIB-5" on
the face thereof in substantially the form attached hereto as Exhibit A-29.
Except as otherwise described herein, the Class IIB-5 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIB-6 CERTIFICATES: The Certificates designated as "Class IIB-6" on
the face thereof in substantially the form attached hereto as Exhibit A-30.
Except as otherwise described herein, the Class IIB-6 Certificates, all of which
are related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIX CERTIFICATES: The Certificates designated as "Class IIX" on the
face thereof in substantially the form attached hereto as Exhibit A-18. Except
as otherwise described herein, the Class IIX Certificates, all of which are
related to the Mortgage Loans in Loan Group II, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IIX FRACTION: For any Distribution Date, 30.2074506121%.
CLASS IIX NOTIONAL AMOUNT: For any Distribution Date, the Class IIX
Fraction of the Group II Notional Amount.
CLASS IP CERTIFICATES: The Certificates designated as "Class IP" on the
face thereof in substantially the form attached hereto as Exhibit A-8. Except as
otherwise described herein, the Class IP Certificates, all of which are related
to the Class IP Mortgage Loans, shall be entitled to receive distributions
related solely to such Class IP Mortgage Loans.
CLASS IP FRACTION: For each Class IP Mortgage Loan, a fraction, the
numerator of which is 7.000% less the Pass-Through Rate on such Class IP
Mortgage Loan and the denominator of which is 7.000%.
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CLASS IP MORTGAGE LOAN: Any Group I Loan with a Pass-Through Rate of less
than 7.000% per annum.
CLASS IX CERTIFICATES: The Class IX-1 and Class IX-2 Certificates,
collectively.
CLASS IX-1 CERTIFICATES: The Certificates designated as "Class IX-1" on the
face thereof in substantially the form attached hereto as Exhibit A-9. Except as
otherwise described herein, the Class IX-1 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IX-1 NOTIONAL AMOUNT: For any Distribution Date, the product of (x)
the Class IX-1 Premium Loan Balance and (y) the Class IX-1 Premium Fraction.
CLASS IX-1 PREMIUM FRACTION: For any Distribution Date, a fraction, the
numerator of which is the weighted average of the Stripped Interest Rates for
the Class IX-1 15-Year Premium Rate Mortgage Loans as of such Due Date and the
denominator of which is 7.000%.
CLASS IX-1 PREMIUM LOAN BALANCE: For any Distribution Date, the aggregate
Principal Balance of the Class IX-1 15-Year Premium Rate Mortgage Loans.
CLASS IX-1 15-YEAR PREMIUM RATE MORTGAGE LOANS: The Group I Loans having
Pass-Through Rates in excess of 7.000% per annum and having remaining terms to
maturity (reflecting Curtailments received on or prior to the Cut-Off Date) of
less than or equal to 165 months as of the Cut-Off Date.
CLASS IX-2 CERTIFICATES: The Certificates designated as "Class IX-2" on the
face thereof in substantially the form attached hereto as Exhibit A-10. Except
as otherwise described herein, the Class IX-2 Certificates, all of which are
related to the Mortgage Loans in Loan Group I, shall be entitled to receive
distributions related solely to such Mortgage Loans.
CLASS IX-2 PREMIUM FRACTION: For any Distribution Date, a fraction, the
numerator of which is the weighted average of the Stripped Interest Rates for
the Class IX-2 15-Year Premium Rate Mortgage Loans as of such Due Date and the
denominator of which is 7.000%.
CLASS IX-2 PREMIUM LOAN BALANCE: For any Distribution Date, the aggregate
Principal Balance of the Class IX-2 15-Year Premium Rate Mortgage Loans.
CLASS IX-2 NOTIONAL AMOUNT: For any Distribution Date, the product of (x)
the Class IX-2 Premium Loan Balance and (y) the Class IX-2 Premium Fraction.
CLASS IX-2 15-YEAR PREMIUM RATE MORTGAGE LOANS: The Group I Loans having
Pass-Through Rates in excess of 7.000% per annum and having remaining terms to
maturity (reflecting Curtailments received on or prior to the Cut-Off Date) of
greater than 165 months as of the Cut-Off Date.
CLASS NOTIONAL AMOUNT: With respect to the Class IX-1 Certificates, the
Class IX-1 Notional Amount; with respect to the Class IX-2 Certificates, the
Class IX-2 Notional Amount; and with respect to the Class IIX Certificates, the
Class IIX Notional Amount, as applicable.
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CLASS PRINCIPAL BALANCE: For any Class of Certificates, other than the
Class IA-1, Class IA-2 and Class IIA-1 Certificates, the applicable Initial
Class Principal Balance therefor set forth in the Preliminary Statement hereto,
corresponding to the rights of such Class in payments of principal due to be
passed through to Certificateholders from principal payments on the Mortgage
Loans, as reduced from time to time by (x) distributions of principal to
Certificateholders of such Class (including, with respect to the Class IIA-3
Certificates, the portions of the TAC-II Component Accrual Amount and Class
IIA-5 Accrual Amount distributed to such Class IIA-3 Certificates) and (y) the
portion of Realized Losses allocated to the Class Principal Balance of such
Class pursuant to the definition of "Realized Loss" with respect to a given
Distribution Date. For any Distribution Date, the reduction of the Class
Principal Balance of any Class of Certificates pursuant to the definition of
"Realized Loss" shall be deemed effective prior to the determination and
distribution of principal on such Class pursuant to the definition of
"Certificate Distribution Amount"; PROVIDED, HOWEVER, that the determination of
principal otherwise distributable to a Lowest Class of Group IB Certificates
pursuant to the definition of "Certificate Distribution Amount" but included in
the Available Distribution Amount for Loan Group II pursuant to the first
proviso at the end of clause (I)(a) of such definition shall be made prior to
the reduction of the Class Principal Balance of such Lowest Class in allocation
of a Special Hazard Loss on a Group II Loan pursuant to the fifth paragraph of
the definition of "Realized Loss," and that the determination of principal
otherwise distributable to a Lowest Class of Group IIB Certificates pursuant to
the definition of "Certificate Distribution Amount" but included in the
Available Distribution Amount for Loan Group I pursuant to the first proviso at
the end of clause (I)(b) of such definition shall be made prior to the reduction
of the Class Principal Balance of such Lowest Class in allocation of a Special
Hazard Loss on a Group I Loan pursuant to the fourth paragraph of the definition
of "Realized Loss." In addition to the foregoing, on each Distribution Date on
or before the Class IA-7 Accretion Termination Date, the Class IA-7 Principal
Balance will be increased by the Class IA-7 Accrual Amount for such Distribution
Date; and on each Distribution Date on or before the Class IIA-5 Accretion
Termination Date, the Class IIA-5 Principal Balance will be increased by the
Class IIA-5 Accrual Amount for such Distribution Date. Notwithstanding the
foregoing, any amounts distributed in respect of losses pursuant to paragraphs
(I)(a)(v) or (I)(a)(vi) of the definition of "Certificate Distribution Amount"
shall not cause a further reduction in the Class IP Principal Balance. The Class
Principal Balance for the Class IA-1 Certificates shall be referred to as the
"Class IA-1 Principal Balance," the Class Principal Balance for the Class IA-2
Certificates shall be referred to as the "Class IA-2 Principal Balance" and so
on. The Class IA-1 Principal Balance shall equal the sum of the PAC-I-1
Component Balance and Companion Component Balance, the Class IA-2 Principal
Balance shall equal the sum of the PAC-I-2 Component Balance and TAC-I Component
Balance, and the Class IIA-1 Principal Balance shall equal the sum of the PAC-II
Component Balance, TAC-II Component Balance and PO Component Balance. The Class
IX-1, Class IX-2 and Class IIX Principal Balances shall be zero.
CLASS R CERTIFICATES: The Certificates designated as "Class R" on the face
thereof in substantially the form attached hereto as Exhibit B, which have been
designated as the single class of "residual interests" in the Trust Fund
pursuant to Section 2.01.
CLEARING AGENCY: An organization registered as a "clearing agency" pursuant
to Section 17A of the Securities Exchange Act of 1934, as amended, which
initially shall be DTC.
CLOSING DATE: April 30, 1997, which is the date of settlement of the sale
of the Certificates to the original purchasers thereof.
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CODE: The Internal Revenue Code of 1986, as amended.
COMPANION COMPONENT: A portion of the Class IA-1 Certificates representing
part of the entitlement of such Class to principal and interest as described in
the Preliminary Statement hereto and the remainder of the Agreement.
COMPANY: PNC Mortgage Securities Corp., a Delaware corporation, or its
successor-in-interest.
COMPENSATING INTEREST: For any Distribution Date with respect to a Loan
Group, the lesser of (i) the sum of (a) the aggregate Master Servicing Fee with
respect to the Mortgage Loans comprising such Loan Group, (b) Payoff Earnings
with respect to the Mortgage Loans comprising such Loan Group and (c) aggregate
Payoff Interest with respect to the Mortgage Loans comprising such Loan Group
and (ii) aggregate Uncollected Interest with respect to the Mortgage Loans
comprising such Loan Group.
COMPONENT: A portion of the Class IA-1, Class IA-2 or Class IIA-1
Certificates representing parts of the entitlement of such Classes to principal
and/or interest as described in the Preliminary Statement hereto and the
remainder of the Agreement.
COMPONENT BALANCE: For any Component of the Class IA-1, Class IA-2 or Class
IIA-1 Certificates, the applicable Initial Component Balance therefor set forth
in the Preliminary Statement hereto, corresponding to the rights of such
Component in payments of principal due to be passed through to the Component
from principal payments on the Mortgage Loans, as reduced from time to time by
(x) distributions of principal to the Class IA-1, Class IA-2 or Class IIA-1
Certificates, as applicable, in respect of such Component (including, with
respect to the TAC-I Component and TAC-II Component, the portion of the
applicable Accrual Amount distributed to such TAC-I Component or TAC-II
Component, respectively) and (y) the portion of Realized Losses allocated to the
Component Balance in respect of such Component pursuant to the definition of
"Realized Loss" with respect to a given Distribution Date. In addition to the
foregoing, on each Distribution Date on or before the TAC-II Component Accretion
Termination Date, the TAC-II Component Balance will be increased by the TAC-II
Component Accrual Amount for such Distribution Date. For any Distribution Date,
the reduction of the Component Balance of any Component pursuant to the
definition of "Realized Loss" shall be deemed effective prior to the
determination and distribution of principal on such Component pursuant to the
definition of "Certificate Distribution Amount." Notwithstanding the foregoing,
any amounts distributed in respect of losses pursuant to paragraphs (I)(b)(v) or
(I)(b)(vi) of the definition of "Certificate Distribution Amount" shall not
cause a further reduction in the PO Component Balance. The Component Balance for
the PAC-I-1 Component of the Class IA-1 Certificates shall be referred to as the
"PAC-I-1 Component Balance," the Component Balance for the Companion Component
of the Class IA-1 Certificates shall be referred to as the "Companion Component
Balance" and so on. The IO Component Balance shall be zero.
COOPERATIVE: A private, cooperative housing corporation organized under the
laws of, and headquartered in, the State of New York which owns or leases land
and all or part of a building or buildings located in the State of New York,
including apartments, spaces used for commercial purposes and common areas
therein and whose board of directors authorizes, among other things, the sale of
Cooperative Stock.
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COOPERATIVE APARTMENT: A dwelling unit in a multi-dwelling building owned
or leased by a Cooperative, which unit the Mortgagor has an exclusive right to
occupy pursuant to the terms of a proprietary lease or occupancy agreement.
COOPERATIVE LEASE: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
COOPERATIVE LOANS: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
COOPERATIVE STOCK: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
COOPERATIVE STOCK CERTIFICATE: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
CORPORATE TRUST OFFICE: The corporate trust office of the Trustee in the
State of Minnesota, at which at any particular time its corporate trust business
with respect to this Agreement shall be administered, which office at the date
of the execution of this Agreement is located at 180 East 5th Street, SPFT0210,
St. Paul, MN 55101, Attention: Structured Finance PNC 1997-3.
CURTAILMENT: Any payment of principal on a Mortgage Loan, made by or on
behalf of the related Mortgagor, other than a Monthly Payment, a Prepaid Monthly
Payment or a Payoff, which is applied to reduce the outstanding Principal
Balance of the Mortgage Loan.
CURTAILMENT SHORTFALL: With respect to any Curtailment applied with a
Monthly Payment other than a Prepaid Monthly Payment, an amount equal to one
month's interest on such Curtailment at the applicable Pass-Through Rate on such
Mortgage Loan.
CUSTODIAL ACCOUNT FOR P&I: The Custodial Account for Principal and Interest
established and maintained by each Servicer pursuant to its Selling and
Servicing Contract and caused by the Master Servicer to be established and
maintained pursuant to Section 3.02 (a) with the corporate trust department of
the Trustee or another financial institution approved by the Master Servicer
such that the rights of the Master Servicer, the Trustee and the
Certificateholders thereto shall be fully protected against the claims of any
creditors of the applicable Servicer and of any creditors or depositors of the
institution in which such account is maintained, (b) within FDIC insured
accounts (or other accounts with comparable insurance coverage acceptable to the
Rating Agency) created, maintained and monitored by a Servicer or (c) in a
separate non-trust account without FDIC or other insurance in an Eligible
Institution. In the event that a Custodial Account for P&I is established
pursuant to clause (b) of the preceding sentence, amounts held in such Custodial
Account for P&I shall not exceed the level of deposit insurance coverage on such
account;
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accordingly, more than one Custodial Account for P&I may be
established. Any amount that is at any time not protected or insured in
accordance with the first sentence of this definition of "Custodial Account for
P&I" shall promptly be withdrawn from such Custodial Account for P&I and be
remitted to the Investment Account.
CUSTODIAL ACCOUNT FOR RESERVES: The Custodial Account for Reserves
established and maintained by each Servicer pursuant to its Selling and
Servicing Contract and caused by the Master Servicer to be established and
maintained pursuant to Section 3.02 (a) with the corporate trust department of
the Trustee or another financial institution approved by the Master Servicer
such that the rights of the Master Servicer, the Trustee and the
Certificateholders thereto shall be fully protected against the claims of any
creditors of the applicable Servicer and of any creditors or depositors of the
institution in which such account is maintained, (b) within FDIC insured
accounts (or other accounts with comparable insurance coverage acceptable to the
Rating Agency) created, maintained and monitored by a Servicer or (c) in a
separate non-trust account without FDIC or other insurance in an Eligible
Institution. In the event that a Custodial Account for Reserves is established
pursuant to clause (b) of the preceding sentence, amounts held in such Custodial
Account for Reserves shall not exceed the level of deposit insurance coverage on
such account; accordingly, more than one Custodial Account for Reserves may be
established. Any amount that is at any time not protected or insured in
accordance with the first sentence of this definition of "Custodial Account for
Reserves" shall promptly be withdrawn from such Custodial Account for Reserves
and be remitted to the Investment Account.
CUSTODIAL AGREEMENT: The agreement, if any, among the Master Servicer, the
Trustee and a Custodian providing for the safekeeping of the Mortgage Files on
behalf of the Certificateholders.
CUSTODIAN: A custodian which is not an affiliate of the Master Servicer or
the Company and which is appointed pursuant to a Custodial Agreement. Any
Custodian so appointed shall act as agent on behalf of the Trustee, and shall be
compensated by the Trustee at no additional charge to the Master Servicer. The
Trustee shall remain at all times responsible under the terms of this Agreement,
notwithstanding the fact that certain duties have been assigned to a Custodian.
CUT-OFF DATE: April 1, 1997.
DCR: Duff & Phelps Credit Rating Co., provided that at any time it be a
Rating Agency.
DEFINITIVE CERTIFICATES: As defined in Section 5.07.
DEPOSITARY AGREEMENT: The Letter of Representations, dated April 28, 1997
by and among DTC, the Company and the Trustee.
DESTROYED MORTGAGE NOTE: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
DETERMINATION DATE: A day not later than the 10th day preceding a related
Distribution Date.
DISQUALIFIED ORGANIZATION: As defined in Section 5.01(b).
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DISTRIBUTION DATE: With respect to distributions on the Certificates, the
25th day (or, if such 25th day is not a Business Day, the Business Day
immediately succeeding such 25th day) of each month, with the first such date
being May 27, 1997.
DTC: The Depository Trust Company.
DTC PARTICIPANT: A broker, dealer, bank, other financial institution or
other Person for whom DTC effects book-entry transfers and pledges of securities
deposited with DTC.
DUE DATE: The first day of each calendar month, which is the day on which
the Monthly Payment for each Mortgage Loan is due.
ELIGIBLE INSTITUTION: An institution having (i) the highest short-term debt
rating, and one of the two highest long-term debt ratings of the Rating Agency,
(ii) with respect to any Custodial Account for P&I and special Custodial Account
for Reserves, an unsecured long-term debt rating of at least one of the two
highest unsecured long-term debt ratings of the Rating Agency, (iii) with
respect to any Buydown Fund Account or Custodial Account which also serves as a
Buydown Fund Account, the highest unsecured long-term debt rating by the Rating
Agency, or (iv) the approval of the Rating Agency. Such institution may be the
Servicer if the applicable Selling and Servicing Contract requires the Servicer
to provide the Master Servicer with written notice on the Business Day following
the date on which the Servicer determines that such Servicer's short-term debt
and unsecured long-term debt ratings fail to meet the requirements of the prior
sentence.
ELIGIBLE INVESTMENTS: Any one or more of the obligations or securities
listed below in which funds deposited in the Reserve Fund, if any, the
Investment Account, the Certificate Account, the Custodial Account for P&I and
the Custodial Account for Reserves may be invested:
(i) Obligations of, or guaranteed as to principal and interest
by, the United States or any agency or instrumentality thereof when
such obligations are backed by the full faith and credit of the United
States;
(ii) Repurchase agreements on obligations described in clause (i)
of this definition of "Eligible Investments," provided that the
unsecured obligations of the party agreeing to repurchase such
obligations have at the time the highest short term debt rating of the
Rating Agency and provided that such repurchaser's unsecured long term
debt has one of the two highest unsecured long term debt ratings of
the Rating Agency;
(iii) Federal funds, certificates of deposit, time deposits and
bankers' acceptances of any U.S. bank or trust company incorporated
under the laws of the United States or any state, provided that the
debt obligations of such bank or trust company at the date of
acquisition thereof have the highest short term debt rating of the
Rating Agency and unsecured long term debt has one of the two highest
unsecured long term debt ratings of the Rating Agency;
(iv) Obligations of, or obligations guaranteed by, any state of
the United States or the District of Columbia, provided that such
obligations at the date of
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acquisition thereof shall have the highest long-term debt ratings
available for such securities from the Rating Agency;
(v) Commercial paper of any corporation incorporated under the
laws of the United States or any state thereof, which on the date of
acquisition has the highest commercial paper rating of the Rating
Agency, provided that the corporation has unsecured long term debt
that has one of the two highest unsecured long term debt ratings of
the Rating Agency;
(vi) Securities (other than stripped bonds or stripped coupons)
bearing interest or sold at a discount that are issued by any
corporation incorporated under the laws of the United States or any
state thereof and have the highest long-term unsecured rating
available for such securities from the Rating Agency; provided,
however, that securities issued by any such corporation will not be
investments to the extent that investment therein would cause the
outstanding principal amount of securities issued by such corporation
that are then held as part of the Investment Account or the
Certificate Account to exceed 20% of the aggregate principal amount of
all Eligible Investments then held in the Investment Account and the
Certificate Account;
(vii) Units of taxable money market funds (which may be 12b-1
funds, as contemplated under the rules promulgated by the Securities
and Exchange Commission under the Investment Company Act of 1940),
which funds have the highest rating available for such securities from
the Rating Agency or which have been designated in writing by the
Rating Agency as Eligible Investments; and
(viii) Such other instruments as shall not affect the Ratings;
PROVIDED, HOWEVER, that such obligation or security is held for a temporary
period pursuant to Section 1.860G-2(g)(1) of the Treasury Regulations, and that
such period can in no event exceed thirteen months.
In no event shall an instrument be an Eligible Investment if such
instrument (a) evidences a right to receive only interest payments with respect
to the obligations underlying such instrument or (b) has been purchased at a
price greater than the outstanding principal balance of such instrument.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
EVENT OF DEFAULT: Any event of default as specified in Section 7.01.
EXCESS LIQUIDATION PROCEEDS: With respect to any Distribution Date, the
excess, if any, of aggregate Liquidation Proceeds in the preceding month over
the amount that would have been received if a Payoff had been made on the last
day of such month with respect to each Mortgage Loan which became a Liquidated
Mortgage Loan during such month.
FDIC: Federal Deposit Insurance Corporation, or any successor thereto.
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FHA: Federal Housing Administration, or any successor thereto.
FHLB: Federal Home Loan Bank of San Francisco, or any successor thereto.
FHLMC: Federal Home Loan Mortgage Corporation, or any successor thereto.
FNMA: Federal National Mortgage Association, or any successor thereto.
FRAUD LOSS: The occurrence of a loss on a Mortgage Loan arising from any
action, event or state of facts with respect to such Mortgage Loan which,
because it involved or arose out of any dishonest, fraudulent, criminal,
negligent or knowingly wrongful act, error or omission by the Mortgagor,
originator (or assignee thereof) of such Mortgage Loan, Lender, a Servicer or
the Master Servicer, would result in an exclusion from, denial of, or defense to
coverage which otherwise would be provided by a Primary Insurance Policy
previously issued with respect to such Mortgage Loan.
GROUP I BANKRUPTCY COVERAGE: The Group I Bankruptcy Coverage Initial Amount
less (a) any scheduled or permissible reduction in the amount of Group I
Bankruptcy Coverage pursuant to this definition and (b) Bankruptcy Losses
allocated to the Group I and Class R Certificates. Group I Bankruptcy Coverage
may be reduced upon written confirmation from the Rating Agency that such
reduction will not adversely affect the then current ratings assigned to the
Group I and Class R Certificates by the Rating Agency.
GROUP I BANKRUPTCY COVERAGE INITIAL AMOUNT: $100,000.
GROUP I CERTIFICATES: The Group I Senior and Group IB Certificates,
collectively.
GROUP I CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on which
the aggregate of the Class Principal Balances of the Group IB Certificates has
been or will be reduced to zero as a result of principal distributions thereon
and the allocation of Realized Losses on such Distribution Date.
GROUP I CURRENT TRANSFER AMOUNT: For any Distribution Date, the aggregate
of each Special Hazard Loss on a Group I Loan allocated to a Lowest Class of
Group IIB Certificates in reduction of the Class Principal Balance thereof
pursuant to the fourth paragraph of the definition of "Realized Loss"; PROVIDED,
HOWEVER, that the Group I Current Transfer Amount shall be adjusted in
accordance with the Netting Procedure.
GROUP I FRAUD COVERAGE: During the period prior to the first anniversary of
the Cut-Off Date, the Group I Fraud Coverage Initial Amount reduced by Fraud
Losses allocated to the Group I and Class R Certificates; during the period from
the first anniversary of the Cut-Off Date to (but not including) the fifth
anniversary of the Cut-Off Date, the amount of the Group I Fraud Coverage on the
most recent previous anniversary of the Cut-Off Date (calculated in accordance
with the second sentence of this definition) reduced by Fraud Losses allocated
to the Group I and Class R Certificates since such anniversary; and during the
period on and after the fifth anniversary of the Cut-Off Date, Group I Fraud
Coverage will be zero. On each anniversary of the Cut-Off Date, Group I Fraud
Coverage shall be reduced to the lesser of (i) on the first, second, third, and
fourth anniversaries of the Cut-Off Date, 1.0% of the aggregate principal
balance of the Group I Loans
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as of the Due Date in the preceding month and (ii) the excess of the Group I
Fraud Coverage Initial Amount over cumulative Fraud Losses allocated to the
Group I and Class R Certificates to date. Group I Fraud Coverage may be
reduced upon written confirmation from the Rating Agency that such reduction
will not adversely affect the then current ratings assigned to the Group I
and Class R Certificates by the Rating Agency.
GROUP I FRAUD COVERAGE INITIAL AMOUNT: $1,519,811.
GROUP I LOAN: The Mortgage Loans designated on the Mortgage Loan Schedule
as Group I Loans.
GROUP I SENIOR CERTIFICATES: The Class IA-1, Class IA-2, Class IA-3, Class
IA-4, Class IA-5, Class IA-6, Class IA-7, Class IX-1, Class IX-2 and Class IP
Certificates, collectively.
GROUP I SUBORDINATE LIQUIDATION AMOUNT: The excess, if any, of the
aggregate of Liquidation Principal for all Group I Loans which became Liquidated
Mortgage Loans during the Prior Period, over the related Group IA Liquidation
Amount for such Distribution Date.
GROUP I SUBORDINATE PREPAYMENT PERCENTAGE: On any Distribution Date for
Loan Group I, the excess of 100% over the Group IA Prepayment Percentage for
such Distribution Date; PROVIDED, HOWEVER, that if the aggregate of the Class
Principal Balances of the Group IA and Class R Certificates has been reduced to
zero, then the Group I Subordinate Prepayment Percentage shall equal 100%.
GROUP I SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT: On any Distribution
Date, the sum of (I) the excess of (A) the sum of (a) the Subordinate Percentage
for Loan Group I of the Principal Payment Amount for Loan Group I (exclusive of
the portion thereof attributable to principal distributions to the Class IP
Certificates pursuant to clause (I)(a)(i) of the definition of "Certificate
Distribution Amount"), (b) the Group I Subordinate Prepayment Percentage of the
Principal Prepayment Amount for Loan Group I (exclusive of the portion thereof
attributable to principal distributions to the Class IP Certificates pursuant to
clause (I)(a)(i) of the definition of "Certificate Distribution Amount") and
(c)the Group I Subordinate Liquidation Amount over (B) the amounts required to
be distributed to the Class IP Certificates pursuant to clauses (I)(a)(v) and
(I)(a)(vi) of the definition of "Certificate Distribution Amount" on such
Distribution Date and (II) any amounts included in the Available Distribution
Amount for Loan Group I on such Distribution Date pursuant to the first or
second proviso at the end of clause (I)(b) or the proviso at the end of clause
(II)(b), as applicable, of the definition of "Certificate Distribution Amount"
with respect to any transfer of principal owing to Loan Group I from Loan Group
II. On any Distribution Date, the Group I Subordinate Principal Distribution
Amount shall be allocated pro rata, by Class Principal Balance, among the
Classes of Group IB Certificates and paid in the order of distribution to such
Classes pursuant to clause (I) of the definition of "Certificate Distribution
Amount" herein, except as otherwise stated in such definition. For purposes of
allocating the Group I Subordinate Principal Distribution Amount among the
Classes of Group IB Certificates in accordance with the immediately preceding
sentence only, the Class Principal Balance of the Lowest Class of Group IB
Certificates shall be increased by the amount, if any, of the Group II Transfer
Balance. Notwithstanding the foregoing, on any Distribution Date prior to
distributions on such date, if the Subordination Level for any Class of Group IB
Certificates is less than such percentage as of the Cut-Off Date, the pro rata
portion of the Group I Subordinate Principal Distribution Amount
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otherwise allocable to the Class or Classes junior to such Class will be
distributed to the most senior Class of the Group IB Certificates for which
the Subordination Level is less than such percentage as of the Cut-Off Date,
and to the Classes of Group IB Certificates senior thereto, pro rata
according to the Class Principal Balances of such Classes. For purposes of
this definition and the definition of "Subordination Level," the relative
seniority, from highest to lowest, of the Classes of Group IB Certificates
shall be as follows: Class IB-1, Class IB-2, Class IB-3, Class IB-4, Class
IB-5 and Class IB-6.
GROUP I TRANSFER BALANCE: For the Distribution Date occurring in May 1997,
zero. For any Distribution Date occurring after May 1997, the Group I Transfer
Balance on the prior Distribution Date, adjusted as follows: (i) increased by
the excess of (a) the Group I Current Transfer Amount on the prior Distribution
Date over (b) the portion, if any, of the Group II Subordinate Principal
Distribution Amount otherwise distributable to the Lowest Class of Group IIB
Certificates on the prior Distribution Date but included in the Available
Distribution Amount for Loan Group I pursuant to the first proviso at the end of
clause (I)(b) of the definition of "Certificate Distribution Amount" on the
prior Distribution Date and (ii) reduced by the amount, if any, included in the
Available Distribution Amount for Loan Group I pursuant to clause (iii) of the
second proviso at the end of clause (I)(b) or clause (iii) of the proviso at the
end of clause (II)(b), as applicable, of the definition of "Certificate
Distribution Amount" on the prior Distribution Date; PROVIDED, HOWEVER, that the
Group I Transfer Balance shall be adjusted in accordance with the Netting
Procedure.
GROUP IA CERTIFICATES: The Class IA-1, Class IA-2, Class IA-3, Class IA-4,
Class IA-5, Class IA-6 and Class IA-7 Certificates, collectively.
GROUP IA LIQUIDATION AMOUNT: The aggregate, for each Group I Loan which
became a Liquidated Mortgage Loan during the Prior Period, of the lesser of:
(i) the Group IA Percentage of the Principal Balance of such Mortgage Loan
(exclusive of the Class IP Fraction thereof, if applicable), and (ii) the Group
IA Prepayment Percentage of the Liquidation Principal with respect to such
Mortgage Loan.
GROUP IA PERCENTAGE: With respect to any Distribution Date, the sum of the
Class Principal Balances of the Group IA and Class R Certificates divided by the
sum of (x) the sum of the Class Principal Balances of the Group I and Class R
Certificates (reduced by the Class IP Principal Balance) and (y) the Group II
Transfer Balance, in each case immediately prior to such Distribution Date.
GROUP IA PREPAYMENT PERCENTAGE: (i) On any Distribution Date occurring
before the Distribution Date in the month of the fifth anniversary of the first
Distribution Date, 100%; (ii) on any other Distribution Date on which the Group
IA Percentage for such Distribution Date exceeds the initial Group IA Percentage
as of the Cut-Off Date, 100%; and (iii) on any other Distribution Date in each
of the months of the fifth anniversary of the first Distribution Date and
thereafter, 100%, unless:
(a) the mean aggregate Principal Balance of Group I Loans which are 60 or
more days delinquent (including loans in foreclosure and property held
by the Trust Fund) for each of the immediately preceding six calendar
months is less than or equal to 50% of the
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mean aggregate of the Class Principal Balances of the Group IB
Certificates as of such Distribution Date, and
(b) cumulative Realized Losses on the Group I Loans allocated to the Group
IB Certificates are less than or equal to (1) for any Distribution
Date before the month of the sixth anniversary of the month of the
first Distribution Date, 30% of the sum of the Class Principal
Balances of the Group IB Certificates as of the Cut-Off Date, (2) for
any Distribution Date in or after the month of the sixth anniversary
of the month of the first Distribution Date but before the seventh
anniversary of the month of the first Distribution Date, 35% of the
sum of the Class Principal Balances of the Group IB Certificates as of
the Cut-Off Date, (3) for any Distribution Date in or after the month
of the seventh anniversary of the month of the first Distribution Date
but before the eighth anniversary of the month of the first
Distribution Date, 40% of the sum of the Class Principal Balances of
the Group IB Certificates as of the Cut-Off Date, (4) for any
Distribution Date in or after the month of the eighth anniversary of
the month of the first Distribution Date but before the ninth
anniversary of the month of the first Distribution Date, 45% of the
sum of the Class Principal Balances of the Group IB Certificates as of
the Cut-Off Date, and (5) for any Distribution Date in or after the
month of the ninth anniversary of the month of the first Distribution
Date, 50% of the sum of the Class Principal Balances of the Group IB
Certificates as of the Cut-Off Date,
in which case, as follows: (1) for any such Distribution Date in or after the
month of the fifth anniversary of the month of the first Distribution Date but
before the sixth anniversary of the month of the first Distribution Date, the
Group IA Percentage for such Distribution Date plus 70% of the Subordinate
Percentage for Loan Group I for such Distribution Date; (2) for any such
Distribution Date in or after the month of the sixth anniversary of the month of
the first Distribution Date but before the seventh anniversary of the month of
the first Distribution Date, the Group IA Percentage for such Distribution Date
plus 60% of the Subordinate Percentage for Loan Group I for such Distribution
Date; (3) for any such Distribution Date in or after the month of the seventh
anniversary of the month of the first Distribution Date but before the eighth
anniversary of the month of the first Distribution Date, the Group IA Percentage
for such Distribution Date plus 40% of the Subordinate Percentage for Loan Group
I for such Distribution Date; (4) for any such Distribution Date in or after the
month of the eighth anniversary of the month of the first Distribution Date but
before the ninth anniversary of the month of the first Distribution Date, the
Group IA Percentage for such Distribution Date plus 20% of the Subordinate
Percentage for Loan Group I for such Distribution Date; and (5) for any such
Distribution Date thereafter, the Group IA Percentage for such Distribution
Date.
If on any Distribution Date the allocation to the Group I Senior
Certificates (other than the Class IP Certificates) of Principal Prepayments in
the percentage required would reduce the sum of the Class Principal Balances of
the Group I Senior Certificates (other than the Class IP Certificates) below
zero, the Group IA Prepayment Percentage for such Distribution Date shall be
limited to the percentage necessary to reduce such sum to zero. Notwithstanding
the foregoing, however, on each Distribution Date, the Class IP Certificates
will receive the Class IP Fraction of all principal payments, including, without
limitation, Principal Prepayments, received in respect of each Class IP Mortgage
Loan.
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GROUP IA PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the sum of (a) the Group IA Percentage of the Principal Payment
Amount for Loan Group I (exclusive of the portion thereof attributable to
principal distributions to the Class IP Certificates pursuant to clause
(I)(a)(i) of the definition of "Certificate Distribution Amount"), (b) the Group
IA Prepayment Percentage of the Principal Prepayment Amount for Loan Group I
(exclusive of the portion thereof attributable to principal distributions to the
Class IP Certificates pursuant to clause (I)(a)(i) of the definition of
"Certificate Distribution Amount") and (c) the Group IA Liquidation Amount.
GROUP IB CERTIFICATES: The Class IB-1, Class IB-2, Class IB-3, Class IB-4,
Class IB-5 and Class IB-6 Certificates, collectively.
GROUP II BANKRUPTCY COVERAGE: The Group II Bankruptcy Coverage Initial
Amount less (a) any scheduled or permissible reduction in the amount of Group II
Bankruptcy Coverage pursuant to this definition and (b) Bankruptcy Losses
allocated to the Group II Certificates. Group II Bankruptcy Coverage may be
reduced upon written confirmation from the Rating Agency that such reduction
will not adversely affect the then current ratings assigned to the Group II
Certificates by the Rating Agency.
GROUP II BANKRUPTCY COVERAGE INITIAL AMOUNT: $125,886.
GROUP II CERTIFICATES: The Group II Senior and Group IIB Certificates,
collectively.
GROUP II CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on
which the aggregate of the Class Principal Balances of the Group IIB
Certificates has been or will be reduced to zero as a result of principal
distributions thereon and the allocation of Realized Losses on such Distribution
Date.
GROUP II CURRENT TRANSFER AMOUNT: For any Distribution Date, the aggregate
of each Special Hazard Loss on a Group II Loan allocated to a Lowest Class of
Group IB Certificates in reduction of the Class Principal Balance thereof
pursuant to the fifth paragraph of the definition of "Realized Loss"; PROVIDED,
HOWEVER, that the Group II Current Transfer Amount shall be adjusted in
accordance with the Netting Procedure.
GROUP II FRAUD COVERAGE: During the period prior to the first anniversary
of the Cut-Off Date, the Group II Fraud Coverage Initial Amount reduced by Fraud
Losses allocated to the Group II Certificates; during the period from the first
anniversary of the Cut-Off Date to (but not including) the fifth anniversary of
the Cut-Off Date, the amount of the Group II Fraud Coverage on the most recent
previous anniversary of the Cut-Off Date (calculated in accordance with the
second sentence of this definition) reduced by Fraud Losses allocated to the
Group II Certificates since such anniversary; and during the period on and after
the fifth anniversary of the Cut-Off Date, Group II Fraud Coverage will be zero.
On each anniversary of the Cut-Off Date, Group II Fraud Coverage shall be
reduced to the lesser of (i) on the first, second, third, and fourth
anniversaries of the Cut-Off Date, 1.0% of the aggregate principal balance of
the Group II Loans as of the Due Date in the preceding month and (ii) the excess
of the Group II Fraud Coverage Initial Amount over cumulative Fraud Losses
allocated to the Group II Certificates to date. Group II Fraud Coverage may be
reduced upon written confirmation from the Rating Agency that such
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reduction will not adversely affect the then current ratings assigned to the
Group II Certificates by the Rating Agency.
GROUP II FRAUD COVERAGE INITIAL AMOUNT: $7,180,984.
GROUP II LOAN: The Mortgage Loans designated on the Mortgage Loan Schedule
as Group II Loans.
GROUP II NOTIONAL AMOUNT: For any Distribution Date, the product of (x)
the Group II Premium Loan Balance and (y) the Group II Premium Fraction.
GROUP II PREMIUM FRACTION: For any Distribution Date, a fraction, the
numerator of which is the weighted average of the Stripped Interest Rates for
the 30-Year Premium Rate Mortgage Loans as of such Due Date and the denominator
of which is 7.500%.
GROUP II PREMIUM LOAN BALANCE: For any Distribution Date, the aggregate
Principal Balance of the 30-Year Premium Rate Mortgage Loans.
GROUP II SENIOR CERTIFICATES: The Class IIA-1, Class IIA-2, Class IIA-3,
Class IIA-4, Class IIA-5, Class IIA-6, Class IIA-7 and Class IIX Certificates,
collectively.
GROUP II SUBORDINATE LIQUIDATION AMOUNT: The excess, if any, of the
aggregate of Liquidation Principal for all Group II Loans which became
Liquidated Mortgage Loans during the Prior Period, over the related Group IIA
Liquidation Amount for such Distribution Date.
GROUP II SUBORDINATE PREPAYMENT PERCENTAGE: On any Distribution Date for
Loan Group II, the excess of 100% over the Group IIA Prepayment Percentage for
such Distribution Date; PROVIDED, HOWEVER, that if the aggregate of the Class
Principal Balances of the Group IIA Certificates (except the Class IIA-1
Certificates) and the Component Balances of the PAC-II and TAC-II Component of
the Class IIA-1 Certificates has been reduced to zero, then the Group II
Subordinate Prepayment Percentage shall equal 100%.
GROUP II SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT: On any Distribution
Date, the sum of (I) the excess of (A) the sum of (a) the Subordinate Percentage
for Loan Group II of the Principal Payment Amount for Loan Group II (exclusive
of the portion thereof attributable to principal distributions to the
Class IIA-1 Certificates in respect of the PO Component pursuant to clause
(I)(b)(i) of the definition of "Certificate Distribution Amount"), (b) the Group
II Subordinate Prepayment Percentage of the Principal Prepayment Amount for Loan
Group II (exclusive of the portion thereof attributable to principal
distributions to the Class IIA-1 Certificates in respect of the PO Component
pursuant to clause (I)(b)(i) of the definition of "Certificate Distribution
Amount") and (c) the Group II Subordinate Liquidation Amount over (B) the
amounts required to be distributed to the Class IIA-1 Certificates in respect of
the PO Component pursuant to clauses (I)(b)(v) and (I)(b)(vi) of the definition
of "Certificate Distribution Amount" on such Distribution Date and (II) any
amounts included in the Available Distribution Amount for Loan Group II on such
Distribution Date pursuant to the first or second proviso at the end of clause
(I)(a) or the proviso at the end of clause (II)(a), as applicable, of the
definition of "Certificate Distribution Amount" with respect to any transfer of
principal owing to Loan Group II from Loan Group I. On any Distribution Date,
the Group II Subordinate Principal Distribution Amount shall be allocated
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pro rata, by Class Principal Balance, among the Classes of Group IIB
Certificates and paid in the order of distribution to such Classes pursuant
to clause (I) of the definition of "Certificate Distribution Amount" herein,
except as otherwise stated in such definition. For purposes of allocating the
Group II Subordinate Principal Distribution Amount among the Classes of Group
IIB Certificates in accordance with the immediately preceding sentence only,
the Class Principal Balance of the Lowest Class of Group IIB Certificates
shall be increased by the amount, if any, of the Group I Transfer Balance.
Notwithstanding the foregoing, on any Distribution Date prior to
distributions on such date, if the Subordination Level for any Class of Group
IIB Certificates is less than such percentage as of the Cut-Off Date, the pro
rata portion of the Group II Subordinate Principal Distribution Amount
otherwise allocable to the Class or Classes junior to such Class will be
distributed to the most senior Class of the Group IIB Certificates for which
the Subordination Level is less than such percentage as of the Cut-Off Date,
and to the Classes of Group IIB Certificates senior thereto, pro rata
according to the Class Principal Balances of such Classes. For purposes of
this definition and the definition of "Subordination Level," the relative
seniority, from highest to lowest, of the Classes of Group IIB Certificates
shall be as follows: Class IIB-1, Class IIB-2, Class IIB-3, Class IIB-4,
Class IIB-5 and Class IIB-6.
GROUP II TRANSFER BALANCE: For the Distribution Date occurring in May 1997,
zero. For any Distribution Date occurring after May 1997, the Group II Transfer
Balance on the prior Distribution Date, adjusted as follows: (i) increased by
the excess of (a) the Group II Current Transfer Amount on the prior Distribution
Date over (b) the portion, if any, of the Group I Subordinate Principal
Distribution Amount otherwise distributable to the Lowest Class of Group IB
Certificates on the prior Distribution Date but included in the Available
Distribution Amount for Loan Group II pursuant to the first proviso at the end
of clause (I)(a) of the definition of "Certificate Distribution Amount" on the
prior Distribution Date and (ii) reduced by the amount, if any, included in the
Available Distribution Amount for Loan Group II pursuant to clause (iii) of the
second proviso at the end of clause (I)(a) or clause (iii) of the proviso at the
end of clause (II)(a), as applicable, of the definition of "Certificate
Distribution Amount" on the prior Distribution Date; PROVIDED, HOWEVER, that the
Group II Transfer Balance shall be adjusted in accordance with the Netting
Procedure.
GROUP IIA CERTIFICATES: The Class IIA-1, Class IIA-2, Class IIA-3, Class
IIA-4, Class IIA-5, Class IIA-6 and Class IIA-7 Certificates, collectively.
GROUP IIA LIQUIDATION AMOUNT: The aggregate, for each Group II Loan which
became a Liquidated Mortgage Loan during the Prior Period, of the lesser of: (i)
the Group IIA Percentage of the Principal Balance of such Mortgage Loan
(exclusive of the PO Component Fraction thereof, if applicable), and (ii) the
Group IIA Prepayment Percentage of the Liquidation Principal with respect to
such Mortgage Loan.
GROUP IIA PERCENTAGE: With respect to any Distribution Date, the sum of the
Class Principal Balances of the Group IIA Certificates (reduced by the PO
Component Balance) divided by the sum of (x) the sum of the Class Principal
Balances of the Group II Certificates (reduced by the PO Component Balance) and
(y) the Group I Transfer Balance, in each case immediately prior to such
Distribution Date.
GROUP IIA PREPAYMENT PERCENTAGE: (i) On any Distribution Date occurring
before the Distribution Date in the month of the fifth anniversary of the first
Distribution Date, 100%; (ii) on
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any other Distribution Date on which the Group IIA Percentage for such
Distribution Date exceeds the initial Group IIA Percentage as of the Cut-Off
Date, 100%; and (iii) on any other Distribution Date in each of the months of
the fifth anniversary of the first Distribution Date and thereafter, 100%,
unless:
(a) the mean aggregate Principal Balance of Group II Loans which are 60 or
more days delinquent (including loans in foreclosure and property held
by the Trust Fund) for each of the immediately preceding six calendar
months is less than or equal to 50% of the mean aggregate of the Class
Principal Balances of the Group IIB Certificates as of such
Distribution Date, and
(b) cumulative Realized Losses on the Group II Loans allocated to the
Group IIB Certificates are less than or equal to (1) for any
Distribution Date before the month of the sixth anniversary of the
month of the first Distribution Date, 30% of the sum of the
Class Principal Balances of the Group IIB Certificates as of the
Cut-Off Date, (2) for any Distribution Date in or after the month of
the sixth anniversary of the month of the first Distribution Date but
before the seventh anniversary of the month of the first Distribution
Date, 35% of the sum of the Class Principal Balances of the Group IIB
Certificates as of the Cut-Off Date, (3) for any Distribution Date in
or after the month of the seventh anniversary of the month of the
first Distribution Date but before the eighth anniversary of the month
of the first Distribution Date, 40% of the sum of the Class Principal
Balances of the Group IIB Certificates as of the Cut-Off Date, (4) for
any Distribution Date in or after the month of the eighth anniversary
of the month of the first Distribution Date but before the ninth
anniversary of the month of the first Distribution Date, 45% of the
sum of the Class Principal Balances of the Group IIB Certificates as
of the Cut-Off Date, and (5) for any Distribution Date in or after the
month of the ninth anniversary of the month of the first Distribution
Date, 50% of the sum of the Class Principal Balances of the Group IIB
Certificates as of the Cut-Off Date,
in which case, as follows: (1) for any such Distribution Date in or after the
month of the fifth anniversary of the month of the first Distribution Date
but before the sixth anniversary of the month of the first Distribution Date,
the Group IIA Percentage for such Distribution Date plus 70% of the
Subordinate Percentage for Loan Group II for such Distribution Date; (2) for
any such Distribution Date in or after the month of the sixth anniversary of
the month of the first Distribution Date but before the seventh anniversary
of the month of the first Distribution Date, the Group IIA Percentage for
such Distribution Date plus 60% of the Subordinate Percentage for Loan Group
II for such Distribution Date; (3) for any such Distribution Date in or after
the month of the seventh anniversary of the month of the first Distribution
Date but before the eighth anniversary of the month of the first Distribution
Date, the Group IIA Percentage for such Distribution Date plus 40% of the
Subordinate Percentage for Loan Group II for such Distribution Date; (4) for
any such Distribution Date in or after the month of the eighth anniversary of
the month of the first Distribution Date but before the ninth anniversary of
the month of the first Distribution Date, the Group IIA Percentage for such
Distribution Date plus 20% of the Subordinate Percentage for Loan Group II
for such Distribution Date; and (5) for any such Distribution Date
thereafter, the Group IIA Percentage for such Distribution Date.
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If on any Distribution Date the allocation to the Group II Senior
Certificates (other than the Class IIA-1 Certificates) and the Class IIA-1
Certificates in respect of the PAC-II Component and TAC-II Component of
Principal Prepayments in the percentage required would reduce the sum of the
Class Principal Balances of the Group II Senior Certificates (other than the
Class IIA-1 Certificates) and the Component Balances of the PAC-II Component
and TAC-II Component of the Class IIA-1 Certificates below zero, the Group
IIA Prepayment Percentage for such Distribution Date shall be limited to the
percentage necessary to reduce such sum to zero. Notwithstanding the
foregoing, however, on each Distribution Date, the Class IIA-1 Certificates
will receive in respect of the PO Component the PO Component Fraction of all
principal payments, including, without limitation, Principal Prepayments,
received in respect of each PO Component Mortgage Loan.
GROUP IIA PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the sum of (a) the Group IIA Percentage of the Principal
Payment Amount for Loan Group II (exclusive of the portion thereof
attributable to principal distributions to the Class IIA-1 Certificates in
respect of the PO Component pursuant to clause (I)(b)(i) of the definition of
"Certificate Distribution Amount"), (b) the Group IIA Prepayment Percentage
of the Principal Prepayment Amount for Loan Group II (exclusive of the
portion thereof attributable to principal distributions to the Class IIA-1
Certificates in respect of the PO Component pursuant to clause (I)(b)(i) of
the definition of "Certificate Distribution Amount") and (c) the Group IIA
Liquidation Amount.
GROUP IIB CERTIFICATES: The Class IIB-1, Class IIB-2, Class IIB-3, Class
IIB-4, Class IIB-5 and Class IIB-6 Certificates, collectively.
INDIRECT DTC PARTICIPANTS: Entities such as banks, brokers, dealers or
trust companies, that clear through or maintain a custodial relationship with
a DTC Participant, either directly or indirectly.
INSURANCE PROCEEDS: Amounts paid or payable by the insurer under any
Primary Insurance Policy or any other insurance policy (including any
replacement policy permitted under this Agreement), covering any Mortgage
Loan or Mortgaged Property, including, without limitation, any hazard
insurance policy required pursuant to Section 3.07, any title insurance
policy required pursuant to Section 2.03, and any FHA insurance policy or VA
guaranty.
INTEREST DISTRIBUTION AMOUNT: On any Distribution Date, for any Class of
Certificates (other than the Class IA-1, Class IA-2 and Class IIA-1
Certificates), Component (other than the PO Component) or the Group I or
Group II Transfer Balance, the amount of interest accrued on the respective
Class Principal Balance, Component Balance, Class Notional Amount, IO
Component Notional Amount or Transfer Balance, as applicable, at 1/12th of
the related Remittance Rate for such Class, Component or Transfer Balance
during the Prior Period, before giving effect to allocations of Realized
Losses for the Prior Period or distributions to be made on such Distribution
Date, reduced by Uncompensated Interest Shortfall and the interest portion of
Realized Losses allocated to such Class, Component or Transfer Balance
pursuant to the definitions of "Uncompensated Interest Shortfall" and
"Realized Loss," respectively; PROVIDED, HOWEVER, that (a) in the case of the
IA-7 Certificates, such amount shall be reduced by the Class IA-7 Accrual
Amount, (b) in the case of the TAC-II Component of the Class IIA-1
Certificates, such amount shall be reduced by the TAC-II Component Accrual
Amount and (c) in the case of the Class IIA-5 Certificates, such amount shall
be reduced by the Class IIA-5 Accrual Amount. The Interest
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Distribution Amount for the Class IP Certificates and the PO Component of the
Class IIA-1 Certificates on any Distribution Date shall equal zero.
INVESTMENT ACCOUNT: The commingled account (which shall be commingled
only with investment accounts related to series of pass-through certificates
with a class of certificates which has a rating equal to the highest of the
Ratings of the Certificates) maintained by the Master Servicer in the trust
department of the Investment Depository pursuant to Section 3.03 and which
bears a designation acceptable to the Rating Agency.
INVESTMENT DEPOSITORY: Chemical Bank, New York, New York or another bank
or trust company designated from time to time by the Master Servicer. The
Investment Depository shall at all times be an Eligible Institution.
IO COMPONENT: A portion of the Class IIA-1 Certificates representing
part of the entitlement of such Class to interest as described in the
Preliminary Statement hereto and the remainder of the Agreement.
IO COMPONENT NOTIONAL AMOUNT: For any Distribution Date, the IO
Fraction of the Group II Notional Amount.
IO FRACTION: For any Distribution Date, 69.7925493879%.
JUNIOR SUBORDINATE CERTIFICATES: The Class IB-4, Class IB-5, Class IB-6,
Class IIB-4, Class IIB-5 and Class IIB-6 Certificates, collectively.
LENDER: An institution from which the Company purchased any Mortgage
Loan pursuant to a Selling and Servicing Contract.
LIQUIDATED MORTGAGE LOAN: A Mortgage Loan as to which the Master
Servicer or the applicable Servicer has determined in accordance with its
customary servicing practices that all amounts which it expects to recover
from or on account of such Mortgage Loan, whether from Insurance Proceeds,
Liquidation Proceeds or otherwise have been recovered. For purposes of this
definition, acquisition of a Mortgaged Property by the Trust Fund shall not
constitute final liquidation of the related Mortgage Loan.
LIQUIDATION PRINCIPAL: The principal portion of Liquidation Proceeds
received (exclusive of the portion thereof attributable to distributions to
the Class IP Certificates or the Class IIA-1 Certificates in respect of the
PO Component pursuant to clauses (I)(a)(i) or (I)(b)(i), respectively, of the
definition of "Certificate Distribution Amount" herein) with respect to each
Mortgage Loan which became a Liquidated Mortgage Loan (but not in excess of
the principal balance thereof) during the Prior Period.
LIQUIDATION PROCEEDS: Amounts after deduction of amounts reimbursable
under Section 3.05(a)(i) and (ii) received and retained in connection with
the liquidation of defaulted Mortgage Loans, whether through foreclosure or
otherwise, other than Insurance Proceeds.
LOAN GROUP: Loan Group I or Loan Group II, as applicable.
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LOAN GROUP I: The group of Mortgage Loans comprised of the Group I Loans.
LOAN GROUP II: The group of Mortgage Loans comprised of the Group II Loans.
LOAN-TO-VALUE RATIO: The original principal amount of a Mortgage Loan
divided by the Original Value; however, references to "current Loan-to-Value
Ratio" shall mean the then current Principal Balance of a Mortgage Loan
divided by the Original Value.
LOCKOUT PERCENTAGE: For any Distribution Date occurring prior to the
Distribution Date in May 2002, 0%; and for any Distribution Date occurring on
or after the Distribution Date in May 2002, 100%.
LOWEST CLASS OR LOWEST CLASSES: For any Distribution Date, the Class or
Classes of Subordinate Certificates then outstanding which have the lowest
priority of payment. For purposes of this definition, the relative priority
of payment, from highest to lowest, of the Classes of Subordinate
Certificates shall be as follows: Class IB-1 and Class IIB-1, Class IB-2 and
Class IIB-2, Class IB-3 and Class IIB-3, Class IB-4 and Class IIB-4, Class
IB-5 and Class IIB-5, and Class IB-6 and Class IIB-6. The Class IB-1 and
Class IIB-1 Certificates shall have equal priority of payment, the Class IB-2
and Class IIB-2 Certificates shall have equal priority of payment, and so on.
MASTER SERVICER: The Company, or any successor Master Servicer appointed
as provided pursuant to Section 7.02, acting to service and administer the
Mortgage Loans pursuant to Section 3.01.
MASTER SERVICING FEE: The fee charged by the Master Servicer for
supervising the mortgage servicing and advancing certain expenses, equal to a
per annum rate set forth for each Mortgage Loan in Exhibit D on the
outstanding Principal Balance of such Mortgage Loan, payable monthly from the
Certificate Account.
MONTHLY P&I ADVANCE: An advance of funds by the Master Servicer pursuant
to Section 4.03 or a Servicer pursuant to its Selling and Servicing Contract
to cover delinquent principal and interest installments.
MONTHLY PAYMENT: The scheduled payment of principal and interest on a
Mortgage Loan (including any amounts due from a Buydown Fund, if any) which
is due on the related Due Date for such Mortgage Loan.
MORTGAGE: The mortgage, deed of trust or other instrument securing a
Mortgage Note.
MORTGAGE FILE: The following documents or instruments with respect to
each Mortgage Loan transferred and assigned pursuant to Section 2.01, (X)
with respect to each Mortgage Loan that is not a Cooperative Loan:
(i) The original Mortgage Note endorsed to "First Bank National
Association, as Custodian/Trustee, without recourse" or to "First Bank
National Association, as trustee for the benefit of the Holders from
time to time of PNC Mortgage Securities Corp. Mortgage Pass-Through
Certificates, Series 1997-3, without recourse" and all
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intervening endorsements evidencing a complete chain of endorsements
from the originator to the Trustee, or, in the event of any Destroyed
Mortgage Note, a copy or a duplicate original of the Mortgage Note,
together with an original lost note affidavit from the originator of the
related Mortgage Loan or the Company stating that the original Mortgage
Note was lost, misplaced or destroyed, together with a copy of the
related Mortgage Note; in the event the Mortgage Notes or the
assignments referred to in Section (iii)(2) of this definition of
"Mortgage File" are endorsed or executed in blank as of the Closing
Date, the Company shall, within 45 days of the Closing Date, cause such
Mortgage Notes or assignments to be endorsed or executed pursuant to the
terms set forth herein;
(ii) The Buydown Agreement, if applicable;
(iii) A Mortgage that is either
(1) the original recorded Mortgage with
recording information thereon for the jurisdiction
in which the Mortgaged Property is located, together
with a Mortgage assignment thereof in recordable
form to "First Bank National Association, as
Custodian/Trustee" or to "First Bank National
Association, as Trustee for the Holders of PNC
Mortgage Securities Corp. Mortgage Pass-Through
Certificates, Series 1997-3" and all intervening
assignments evidencing a complete chain of
assignment, from the originator to the name holder
or the payee endorsing the related Mortgage Note; or
(2) a copy of the Mortgage which represents a
true and correct reproduction of the original
Mortgage and which has either been certified (i) on
the face thereof by the public recording office in
the appropriate jurisdiction in which the Mortgaged
Property is located, or (ii) by the originator or
Lender as a true and correct copy the original of
which has been sent for recordation and an original
Mortgage assignment thereof duly executed and
acknowledged in recordable form to "First Bank
National Association, as Custodian/Trustee" or to
"First Bank National Association, as Trustee for the
Holders of PNC Mortgage Securities Corp. Mortgage
Pass-Through Certificates, Series 1997-3" and all
intervening assignments evidencing a complete chain
of assignment from the originator to the name holder
or the payee endorsing the related Mortgage Note;
(iv) A copy of (a) the title insurance policy, or (b) in lieu
thereof, a title insurance binder, a copy of an attorney"s title
opinion, certificate or other evidence of title acceptable to the
Company; and
(v) For any Mortgage Loan that has been modified or amended, the
original instrument or instruments effecting such modification or
amendment.
and (Y) with respect to each Cooperative Loan:
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(i) the original Mortgage Note endorsed to "First Bank National
Association, as Custodian/Trustee" or to "First Bank National
Association, as Trustee for the Holders of PNC Mortgage Securities
Corp. Mortgage Pass-Through Certificates, Series 1997-3" and all
intervening endorsements evidencing a complete chain of endorsements,
from the originator to the Trustee, or, in the event of any Destroyed
Mortgage Note, a copy or a duplicate original of the Mortgage Note,
together with an original lost note affidavit from the originator of
the related Mortgage Loan or the Company stating that the original
Mortgage Note was lost, misplaced or destroyed, together with a copy
of the related Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the Assignment of
Proprietary Lease to the originator of the Cooperative Loan with
intervening assignments showing an unbroken chain of title from such
originator to the Trustee;
(iii) The related Cooperative Stock Certificate, representing the
related Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument) executed
in blank;
(iv) The original recognition agreement by the Cooperative of the
interests of the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any
continuation statements, filed by the originator of such Cooperative Loan
as secured party, each with evidence of recording thereof, evidencing the
interest of the originator under the Security Agreement and the Assignment
of Proprietary Lease;
(vii) Copies of the filed UCC-3 assignments of the security interest
referenced in clause (vi) above showing an unbroken chain of title from the
originator to the Trustee, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement and
the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the originator in the
Security Agreement, Assignment of Proprietary Lease and the recognition
agreement referenced in clause (iv) above, showing an unbroken chain of
title from the originator to the Trustee;
(ix) An executed UCC-1 financing statement showing the Company as
debtor and the Trustee as secured party, each in a form sufficient for
filing, evidencing the interest of such debtors in the Cooperative Loans;
and
(x) For any Cooperative Loan that has been modified or amended,
the original instrument or instruments effecting such modification or
amendment.
MORTGAGE INTEREST RATE: For any Mortgage Loan, the per annum rate at
which interest accrues on such Mortgage Loan pursuant to the terms of the
related Mortgage Note.
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MORTGAGE LOAN SCHEDULE: The schedule, as amended from time to time, of
Mortgage Loans attached hereto as Exhibit D, which shall set forth as to each
Mortgage Loan the following, among other things:
(i) its loan number,
(ii) its Loan Group,
(iii) the address of the Mortgaged Property,
(iv) the name of the Mortgagor,
(v) the Original Value of the property subject to the Mortgage,
(vi) the Principal Balance as of the Cut-Off Date,
(vii) the Mortgage Interest Rate borne by the Mortgage Note,
(viii) whether a Primary Insurance Policy is in effect as of the Cut-Off
Date,
(ix) the maturity of the Mortgage Note, and
(x) the Servicing Fee and Master Servicing Fee.
MORTGAGE LOANS: With respect to each Cooperative Loan, the related
Mortgage Note, Security Agreement, Assignment of Proprietary Lease,
Cooperative Stock Certificate and Cooperative Lease, and, with respect to
each Mortgage Loan other than a Cooperative Loan, the Mortgages and the
related Mortgage Notes, each transferred and assigned to the Trustee pursuant
to the provisions hereof as from time to time are held as part of the Trust
Fund, the Mortgage Loans so held being identified in the Mortgage Loan
Schedule.
MORTGAGE NOTE: The note or other evidence of indebtedness evidencing the
indebtedness of a Mortgagor under a Mortgage Loan.
MORTGAGE POOL: All of the Mortgage Loans.
MORTGAGED PROPERTY: With respect to any Mortgage Loan, other than a
Cooperative Loan, the real property, together with improvements thereto, and,
with respect to any Cooperative Loan, the related Cooperative Stock and
Cooperative Lease, securing the indebtedness of the Mortgagor under the
related Mortgage Loan.
MORTGAGOR: The obligor on a Mortgage Note.
NETTING PROCEDURE: For any Distribution Date, the Group I Current
Transfer Amount, Group II Current Transfer Amount, Group I Transfer Balance
and Group II Transfer Balance shall be adjusted in the following manner and
order:
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(i) first, (x) if the Group I Current Transfer Amount is greater than
or equal to the Group II Current Transfer Amount, then the Group I Current
Transfer Amount shall be reduced by the Group II Current Transfer Amount,
and the Group II Current Transfer Amount shall equal zero, and (y) if the
Group I Current Transfer Amount is less than the Group II Current Transfer
Amount, then the Group II Current Transfer Amount shall be reduced by the
Group I Current Transfer Amount, and the Group I Current Transfer Amount
shall equal zero;
(ii) second, if the Group I Transfer Balance is greater than zero, then
(x) if the Group I Transfer Balance is greater than or equal to the Group
II Current Transfer Amount, then the Group I Transfer Balance shall be
reduced by the Group II Current Transfer Amount, and the Group II Current
Transfer Amount shall equal zero, and (y) if the Group I Transfer Balance
is less than the Group II Current Transfer Amount, then the Group II
Current Transfer Amount shall be reduced by the Group I Transfer Balance,
and the Group I Transfer Balance shall equal zero;
(iii) third, if the Group II Transfer Balance is greater than zero, then
(x) if the Group II Transfer Balance is greater than or equal to the Group
I Current Transfer Amount, then the Group II Transfer Balance shall be
reduced by the Group I Current Transfer Amount, and the Group I Current
Transfer Amount shall equal zero, and (y) if the Group II Transfer Balance
is less than the Group I Current Transfer Amount, then the Group I Current
Transfer Amount shall be reduced by the Group II Transfer Balance, and the
Group II Transfer Balance shall equal zero; and
(iv) fourth, (x) if the Group I Transfer Balance is greater than or
equal to the Group II Transfer Balance, then the Group I Transfer Balance
shall be reduced by the Group II Transfer Balance, and the Group II
Transfer Balance shall equal zero, and (y) if the Group I Transfer Balance
is less than the Group II Transfer Balance, then the Group II Transfer
Balance shall be reduced by the Group I Transfer Balance, and the Group I
Transfer Balance shall equal zero.
NONRECOVERABLE ADVANCE: Any advance which the Master Servicer shall
determine to be a Nonrecoverable Advance pursuant to Section 4.04 and which
was, or is proposed to be, made by (i) the Master Servicer or (ii) a Servicer
pursuant to its Selling and Servicing Contract.
NON-U.S. PERSON: A Person that is not a U.S. Person.
OTS: The Office of Thrift Supervision, or any successor thereto.
OFFICER"S CERTIFICATE: A certificate signed by the Chairman of the
Board, the President, a Vice President, or the Treasurer of the Master
Servicer and delivered to the Trustee.
OPINION OF COUNSEL: A written opinion of counsel, who shall be
reasonably acceptable to the Trustee and who may be counsel for the Company
or the Master Servicer.
ORIGINAL VALUE: With respect to any Mortgage Loan other than a Mortgage
Loan originated for the purpose of refinancing an existing mortgage debt, the
lesser of (a) the Appraised Value (if any) of the Mortgaged Property at the
time the Mortgage Loan was originated or (b) the purchase
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price paid for the Mortgaged Property by the Mortgagor. With respect to
a Mortgage Loan originated for the purpose of refinancing existing
mortgage debt, the Original Value shall be equal to the Appraised Value
of the Mortgaged Property at the time the Mortgage Loan was originated
or the appraised value at the time the refinanced mortgage debt was
incurred.
OWNERSHIP INTEREST: As defined in Section 5.01(b).
PAC-I-1 COMPONENT: A portion of the Class IA-1 Certificates representing
part of the entitlement of such Class to principal and interest as described
in the Preliminary Statement hereto and the remainder of the Agreement.
PAC-I-2 COMPONENT: A portion of the Class IA-2 Certificates representing
part of the entitlement of such Class to principal and interest as described
in the Preliminary Statement hereto and the remainder of the Agreement.
PAC-II COMPONENT: A portion of the Class IIA-1 Certificates representing
part of the entitlement of such Class to principal and interest as described
in the Preliminary Statement hereto and the remainder of the Agreement.
PASS-THROUGH ENTITY: As defined in Section 5.01(b).
PASS-THROUGH RATE: For each Mortgage Loan, a rate equal to the Mortgage
Interest Rate for such Mortgage Loan less the applicable per annum percentage
rates related to each of the Servicing Fee and the Master Servicing Fee. For
each Mortgage Loan, any calculation of monthly interest at such rate shall be
based upon annual interest at such rate (computed on the basis of a 360-day
year of twelve 30-day months) on the unpaid Principal Balance of the related
Mortgage Loan divided by twelve, and any calculation of interest at such rate
by reason of a Payoff shall be based upon annual interest at such rate on the
outstanding Principal Balance of the related Mortgage Loan multiplied by a
fraction, the numerator of which is the number of days elapsed from the Due
Date of the last scheduled payment of principal and interest to, but not
including, the date of such Payoff, and the denominator of which is (a) for
Payoffs received on a Due Date, 360, and (b) for all other Payoffs, 365.
PAYING AGENT: Any paying agent appointed by the Trustee pursuant to
Section 8.12.
PAYOFF: Any Mortgagor payment of principal on a Mortgage Loan equal to
the entire outstanding Principal Balance of such Mortgage Loan, if received
in advance of the last scheduled Due Date for such Mortgage Loan and
accompanied by an amount of interest equal to accrued unpaid interest on the
Mortgage Loan to the date of such payment-in-full.
PAYOFF EARNINGS: For any Distribution Date with respect to each Mortgage
Loan on which a Payoff was received by the Master Servicer during the Payoff
Period, the aggregate of the interest earned by the Master Servicer from
investment of each such Payoff from the date of receipt of such Payoff until
the Business Day immediately preceding the related Distribution Date (net of
investment losses).
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PAYOFF INTEREST: For any Distribution Date with respect to a Mortgage
Loan for which a Payoff was received on or after the first calendar day of
the month of such Distribution Date and before the 15th calendar day of such
month, an amount of interest thereon at the applicable Pass-Through Rate from
the first day of the month of distribution through the day of receipt
thereof; to the extent (together with Payoff Earnings and the aggregate
Master Servicing Fee) not required to be distributed as Compensating Interest
on such Distribution Date, Payoff Interest shall be payable to the Master
Servicer as additional servicing compensation.
PAYOFF PERIOD: With respect to the first Distribution Date, the period
from the Cut-Off Date through May 14, 1997, inclusive; and with respect to
any Distribution Date thereafter, the period from the 15th day of the Prior
Period through the 14th day of the month of such Distribution Date, inclusive.
PERCENTAGE INTEREST: (a) With respect to the right of each Certificate
of a particular Class in the distributions allocated to such Class,
"Percentage Interest" shall mean the percentage undivided beneficial
ownership interest evidenced by such Certificate of such Class, which
percentage shall equal:
(i) with respect to any Regular Interest Certificate (other than the
Class IX-1, Class IX-2 and Class IIX Certificates), its Certificate
Principal Balance divided by the applicable Class Principal Balance or,
with respect to any Class IIA-1 Certificate if the Class IIA-1 Principal
Balance has been reduced to zero but the IO Component Notional Amount is
greater than zero, its Certificate Principal Balance immediately prior to
the Distribution Date on which such Certificate Principal Balance was
reduced to zero divided by the Class IIA-1 Principal Balance as of such
time;
(ii) with respect to the Class IX-1, Class IX-2 and Class IIX
Certificates, the portion of the respective Class Notional Amount evidenced
by such Certificate divided by the respective Class Notional Amount; and
(iii) with respect to the Class R Certificates, the percentage set forth
on the face of such Certificate.
(b) With respect to the rights of each Certificate in connection with
Sections 5.09, 7.01, 8.01(c), 8.02, 8.07, 10.01 and 10.03,
"Percentage Interest" shall mean the percentage undivided
beneficial interest evidenced by such Certificate in the Trust
Fund, which for purposes of such rights only shall equal:
(i) if the Class IIA-1 Principal Balance is greater than zero or the
Class IIA-1 Principal Balance and the IO Component Notional Amount have
both been reduced to zero,
(A) with respect to any Certificate (other than the Class IX-1,
Class IX-2 and Class IIX Certificates), the product of (x)
ninety-seven percent (97%) and (y) the percentage calculated by
dividing its Certificate Principal Balance by the Aggregate
Certificate Principal Balance; PROVIDED, HOWEVER, that the percentage
in (x) above shall be increased by one percent (1%) upon each
retirement of the Class IX-1, Class IX-2 and Class IIX Certificates;
and
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(B) with respect to any Class of Class IX-1, Class IX-2 or Class
IIX Certificate, one percent (1%) of such Certificate"s Percentage
Interest as calculated by paragraph (a)(ii) of this definition; and
(ii) if the Class IIA-1 Principal Balance has been reduced to zero but
the IO Component Notional Amount is greater than zero,
(A) with respect to any Certificate (other than the Class IIA-1,
Class IX-1, Class IX-2 and Class IIX Certificates), the product of (x)
ninety-six percent (96%) and (y) the percentage calculated by dividing
its Certificate Principal Balance by the Aggregate Certificate
Principal Balance; PROVIDED, HOWEVER, that the percentage in (x) above
shall be increased by one percent (1%) upon each retirement of the
Class IIA-1, Class IX-1, Class IX-2 and Class IIX Certificates; and
(B) with respect to any Class of IIA-1, Class IX-1, Class IX-2 or
Class IIX Certificate, one percent (1%) of such Certificate"s
Percentage Interest as calculated by paragraph (a)(ii) of this
definition.
PERMITTED TRANSFEREE: With respect to the holding or ownership of any
Residual Certificate, any Person other than (i) the United States, a State or
any political subdivision thereof, or any agency or instrumentality of any of
the foregoing, (ii) a foreign government, International Organization or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers" cooperatives described in Code Section 521) which is
exempt from the taxes imposed by Chapter 1 of the Code (unless such organization
is subject to the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iv) rural electric and telephone cooperatives described in
Code Section 1381(a)(2)(C), (v) any Person from whom the Trustee has not
received an affidavit to the effect that it is not a "disqualified organization"
within the meaning of Section 860E(e)(5) of the Code, and (vi) any other Person
so designated by the Company based upon an Opinion of Counsel that the transfer
of an Ownership Interest in a Residual Certificate to such Person may cause the
Trust Fund to fail to qualify as a REMIC at any time that the Certificates are
outstanding. The terms "United States," "State" and "International Organization"
shall have the meanings set forth in Code Section 7701 or successor provisions.
A corporation shall not be treated as an instrumentality of the United States or
of any State or political subdivision thereof if all of its activities are
subject to tax, and, with the exception of the FHLMC, a majority of its board of
directors is not selected by such governmental unit.
PERSON: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
PLANNED PRINCIPAL BALANCE: The amount set forth in the table attached
hereto as Exhibit O, for the applicable Distribution Date, for each of the Class
IA-4, Class IA-5, Class IA-6, Class IIA-2, Class IIA-6 and Class IIA-7
Certificates, the PAC-I-1 Component of the Class IA-1 Certificates, the PAC-I-2
Component of the Class IA-2 Certificates and the PAC-II Component of the Class
IIA-1 Certificates, as applicable.
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PO COMPONENT: A portion of the Class IIA-1 Certificates representing part
of the entitlement of such Class to principal as described in the Preliminary
Statement hereto and the remainder of the Agreement.
PO COMPONENT FRACTION: For each PO Component Mortgage Loan, a fraction, the
numerator of which is 7.500% less the Pass-Through Rate on such PO Component
Mortgage Loan and the denominator of which is 7.500%.
PO COMPONENT MORTGAGE LOAN: Any Group II Loan with a Pass-Through Rate of
less than 7.500% per annum.
PREPAID MONTHLY PAYMENT: Any Monthly Payment received prior to its
scheduled Due Date, which is intended to be applied to a Mortgage Loan on its
scheduled Due Date and held in the related Custodial Account for P&I until the
Withdrawal Date following its scheduled Due Date.
PRIMARY INSURANCE POLICY: A policy of mortgage guaranty insurance, if any,
on an individual Mortgage Loan, providing coverage as required by Section
2.03(xi).
PRINCIPAL BALANCE: Except for purposes of the definitions of Class IX-1
Premium Loan Balance, Class IX-2 Premium Loan Balance and Group II Premium Loan
Balance, at the time of any determination, the principal balance of a Mortgage
Loan remaining to be paid at the close of business on the Cut-Off Date, after
deduction of all principal payments due on or before the Cut-Off Date whether or
not paid, reduced by all amounts distributed or to be distributed to
Certificateholders through the Distribution Date in the month of determination
that are reported as allocable to principal of such Mortgage Loan.
For purposes of the definitions of Class IX-1 Premium Loan Balance, Class
IX-2 Premium Loan Balance and Group II Premium Loan Balance, "Principal Balance"
shall mean, on any Distribution Date, the principal balance of a Mortgage Loan
remaining to be paid at the close of business on the Cut-Off Date, after
deduction of all principal payments due on or before the Cut-Off Date whether or
not paid, reduced by (i) all principal payments due on or before the second
preceding Due Date, whether or not received, and (ii) all Principal Prepayments
and the portion applicable to principal of any Liquidation Proceeds received on
or before the second preceding Due Date.
In the case of a Substitute Mortgage Loan, "Principal Balance" shall mean,
at the time of any determination, the principal balance of such Substitute
Mortgage Loan transferred to the Trust Fund on the date of substitution, reduced
by all amounts distributed or to be distributed to Certificateholders through
the Distribution Date in the month of determination that are reported as
allocable to principal of such Substitute Mortgage Loan.
The Principal Balance of a Mortgage Loan (including a Substitute Mortgage
Loan) shall not be adjusted solely by reason of any bankruptcy or similar
proceeding or any moratorium or similar waiver or grace period. Whenever a
Realized Loss has been incurred with respect to a Mortgage Loan during a
calendar month, the Principal Balance of such Mortgage Loan shall be reduced by
the amount of such Realized Loss as of the Distribution Date next following the
end of such calendar month after giving effect to the allocation of Realized
Losses and distributions of principal to the Certificates.
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PRINCIPAL PAYMENT: Any payment of principal on a Mortgage Loan other than a
Principal Prepayment.
PRINCIPAL PAYMENT AMOUNT: On any Distribution Date and for any Loan Group,
the sum with respect to the Mortgage Loans in such Loan Group of (i) the
scheduled principal payments on the Mortgage Loans due on the related Due Date,
(ii) the principal portion of repurchase proceeds received with respect to any
Mortgage Loan which was repurchased by the Company pursuant to a Purchase
Obligation or as permitted by this Agreement during the Prior Period, and (iii)
any other unscheduled payments of principal which were received with respect to
any Mortgage Loan during the Prior Period, other than Payoffs, Curtailments and
Liquidation Principal.
PRINCIPAL PREPAYMENT: Any payment of principal on a Mortgage Loan which
constitutes a Payoff or a Curtailment.
PRINCIPAL PREPAYMENT AMOUNT: On any Distribution Date and for any Loan
Group, the sum with respect to the Mortgage Loans in such Loan Group of (i)
Curtailments received during the Prior Period from the Mortgage Loans and (ii)
Payoffs received during the Payoff Period from the Mortgage Loans.
PRIOR PERIOD: The calendar month immediately preceding any Distribution
Date.
PRO RATA ALLOCATION: The allocation of the interest and principal portions
of Realized Losses among or between specified Classes of Certificates (or
Components) or the Group I or Group II Transfer Balance, if applicable, as
follows: (a) the principal portion of Realized Losses on Group I Loans to the
outstanding Classes of Group I and Class R Certificates (or Components, in the
case of the Class IA-1 and Class IA-2 Certificates), other than the Class IP
Certificates, and the Group II Transfer Balance, pro rata according to their
respective Class Principal Balances (or PAC-I-1 Component Balance and Companion
Component Balance, in the case of the Class IA-1 Certificates, and PAC-I-2
Component Balance and TAC-I Component Balance, in the case of the Class IA-2
Certificates) or Transfer Balance, in reduction thereof, except if the loss is
recognized with respect to a Class IP Mortgage Loan, in which event the Class IP
Fraction of such loss will first be allocated to the Class IP Certificates and
then the remainder of such loss will be allocated as described above to the
other outstanding Classes of Group I and Class R Certificates (or Components)
and the Group II Transfer Balance; and for the interest portion of Realized
Losses on Group I Loans, pro rata according to the amount of interest accrued on
each such Class of Certificates (or Component, in the case of the Class IA-1 or
Class IA-2 Certificates), other than the Class IP Certificates, and the Group II
Transfer Balance, in reduction thereof, and then pro rata according to the
respective Class Principal Balances (or PAC-I-1 Component Balance and Companion
Component Balance, in the case of the Class IA-1 Certificates, and PAC-I-2
Component Balance and TAC-I Component Balance, in the case of the Class IA-2
Certificates) of each such Class of Certificates or Component and the amount of
such Transfer Balance, in reduction thereof; and (b) the principal portion of
Realized Losses on Group II Loans to the outstanding Classes of Group II
Certificates (or Components, in the case of the Class IIA-1 Certificates), other
than the PO Component, and the Group I Transfer Balance, pro rata according to
their respective Class Principal Balances (or PAC-II Component Balance and
TAC-II Component Balance, in the case of the Class IIA-1 Certificates) or
Transfer Balance, in reduction thereof, except if the loss is recognized with
respect to a PO Component Mortgage Loan, in which event the PO Component
Fraction of such loss will first be allocated to the PO Component and then the
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remainder of such loss will be allocated as described above to the other
outstanding Classes of Group II Certificates (or Component) and the Group I
Transfer Balance; and for the interest portion of Realized Losses on Group II
Loans, pro rata according to the amount of interest accrued on each such Class
of Certificates (or Component, in the case of the Class IIA-1 Certificates),
other than the PO Component, and the Group I Transfer Balance, in reduction
thereof, and then pro rata according to the respective Class Principal Balances
(or PAC-II Component Balance and TAC-II Component Balance, in the case of the
Class IIA-1 Certificates) of each such Class of Certificates or Component and
the amount of such Transfer Balance, in reduction thereof.
PURCHASE OBLIGATION: An obligation of the Company to repurchase Mortgage
Loans under the circumstances and in the manner provided in Section 2.02 or
Section 2.03.
PURCHASE PRICE: With respect to any Mortgage Loan to be purchased pursuant
to a Purchase Obligation, an amount equal to the sum of the Principal Balance
thereof, and unpaid accrued interest thereon, if any, to the last day of the
calendar month in which the date of repurchase occurs at a rate equal to the
applicable Pass-Through Rate; provided, however, that no Mortgage Loan shall be
purchased or required to be purchased pursuant to Section 2.03, or more than two
years after the Closing Date under Section 2.02, unless (a) the Mortgage Loan to
be purchased is in default, or default is in the judgment of the Company
reasonably imminent, or (b) the Company, at its expense, delivers to the Trustee
an Opinion of Counsel to the effect that the purchase of such Mortgage Loan will
not give rise to a tax on a prohibited transaction, as defined in Section
860F(a) of the Code; provided, further, that in the case of clause (b) above,
the Company will use its reasonable efforts to obtain such Opinion of Counsel if
such opinion is obtainable.
QUALIFIED INSURER: A mortgage guaranty insurance company duly qualified as
such under the laws of the states in which the Mortgaged Properties are located
if such qualification is necessary to issue the applicable insurance policy or
bond, duly authorized and licensed in such states to transact the applicable
insurance business and to write the insurance provided by the Primary Insurance
Policies and approved as an insurer by FHLMC or FNMA and the Master Servicer. A
Qualified Insurer must have the rating required by the Rating Agency.
RATING AGENCY: Initially, each of S&P and DCR, thereafter, each nationally
recognized statistical rating organization that has rated the Certificates at
the request of the Company, or their respective successors in interest.
RATINGS: As of any date of determination, the ratings, if any, of the
Certificates as assigned by the Rating Agency.
REALIZED LOSS: For any Distribution Date, with respect to any Mortgage Loan
which became a Liquidated Mortgage Loan during the related Prior Period, the sum
of (i) the principal balance of such Mortgage Loan remaining outstanding and the
principal portion of Nonrecoverable Advances actually reimbursed with respect to
such Mortgage Loan (the principal portion of such Realized Loss), and (ii) the
accrued interest on such Mortgage Loan remaining unpaid and the interest portion
of Nonrecoverable Advances actually reimbursed with respect to such Mortgage
Loan (the interest portion of such Realized Loss). For any Distribution Date,
with respect to any Mortgage Loan which is not a Liquidated Mortgage Loan, the
amount of the Bankruptcy Loss incurred with respect to such Mortgage Loan as of
the related Due Date.
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Except for all Special Hazard Losses, Fraud Losses in excess of Group I
Fraud Coverage and Bankruptcy Losses in excess of Group I Bankruptcy Coverage,
Realized Losses with respect to the Group I Loans shall be allocated among the
Group I and Class R Certificates (i) for Realized Losses allocable to principal
(a) first, to the Class IB-6 Certificates, until the Class IB-6 Principal
Balance has been reduced to zero, (b) second, to the Class IB-5 Certificates,
until the Class IB-5 Principal Balance has been reduced to zero, (c) third, to
the Class IB-4 Certificates, until the Class IB-4 Principal Balance has been
reduced to zero, (d) fourth, to the Class IB-3 Certificates, until the Class
IB-3 Principal Balance has been reduced to zero, (e) fifth, to the Class IB-2
Certificates, until the Class IB-2 Principal Balance has been reduced to zero,
(f) sixth, to the Class IB-1 Certificates, until the Class IB-1 Principal
Balance has been reduced to zero, and (g) seventh, to the Group IA and Class R
Certificates pro rata to such Classes of Certificates (or Components, in the
case of the Class IA-1 and Class IA-2 Certificates) according to their
respective Class Principal Balances (or PAC-I-1 Component Balance and Companion
Component Balance, in the case of the Class IA-1 Certificates, and PAC-I-2
Component Balance and TAC-I Component Balance, in the case of the Class IA-2
Certificates) in reduction thereof; PROVIDED, HOWEVER, that if the loss is
recognized with respect to a Class IP Mortgage Loan, the Class IP Fraction of
such loss will first be allocated to the Class IP Certificates and the remainder
of such loss will be allocated as described above in this clause (i), and
(ii) for Realized Losses allocable to interest (a) first, to the Class IB-6
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class IB-6 Principal Balance, (b) second, to the Class IB-5
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class IB-5 Principal Balance, (c) third, to the Class IB-4
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class IB-4 Principal Balance, (d) fourth, to the Class IB-3
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class IB-3 Principal Balance, (e) fifth, to the Class IB-2
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class IB-2 Principal Balance, (f) sixth, to the Class IB-1
Certificates, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class IB-1 Principal Balance, and (g) seventh, to the Group IA,
Class IX and Class R Certificates pro rata according to accrued but unpaid
interest on such Classes of Certificates (or Components, in the case of the
Class IA-1 and Class IA-2 Certificates) and then pro rata according to their
respective Class Principal Balances (or PAC-I-1 Component Balance and Companion
Component Balance, in the case of the Class IA-1 Certificates, and PAC-I-2
Component Balance and TAC-I Component Balance, in the case of the Class IA-2
Certificates) in reduction thereof.
Except for all Special Hazard Losses, Fraud Losses in excess of Group II
Fraud Coverage and Bankruptcy Losses in excess of Group II Bankruptcy Coverage,
Realized Losses with respect to the Group II Loans shall be allocated among the
Group II Certificates (i) for Realized Losses allocable to principal (a) first,
to the Class IIB-6 Certificates, until the Class IIB-6 Principal Balance has
been reduced to zero, (b) second, to the Class IIB-5 Certificates, until the
Class IIB-5 Principal Balance has been reduced to zero, (c) third, to the Class
IIB-4 Certificates, until the Class IIB-4 Principal Balance has been reduced to
zero, (d) fourth, to the Class IIB-3 Certificates, until the Class IIB-3
Principal Balance has been reduced to zero, (e) fifth, to the Class IIB-2
Certificates, until the Class IIB-2 Principal Balance has been reduced to zero,
(f) sixth, to the Class IIB-1 Certificates, until the Class IIB-1 Principal
Balance has been reduced to zero, and (g) seventh, to the Group IIA Certificates
(except the Class IIA-1 Certificates) and the Class IIA-1 Certificates in
respect of the PAC-II Component and TAC-II Component pro rata to such Classes of
Certificates (or the PAC-II Component and TAC-II Component, in the case of the
Class IIA-1 Certificates) according to their respective Class Principal Balances
(or PAC-II Component Balance and TAC-II Component Balance, in the case of the
Class IIA-1 Certificates) in reduction thereof; PROVIDED, HOWEVER, that if the
loss is recognized with respect to a PO Component Mortgage Loan, the PO
Component Fraction of such loss will first be allocated to the Class IIA-1
Certificates in respect of the PO Component and the remainder of such loss will
be allocated as described above in this clause (i), and (ii) for Realized Losses
allocable to interest (a) first, to the Class IIB-6 Certificates, in reduction
of accrued but unpaid interest thereon and then in reduction of the Class IIB-6
Principal Balance, (b) second, to the Class IIB-5 Certificates, in reduction of
accrued but unpaid interest thereon and then in reduction of the Class IIB-5
Principal Balance, (c) third, to the Class IIB-4 Certificates, in reduction of
accrued but unpaid interest thereon and then in reduction of the Class IIB-4
Principal Balance, (d) fourth, to the Class IIB-3 Certificates, in reduction of
accrued but unpaid interest thereon and then in reduction of the Class IIB-3
Principal Balance, (e) fifth, to the Class IIB-2 Certificates, in reduction of
accrued but unpaid interest thereon and then in reduction of the Class IIB-2
Principal Balance, (f) sixth, to the Class IIB-1 Certificates, in reduction of
accrued but unpaid interest thereon and then in reduction of the Class IIB-1
Principal Balance, and (g) seventh, to the Group IIA Certificates (except the
Class IIA-1 Certificates), Class IIX Certificates and Class IIA-1 Certificates
in respect of the PAC-II Component, TAC-II Component and IO Component pro rata
according to accrued but unpaid interest on such Classes of Certificates (or the
PAC-II Component, TAC-II Component and IO Component, in the case of the Class
IIA-1 Certificates) and then pro rata according to their respective
Class Principal Balances (or PAC-II Component Balance
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and TAC-II Component Balance, in the case of the Class IIA-1 Certificates) in
reduction thereof.
Special Hazard Losses on Group I Loans up to the Special Hazard Coverage
shall be allocated among the Certificates (i) for Special Hazard Losses
allocable to principal (a) first, to the Lowest Class of Subordinate
Certificates outstanding, or, if there is more than one such Lowest Class, pro
rata to such Lowest Classes according to their respective Class Principal
Balances, in reduction thereof, (b) second, to the next Lowest Class or Lowest
Classes of Subordinate Certificates outstanding, in the manner described in
clause (i)(a) above, and so on, until the Class Principal Balances of all of the
Subordinate Certificates have been reduced to zero, and (c) third, to the Group
I Senior and Class R Certificates by Pro Rata Allocation; PROVIDED, HOWEVER,
that if the loss is recognized with respect to a Class IP Mortgage Loan, the
Class IP Fraction of such loss will first be allocated to the Class IP
Certificates and the remainder of such loss will be allocated as described above
in this clause (i), and (ii) for Special Hazard Losses allocable to interest (a)
first, to the Lowest Class of Subordinate Certificates outstanding, or, if there
is more than one such Lowest Class, pro rata to such Lowest Classes according to
their respective Class Principal Balances, in reduction of accrued but unpaid
interest thereon and then in reduction of the Class Principal Balance or
Balances thereof, (b) second, to the next Lowest Class or Lowest Classes of
Subordinate Certificates outstanding, in the manner described in clause (i)(b)
above, and so on, until the Class Principal Balances of all of the Subordinate
Certificates have been reduced to zero, and (c) third, to the Group I Senior and
Class R Certificates by Pro Rata Allocation.
Special Hazard Losses on Group II Loans up to the Special Hazard Coverage
shall be allocated among the Certificates (i) for Special Hazard Losses
allocable to principal (a) first, to the Lowest Class of Subordinate
Certificates outstanding, or, if there is more than one such Lowest Class, pro
rata to such Lowest Classes according to their respective Class Principal
Balances, in reduction thereof, (b) second, to the next Lowest Class or Lowest
Classes of Subordinate Certificates outstanding, in the manner described in
clause (i)(a) above, and so on, until the Class Principal Balances of all of the
Subordinate Certificates have been reduced to zero, and (c) third,
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to the Group II Senior Certificates by Pro Rata Allocation; PROVIDED,
HOWEVER, that if the loss is recognized with respect to a PO Component
Mortgage Loan, the PO Component Fraction of such loss will first be allocated
to the Class IIA-1 Certificates in respect of the PO Component and the
remainder of such loss will be allocated as described above in this clause
(i), and (ii) for Special Hazard Losses allocable to interest (a) first, to
the Lowest Class of Subordinate Certificates outstanding, or, if there is
more than one such Lowest Class, pro rata to such Lowest Classes according to
their respective Class Principal Balances, in reduction of accrued but unpaid
interest thereon and then in reduction of the Class Principal Balance or
Balances thereof, (b) second, to the next Lowest Class or Lowest Classes of
Subordinate Certificates outstanding, in the manner described in clause
(i)(b) above, and so on, until the Class Principal Balances of all of the
Subordinate Certificates have been reduced to zero, and (c) third, to the
Group II Senior Certificates by Pro Rata Allocation.
Special Hazard Losses on Group I Loans in excess of the Special Hazard
Coverage, Fraud Losses on Group I Loans in excess of the Group I Fraud Coverage,
and Bankruptcy Losses on Group I Loans in excess of the Group I Bankruptcy
Coverage shall be allocated among the Group I and Class R Certificates by Pro
Rata Allocation.
Special Hazard Losses on Group II Loans in excess of the Special Hazard
Coverage, Fraud Losses on Group II Loans in excess of the Group II Fraud
Coverage, and Bankruptcy Losses on Group II Loans in excess of the Group II
Bankruptcy Coverage shall be allocated among the Group II Certificates by Pro
Rata Allocation.
On each Distribution Date, after giving effect to the principal
distributions and allocations of losses as provided in this Agreement (without
regard to this paragraph), if the aggregate Certificate Principal Balance of all
outstanding Group I and Class R Certificates exceeds the sum of (a) the
aggregate principal balance of the Group I Loans remaining to be paid at the
close of business on the Cut-Off Date, after deduction of (i) all principal
payments due on or before the Cut-Off Date in respect of each such Mortgage Loan
whether or not paid and (ii) all amounts of principal in respect of each such
Mortgage Loan that have been received or advanced and included in the Available
Distribution Amount for Loan Group I, and all losses in respect of each such
Mortgage Loan that have been allocated to Certificates, on such Distribution
Date or prior Distribution Dates, and (b) the Group I Transfer Balance, then
such excess will be deemed a principal loss and will be allocated to the Lowest
Class of Group IB Certificates, in reduction of the Class Principal Balance
thereof.
On each Distribution Date, after giving effect to the principal
distributions and allocations of losses as provided in this Agreement (without
regard to this paragraph), if the aggregate Certificate Principal Balance of all
outstanding Group II Certificates exceeds the sum of (a) the aggregate principal
balance of the Group II Loans remaining to be paid at the close of business on
the Cut-Off Date, after deduction of (i) all principal payments due on or before
the Cut-Off Date in respect of each such Mortgage Loan whether or not paid and
(ii) all amounts of principal in respect of each such Mortgage Loan that have
been received or advanced and included in the Available Distribution Amount for
Loan Group II, and all losses in respect of each such Mortgage Loan that have
been allocated to Certificates, on such Distribution Date or prior Distribution
Dates, and (b) the Group II Transfer Balance, then such excess will be deemed a
principal loss and will be allocated to the Lowest Class of Group IIB
Certificates, in reduction of the Class Principal Balance thereof.
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Notwithstanding the foregoing, any amount otherwise allocated to a Lowest
Class of Group IB Certificates pursuant to this definition of "Realized Loss"
(except the sixth paragraph hereof) shall be allocated to such Lowest Class and
the Group II Transfer Balance, pro rata according to the Class Principal Balance
of such Lowest Class and the Group II Transfer Balance, or according to the
amount of interest accrued on such Class and the Group II Transfer Balance, as
applicable, in reduction thereof; and any amount otherwise allocated to a Lowest
Class of Group IIB Certificates pursuant to this definition of "Realized Loss"
(except the seventh paragraph hereof) shall be allocated to such Lowest Class
and the Group I Transfer Balance, pro rata according to the Class Principal
Balance of such Lowest Class and the Group I Transfer Balance, or according to
the amount of interest accrued on such Class and the Group I Transfer Balance,
as applicable, in reduction thereof.
RECORD DATE: The last Business Day of the month immediately preceding the
month of the related Distribution Date.
REGULAR INTEREST CERTIFICATES: The Certificates, other than the Class R
Certificates.
REMIC: A real estate mortgage investment conduit, as such term is defined
in the Code.
REMIC PROVISIONS: Sections 860A through 860G of the Code, related Code
provisions and regulations promulgated thereunder, as the foregoing may be in
effect from time to time.
REMITTANCE RATE: For each Class of Certificates or Component of the Class
IA-1, Class IA-2 and Class IIA-1 Certificates, the per annum rate set forth as
the Remittance Rate for such Class or Component in the Preliminary Statement
hereto, for the Group I Transfer Balance, the weighted average Remittance Rate
applicable to the Group II Certificates, and for the Group II Transfer Balance,
the weighted average Remittance Rate applicable to the Group I Certificates.
RESIDUAL CERTIFICATES: The Class R Certificates, which are being issued in
a single class. The Class R Certificates are hereby designated the sole Class of
"residual interests" in the REMIC related to the Trust Fund for purposes of
Section 860G(a)(2) of the Code.
RESIDUAL DISTRIBUTION AMOUNT: On any Distribution Date, any portion of the
Available Distribution Amount for a Loan Group remaining after all distributions
to the related Certificates. Upon termination of the obligations created by this
Agreement and the Trust Fund created hereby, the amounts which remain on deposit
in the Certificate Account after payment to the Certificateholders of the
amounts set forth in Section 9.01 of this Agreement, and subject to the
conditions set forth therein.
RESPONSIBLE OFFICER: When used with respect to the Trustee, any officer
assigned to and working in its Corporate Trust Department or similar group and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer"s knowledge of and familiarity with the
particular subject.
S&P: Standard & Poor"s Ratings Services, a division of The McGraw-Hill
Companies, Inc., provided that at any time it be a Rating Agency.
SECURITIES ACT: The Securities Act of 1933, as amended.
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SECURITY AGREEMENT: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator of the Cooperative Loan
in the related Cooperative Stock.
SELLING AND SERVICING CONTRACT: (a) The contract (including the PNC
Mortgage Securities Corp. Selling Guide and PNC Mortgage Securities Corp.
Servicing Guide to the extent incorporated by reference therein) between the
Master Servicer and a Person relating to the sale of the Mortgage Loans to the
Company and the servicing of such Mortgage Loans, on behalf of the Master
Servicer for the benefit of the Certificateholders, which contract is
substantially in the form of Exhibit E hereto, as such contract may be amended
or modified; provided, however, that any such amendment or modification shall
not materially adversely affect the interests and rights of Certificateholders;
and (b) any other similar contract providing substantially similar rights and
benefits as those provided by the form of contract attached as Exhibit E hereto.
SENIOR CERTIFICATES: The Class A, Class IP, Class IX-1, Class IX-2, Class
IIX and Class R Certificates, collectively.
SERVICER: A mortgage loan servicing institution to which the Master
Servicer has assigned servicing duties with respect to any Mortgage Loan under a
Selling and Servicing Contract; provided, however, the Master Servicer may
designate itself or one or more other mortgage loan servicing institutions as
Servicer upon termination of an initial Servicer"s servicing duties.
SERVICING FEE: For each Mortgage Loan, the fee paid to the Servicer thereof
to perform primary servicing functions for the Master Servicer with respect to
such Mortgage Loan, equal to the per annum rate set forth for each Mortgage Loan
in the Mortgage Loan Schedule on the outstanding Principal Balance of such
Mortgage Loan.
SERVICING OFFICER: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
SPECIAL HAZARD COVERAGE: The Special Hazard Coverage Initial Amount less
Special Hazard Losses allocated to the Certificates and the amount of any
scheduled reduction in the amount of Special Hazard Coverage as follows: on each
anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced,
but not increased, to an amount equal to the lesser of (1) the greatest of
(a) the aggregate principal balance of the Mortgage Loans located in the single
California zip code area containing the largest aggregate principal balance of
the Mortgage Loans, (b) 1% of the aggregate unpaid principal balance of the
Mortgage Loans and (c) twice the unpaid principal balance of the largest single
Mortgage Loan, in each case calculated as of the Due Date in the immediately
preceding month, and (2) the Special Hazard Coverage Initial Amount as reduced
by the Special Hazard Losses allocated to the Certificates since the Cut-Off
Date. Special Hazard Coverage may be reduced upon written confirmation from the
Rating Agency that such reduction will not adversely affect the then current
ratings assigned to the Certificates by the Rating Agency.
SPECIAL HAZARD COVERAGE INITIAL AMOUNT: $5,110,303.
SPECIAL HAZARD LOSS: The occurrence of any direct physical loss or damage
to a Mortgaged Property not covered by a standard hazard maintenance policy with
extended coverage which is
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caused by or results from any cause except: (i) fire, lightning, windstorm,
hail, explosion, riot, riot attending a strike, civil commotion, vandalism,
aircraft, vehicles, smoke, sprinkler leakage, except to the extent of that
portion of the loss which was uninsured because of the application of a
co-insurance clause of any insurance policy covering these perils; (ii)
normal wear and tear, gradual deterioration, inherent vice or inadequate
maintenance of all or part thereof; (iii) errors in design, faulty
workmanship or materials, unless the collapse of the property or a part
thereof ensues and then only for the ensuing loss; (iv) nuclear reaction or
nuclear radiation or radioactive contamination, all whether controlled or
uncontrolled and whether such loss be direct or indirect, proximate or remote
or be in whole or in part caused by, contributed to or aggravated by a peril
covered by this definition of Special Hazard Loss; (v) hostile or warlike
action in time of peace or war, including action in hindering, combating or
defending against an actual, impending or expected attack (a) by any
government of sovereign power (DE JURE or DE FACTO), or by an authority
maintaining or using military, naval or air forces, (b) by military, naval or
air forces, or (c) by an agent of any such government, power, authority or
forces; (vi) any weapon of war employing atomic fission or radioactive force
whether in time of peace or war; (vii) insurrection, rebellion, revolution,
civil war, usurped power or action taken by governmental authority in
hindering, combating or defending against such occurrence; or (viii) seizure
or destruction under quarantine or customs regulations, or confiscation by
order of any government or public authority.
STEP DOWN PERCENTAGE: For any Distribution Date, the percentage indicated
below:
Distribution Date Occurring In Step Down Percentage
------------------------------ --------------------
May 1997 through April 2002 0%
May 2002 through April 2003 30%
May 2003 through April 2004 40%
May 2004 through April 2005 60%
May 2005 through April 2006 80%
May 2006 and thereafter 100%
STRIPPED INTEREST RATE: For each Group I Loan, the excess, if any, of the
Pass-Through Rate for such Mortgage Loan over 7.000% and for each Group II Loan,
the excess, if any, of the Pass-Through Rate for such Mortgage Loan over 7.500%.
SUBORDINATE CERTIFICATES: The Group IB and Group IIB Certificates,
collectively.
SUBORDINATE PERCENTAGE: On any Distribution Date for Loan Group I, the
excess of 100% over the Group IA Percentage for such Distribution Date; and on
any Distribution Date for Loan Group II, the excess of 100% over the Group IIA
Percentage for such Distribution Date.
SUBORDINATION LEVEL: On any specified date, with respect to any of the
Group IB Certificates, the percentage obtained by dividing the sum of the Class
Principal Balances of the Classes of Certificates which are subordinate in right
of payment to such Class (provided that no Class of Group IB Certificates shall
be subordinate in right of payment to the Class IB-6 Certificates) by the
aggregate of the Class Principal Balances of the Group I and Class R
Certificates as of such date prior to giving effect to distributions of
principal or interest or allocations of Realized Losses on the Group I Loans on
such date. On any specified date, with respect to any of the Group IIB
Certificates, the percentage obtained by dividing the sum of the
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Class Principal Balances of the Classes of Certificates which are subordinate
in right of payment to such Class (provided that no Class of Group IIB
Certificates shall be subordinate in right of payment to the Class IIB-6
Certificates) by the aggregate of the Class Principal Balances of the Group
II Certificates as of such date prior to giving effect to distributions of
principal or interest or allocations of Realized Losses on the Group II Loans
on such date.
SUBSTITUTE MORTGAGE LOAN: As defined in Section 2.02.
TAC-I COMPONENT: A portion of the Class IA-2 Certificates representing part
of the entitlement of such Class to principal and interest as described in the
Preliminary Statement hereto and the remainder of the Agreement.
TAC-II COMPONENT: A portion of the Class IIA-1 Certificates representing
part of the entitlement of such Class to principal and interest as described in
the Preliminary Statement hereto and the remainder of the Agreement.
TAC-II COMPONENT ACCRETION TERMINATION DATE: The earlier to occur of
(i) the Distribution Date on which the Class IIA-3 Principal Balance has been
reduced to zero and (ii) the Group II Credit Support Depletion Date.
TAC-II COMPONENT ACCRUAL AMOUNT: On any Distribution Date, an amount equal
to the lesser of (i) the amount allocable to the TAC-II Component on such
Distribution Date pursuant to the definition of "Interest Distribution Amount"
herein, without regard to the proviso at the end of the first sentence of such
definition, and (ii) the Class IIA-3 Principal Balance. Notwithstanding the
foregoing, for any Distribution Date after the TAC-II Accretion Termination
Date, the TAC-II Accrual Amount shall be zero.
TARGETED PRINCIPAL BALANCE: The amount set forth in the table attached
hereto as Exhibit P, for the applicable Distribution Date, for each of the
Class IIA-3 Certificates, the TAC-I Component of the Class IA-2 Certificates and
the TAC-II Component of the Class IIA-1 Certificates, as applicable.
TAX MATTERS PERSON: The Holder of the Class R Certificate issued hereunder
having an Authorized Denomination of 0.01% or any Permitted Transferee of such
Class R Certificateholder. If the Tax Matters Person becomes a Disqualified
Organization, the last preceding Holder of such Authorized Denomination of the
Class R Certificate that is not a Disqualified Organization shall be Tax Matters
Person pursuant to Section 5.01(c). If any Person is appointed as tax matters
person by the Internal Revenue Service pursuant to the Code, such Person shall
be Tax Matters Person.
TERMINATION DATE: As defined in Section 9.01(b).
TERMINATION PAYMENT: As defined in Section 9.01(b).
TRANSFER: As defined in Section 5.01(b).
TRANSFER BALANCE: The Group I Transfer Balance or Group II Transfer
Balance, as applicable.
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TRANSFEREE: As defined in Section 5.01(b).
TRANSFEREE GROUP: In the case of a Special Hazard Loss on a Group I Loan
all or a portion of which has been allocated to a Class of Group IIB
Certificates pursuant to the fourth paragraph of the definition of "Realized
Loss," the Group I and Class R Certificates, collectively; and in the case of a
Special Hazard Loss on a Group II Loan all or a portion of which has been
allocated to a Class of Group IB Certificates pursuant to the fifth paragraph of
such definition, the Group II and Class R Certificates, collectively.
TRANSFEREE AFFIDAVIT AND AGREEMENT: As defined in Section 5.01(c)(i)(B).
TRUST FUND: The corpus of the trust created pursuant to Section 2.01 of
this Agreement. The Trust Fund consists of (i) the Mortgage Loans and all rights
pertaining thereto; (ii) such assets as from time to time may be held by the
Trustee (or its duly appointed agent including the Investment Depository) in the
Certificate Account or the Investment Account (except amounts representing the
Master Servicing Fee or the Servicing Fee); (iii) such assets as from time to
time may be held by Servicers in a Custodial Account for P&I related to the
Mortgage Loans (except amounts representing the Master Servicing Fee or the
Servicing Fee); (iv) property which secured a Mortgage Loan and which has been
acquired by foreclosure or deed in lieu of foreclosure or, in the case of a
Cooperative Loan, a similar form of conversion, after the Cut-Off Date; and
(v) amounts paid or payable by the insurer under any FHA insurance policy or any
Primary Insurance Policy and proceeds of any VA guaranty and any other insurance
policy related to any Mortgage Loan or the Mortgage Pool.
TRUSTEE: First Bank National Association, or its successor-in-interest as
provided in Section 8.09, or any successor trustee appointed as herein provided.
UNCOLLECTED INTEREST: With respect to any Distribution Date for any
Mortgage Loan on which a Payoff was made by a Mortgagor during the related
Payoff Period, except for Payoffs received during the period from the first
through the 14th day of the month of such Distribution Date, an amount equal to
one month's interest at the applicable Pass-Through Rate on such Mortgage Loan
less the amount of interest actually paid by the Mortgagor with respect to such
Payoff.
UNCOMPENSATED INTEREST SHORTFALL: With respect to a Loan Group, for any
Distribution Date, the excess, if any, of (i) the sum of (a) aggregate
Uncollected Interest with respect to the Mortgage Loans comprising such Loan
Group and (b) aggregate Curtailment Shortfall with respect to the Mortgage Loans
comprising such Loan Group over (ii) Compensating Interest with respect to such
Loan Group, which excess for each Loan Group shall be allocated to each Class of
Certificates and the Transfer Balance related to such Loan Group pro rata
according to the amount of interest accrued thereon in reduction thereof.
UNDERWRITER: Donaldson, Lufkin & Jenrette Securities Corporation.
UNDERWRITING STANDARDS: The underwriting standards of the Company, Old Kent
Mortgage Co., HomeSide Lending, Inc., Chase Manhattan Mortgage Corporation, GMAC
Mortgage Corporation, Morgan Guaranty Trust Company of New York, as Trustee
Under Declaration of Trust dated December 9, 1960, as amended, for the
Commingled Pension Trust Fund (Fixed
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Income-- Mortgage Private Placements), NationsBanc Mortgage Corporation,
National City Mortgage, Western Financial Savings Bank, Norwest Mortgage,
Inc., First Nationwide Mortgage Corp., Republic Banc Corp. Inc., First Union
Mortgage Corporation, PHH US Mortgage Corporation or Bank of America FSB, as
applicable.
UNINSURED CAUSE: Any cause of damage to a Mortgaged Property, the cost of
the complete restoration of which is not fully reimbursable under the hazard
insurance policies required to be maintained pursuant to Section 3.07.
U.S. PERSON: A citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof, or an estate or trust that
is subject to U.S. federal income tax regardless of the source of its income, or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
fiduciaries have the authority to control all substantial decisions of the
trust.
VA: The Department of Veterans Affairs, formerly known as the Veterans
Administration, or any successor thereto.
WITHDRAWAL DATE: Any day during the period commencing on the 18th day of
the month of the related Distribution Date (or if such day is not a Business
Day, the immediately preceding Business Day) and ending on the last Business Day
prior to the 21st day of the month of such Distribution Date.
30-YEAR PREMIUM RATE MORTGAGE LOANS: The Group II Loans having Pass-Through
Rates in excess of 7.500% per annum.
ARTICLE II
CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND DESIGNATIONS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND
DESIGNATIONS.
Concurrently with the execution and delivery hereof, the Company does
hereby irrevocably sell, transfer, assign, set over and otherwise convey to the
Trustee, in trust for the benefit of the Certificateholders, without recourse,
all the Company's right, title and interest in and to the Trust Fund, including
but not limited to all scheduled payments of principal and interest due after
the Cut-Off Date and received by the Company with respect to the Mortgage Loans
at any time, and all Principal Prepayments received by the Company after the
Cut-Off Date (such transfer and assignment by the Company to be referred to
herein as the "Conveyance"). The Trustee hereby accepts the trust created hereby
and acknowledges that it holds the Mortgage Loans for the benefit of the Holders
of the Certificates issued pursuant to this Agreement. It is the express intent
of the parties hereto that the Conveyance of the Trust Fund to the Trustee by
the Company as provided in this Section 2.01 be, and be construed as, an
absolute sale of the Trust Fund. It is, further, not the intention of the
parties that such Conveyance be deemed a pledge of the Trust Fund by the Company
to the Trustee to secure a debt or other obligation of the Company. However, in
the
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event that, notwithstanding the intent of the parties, the Trust Fund is held
to be the property of the Company, or if for any other reason this Agreement
is held or deemed to create a security interest in the Trust Fund, then
(a) this Agreement shall be deemed to be a security agreement;
(b) the Conveyance provided for in this Section 2.01 shall be deemed
to be a grant by the Company to the Trustee of a security interest in all
of the Company's right, title, and interest, whether now owned or hereafter
acquired, in and to:
(I) All accounts, contract rights, general intangibles, chattel
paper, instruments, documents, money, deposit accounts, certificates
of deposit, goods, letters of credit, advices of credit and
uncertificated securities consisting of, arising from or relating to
any of the property described in (x) and (y) below: (x) the Mortgage
Loans including the Mortgage Notes, related Mortgages, Cooperative
Stock Certificates, Cooperative Leases, and title, hazard and primary
mortgage insurance policies identified on the Mortgage Loan Schedule
as defined herein, including all Substitute Mortgage Loans, and all
distributions with respect thereto payable on and after the Cut-Off
Date; and (y) the Certificate Account, the Investment Account, the
Custodial Accounts for P&I and the Custodial Accounts for Reserves,
including all property therein and all income from the investment of
funds therein (including any accrued discount realized on liquidation
of any investment purchased at a discount);
(II) All accounts, contract rights, general intangibles, chattel
paper, instruments, documents, money, deposit accounts, certificates
of deposit, goods, letters of credit, advices of credit,
uncertificated securities, and other rights arising from or by virtue
of the disposition of, or collections with respect to, or insurance
proceeds payable with respect to, or claims against other persons with
respect to, all or any part of the collateral described in (I) above
(including any accrued discount realized on liquidation of any
investment purchased at a discount); and
(III) All cash and non-cash proceeds of the collateral described in
(I) and (II) above;
(c) the possession by the Trustee of the Mortgage Notes, the
Mortgages, the Security Agreements, Assignments of Proprietary Lease,
Cooperative Stock Certificates, Cooperative Leases and such other goods,
letters of credit, advices of credit, instruments, money, documents,
chattel paper or certificated securities shall be deemed to be "possession
by the secured party," or possession by a purchaser or a person designated
by him or her, for purposes of perfecting the security interest pursuant to
the Uniform Commercial Code (including, without limitation, Sections 9-305,
8-313 or 8-321 thereof) as in force in the relevant jurisdiction; and
(d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such
property, shall be deemed to be notifications to, or acknowledgments,
receipts or confirmations from, financial intermediaries, bailees
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or agents (as applicable) of the Trustee for the purpose of perfecting
such security interest under applicable law.
The Company and the Trustee at the direction of the Company shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
Trust Fund, such security interest would be deemed to be a perfected security
interest of first priority under applicable law and will be maintained as such
throughout the term of the Agreement. In connection herewith, the Trustee shall
have all of the rights and remedies of a secured party and creditor under the
Uniform Commercial Code as in force in the relevant jurisdiction.
In connection with the sale, transfer and assignment referred to in the
first paragraph of this Section 2.01, the Company, concurrently with the
execution and delivery hereof, does deliver to, and deposit with, or cause to be
delivered to and deposited with, the Trustee or Custodian the Mortgage Files.
Concurrently with the execution and delivery hereof, the Company shall
cause assignments of the Mortgage Loans to the Trustee to be recorded or filed,
except in states where, in the opinion of counsel admitted to practice in such
state acceptable to the Company, the Trustee and the Rating Agency submitted in
lieu of such recording or filing, such recording or filing is not required to
protect the Trustee's interest in the Mortgage Loans against creditors of, or
against sale, further assignments, satisfaction or discharge by, the Lender, a
Servicer, the Company or the Master Servicer, and the Company shall cause to be
filed the Form UCC-3 assignment and Form UCC-1 financing statement referred to
in clause (Y)(vii) and (ix), respectively, of the definition of "Mortgage File."
In connection with its servicing of Cooperative Loans, the Master Servicer will
use its best efforts to file timely continuation statements, if necessary, with
regard to each financing statement and assignment relating to Cooperative Loans.
In instances where the original recorded Mortgage or any intervening
assignment thereof (recorded or in recordable form) cannot be delivered by the
Company to the Trustee prior to or concurrently with the execution and delivery
hereof (due to a delay on the part of the recording office), the Company may, in
lieu of delivering such original documents, deliver to the Trustee a fully
legible reproduction of the original Mortgage or intervening assignment provided
that the related Lender or originator certifies on the face of such
reproduction(s) or copy as follows: "Certified true and correct copy of original
which has been transmitted for recordation." For purposes hereof, transmitted
for recordation means having been mailed or otherwise delivered for recordation
to the appropriate authority. In all such instances, the Company shall transmit
the original recorded Mortgage and any intervening assignments with evidence of
recording thereon (or a copy of such original Mortgage or intervening assignment
certified by the applicable recording office)(collectively, "Recording
Documents") to the Trustee within 270 days after the execution and delivery
hereof. In instances where, due to a delay on the part of the recording office
where any such Recording Documents have been delivered for recordation, the
Recording Documents cannot be delivered to the Trustee within 270 days after
execution and delivery hereof, the Company shall deliver to the Trustee within
such time period a certificate (a "Company Officer's Certificate") signed by the
Chairman of the Board, President, any Vice President or Treasurer of the Company
stating the date by which the Company expects to receive such Recording
Documents from the applicable recording office. In the event that Recording
Documents have still not been received by the Company and delivered to the
Trustee by the date specified in
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its previous Company Officer's Certificate delivered to the Trustee, the
Company shall deliver to the Trustee by such date an additional Company
Officer's Certificate stating a revised date by which the Company expects to
receive the applicable Recording Documents. This procedure shall be repeated
until the Recording Documents have been received by the Company and delivered
to the Trustee.
In instances where, due to a delay on the part of the title insurer, a copy
of the title insurance policy for a particular Mortgage Loan cannot be delivered
to the Trustee prior to or concurrently with the execution and delivery hereof,
the Company shall provide a copy of such title insurance policy to the Trustee
within 90 days after the Company's receipt of the Recording Documents necessary
to issue such title insurance policy. In addition, the Company shall, subject to
the limitations set forth in the preceding sentence, provide to the Trustee upon
request therefor a duplicate title insurance policy for any Mortgage Loan.
For Mortgage Loans for which the Company has received a Payoff after the
Cut-Off Date and prior to the date of execution and delivery hereof, the
Company, in lieu of delivering the above documents, herewith delivers to the
Trustee a certification of a Servicing Officer of the nature set forth in
Section 3.10.
The Trustee is authorized, with the Master Servicer's consent, to appoint
any bank or trust company approved by and unaffiliated with each of the Company
and the Master Servicer as Custodian of the documents or instruments referred to
above in this Section 2.01, and to enter into a Custodial Agreement for such
purpose, provided, however, that the Trustee shall be and remain liable for the
acts of any such Custodian only to the extent that it is responsible for its own
acts hereunder.
The Company and the Trustee agree that the Company, as agent for the Tax
Matters Person, shall, on behalf of the Trust Fund, elect to treat the Trust
Fund as a REMIC within the meaning of Section 860D of the Code and, if
necessary, under applicable state laws. Such election shall be included in the
Form 1066 and any appropriate state return to be filed on behalf of the REMIC
constituted by the Trust Fund for its first taxable year.
The Closing Date is hereby designated as the "startup day" of the REMIC
constituted by the Trust Fund within the meaning of Section 860G(a)(9) of the
Code.
The regular interests (as set forth in the table contained in the
Preliminary Statement hereto) relating to the Trust Fund are hereby designated
as "regular interests" for purposes of Section 860G(a)(1) of the Code. The Class
R Certificates are being issued in a single Class, which is hereby designated as
the sole class of "residual interests" in the Trust Fund for purposes of Section
860G(a)(2) of the Code.
The parties intend that the affairs of the Trust Fund formed hereunder
shall constitute, and that the affairs of the Trust Fund shall be conducted so
as to qualify the Trust Fund as a REMIC. In furtherance of such intention, the
Company covenants and agrees that it shall act as agent for the Tax Matters
Person (and the Company is hereby appointed to act as agent for such Tax Matters
Person) on behalf of the Trust Fund and that in such capacity it shall:
(a) prepare and file, or cause to be prepared and filed, a federal tax return
using a calendar year as the taxable year and using an accrual method of
accounting for the Trust Fund when and as required by the REMIC
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Provisions and other applicable federal income tax laws; (b) make an
election, on behalf of the trust, for the Trust Fund to be treated as a REMIC
on the federal tax return of the Trust Fund for its first taxable year, in
accordance with the REMIC Provisions; (c) prepare and forward, or cause to be
prepared and forwarded, to the Certificateholders and the Trustee, all
information reports as and when required to be provided to them in accordance
with the REMIC Provisions, and make available the information necessary for
the application of Section 860E(e) of the Code; (d) conduct the affairs of
the Trust Fund at all times that any Certificates are outstanding so as to
maintain the status of the Trust Fund as a REMIC under the REMIC Provisions;
(e) not knowingly or intentionally take any action or omit to take any action
that would cause the termination of the REMIC status of the Trust Fund; and
(f) pay the amount of any federal prohibited transaction penalty taxes
imposed on the Trust Fund when and as the same shall be due and payable (but
such obligation shall not prevent the Company or any other appropriate person
from contesting any such tax in appropriate proceedings and shall not prevent
the Company from withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings); provided, that the Company shall be
entitled to be indemnified by the Trust Fund for any such prohibited
transaction penalty taxes if the Company's failure to exercise reasonable
care was not the primary cause of the imposition of such prohibited
transaction penalty taxes.
The Trustee and the Master Servicer shall promptly provide the Company with
such information as the Company may from time to time request for the purpose of
enabling the Company to prepare tax returns.
In the event that a Mortgage Loan is discovered to have a defect which, had
such defect been discovered before the startup day, would have prevented the
Mortgage Loan from being a "qualified mortgage" within the meaning of Section
860G(a)(3) of the Code, and the Company does not repurchase such Mortgage Loan
within 90 days of such date, the Master Servicer, on behalf of the Trustee,
shall within 90 days of the date such defect is discovered sell such Mortgage
Loan at such price as the Master Servicer in its sole discretion, determines to
be the greatest price that will result in the purchase thereof within 90 days of
such date, unless the Master Servicer delivers to the Trustee an Opinion of
Counsel to the effect that continuing to hold such Mortgage Loan will not
adversely affect the status of the electing portion of the Trust Fund as a REMIC
for federal income tax purposes.
In the event that any tax is imposed on "prohibited transactions" of the
Trust Fund as defined in Section 860F of the Code and not paid by the Company
pursuant to clause (f) of the third preceding paragraph, such tax shall be
charged against amounts otherwise distributable to the
Class R Certificateholders. Notwithstanding anything to the contrary contained
herein, the Trustee is hereby authorized to retain from amounts otherwise
distributable to the Class R Certificateholders on any Distribution Date
sufficient funds to reimburse the Company in its capacity as agent for the Tax
Matters Person for the payment of such tax (upon the written request of the
Company, to the extent reimbursable, and to the extent that the Company has not
been previously reimbursed therefor).
Section 2.02. ACCEPTANCE BY TRUSTEE. The Trustee acknowledges receipt (or
with respect to any Mortgage Loan subject to a Custodial Agreement, receipt by
the Custodian thereunder) of the documents (or certified copies thereof as
specified in Section 2.01) referred to in Section 2.01 above, but without having
made the review required to be made within 45 days pursuant to this
Section 2.02, and declares that as of the Closing Date it holds and will hold
such documents and
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the other documents constituting a part of the Mortgage Files delivered to
it, and the Trust Fund, as Trustee in trust, upon the trust herein set forth,
for the use and benefit of the Holders from time to time of the Certificates.
The Trustee agrees, for the benefit of the Certificateholders, to review or
cause the Custodian to review each Mortgage File within 45 days after the
Closing Date and deliver to the Company a certification in the form attached
as Exhibit M hereto, to the effect that all documents required (in the case
of instruments described in clauses (X)(vi) and (Y)(x) of the definition of
"Mortgage File," known by the Trustee to be required) pursuant to the third
paragraph of Section 2.01 have been executed and received, and that such
documents relate to the Mortgage Loans identified in the Mortgage Loan
Schedule. In performing such review, the Trustee may rely upon the purported
genuineness and due execution of any such document, and on the purported
genuineness of any signature thereon. The Trustee shall not be required to
make any independent examination of any documents contained in each Mortgage
File beyond the review specifically required herein. The Trustee makes no
representations as to: (i) the validity, legality, enforceability or
genuineness of any of the Mortgage Loans identified on the Mortgage Loan
Schedule, or (ii) the collectability, insurability, effectiveness or
suitability of any Mortgage Loan. If the Trustee finds any document or
documents constituting a part of a Mortgage File not to have been executed or
received, or to be unrelated to the Mortgage Loans identified in the Mortgage
Loan Schedule, the Trustee shall promptly so notify the Company. The Company
hereby covenants and agrees that, if any such defect cannot be corrected or
cured, the Company shall, not later than 60 days after the Trustee's notice
to it respecting such defect, within the three-month period commencing on the
Closing Date (or within the two-year period commencing on the Closing Date if
the related Mortgage Loan is a "defective obligation" within the meaning of
Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulation Section
1.860G-2(f)), either (i) repurchase the related Mortgage Loan from the
Trustee at the Purchase Price, or (ii) substitute for any Mortgage Loan to
which such defect relates a different mortgage loan (a "Substitute Mortgage
Loan") which is a "qualified replacement mortgage" (as defined in the Code)
and, (iii) after such three-month or two-year period, as applicable, the
Company shall repurchase the Mortgage Loan from the Trustee at the Purchase
Price but only if the Mortgage Loan is in default or default is, in the
judgment of the Company, reasonably imminent. If such defect would cause the
Mortgage Loan to be other than a "qualified mortgage" (as defined in the
Code), then notwithstanding the previous sentence, repurchase or substitution
must occur within the sooner of (i) 90 days from the date the defect was
discovered or (ii) in the case of substitution, two years from the Closing
Date.
Such Substitute Mortgage Loan shall mature no later than, and not more than
two years earlier than, have a principal balance and Loan-to-Value Ratio equal
to or less than, and have a Pass-Through Rate on the date of substitution equal
to or no more than 1% greater than the Mortgage Loan being substituted for. If
the aggregate of the principal balances of the Substitute Mortgage Loans
substituted for a Mortgage Loan is less than the Principal Balance of such
Mortgage Loan, the Company shall pay the difference in cash to the Trustee for
deposit into the Certificate Account, and such payment by the Company shall be
treated in the same manner as proceeds of the repurchase by the Company of a
Mortgage Loan pursuant to this Section 2.02. Furthermore, such Substitute
Mortgage Loan shall otherwise have such characteristics so that the
representations and warranties of the Company set forth in Section 2.03 hereof
would not have been incorrect had such Substitute Mortgage Loan originally been
a Mortgage Loan. A Substitute Mortgage Loan may be substituted for a defective
Mortgage Loan whether or not such defective Mortgage Loan is itself a Substitute
Mortgage Loan.
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The Purchase Price for each repurchased Mortgage Loan shall be deposited by
the Company in the Certificate Account and, upon receipt by the Trustee of
written notification of such deposit signed by a Servicing Officer, the Trustee
shall release to the Company the related Mortgage File and shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the Company or its designee or
assignee title to any Mortgage Loan released pursuant hereto. The obligation of
the Company to repurchase or substitute any Mortgage Loan as to which such a
defect in a constituent document exists shall constitute the sole remedy
respecting such defect available to the Certificateholders or the Trustee on
behalf of the Certificateholders.
Section 2.03. REPRESENTATIONS AND WARRANTIES OF THE COMPANY CONCERNING THE
MORTGAGE LOANS. The Company hereby represents and warrants to the Trustee that:
(i) The information set forth in the Mortgage Loan Schedule was
true and correct in all material respects at the date or dates
respecting which such information is furnished;
(ii) As of the Closing Date, other than with respect to
Cooperative Loans, each Mortgage is a valid and enforceable (subject
to Section 2.03(xvi)) first lien on an unencumbered estate in fee
simple or leasehold estate in the related Mortgaged Property subject
only to (a) liens for current real property taxes and special
assessments; (b) covenants, conditions and restrictions, rights of
way, easements and other matters of public record as of the date of
recording such Mortgage, such exceptions appearing of record being
acceptable to mortgage lending institutions generally or specifically
reflected in the appraisal obtained in connection with the origination
of the Mortgage Loan; (c) exceptions set forth in the title insurance
policy relating to such Mortgage, such exceptions being acceptable to
mortgage lending institutions generally; and (d) other matters to
which like properties are commonly subject which do not materially
interfere with the benefits of the security intended to be provided by
the Mortgage;
(iii) As of the Closing Date, the Company had good title to, and
was the sole owner of, each Mortgage Loan free and clear of any
encumbrance or lien, and immediately upon the transfer and assignment
herein contemplated, the Trustee shall have good title to, and will be
the sole legal owner of, each Mortgage Loan, free and clear of any
encumbrance or lien (other than any lien under this Agreement);
(iv) As of the day prior to the Cut-Off Date, all payments due on
each Mortgage Loan had been made and no Mortgage Loan had been
delinquent (I.E., was more than 30 days past due) more than once in
the preceding 12 months and any such delinquency lasted for no more
than 30 days;
(v) As of the Closing Date, there is no late assessment for
delinquent taxes outstanding against any Mortgaged Property;
(vi) As of the Closing Date, there is no offset, defense or
counterclaim to any Mortgage Note, including the obligation of the
Mortgagor to pay the unpaid
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principal or interest on such Mortgage Note except to the extent that
the Buydown Agreement for a Buydown Loan forgives certain indebtedness
of a Mortgagor;
(vii) As of the Closing Date, each Mortgaged Property is free of
damage and in good repair, ordinary wear and tear excepted;
(viii) Each Mortgage Loan at the time it was made complied with all
applicable state and federal laws, including, without limitation,
usury, equal credit opportunity, disclosure and recording laws;
(ix) Each Mortgage Loan was originated by a savings association,
savings bank, credit union, insurance company, or similar institution
which is supervised and examined by a federal or state authority or by
a mortgagee approved by the FHA and will be serviced by an institution
which meets the servicer eligibility requirements established by the
Company;
(x) As of the Closing Date, each Mortgage Loan (except the
Cooperative Loans) is covered by an ALTA form or CLTA form of
mortgagee title insurance policy or other form of policy of insurance
which, as of the origination date of such Mortgage Loan, was
acceptable to FNMA or FHLMC, and has been issued by, and is the valid
and binding obligation of, a title insurer which, as of the
origination date of such Mortgage Loan, was acceptable to FNMA or
FHLMC and qualified to do business in the state in which the related
Mortgaged Property is located. Such policy insures the originator of
the Mortgage Loan, its successors and assigns as to the first priority
lien of the Mortgage in the original principal amount of the Mortgage
Loan subject to the exceptions set forth in such policy. Such policy
is in full force and effect and will be in full force and effect and
inure to the benefit of the Certificateholders upon the consummation
of the transactions contemplated by this Agreement and no claims have
been made under such policy, and no prior holder of the related
Mortgage, including the Company, has done, by act or omission,
anything which would impair the coverage of such policy;
(xi) As of the Closing Date, each Mortgage Loan which had a
Loan-to-Value Ratio at the time of the origination of the Mortgage
Loan in excess of 80% was covered by a Primary Insurance Policy or an
FHA insurance policy or a VA guaranty, and such policy or guaranty is
valid and remains in full force and effect, except for any Mortgage
Loan for which the outstanding Principal Balance thereof at any time
subsequent to origination was 80% or less of the then current value of
the related Mortgaged Property (as determined by an appraisal obtained
subsequent to origination);
(xii) As of the Closing Date, all policies of insurance required by
this Agreement or by a Selling and Servicing Contract have been
validly issued and remain in full force and effect, including such
policies covering the Company or any Servicer;
(xiii) As of the Closing Date, each insurer issuing a Primary
Insurance Policy holds a rating acceptable to the Rating Agency;
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(xiv) Each Mortgage was documented by appropriate FNMA/FHLMC
mortgage instruments in effect at the time of origination, or other
instruments approved by the Company;
(xv) As of the Closing Date, other than with respect to a
Cooperative Loan, the Mortgaged Property securing each Mortgage is
improved with a one-to four-family dwelling unit, including units in
a duplex, condominium project, townhouse, a planned unit development
or a de minimis planned unit development;
(xvi) As of the Closing Date, each Mortgage and Mortgage Note is
the legal, valid and binding obligation of the maker thereof and is
enforceable in accordance with its terms, except only as such
enforcement may be limited by laws affecting the enforcement of
creditors" rights generally and principles of equity;
(xvii) As of the date of origination, as to Mortgaged Properties
which are units in condominiums or planned unit developments, all of
such units met FNMA or FHLMC requirements, are located in a
condominium or planned unit development projects which have received
FNMA or FHLMC approval, or are approvable by FNMA or FHLMC;
(xviii) None of the Group I Loans and approximately 0.1% (by
Principal Balance) of the Group II Loans are Buydown Loans;
(xix) As of the Cut-Off Date, based solely on representations of
the Mortgagors obtained at the origination of the related Mortgage
Loans, approximately 94.3% and 96.0% (by Principal Balance) of the
Group I Loans and Group II Loans, respectively, will be secured by
owner-occupied Mortgaged Properties which are the primary residences
of the related Mortgagors, approximately 4.0% and 3.2% (by Principal
Balance) of the Group I Loans and Group II Loans, respectively, will
be secured by owner-occupied Mortgaged Properties which were second or
vacation homes of the Mortgagors and approximately 1.7% and 0.8% (by
Principal Balance) of the Group I Loans and Group II Loans,
respectively, will be secured by Mortgaged Properties which were
investor properties of the related Mortgagors; and as of the Cut-Off
Date, approximately 0.5% and 0.1% (by Principal Balance) of the Group
I Loans and Group II Loans, respectively, will be secured by interests
in Cooperative Apartments;
(xx) Prior to origination or refinancing, an appraisal of each
Mortgaged Property was made by an appraiser on a form satisfactory to
FNMA or FHLMC;
(xxi) The Mortgage Loans have been underwritten substantially in
accordance with the applicable Underwriting Standards;
(xxii) The information in the Current Report on Form 8-K prepared by
the Company in connection with the Mortgage Loans is correct in every
material respect;
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(xxiii) All of the Mortgage Loans have due-on-sale clauses; by the
terms of the Mortgage Notes, however, the due on sale provisions may
not be exercised at the time of a transfer if prohibited by law;
(xxiv) The Company used no adverse selection procedures in selecting
the Mortgage Loans from among the outstanding fixed-rate conventional
mortgage loans purchased by it which were available for inclusion in
the Mortgage Pool and as to which the representations and warranties
in this Section 2.03 could be made;
(xxv) With respect to a Mortgage Loan that is a Cooperative Loan,
the Cooperative Stock that is pledged as security for the Mortgage
Loan is held by a person as a tenant-stockholder (as defined in
Section 216 of the Code) in a cooperative housing corporation (as
defined in Section 216 of the Code);
(xxvi) Each Cooperative Loan is secured by a valid, subsisting and
enforceable perfected first lien and security interest in the related
Cooperative Stock securing the related Mortgage Note, subject only to
(a) liens of the Cooperative for unpaid assessments representing the
Mortgagor's pro rata share of the Cooperative's payments for its
blanket mortgage, current and future real property taxes, insurance
premiums, maintenance fees and other assessments to which like
collateral is commonly subject, and (b) other matters to which like
collateral is commonly subject which do not materially interfere with
the benefits of the security intended to be provided by the Security
Agreement;
(xxvii) With respect to any Mortgage Loan as to which an affidavit
has been delivered to the Trustee certifying that the original
Mortgage Note is a Destroyed Mortgage Note, if such Mortgage Loan is
subsequently in default, the enforcement of such Mortgage Loan or of
the related Mortgage by or on behalf of the Trustee will not be
materially adversely affected by the absence of the original Mortgage
Note;
(xxvii) As of the date of origination, no Mortgage Loan had a
Loan-to-Value Ratio in excess of 125%; and
(xxviii) Each Mortgage Loan constitutes a qualified mortgage under
Section 860G(a)(3)(A) of the Code and Treasury Regulations Section
1.860G-2(a)(1).
It is understood and agreed that the representations and warranties set
forth in this Section 2.03 shall survive delivery of the respective Mortgage
Files to the Trustee or the Custodian, as the case may be, and shall continue
throughout the term of this Agreement. Upon discovery by any of the Company, the
Master Servicer, the Trustee or the Custodian of a breach of any of the
foregoing representations and warranties which materially and adversely affects
the value of the related Mortgage Loans or the interests of the
Certificateholders in the related Mortgage Loans, the Company, the Master
Servicer, the Trustee or the Custodian, as the case may be, discovering such
breach shall give prompt written notice to the others. Within 90 days of its
discovery or its receipt of notice of breach, the Company shall repurchase,
subject to the limitations set forth in the definition of "Purchase Price," or
substitute for the affected Mortgage
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Loan or Mortgage Loans or any property acquired in respect thereof from the
Trustee, unless it has cured such breach in all material respects. After the
end of the three-month period beginning on the "start-up day," any such
substitution shall be made only if the Company provides to the Trustee an
Opinion of Counsel reasonably satisfactory to the Trustee that each
Substitute Mortgage Loan will be a "qualified replacement mortgage" within
the meaning of Section 860G(a)(4) of the Code. Such substitution shall be
made in the manner and within the time limits set forth in Section 2.02. Any
such repurchase by the Company shall be accomplished in the manner and at the
Purchase Price, if applicable, but shall not be subject to the time limits,
set forth in Section 2.02. It is understood and agreed that the obligation of
the Company to provide such substitution or to make such repurchase of any
affected Mortgage Loan or Mortgage Loans or any property acquired in respect
thereof as to which a breach has occurred and is continuing shall constitute
the sole remedy respecting such breach available to the Certificateholders or
the Trustee on behalf of the Certificateholders.
Section 2.04. AUTHENTICATION OF THE CERTIFICATES. The Trustee acknowledges
the transfer and assignment to it of the property constituting the Trust Fund,
but without having made the review required to be made within 45 days pursuant
to Section 2.02, and, as of the Closing Date, shall cause to be authenticated
and delivered to or upon the order of the Company, in exchange for the property
constituting the Trust Fund, the Certificates in Authorized Denominations
evidencing the entire beneficial ownership interest in the Trust Fund and
relating to the Mortgage Loans.
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. THE COMPANY TO ACT AS MASTER SERVICER. The Company shall act
as Master Servicer to service and administer the Mortgage Loans on behalf of the
Trustee and for the benefit of the Certificateholders in accordance with the
terms hereof and in the same manner in which, and with the same care, skill,
prudence and diligence with which, it services and administers similar mortgage
loans for other portfolios, and shall have full power and authority to do or
cause to be done any and all things in connection with such servicing and
administration which it may deem necessary or desirable, including, without
limitation, the power and authority to bring actions and defend the Trust Fund
on behalf of the Trustee in order to enforce the terms of the Mortgage Notes.
The Master Servicer may perform its master servicing responsibilities through
agents or independent contractors, but shall not thereby be released from any of
its responsibilities hereunder and the Master Servicer shall diligently pursue
all of its rights against such agents or independent contractors.
The Master Servicer shall make reasonable efforts to collect or cause to be
collected all payments called for under the terms and provisions of the Mortgage
Loans and shall, to the extent such procedures shall be consistent with this
Agreement and the terms and provisions of any Primary Insurance Policy, any FHA
insurance policy or VA guaranty, any hazard insurance policy, and federal flood
insurance, cause to be followed such collection procedures as are followed with
respect to mortgage loans comparable to the Mortgage Loans and held in
portfolios of responsible mortgage lenders in the local areas where each
Mortgaged Property is located. The Master Servicer shall enforce "due-on-sale"
clauses with respect to the Mortgage Loans, to the extent permitted by law,
subject to the provisions set forth in Section 3.08.
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Consistent with the foregoing, the Master Servicer may in its discretion
(i) waive or cause to be waived any assumption fee or late payment charge in
connection with the prepayment of any Mortgage Loan and (ii) only upon
determining that the coverage of any applicable insurance policy or guaranty
related to a Mortgage Loan will not be materially adversely affected, arrange a
schedule, running for no more than 180 days after the first delinquent Due Date,
for payment of any delinquent installment on any Mortgage Note or for the
liquidation of delinquent items. The Master Servicer shall have the right, but
not the obligation, to repurchase any delinquent Mortgage Loan 90 days after the
first delinquent Due Date for an amount equal to its Purchase Price; PROVIDED,
HOWEVER, that the aggregate Purchase Price of Mortgage Loans so repurchased
shall not exceed one-half of one percent (0.50%) of the aggregate Principal
Balance of all Mortgage Loans as of the Cut-Off Date.
The Master Servicer is hereby authorized and empowered by the Trustee to
execute and deliver or cause to be executed and delivered on behalf of the
Certificateholders and the Trustee or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release, discharge or
modification, assignments of Mortgages and endorsements of Mortgage Notes in
connection with refinancings (in jurisdictions where such assignments are the
customary and usual standard of practice of mortgage lenders) and all other
comparable instruments, with respect to the Mortgage Loans and with respect to
the Mortgaged Properties. The Trustee shall furnish the Master Servicer, at the
Master Servicer's direction, with any powers of attorney and other documents
necessary or appropriate to enable the Master Servicer to carry out its
supervisory, servicing and administrative duties under this Agreement.
The Master Servicer and each Servicer shall obtain (to the extent generally
commercially available from time to time) and maintain fidelity bond and errors
and omissions coverage acceptable to FNMA or FHLMC with respect to their
obligations under this Agreement and the applicable Selling and Servicing
Contract, respectively. The Master Servicer or each Servicer, as applicable,
shall establish escrow accounts for, or pay when due (by means of an advance),
any tax liens in connection with the Mortgaged Properties that are not paid by
the Mortgagors when due to the extent that any such payment would not constitute
a Nonrecoverable Advance when made. Notwithstanding the foregoing, the Master
Servicer shall not permit any modification with respect to any Mortgage Loan
that would both constitute a sale or exchange of such Mortgage Loan within the
meaning of Section 1001 of the Code (including any proposed, temporary or final
regulations promulgated thereunder) (other than in connection with a proposed
conveyance or assumption of such Mortgage Loan that is treated as a Principal
Prepayment or in a default situation) and cause the REMIC to fail to qualify as
such under the Code. The Master Servicer shall be entitled to approve a request
from a Mortgagor for a partial release of the related Mortgaged Property, the
granting of an easement thereon in favor of another Person, any alteration or
demolition of the related Mortgaged Property or other similar matters if it has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related Mortgage Loan, that the security for,
and the timely and full collectability of, such Mortgage Loan would not be
adversely affected thereby and that the Trust Fund would not fail to continue to
qualify as a REMIC under the Code as a result thereof and that no tax on
"prohibited transactions" or "contributions" after the startup day would be
imposed on the REMIC as a result thereof.
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Section 3.02. CUSTODIAL ACCOUNTS. The Master Servicer shall cause to be
established and maintained Custodial Accounts for P&I, Buydown Fund Accounts (if
any) and special Custodial Accounts for Reserves and shall deposit or cause to
be deposited therein daily the amounts related to the Mortgage Loans required by
the Selling and Servicing Contracts to be so deposited. Proceeds received with
respect to individual Mortgage Loans from any title, hazard, or FHA insurance
policy, VA guaranty, Primary Insurance Policy, or other insurance policy
covering such Mortgage Loans shall be deposited first in the Custodial Account
for Reserves if required for the restoration or repair of the related Mortgaged
Property. Proceeds from such insurance policies not so deposited in the
Custodial Account for Reserves shall be deposited in the Custodial Account for
P&I, and shall be applied to the balances of the related Mortgage Loans as
payments of interest and principal.
The Master Servicer is hereby authorized to make withdrawals from and to
draft the Custodial Accounts for P&I and the Custodial Accounts for Reserves for
the purposes required or permitted by this Agreement. The Custodial Accounts for
P&I and the Custodial Account for Reserves shall each bear a designation clearly
showing the respective interests of the applicable Servicer, as trustee, and of
the Master Servicer, in substantially one of the following forms:
(a) With respect to the Custodial Account for P&I: (i) [Servicer's
Name], as agent, trustee and/or bailee of principal and interest custodial
account for PNC Mortgage Securities Corp., its successors and assigns, for
various owners of interests in PNC Mortgage Securities Corp.
mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage
Securities Corp.;
(b) With respect to the Custodial Account for Reserves: (i)
[Servicer's Name], as agent, trustee and/or bailee of taxes and insurance
custodial account for PNC Mortgage Securities Corp., its successors and
assigns for various mortgagors and/or various owners of interests in PNC
Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name]
in trust for PNC Mortgage Securities Corp. and various Mortgagors.
The Master Servicer hereby undertakes to assure remittance to
Certificateholders of all amounts relating to Mortgage Loans that have been
collected by any Servicer and are due to the Certificateholders pursuant to
Section 4.01 of this Agreement.
Section 3.03. THE INVESTMENT ACCOUNT; ELIGIBLE INVESTMENTS.
(a) Not later than the Withdrawal Date, the Master Servicer shall withdraw
or direct the withdrawal of funds in the Custodial Accounts for P&I, for deposit
in the Certificate Account or Investment Account at the Master Servicer's
option, in an amount representing:
(i) Scheduled installments of principal and interest on the
Mortgage Loans received or advanced by the applicable Servicer which were
due on the Due Date prior to such Withdrawal Date, net of Servicing Fees
due the applicable Servicer and less any amounts to be withdrawn later by
the applicable Servicer from the applicable Buydown Fund Accounts;
(ii) Payoffs and the proceeds of other types of liquidations of
Mortgage Loans received by the applicable Servicer for such Mortgage Loans
during the applicable period,
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with interest to the date of Payoff or liquidation less any amounts
to be withdrawn later by the applicable Servicer from the applicable
Buydown Fund Accounts; and
(iii) Curtailments received by the applicable Servicer in the Prior
Period.
In addition, the Master Servicer may, at its option, withdraw or direct the
withdrawal, for deposit in the Investment Account, of any funds in the
Certificate Account to be distributed on the related Distribution Date.
At its option, the Master Servicer may invest funds withdrawn from the
Custodial Accounts for P&I, as well as any Buydown Funds, Insurance Proceeds
and Liquidation Proceeds previously received by the Master Servicer
(including amounts paid by the Company in respect of any Purchase Obligation
or its substitution obligations set forth in Section 2.02 or Section 2.03 or
in connection with the exercise of the option to terminate this Agreement
pursuant to Section 9.01) for its own account and at its own risk, during any
period prior to their deposit in the Certificate Account. Such funds, as well
as any funds which were withdrawn from the Custodial Accounts for P&I on or
before the Withdrawal Date, but not yet deposited into the Certificate
Account, shall immediately be deposited by the Master Servicer with the
Investment Depository in an Investment Account in the name of the Master
Servicer and the Trustee for investment only as set forth in this Section
3.03. The Master Servicer shall bear any and all losses incurred on any
investments made with such funds and shall be entitled to retain all gains
realized on such investments as additional servicing compensation. Not later
than the Business Day prior to the Distribution Date, the Master Servicer
shall deposit such funds, net of any gains (except Payoff Earnings) earned
thereon, in the Certificate Account.
(b) Funds held in the Investment Account shall be invested in (i) one or
more Eligible Investments which shall in no event mature later than the Business
Day prior to the related Distribution Date (except if such Eligible Investments
are obligations of the Trustee, such Eligible Investments may mature on the
Distribution Date), or (ii) such other instruments as shall be required to
maintain the Ratings.
Section 3.04. THE CERTIFICATE ACCOUNT.
(a) Not later than the Business Day prior to the related Distribution Date,
the Master Servicer shall direct the Investment Depository to deposit the
amounts previously deposited into the Investment Account (which may include a
deposit of Eligible Investments) to which the Certificateholders are entitled
into the Certificate Account. In addition, not later than the Business Day prior
to the Distribution Date, the Master Servicer shall deposit into the Certificate
Account any Monthly P&I Advances or other payments required to be made by the
Master Servicer pursuant to Section 4.03 of this Agreement and any Insurance
Proceeds or Liquidation Proceeds (including amounts paid by the Company in
respect of any Purchase Obligation or in connection with the exercise of its
option to terminate this Agreement pursuant to Section 9.01) not previously
deposited in the Custodial Accounts for P&I or the Investment Account.
(b) Funds held in the Certificate Account shall be invested at the
direction of the Master Servicer in (i) one or more Eligible Investments which
shall in no event mature later than the Business Day prior to the related
Distribution Date (except if such Eligible Investments are
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obligations of the Trustee, such Eligible Investments may mature on the
Distribution Date), or (ii) such other instruments as shall be required to
maintain the Ratings.
Section 3.05. PERMITTED WITHDRAWALS FROM THE CERTIFICATE ACCOUNT AND
CUSTODIAL ACCOUNTS FOR P&I AND OF BUYDOWN FUNDS FROM THE BUYDOWN FUND ACCOUNTS.
(a) The Master Servicer is authorized to make withdrawals, from time to
time, from the Certificate Account or the Custodial Account for P&I, as
applicable, of amounts deposited therein in respect of the Certificates, as
follows:
(i) To reimburse itself or the applicable Servicer for Monthly
P&I Advances made pursuant to Section 4.03 or a Selling and Servicing
Contract, the Master Servicer's right to reimburse itself or such
Servicer pursuant to this paragraph (i) being limited to amounts
received on particular Mortgage Loans (including, for this purpose,
Insurance Proceeds and Liquidation Proceeds) which represent late
recoveries of principal and/or interest respecting which any such
Monthly P&I Advance was made;
(ii) To reimburse itself or the applicable Servicer for amounts
expended by or for the account of the Master Servicer pursuant to
Section 3.09 or amounts expended by such Servicer pursuant to the
Selling and Servicing Contracts in connection with the restoration of
property damaged by an Uninsured Cause or in connection with the
liquidation of a Mortgage Loan;
(iii) To pay to itself the Master Servicing Fee (net of
Compensating Interest reduced by Payoff Earnings and Payoff Interest)
as to which no prior withdrawals from funds deposited by the Master
Servicer have been made;
(iv) To reimburse itself or the applicable Servicer for advances
which the Master Servicer has determined to be Nonrecoverable
Advances;
(v) To pay to itself reinvestment earnings deposited or earned
in the Certificate Account (net of reinvestment losses) to which it is
entitled and to reimburse itself for expenses incurred by and
reimbursable to it pursuant to Section 6.03;
(vi) To deposit amounts in the Investment Account representing
amounts in the Certificate Account not required to be on deposit
therein at the time of such withdrawal; and
after making or providing for the above withdrawals
(vii) To clear and terminate the Certificate Account pursuant to
Section 9.01.
Since, in connection with withdrawals pursuant to paragraphs (i) and (ii),
the Master Servicer's entitlement thereto is limited to collections or other
recoveries on the related Mortgage Loan, the Master Servicer or the applicable
Servicer shall keep and maintain separate accounting for each Mortgage Loan, for
the purpose of justifying any such withdrawals.
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(b) The Master Servicer (or the applicable Servicer, if such Servicer holds
and maintains a Buydown Fund Account) is authorized to make withdrawals, from
time to time, from the Buydown Fund Account or Custodial Account for P&I of the
following amounts of Buydown Funds:
(i) to deposit each month in the Investment Account the amount
necessary to supplement payments received on Buydown Loans;
(ii) in the event of a Payoff of any Mortgage Loan having a
related Buydown Fund, to apply amounts remaining in Buydown Fund
Accounts to reduce the required amount of such principal Payoff (or,
if the Mortgagor has made a Payoff, to refund such remaining Buydown
Fund amounts to the Person entitled thereto);
(iii) in the event of foreclosure or liquidation of any Mortgage
Loan having a Buydown Fund, to deposit remaining Buydown Fund amounts
in the Investment Account as Liquidation Proceeds; and
(iv) to clear and terminate the portion of any account
representing Buydown Funds pursuant to Section 9.01.
(c) The Trustee is authorized to make withdrawals from time to time from
the Certificate Account to reimburse itself for advances it has made pursuant to
Section 7.01(a) hereof that it has determined to be Nonrecoverable Advances.
Section 3.06. MAINTENANCE OF PRIMARY INSURANCE POLICIES; COLLECTIONS
THEREUNDER. The Master Servicer and the applicable Servicer shall use their best
reasonable efforts to keep in full force and effect each Primary Insurance
Policy required with respect to a Mortgage Loan, in the manner set forth in the
applicable Selling and Servicing Contract, until no longer required.
Notwithstanding the foregoing, the Master Servicer shall have no obligation to
maintain such Primary Insurance Policy for a Mortgage Loan for which the
outstanding Principal Balance thereof at any time subsequent to origination was
80% or less of the value of the related Mortgaged Property (as determined by the
appraisal obtained at the time of origination).
Unless required by applicable law, neither the Master Servicer nor any
Servicer shall cancel or refuse to renew any such Primary Insurance Policy in
effect at the date of the initial issuance of the Certificates that is required
to be kept in force hereunder; provided, however, that neither the Master
Servicer nor any Servicer shall advance funds for the payment of any premium due
under any Primary Insurance Policy if it shall determine that such an advance
would be a Nonrecoverable Advance.
Section 3.07. MAINTENANCE OF HAZARD INSURANCE. The Master Servicer shall
cause to be maintained for each Mortgage Loan (other than a Cooperative Loan)
fire insurance with extended coverage in an amount which is not less than the
original principal balance of such Mortgage Loan, except in cases approved by
the Master Servicer in which such amount exceeds the value of the improvements
to the Mortgaged Property. The Master Servicer shall also require fire insurance
with extended coverage in a comparable amount on property acquired upon
foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative Loan). Any amounts collected under any such policies (other than
amounts to be applied to the restoration or repair of
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the related Mortgaged Property) shall be deposited into the Custodial Account
for P&I, subject to withdrawal pursuant to the applicable Selling and
Servicing Contract and pursuant to Section 3.03 and Section 3.05. Any
unreimbursed costs incurred in maintaining any insurance described in this
Section 3.07 shall be recoverable as an advance by the Master Servicer from
the Certificate Account. Such insurance shall be with insurers approved by
the Master Servicer and FNMA or FHLMC. Other additional insurance may be
required of a Mortgagor, in addition to that required pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Where any part of any improvement to the
Mortgaged Property (other than a Mortgaged Property secured by a Cooperative
Loan) is located in a federally designated special flood hazard area and in a
community which participates in the National Flood Insurance Program at the
time of origination of the related Mortgage Loan, the Master Servicer shall
cause flood insurance to be provided. The hazard insurance coverage required
by this Section 3.07 may be met with blanket policies providing protection
equivalent to individual policies otherwise required. The Master Servicer or
the applicable Servicer shall be responsible for paying any deductible amount
on any such blanket policy. The Master Servicer agrees to present, or cause
to be presented, on behalf of and for the benefit of the Trustee and
Certificateholders, claims under the hazard insurance policy respecting any
Mortgage Loan, and in this regard to take such reasonable actions as shall be
necessary to permit recovery under such policy.
Section 3.08. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS.
When any Mortgaged Property is about to be conveyed by the Mortgagor, the Master
Servicer shall, to the extent it has knowledge of such prospective conveyance
and prior to the time of the consummation of such conveyance, exercise on behalf
of the Trustee the Trustee's rights to accelerate the maturity of such Mortgage
Loan, to the extent that such acceleration is permitted by the terms of the
related Mortgage Note, under any "due-on-sale" clause applicable thereto;
provided, however, that the Master Servicer shall not exercise any such right if
the due-on-sale clause, in the reasonable belief of the Master Servicer, is not
enforceable under applicable law or if such exercise would result in
non-coverage of any resulting loss that would otherwise be covered under any
insurance policy. In the event the Master Servicer is prohibited from exercising
such right, the Master Servicer is authorized to take or enter into an
assumption and modification agreement from or with the Person to whom a
Mortgaged Property has been or is about to be conveyed, pursuant to which such
Person becomes liable under the Mortgage Note and, unless prohibited by
applicable state law or unless the Mortgage Note contains a provision allowing a
qualified borrower to assume the Mortgage Note, the Mortgagor remains liable
thereon; provided that the Mortgage Loan shall continue to be covered (if so
covered before the Master Servicer enters such agreement) by any related Primary
Insurance Policy. The Master Servicer is also authorized to enter into a
substitution of liability agreement with such Person, pursuant to which the
original Mortgagor is released from liability and such Person is substituted as
Mortgagor and becomes liable under the Mortgage Note. The Master Servicer shall
notify the Trustee that any such substitution or assumption agreement has been
completed by forwarding to the Trustee the original copy of such substitution or
assumption agreement and other documents and instruments constituting a part
thereof. In connection with any such assumption or substitution agreement, the
terms of the related Mortgage Note shall not be changed. Any fee collected by
the applicable Servicer for entering into an assumption or substitution of
liability agreement shall be retained by such Servicer as additional servicing
compensation.
Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Master Servicer shall not be deemed to be in default, breach or
any other violation of its
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obligations hereunder by reason of any assumption of a Mortgage Loan by
operation of law or any assumption which the Master Servicer may be
restricted by law from preventing, for any reason whatsoever.
Section 3.09. REALIZATION UPON DEFAULTED MORTGAGE LOANS. The Master
Servicer shall foreclose upon or otherwise comparably convert, or cause to be
foreclosed upon or comparably converted, the ownership of any Mortgaged Property
securing a Mortgage Loan which comes into and continues in default and as to
which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.01. In lieu of such foreclosure or other
conversion, and taking into consideration the desirability of maximizing net
Liquidation Proceeds after taking into account the effect of Insurance Proceeds
upon Liquidation Proceeds, the Master Servicer may, to the extent consistent
with prudent mortgage loan servicing practices, accept a payment of less than
the outstanding Principal Balance of a delinquent Mortgage Loan in full
satisfaction of the indebtedness evidenced by the related Mortgage Note and
release the lien of the related Mortgage upon receipt of such payment. The
Master Servicer shall not foreclose upon or otherwise comparably convert a
Mortgaged Property if there is evidence of toxic waste, other hazardous
substances or other evidence of environmental contamination thereon and the
Master Servicer determines that it would be imprudent to do so. In connection
with such foreclosure or other conversion, the Master Servicer shall cause to be
followed such practices and procedures as it shall deem necessary or advisable
and as shall be normal and usual in general mortgage servicing activities. The
foregoing is subject to the provision that, in the case of damage to a Mortgaged
Property from an Uninsured Cause, the Master Servicer shall not be required to
advance its own funds towards the restoration of the property unless it shall be
determined in the sole judgment of the Master Servicer, (i) that such
restoration will increase the proceeds of liquidation of the Mortgage Loan to
Certificateholders after reimbursement to itself for such expenses, and (ii)
that such expenses will be recoverable to it through Liquidation Proceeds. The
Master Servicer shall be responsible for all other costs and expenses incurred
by it in any such proceedings; provided, however, that it shall be entitled to
reimbursement thereof (as well as its normal servicing compensation) as an
advance. The Master Servicer shall maintain information required for tax
reporting purposes regarding any Mortgaged Property which is abandoned or which
has been foreclosed or otherwise comparably converted. The Master Servicer shall
report such information to the Internal Revenue Service and the Mortgagor in the
manner required by applicable law.
The Trust Fund shall not acquire any real property (or personal property
incident to such real property) except in connection with a default or imminent
default of a Mortgage Loan. In the event that the Trust Fund acquires any real
property (or personal property incident to such real property) in connection
with a default or imminent default of a Mortgage Loan, such property shall be
disposed of by the Master Servicer within two years after its acquisition by the
Master Servicer for the Trust Fund, unless the Master Servicer provides to the
Trustee an Opinion of Counsel to the effect that the holding by the Trust Fund
of such Mortgaged Property subsequent to two years after its acquisition will
not result in the imposition of taxes on "prohibited transactions" of the Trust
Fund as defined in Section 860F of the Code or cause the Trust Fund to fail to
qualify as a REMIC at any time that any Certificates are outstanding. The Master
Servicer shall manage, conserve, protect and operate each such property for the
Certificateholders solely for the purpose of its prompt disposition and sale in
a manner which does not cause such property to fail to qualify as "foreclosure
property" within the meaning of Section 860G(a)(8) or result in the receipt by
the REMIC of any "income from non-permitted assets" within the meaning of
Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property"
which is subject to taxation under the
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REMIC Provisions. Pursuant to its efforts to sell such property, the Master
Servicer shall either itself or through an agent selected by the Master
Servicer protect and conserve such property in the same manner and to such
extent as is customary in the locality where such property is located and
may, incident to its conservation and protection of the interests of the
Certificateholders, rent the same, or any part thereof, as the Master
Servicer deems to be in the best interest of the Master Servicer and the
Certificateholders for the period prior to the sale of such property.
Additionally, the Master Servicer shall perform the tax withholding and shall
file information returns with respect to the receipt of mortgage interests
received in a trade or business, the reports of foreclosures and abandonments
of any Mortgaged Property and the information returns relating to
cancellation of indebtedness income with respect to any Mortgaged Property
required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and
deliver to the Trustee an Officers' Certificate on or before March 31 of each
year stating that such reports have been filed. Such reports shall be in
form and substance sufficient to meet the reporting requirements imposed by
Sections 6050H, 6050J and 6050P of the Code.
Notwithstanding any other provision of this Agreement, the Master
Servicer shall comply with all federal withholding requirements with respect
to payments to Certificateholders of interest or original issue discount that
the Master Servicer reasonably believes are applicable under the Code. The
consent of Certificateholders shall not be required for any such withholding.
Without limiting the foregoing, the Master Servicer agrees that it will not
withhold with respect to payments of interest or original issue discount in
the case of a Certificateholder that has furnished or caused to be furnished
an effective Form W-8 or an acceptable substitute form or a successor form
and who is not a "10 percent shareholder" within the meaning of Code
Section 871(h)(3)(B) or a "controlled foreign corporation" described in Code
Section 881(c)(3)(C) with respect to the REMIC, the Trust Fund or the depositor.
In the event the Trustee withholds any amount from interest or original issue
discount payments or advances thereof to any Certificateholder pursuant to
federal withholding requirements, the Trustee shall indicate the amount
withheld to such Certificateholder.
Section 3.10. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES. Upon the
Payoff or scheduled maturity of any Mortgage Loan, the Master Servicer shall
cause such final payment to be immediately deposited in the related Custodial
Account for P&I or the Investment Account. Upon notice thereof, the Master
Servicer shall promptly notify the Trustee by a certification (which
certification shall include a statement to the effect that all amounts
received in connection with such payment which are required to be deposited
in either such account have been so deposited) of a Servicing Officer and
shall request delivery to it of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall, not later than the fifth
succeeding Business Day, release the related Mortgage File to the Master
Servicer or the applicable Servicer indicated in such request. With any such
Payoff or other final payment, the Master Servicer is authorized to prepare
for and procure from the trustee or mortgagee under the Mortgage which
secured the Mortgage Note a deed of full reconveyance or other form of
satisfaction or assignment of Mortgage and endorsement of Mortgage Note in
connection with a refinancing covering the Mortgaged Property, which
satisfaction, endorsed Mortgage Note or assigning document shall be delivered
by the Master Servicer to the person or persons entitled thereto. No expenses
incurred in connection with such satisfaction or assignment shall be payable
to the Master Servicer by the Trustee or from the Certificate Account, the
Investment Account or the related Custodial Account for P&I. From time to
time as appropriate for the servicing or foreclosure of any Mortgage Loan,
including, for this purpose, collection under any Primary Insurance Policy,
the Trustee shall, upon request of the
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Master Servicer and delivery to it of a trust receipt signed by a Servicing
Officer, release not later than the fifth Business Day following the date of
receipt of such request the related Mortgage File to the Master Servicer or
the related Servicer as indicated by the Master Servicer and shall execute
such documents as shall be necessary to the prosecution of any such
proceedings. Such trust receipt shall obligate the Master Servicer to return
the Mortgage File to the Trustee when the need therefor by the Master
Servicer no longer exists, unless the Mortgage Loan shall be liquidated, in
which case, upon receipt of a certificate of a Servicing Officer similar to
that herein above specified, the trust receipt shall be released by the
Trustee to the Master Servicer.
Section 3.11. COMPENSATION TO THE MASTER SERVICER AND THE SERVICERS. As
compensation for its activities hereunder, the Master Servicer shall be
entitled to withdraw from the Certificate Account the amounts provided for by
Section 3.05(a)(iii). The Master Servicer shall be required to pay all
expenses incurred by it in connection with its activities hereunder,
including the Trustee's fees and shall not be entitled to reimbursement
therefor, except as specifically provided herein.
As compensation for its activities under the applicable Selling and
Servicing Contract, the applicable Servicer shall be entitled to withhold or
withdraw from the Custodial Account for P&I the amounts provided for in such
Selling and Servicing Contract. Each Servicer is required to pay all expenses
incurred by it in connection with its servicing activities under its Selling
and Servicing Contract (including payment of premiums for Primary Insurance
Policies, if required) and shall not be entitled to reimbursement therefor
except as specifically provided in such Selling and Servicing Contract and
not inconsistent with this Agreement.
Section 3.12. REPORTS TO THE TRUSTEE; CERTIFICATE ACCOUNT STATEMENT.
Not later than 15 days after each Distribution Date, the Master Servicer
shall forward to the Trustee a statement, certified by a Servicing Officer,
setting forth the status of the Certificate Account as of the close of
business on such Distribution Date and showing, for the period covered by
such statement, the aggregate of deposits into and withdrawals from the
Certificate Account for each category of deposit specified in Section 3.04
and each category of withdrawal specified in Section 3.05, and stating that
all distributions required by this Agreement have been made (or if any
required distribution has not been made, specifying the nature and amount
thereof). Such statement shall be provided to any Certificateholder upon
request or by the Trustee to any Certificateholder at the expense of the
Master Servicer and shall also, to the extent available, include information
regarding delinquencies on the Mortgage Loans, indicating the number and
aggregate Principal Balance of Mortgage Loans which are one, two, three or
more months delinquent, the number and aggregate Principal Balance of
Mortgage Loans with respect to which foreclosure proceedings have been
initiated and the book value of any Mortgaged Property acquired by the Trust
Fund through foreclosure, deed in lieu of foreclosure or other exercise of
the Trust Fund's security interest in the Mortgaged Property.
Section 3.13. ANNUAL STATEMENT AS TO COMPLIANCE. The Master Servicer
shall deliver to the Trustee, on or before April 30 of each year, beginning
with the first April 30 succeeding the Cut-Off Date by at least six months,
an Officer's Certificate stating as to the signer thereof, that (i) a review
of the activities of the Master Servicer during the preceding calendar year
and performance under this Agreement has been made under such officer's
supervision, and (ii) to the best of such officer's knowledge, based on such
review, the Master Servicer has fulfilled all its obligations under this
Agreement throughout such year, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to
such officer and the
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nature and status thereof. Copies of such statement shall be provided by the
Master Servicer to Certificateholders upon request or by the Trustee (solely
to the extent that such copies are available to the Trustee) at the expense
of the Master Servicer, should the Master Servicer fail to so provide such
copies.
Section 3.14. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE MORTGAGE LOANS. In the event that the Certificates are legal for
investment by federally-insured savings associations, the Master Servicer
shall provide to the OTS, the FDIC and the supervisory agents and examiners
of the OTS and the FDIC access to the documentation regarding the Mortgage
Loans required by applicable regulations of the OTS or the FDIC, as
applicable, and shall in any event provide such access to the documentation
regarding the Mortgage Loans to the Trustee and its representatives, such
access being afforded without charge, but only upon reasonable request and
during normal business hours at the offices of the Master Servicer designated
by it.
Section 3.15. ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.
On or before April 30 of each year, beginning with the first April 30
succeeding the Cut-Off Date by at least six months, the Master Servicer, at
its expense, shall cause a firm of independent public accountants to furnish
a statement to the Trustee to the effect that, in connection with the firm's
examination of the Master Servicer's financial statements as of the previous
December 31, nothing came to their attention that indicated that the Master
Servicer was not in compliance with Section 3.02, Section 3.03, Section 3.04,
Section 3.05, Section 3.11, Section 3.12 and Section 3.13 of this Agreement,
except for (i) such exceptions as such firm believes to be immaterial, and
(ii) such other exceptions as are set forth in such statement.
Section 3.16. [RESERVED.]
Section 3.17. [RESERVED.]
Section 3.18. [RESERVED.]
Section 3.19. [RESERVED.]
Section 3.20. [RESERVED.]
Section 3.21. ASSUMPTION OR TERMINATION OF SELLING AND SERVICING
CONTRACTS BY TRUSTEE. In the event the Company or any successor Master
Servicer shall for any reason no longer be the Master Servicer (including by
reason of an Event of Default), the Trustee as trustee hereunder or its
designee shall thereupon assume all of the rights and obligations of the
Master Servicer under the Selling and Servicing Contracts with respect to the
Mortgage Loans in the Mortgage Pool unless the Trustee elects to terminate
the Selling and Servicing Contracts with respect to the Mortgage Loans in the
Mortgage Pool in accordance with the terms thereof. The Trustee, its designee
or the successor servicer for the Trustee shall be deemed to have assumed all
of the Master Servicer's interest therein with respect to the Mortgage Loans
and to have replaced the Master Servicer as a party to the Selling and
Servicing Contracts to the same extent as if the rights and duties under the
Selling and Servicing Contracts relating to the Mortgage Loans had been
assigned to the assuming party, except that the Master Servicer shall not
thereby be relieved of any liability or obligations under the Selling and
Servicing Contracts with respect to the Master Servicer's duties to be
performed prior to its termination hereunder.
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The Master Servicer at its expense shall, upon request of the Trustee,
deliver to the assuming party all documents and records relating to the
Selling and Servicing Contracts and the Mortgage Loans then being serviced
and an accounting of amounts collected and held by it and otherwise use its
best efforts to effect the orderly and efficient transfer of the rights and
duties under the Selling and Servicing Contracts relating to the Mortgage
Loans to the assuming party.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF EXPENSES
Section 4.01. DISTRIBUTIONS TO CERTIFICATEHOLDERS.
(a) On each Distribution Date, the Trustee (or any duly appointed paying
agent) shall (i) withdraw from the Certificate Account the Available
Distribution Amount for such Distribution Date and shall distribute, from the
amount so withdrawn, to the extent of the Available Distribution Amount, the
Certificate Distribution Amount, and (ii) distribute Excess Liquidation
Proceeds to the Class R Certificateholders, in accordance with written
statements received from the Master Servicer pursuant to Section 4.03(b), by
wire transfer in immediately available funds for the account of each
Certificateholder, or by any other means of payment acceptable to each
Certificateholder of record on the immediately preceding Record Date (other
than as provided in Section 9.01 respecting the final distribution), as
specified by each such Certificateholder and at the address of such Holder
appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate
effected by distributions of principal or allocations of Realized Losses with
respect to Mortgage Loans made on any Distribution Date shall be binding upon
all Holders of such Certificate and of any Certificate issued upon the
registration of transfer or exchange therefor or in lieu thereof, whether or
not such distribution is noted on such Certificate. The final distribution of
principal of each Certificate (and the final distribution with respect to the
Class R Certificates upon termination of the Trust Fund) shall be payable in
the manner provided above only upon presentation and surrender thereof on or
after the Distribution Date therefor at the office or agency of the
Certificate Registrar specified in the notice delivered pursuant to Section
4.01(c)(ii) or Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments
on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds
received and expected to be received during the Prior Period, the Master
Servicer has notified the Trustee that it believes that the entire remaining
unpaid Class Principal Balance of any Class of Certificates will become
distributable on the next Distribution Date, the Trustee shall, no later than
the 18th day of the month of such Distribution Date, mail or cause to be
mailed to each Person in whose name a Certificate to be so retired is
registered at the close of business on the Record Date and to the Rating
Agency a notice to the effect that:
(i) it is expected that funds sufficient to make such final
distribution will be available in the Certificate Account on such
Distribution Date, and
(ii) if such funds are available, (A) such final distribution
will be payable on such Distribution Date, but only upon presentation
and surrender of such Certificate at the
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office or agency of the Certificate Registrar maintained for such
purpose (the address of which shall be set forth in such notice), and
(B) no interest shall accrue on such Certificate after such
Distribution Date.
Section 4.02. STATEMENTS TO CERTIFICATEHOLDERS. With each
distribution from the Certificate Account on a Distribution Date, the Master
Servicer shall prepare and forward to the Trustee (and to the Company if the
Company is no longer acting as Master Servicer), and the Trustee shall
forward to each Certificateholder, a statement setting forth, to the extent
applicable: the amount of the distribution payable to the applicable Class
that represents principal and the amount that represents interest, and the
applicable Class Principal Balance after giving effect to such distribution.
Upon request by any Certificateholder or the Trustee, the Master
Servicer shall forward to such Certificateholder, the Trustee and the Company
(if the Company is no longer acting as Master Servicer) an additional report
which sets forth with respect to the Mortgage Loans:
(a) The number and aggregate Principal Balance of
the Mortgage Loans delinquent one, two and three months or
more;
(b) The (i) number and aggregate Principal Balance
of Mortgage Loans with respect to which foreclosure
proceedings have been initiated, and (ii) the number and
aggregate book value of Mortgaged Properties acquired
through foreclosure, deed in lieu of foreclosure or other
exercise of rights respecting the Trustee's security
interest in the Mortgage Loans;
(c) The amount of Special Hazard Coverage available
to the Senior Certificates remaining as of the close of
business on the applicable Determination Date;
(d) The amount of Group I Bankruptcy Coverage and
Group II Bankruptcy Coverage available to the Senior
Certificates remaining as of the close of business on the
applicable Determination Date;
(e) The amount of Group I Fraud Coverage and Group
II Fraud Coverage available to the Senior Certificates
remaining as of the close of business on the applicable
Determination Date; and
(f) The amount of Realized Losses allocable to the
Certificates on the related Distribution Date and the
cumulative amount of Realized Losses allocated to such
Certificates since the Cut-Off Date.
Upon request by any Certificateholder, the Master Servicer, as soon as
reasonably practicable, shall provide the requesting Certificateholder with such
information as is necessary and appropriate, in the Master Servicer's sole
discretion, for purposes of satisfying applicable reporting requirements under
Rule 144A of the Securities Act.
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Section 4.03. ADVANCES BY THE MASTER SERVICER; DISTRIBUTION REPORTS
TO THE TRUSTEE.
(a) To the extent described below, the Master Servicer is obligated to
advance its own funds to the Certificate Account to cover any shortfall between
(i) payments scheduled to be received in respect of the Mortgage Loans, and
(ii) the amounts actually deposited in the Certificate Account on account of
such payments. The Master Servicer's obligation to make any advance or advances
described in this Section 4.03 is effective only to the extent that such advance
is, in the good faith judgment of the Master Servicer made on or before the
Business Day immediately following the Withdrawal Date, reimbursable from
Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or
recoverable as late Monthly Payments with respect to the related Mortgage Loans
or otherwise.
Prior to the close of business on the Business Day immediately
following each Withdrawal Date, the Master Servicer shall determine whether or
not it will make a Monthly P&I Advance on the next succeeding Distribution Date
(in the event that the applicable Servicer fails to make such advances) and
shall furnish a statement to the Trustee, the Paying Agent, if any, and to any
Certificateholder requesting the same, setting forth the aggregate amount to be
distributed on the next succeeding Distribution Date on account of principal and
interest, stated separately. In the event that full scheduled amounts of
principal and interest shall not have been received by or on behalf of the
Master Servicer prior to such Determination Date and the Master Servicer shall
have determined that a Monthly P&I Advance shall be made in accordance with this
Section 4.03, the Master Servicer shall so specify and shall specify the
aggregate amount of such advance.
In the event that the Master Servicer shall be required to make a
Monthly P&I Advance, it shall on the Business Day prior to the related
Distribution Date either (i) deposit in the Certificate Account an amount
equal to such Monthly P&I Advance, (ii) make an appropriate entry in the
records of the Certificate Account that funds in such account being held for
future distribution or withdrawal have been, as permitted by this Section
4.03, used by the Master Servicer to make such Monthly P&I Advance, or (iii)
make advances in the form of any combination of (i) and (ii) aggregating the
amount of such Monthly P&I Advance. Any funds being held for future
distribution to Certificateholders and so used shall be replaced by the
Master Servicer by deposit in the Certificate Account on the Business Day
immediately preceding any future Distribution Date to the extent that funds
in the Certificate Account on such Distribution Date shall be less than
payments to Certificateholders required to be made on such date. Under each
Selling and Servicing Contract, the Master Servicer is entitled to receive
from the Custodial Accounts for P&I amounts received by the applicable
Servicer on particular Mortgage Loans as late payments of principal and
interest or as Liquidation or Insurance Proceeds and respecting which the
Master Servicer has made an unreimbursed advance of principal and interest.
The Master Servicer is also entitled to receive other amounts from the
Custodial Accounts for P&I to reimburse itself for prior Nonrecoverable
Advances respecting Mortgage Loans serviced by the applicable Servicer. The
Master Servicer shall deposit these amounts in the Certificate Account prior
to withdrawal pursuant to Section 3.05.
In accordance with Section 3.05, Monthly P&I Advances are reimbursable
to the Master Servicer from cash in the Certificate Account to the extent that
the Master Servicer shall determine that any such advances previously made are
Nonrecoverable Advances pursuant to Section 4.04.
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(b) Prior to 5:00 P.M. New York City time on the third Business Day
prior to each Distribution Date, the Master Servicer shall provide the Trustee
with a statement regarding the amount of principal and interest, the Residual
Distribution Amount and the Excess Liquidation Proceeds to be distributed to
each Class of Certificates on such Distribution Date (such amounts to be
determined in accordance with the definition of "Certificate Distribution
Amount," Section 4.01 hereof and other related definitions set forth in
Article I hereof).
Section 4.04. NONRECOVERABLE ADVANCES. Any advance previously made
by the applicable Servicer pursuant to its Selling and Servicing Contract or by
the Master Servicer that the Master Servicer shall determine in its good faith
judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation
Proceeds or otherwise of related Mortgage Loans or recoverable as late Monthly
Payments with respect to related Mortgage Loans shall be a Nonrecoverable
Advance. The determination by the Master Servicer that it or the applicable
Servicer has made a Nonrecoverable Advance or that any advance would constitute
a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the
Master Servicer delivered to the Trustee on the Determination Date and detailing
the reasons for such determination. Notwithstanding any other provision of this
Agreement, any insurance policy relating to the Mortgage Loans, or any other
agreement relating to the Mortgage Loans to which the Company or the Master
Servicer is a party, (a) the Company, the Master Servicer, and each Servicer
shall not be obligated to, and shall not, make any advance that, after
reasonable inquiry and in its sole discretion, the Company, the Master Servicer,
or such Servicer shall determine would be a Nonrecoverable Advance, and (b) the
Company, the Master Servicer, and each Servicer shall be entitled to
reimbursement for any advance as provided in Section 3.05(a)(i), (ii) and (iv)
of this Agreement.
ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES.
(a) The Regular Interest Certificates and the Residual Certificates
shall be substantially in the forms set forth in Exhibits A and B attached
hereto, and shall be executed by the Trustee, authenticated by the Trustee (or
any duly appointed Authenticating Agent) and delivered to or upon the order of
the Company upon receipt by the Trustee of the documents specified in Section
2.01. The Certificates shall be issuable in Authorized Denominations evidencing
Percentage Interests. Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by authorized officers of the Trustee.
Certificates bearing the manual or facsimile signatures of individuals who were
at the time of execution the proper officers of the Trustee shall bind the
Trustee, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificates. No Certificate
shall be entitled to any benefit under this Agreement, or be valid for any
purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein executed by the
Trustee or any Authenticating Agent by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
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(b) The following definitions apply for purposes of this Section 5.01:
"Disqualified Organization" means any Person which is not a Permitted
Transferee, but does not include any "Pass-Through Entity" which owns or holds a
Residual Certificate and of which a Disqualified Organization, directly or
indirectly, may be a stockholder, partner or beneficiary; "Pass-Through Entity"
means any regulated investment company, real estate investment trust, common
trust fund, partnership, trust or estate, and any organization to which Section
1381 of the Code applies; "Ownership Interest" means, with respect to any
Residual Certificate, any ownership or security interest in such Residual
Certificate, including any interest in a Residual Certificate as the Holder
thereof and any other interest therein whether direct or indirect, legal or
beneficial, as owner or as pledgee; "Transfer" means any direct or indirect
transfer or sale of, or directly or indirectly transferring or selling any
Ownership Interest in a Residual Certificate; and "Transferee" means any Person
who is acquiring by Transfer any Ownership Interest in a Residual Certificate.
(c) Restrictions on Transfers of the Residual Certificates to
Disqualified Organizations are set forth in this Section 5.01(c).
(i) Each Person who has or who acquires any Ownership Interest in
a Residual Certificate shall be deemed by the acceptance or
acquisition of such Ownership Interest to have agreed to be bound by
the following provisions and to have irrevocably authorized the
Trustee or its designee under clause (iii)(A) below to deliver
payments to a Person other than such Person and to negotiate the terms
of any mandatory sale under clause (iii)(B) below and to execute all
instruments of transfer and to do all other things necessary in
connection with any such sale. The rights of each Person acquiring any
Ownership Interest in a Residual Certificate are expressly subject to
the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in a
Residual Certificate shall be a Permitted Transferee and shall
promptly notify the Trustee of any change or impending change in its
status as a Permitted Transferee.
(B) In connection with any proposed Transfer of any Ownership
Interest in a Residual Certificate to a U.S. Person, the Trustee shall
require delivery to it, and shall not register the Transfer of any
Residual Certificate until its receipt of (1) an affidavit and
agreement (a "Transferee Affidavit and Agreement") attached hereto as
Exhibit J from the proposed Transferee, in form and substance
satisfactory to the Company, representing and warranting, among other
things, that it is not a Non-U.S. Person, that such transferee is a
Permitted Transferee, that it is not acquiring its Ownership Interest
in the Residual Certificate that is the subject of the proposed
Transfer as a nominee, trustee or agent for any Person who is not a
Permitted Transferee, that for so long as it retains its Ownership
Interest in a Residual Certificate, it will endeavor to remain a
Permitted Transferee, and that it has reviewed the provisions of this
Section 5.01(c) and agrees to be bound by them, and (2) a certificate,
attached hereto as Exhibit I, from the Holder wishing to transfer the
Residual Certificate, in form and substance satisfactory to the
Company, representing and warranting, among other things, that no
purpose of the proposed Transfer is to allow such Holder to impede the
assessment or collection of tax.
(C) Notwithstanding the delivery of a Transferee Affidavit and
Agreement by a proposed Transferee under clause (B) above, if the
Trustee has actual knowledge that the proposed
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Transferee is not a Permitted Transferee, no Transfer of an Ownership
Interest in a Residual Certificate to such proposed Transferee shall
be effected.
(D) Each Person holding or acquiring any Ownership Interest in a
Residual Certificate agrees by holding or acquiring such Ownership
Interest (i) to require a Transferee Affidavit and Agreement from any
other Person to whom such Person attempts to transfer its Ownership
Interest and to provide a certificate to the Trustee in the form
attached hereto as Exhibit J; (ii) to obtain the express written
consent of the Company prior to any transfer of such Ownership
Interest, which consent may be withheld in the Company's sole
discretion; and (iii) to provide a certificate to the Trustee in the
form attached hereto as Exhibit I.
(ii) The Trustee shall register the Transfer of any Residual
Certificate only if it shall have received the Transferee Affidavit
and Agreement, a certificate of the Holder requesting such transfer in
the form attached hereto as Exhibit J and all of such other documents
as shall have been reasonably required by the Trustee as a condition
to such registration.
(iii) (A) If any "disqualified organization" (as defined in
Section 860E(e)(5) of the Code) shall become a holder of a Residual
Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and
obligations as Holder thereof retroactive to the date of registration
of such Transfer of such Residual Certificate. If any Non-U.S. Person
shall become a holder of a Residual Certificate, then the last
preceding holder which is a U.S. Person shall be restored, to the
extent permitted by law, to all rights and obligations as Holder
thereof retroactive to the date of registration of the Transfer to
such Non-U.S. Person of such Residual Certificate. If a transfer of a
Residual Certificate is disregarded pursuant to the provisions of
Treasury Regulations Section 1.860E-1 or Section 1.860G-3, then the
last preceding Permitted Transferee shall be restored, to the extent
permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such
Residual Certificate. The Trustee shall be under no liability to any
Person for any registration of Transfer of a Residual Certificate that
is in fact not permitted by this Section 5.01(c) or for making any
payments due on such Certificate to the holder thereof or for taking
any other action with respect to such holder under the provisions of
this Agreement.
(B) If any purported Transferee shall become a Holder of a
Residual Certificate in violation of the restrictions in this
Section 5.01(c) and to the extent that the retroactive restoration of
the rights of the Holder of such Residual Certificate as described in
clause (iii)(A) above shall be invalid, illegal or unenforceable, then
the Company shall have the right, without notice to the Holder or any
prior Holder of such Residual Certificate, to sell such Residual
Certificate to a purchaser selected by the Company on such terms as
the Company may choose. Such purported Transferee shall promptly
endorse and deliver each Residual Certificate in accordance with the
instructions of the Company. Such purchaser may be the Company itself
or any affiliate of the Company. The proceeds of such sale, net of the
commissions (which may include commissions payable to the Company or
its affiliates), expenses and taxes due, if any, shall be remitted by
the Company to such purported Transferee. The terms and conditions of
any sale under this clause (iii)(B) shall be determined in the sole
discretion of the Company, and the
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Company shall not be liable to any Person having an Ownership Interest
in a Residual Certificate as a result of its exercise of such
discretion.
(iv) The Company, on behalf of the Trustee, shall make available,
upon written request from the Trustee, all information necessary to
compute any tax imposed (A) as a result of the Transfer of an
Ownership Interest in a Residual Certificate to any Person who is not
a Permitted Transferee, including the information regarding "excess
inclusions" of such Residual Certificates required to be provided to
the Internal Revenue Service and certain Persons as described in
Treasury Regulation Section 1.860D-1(b)(5), and (B) as a result of any
regulated investment company, real estate investment trust, common
trust fund, partnership, trust, estate or organizations described in
Section 1381 of the Code having as among its record holders at any
time any Person who is not a Permitted Transferee. Reasonable
compensation for providing such information may be required by the
Company from such Person.
(v) The provisions of this Section 5.01 set forth prior to this
Section (v) may be modified, added to or eliminated, provided that
there shall have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the effect
that the modification, addition to or elimination of such
provisions will not cause such Rating Agency to downgrade its
then-current Ratings of the Certificates; and
(B) an Opinion of Counsel, in form and substance satisfactory
to the Company (as evidenced by a certificate of the Company), to
the effect that such modification, addition to or absence of such
provisions will not cause the Trust Fund to cease to qualify as a
REMIC and will not create a risk that (1) the Trust Fund may be
subject to an entity-level tax caused by the Transfer of any
Residual Certificate to a Person which is not a Permitted
Transferee or (2) a Certificateholder or another Person will be
subject to a REMIC-related tax caused by the Transfer of a
Residual Certificate to a Person which is not a Permitted
Transferee.
(vi) The following legend shall appear on all Residual
Certificates:
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER
AFFIDAVIT TO THE COMPANY AND THE TRUSTEE THAT (1) SUCH
TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY STATE OR
POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF
ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A
COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS
EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF
THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
(A), (B), OR (C) BEING HEREINAFTER REFERRED TO AS A
"DISQUALIFIED
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ORGANIZATION"), OR (D) AN AGENT OF A DISQUALIFIED
ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE
THE TRANSFEROR TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX.
SUCH AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING
THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A
DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO
LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE
DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER,
INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON
THIS CERTIFICATE. EACH HOLDER OF THE CLASS R CERTIFICATE BY
ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.
(vii) The Holder of the Class R Certificate issued hereunder having
an Authorized Denomination of 0.01%, while not a Disqualified
Organization, is the Tax Matters Person for the REMIC.
(d) In the case of any Class B or Residual Certificate presented
for registration in the name of an employee benefit plan or other plan or
arrangement subject to the prohibited transaction provisions of ERISA or
Section 4975 of the Code (or comparable provisions of any subsequent
enactments) (a "Plan"), a trustee of any Plan, or any other Person who is
using the "plan assets" of any Plan to effect such acquisition, the Trustee
shall require (i) an Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee and the Company to the effect that the
purchase or holding of a Class B or Residual Certificate is permissible under
applicable law, will not constitute or result in a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, and will
not subject the Trustee, the Master Servicer or the Company to any obligation
or liability (including obligations or liabilities under Section 406 of ERISA
or Section 4975 of the Code) in addition to those undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee,
the Master Servicer or the Company or (ii) only in the case of a Class B
Certificate, an officer's certificate acceptable to and in form and substance
satisfactory to the Trustee and the Company to the effect that the transferee
is an insurance company, the source of funds to be used by it to purchase the
Class B Certificates is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60), and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Section III of PTCE
95-60, which officer's certificate shall not be an expense of the Trustee,
the Master Servicer or the Company.
(e) No transfer, sale, pledge or other disposition of a Junior
Subordinate Certificate shall be made unless such transfer, sale, pledge or
other disposition is made in accordance with this Section 5.01(e) or Section
5.01(f). Each Person who, at any time, acquires any ownership interest in any
Junior Subordinate Certificate shall be deemed by the acceptance or
acquisition of such ownership interest to have agreed to be bound by the
following provisions of this Section 5.01(e) and Section 5.01(f), as
applicable. No transfer of a Junior Subordinate Certificate shall be deemed
to be made in accordance with this Section 5.01(e) unless such transfer is
made pursuant to an
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effective registration statement under the Securities Act or unless the
Trustee is provided with the certificates and an Opinion of Counsel, if
required, on which the Trustee may conclusively rely, which establishes or
establish to the Trustee's satisfaction that such transfer is exempt from the
registration requirements under the Securities Act, as follows: In the event
that a transfer is to be made in reliance upon an exemption from the
Securities Act, the Trustee shall require, in order to assure compliance with
the Securities Act, that the Certificateholder desiring to effect such
transfer certify to the Trustee in writing, in substantially the form
attached hereto as Exhibit F, the facts surrounding the transfer, with such
modifications to such Exhibit F as may be appropriate to reflect the actual
facts of the proposed transfer, and that the Certificateholder's proposed
transferee certify to the Trustee in writing, in substantially the form
attached hereto as Exhibit G, the facts surrounding the transfer, with such
modifications to such Exhibit G as may be appropriate to reflect the actual
facts of the proposed transfer. If such certificate of the proposed
transferee does not contain substantially the substance of Exhibit G, the
Trustee shall require an Opinion of Counsel satisfactory to it that such
transfer may be made without registration, which Opinion of Counsel shall not
be obtained at the expense of the Trustee, the Trust Fund or the Company.
Such Opinion of Counsel shall allow for the forwarding, and the Trustee shall
forward, a copy thereof to the Rating Agency. Notwithstanding the foregoing,
any Junior Subordinate Certificate may be transferred, sold, pledged or
otherwise disposed of in accordance with the requirements set forth in
Section 5.01(f).
(f) No transfer of a Class IIA-1 Certificate may be made unless in
accordance with this Section 5.01(f). In addition, transfers of Junior
Subordinate Certificates may be made in accordance with this Section 5.01(f).
To effectuate a Certificate transfer in accordance with this Section 5.01(f),
the proposed transferee of such Certificate must provide the Trustee and the
Company with an investment letter substantially in the form of Exhibit L
attached hereto, which investment letter shall not be an expense of the
Trustee or the Company, and which investment letter states that, among other
things, such transferee (i) is a "qualified institutional buyer" as defined
under Rule 144A, acting for its own account or the accounts of other
"qualified institutional buyers" as defined under Rule 144A, and (ii) is
aware that the proposed transferor intends to rely on the exemption from
registration requirements under the Securities Act provided by Rule 144A.
Notwithstanding the foregoing, the proposed transferee of such Certificate
shall not be required to provide the Trustee or the Company with Annex 1 or
Annex 2 to the form of Exhibit L attached hereto if the Company so consents
prior to each such transfer. Such transfers shall be deemed to have complied
with the requirements of this Section 5.01(f); provided, however, that the
initial transfer of the Class IIA-1 Certificates by the Company to Teachers
Insurance and Annuity Association of America shall be deemed to comply with
this Section 5.01(f) without such investment letter being executed. The
Holder of a Certificate desiring to effect such transfer does hereby agree to
indemnify the Trustee, the Company, and the Certificate Registrar against any
liability that may result if transfer is not made in accordance with this
Agreement.
Section 5.02. CERTIFICATES ISSUABLE IN CLASSES; DISTRIBUTIONS OF
PRINCIPAL AND INTEREST; AUTHORIZED DENOMINATIONS. The aggregate principal
amount of Certificates that may be authenticated and delivered under this
Agreement is limited to the aggregate Principal Balance of the Mortgage Loans
as of the Cut-Off Date, as specified in the Preliminary Statement to this
Agreement, except for Certificates authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Certificates pursuant to Section 5.03. Such aggregate principal amount shall
be allocated among one or more Classes having designations, types of
interests, initial per annum Remittance Rates, initial Class Principal
Balances, initial Component Balances and last
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scheduled Distribution Dates as specified in the Preliminary Statement to
this Agreement. The aggregate Percentage Interest of each Class of
Certificates of which the Class Principal Balance equals zero as of the
Cut-Off Date that may be authenticated and delivered under this Agreement is
limited to 100%. Certificates shall be issued in Authorized Denominations.
Section 5.03. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.
The Trustee shall cause to be maintained at one of its offices or at its
designated agent, a Certificate Register in which there shall be recorded the
name and address of each Certificateholder. Subject to such reasonable rules and
regulations as the Trustee may prescribe, the Certificate Register shall be
amended from time to time by the Trustee or its agent to reflect notice of any
changes received by the Trustee or its agent pursuant to Section 10.06. The
Trustee hereby appoints itself as the initial Certificate Registrar.
Upon surrender for registration of transfer of any Certificate to the
Trustee at the office of First Trust of New York, National Association, 100 Wall
Street, Suite 1600, New York, NY 10005, Attention: Glenn Anderson, or such other
address or agency as may hereafter be provided to the Master Servicer in writing
by the Trustee, the Trustee shall execute, and the Trustee or any Authenticating
Agent shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates of Authorized Denominations of like
Percentage Interest. At the option of the Certificateholders, Certificates may
be exchanged for other Certificates in Authorized Denominations of like
Percentage Interest, upon surrender of the Certificates to be exchanged at any
such office or agency. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, and the Trustee, or any Authenticating
Agent, shall authenticate and deliver, the Certificates which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for transfer shall (if so required by the Trustee or
any Authenticating Agent) be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee or any Authenticating
Agent and duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing.
A reasonable service charge may be made for any such exchange or
transfer of Certificates, and the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any exchange or transfer of Certificates.
All Certificates surrendered for exchange or transfer shall be
cancelled by the Trustee or any Authenticating Agent.
Section 5.04. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If
(i) any mutilated Certificate is surrendered to the Trustee or any
Authenticating Agent, or (ii) the Trustee or any Authenticating Agent receives
evidence to their satisfaction of the destruction, loss or theft of any
Certificate, and there is delivered to the Trustee or any Authenticating Agent
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Trustee or any Authenticating
Agent that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute and the Trustee or any Authenticating Agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like Percentage
Interest. Upon the issuance of any new Certificate under this Section 5.04, the
Trustee or any Authenticating Agent may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation
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thereto and any other expenses (including the fees and expenses of the Trustee
or any Authenticating Agent) connected therewith. Any replacement Certificate
issued pursuant to this Section 5.04 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund as if originally issued, whether or not
the lost or stolen Certificate shall be found at any time.
Section 5.05. PERSONS DEEMED OWNERS. The Company, the Master
Servicer, the Trustee and any agent of any of them may treat the Person in whose
name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 4.01 and for all other
purposes whatsoever, and neither the Company, the Master Servicer, the Trustee,
the Certificate Registrar nor any agent of the Company, the Master Servicer or
the Trustee shall be affected by notice to the contrary.
Section 5.06. TEMPORARY CERTIFICATES. Upon the initial issuance of
the Certificates, the Trustee may execute, and the Trustee or any Authenticating
Agent shall authenticate and deliver, temporary Certificates which are printed,
lithographed, typewritten or otherwise produced, in any Authorized Denomination,
of the tenor of the definitive Certificates in lieu of which they are issued and
with such variations in form from the forms of the Certificates set forth as
Exhibits A and B hereto as the Trustee's officers executing such Certificates
may determine, as evidenced by their execution of the Certificates.
Notwithstanding the foregoing, the Certificates may remain in the form set forth
in this definition of "Temporary Certificates."
If temporary Certificates are issued, the Trustee shall cause
definitive Certificates to be prepared within ten Business Days of the Closing
Date or as soon as practicable thereafter. After preparation of definitive
Certificates, the temporary Certificates shall be exchangeable for definitive
Certificates upon surrender of the temporary Certificates at the office or
agency of the Trustee to be maintained as provided in Section 5.10 hereof,
without charge to the holder. Any tax or governmental charge that may be imposed
in connection with any such exchange shall be borne by the Master Servicer. Upon
surrender for cancellation of any one or more temporary Certificates, the
Trustee shall execute and the Trustee or any Authenticating Agent shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Certificates of Authorized Denominations. Until so exchanged, the
temporary Certificates shall in all respects be entitled to the same benefits
under this Agreement as definitive Certificates.
Section 5.07. BOOK-ENTRY FOR BOOK-ENTRY CERTIFICATES.
Notwithstanding the foregoing, the Book-Entry Certificates, upon original
issuance, shall be issued in the form of one or more typewritten Certificates of
Authorized Denomination representing the Book-Entry Certificates, to be
delivered to DTC, the initial Clearing Agency, by, or on behalf of, the Company,
except that one Book-Entry Certificate of each Class of Book-Entry Certificates
may be issued in a denomination less than $1 and, if so issued, shall be held in
physical certificate form directly by the holder thereof. The Book-Entry
Certificates shall initially be registered on the Certificate Register in the
name of Cede & Co., the nominee of DTC, as the initial Clearing Agency, and no
Beneficial Holder shall receive a definitive certificate representing such
Beneficial Holder's interest in any Class of Book-Entry Certificate, except as
provided above and in Section 5.09. Each Book-Entry Certificate shall bear the
following legend:
Unless this Certificate is presented by an authorized
representative of The Depository Trust Company, a New York
corporation ("DTC"), to the Trustee or its agent for
registration of transfer, exchange, or payment, and any
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Certificate issued is registered in the name of Cede & Co.
or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.
Unless and until definitive, fully registered Book-Entry Certificates (the
"Definitive Certificates") have been issued to the Beneficial Holders pursuant
to Section 5.09:
(a) the provisions of this Section 5.07 shall be in full force
and effect with respect to the Book-Entry Certificates;
(b) the Master Servicer and the Trustee may deal with the
Clearing Agency for all purposes with respect to the Book-Entry
Certificates (including the making of distributions on the Book-Entry
Certificates) as the sole Certificateholder;
(c) to the extent that the provisions of this Section 5.07
conflict with any other provisions of this Agreement, the provisions
of this Section 5.07 shall control; and
(d) the rights of the Beneficial Holders shall be exercised
only through the Clearing Agency and the DTC Participants and shall be
limited to those established by law and agreements between such
Beneficial Holders and the Clearing Agency and/or the DTC
Participants. Pursuant to the Depositary Agreement, unless and until
Definitive Certificates are issued pursuant to Section 5.09, the
initial Clearing Agency will make book-entry transfers among the DTC
Participants and receive and transmit distributions of principal and
interest on the related Class of Book-Entry Certificates to such DTC
Participants.
For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of
Book-Entry Certificates evidencing a specified Percentage Interest, such
direction or consent may be given by the Clearing Agency at the direction of
Beneficial Holders owning Book-Entry Certificates evidencing the requisite
Percentage Interest represented by the Book-Entry Certificates. The Clearing
Agency may take conflicting actions with respect to the Book-Entry Certificates
to the extent that such actions are taken on behalf of the Beneficial Holders.
Section 5.08. NOTICES TO CLEARING AGENCY. Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to the related
Certificateholders pursuant to Section 5.09, the Trustee shall give all such
notices and communications specified herein to be given to Holders of the
Book-Entry Certificates to the Clearing Agency which shall give such notices and
communications to the related DTC Participants in accordance with its applicable
rules, regulations and procedures.
Section 5.09. DEFINITIVE CERTIFICATES. If (a) the Master Servicer
notifies the Trustee in writing that the Clearing Agency is no longer willing or
able to discharge properly its responsibilities under the Depositary Agreement
with respect to the Book-Entry Certificates and
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the Trustee or the Master Servicer is unable to locate a qualified successor,
(b) the Master Servicer, at its option, advises the Trustee in writing that
it elects to terminate the book-entry system with respect to the Book-Entry
Certificates through the Clearing Agency or (c) after the occurrence of an
Event of Default, Certificateholders holding Book-Entry Certificates
evidencing Percentage Interests aggregating not less than 66% of the
aggregate Class Principal Balance of such Certificates advise the Trustee and
the Clearing Agency through DTC Participants in writing that the continuation
of a book-entry system with respect to the Book-Entry Certificates through
the Clearing Agency is no longer in the best interests of the
Certificateholders with respect to such Certificates, the Trustee shall
notify all Certificateholders of Book-Entry Certificates of the occurrence of
any such event and of the availability of Definitive Certificates. Upon
surrender to the Trustee of the Book-Entry Certificates by the Clearing
Agency, accompanied by registration instructions from the Clearing Agency for
registration, the Trustee shall execute and the Trustee or any Authenticating
Agent shall authenticate and deliver the Definitive Certificates. Neither the
Company, the Master Servicer nor the Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates for all of the Certificates all references herein to obligations
imposed upon or to be performed by the Clearing Agency shall be deemed to be
imposed upon and performed by the Trustee, to the extent applicable with
respect to such Definitive Certificates, and the Trustee shall recognize the
Holders of Definitive Certificates as Certificateholders hereunder.
Section 5.10. OFFICE FOR TRANSFER OF CERTIFICATES. The Trustee shall
maintain in New York, New York, an office or agency where Certificates may be
surrendered for registration of transfer or exchange. First Trust of New York,
National Association, 100 Wall Street, Suite 1600, New York, New York 10005,
Attention: Glenn Anderson, is initially designated for said purposes.
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. LIABILITY OF THE COMPANY AND THE MASTER SERVICER. The
Company and the Master Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically imposed upon and undertaken by the
Company or the Master Servicer, as applicable, herein.
Section 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE MASTER
SERVICER. Any corporation into which the Company or the Master Servicer may be
merged or consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Company or the Master Servicer shall be a party,
or any corporation succeeding to the business of the Company or the Master
Servicer, shall be the successor of the Company or the Master Servicer
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding.
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Section 6.03. LIMITATION ON LIABILITY OF THE COMPANY, THE MASTER
SERVICER AND OTHERS. Neither the Company nor the Master Servicer nor any of the
directors, officers, employees or agents of the Company or the Master Servicer
shall be under any liability to the Trust Fund or the Certificateholders for any
action taken by such Person or by a Servicer or for such Person's or Servicer's
refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Company, the Master Servicer or any such Person against
any liability which would otherwise be imposed by reason of willful misfeasance,
bad faith or gross negligence in the performance of duties or by reason of
reckless disregard of duties and obligations hereunder. The Company, the Master
Servicer and any director, officer, employee or agent of the Company or the
Master Servicer may rely in good faith on any document of any kind properly
executed and submitted by any Person respecting any matters arising hereunder.
The Company, the Master Servicer and any director, officer, employee or agent of
the Company or the Master Servicer shall be indemnified by the Trust Fund and
held harmless against any loss, liability or expense incurred in connection with
any legal action relating to this Agreement or the Certificates, other than any
loss, liability or expense relating to any Mortgage Loan (other than as
otherwise permitted in this Agreement) or incurred by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties
hereunder or by reason of reckless disregard of obligations and duties
hereunder. The Company and the Master Servicer shall not be under any obligation
to appear in, prosecute or defend any legal action which is not incidental to
its duties to service the Mortgage Loans in accordance with this Agreement and
which in its opinion may involve it in any expense or liability; provided,
however, that the Company or the Master Servicer may in its discretion undertake
any such action which it may deem necessary or desirable with respect to the
Mortgage Loans, this Agreement, the Certificates or the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder. In such
event, the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of the Certificate Account, as provided by Section 3.05.
Section 6.04. THE COMPANY AND MASTER SERVICER NOT TO RESIGN. The
Company shall not resign from the obligations and duties (including, without
limitation, its obligations and duties as initial Master Servicer) hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any successor Master Servicer shall not resign
from the obligations and duties hereby imposed on it except upon determination
that its duties hereunder are no longer permissible under applicable law. Any
such determination permitting the resignation of the Company or any successor
Master Servicer shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustee. No such resignation shall become effective until the
Trustee or a successor Master Servicer shall have assumed the Master Servicer's
responsibilities and obligations in accordance with Section 7.02 hereof.
If the Company is no longer acting as Master Servicer, then the
successor Master Servicer shall give prompt written notice to the Company of any
information received by such successor Master Servicer which affects or relates
to an ongoing obligation or right of the Company under this Agreement.
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ARTICLE VII
DEFAULT
Section 7.01. EVENTS OF DEFAULT. (a) In case one or more of the
following Events of Default by the Company, either in its own capacity or in its
capacity as Master Servicer or by a successor Master Servicer shall occur and be
continuing, that is to say:
(i) Any failure by the Master Servicer to distribute to
Certificateholders any payment required to be made under the terms of
the Certificates and this Agreement which continues unremedied for a
period of ten days after the date upon which written notice of such
failure, requiring the same to be remedied, shall have been given to
the Master Servicer by the Trustee or to the Master Servicer and the
Trustee by the Holders of Certificates evidencing Percentage Interests
aggregating not less than 25% of the Trust Fund; or
(ii) Failure on the part of the Master Servicer duly to observe or
perform in any material respect any other of the covenants or
agreements on the part of the Master Servicer contained in the
Certificates or in this Agreement which continues unremedied for a
period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to
the Master Servicer by the Trustee, or to the Master Servicer and the
Trustee by the Holders of Certificates evidencing Percentage Interests
aggregating not less than 25% of the Trust Fund; or
(iii) A decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
trustee in bankruptcy, conservator or receiver or liquidator in any
bankruptcy, insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Master
Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
(iv) The Master Servicer shall consent to the appointment of a
trustee in bankruptcy, conservator or receiver or liquidator in any
bankruptcy, insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings of or relating to the Master
Servicer or of or relating to all or substantially all of its
property; or
(v) The Master Servicer shall admit in writing its inability to
pay its debts generally as they become due, file a petition to take
advantage of any applicable bankruptcy, insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or
voluntarily suspend payment of its obligations; or
(vi) Any failure of the Master Servicer to make any Monthly P&I
Advance (other than a Nonrecoverable Advance) which continues
unremedied at the opening of business on the Distribution Date in
respect of which such Monthly P&I Advance was to have been made;
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then, and in each and every such case, so long as an Event of Default shall
not have been remedied, either the Trustee, or the Holders of Certificates
evidencing Percentage Interests aggregating not less than 25% of the Trust
Fund, by notice in writing to the Company and the Master Servicer (and to the
Trustee if given by the Certificateholders, in which case such notice shall
set forth evidence reasonably satisfactory to the Trustee that such Event of
Default has occurred and shall not have been remedied) may terminate all of
the rights (other than its right to reimbursement for advances) and
obligations of the Master Servicer, including its right to the Master
Servicing Fee, under this Agreement and in and to the Mortgage Loans and the
proceeds thereof, if any. Such determination shall be final and binding. On
or after the receipt by the Master Servicer of such written notice, all
authority and power of the Master Servicer under this Agreement, whether with
respect to the Certificates or the Mortgage Loans or otherwise, shall pass to
and be vested in the Trustee pursuant to and under this Section 7.01; and,
without limitation, the Trustee is hereby authorized and empowered to execute
and deliver, on behalf of the Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents, or
otherwise. The Master Servicer agrees to cooperate with the Trustee in
effecting the termination of the Master Servicer's responsibilities and
rights hereunder, including, without limitation, the transfer to the Trustee
for administration by it of all cash amounts which shall at the time be
credited by the Master Servicer to the Certificate Account or thereafter be
received with respect to the Mortgage Loans.
Notwithstanding the foregoing, if an Event of Default described in
clause (vi) of this Section 7.01(a) shall occur, the Trustee shall, by notice
in writing to the Master Servicer, which may be delivered by telecopy,
immediately suspend all of the rights and obligations of the Master Servicer
thereafter arising under this Agreement, but without prejudice to any rights
it may have as a Certificateholder or to reimbursement of Monthly P&I
Advances and other advances of its own funds, and the Trustee shall act as
provided in Section 7.02 to carry out the duties of the Master Servicer,
including the obligation to make any Monthly P&I Advance the nonpayment of
which was an Event of Default described in clause (vi) of this Section
7.01(a). Any such action taken by the Trustee must be prior to the
distribution on the relevant Distribution Date. If the Master Servicer shall
within two Business Days following such suspension remit to the Trustee the
amount of any Monthly P&I Advance the nonpayment of which by the Master
Servicer was an Event of Default described in clause (vi) of this Section
7.01(a), the Trustee shall permit the Master Servicer to resume its rights
and obligations as Master Servicer hereunder. The Master Servicer agrees that
it will reimburse the Trustee for actual, necessary and reasonable costs
incurred by the Trustee because of action taken pursuant to clause (vi) of
this Section 7.01(a). The Master Servicer agrees that if an Event of Default
as described in clause (vi) of this Section 7.01(a) shall occur more than two
times in any twelve month period, the Trustee shall be under no obligation to
permit the Master Servicer to resume its rights and obligations as Master
Servicer hereunder.
(b) In the event the Company is no longer acting as Master Servicer, in
case one or more of the following Events of Default by the Company shall occur
and be continuing, that is to say:
(i) Failure on the part of the Company duly to observe or perform in any
material respect any of the covenants or agreements on the part of the
Company contained in the Certificates or in this Agreement which continues
unremedied for a period of 60 days after
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the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Company by the Trustee, or to the
Company and the Trustee by the Holders of Certificates evidencing
Percentage Interests aggregating not less than 25% of the Trust Fund; or
(ii) A decree or order of a court or agency or supervisory authority
having jurisdiction in the premises for the appointment of a trustee in
bankruptcy, conservator or receiver or liquidator in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings, or for the winding-up or liquidation of its affairs,
shall have been entered against the Company and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days; or
(iii) The Company shall consent to the appointment of a trustee in
bankruptcy, conservator or receiver or liquidator in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings of or relating to the Company or of or relating to all
or substantially all of its property; or
(iv) The Company shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any
applicable bankruptcy, insolvency or reorganization statute, make an
assignment for the benefit of creditors, or voluntarily suspend payment of
its obligations;
then, and in each and every such case, so long as such Event of Default shall
not have been remedied, the Holders of Certificates evidencing Percentage
Interests aggregating not less than 25% of the Trust Fund, by notice in writing
to the Company and the Trustee, may direct the Trustee in accordance with
Section 10.03 to institute an action, suit or proceeding in its own name as
Trustee hereunder to enforce the Company's obligations hereunder.
(c) In any circumstances in which this Agreement states that
Certificateholders owning Certificates evidencing a certain percentage
Percentage Interest in the Trust Fund may take certain action, such action shall
be taken by the Trustee, but only if the requisite percentage of
Certificateholders required under this Agreement for taking like action or
giving like instruction to the Trustee under this Agreement shall have so
directed the Trustee in writing.
Section 7.02. TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. On and after the
time the Master Servicer receives a notice of termination pursuant to Section
7.01, the Trustee shall be the successor in all respects to the Master Servicer
under this Agreement and under the Selling and Servicing Contracts with respect
to the Mortgage Loans in the Mortgage Pool and with respect to the transactions
set forth or provided for herein and shall have all the rights and powers and be
subject to all the responsibilities, duties and liabilities relating thereto
arising after the Master Servicer receives such notice of termination placed on
the Master Servicer by the terms and provisions hereof and thereof, and shall
have the same limitations on liability herein granted to the Master Servicer;
provided, that the Trustee shall not under any circumstances be responsible for
any representations and warranties or any Purchase Obligation of the Company or
any liability incurred by the Master Servicer at or prior to the time the Master
Servicer was terminated as Master Servicer and the Trustee shall not be
obligated to make a Monthly P&I Advance if it is prohibited by law from so
doing. As compensation therefor, the Trustee shall be entitled to all funds
relating to the Mortgage Loans which the Master Servicer would have been
entitled to retain
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or to withdraw from the Certificate Account if the Master
Servicer had continued to act hereunder, except for those amounts due to the
Master Servicer as reimbursement for advances previously made or amounts
previously expended and are otherwise reimbursable hereunder. Notwithstanding
the above, the Trustee may, if it shall be unwilling to so act, or shall if it
is unable to so act, appoint, or petition a court of competent jurisdiction to
appoint, any established housing and home finance institution having a net worth
of not less than $10,000,000 as the successor to the Master Servicer hereunder
in the assumption of all or any part of the responsibilities, duties or
liabilities of the Master Servicer hereunder. Pending any such appointment, the
Trustee is obligated to act in such capacity. In connection with such
appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall,
together with the compensation to the Trustee, be in excess of that permitted
the Master Servicer hereunder. The Trustee and such successor shall take such
actions, consistent with this Agreement, as shall be necessary to effectuate any
such succession.
Section 7.03. NOTIFICATION TO CERTIFICATEHOLDERS. Upon any such
termination or appointment of a successor to the Master Servicer, the Trustee
shall give prompt written notice thereof to Certificateholders at their
respective addresses appearing in the Certificate Register.
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. DUTIES OF TRUSTEE.
(a) The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived) the Trustee shall exercise such of the rights and powers vested in it by
this Agreement, and use the same degree of care and skill in its exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such certificate,
statement, opinion, report, or other order or instrument furnished by the
Company or Master Servicer to the Trustee pursuant to this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default and after the
curing of all such Events of Default which may have occurred, the
duties and obligations of the
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Trustee shall be determined solely by the express provisions of this
Agreement, the Trustee shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this
Agreement, no implied covenants or obligations shall be read into this
Agreement against the Trustee, and, in the absence of bad faith on the part
of the Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Agreement; and
(ii) The Trustee shall not be personally liable with respect to any
action taken or omitted to be taken by it in good faith in accordance
with the direction of the Certificateholders holding Certificates
which evidence Percentage Interests aggregating not less than 25% of
the Trust Fund relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or relating to
the exercise of any trust or power conferred upon the Trustee under
this Agreement.
(d) Within ten days after the occurrence of any Event of Default known
to the Trustee, the Trustee shall transmit by mail to the Rating Agency notice
of each Event of Default. Within 90 days after the occurrence of any Event of
Default known to the Trustee, the Trustee shall transmit by mail to all
Certificateholders (with a copy to the Rating Agency) notice of each Event of
Default, unless such Event of Default shall have been cured or waived; provided,
however, the Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Trustee in good faith determines that the
withholding of such notice is in the best interests of the Certificateholders;
and provided, further, that in the case of any Event of Default of the character
specified in Section 7.01(i) and Section 7.01(ii) no such notice to
Certificateholders or to the Rating Agency shall be given until at least 30 days
after the occurrence thereof.
Section 8.02. CERTAIN MATTERS AFFECTING THE TRUSTEE. Except as
otherwise provided in Section 8.01:
(i) The Trustee may request and rely upon and shall be
protected in acting or refraining from acting upon any
resolution, Officer's Certificate, certificate of auditors
or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or
other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or
parties;
(ii) The Trustee may consult with counsel and any
Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with
such Opinion of Counsel;
(iii) The Trustee shall not be personally liable for any
action taken or omitted by it in good faith and reasonably
believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Agreement;
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(iv) Prior to the occurrence of an Event of Default
hereunder and after the curing of all Events of Default
which may have occurred, the Trustee shall not be bound to
make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do
so by the Holders of Certificates evidencing Percentage
Interests aggregating not less than 25% of the Trust Fund;
provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security, if any,
afforded to it by the terms of this Agreement, the Trustee
may require reasonable indemnity against such expense or
liability as a condition to proceeding;
(v) The Trustee may execute the trust or any of the
powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; and
(vi) The Trustee shall not be deemed to have knowledge
or notice of any matter, including without limitation an
Event of Default, unless actually known by a Responsible
Officer, or unless written notice thereof referencing this
Agreement or the Certificates is received at the Corporate
Trust Office at the address set forth in Section 10.06.
Section 8.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS.
The recitals contained herein (other than those relating to the due
organization, power and authority of the Trustee) and in the Certificates (other
than the execution of, and certificate of authentication on, the Certificates)
shall be taken as the statements of the Company and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Agreement or of the Certificates or any
Mortgage Loan. The Trustee shall not be accountable for the use or application
by the Company of any of the Certificates or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Master
Servicer, the Servicers or the Company in respect of the Mortgage Loans or
deposited into the Custodial Account for P&I, any Buydown Fund Account, or the
Custodial Accounts for P&I by any Servicer or into the Investment Account, or
the Certificate Account by the Master Servicer or the Company.
Section 8.04. TRUSTEE MAY OWN CERTIFICATES. The Trustee or any agent
or affiliate of the Trustee, in its individual or any other capacity, may become
the owner or pledgee of Certificates with the same rights it would have if it
were not Trustee.
Section 8.05. THE MASTER SERVICER TO PAY TRUSTEE'S FEES AND
EXPENSES. Subject to any separate written agreement with the Trustee, the
Company, as Master Servicer, covenants and agrees to, and the Master Servicer
shall, pay the Trustee from time to time, and the Trustee shall be entitled to
payment, for all services rendered by it in the execution of the trust hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee. Except as otherwise expressly provided herein, the
Master Servicer shall pay or reimburse the Trustee upon its request for all
reasonable expenses and disbursements incurred or made by the
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Trustee in accordance with any of the provisions of this Agreement and
indemnify the Trustee from any loss, liability or expense incurred by it
hereunder (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ)
except any such expense or disbursement as may arise from its negligence or
bad faith. Such obligation shall survive the termination of this Agreement or
resignation or removal of the Trustee. The Master Servicer shall, at its
expense, prepare or cause to be prepared all federal and state income tax and
franchise tax and information returns relating to the Trust Fund required to
be prepared or filed by the Trustee and shall indemnify the Trustee for any
liability of the Trustee arising from any error in such returns.
Section 8.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE. The Trustee
hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a
corporation or association organized and doing business under the laws of the
United States of America or of any state, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by federal or state
authority and (iii) acceptable to the Rating Agency. If such corporation or
association publishes reports of condition at least annually, pursuant to law or
to the requirements of any aforementioned supervising or examining authority,
then for the purposes of this Section 8.06, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. In case at any time
the Trustee shall cease to be eligible in accordance with the provisions of this
Section 8.06, the Trustee shall resign immediately in the manner and with the
effect specified in Section 8.07.
Section 8.07. RESIGNATION AND REMOVAL OF TRUSTEE. The Trustee may at
any time resign and be discharged from the trust hereby created by giving
written notice thereof to the Master Servicer. Upon receiving such notice of
resignation, the Master Servicer shall promptly appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and shall have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee.
If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Master Servicer, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Master Servicer may remove the Trustee and appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the Trustee so removed, one copy to the successor.
The Holders of Certificates evidencing Percentage Interests
aggregating more than 50% of the Trust Fund may at any time remove the Trustee
and appoint a successor trustee by written instrument or instruments, in
triplicate, signed by such Holders or their attorneys in-fact duly authorized,
one complete set of which instruments shall be delivered to the Master Servicer,
one complete set to the Trustee so removed and one complete set to the successor
so appointed.
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Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.08.
Section 8.08. SUCCESSOR TRUSTEE. Any successor trustee appointed as
provided in Section 8.07 shall execute, acknowledge and deliver to the Master
Servicer and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee
shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as Trustee herein. The predecessor shall deliver to the successor trustee
all Mortgage Files, related documents, statements and all other property held by
it hereunder, and the Master Servicer and the predecessor trustee shall execute
and deliver such instruments and do such other things as may reasonably be
required for more fully and certainly vesting and confirming in the successor
trustee all such rights, powers, duties and obligations.
No successor trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such appointment such successor trustee shall
be eligible under the provisions of Section 8.06.
Upon acceptance of appointment by a successor trustee as provided in
this Section 8.08, the Master Servicer shall mail notice of the succession of
such trustee hereunder to (i) all Certificateholders at their addresses as shown
in the Certificate Register and (ii) the Rating Agency. If the Master Servicer
fails to mail such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed.
Section 8.09. MERGER OR CONSOLIDATION OF TRUSTEE. Any corporation or
association into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such resulting or successor
corporation shall be eligible under the provisions of Section 8.06, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.
Section 8.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund may at the time be located, the Master Servicer and the Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee to act as
co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
separate trustees, of all or any part of the Trust Fund, and to vest in such
Person or Persons, in such capacity, such title to the Trust Fund, or any part
thereof, and, subject to the other provisions of this Section 8.10, such powers,
duties, obligations, rights and trusts as the Master Servicer and the Trustee
may consider necessary or desirable; provided, that the Trustee shall remain
liable for all of its obligations and duties under this Agreement. If the Master
Servicer shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, or in case an Event of Default shall have
occurred and be continuing, the Trustee alone shall have the power to make such
appointment; provided, that the Trustee shall remain liable for all of its
obligations and duties under this Agreement. No co-trustee
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or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice
to Certificateholders of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.
In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly and severally, except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed by the
Trustee (whether as Trustee hereunder or as successor to the Master Servicer
hereunder), the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.
Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustee(s) and
co-trustee(s), as effectively as if given to each of them. Every instrument
appointing any separate trustee(s) or co-trustee(s) shall refer to this
Agreement and the conditions of this Article VIII. Each separate trustee and
co-trustee, upon its acceptance of the trust conferred, shall be vested with the
estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Every such instrument shall be filed with the
Trustee.
Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and the trust shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11. AUTHENTICATING AGENTS. The Trustee may appoint one or
more Authenticating Agents which shall be authorized to act on behalf of the
Trustee in authenticating Certificates. Wherever reference is made in this
Agreement to the authentication of Certificates by the Trustee or the Trustee"s
certificate of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent must be acceptable to the Master
Servicer and must be a corporation or banking association organized and doing
business under the laws of the United States of America or of any state, having
a principal office and place of business in New York, New York, having a
combined capital and surplus of at least $15,000,000, authorized under such laws
to do a trust business and subject to supervision or examination by federal or
state authorities.
Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which any Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of any Authenticating Agent, shall continue to be the Authenticating Agent so
long as it shall be eligible in accordance with the provisions of the first
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paragraph of this Section 8.11 without the execution or filing of any paper or
any further act on the part of the Trustee or the Authenticating Agent.
Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Master Servicer. The Trustee
may, upon prior written approval of the Master Servicer, at any time
terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Master Servicer. Upon
receiving a notice of resignation or upon such a termination, or in case at
any time any Authenticating Agent shall cease to be eligible in accordance
with the provisions of the first paragraph of this Section 8.11, the Trustee
may appoint, upon prior written approval of the Master Servicer, a successor
Authenticating Agent, shall give written notice of such appointment to the
Master Servicer and shall mail notice of such appointment to all
Certificateholders. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. Any reasonable compensation paid to
an Authenticating Agent shall be a reimbursable expense pursuant to Section
8.05 if paid by the Trustee.
Section 8.12. PAYING AGENTS. The Trustee may appoint one or more
Paying Agents which shall be authorized to act on behalf of the Trustee in
making withdrawals from the Certificate Account, and distributions to
Certificateholders as provided in Section 4.01(a) and Section 9.01(b) to the
extent directed to do so by the Master Servicer. Wherever reference is made in
this Agreement to the withdrawal from the Certificate Account by the Trustee,
such reference shall be deemed to include such a withdrawal on behalf of the
Trustee by a Paying Agent. Whenever reference is made in this Agreement to a
distribution by the Trustee or the furnishing of a statement to
Certificateholders by the Trustee, such reference shall be deemed to include
such a distribution or furnishing on behalf of the Trustee by a Paying Agent.
Each Paying Agent shall provide to the Trustee such information concerning the
Certificate Account as the Trustee shall request from time to time. Each Paying
Agent must be reasonably acceptable to the Master Servicer and must be a
corporation or banking association organized and doing business under the laws
of the United States of America or of any state, having a principal office and
place of business in New York, New York, having a combined capital and surplus
of at least $15,000,000, authorized under such laws to do a trust business and
subject to supervision or examination by federal or state authorities.
Any corporation into which any Paying Agent may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which any Paying Agent shall be a party,
or any corporation succeeding to the corporate agency business of any Paying
Agent, shall continue to be the Paying Agent provided that such corporation
after the consummation of such merger, conversion, consolidation or succession
meets the eligibility requirements of this Section 8.12.
Any Paying Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Master Servicer; provided, that the Paying
Agent has returned to the Certificate Account or otherwise accounted, to the
reasonable satisfaction of the Master Servicer, for all amounts it has withdrawn
from the Certificate Account. The Trustee may, upon prior written approval of
the Master Servicer, at any time terminate the agency of any Paying Agent by
giving written notice of termination to such Paying Agent and to the Master
Servicer. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Paying Agent shall
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cease to be eligible in accordance with the provisions of the first paragraph
of this Section 8.12, the Trustee may appoint, upon prior written approval of
the Master Servicer, a successor Paying Agent, shall give written notice of
such appointment to the Master Servicer and shall mail notice of such
appointment to all Certificateholders. Any successor Paying Agent upon
acceptance of its appointment hereunder shall become vested with all the
rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as Paying Agent. Any reasonable
compensation paid to any Paying Agent shall be a reimbursable expense
pursuant to Section 8.05 if paid by the Trustee.
ARTICLE IX
TERMINATION
Section 9.01. TERMINATION UPON REPURCHASE BY THE COMPANY OR
LIQUIDATION OF ALL MORTGAGE LOANS.
(a) Except as otherwise set forth in this Article IX, including,
without limitation, the obligation of the Master Servicer to make payments to
Certificateholders as hereafter set forth, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby shall terminate upon (i) the repurchase by the Company pursuant to the
following paragraph of this Section 9.01(a) of all Mortgage Loans and all
property acquired in respect of any Mortgage Loan remaining in the Trust Fund at
a price equal, after the deduction of related advances, to the sum of (x) the
excess of (A) 100% of the aggregate outstanding Principal Balance of such
Mortgage Loans (other than Liquidated Mortgage Loans) plus accrued interest at
the applicable Pass-Through Rate with respect to such Mortgage Loan (other than
a Liquidated Mortgage Loan) through the last day of the month of such
repurchase, over (B) with respect to any Mortgage Loan which is not a Liquidated
Mortgage Loan, the amount of the Bankruptcy Loss incurred with respect to such
Mortgage Loan as of the date of such repurchase by the Company to the extent
that the Principal Balance of such Mortgage Loan has not been previously reduced
by such Bankruptcy Loss, and (y) the appraised fair market value as of the
effective date of the termination of the trust created hereby of (A) all
property in the Trust Fund which secured a Mortgage Loan and which was acquired
by foreclosure or deed in lieu of foreclosure after the Cut-Off Date, including
related Insurance Proceeds, and (B) all other property in the Trust Fund, any
such appraisal to be conducted by an appraiser mutually agreed upon by the
Company and the Trustee, or (ii) the later of the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property acquired upon
foreclosure in respect of any Mortgage Loan, and the payment to
Certificateholders of all amounts required to be paid to them hereunder;
provided, however, that in no event shall the trust created hereby continue
beyond the expiration of 21 years from the death of the survivor of the issue of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James, living on the date hereof.
The Company may repurchase the outstanding Mortgage Loans and any
Mortgaged Properties acquired by the Trust Fund at the price stated in
clause (i) of the preceding paragraph provided that the aggregate Principal
Balance of the Mortgage Loans at the time of any such repurchase aggregates less
than ten percent of the aggregate Principal Balance of the Mortgage Loans as of
the Cut-Off Date. If such right is exercised, the Company shall provide to the
Trustee
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(and to the Master Servicer, if the Company is no longer acting as Master
Servicer) the written certification of an officer of the Company (which
certification shall include a statement to the effect that all amounts
required to be paid in order to repurchase the Mortgage Loans have been
deposited in the Certificate Account) and the Trustee shall promptly execute
all instruments as may be necessary to release and assign to the Company the
Mortgage Files and any foreclosed Mortgaged Property pertaining to the Trust
Fund.
In no event shall the Company be required to expend any amounts other
than those described in the first paragraph of this Section 9.01(a) in order to
terminate the Trust Fund or repurchase the Mortgage Loans under this
Section 9.01.
(b) Notice of any termination, specifying the date upon which the
Certificateholders may surrender their Certificates to the Trustee for payment
and cancellation, shall be given promptly by letter from the Trustee to
Certificateholders mailed not less than 30 days prior to such final
distribution, specifying (i) the date upon which final payment of the
Certificates will be made upon presentation and surrender of Certificates at the
office of the Certificate Registrar therein designated (the "Termination Date"),
(ii) the amount of such final payment (the "Termination Payment") and (iii) that
the Record Date otherwise applicable to the Distribution Date upon which the
Termination Date occurs is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office of the Certificate
Registrar therein specified. Upon any such notice, the Certificate Account shall
terminate subject to the Master Servicer's obligation to hold all amounts
payable to Certificateholders in trust without interest pending such payment.
In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the Termination
Date, the Company shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive
the Termination Payment with respect thereto. If within one year after the
second notice all the Certificates shall not have been surrendered for
cancellation, the Company may take appropriate steps to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets which remain in trust
hereunder.
Section 9.02. ADDITIONAL TERMINATION REQUIREMENTS.
(a) In the event the Company exercises its purchase option as provided
in Section 9.01, the Trust Fund shall be terminated in accordance with the
following additional requirements, unless the Trustee shall have received an
Opinion of Counsel to the effect that the failure of the Trust Fund to comply
with the requirements of this Section 9.02 will not (i) result in the imposition
of taxes on "prohibited transactions" of the Trust Fund as described in Section
860F of the Code, or (ii) cause the Trust Fund to fail to qualify as a REMIC at
any time that any Certificates are outstanding:
(i) Within 90 days prior to the final Distribution
Date set forth in the notice given by the Trustee under
Section 9.01, the Company, in its capacity as agent of the
Tax Matters Person shall prepare the documentation required
and adopt a plan of complete liquidation on behalf of the
Trust Fund meeting the requirements of a qualified
liquidation under Section 860F of the Code and any
regulations thereunder, as evidenced by an Opinion of
Counsel, on behalf of the Trust Fund; and
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(ii) At or after the time of adoption of such a plan
of complete liquidation and at or prior to the final
Distribution Date, the Master Servicer as agent of the
Trustee shall sell all of the assets of the Trust Fund to
the Company for cash in the amount specified in Section
9.01; provided, however, that in the event that a calendar
quarter ends after the time of adoption of such a plan of
complete liquidation but prior to the final Distribution
Date, the Master Servicer shall not sell any of the assets
of the Trust Fund prior to the close of that calendar
quarter.
(b) By its acceptance of any Residual Certificate, the Holder thereof
hereby agrees to authorize the Company to adopt such a plan of complete
liquidation upon the written request of the Company and to take such other
action in connection therewith as may be reasonably requested by the Company.
Section 9.03. TRUST IRREVOCABLE. Except as expressly provided
herein, the trust created hereby is irrevocable.
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01. AMENDMENT.
(a) This Agreement may be amended from time to time by the Company and
the Trustee, without the consent of any of the Certificateholders, (i) to cure
any ambiguity; (ii) to correct or supplement any provision herein which may be
defective or inconsistent with any other provisions herein; (iii) to comply with
any requirements imposed by the Code or any regulations thereunder; (iv) to
correct the description of any property at any time included in the Trust Fund,
or to assure the conveyance to the Trustee of any property included in the Trust
Fund; and (v) pursuant to Section 5.01(c)(v). No such amendment (other than one
entered into pursuant to clause (iii) of the preceding sentence) shall adversely
affect in any material respect the interest of any Certificateholder. Prior to
entering into any amendment without the consent of Certificateholders pursuant
to this paragraph, the Trustee may require an Opinion of Counsel to the effect
that such amendment is permitted under this paragraph. The placement of an
"original issue discount" legend on, or any change required to correct any such
legend previously place on, a Certificate shall not be deemed any amendment to
this Agreement.
(b) This Agreement may also be amended from time to time by the
Company and the Trustee with the consent of the Holders of Certificates
evidencing Percentage Interests aggregating not less than 66% of the Trust Fund
for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Agreement or of modifying in any
manner the rights of the Certificateholders; provided, however, that no such
amendment shall, without the consent of the Holder of each Certificate affected
thereby (i) reduce in any manner the amount of, or delay the timing of,
distributions of principal or interest required to be made hereunder or reduce
the Certificateholder's Percentage Interest, the Remittance Rate or the
Termination Payment with respect to any of the Certificates, (ii) reduce the
percentage of Percentage Interests specified in this Section 10.01 which are
required to amend this Agreement, (iii) create or permit the
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creation of any lien against any part of the Trust Fund, or (iv) modify any
provision in any way which would permit an earlier retirement of the
Certificates.
Promptly after the execution of any such amendment, the Trustee shall
furnish written notification of the substance of such amendment to each
Certificateholder. Any failure to provide such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amendment.
It shall not be necessary for the consent of Certificateholders under
this Section 10.01 to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.
Section 10.02. RECORDATION OF AGREEMENT. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or the comparable
jurisdictions in which any Mortgaged Property is situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Company and at its expense on direction by the Trustee, but only
upon direction accompanied by an Opinion of Counsel to the effect that such
recordation materially and beneficially affects the interests of the
Certificateholders.
Section 10.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. The death
or incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding-up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.
No Certificateholder shall have any right to vote or in any manner
otherwise to control the operation and management of the Trust Fund or the
obligations of the parties hereto (except as provided in Section 5.09, Section
7.01, Section 8.01, Section 8.02, Section 8.07, Section 10.01 and this Section
10.03), nor shall anything herein set forth, or contained in the terms of the
Certificates, be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.
No Certificateholder shall have any right by virtue or by availing of
any provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless also the
Holders of Certificates evidencing Percentage Interests aggregating not less
than 25% of the Trust Fund shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein or
thereby, and the Trustee, for 60 days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. However, the Trustee is under no obligation to
exercise any of the extraordinary trusts or powers
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vested in it by this Agreement or to make any investigation of matters
arising hereunder or to institute, conduct or defend any litigation hereunder
or in relation hereto at the request, order or direction of any of the
Certificateholders unless such Certificateholders have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities
which may be incurred therein or thereby. It is understood and intended, and
expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue or by
availing of any provision of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of such Certificates, or to obtain or
seek to obtain priority over or preference to any other such Holder, or to
enforce any right under this Agreement, except in the manner herein provided
and for the equal, ratable and common benefit of all Certificateholders. For
the protection and enforcement of the provisions of this Section 10.03, each
and every Certificateholder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.
Section 10.04. ACCESS TO LIST OF CERTIFICATEHOLDERS. The Certificate
Registrar shall furnish or cause to be furnished to the Trustee, within 30 days
after receipt of a request by the Trustee in writing, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date for payment of
distributions to such Certificateholders.
If three or more Certificateholders (hereinafter referred to as
"applicants") apply in writing to the Trustee, and such application states that
the applicants desire to communicate with other Certificateholders with respect
to their rights under this Agreement or under the Certificates and is
accompanied by a copy of the communication which such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt of
such list from the Certificate Registrar, afford such applicants access during
normal business hours to the most recent list of Certificateholders held by the
Trustee. If such a list is as of a date more than 90 days prior to the date of
receipt of such applicants" request, the Trustee shall promptly request from the
Certificate Registrar a current list as provided above, and shall afford such
applicants access to such list promptly upon receipt.
Every Certificateholder, by receiving and holding the same, agrees
with the Master Servicer and the Trustee that neither the Master Servicer nor
the Trustee shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Certificateholders hereunder,
regardless of the source from which such information was derived.
Section 10.05. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of Illinois and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 10.06. NOTICES. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at or mailed by registered or certified mail to (a) in the
case of the Company, 75 North Fairway Drive, Vernon Hills, Illinois 60061,
Attention: General Counsel (with a copy directed to the attention of the Master
Servicing Department) or such other address as may hereafter be furnished to the
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Trustee in writing by the Company, (b) in the case of the Master Servicer, 75
North Fairway Drive, Vernon Hills, Illinois 60061, Attention: General Counsel
(with a copy directed to the attention of the Master Servicing Department) or
such other address as may hereafter be furnished to the Trustee in writing by
the Master Servicer, (c) in the case of the Trustee, at its Corporate Trust
Office, or such other address as may hereafter be furnished to the Master
Servicer in writing by the Trustee, (d) in the case of the Certificate
Registrar, at its Corporate Trust Office, or such other address as may hereafter
be furnished to the Trustee in writing by the Certificate Registrar, (e) in the
case of DCR, 55 East Monroe Street, Chicago, Illinois 60603, Attention: MBS
Monitoring, or such other address as may hereafter be furnished to the Trustee
and Master Servicer in writing by DCR, and (f) in the case of S&P, 26 Broadway,
15th Floor, New York, New York 10004, Attention: Frank Raiter, or such other
address as may hereafter be furnished to the Trustee and Master Servicer in
writing by S&P. Notices to the Rating Agency shall also be deemed to have been
duly given if mailed by first class mail, postage prepaid, to the above listed
addresses of the Rating Agency. Any notice required or permitted to be mailed to
a Certificateholder shall be given by first class mail, postage prepaid, at the
address of such Holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives
such notice.
Section 10.07. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.
Section 10.08. COUNTERPART SIGNATURES. For the purpose of
facilitating the recordation of this Agreement as herein provided and for other
purposes, this Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.
Section 10.09. BENEFITS OF AGREEMENT. Nothing in this Agreement or
in any Certificate, expressed or implied, shall give to any Person, other than
the parties hereto and their respective successors hereunder, any separate
trustee or co-trustee appointed under Section 8.10 and the Certificateholders,
any benefit or any legal or equitable right, remedy or claim under this
Agreement.
Section 10.10. NOTICES AND COPIES TO RATING AGENCY.
(a) The Trustee shall notify the Rating Agency of the occurrence of
any of the following events, in the manner provided in Section 10.06:
(i) the occurrence of an Event of Default pursuant to
Section 7.01, subject to the provisions of Section 8.01(d);
(ii) the appointment of a successor Master Servicer
pursuant to Section 7.02;
(b) The Master Servicer shall notify the Rating Agency of the
occurrence of any of the following events, in the manner provided in Section
10.06:
(i) any amendment of this Agreement pursuant to
Section 10.01;
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(ii) the appointment of a successor Trustee pursuant
to Section 8.08;
(iii) the filing of any claim under or the cancellation
or modification of any fidelity bond and errors and
omissions coverage pursuant to Section 3.01 and Section 3.06
with respect to the Master Servicer or any Servicer;
(iv) any change in the location of the Certificate
Account, any Custodial Account for P&I or any Custodial
Account for Reserves;
(v) the repurchase of any Mortgage Loan pursuant to a
Purchase Obligation or the repurchase of the outstanding
Mortgage Loans pursuant to Section 9.01;
(vi) the occurrence of the final Distribution Date or
the termination of the trust pursuant to Section
9.01(a)(ii);
(vii) the failure of the Master Servicer to make a
Monthly P&I Advance following a determination on the
Determination Date that the Master Servicer would make such
advance pursuant to Section 4.03; and
(viii) the failure of the Master Servicer to make a
determination on the Determination Date regarding whether it
would make a Monthly P&I Advance when a shortfall exists
between (x) payments scheduled to be received in respect of
the Mortgage Loans and (y) the amounts actually deposited in
the Certificate Account on account of such payments,
pursuant to Section 4.03.
(c) The Master Servicer shall provide copies of the statements
pursuant to Section 4.02, Section 3.13 or Section 3.15 or any other statements
to the Rating Agency in such time and manner that such statements or
determinations are required to be provided to Certificateholders. With respect
to the reports described in the second paragraph of Section 4.02, the Master
Servicer shall provide such reports to the Rating Agency in respect of each
Distribution Date, without regard to whether any Certificateholder or the
Trustee has requested such report for such Distribution Date.
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IN WITNESS WHEREOF, the Company and the Trustee have caused their
names to be signed hereto by their respective officers, thereunto duly
authorized, and their respective seals, duly attested, to be hereunto affixed,
all as of the day and year first above written.
PNC MORTGAGE SECURITIES CORP.
(SEAL)
By: /s/ Daniel P. Hoffman
-------------------------------
Attest: /s/ unlegiable Daniel P. Hoffman
Its: Second Vice President
FIRST BANK NATIONAL ASSOCIATION, as TRUSTEE
(SEAL)
By: /s/ C. Hatfield
-------------------------------
Attest: /s/ Tamara Schultz-Fugh Christina Hatfield
Tamara Schultz-Fugh Its: Assistant Vice President
Trust Officer
<PAGE>
ACKNOWLEDGEMENT OF CORPORATION
STATE OF ILLINOIS )
)SS.
COUNTY OF LAKE )
On this 29th day of April, 1997 before me, a Notary Public in and for
said State, personally appeared Daniel P. Hoffman, known to me to be the
Second Vice President of PNC MORTGAGE SECURITIES CORP., one of the corporations
that executed the within interest, and also known to me to be the person who
executed it on behalf of said Corporation, and acknowledged to me that such
corporation executed the within instrument pursuant to its By-Laws or a
resolution of its Board of Directors.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in the certificate first above written.
/s/ Laura A. Cleland
-----------------------------------------------
Notary Public
(SEAL)
<PAGE>
CERTIFICATE OF ACKNOWLEDGEMENT
STATE OF MINNESOTA )
)SS.
COUNTY OF RAMSEY )
On this 29th day of April, 1997 before me, a Notary Public in and for said
State, personally appeared Christina Hatfield, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me
that he/she/they executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature /s/ Deborah J. Franco (SEAL)
---------------------------
<PAGE>
Exhibit A-1
CUSIP 693 48L KK4
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-1
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.
[Unless this Certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Trustee
or its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other
name as is requested by an authorized representative of DTC (and any payment
is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3
Class IA-1 Remittance Rate: Based Portion of the Class IA-1 Principal
on the following two Components: Balance as of the Cut-Off Date evidenced
by this Certificate:
$____________________
(i) PAC-I-1 Component Remittance Rate: 7.000% applied to the PAC-I-1 Component
Balance; and
(ii) Companion Component Remittance Rate: 7.000% applied to the Companion
Component Balance.
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-1 Principal Balance as of the Cut-Off Date:
$36,550,361.00
____________________
Registered Owner Certificate No. __
A-1-1
<PAGE>
Exhibit A-2
CUSIP 693 48L KL2
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-2
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
[]Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or
its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3 Portion of the Class IA-2
Principal Balance as of the
Class A-1 Remittance Rate: Based Cut-Off Date evidenced by this
on the following two Components: Certificate:
$____________________
(i) PAC-I-2 Component Remittance Rate: 7.000% applied to the PAC-I-2 Component
Balance; and
(ii) TAC-I Component Remittance Rate: 7.000% applied to the TAC-I Component
Balance.
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-2 Principal Balance as of the Cut-Off Date:
$19,784,500.00
____________________
Registered Owner Certificate No. __
A-2-1
<PAGE>
Exhibit A-3
CUSIP 693 48L KM0
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-3
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or
its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3 Portion of the Class IA-3
Principal Balance as of the
Class IA-3 Remittance Rate: Cut-Off Date evidenced by this
7.000% Certificate:
$_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-3 Principal Balance as of the Cut-Off Date:
$31,741,470.00
____________________
Registered Owner Certificate No. __
A-3-1
<PAGE>
Exhibit A-4
CUSIP 693 48L KN8
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-4
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or
its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3 Portion of the Class IA-4
Principal Balance as of the
Class IA-4 Remittance Rate: Cut-Off Date evidenced by this
7.000% Certificate:
$_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-4 Principal Balance as of the Cut-Off Date:
$44,000,000.00
____________________
Registered Owner Certificate No. __
A-4-1
<PAGE>
Exhibit A-5
CUSIP 693 48L KP3
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-5
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or
its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3 Portion of the Class IA-5
Principal Balance as of the
Class IA-5 Remittance Rate: Cut-Off Date evidenced by this
7.000% Certificate:
$_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-5 Principal Balance as of the Cut-Off Date:
$8,820,291.00
____________________
Registered Owner Certificate No. __
A-5-1
<PAGE>
Exhibit A-6
CUSIP 693 48L KQ1
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-6
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or
its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3 Portion of the Class IA-6
Principal Balance as of the
Class IA-6 Remittance Rate: Cut-Off Date evidenced by this
7.000% Certificate:
$_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-6 Principal Balance as of the Cut-Off Date:
$4,779,258.00
____________________
Registered Owner Certificate No. __
A-6-1
<PAGE>
Exhibit A-7
CUSIP 693 48L KR9
MORTGAGE PASS-THROUGH CERTIFICATE
Class IA-7
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or
its agent for registration of transfer, exchange, or payment, and any
Certificate issued is registered in the name of Cede & Co. or such other name
as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1997-3 Portion of the Class IA-7
Principal Balance as of the
Class IA-7 Remittance Rate: Cut-Off Date evidenced by this
7.000% Certificate:
$_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IA-7 Principal Balance as of the Cut-Off Date:
$1,616,275.00
____________________
Registered Owner Certificate No. __
A-7-1
<PAGE>
Exhibit A-8
CUSIP 693 48L LB3
MORTGAGE PASS-THROUGH CERTIFICATE
Class IP
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
Series 1997-3 Portion of the Class IP Principal
Balance as of the Cut-Off Date
Class IP Remittance Rate: 0.00% evidenced by this Certificate:
$_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IP Principal Balance as of the Cut-Off Date:
$129,474.89
____________________
Registered Owner Certificate No. __
A-8-1
<PAGE>
Exhibit A-9
CUSIP 693 48L KY4
MORTGAGE PASS-THROUGH CERTIFICATE
Class IX-1
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
Series 1997-3 Portion of the Class IX-1
Notional Amount as of the Cut-Off
Class IX-1 Remittance Rate: Date evidenced by this
7.000% applied to the Class IX-1 Certificate:
Notional Amount $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IX-1 Principal Balance as of the Cut-Off Date:
$0.00
Class IX-1 Notional Amount as of the Cut-Off Date:
$3,563,719.88
____________________
Registered Owner Certificate No. __
A-9-1
<PAGE>
Exhibit A-10
CUSIP 693 48L KZ1
MORTGAGE PASS-THROUGH CERTIFICATE
Class IX-2
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one-to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as
amended. The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect
to this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
Series 1997-3 Portion of the Class IX-2
Notional Amount as of the Cut-Off
Class IX-2 Remittance Rate: Date evidenced by this
7.000% applied to the Class IX-2 Certificate:
Notional Amount $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IX-2 Principal Balance as of the Cut-Off Date:
$0.00
Class IX-2 Notional Amount as of the Cut-Off Date:
$6,117,050.59
____________________
Registered Owner Certificate No. __
A-10-1
<PAGE>
Exhibit A-11
CUSIP 693 48L LK3
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-1
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 250% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(f) OF THE POOLING AGREEMENT.
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-1 Principal Balance as
of the Cut-Off Date evidenced by this Certificate:
Class IIA-1 Remittance Rate: Based on the following $____________________
four Components:
</TABLE>
(i) PAC-II Component Remittance Rate: 7.500% applied to the PAC-II Component
Balance;
(ii) TAC-II Component Remittance Rate: 7.500% applied to the TAC-II Component
Balance;
(iii) IO Component Remittance Rate: 7.500% applied to the IO Component
Notional Amount; and
(iv) PO Component Remittance Rate: 0.00%.
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-1 Principal Balance as of the Cut-Off Date:
$59,661,541.86
____________________
Registered Owner Certificate No. __
A-11-1
<PAGE>
Exhibit A-12
CUSIP 693 48L KS7
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-2
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-2 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IIA-2 Remittance Rate: 7.500% $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-2 Principal Balance as of the Cut-Off Date:
$28,500,000.00
</TABLE>
____________________
Registered Owner Certificate No. __
A-12-1
<PAGE>
Exhibit A-13
CUSIP 693 48L KT5
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-3
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 250% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-3 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IIA-3 Remittance Rate: 7.500% $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-3 Principal Balance as of the Cut-Off Date:
$139,910,604.00
</TABLE>
____________________
Registered Owner Certificate No. __
A-13-1
<PAGE>
Exhibit A-14
CUSIP 693 48L KU2
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-4
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-4 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IIA-4 Remittance Rate: 7.500% $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-4 Principal Balance as of the Cut-Off Date:
$71,700,000.00
</TABLE>
____________________
Registered Owner Certificate No. __
A-14-1
<PAGE>
Exhibit A-15
CUSIP 693 48L KV0
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-5
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 250% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-5 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IIA-5 Remittance Rate: 7.500% $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-5 Principal Balance as of the Cut-Off Date:
$6,635,107.00
</TABLE>
____________________
Registered Owner Certificate No. __
A-15-1
<PAGE>
Exhibit A-16
CUSIP 693 48L KW8
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-6
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 250% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-6 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IIA-6 Remittance Rate: 7.500% $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-6 Principal Balance as of the Cut-Off Date:
$16,000,000.00
</TABLE>
____________________
Registered Owner Certificate No. __
A-16-1
<PAGE>
Exhibit A-17
CUSIP 693 48L KX6
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIA-7
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 250% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIA-7 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IIA-7 Remittance Rate: 7.500% $_________________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIA-7 Principal Balance as of the Cut-Off Date:
$19,587,131.00
</TABLE>
____________________
Registered Owner Certificate No. __
A-17-1
<PAGE>
Exhibit A-18
CUSIP 693 48L LA5
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIX
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is April 30, 1997. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 250% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IIX Notional Amount as of the
Cut-Off Date evidenced by this Certificate:
Class IIX-1 Remittance Rate: 7.500% applied to the $_________________________
Class IIX Notional Amount
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIX Principal Balance as of the Cut-Off Date:
$0.00
Class IIX Notional Amount as of the Cut-Off Date:
$5,525,230.31
</TABLE>
____________________
Registered Owner Certificate No. __
A-18-1
<PAGE>
Exhibit A-19
CUSIP 693 48L LC1
MORTGAGE PASS-THROUGH CERTIFICATE
Class IB-1
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has been
issued with original issue discount ("OID") of no more than $ per
$100,000 of initial Certificate Principal Balance, the yield to maturity is %,
and the amount of OID attributable to the short period is not more than $
per $100,000 of initial Certificate Principal Balance, computed under the
exact method. No representation is made that the Mortgage Loans will prepay at a
rate based on the Basic Prepayment Rate or any other rate.]
IN THE CASE OF ANY CLASS IB-1 CERTIFICATE PRESENTED FOR REGISTRATION IN THE
NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF
ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN, OR ANY
OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH
ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET FORTH IN
SECTION 5.01(d) OF THE POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO
AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS IB-1 CERTIFICATE IS PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND WILL
NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION
OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING
AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE,
THE MASTER SERVICER OR THE COMPANY.
The Class IB-1 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IB-1 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IB-1 Remittance Rate: 7.000% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IB-1 Principal Balance as of the Cut-Off Date:
$2,659,670.00
</TABLE>
____________________
Registered Owner Certificate No. ___
A-19-1
<PAGE>
Exhibit A-20
CUSIP 693 48L LD9
MORTGAGE PASS-THROUGH CERTIFICATE
Class IB-2
Evidencing a Percentage Interest in certain distributions with respect to a pool
of conventional one-to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is April 30,
1997. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 7.000% per annum. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has been
issued with original issue discount ("OID") of no more than $ per
$100,000 of initial Certificate Principal Balance, the yield to maturity is %,
and the amount of OID attributable to the short period is not more than $
per $100,000 of initial Certificate Principal Balance, computed under the
exact method. No representation is made that the Mortgage Loans will prepay at a
rate based on the Basic Prepayment Rate or any other rate.]
IN THE CASE OF ANY CLASS IB-2 CERTIFICATE PRESENTED FOR REGISTRATION IN THE
NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO
EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET
FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN OPINION OF COUNSEL
ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE
COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS IB-2
CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER
SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER
SERVICER OR THE COMPANY.
The Class IB-2 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
<TABLE>
<S> <C>
Series 1997-3 Portion of the Class IB-2 Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
Class IB-2 Remittance Rate: 7.000% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IB-2 Principal Balance as of the Cut-Off Date:
$379,952.00
</TABLE>
____________________
Registered Owner Certificate No. ___
A-20-1
<PAGE>
Exhibit A-21
CUSIP 693 48L LE7
MORTGAGE PASS-THROUGH CERTIFICATE
Class IB-3
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.000% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used
by the issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
IN THE CASE OF ANY CLASS IB-3 CERTIFICATE PRESENTED FOR REGISTRATION IN
THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY
SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH
PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS
OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS IB-3 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW,
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT
SUBJECT THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY
OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE
UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class IB-3 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IB-3 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IB-3 Remittance Rate: 7.000% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IB-3 Principal Balance as of the Cut-Off Date:
$379,952.00
____________________
Registered Owner Certificate No. ___
A-21-1
<PAGE>
Exhibit A-22
CUSIP 693 48L LL1
MORTGAGE PASS-THROUGH CERTIFICATE
Class IB-4
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.000% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE
POOLING AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS IB-4 CERTIFICATE
PRESENTED FOR REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A
TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT
AS OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A
CLASS IB-4 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class IB-4 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IB-4 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IB-4 Remittance Rate: 7.000% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IB-4 Principal Balance as of the Cut-Off Date:
$379,952.00
____________________
Registered Owner Certificate No. ___
A-22-1
<PAGE>
Exhibit A-23
CUSIP 693 48L LM9
MORTGAGE PASS-THROUGH CERTIFICATE
Class IB-5
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.000% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE
POOLING AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS IB-5 CERTIFICATE
PRESENTED FOR REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A
TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT
AS OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A
CLASS IB-5 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class IB-5 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IB-5 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IB-5 Remittance Rate: 7.000% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IB-5 Principal Balance as of the Cut-Off Date:
$455,943.00
____________________
Registered Owner Certificate No. ___
A-23-1
<PAGE>
Exhibit A-24
CUSIP 693 48L LN7
MORTGAGE PASS-THROUGH CERTIFICATE
Class IB-6
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.000% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 240% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE
POOLING AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS IB-6 CERTIFICATE
PRESENTED FOR REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A
TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT
AS OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A
CLASS IB-6 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class IB-6 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IB-6 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IB-6 Remittance Rate: 7.000% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IB-6 Principal Balance as of the Cut-Off Date:
$303,965.20
____________________
Registered Owner Certificate No. __
A-24-1
<PAGE>
Exhibit A-25
CUSIP 693 48L LF4
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIB-1
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.500% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 250% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
IN THE CASE OF ANY CLASS IIB-1 CERTIFICATE PRESENTED FOR REGISTRATION IN
THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY
SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH
PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS
OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS IIB-1 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE
LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND
WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY
OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE
UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class IIB-1 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IIB-1 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IIB-1 Remittance Rate: 7.500% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIB-1 Principal Balance as of
the Cut-Off Date:
$7,180,984.00
____________________
Registered Owner Certificate No. ___
A-25-1
<PAGE>
Exhibit A-26
CUSIP 693 48L LG2
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIB-2
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.500% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 250% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
IN THE CASE OF ANY CLASS IIB-2 CERTIFICATE PRESENTED FOR REGISTRATION IN
THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY
SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH
PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS
OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS IIB-2 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE
LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND
WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY
OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE
UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class IIB-2 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IIB-2 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IIB-2 Remittance Rate: 7.500% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIB-2 Principal Balance as of
the Cut-Off Date:
$4,488,115.00
____________________
Registered Owner Certificate No. ___
A-26-1
<PAGE>
Exhibit A-27
CUSIP 693 48L LH0
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIB-3
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.500% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 250% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
IN THE CASE OF ANY CLASS IIB-3 CERTIFICATE PRESENTED FOR REGISTRATION IN
THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY
SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH
PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS
OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY
TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS IIB-3 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE
LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND
WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY
OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE
UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class IIB-3 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IIB-3 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IIB-3 Remittance Rate: 7.500% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIB-3 Principal Balance as of
the Cut-Off Date:
$1,795,246.00
____________________
Registered Owner Certificate No. ___
A-27-1
<PAGE>
Exhibit A-28
CUSIP 693 48L LP2
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIB-4
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.500% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 250% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE
POOLING AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS IIB-4 CERTIFICATE
PRESENTED FOR REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A
TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT
AS OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A
CLASS IIB-4 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class IIB-4 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IIB-4 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IIB-4 Remittance Rate: 7.500% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIB-4 Principal Balance as of
the Cut-Off Date:
$1,615,722.00
____________________
Registered Owner Certificate No. ___
A-28-1
<PAGE>
Exhibit A-29
CUSIP 693 48L LQ0
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIB-5
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.500% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 250% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE
POOLING AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS IIB-5 CERTIFICATE
PRESENTED FOR REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A
TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT
AS OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A
CLASS IIB-5 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class IIB-5 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IIB-5 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IIB-5 Remittance Rate: 7.500% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIB-5 Principal Balance as of
the Cut-Off Date:
$897,623.00
____________________
Registered Owner Certificate No. ___
A-29-1
<PAGE>
Exhibit A-30
CUSIP 693 48L LR8
MORTGAGE PASS-THROUGH CERTIFICATE
Class IIB-6
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real
estate mortgage investment conduit," as those terms are defined in Sections
860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended
(the "Code"). The issue date (the "Issue Date") of this Certificate is April
30, 1997. The rate at which interest is payable as of the Issue Date with
respect to this Certificate is 7.500% per annum. [Assuming that the Mortgage
Loans underlying the Certificates prepay at the prepayment assumption used by
the issuer in pricing this Certificate (I.E., 250% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has
been issued with original issue discount ("OID") of no more than $
per $100,000 of initial Certificate Principal Balance, the yield to maturity
is %, and the amount of OID attributable to the short period is not more
than $ per $100,000 of initial Certificate Principal Balance,
computed under the exact method. No representation is made that the Mortgage
Loans will prepay at a rate based on the Basic Prepayment Rate or any other
rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933 AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE
POOLING AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS IIB-6 CERTIFICATE
PRESENTED FOR REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE
CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A
TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT
AS OTHERWISE SET FORTH IN SECTION 5.01(d) OF THE POOLING AGREEMENT, AN
OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE SATISFACTORY TO
THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR HOLDING OF A
CLASS IIB-6 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION
OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class IIB-6 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in
the Pooling Agreement.
Series 1997-3 Portion of the Class IIB-6 Principal
Balance as of the Cut-Off Date evidenced
by this Certificate:
Class IIB-6 Remittance Rate: 7.500% $____________________
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class IIB-6 Principal Balance as of
the Cut-Off Date:
$1,077,149.07<PAGE>
____________________
Registered Owner Certificate No. ___
A-30-1
<PAGE>
Exhibit B
CUSIP 693 48L LJ6
MORTGAGE PASS-THROUGH CERTIFICATE
Class R
Evidencing a Percentage Interest in certain distributions with respect to a
pool of conventional one- to four-family mortgage loans formed and
administered by
PNC MORTGAGE SECURITIES CORP.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE
ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY
AND THE CERTIFICATE REGISTRAR THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE
UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN
GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY
OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE
DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY
CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED
BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION
1381(a)(2)(C) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES
(A), (B), OR (C) BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED
ORGANIZATION"), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND (2) NO
PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFER TO IMPEDE THE ASSESSMENT
OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS
TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE
REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER
DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN
AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO
BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF A CLASS
R CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE
CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.
IN THE CASE OF ANY CLASS R CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME
OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY
SUBSEQUENT ENACTMENTS) (A "PLAN"), OR A TRUSTEE OF ANY SUCH PLAN, OR ANY
OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH
ACQUISITION, THE TRUSTEE SHALL REQUIRE AN OPINION OF COUNSEL ACCEPTABLE TO
AND IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS R CERTIFICATE IS PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE
UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN
EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
Solely for U.S. federal income tax purposes, this Certificate represents a
"residual interest" in a "real estate mortgage investment conduit," as those
terms are defined in Sections 860G and 860D, respectively, of the Internal
Revenue Code of 1986, as amended.
Series 1997-3 Percentage Interest evidenced by
this Class R Certificate in the
distributions to be made with
Class R Remittance Rate: 7.000%. respect to the Class R
Additionally, the the Class R Certificate: ___%
Certificates are entitled to Excess
Liquidation Proceeds and the Residual
Distribution Amount as defined in the
Pooling Agreement.
Cut-Off Date: April 1, 1997
First Distribution Date: May 27, 1997
Last Scheduled Distribution Date: May 25, 2027
Class R Principal Balance as of the Cut-Off Date:
$50.00
-------------------------
Registered Owner Certificate No. ___
B
<PAGE>
(vlegal.ace v1.4) Page 1
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600057466 REICHENB 15849 15851 WOOD ROAD LANSING MI 48906 $76,919.78
600057467 REICHENB 3420 3422 PARKWOOD DEWITT MI 48820 $88,971.64
600057468 D ALESSA 16282 MIRASOL WAY DELRAY BEACH FL 33446 $624,500.55
600057469 YNOSTROS 617 W NORWOOD COURT SAN ANTONIO TX 78212 $22,958.80
600057470 KOZA 5573 RIVER RIDGE BRIGHTON MI 48116 $364,221.67
600057471 MASON 1556 WINTERWOOD DRIVE NE GRAND RAPIDS MI 49505 $246,984.30
600057472 STROUB 747 COUNTY ROAD VAN BUREN OH 45889 $61,458.91
600057473 MAKEPEAC 665 N OWL DRIVE SARASOTA FL 34236 $574,657.18
600057474 SANDOVAL 2536 SW 25TH TERRACE MIAMI FL 33133 $88,979.24
600057475 KATROSAR 6729 CASA GRANDE WAY DELRAY BEACH FL 33446 $475,576.03
600057476 USMANI 9005 GREAT HERON CIRCLE ORLANDO FL 32836 $420,973.42
600057477 ANDERSON 235 WEST COOK AVENUE LIBERTYVILLE IL 60048 $284,411.72
600057478 BICKLEY 600 CHAGRIN RIVER ROAD GATES MILLS OH 44040 $315,695.26
600057479 RICHMOND 21041 16TH AVE CONKLIN MI 49403 $72,185.26
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600057466 REICHENB 8.875 .250 8.625 .0400 8.585 01/01/2012
600057467 REICHENB 8.875 .250 8.625 .0400 8.585 01/01/2012
600057468 D ALESSA 8.000 .250 7.750 .0400 7.710 01/01/2012
600057469 YNOSTROS 8.625 .250 8.375 .0400 8.335 01/01/2012
600057470 KOZA 7.750 .250 7.500 .0400 7.460 01/01/2012
600057471 MASON 7.625 .250 7.375 .0400 7.335 12/01/2011
600057472 STROUB 8.000 .250 7.750 .0400 7.710 01/01/2012
600057473 MAKEPEAC 8.000 .250 7.750 .0400 7.710 01/01/2012
600057474 SANDOVAL 8.250 .250 8.000 .0400 7.960 12/01/2011
600057475 KATROSAR 7.375 .250 7.125 .0400 7.085 01/01/2012
600057476 USMANI 7.375 .250 7.125 .0400 7.085 01/01/2012
600057477 ANDERSON 7.625 .250 7.375 .0400 7.335 01/01/2012
600057478 BICKLEY 7.500 .250 7.250 .0400 7.210 01/01/2012
600057479 RICHMOND 8.375 .250 8.125 .0400 8.085 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600057466 REICHENB 0902055 $782.82 04/01/1997 180
600057467 REICHENB 0902057 $905.15 04/01/1997 180
600057468 D ALESSA 0903373 $6,020.61 04/01/1997 180
600057469 YNOSTROS 0903800 $229.67 04/01/1997 180
600057470 KOZA 0904383 $3,459.19 04/01/1997 180
600057471 MASON 0904408 $2,335.32 04/01/1997 180
600057472 STROUB 0904824 $592.50 04/01/1997 180
600057473 MAKEPEAC 0905003 $5,542.79 04/01/1997 180
600057474 SANDOVAL 0905018 $874.10 04/01/1997 180
600057475 KATROSAR 0905191 $4,415.63 04/01/1997 180
600057476 USMANI 0905293 $3,909.68 04/01/1997 180
600057477 ANDERSON 0905436 $2,680.95 04/01/1997 180
600057478 BICKLEY 0905488 $2,954.85 04/01/1997 180
600057479 RICHMOND 0905548 $711.57 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600057466 REICHENB .00 .00 .00 .000 .250 .290 $135,000.00 N
600057467 REICHENB .00 .00 .00 .000 .250 .290 $145,000.00 N
600057468 D ALESSA .00 .00 .00 .000 .250 .290 $900,000.00 N
600057469 YNOSTROS .00 .00 .00 .000 .250 .290 $49,000.00 N
600057470 KOZA .00 .00 .00 .000 .250 .290 $525,000.00 N
600057471 MASON .00 .00 .00 .000 .250 .290 $450,000.00 N
600057472 STROUB .00 .00 .00 .000 .250 .290 $108,000.00 N
600057473 MAKEPEAC .00 .00 .00 .000 .250 .290 $830,000.00 N
600057474 SANDOVAL .00 .00 .00 .000 .250 .290 $155,000.00 N
600057475 KATROSAR .00 .00 .00 .000 .250 .290 $601,599.00 N
600057476 USMANI .00 .00 .00 .000 .250 .290 $664,000.00 N
600057477 ANDERSON .00 .00 .00 .000 .250 .290 $426,500.00 N
600057478 BICKLEY .00 .00 .00 .000 .250 .290 $425,000.00 N
600057479 RICHMOND .00 .00 .00 .000 .250 .290 $104,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 2
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600057480 CLEVELAN 5332 NORTH DELPHIA CHICAGO IL 60656 $77,730.65
600057481 MERGOTT 75 E WILDWOOD DRIVE BARRINGTON IL 60010 $223,939.52
600057482 SUCHY 7S 525 OLD COLLEGE ROAD NAPERVILLE IL 60540 $594,647.63
600057483 GOLD 1437 WOLFRAM CHICAGO IL 60657 $335,281.10
600057484 MILANO 315 RICHMOND ROAD KENILWORTH IL 60043 $375,526.09
600057485 LEE 1060 SANDERS ROAD NORTHBROOK IL 60062 $364,788.28
600057486 VIDECKIS 1269 KEIM TRAIL BARTLETT IL 60103 $267,088.21
600057487 JIN 4145 WINDSORE CIRCLE NE PRIOR LAKE MN 55372 $253,093.59
600057488 HOHEISEL 16381 RICHARDSON AVENUE DAYTON MN 55327 $98,126.45
600057489 DOYLE 4095 COUNTY ROAD MINNETRISTA MN 55364 $346,911.74
600057490 POWERS 1134 ORCHARD CIRCLE MENDOTA HTS MN 55113 $328,973.12
600057491 TORBATI N2202 ALTA VISTA DRIVE LAKE GENEVA WI 53147 $611,374.72
600057492 CROFTON 1937 E RIDGEWOOD LANE GLENVIEW IL 60025 $247,745.40
600057493 ROBINSON 217 BEAUMONT LANE BARRINGTON IL 60010 $275,520.05
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600057480 CLEVELAN 8.250 .250 8.000 .0400 7.960 01/01/2012
600057481 MERGOTT 7.500 .250 7.250 .0400 7.210 01/01/2012
600057482 SUCHY 7.750 .250 7.500 .0400 7.460 01/01/2012
600057483 GOLD 7.375 .250 7.125 .0400 7.085 01/01/2012
600057484 MILANO 7.500 .250 7.250 .0400 7.210 01/01/2012
600057485 LEE 8.000 .250 7.750 .0400 7.710 01/01/2012
600057486 VIDECKIS 7.750 .250 7.500 .0400 7.460 01/01/2012
600057487 JIN 7.875 .250 7.625 .0400 7.585 01/01/2012
600057488 HOHEISEL 7.875 .250 7.625 .0400 7.585 01/01/2012
600057489 DOYLE 7.875 .250 7.625 .0400 7.585 01/01/2012
600057490 POWERS 7.500 .250 7.250 .0400 7.210 01/01/2012
600057491 TORBATI 7.500 .250 7.250 .0400 7.210 01/01/2012
600057492 CROFTON 7.625 .250 7.375 .0400 7.335 01/01/2012
600057493 ROBINSON 7.750 .250 7.500 .0400 7.460 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600057480 CLEVELAN 0905550 $760.59 04/01/1997 180
600057481 MERGOTT 0905807 $2,095.05 04/01/1997 180
600057482 SUCHY 0906386 $5,647.65 04/01/1997 180
600057483 GOLD 0906489 $3,113.02 04/01/1997 180
600057484 MILANO 0906566 $3,522.65 04/01/1997 180
600057485 LEE 0906567 $3,516.80 04/01/1997 180
600057486 VIDECKIS 0906568 $2,541.44 04/01/1997 180
600057487 JIN 0906571 $2,423.29 04/01/1997 180
600057488 HOHEISEL 0906680 $938.97 04/01/1997 180
600057489 DOYLE 0906775 $3,319.57 04/01/1997 180
600057490 POWERS 0906781 $3,077.68 04/01/1997 180
600057491 TORBATI 0906898 $5,719.67 04/01/1997 180
600057492 CROFTON 0906926 $2,335.32 04/01/1997 180
600057493 ROBINSON 0906935 $2,616.75 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600057480 CLEVELAN .00 .00 .00 .000 .250 .290 $98,000.00 N
600057481 MERGOTT .00 .00 .00 .000 .250 .290 $302,000.00 N
600057482 SUCHY .00 .00 .00 .000 .250 .290 $1,300,000.00 N
600057483 GOLD .00 .00 .00 .000 .250 .290 $423,000.00 N
600057484 MILANO .00 .00 .00 .000 .250 .290 $550,000.00 N
600057485 LEE .00 .00 .00 .000 .250 .290 $500,000.00 N
600057486 VIDECKIS .00 .00 .00 .000 .250 .290 $350,000.00 N
600057487 JIN .00 .00 .00 .000 .250 .290 $365,000.00 N
600057488 HOHEISEL .00 .00 .00 .000 .250 .290 $165,000.00 N
600057489 DOYLE .00 .00 .00 .000 .250 .290 $550,000.00 N
600057490 POWERS .00 .00 .00 .000 .250 .290 $440,000.00 N
600057491 TORBATI .00 .00 .00 .000 .250 .290 $3,300,000.00 N
600057492 CROFTON .00 .00 .00 .000 .250 .290 $616,000.00 N
600057493 ROBINSON .00 .00 .00 .000 .250 .290 $422,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 3
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600057494 FARAH 9735 BRASSIE COURT COLORADO SPRING CO 80920 $309,154.53
600057495 MCCARROL 1207 17TH STREET MAYWOOD IL 60153 $34,165.48
600057496 GARG 25 BALFOUR DRIVE BLOOMFIELD HILL MI 48304 $641,101.23
600057497 CALVIN 1510 NORTH ASHLAND AVENU RIVER FOREST IL 60305 $416,294.07
600057498 BOWKER 1103 CLEVELAND STREET EVANSTON IL 60202 $315,132.14
600057499 YAN HO 6446 LAKE MEADOW DRIVE BURKE VA 22015 $300,069.19
600057500 CANCELLI 2213 LIME OAK COURT SARASOTA FL 34232 $70,366.62
600057501 JARBO 3915 ROLF DR WARREN MI 48092 $95,162.15
600057502 STRASBUR 972 MARINA STREET MORRO BAY CA 93442 $261,566.81
600057503 RICHARDS 6112 NORTH 31ST STREET PHOENIX AZ 85016 $268,608.79
600057504 CHANG 4433 EAST CRYSTAL LANE PARADISE VALLEY AZ 85253 $391,514.65
600057505 SERCARZ 618 10TH STREET SANTA MONICA CA 90402 $413,198.14
600057506 VIR 24220 BELLA COURT SANTA CLARITA CA 91321 $274,226.83
600057507 BEASLEY 24050 SOUTHWEST BAKER ROA SHERWOOD OR 97140 $396,353.15
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600057494 FARAH 8.125 .250 7.875 .0400 7.835 01/01/2012
600057495 MCCARROL 8.625 .250 8.375 .0400 8.335 01/01/2012
600057496 GARG 7.500 .250 7.250 .0400 7.210 01/01/2012
600057497 CALVIN 7.875 .250 7.625 .0400 7.585 01/01/2012
600057498 BOWKER 7.625 .250 7.375 .0400 7.335 01/01/2012
600057499 YAN HO 7.625 .250 7.375 .0400 7.335 01/01/2012
600057500 CANCELLI 7.750 .250 7.500 .0400 7.460 01/01/2012
600057501 JARBO 8.000 .250 7.750 .0400 7.710 01/01/2012
600057502 STRASBUR 7.375 .250 7.125 .0400 7.085 01/01/2012
600057503 RICHARDS 7.875 .250 7.625 .0400 7.585 01/01/2012
600057504 CHANG 7.875 .250 7.625 .0400 7.585 01/01/2012
600057505 SERCARZ 7.500 .250 7.250 .0400 7.210 01/01/2012
600057506 VIR 7.500 .250 7.250 .0400 7.210 01/01/2012
600057507 BEASLEY 7.500 .250 7.250 .0400 7.210 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600057494 FARAH 0907522 $3,004.19 04/01/1997 180
600057495 MCCARROL 0907631 $341.77 04/01/1997 180
600057496 GARG 0907657 $5,997.77 04/01/1997 180
600057497 CALVIN 0907748 $3,983.49 04/01/1997 180
600057498 BOWKER 0908356 $2,970.53 04/01/1997 180
600057499 YAN HO 0908373 $2,828.55 04/01/1997 180
600057500 CANCELLI 0908589 $668.31 04/01/1997 180
600057501 JARBO 0909783 $917.43 04/01/1997 180
600057502 STRASBUR 6285574 $2,428.60 04/01/1997 180
600057503 RICHARDS 6297132 $2,570.30 04/01/1997 180
600057504 CHANG 6297133 $3,746.38 04/01/1997 180
600057505 SERCARZ 6298418 $3,865.65 04/01/1997 180
600057506 VIR 6298523 $2,565.51 04/01/1997 180
600057507 BEASLEY 6396148 $3,708.05 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600057494 FARAH .00 .00 .00 .000 .250 .290 $425,000.00 N
600057495 MCCARROL .00 .00 .00 .000 .250 .290 $53,000.00 N
600057496 GARG .00 .00 .00 .000 .250 .290 $975,000.00 N
600057497 CALVIN .00 .00 .00 .000 .250 .290 $560,000.00 N
600057498 BOWKER .00 .00 .00 .000 .250 .290 $460,000.00 N
600057499 YAN HO .00 .00 .00 .000 .250 .290 $390,000.00 N
600057500 CANCELLI .00 .00 .00 .000 .250 .290 $115,000.00 N
600057501 JARBO .00 .00 .00 .000 .250 .290 $128,000.00 N
600057502 STRASBUR .00 .00 .00 .000 .250 .290 $330,000.00 N
600057503 RICHARDS .00 .00 .00 .000 .250 .290 $510,000.00 N
600057504 CHANG .00 .00 .00 .000 .250 .290 $640,000.00 N
600057505 SERCARZ .00 .00 .00 .000 .250 .290 $610,000.00 N
600057506 VIR .00 .00 .00 .000 .250 .290 $369,000.00 N
600057507 BEASLEY .00 .00 .00 .000 .250 .290 $550,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 4
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600057508 JANKE 6045 HARBOR DRIVE COEUR D'ALENE ID 83814 $118,952.71
600057509 FRADELLA 1506 LYNN DR BOULDER CITY NV 89005 $396,353.15
600057510 BROG 16620 ROSE BRIAR LN NAMPA ID 83687 $355,842.49
600057511 BATTAGLI 416 RHYTHM STREET HENDERSON NV 89014 $218,872.97
600057512 WITTICH 8381 TURTLE CREEK CIRCLE LAS VEGAS NV 89113 $247,745.40
600057513 HARMON 1122 SOUTH DONNER WAY SALT LAKE CITY UT 84108 $251,188.81
600058593 SENN 7160 WILLOW VIEW COVE CHANHASSEN MN 55317 $262,385.58
600058594 VAWTER 3064 SW FAIRMOUNT BLVD PORTLAND OR 97201 $286,094.88
600058595 SCOTT 27 VIEW RIDGE CIRCLE LONGVIEW WA 98632 $255,381.73
600058596 YANG 10 DEEP RUN CT MARLBORO NJ 07746 $197,613.43
600058597 THOROSE 6880 ARIZONA AVENUE LOS ANGELES CA 90045 $563,588.96
600058598 DE ANDA 1 OVERLOOK PLACE MONTEREY CA 93940 $345,868.74
600058599 COLON-BONET 4304 ANTLERS CT FORT COLLIN CO 80526 $229,898.61
600058600 GILES 109 HOLLY METAIRIE LA 70005 $395,715.96
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600057508 JANKE 8.000 .250 7.750 .0400 7.710 01/01/2012
600057509 FRADELLA 7.500 .250 7.250 .0400 7.210 01/01/2012
600057510 BROG 8.125 .250 7.875 .0400 7.835 12/01/2011
600057511 BATTAGLI 8.000 .250 7.750 .0400 7.710 01/01/2012
600057512 WITTICH 7.625 .250 7.375 .0400 7.335 01/01/2012
600057513 HARMON 7.500 .250 7.250 .0400 7.210 01/01/2012
600058593 SENN 6.375 .250 6.125 .0400 6.085 11/01/2008
600058594 VAWTER 7.750 .250 7.500 .0400 7.460 12/01/2011
600058595 SCOTT 7.625 .250 7.375 .0400 7.335 12/01/2011
600058596 YANG 7.750 .250 7.500 .0400 7.460 12/01/2011
600058597 THOROSE 7.250 .250 7.000 .0400 6.960 12/01/2011
600058598 DE ANDA 7.875 .250 7.625 .0400 7.585 12/01/2011
600058599 COLON-BONET 7.500 .250 7.250 .0400 7.210 12/01/2011
600058600 GILES 8.000 .250 7.750 .0400 7.710 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600057508 JANKE 7001114 $1,146.78 04/01/1997 180
600057509 FRADELLA 7067966 $3,708.05 04/01/1997 180
600057510 BROG 7101132 $3,466.38 04/01/1997 180
600057511 BATTAGLI 7105920 $2,110.08 1 04/01/1997 180
600057512 WITTICH 7249820 $2,335.32 04/01/1997 180
600057513 HARMON 7266713 $2,349.98 04/01/1997 180
600058593 SENN 0221129307 $2,674.42 04/01/1997 180
600058594 VAWTER 0450577150 $2,725.47 04/01/1997 180
600058595 SCOTT 0450578190 $2,414.73 04/01/1997 180
600058596 YANG 0450578281 $1,882.56 04/01/1997 180
600058597 THOROSE 0450581947 $5,209.71 04/01/1997 180
600058598 DE ANDA 0450583265 $3,319.58 04/01/1997 180
600058599 COLON-BONET 0450589098 $2,159.94 12 04/01/1997 180
600058600 GILES 0450590542 $3,814.97 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600057508 JANKE .00 .00 .00 .000 .250 .290 $268,000.00 N
600057509 FRADELLA .00 .00 .00 .000 .250 .290 $950,000.00 N
600057510 BROG .00 .00 .00 .000 .250 .290 $510,000.00 N
600057511 BATTAGLI .00 .00 .00 .000 .250 .290 $258,840.00 N
600057512 WITTICH .00 .00 .00 .000 .250 .290 $334,000.00 N
600057513 HARMON .00 .00 .00 .000 .250 .290 $464,000.00 N
600058593 SENN .00 .00 .00 .000 .250 .290 $700,000.00 N
600058594 VAWTER .00 .00 .00 .000 .250 .290 $450,000.00 N
600058595 SCOTT .00 .00 .00 .000 .250 .290 $375,000.00 N
600058596 YANG .00 .00 .00 .000 .250 .290 $340,000.00 N
600058597 THOROSE .00 .00 .00 .000 .250 .290 $775,000.00 N
600058598 DE ANDA .00 .00 .00 .000 .250 .290 $600,000.00 N
600058599 COLON-BONET .00 .00 .00 .000 .250 .290 $280,000.00 N
600058600 GILES .00 .00 .00 .000 .250 .290 $499,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 5
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600058601 PATRICK 26077 WALNUT HILLS DRIVE LAKE ARROWH CA 92352 $277,956.38
600058602 FUJISAKI 4640 S DOWNING STREET ENGLEWOOD CO 80110 $344,929.36
600058603 CASEBEER 1835 S ALTA VIEW DR SALEM OR 97302 $487,805.19
600058604 GOLDBERG 2006-8 BAYVIEW DRIVE FT. LAUDERD FL 33305 $232,814.46
600058605 CRYTSER 28851 TOP OF THE WORLD DR LAGUNA BEAC CA 92651 $247,670.75
600058606 BEARD III 88 CRINE ROAD COLTS NECK NJ 07722 $294,398.28
600058607 LUNA 19605 REDDING DRIVE SALINAS CA 93908 $297,264.86
600058608 CLEAVELAND 852 NW 85TH STREET SEATTLE WA 98117 $87,701.84
600058609 KRONNER 12188 STEPHANE CT UTICA MI 48315 $202,982.55
600058610 TAYLOR 1055 ANZA DRIVE PACIFICA CA 94044 $225,745.59
600058611 LEVY 810 OVERLOOK COURT, HEMLO HAWLEY PA 18428 $215,021.57
600058612 TOTURA 2372 NE 28TH COURT LIGHTHOUSE FL 33064 $479,682.39
600058613 FLOWERS 37 CEDAR MEADOW LANE MEDIA PA 19063 $230,781.81
600058614 MORRIS 30131 ST. IVES WESTLAKE OH 44145 $991,079.35
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600058601 PATRICK 7.875 .250 7.625 .0400 7.585 01/01/2012
600058602 FUJISAKI 7.875 .250 7.625 .0400 7.585 01/01/2012
600058603 CASEBEER 8.000 .250 7.750 .0400 7.710 01/01/2012
600058604 GOLDBERG 7.625 .250 7.375 .0400 7.335 01/01/2012
600058605 CRYTSER 7.250 .250 7.000 .0400 6.960 01/01/2012
600058606 BEARD III 8.125 .250 7.875 .0400 7.835 01/01/2012
600058607 LUNA 7.500 .250 7.250 .0400 7.210 01/01/2012
600058608 CLEAVELAND 7.625 .250 7.375 .0400 7.335 01/01/2012
600058609 KRONNER 8.125 .250 7.875 .0400 7.835 01/01/2012
600058610 TAYLOR 7.625 .250 7.375 .0400 7.335 01/01/2012
600058611 LEVY 7.500 .250 7.250 .0400 7.210 01/01/2012
600058612 TOTURA 7.750 .250 7.500 .0400 7.460 01/01/2012
600058613 FLOWERS 7.000 .250 6.750 .0400 6.710 01/01/2012
600058614 MORRIS 7.750 .250 7.500 .0400 7.460 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600058601 PATRICK 0450595574 $2,660.88 04/01/1997 180
600058602 FUJISAKI 0450596713 $3,300.61 04/01/1997 180
600058603 CASEBEER 0450596911 $4,702.77 04/01/1997 180
600058604 GOLDBERG 0450599261 $2,195.21 04/01/1997 180
600058605 CRYTSER 0450599733 $2,282.16 04/01/1997 180
600058606 BEARD III 0450600341 $2,859.77 04/01/1997 180
600058607 LUNA 0450601257 $2,781.04 04/01/1997 180
600058608 CLEAVELAND 0450601612 $826.71 04/01/1997 180
600058609 KRONNER 0450605282 $1,971.51 04/01/1997 180
600058610 TAYLOR 0450605506 $2,127.95 2 04/01/1997 180
600058611 LEVY 0450610647 $2,011.62 04/01/1997 180
600058612 TOTURA 0450611710 $4,555.78 04/01/1997 180
600058613 FLOWERS 0450611728 $2,094.27 04/01/1997 180
600058614 MORRIS 0450612049 $9,412.76 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600058601 PATRICK .00 .00 .00 .000 .250 .290 $400,000.00 N
600058602 FUJISAKI .00 .00 .00 .000 .250 .290 $435,000.00 N
600058603 CASEBEER .00 .00 .00 .000 .250 .290 $635,000.00 N
600058604 GOLDBERG .00 .00 .00 .000 .250 .290 $330,000.00 N
600058605 CRYTSER .00 .00 .00 .000 .250 .290 $370,000.00 N
600058606 BEARD III .00 .00 .00 .000 .250 .290 $440,000.00 N
600058607 LUNA .00 .00 .00 .000 .250 .290 $590,000.00 N
600058608 CLEAVELAND .00 .00 .00 .000 .250 .290 $146,000.00 N
600058609 KRONNER .00 .00 .00 .000 .250 .290 $273,000.00 N
600058610 TAYLOR .00 .00 .00 .000 .250 .290 $255,000.00 N
600058611 LEVY .00 .00 .00 .000 .250 .290 $370,000.00 N
600058612 TOTURA .00 .00 .00 .000 .250 .290 $950,000.00 N
600058613 FLOWERS .00 .00 .00 .000 .250 .290 $383,676.00 N
600058614 MORRIS .00 .00 .00 .000 .250 .290 $1,700,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 6
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600058615 BRIDGHAM 1428 CHELTON OAKS PLACE RALEIGH NC 27614 $243,781.47
600058616 WEEKS 22 PORTLAND COURT DANVILLE CA 94526 $297,438.68
600058617 SCHENNING 1305 LUNDY LANE BEL AIR MD 21015 $287,356.03
600058618 ASSI 730 KRAFFEL LANE CHESTERFIEL MO 63017 $477,653.09
600058619 LIPKOWSKI 2655 EL VENADO DRIVE HACIENDA HE CA 91745 $464,416.79
600058620 ERFE 18 PREAKNESS DR LINCOLN RI 02865 $297,323.80
600058621 MITRANI 1211 101 STREET BAY HARBOR FL 33154 $301,228.39
600058622 DIX 4275 CLEARVIEW DRIVE CARLSBAD CA 92008 $304,816.27
600058623 CYGAN 1404 JUSTIN COURT NAPERVILLE IL 60540 $356,717.82
600058624 STORRER LOT 16, BLOCK 6, WELLING ISLAND PARK ID 83429 $616,324.69
600058625 SIELAFF 2030 W WABANSIA AVENUE CHICAGO IL 60647 $297,204.70
600058626 BRAVO 8450 SW 98 STREET MIAMI FL 33156 $434,953.88
600059333 CONSTANT 334 HIGHLANDS DRIVE CANTON MI 48188 $223,601.23
600059334 NORTON 1701 STAMFORD LANE AUSTIN TX 78703 $265,917.03
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600058615 BRIDGHAM 7.625 .250 7.375 .0400 7.335 01/01/2012
600058616 WEEKS 8.250 .250 8.000 .0400 7.960 01/01/2012
600058617 SCHENNING 7.500 .250 7.250 .0400 7.210 01/01/2012
600058618 ASSI 7.625 .250 7.375 .0400 7.335 01/01/2012
600058619 LIPKOWSKI 7.500 .250 7.250 .0400 7.210 01/01/2012
600058620 ERFE 7.750 .250 7.500 .0400 7.460 01/01/2012
600058621 MITRANI 7.500 .250 7.250 .0400 7.210 01/01/2012
600058622 DIX 8.000 .250 7.750 .0400 7.710 01/01/2012
600058623 CYGAN 7.500 .250 7.250 .0400 7.210 01/01/2012
600058624 STORRER 7.750 .250 7.500 .0400 7.460 02/01/2012
600058625 SIELAFF 7.250 .250 7.000 .0400 6.960 01/01/2012
600058626 BRAVO 7.375 .250 7.125 .0400 7.085 01/01/2012
600059333 CONSTANT 8.625 .250 8.375 .0400 8.335 12/01/2011
600059334 NORTON 7.750 .250 7.500 .0400 7.460 11/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600058615 BRIDGHAM 0450612080 $2,297.96 04/01/1997 180
600058616 WEEKS 0450612726 $2,910.43 04/01/1997 180
600058617 SCHENNING 0450613054 $2,688.34 04/01/1997 180
600058618 ASSI 0450613732 $4,502.51 04/01/1997 180
600058619 LIPKOWSKI 0450614409 $4,356.96 04/01/1997 180
600058620 ERFE 0450616313 $2,823.83 04/01/1997 180
600058621 MITRANI 0450617451 $2,818.12 04/01/1997 180
600058622 DIX 0450617881 $2,938.64 04/01/1997 180
600058623 CYGAN 0450617915 $3,337.25 04/01/1997 180
600058624 STORRER 0450617998 $5,835.91 04/01/1997 180
600058625 SIELAFF 0450618103 $2,738.59 04/01/1997 180
600058626 BRAVO 0450618665 $4,038.47 04/01/1997 180
600059333 CONSTANT 0888661 $2,243.09 04/01/1997 180
600059334 NORTON 0898383 $2,541.44 1 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600058615 BRIDGHAM .00 .00 .00 .000 .250 .290 $310,000.00 N
600058616 WEEKS .00 .00 .00 .000 .250 .290 $423,000.00 N
600058617 SCHENNING .00 .00 .00 .000 .250 .290 $450,000.00 N
600058618 ASSI .00 .00 .00 .000 .250 .290 $682,000.00 N
600058619 LIPKOWSKI .00 .00 .00 .000 .250 .290 $678,000.00 N
600058620 ERFE .00 .00 .00 .000 .250 .290 $450,000.00 N
600058621 MITRANI .00 .00 .00 .000 .250 .290 $380,000.00 N
600058622 DIX .00 .00 .00 .000 .250 .290 $410,000.00 N
600058623 CYGAN .00 .00 .00 .000 .250 .290 $520,000.00 N
600058624 STORRER .00 .00 .00 .000 .250 .290 $820,000.00 N
600058625 SIELAFF .00 .00 .00 .000 .250 .290 $590,000.00 N
600058626 BRAVO .00 .00 .00 .000 .250 .290 $700,000.00 N
600059333 CONSTANT .00 .00 .00 .000 .250 .290 $282,663.00 N
600059334 NORTON .00 .00 .00 .000 .250 .290 $300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 7
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059335 FRANKLIN 5620 RIVER HILLS ROAD CALEDONIA WI 53402 $535,235.23
600059337 HOBBY 80 HIGHLAND DRIVE MCDONOUGH GA 30253 $34,807.97
600059338 CLAGHORN 17 PIN OAK ESTATES COUR BELLAIRE TX 77401 $256,560.68
600059339 JOGANI 36W636 LANCASTER ROAD ST CHARLES IL 60175 $641,987.67
600059340 SKUBIAK 7916 WALDORF COURT ORLANDO FL 32817 $75,335.92
600059341 LESAVAGE 224 PAINE FARM ROAD DULUTH MN 55804 $318,061.08
600059342 NEU 1590 DELLA DRIVE HOFFMAN ESTATES IL 60195 $257,730.44
600059343 ITALIA 202 NORTH MERRILL AVENUE PARK RIDGE IL 60068 $260,443.27
600059344 MAHONEY 410 N EDGEWOOD AVENUE LAGRANGE PARK IL 60525 $300,237.51
600059345 LEVER 1880 MISSION HILLS LANE NORTHBROOK IL 60062 $263,329.01
600059346 PARRILLO 131 TUDOR PLACE KENILWORTH IL 60043 $596,404.05
600059347 TORRES J 1516 EASTVIEW ST FORT WORTH TX 76134 $41,629.41
600059348 HAMMER 5151 FOWLER ROAD READING MI 49274 $51,993.36
600059349 STREICHE 4020 CHESTER DRIVE GLENVIEW IL 60025 $297,344.05
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059335 FRANKLIN 7.875 .250 7.625 .0400 7.585 01/01/2012
600059337 HOBBY 8.625 .250 8.375 .0400 8.335 02/01/2012
600059338 CLAGHORN 7.125 .250 6.875 .0400 6.835 01/01/2012
600059339 JOGANI 7.375 .250 7.125 .0400 7.085 12/01/2011
600059340 SKUBIAK 8.000 .250 7.750 .0400 7.710 01/01/2012
600059341 LESAVAGE 7.500 .250 7.250 .0400 7.210 02/01/2012
600059342 NEU 8.000 .250 7.750 .0400 7.710 01/01/2012
600059343 ITALIA 8.000 .250 7.750 .0400 7.710 02/01/2012
600059344 MAHONEY 7.500 .250 7.250 .0400 7.210 01/01/2012
600059345 LEVER 7.750 .250 7.500 .0400 7.460 01/01/2012
600059346 PARRILLO 7.625 .250 7.375 .0400 7.335 02/01/2012
600059347 TORRES J 7.875 .250 7.625 .0400 7.585 01/01/2012
600059348 HAMMER 7.875 .250 7.625 .0400 7.585 02/01/2012
600059349 STREICHE 7.750 .250 7.500 .0400 7.460 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059335 FRANKLIN 0901306 $5,121.63 04/01/1997 180
600059337 HOBBY 0903324 $347.23 04/01/1997 180
600059338 CLAGHORN 0903885 $2,346.11 04/01/1997 180
600059339 JOGANI 0904399 $5,979.50 04/01/1997 180
600059340 SKUBIAK 0905021 $726.30 04/01/1997 180
600059341 LESAVAGE 0905418 $2,966.44 04/01/1997 180
600059342 NEU 0905599 $2,484.70 04/01/1997 180
600059343 ITALIA 0905659 $2,532.48 04/01/1997 180
600059344 MAHONEY 0905824 $2,808.85 04/01/1997 180
600059345 LEVER 0906584 $2,500.97 04/01/1997 180
600059346 PARRILLO 0906629 $5,604.78 04/01/1997 180
600059347 TORRES J 0906685 $398.35 04/01/1997 180
600059348 HAMMER 0906887 $496.04 04/01/1997 180
600059349 STREICHE 0906927 $2,823.83 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059335 FRANKLIN .00 .00 .00 .000 .250 .290 $700,000.00 N
600059337 HOBBY .00 .00 .00 .000 .250 .290 $63,000.00 N
600059338 CLAGHORN .00 .00 .00 .000 .250 .290 $395,000.00 N
600059339 JOGANI .00 .00 .00 .000 .250 .290 $900,000.00 N
600059340 SKUBIAK .00 .00 .00 .000 .250 .290 $116,500.00 N
600059341 LESAVAGE .00 .00 .00 .000 .250 .290 $500,000.00 N
600059342 NEU .00 .00 .00 .000 .250 .290 $350,000.00 N
600059343 ITALIA .00 .00 .00 .000 .250 .290 $500,000.00 N
600059344 MAHONEY .00 .00 .00 .000 .250 .290 $414,000.00 N
600059345 LEVER .00 .00 .00 .000 .250 .290 $340,000.00 N
600059346 PARRILLO .00 .00 .00 .000 .250 .290 $1,330,000.00 N
600059347 TORRES J .00 .00 .00 .000 .250 .290 $66,000.00 N
600059348 HAMMER .00 .00 .00 .000 .250 .290 $76,000.00 N
600059349 STREICHE .00 .00 .00 .000 .250 .290 $404,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 8
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059350 HAMILTON 6838 BRICKLETON COURT PORTAGE MI 49002 $243,648.29
600059351 MUSLIN 2427 CENTRAL PARK EVANSTON IL 60201 $546,857.06
600059352 CRISCUOL 5586 LAKE RIDGE DR BRIGHTON MI 48116 $347,879.31
600059353 OLESNAVA 8651 OLIVE SHORE DR WEST OLIVE MI 49460 $239,622.36
600059354 SCHMIDT 16076 HIGHLAND SPRING LAKE MI 49456 $268,346.11
600059355 MURRAY 2215 NORTH EAST 32ND AVEN FT. LAUDERDALE FL 33305 $322,079.34
600059356 LOUSSIA 7586 OVERDALE COURT WEST BLOOMFIELD MI 48322 $221,735.10
600059357 COCHRAN 5261 S STONEHAVEN DRIVE SPRINGFIELD MO 65809 $395,440.66
600059358 HILL 262 KENMORE ELMHURST IL 60126 $218,044.88
600059359 WITCOFF 512 ELMWOOD AVENUE WILMETTE IL 60091 $297,294.47
600059360 JACOBS 4448 FORESTVIEW WEST BLOOMFIELD MI 48322 $320,048.96
600059361 RUSSO 3160 BERKSHIRE DRIVE BLOOMFIELD MI 48301 $81,504.04
600059362 CLEARFIE 1179 SOUTH HARVEY AVENUE OAK PARK IL 60304 $114,953.86
600059363 GEORGOPO 2225 SOUTH HOME AVENUE BERWYN IL 60402 $108,878.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059350 HAMILTON 7.000 .250 6.750 .0400 6.710 02/01/2012
600059351 MUSLIN 7.250 .250 7.000 .0400 6.960 01/01/2012
600059352 CRISCUOL 7.500 .250 7.250 .0400 7.210 02/01/2012
600059353 OLESNAVA 7.375 .250 7.125 .0400 7.085 01/01/2012
600059354 SCHMIDT 7.375 .250 7.125 .0400 7.085 02/01/2012
600059355 MURRAY 7.750 .250 7.500 .0400 7.460 02/01/2012
600059356 LOUSSIA 8.250 .250 8.000 .0400 7.960 02/01/2012
600059357 COCHRAN 7.750 .250 7.500 .0400 7.460 01/01/2012
600059358 HILL 7.875 .250 7.625 .0400 7.585 02/01/2012
600059359 WITCOFF 7.625 .250 7.375 .0400 7.335 01/01/2012
600059360 JACOBS 7.500 .250 7.250 .0400 7.210 02/01/2012
600059361 RUSSO 8.375 .250 8.125 .0400 8.085 02/01/2012
600059362 CLEARFIE 7.625 .250 7.375 .0400 7.335 01/01/2012
600059363 GEORGOPO 8.250 .250 8.000 .0400 7.960 02/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059350 HAMILTON 0907041 $2,203.93 04/01/1997 180
600059351 MUSLIN 0907099 $5,039.00 04/01/1997 180
600059352 CRISCUOL 0907102 $3,244.54 04/01/1997 180
600059353 OLESNAVA 0907169 $2,229.89 04/01/1997 180
600059354 SCHMIDT 0907276 $2,483.79 04/01/1997 180
600059355 MURRAY 0907412 $3,049.74 04/01/1997 180
600059356 LOUSSIA 0907591 $2,163.41 04/01/1997 180
600059357 COCHRAN 0907598 $3,755.69 04/01/1997 180
600059358 HILL 0907602 $2,157.73 04/01/1997 180
600059359 WITCOFF 0907662 $2,802.39 04/01/1997 180
600059360 JACOBS 0907806 $2,984.98 04/01/1997 180
600059361 RUSSO 0908050 $821.04 04/01/1997 180
600059362 CLEARFIE 0908255 $1,083.59 04/01/1997 180
600059363 GEORGOPO 0908292 $1,062.30 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059350 HAMILTON .00 .00 .00 .000 .250 .290 $306,500.00 N
600059351 MUSLIN .00 .00 .00 .000 .250 .290 $720,000.00 N
600059352 CRISCUOL .00 .00 .00 .000 .250 .290 $560,000.00 N
600059353 OLESNAVA .00 .00 .00 .000 .250 .290 $675,000.00 N
600059354 SCHMIDT .00 .00 .00 .000 .250 .290 $393,000.00 N
600059355 MURRAY .00 .00 .00 .000 .250 .290 $405,000.00 N
600059356 LOUSSIA .00 .00 .00 .000 .250 .290 $319,000.00 N
600059357 COCHRAN .00 .00 .00 .000 .250 .290 $570,000.00 N
600059358 HILL .00 .00 .00 .000 .250 .290 $332,000.00 N
600059359 WITCOFF .00 .00 .00 .000 .250 .290 $530,000.00 N
600059360 JACOBS .00 .00 .00 .000 .250 .290 $464,000.00 N
600059361 RUSSO .00 .00 .00 .000 .250 .290 $190,000.00 N
600059362 CLEARFIE .00 .00 .00 .000 .250 .290 $145,000.00 N
600059363 GEORGOPO .00 .00 .00 .000 .250 .290 $148,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 9
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059364 BAE 39626 CRYSTAL DRIVE STERLING HEIGHT MI 48310 $113,360.49
600059365 KEPLER 2718 WEST PRICE AVENUE TAMPA FL 33611 $225,425.78
600059366 GAMAS 5151 COLLINS AVENUE MIAMI BEACH FL 33140 $145,771.96
600059367 KUHN 2729 DREW AVENUE SOUTH MINNEAPOLIS MN 55416 $237,763.93
600059368 KANITZ 11900 SNOWFIELD COURT TRAVERSE CITY MI 49686 $354,860.42
600059369 ROSE 1696 MONT RUE SE GRAND RAPIDS MI 49546 $234,607.28
600059370 BORSENIK 420 E EXCHANGE ST OWOSSO MI 48867 $47,739.57
600059371 WANG 2691 MANSFIELD EAST LANSING MI 48823 $72,590.50
600059372 RUGGIREL 22078 YORK MILLS CIRCLE NOVI MI 48374 $268,468.49
600059373 BURGOON 3783 CLEARVIEW STREET NOR GRAND RAPIDS MI 49546 $248,518.01
600059374 WALSH 7813 SOUTH THOMAS BRIDGEVIEW IL 60455 $137,929.89
600059375 BISHOP 24 SEAWATCH DRIVE BOCA GRANDE FL 33921 $421,208.70
600059376 KLIDIS 1877 SOURWOOD BOULEVARD DUNEDIN FL 34698 $61,238.05
600059377 LEE 6737 LEMAI LINCOLNWOOD IL 60646 $325,977.46
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059364 BAE 8.375 .250 8.125 .0400 8.085 02/01/2012
600059365 KEPLER 7.500 .250 7.250 .0400 7.210 02/01/2012
600059366 GAMAS 8.500 .250 8.250 .0400 8.210 01/01/2012
600059367 KUHN 7.250 .250 7.000 .0400 6.960 01/01/2012
600059368 KANITZ 7.625 .250 7.375 .0400 7.335 02/01/2012
600059369 ROSE 7.500 .250 7.250 .0400 7.210 02/01/2012
600059370 BORSENIK 8.750 .250 8.500 .0400 8.460 02/01/2012
600059371 WANG 8.375 .250 8.125 .0400 8.085 02/01/2012
600059372 RUGGIREL 8.250 .250 8.000 .0400 7.960 02/01/2012
600059373 BURGOON 7.750 .250 7.500 .0400 7.460 02/01/2012
600059374 WALSH 8.500 .250 8.250 .0400 8.210 02/01/2012
600059375 BISHOP 7.750 .250 7.500 .0400 7.460 01/01/2012
600059376 KLIDIS 7.875 .250 7.625 .0400 7.585 02/01/2012
600059377 LEE 7.875 .250 7.625 .0400 7.585 02/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059364 BAE 0908365 $1,114.27 04/01/1997 180
600059365 KEPLER 0908483 $2,102.47 1 04/01/1997 180
600059366 GAMAS 0908499 $1,447.57 04/01/1997 180
600059367 KUHN 0908548 $2,190.87 04/01/1997 180
600059368 KANITZ 0908834 $3,334.84 04/01/1997 180
600059369 ROSE 0908914 $2,190.07 04/01/1997 180
600059370 BORSENIK 0909138 $479.74 04/01/1997 180
600059371 WANG 0909139 $713.52 04/01/1997 180
600059372 RUGGIREL 0909532 $2,619.38 04/01/1997 180
600059373 BURGOON 0909634 $2,353.19 04/01/1997 180
600059374 WALSH 0909721 $1,366.33 04/01/1997 180
600059375 BISHOP 0909990 $4,000.43 04/01/1997 180
600059376 KLIDIS 0910133 $584.25 04/01/1997 180
600059377 LEE 0910354 $3,109.97 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059364 BAE .00 .00 .00 .000 .250 .290 $150,000.00 N
600059365 KEPLER .00 .00 .00 .000 .250 .290 $252,000.00 N
600059366 GAMAS .00 .00 .00 .000 .250 .290 $210,000.00 N
600059367 KUHN .00 .00 .00 .000 .250 .290 $305,000.00 N
600059368 KANITZ .00 .00 .00 .000 .250 .290 $600,000.00 N
600059369 ROSE .00 .00 .00 .000 .250 .290 $340,000.00 N
600059370 BORSENIK .00 .00 .00 .000 .250 .290 $65,000.00 N
600059371 WANG .00 .00 .00 .000 .250 .290 $91,300.00 N
600059372 RUGGIREL .00 .00 .00 .000 .250 .290 $470,000.00 N
600059373 BURGOON .00 .00 .00 .000 .250 .290 $410,000.00 N
600059374 WALSH .00 .00 .00 .000 .250 .290 $185,000.00 N
600059375 BISHOP .00 .00 .00 .000 .250 .290 $900,000.00 N
600059376 KLIDIS .00 .00 .00 .000 .250 .290 $77,000.00 N
600059377 LEE .00 .00 .00 .000 .250 .290 $500,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 10
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059378 WOOTON 5039 DURNHAM WATERFORD MI 48327 $133,281.07
600059379 PETIT 1832 WEST BERENICE AVENUE CHICAGO IL 60613 $323,292.39
600059380 PEARSE 3210 KERNWAY DRIVE BLOOMFIELD HILL MI 48304 $264,426.86
600059381 MALMGREN 2737 TAYLOR STREET NE MINNEAPOLIS MN 55418 $48,624.43
600059382 MKRTYCHY 7426 AZALEA COURT WEST BLOOMFIELD MI 48322 $105,156.77
600059383 BROOKS 6132 MUSTANG LANE NW ALBUQUERQUE NM 87120 $51,638.78
600059384 FLORITA 100 WORTH AVENUE PALM BEACH FL 33480 $149,157.96
600059385 FRYE 298 43RD AVENUE SE ST PETERSBURG FL 33705 $30,935.00
600059386 KIM 43765 BOULDER DR CLINTON TOWNSHI MI 48038 $145,109.64
600059387 HORTON 358 PENNSYLVANIA AVENUE LOS GATOS CA 95030 $421,167.16
600059388 ECKERT 3321 BISCAYNE BAY DRIVE LAS VEGAS NV 89117 $97,437.93
600059389 KRENZ 3618 LAFAYETTE NORTHEAST ALBUQUERQUE NM 87107 $128,517.68
600059390 LOVELL 544 SOUTH HASSAYAMPA DRI PRESCOTT AZ 86303 $134,220.92
600059391 BECK 3075 SUNRISE COURT CHINO HILLS CA 91709 $233,302.99
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059378 WOOTON 8.875 .250 8.625 .0400 8.585 02/01/2012
600059379 PETIT 8.000 .250 7.750 .0400 7.710 02/01/2012
600059380 PEARSE 8.375 .250 8.125 .0400 8.085 02/01/2012
600059381 MALMGREN 8.375 .250 8.125 .0400 8.085 02/01/2012
600059382 MKRTYCHY 8.375 .250 8.125 .0400 8.085 02/01/2012
600059383 BROOKS 8.500 .250 8.250 .0400 8.210 02/01/2012
600059384 FLORITA 8.375 .250 8.125 .0400 8.085 02/01/2012
600059385 FRYE 9.000 .250 8.750 .0400 8.710 02/01/2012
600059386 KIM 8.375 .250 8.125 .0400 8.085 02/01/2012
600059387 HORTON 7.625 .250 7.375 .0400 7.335 01/01/2012
600059388 ECKERT 8.125 .250 7.875 .0400 7.835 02/01/2012
600059389 KRENZ 8.500 .250 8.250 .0400 8.210 01/01/2012
600059390 LOVELL 8.500 .250 8.250 .0400 8.210 02/01/2012
600059391 BECK 7.375 .250 7.125 .0400 7.085 02/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059378 WOOTON 0910367 $1,349.18 04/01/1997 180
600059379 PETIT 0910457 $3,111.60 04/01/1997 180
600059380 PEARSE 0910459 $2,599.95 04/01/1997 180
600059381 MALMGREN 0910479 $478.94 04/01/1997 180
600059382 MKRTYCHY 0911220 $1,033.63 04/01/1997 180
600059383 BROOKS 0911317 $512.06 04/01/1997 180
600059384 FLORITA 0911540 $1,466.14 04/01/1997 180
600059385 FRYE 0911688 $315.44 2 04/01/1997 180
600059386 KIM 0911907 $1,427.04 04/01/1997 180
600059387 HORTON 6213121 $3,970.05 04/01/1997 180
600059388 ECKERT 6213163 $943.63 04/01/1997 180
600059389 KRENZ 6297181 $1,276.23 04/01/1997 180
600059390 LOVELL 6297242 $1,329.40 04/01/1997 180
600059391 BECK 6298010 $2,161.82 12 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059378 WOOTON .00 .00 .00 .000 .250 .290 $193,500.00 N
600059379 PETIT .00 .00 .00 .000 .250 .290 $407,000.00 N
600059380 PEARSE .00 .00 .00 .000 .250 .290 $365,000.00 N
600059381 MALMGREN .00 .00 .00 .000 .250 .290 $70,000.00 N
600059382 MKRTYCHY .00 .00 .00 .000 .250 .290 $141,000.00 N
600059383 BROOKS .00 .00 .00 .000 .250 .290 $98,000.00 N
600059384 FLORITA .00 .00 .00 .000 .250 .290 $200,000.00 N
600059385 FRYE .00 .00 .00 .000 .250 .290 $34,600.00 N
600059386 KIM .00 .00 .00 .000 .250 .290 $193,000.00 N
600059387 HORTON .00 .00 .00 .000 .250 .290 $810,000.00 N
600059388 ECKERT .00 .00 .00 .000 .250 .290 $174,000.00 N
600059389 KRENZ .00 .00 .00 .000 .250 .290 $162,000.00 N
600059390 LOVELL .00 .00 .00 .000 .250 .290 $182,000.00 N
600059391 BECK .00 .00 .00 .000 .250 .290 $275,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 11
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059392 LAWRENCE 10433 BROOM HILL DRIVE LAS VEGAS NV 89134 $118,183.29
600059393 DADOURIA 3472 WESTERN SUNSET COURT LAS VEGAS NV 89117 $115,782.47
600059394 DADOURIA 4395 COYOTE CREST COURT LAS VEGAS NV 89117 $104,629.25
600059807 BAJWA, LAEEQ A 10333 94TH STREET JAMAICA NY 11417 $119,019.87
600059808 ANDRADE, JOSEPH R 131 FOX MEADOW ROAD SCARSDALE NY 10583 $425,518.02
600059809 SCHARF, RICHARD S 30 EAST 62ND STREET NEW YORK NY 10021 $221,181.03
600059810 NICKOLATOS, PAUL 10 CLOVER LEAF LANE EAST HAMPTON NY 11937 $497,036.04
600059811 SULLIVAN, III JOHN 35 PELICAN COURT SYOSSET NY 11775 $571,628.67
600059812 BIJOU, JOSEPH 1031 EAST 8TH STREET BROOKLYN NY 11230 $248,581.92
600059813 MCNAMARA, JOHN J 420 MAJORS PATH SOUTHAMPTON NY 11968 $223,737.81
600059814 KELLEY, JR EDWIN LOT 17 WHITNEY FARMS E MANLIUS NY 13078 $341,823.07
600059815 MORATH, HERBERT H 3786 MIDDLE CHESHIRE CANANDAIGUA NY 14424 $92,725.12
600059816 HIXON, INDIA 35 CHIMNEY ROAD WOODSTOCK NY 12498 $206,283.38
600059817 PONGVITAYAPANU, THAVEES 77 BARNES STREET LONG BEACH NY 11561 $194,791.23
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059392 LAWRENCE 8.375 .250 8.125 .0400 8.085 02/01/2012
600059393 DADOURIA 9.000 .250 8.750 .0400 8.710 02/01/2012
600059394 DADOURIA 8.750 .250 8.500 .0400 8.460 02/01/2012
600059807 BAJWA, LAEEQ A 8.750 .250 8.500 .0400 8.460 01/01/2012
600059808 ANDRADE, JOSEPH R 8.000 .250 7.750 .0400 7.710 02/01/2012
600059809 SCHARF, RICHARD S 7.750 .250 7.500 .0400 7.460 02/01/2012
600059810 NICKOLATOS, PAUL 7.750 .250 7.500 .0400 7.460 02/01/2012
600059811 SULLIVAN, III JOHN 7.875 .250 7.625 .0400 7.585 02/01/2012
600059812 BIJOU, JOSEPH 8.250 .250 8.000 .0400 7.960 02/01/2012
600059813 MCNAMARA, JOHN J 8.375 .250 8.125 .0400 8.085 02/01/2012
600059814 KELLEY, JR EDWIN 7.000 .250 6.750 .0400 6.710 02/01/2012
600059815 MORATH, HERBERT H 8.875 .250 8.625 .0400 8.585 11/01/2011
600059816 HIXON, INDIA 7.875 .250 7.625 .0400 7.585 02/01/2012
600059817 PONGVITAYAPANU, THAVEES 8.000 .250 7.750 .0400 7.710 02/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059392 LAWRENCE 7175220 $1,161.67 04/01/1997 180
600059393 DADOURIA 7269920 $1,180.61 04/01/1997 180
600059394 DADOURIA 7293520 $1,051.42 04/01/1997 180
600059807 BAJWA, LAEEQ A 1106029520 $1,199.34 04/01/1997 180
600059808 ANDRADE, JOSEPH R 1106030574 $4,090.20 04/01/1997 180
600059809 SCHARF, RICHARD S 1106032456 $2,094.34 04/01/1997 180
600059810 NICKOLATOS, PAUL 1106036264 $4,706.38 04/01/1997 180
600059811 SULLIVAN, III JOHN 1106037620 $5,453.59 04/01/1997 180
600059812 BIJOU, JOSEPH 1106039772 $2,425.36 04/01/1997 180
600059813 MCNAMARA, JOHN J 1106039932 $2,199.21 04/01/1997 180
600059814 KELLEY, JR EDWIN 1107011350 $3,091.97 04/01/1997 180
600059815 MORATH, HERBERT H 1107015791 $946.44 04/01/1997 180
600059816 HIXON, INDIA 1107019522 $1,968.04 04/01/1997 180
600059817 PONGVITAYAPANU, THAVEES 1111075505 $1,889.81 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059392 LAWRENCE .00 .00 .00 .000 .250 .290 $158,500.00 N
600059393 DADOURIA .00 .00 .00 .000 .250 .290 $145,525.00 N
600059394 DADOURIA .00 .00 .00 .000 .250 .290 $131,500.00 N
600059807 BAJWA, LAEEQ A .00 .00 .00 .000 .250 .290 $160,000.00 N
600059808 ANDRADE, JOSEPH R .00 .00 .00 .000 .250 .290 $565,000.00 N
600059809 SCHARF, RICHARD S .00 .00 .00 .000 .250 .290 $445,000.00 N
600059810 NICKOLATOS, PAUL .00 .00 .00 .000 .250 .290 $650,000.00 N
600059811 SULLIVAN, III JOHN .00 .00 .00 .000 .250 .290 $725,000.00 N
600059812 BIJOU, JOSEPH .00 .00 .00 .000 .250 .290 $680,000.00 N
600059813 MCNAMARA, JOHN J .00 .00 .00 .000 .250 .290 $350,000.00 N
600059814 KELLEY, JR EDWIN .00 .00 .00 .000 .250 .290 $430,000.00 N
600059815 MORATH, HERBERT H .00 .00 .00 .000 .250 .290 $145,000.00 N
600059816 HIXON, INDIA .00 .00 .00 .000 .250 .290 $300,000.00 N
600059817 PONGVITAYAPANU, THAVEES .00 .00 .00 .000 .250 .290 $282,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 12
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059818 ELYASZADEH, SOHAIL 10 FRANKLIN PLACE GREAT NECK NY 11023 $447,303.02
600059819 LITROFF, ISRAEL 21165 23RD AVENUE 6B1 BAYSIDE NY 11360 $43,747.65
600059820 BRINKERS, MAUREEN 2400 JOHNSON AVENUE 5 BRONX NY 10463 $44,548.68
600059821 SHIRIAN, ALBERT 29 BRAMPTON LANE GREAT NECK NY 11023 $198,801.35
600059822 GRITSIV, VASILI 19950 19TH AVENUE WHITESTONE NY 11357 $29,835.41
600059823 PACKMAN, SARA 62 WEST 62ND STREET NEW YORK NY 10023 $138,518.56
600059824 COLDREN, SEAN C 1110 DOE RUN RD COATESVILLE PA 19320 $437,420.20
600059825 TRETTER, JOSEPH J 51 CORAL LN LEVITTOWN PA 19055 $80,823.32
600059826 GUEVARA, MAGDALENO 1518 GLENCOE AVENUE VENICE AREA CA 90291 $205,232.71
600059827 GIRON, ANDRES E 3460 HILL CANYON AVE THOUSAND OAKS CA 91360 $226,022.92
600059828 TRYLOVICH, DAVID J 140 PIN HIGH CIRCLE HENDERSON NV 89014 $327,071.01
600059829 ZUROWESTE, MARK S 316 SADDLEBRIDGE LAN FRANKLIN TN 37064 $229,930.41
600059830 PLEMMONS, SUZANNE D 1815 MARINER DRIVE UN TARPON SPRINGS FL 34689 $59,674.61
600059831 SEIDER, RAYMOND E 6326 VIA REAL CARPINTERIA CA 93013 $485,319.19
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059818 ELYASZADEH, SOHAIL 7.625 .250 7.375 .0400 7.335 02/01/2012
600059819 LITROFF, ISRAEL 8.125 .250 7.875 .0400 7.835 02/01/2012
600059820 BRINKERS, MAUREEN 8.375 .250 8.125 .0400 8.085 02/01/2012
600059821 SHIRIAN, ALBERT 7.625 .250 7.375 .0400 7.335 02/01/2012
600059822 GRITSIV, VASILI 8.625 .250 8.375 .0400 8.335 02/01/2012
600059823 PACKMAN, SARA 8.375 .250 8.125 .0400 8.085 02/01/2012
600059824 COLDREN, SEAN C 7.875 .250 7.625 .0400 7.585 02/01/2012
600059825 TRETTER, JOSEPH J 7.875 .250 7.625 .0400 7.585 02/01/2012
600059826 GUEVARA, MAGDALENO 8.250 .250 8.000 .0400 7.960 01/01/2012
600059827 GIRON, ANDRES E 7.875 .250 7.625 .0400 7.585 02/01/2012
600059828 TRYLOVICH, DAVID J 7.875 .250 7.625 .0400 7.585 02/01/2012
600059829 ZUROWESTE, MARK S 7.750 .250 7.500 .0400 7.460 01/01/2012
600059830 PLEMMONS, SUZANNE D 8.000 .250 7.750 .0400 7.710 01/01/2012
600059831 SEIDER, RAYMOND E 7.875 .250 7.625 .0400 7.585 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059818 ELYASZADEH, SOHAIL 1111078263 $4,203.59 04/01/1997 180
600059819 LITROFF, ISRAEL 1111079095 $423.67 04/01/1997 180
600059820 BRINKERS, MAUREEN 1111081778 $437.89 04/01/1997 180
600059821 SHIRIAN, ALBERT 1111082781 $1,868.26 04/01/1997 180
600059822 GRITSIV, VASILI 1111084470 $297.63 04/01/1997 180
600059823 PACKMAN, SARA 1111085790 $1,361.56 04/01/1997 180
600059824 COLDREN, SEAN C 1171160941 $4,173.18 04/01/1997 180
600059825 TRETTER, JOSEPH J 1175037517 $771.09 04/01/1997 180
600059826 GUEVARA, MAGDALENO 1230004674 $2,008.19 04/01/1997 180
600059827 GIRON, ANDRES E 1245002480 $2,157.72 04/01/1997 180
600059828 TRYLOVICH, DAVID J 1251118252 $3,120.40 04/01/1997 180
600059829 ZUROWESTE, MARK S 1341025791 $2,183.76 04/01/1997 180
600059830 PLEMMONS, SUZANNE D 1381083658 $575.30 04/01/1997 180
600059831 SEIDER, RAYMOND E 1484003635 $4,647.40 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059818 ELYASZADEH, SOHAIL .00 .00 .00 .000 .250 .290 $600,000.00 N
600059819 LITROFF, ISRAEL .00 .00 .00 .000 .250 .290 $74,000.00 N
600059820 BRINKERS, MAUREEN .00 .00 .00 .000 .250 .290 $56,000.00 N
600059821 SHIRIAN, ALBERT .00 .00 .00 .000 .250 .290 $600,000.00 N
600059822 GRITSIV, VASILI .00 .00 .00 .000 .250 .290 $53,000.00 N
600059823 PACKMAN, SARA .00 .00 .00 .000 .250 .290 $199,000.00 N
600059824 COLDREN, SEAN C .00 .00 .00 .000 .250 .290 $550,000.00 N
600059825 TRETTER, JOSEPH J .00 .00 .00 .000 .250 .290 $111,000.00 N
600059826 GUEVARA, MAGDALENO .00 .00 .00 .000 .250 .290 $300,000.00 N
600059827 GIRON, ANDRES E .00 .00 .00 .000 .250 .290 $285,000.00 N
600059828 TRYLOVICH, DAVID J .00 .00 .00 .000 .250 .290 $411,273.00 N
600059829 ZUROWESTE, MARK S .00 .00 .00 .000 .250 .290 $290,000.00 N
600059830 PLEMMONS, SUZANNE D .00 .00 .00 .000 .250 .290 $86,000.00 N
600059831 SEIDER, RAYMOND E .00 .00 .00 .000 .250 .290 $625,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 13
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059832 CIPRIANO, JOHN 19 KINGS POINT ROAD EAST HAMPTON NY 11937 $151,991.17
600059833 AMERINE, LARRY L 1224 NORTH STARK STRE DAVENPORT IA 52804 $43,554.28
600059834 KRAUSE, MARK 25 SOUTH ADAMS AVEN MARGATE NJ 08402 $63,591.38
600059835 SIMON, J MICHAEL 86 BEACH AVENUE UNI KENNEBUNK ME 04043 $114,746.08
600059836 WALSH, RICHARD B 95 HARVARD AVENUE ROCKVILLE CENTR NY 11570 $327,182.59
600059837 BRIDGES, LEE P 1832 PONDER ROAD SMITHVILLE TN 37166 $245,639.01
600059838 VOSS, TIMOTHY R 285 BENT TREE TRAIL COLUMBUS MS 39701 $252,616.99
600059839 MALCOLM, MD ARNOLD 195 LAKEWOOD DRIVE WINCHESTER TN 37398 $252,477.72
600059840 TEMPLES, J STEVEN 1084 EMERALD BAY DRIV DESTIN FL 32541 $297,323.80
600059841 WALKER, SR JIMMY 1790 FARM ROAD 2871 FT WORTH TX 76126 $773,557.98
600059842 DAVIS, JOHN F 212 CEDARWOOD DRIVE SAN ANGELO TX 76905 $227,810.35
600059843 HILL, ROBERT C 1101 PADRE KINO SANTA FE NM 87501 $346,669.57
600059844 MOORE, H B 3307 LOOKOUT LANE AUSTIN TX 78746 $260,158.32
600059845 BRUCE, DON 6902 NORTHWOOD ROAD DALLAS TX 75225 $293,455.98
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059832 CIPRIANO, JOHN 8.250 .250 8.000 .0400 7.960 01/01/2012
600059833 AMERINE, LARRY L 8.375 .250 8.125 .0400 8.085 02/01/2012
600059834 KRAUSE, MARK 8.125 .250 7.875 .0400 7.835 12/01/2011
600059835 SIMON, J MICHAEL 8.875 .250 8.625 .0400 8.585 12/01/2011
600059836 WALSH, RICHARD B 8.250 .250 8.000 .0400 7.960 01/01/2012
600059837 BRIDGES, LEE P 7.000 .250 6.750 .0400 6.710 01/01/2012
600059838 VOSS, TIMOTHY R 7.250 .250 7.000 .0400 6.960 01/01/2012
600059839 MALCOLM, MD ARNOLD 7.625 .250 7.375 .0400 7.335 02/01/2012
600059840 TEMPLES, J STEVEN 7.750 .250 7.500 .0400 7.460 01/01/2012
600059841 WALKER, SR JIMMY 8.625 .250 8.375 .0400 8.335 01/01/2012
600059842 DAVIS, JOHN F 7.000 .250 6.750 .0400 6.710 01/01/2012
600059843 HILL, ROBERT C 7.750 .250 7.500 .0400 7.460 01/01/2012
600059844 MOORE, H B 7.750 .250 7.500 .0400 7.460 01/01/2012
600059845 BRUCE, DON 7.750 .250 7.500 .0400 7.460 12/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059832 CIPRIANO, JOHN 1500268005 $1,487.23 04/01/1997 180
600059833 AMERINE, LARRY L 1500277108 $428.12 04/01/1997 180
600059834 KRAUSE, MARK 1500285536 $619.61 04/01/1997 180
600059835 SIMON, J MICHAEL 1500287520 $1,167.94 04/01/1997 180
600059836 WALSH, RICHARD B 1500288046 $3,201.46 04/01/1997 180
600059837 BRIDGES, LEE P 1502035176 $2,229.09 04/01/1997 180
600059838 VOSS, TIMOTHY R 1502062690 $2,327.81 04/01/1997 180
600059839 MALCOLM, MD ARNOLD 1502074112 $2,372.69 04/01/1997 180
600059840 TEMPLES, J STEVEN 1503089771 $2,823.83 04/01/1997 180
600059841 WALKER, SR JIMMY 1504064040 $7,738.23 04/01/1997 180
600059842 DAVIS, JOHN F 1504089584 $2,067.31 04/01/1997 180
600059843 HILL, ROBERT C 1504091768 $3,294.47 04/01/1997 180
600059844 MOORE, H B 1504092465 $2,470.85 04/01/1997 180
600059845 BRUCE, DON 1504092895 $2,795.59 14 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059832 CIPRIANO, JOHN .00 .00 .00 .000 .250 .290 $219,000.00 N
600059833 AMERINE, LARRY L .00 .00 .00 .000 .250 .290 $63,000.00 N
600059834 KRAUSE, MARK .00 .00 .00 .000 .250 .290 $99,000.00 N
600059835 SIMON, J MICHAEL .00 .00 .00 .000 .250 .290 $180,000.00 N
600059836 WALSH, RICHARD B .00 .00 .00 .000 .250 .290 $430,000.00 N
600059837 BRIDGES, LEE P .00 .00 .00 .000 .250 .290 $401,000.00 N
600059838 VOSS, TIMOTHY R .00 .00 .00 .000 .250 .290 $351,000.00 N
600059839 MALCOLM, MD ARNOLD .00 .00 .00 .000 .250 .290 $317,500.00 N
600059840 TEMPLES, J STEVEN .00 .00 .00 .000 .250 .290 $560,000.00 N
600059841 WALKER, SR JIMMY .00 .00 .00 .000 .250 .290 $1,200,000.00 N
600059842 DAVIS, JOHN F .00 .00 .00 .000 .250 .290 $350,000.00 N
600059843 HILL, ROBERT C .00 .00 .00 .000 .250 .290 $962,000.00 N
600059844 MOORE, H B .00 .00 .00 .000 .250 .290 $340,000.00 N
600059845 BRUCE, DON .00 .00 .00 .000 .250 .290 $330,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 14
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059846 MARLOW, STEPHEN V 417 47TH STREET WEST DES MOINES IA 50265 $205,050.45
600059847 DONNELLY, PAUL E. 825 WEST 57TH TERRAC KANSAS CITY MO 64113 $297,380.77
600059848 BENSKIN, WILLIAM C 2616 OKOBOJI BOULEVAR MILFORD IA 51351 $445,285.50
600059849 ROSENBERG, PAULINO 3124 MILITARY AVE LOS ANGELES CA 90034 $177,155.41
600059850 RYDZIK, KRZYSZTOF J 5474 GARDNER STREET E STERLING HEIGH MI 48310 $69,243.33
600059851 PERDOMO, RIGOBERTO 7104 KAISER PLACE FALLS CHURCH VA 22042 $246,589.09
600059852 LOGAN, GENE R 3733 EAST PINTAIL CIR GAINSVILLE GA 30501 $222,992.85
600059853 PERKINS, MELODY 1621 CLAIRMONT LANE CONYERS GA 30208 $69,268.05
600059854 RIGNEY, JAMES O 129 TRADD STREET CHARLESTON SC 29401 $422,424.88
600059855 ROYAL, C EVERETT 877 SOUTH MAIN STREE MADISON GA 30650 $559,959.84
600059856 CUFFE, MARK J 3301 CHARLESTON RD TALLAHASSEE FL 32308 $405,527.86
600059857 BEAL, JOHN D 15 HOYT ROAD ARDEN NC 28704 $71,398.70
600059858 LANE, JR JULIAN 107 CEDAR POINTE METTER GA 30439 $237,859.05
600059859 SELWYN, DAVID 83-5761NAPOOPOO ROAD CAPTAIN COOK HI 96704 $194,863.40
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059846 MARLOW, STEPHEN V 7.125 .250 6.875 .0400 6.835 01/01/2012
600059847 DONNELLY, PAUL E. 8.000 .250 7.750 .0400 7.710 01/01/2012
600059848 BENSKIN, WILLIAM C 7.500 .250 7.250 .0400 7.210 02/01/2012
600059849 ROSENBERG, PAULINO 7.750 .250 7.500 .0400 7.460 01/01/2012
600059850 RYDZIK, KRZYSZTOF J 8.875 .250 8.625 .0400 8.585 12/01/2011
600059851 PERDOMO, RIGOBERTO 7.625 .250 7.375 .0400 7.335 12/01/2011
600059852 LOGAN, GENE R 7.750 .250 7.500 .0400 7.460 01/01/2012
600059853 PERKINS, MELODY 8.125 .250 7.875 .0400 7.835 01/01/2012
600059854 RIGNEY, JAMES O 7.500 .250 7.250 .0400 7.210 02/01/2012
600059855 ROYAL, C EVERETT 7.750 .250 7.500 .0400 7.460 01/01/2012
600059856 CUFFE, MARK J 7.500 .250 7.250 .0400 7.210 02/01/2012
600059857 BEAL, JOHN D 8.500 .250 8.250 .0400 8.210 01/01/2012
600059858 LANE, JR JULIAN 7.750 .250 7.500 .0400 7.460 01/01/2012
600059859 SELWYN, DAVID 8.000 .250 7.750 .0400 7.710 02/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059846 MARLOW, STEPHEN V 1505073080 $1,875.07 04/01/1997 180
600059847 DONNELLY, PAUL E. 1505073149 $2,866.96 04/01/1997 180
600059848 BENSKIN, WILLIAM C 1505074470 $4,153.02 04/01/1997 180
600059849 ROSENBERG, PAULINO 1506192438 $1,682.54 04/01/1997 180
600059850 RYDZIK, KRZYSZTOF J 1507204500 $704.79 04/01/1997 180
600059851 PERDOMO, RIGOBERTO 1507205182 $2,331.59 04/01/1997 180
600059852 LOGAN, GENE R 1511050997 $2,117.87 04/01/1997 180
600059853 PERKINS, MELODY 1511066385 $674.02 04/01/1997 180
600059854 RIGNEY, JAMES O 1511070258 $3,939.80 04/01/1997 180
600059855 ROYAL, C EVERETT 1511073573 $5,318.21 04/01/1997 180
600059856 CUFFE, MARK J 1511075783 $3,782.22 04/01/1997 180
600059857 BEAL, JOHN D 1511078329 $709.02 04/01/1997 180
600059858 LANE, JR JULIAN 1511079547 $2,259.06 04/01/1997 180
600059859 SELWYN, DAVID 1512060646 $1,873.08 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059846 MARLOW, STEPHEN V .00 .00 .00 .000 .250 .290 $290,000.00 N
600059847 DONNELLY, PAUL E. .00 .00 .00 .000 .250 .290 $400,000.00 N
600059848 BENSKIN, WILLIAM C .00 .00 .00 .000 .250 .290 $560,000.00 N
600059849 ROSENBERG, PAULINO .00 .00 .00 .000 .250 .290 $245,000.00 N
600059850 RYDZIK, KRZYSZTOF J .00 .00 .00 .000 .250 .290 $154,000.00 N
600059851 PERDOMO, RIGOBERTO .00 .00 .00 .000 .250 .290 $312,000.00 N
600059852 LOGAN, GENE R .00 .00 .00 .000 .250 .290 $540,000.00 N
600059853 PERKINS, MELODY .00 .00 .00 .000 .250 .290 $125,000.00 N
600059854 RIGNEY, JAMES O .00 .00 .00 .000 .250 .290 $950,000.00 N
600059855 ROYAL, C EVERETT .00 .00 .00 .000 .250 .290 $800,000.00 N
600059856 CUFFE, MARK J .00 .00 .00 .000 .250 .290 $510,000.00 N
600059857 BEAL, JOHN D .00 .00 .00 .000 .250 .290 $167,000.00 N
600059858 LANE, JR JULIAN .00 .00 .00 .000 .250 .290 $325,000.00 N
600059859 SELWYN, DAVID .00 .00 .00 .000 .250 .290 $280,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 15
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059860 CHONG, MALCOLM KWAI 1220 IKENA CIRCLE HONOLULU HI 96821 $990,981.54
600059861 HASSELL, CARLA W 22 BEECH AVENUE COLORADO SPRING CO 80906 $644,201.59
600059862 SCHMIDT, JR ROBERT 6872 NORTHWEST LOIS D SILVERDALE WA 98383 $394,866.84
600059863 ROGERS, JAMES C 3342 WEST 109TH CIRCL WESTMINSTER CO 80030 $247,695.85
600059864 LOESCHNER, DAVID G 5630 GRAND FLORAL BOU HOUSTON TX 77041 $317,176.43
600059865 GRAMLING 1414 THREE FORKS DRIV KATY TX 77450 $70,045.95
600059866 KIMBALL, PAUL M 3208 LAMP POST LANE OKLAHOMA CITY OK 73120 $49,713.21
600059867 MITCHELL, PHILLIP C 3581 CAPE HORN ROAD SEDRO-WOOLLEY WA 98284 $116,617.90
600059868 KIM, CHIN YONG 11880 WINDCREEK OVERLO ALPHARETTA GA 30202 $99,127.23
600059869 HABIB, ABDUL M 3035 BLUFFTON WAY ROSWELL GA 30076 $148,425.62
600059870 DEW, DAVID L 2634 PEACHTREE PLACE DULUTH GA 30136 $126,744.18
600059871 HARRISON, CARROLL DAVID 1128 RAINEY ROAD TEMPLE GA 30179 $74,475.14
600059872 MULICANDOV, DANI 351 CLEAR SPRING COU MARIETTA GA 30068 $107,593.03
600059873 MARSH, WILLIAM M 9986 EAST GROUNDCHERR SCOTTSDALE AZ 85262 $559,077.69
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059860 CHONG, MALCOLM KWAI 7.625 .250 7.375 .0400 7.335 01/01/2012
600059861 HASSELL, CARLA W 7.750 .250 7.500 .0400 7.460 01/01/2012
600059862 SCHMIDT, JR ROBERT 7.500 .250 7.250 .0400 7.210 01/01/2012
600059863 ROGERS, JAMES C 7.375 .250 7.125 .0400 7.085 01/01/2012
600059864 LOESCHNER, DAVID G 7.875 .250 7.625 .0400 7.585 01/01/2012
600059865 GRAMLING 8.125 .250 7.875 .0400 7.835 02/01/2012
600059866 KIMBALL, PAUL M 8.125 .250 7.875 .0400 7.835 02/01/2012
600059867 MITCHELL, PHILLIP C 8.500 .250 8.250 .0400 8.210 01/01/2012
600059868 KIM, CHIN YONG 8.000 .250 7.750 .0400 7.710 01/01/2012
600059869 HABIB, ABDUL M 7.500 .250 7.250 .0400 7.210 01/01/2012
600059870 DEW, DAVID L 7.750 .250 7.500 .0400 7.460 02/01/2012
600059871 HARRISON, CARROLL DAVID 8.250 .250 8.000 .0400 7.960 02/01/2012
600059872 MULICANDOV, DANI 8.375 .250 8.125 .0400 8.085 02/01/2012
600059873 MARSH, WILLIAM M 8.000 .250 7.750 .0400 7.710 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059860 CHONG, MALCOLM KWAI 1512069888 $9,341.30 04/01/1997 180
600059861 HASSELL, CARLA W 1513087783 $6,118.29 04/01/1997 180
600059862 SCHMIDT, JR ROBERT 1513089600 $3,694.14 04/01/1997 180
600059863 ROGERS, JAMES C 1513102435 $2,299.81 04/01/1997 180
600059864 LOESCHNER, DAVID G 1521033586 $3,035.04 04/01/1997 180
600059865 GRAMLING 1521033917 $678.35 04/01/1997 180
600059866 KIMBALL, PAUL M 1563142894 $481.45 04/01/1997 180
600059867 MITCHELL, PHILLIP C 1565148790 $1,158.06 04/01/1997 180
600059868 KIM, CHIN YONG 1566086020 $955.66 04/01/1997 180
600059869 HABIB, ABDUL M 1566086075 $1,390.52 04/01/1997 180
600059870 DEW, DAVID L 1566089029 $1,200.13 04/01/1997 180
600059871 HARRISON, CARROLL DAVID 1566089120 $726.64 04/01/1997 180
600059872 MULICANDOV, DANI 1566089131 $1,057.58 04/01/1997 180
600059873 MARSH, WILLIAM M 1569158070 $5,389.88 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059860 CHONG, MALCOLM KWAI .00 .00 .00 .000 .250 .290 $1,335,000.00 N
600059861 HASSELL, CARLA W .00 .00 .00 .000 .250 .290 $1,200,000.00 N
600059862 SCHMIDT, JR ROBERT .00 .00 .00 .000 .250 .290 $500,000.00 N
600059863 ROGERS, JAMES C .00 .00 .00 .000 .250 .290 $335,000.00 N
600059864 LOESCHNER, DAVID G .00 .00 .00 .000 .250 .290 $400,000.00 N
600059865 GRAMLING .00 .00 .00 .000 .250 .290 $93,990.00 N
600059866 KIMBALL, PAUL M .00 .00 .00 .000 .250 .290 $155,000.00 N
600059867 MITCHELL, PHILLIP C .00 .00 .00 .000 .250 .290 $147,000.00 N
600059868 KIM, CHIN YONG .00 .00 .00 .000 .250 .290 $175,000.00 N
600059869 HABIB, ABDUL M .00 .00 .00 .000 .250 .290 $270,000.00 N
600059870 DEW, DAVID L .00 .00 .00 .000 .250 .290 $160,000.00 N
600059871 HARRISON, CARROLL DAVID .00 .00 .00 .000 .250 .290 $100,000.00 N
600059872 MULICANDOV, DANI .00 .00 .00 .000 .250 .290 $175,000.00 N
600059873 MARSH, WILLIAM M .00 .00 .00 .000 .250 .290 $705,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 16
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059874 KIES, DAVID R 5351 BRANDING IRON LO PINETOP AZ 85935 $319,795.91
600059875 COWAN, DONALD R 2230 DALE AVENUE SACRAMENTO CA 95815 $55,689.32
600059876 PLAISTED, ALLEN M 4187 WHITE BEAR AVE WHITE BEAR LAKE MN 55110 $212,565.54
600059877 PASKE, EDWARD A 3263 VINCE ROAD NICHOLASVILLE KY 40356 $77,254.36
600059878 RAULERSON, HENDRIX F 2809 LARKHALL ROAD COLUMBIA SC 29223 $101,388.68
600059879 CHOATE, KENNETH 754 ASHFIELD DRIVE FAYETTEVILLE NC 28311 $93,045.13
600059880 BERGMAN, M JEANETTE 508 TUSCARORA DRIVE ANTIOCH TN 37013 $70,614.80
600059881 WILLIAMS, ROD D 28655 YELLOW JACKET DR STEAMBOAT SPRIN CO 80477 $120,946.86
600059882 TAPP, STEVEN M 13174 SAINT PAUL DRIVE DENVER CO 80241 $94,116.76
600059883 WEATHERWAX, LOREN JAY 100 ELK RUN LYONS CO 80540 $445,340.34
600059884 ZONAY, FRANCIS J 32 SAWBUCK ROAD BIG SKY MT 59716 $397,680.41
600059885 GRECO, ANTHONY J 100 CLEVELAND ST NEWTON MA 02165 $222,485.76
600059886 CONTI, RICHARD J 23D SHADOWBROOK LANE SMITHFIELD RI 02917 $109,389.74
600059887 BRANCO, SCOTT L 2 ROUND HILL ROAD FOSTER RI 02825 $74,370.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059874 KIES, DAVID R 8.375 .250 8.125 .0400 8.085 02/01/2012
600059875 COWAN, DONALD R 8.500 .250 8.250 .0400 8.210 02/01/2012
600059876 PLAISTED, ALLEN M 7.625 .250 7.375 .0400 7.335 01/01/2012
600059877 PASKE, EDWARD A 8.125 .250 7.875 .0400 7.835 02/01/2012
600059878 RAULERSON, HENDRIX F 7.625 .250 7.375 .0400 7.335 02/01/2012
600059879 CHOATE, KENNETH 7.750 .250 7.500 .0400 7.460 02/01/2012
600059880 BERGMAN, M JEANETTE 8.750 .250 8.500 .0400 8.460 02/01/2012
600059881 WILLIAMS, ROD D 8.125 .250 7.875 .0400 7.835 01/01/2012
600059882 TAPP, STEVEN M 8.000 .250 7.750 .0400 7.710 01/01/2012
600059883 WEATHERWAX, LOREN JAY 7.750 .250 7.500 .0400 7.460 02/01/2012
600059884 ZONAY, FRANCIS J 8.000 .250 7.750 .0400 7.710 02/01/2012
600059885 GRECO, ANTHONY J 8.500 .250 8.250 .0400 8.210 12/01/2011
600059886 CONTI, RICHARD J 8.500 .250 8.250 .0400 8.210 02/01/2012
600059887 BRANCO, SCOTT L 8.500 .250 8.250 .0400 8.210 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059874 KIES, DAVID R 1569158864 $3,143.41 04/01/1997 180
600059875 COWAN, DONALD R 1573167723 $551.46 04/01/1997 180
600059876 PLAISTED, ALLEN M 1576017716 $2,003.71 04/01/1997 180
600059877 PASKE, EDWARD A 1577057013 $748.16 04/01/1997 180
600059878 RAULERSON, HENDRIX F 1577059711 $952.82 04/01/1997 180
600059879 CHOATE, KENNETH 1577060109 $881.04 04/01/1997 180
600059880 BERGMAN, M JEANETTE 1577061167 $709.61 04/01/1997 180
600059881 WILLIAMS, ROD D 1579037924 $1,174.72 04/01/1997 180
600059882 TAPP, STEVEN M 1579040204 $909.79 04/01/1997 180
600059883 WEATHERWAX, LOREN JAY 1579040419 $4,216.92 04/01/1997 180
600059884 ZONAY, FRANCIS J 1579041580 $3,822.61 04/01/1997 180
600059885 GRECO, ANTHONY J 1580040802 $2,215.67 04/01/1997 180
600059886 CONTI, RICHARD J 1580043560 $1,083.22 04/01/1997 180
600059887 BRANCO, SCOTT L 1580043742 $738.56 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059874 KIES, DAVID R .00 .00 .00 .000 .250 .290 $402,000.00 N
600059875 COWAN, DONALD R .00 .00 .00 .000 .250 .290 $70,000.00 N
600059876 PLAISTED, ALLEN M .00 .00 .00 .000 .250 .290 $330,000.00 N
600059877 PASKE, EDWARD A .00 .00 .00 .000 .250 .290 $164,000.00 N
600059878 RAULERSON, HENDRIX F .00 .00 .00 .000 .250 .290 $127,500.00 N
600059879 CHOATE, KENNETH .00 .00 .00 .000 .250 .290 $122,000.00 N
600059880 BERGMAN, M JEANETTE .00 .00 .00 .000 .250 .290 $89,000.00 N
600059881 WILLIAMS, ROD D .00 .00 .00 .000 .250 .290 $275,000.00 N
600059882 TAPP, STEVEN M .00 .00 .00 .000 .250 .290 $136,000.00 N
600059883 WEATHERWAX, LOREN JAY .00 .00 .00 .000 .250 .290 $560,000.00 N
600059884 ZONAY, FRANCIS J .00 .00 .00 .000 .250 .290 $710,000.00 N
600059885 GRECO, ANTHONY J .00 .00 .00 .000 .250 .290 $322,000.00 N
600059886 CONTI, RICHARD J .00 .00 .00 .000 .250 .290 $220,000.00 N
600059887 BRANCO, SCOTT L .00 .00 .00 .000 .250 .290 $150,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 17
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059888 WEBER, LINDA M 14 OLDE ROAD DANVILLE NH 03819 $149,177.05
600059889 WAEGEMANN, CLAUS PETER 567 WALNUT STREET NEWTON MA 02160 $407,648.51
600059890 ILJKOSKI, ATANAS 1980 MACK LEONARD MI 48067 $179,034.30
600059891 WOODHAMS, DENNIS D 55211 NORTH FISHER LAK THREE RIVERS MI 49093 $112,395.89
600059892 CHEBBANI, AHMAD I 211 WOODCREST DRIVE DEARBORN MI 48124 $239,696.10
600059893 BITRUS, ABDULKARIM 57729 ABRAHAM WASHINGTON MI 48094 $151,147.32
600059894 EBEYER, DAVID P 104 BACK CREEK OVERL GREENWOOD IN 46142 $123,932.79
600059895 DEGUIDE, JOHN J 383 LINCOLN CIRCLE BEAVER CREEK OH 45434 $297,264.86
600059896 BOUSHKA, KENNETH D 6065 HIGHVIEW ROAD DENMARK WI 54208 $78,461.07
600059897 HANLEY, ARTHUR G 11004 LUXMANOR ROAD ROCKVILLE MD 20852 $322,163.57
600059898 GARCIA, ROBERTO 830 WEST 36TH STREET HIALEAH FL 33012 $59,351.41
600059899 EARLE, MARC T 165 13TH AVENUE NE SAINT PETERSBUR FL 33701 $104,851.80
600059900 EATON, ROBERT K 18832 GULF BOULEVARD INDIAN SHORES FL 33785 $240,707.04
600059901 BOITEL, GLADYS S 1501 NE 132ND ROAD NORTH MIAMI FL 33161 $40,916.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059888 WEBER, LINDA M 8.625 .250 8.375 .0400 8.335 02/01/2012
600059889 WAEGEMANN, CLAUS PETER 8.125 .250 7.875 .0400 7.835 02/01/2012
600059890 ILJKOSKI, ATANAS 8.875 .250 8.625 .0400 8.585 02/01/2012
600059891 WOODHAMS, DENNIS D 8.375 .250 8.125 .0400 8.085 01/01/2012
600059892 CHEBBANI, AHMAD I 7.000 .250 6.750 .0400 6.710 01/01/2012
600059893 BITRUS, ABDULKARIM 8.375 .250 8.125 .0400 8.085 02/01/2012
600059894 EBEYER, DAVID P 8.250 .250 8.000 .0400 7.960 01/01/2012
600059895 DEGUIDE, JOHN J 7.500 .250 7.250 .0400 7.210 01/01/2012
600059896 BOUSHKA, KENNETH D 8.875 .250 8.625 .0400 8.585 01/01/2012
600059897 HANLEY, ARTHUR G 8.000 .250 7.750 .0400 7.710 01/01/2012
600059898 GARCIA, ROBERTO 8.875 .250 8.625 .0400 8.585 12/01/2011
600059899 EARLE, MARC T 7.750 .250 7.500 .0400 7.460 01/01/2012
600059900 EATON, ROBERT K 7.750 .250 7.500 .0400 7.460 01/01/2012
600059901 BOITEL, GLADYS S 8.875 .250 8.625 .0400 8.585 01/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059888 WEBER, LINDA M 1580044009 $1,488.13 04/01/1997 180
600059889 WAEGEMANN, CLAUS PETER 1580044177 $3,947.82 04/01/1997 180
600059890 ILJKOSKI, ATANAS 1581062254 $1,812.32 04/01/1997 180
600059891 WOODHAMS, DENNIS D 1581070037 $1,111.82 04/01/1997 180
600059892 CHEBBANI, AHMAD I 1581080970 $2,175.17 04/01/1997 180
600059893 BITRUS, ABDULKARIM 1581081408 $1,485.69 04/01/1997 180
600059894 EBEYER, DAVID P 1581083403 $1,212.68 04/01/1997 180
600059895 DEGUIDE, JOHN J 1581084461 $2,781.04 14 04/01/1997 180
600059896 BOUSHKA, KENNETH D 1583037349 $796.42 04/01/1997 180
600059897 HANLEY, ARTHUR G 1587051545 $3,105.87 04/01/1997 180
600059898 GARCIA, ROBERTO 1589080704 $604.11 04/01/1997 180
600059899 EARLE, MARC T 1589085344 $997.76 04/01/1997 180
600059900 EATON, ROBERT K 1589086700 $2,286.36 14 04/01/1997 180
600059901 BOITEL, GLADYS S 1589087179 $415.33 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059888 WEBER, LINDA M .00 .00 .00 .000 .250 .290 $269,000.00 N
600059889 WAEGEMANN, CLAUS PETER .00 .00 .00 .000 .250 .290 $928,000.00 N
600059890 ILJKOSKI, ATANAS .00 .00 .00 .000 .250 .290 $400,000.00 N
600059891 WOODHAMS, DENNIS D .00 .00 .00 .000 .250 .290 $184,000.00 N
600059892 CHEBBANI, AHMAD I .00 .00 .00 .000 .250 .290 $336,000.00 N
600059893 BITRUS, ABDULKARIM .00 .00 .00 .000 .250 .290 $253,500.00 N
600059894 EBEYER, DAVID P .00 .00 .00 .000 .250 .290 $310,000.00 N
600059895 DEGUIDE, JOHN J .00 .00 .00 .000 .250 .290 $335,380.00 N
600059896 BOUSHKA, KENNETH D .00 .00 .00 .000 .250 .290 $113,000.00 N
600059897 HANLEY, ARTHUR G .00 .00 .00 .000 .250 .290 $600,000.00 N
600059898 GARCIA, ROBERTO .00 .00 .00 .000 .250 .290 $105,000.00 N
600059899 EARLE, MARC T .00 .00 .00 .000 .250 .290 $200,000.00 N
600059900 EATON, ROBERT K .00 .00 .00 .000 .250 .290 $269,900.00 N
600059901 BOITEL, GLADYS S .00 .00 .00 .000 .250 .290 $55,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 18
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059902 SABELLA, MARIE MANDILE 478 BRACKENWOOD RD. PALM BEACH GARD FL 33418 $32,818.95
600059903 PALOMBA, SILVIO V 1884 42ND STREET SOUT NAPLES FL 34116 $44,758.57
600059904 RODRIGUEZSCHACK, ERIC 611 SOUTH WEST 23RD MIAMI FL 33129 $79,561.09
600059905 VALDES, CRUZ ALBERTO 2076 SHANNON LAKES BO KISSIMMEE FL 34743 $49,710.04
600059906 UY, NGUYEN X 1248 ADAIR STREET SAN MARINO CA 91108 $308,142.08
600059907 WHITE, MICHAEL J 1104 CAMINANTE SAN CLEMENTE CA 92673 $118,807.01
600059908 MORAN, TIMOTHY J 2217 LOS ENCINOS ROAD OJAI CA 93023 $258,061.09
600059909 JANG, DAR-FUNG 2363 RONDA VISTA DRIV LOS ANGELES CA 90027 $144,973.58
600059910 KOSHAK, MICHAEL M 7941 ALTAVAN AVENUE LOS ANGELES CA 90045 $250,601.97
600059911 LIBBY, RUSSELL E 2315 RUTLAND PLACE THOUSAND OAKS CA 91360 $231,102.02
600059912 SALZMAN, SCOTT L 1111 WHITFIELD NORTHBROOK IL 60062 $128,251.93
600059913 RIZZO, RONALD S 1040 N LAKE SHORE DR CHICAGO IL 60611 $447,361.59
600059914 SPRINGROSE, JAMES VINCE 12762 LIME KILN ROAD HIGHLAND MD 20777 $263,627.12
600059915 SWANSON, KEITH K 942 56TH STREET DES MOINES IA 50312 $283,763.94
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059902 SABELLA, MARIE MANDILE 8.625 .250 8.375 .0400 8.335 02/01/2012
600059903 PALOMBA, SILVIO V 8.875 .250 8.625 .0400 8.585 02/01/2012
600059904 RODRIGUEZSCHACK, ERIC 8.625 .250 8.375 .0400 8.335 02/01/2012
600059905 VALDES, CRUZ ALBERTO 8.000 .250 7.750 .0400 7.710 02/01/2012
600059906 UY, NGUYEN X 7.625 .250 7.375 .0400 7.335 02/01/2012
600059907 WHITE, MICHAEL J 8.000 .250 7.750 .0400 7.710 02/01/2012
600059908 MORAN, TIMOTHY J 7.750 .250 7.500 .0400 7.460 02/01/2012
600059909 JANG, DAR-FUNG 8.000 .250 7.750 .0400 7.710 01/01/2012
600059910 KOSHAK, MICHAEL M 8.500 .250 8.250 .0400 8.210 02/01/2012
600059911 LIBBY, RUSSELL E 8.000 .250 7.750 .0400 7.710 02/01/2012
600059912 SALZMAN, SCOTT L 8.000 .250 7.750 .0400 7.710 02/01/2012
600059913 RIZZO, RONALD S 7.875 .250 7.625 .0400 7.585 02/01/2012
600059914 SPRINGROSE, JAMES VINCE 7.750 .250 7.500 .0400 7.460 01/01/2012
600059915 SWANSON, KEITH K 7.500 .250 7.250 .0400 7.210 02/01/2007
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059902 SABELLA, MARIE MANDILE 1589090785 $327.39 04/01/1997 180
600059903 PALOMBA, SILVIO V 1589091165 $453.08 04/01/1997 180
600059904 RODRIGUEZSCHACK, ERIC 1589093546 $793.67 04/01/1997 180
600059905 VALDES, CRUZ ALBERTO 1590030962 $477.83 04/01/1997 180
600059906 UY, NGUYEN X 1595024865 $2,895.81 04/01/1997 180
600059907 WHITE, MICHAEL J 1595025278 $1,142.01 04/01/1997 180
600059908 MORAN, TIMOTHY J 1596015724 $2,443.56 12 04/01/1997 180
600059909 JANG, DAR-FUNG 1596019780 $1,397.65 04/01/1997 180
600059910 KOSHAK, MICHAEL M 1596021498 $2,481.55 04/01/1997 180
600059911 LIBBY, RUSSELL E 1596021873 $2,221.42 04/01/1997 180
600059912 SALZMAN, SCOTT L 1612040083 $1,232.79 04/01/1997 180
600059913 RIZZO, RONALD S 1614012599 $4,268.02 04/01/1997 180
600059914 SPRINGROSE, JAMES VINCE 1721171889 $2,503.79 04/01/1997 180
600059915 SWANSON, KEITH K 1505075075 $3,406.74 04/01/1997 120
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059902 SABELLA, MARIE MANDILE .00 .00 .00 .000 .250 .290 $120,000.00 N
600059903 PALOMBA, SILVIO V .00 .00 .00 .000 .250 .290 $150,000.00 N
600059904 RODRIGUEZSCHACK, ERIC .00 .00 .00 .000 .250 .290 $153,000.00 N
600059905 VALDES, CRUZ ALBERTO .00 .00 .00 .000 .250 .290 $95,900.00 N
600059906 UY, NGUYEN X .00 .00 .00 .000 .250 .290 $560,000.00 N
600059907 WHITE, MICHAEL J .00 .00 .00 .000 .250 .290 $255,000.00 N
600059908 MORAN, TIMOTHY J .00 .00 .00 .000 .250 .290 $288,500.00 N
600059909 JANG, DAR-FUNG .00 .00 .00 .000 .250 .290 $195,000.00 N
600059910 KOSHAK, MICHAEL M .00 .00 .00 .000 .250 .290 $315,000.00 N
600059911 LIBBY, RUSSELL E .00 .00 .00 .000 .250 .290 $309,950.00 N
600059912 SALZMAN, SCOTT L .00 .00 .00 .000 .250 .290 $187,000.00 N
600059913 RIZZO, RONALD S .00 .00 .00 .000 .250 .290 $650,000.00 N
600059914 SPRINGROSE, JAMES VINCE .00 .00 .00 .000 .250 .290 $466,000.00 N
600059915 SWANSON, KEITH K .00 .00 .00 .000 .250 .290 $400,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 19
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059916 HACKER DAVID C 9439 NOOK ROAD ALGONAC MI 48001 $73,568.62
600060205 JACKSON WILLIAM R 61 ANTHRACITE DRIVE CRESTED BUTTE CO 81225 $494,288.59
600060206 PARIS CHARLES D 2544 FAIRWAY VILLAGE PARK CITY UT 84060 $331,638.72
600060207 ROSENBLUM MARC K 445 E86TH STREET NEW YORK NY 10028 $245,551.25
600060208 RAPAPORT PETER M 37 REMSEN STREET BROOKLYN NY 11201 $987,937.10
600060209 DUBIN BRIAN 120 LAKE DRIVE SOUTH CANDLEWOOD ISLE CT 06812 $317,018.55
600060210 NG VIVIAN 412 11TH STREET 4L BROOKLYN NY 11215 $49,459.46
600060211 LANESE III ANTHONY 520 LAGUARDIA PLACE NEW YORK NY 10012 $197,534.66
600060212 WOLF ELEANOR 8 THE RIDGE MONTAUK NY 11954 $237,228.33
600060213 HICKS MARK 10840 SNAPPER CREEK ROA MIAMI FL 33156 $723,558.75
600060214 RHONE SYLVIA M HUDSON ROAD OAK BLUFFS MA 02557 $568,212.94
600060215 BRYANT TERRY W 1122 NARRUMSON ROAD WALL TOWNSHIP NJ 08736 $69,415.41
600060216 TRAN RUE THI 4613 - 4615 WEST 3RD ST SANTA ANA CA 92703 $77,109.02
600060217 STAGER BARBARA A 8068 BELLFLOWER COURT NIWOT CO 80501 $740,952.85
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059916 HACKER DAVID C 8.500 .250 8.250 .0400 8.210 12/01/2011
600060205 JACKSON WILLIAM R 8.250 .250 8.000 .0400 7.960 12/01/2011
600060206 PARIS CHARLES D 7.875 .250 7.625 .0400 7.585 12/01/2011
600060207 ROSENBLUM MARC K 8.000 .250 7.750 .0400 7.710 01/01/2012
600060208 RAPAPORT PETER M 7.625 .250 7.375 .0400 7.335 12/01/2011
600060209 DUBIN BRIAN 7.250 .250 7.000 .0400 6.960 01/01/2012
600060210 NG VIVIAN 8.875 .250 8.625 .0400 8.585 12/01/2011
600060211 LANESE III ANTHONY 7.375 .250 7.125 .0400 7.085 12/01/2011
600060212 WOLF ELEANOR 8.125 .250 7.875 .0400 7.835 12/01/2011
600060213 HICKS MARK 7.875 .250 7.625 .0400 7.585 01/01/2012
600060214 RHONE SYLVIA M 7.875 .250 7.625 .0400 7.585 12/01/2011
600060215 BRYANT TERRY W 8.500 .250 8.250 .0400 8.210 01/01/2012
600060216 TRAN RUE THI 8.250 .250 8.000 .0400 7.960 12/01/2011
600060217 STAGER BARBARA A 7.625 .250 7.375 .0400 7.335 12/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059916 HACKER DAVID C 1581073953 $732.65 04/01/1997 180
600060205 JACKSON WILLIAM R 1579027137 $4,850.71 04/01/1997 180
600060206 PARIS CHARLES D 1579037265 $3,183.00 04/01/1997 180
600060207 ROSENBLUM MARC K 1106031920 $2,370.02 04/01/1997 180
600060208 RAPAPORT PETER M 1106032004 $9,341.30 04/01/1997 180
600060209 DUBIN BRIAN 1106035421 $2,921.17 04/01/1997 180
600060210 NG VIVIAN 1111070829 $503.45 04/01/1997 180
600060211 LANESE III ANTHONY 1111072766 $1,839.85 04/01/1997 180
600060212 WOLF ELEANOR 1111075855 $2,310.92 04/01/1997 180
600060213 HICKS MARK 1311277048 $6,923.68 04/01/1997 180
600060214 RHONE SYLVIA M 1500262993 $5,453.59 04/01/1997 180
600060215 BRYANT TERRY W 1500280474 $689.32 04/01/1997 180
600060216 TRAN RUE THI 1506175960 $756.71 04/01/1997 180
600060217 STAGER BARBARA A 1513075252 $7,005.97 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059916 HACKER DAVID C .00 .00 .00 .000 .250 .290 $93,000.00 N
600060205 JACKSON WILLIAM R .00 .00 .00 .000 .250 .290 $690,000.00 N
600060206 PARIS CHARLES D .00 .00 .00 .000 .250 .290 $419,500.00 N
600060207 ROSENBLUM MARC K .00 .00 .00 .000 .250 .290 $331,040.00 N
600060208 RAPAPORT PETER M .00 .00 .00 .000 .250 .290 $1,550,000.00 N
600060209 DUBIN BRIAN .00 .00 .00 .000 .250 .290 $480,000.00 N
600060210 NG VIVIAN .00 .00 .00 .000 .250 .290 $104,000.00 N
600060211 LANESE III ANTHONY .00 .00 .00 .000 .250 .290 $430,000.00 N
600060212 WOLF ELEANOR .00 .00 .00 .000 .250 .290 $305,000.00 N
600060213 HICKS MARK .00 .00 .00 .000 .250 .290 $1,200,000.00 N
600060214 RHONE SYLVIA M .00 .00 .00 .000 .250 .290 $767,500.00 N
600060215 BRYANT TERRY W .00 .00 .00 .000 .250 .290 $146,000.00 N
600060216 TRAN RUE THI .00 .00 .00 .000 .250 .290 $118,000.00 N
600060217 STAGER BARBARA A .00 .00 .00 .000 .250 .290 $1,000,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 20
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060218 BEARD DOUGLAS W 6280 SOUTH COUNTY ROAD FORT COLLINS CO 80525 $815,367.70
600060219 LIAO FUHUA 2605 BRIXTON ROAD EDMOND OK 73034 $98,882.57
600060220 TRIESCH BART A NNA SHERWOOD BEACH ROAD COOLIN ID 83631 $315,563.37
600060221 ZISKIN HAROLD 7039 NORTH 1ST AVENUE PHOENIX AZ 85021 $325,168.64
600060222 SO KYONGWON 2346 SAFFRON COURT TROY MI 48098 $134,864.24
600060223 SLADOVNIK ROBERT G 763 CLINTON WYANDOTTE MI 48192 $71,398.70
600060224 SMITH CHRISTOPHER R 2150 TANBARK LANE FORT LAUDERDALE FL 33312 $235,864.14
600060225 WISNIEWSKI ALAN L 1 HIDDEN VALLEY COURT HOWELL NJ 07731 $176,158.63
600061117 DONALD R FISHER 2516 JARDIN DRIVE FORT LAUDER FL 33326 $286,787.03
600061119 NARESH KAPOOR 3494 MALIBU TERRA FREMONT CA 94539 $288,745.89
600061123 JACK A GREEN 6218 DENAIN DRIVE CORPUS CHRI TX 78414 $260,335.40
600061124 LLOYD J SPAFFORD 866 FORESTVILLE GREAT FALLS VA 22066 $290,192.11
600061125 DAVID M GREEN 10128E TOPAZ DR SCOTTSDALE AZ 85258 $307,586.53
600061128 RICHARD W POOLE 1018E 5275 S SOUTH OGDEN UT 84403 $279,617.41
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060218 BEARD DOUGLAS W 8.000 .250 7.750 .0400 7.710 12/01/2011
600060219 LIAO FUHUA 8.500 .250 8.250 .0400 8.210 12/01/2011
600060220 TRIESCH BART A 8.625 .250 8.375 .0400 8.335 11/01/2011
600060221 ZISKIN HAROLD 8.125 .250 7.875 .0400 7.835 01/01/2012
600060222 SO KYONGWON 8.500 .250 8.250 .0400 8.210 01/01/2012
600060223 SLADOVNIK ROBERT G 8.500 .250 8.250 .0400 8.210 01/01/2012
600060224 SMITH CHRISTOPHER R 8.625 .250 8.375 .0400 8.335 12/01/2011
600060225 WISNIEWSKI ALAN L 8.625 .250 8.375 .0400 8.335 12/01/2006
600061117 DONALD R FISHER 7.500 .250 7.250 .0400 7.210 02/01/2011
600061119 NARESH KAPOOR 7.500 .250 7.250 .0400 7.210 04/01/2011
600061123 JACK A GREEN 7.500 .250 7.250 .0400 7.210 03/01/2011
600061124 LLOYD J SPAFFORD 8.250 .250 8.000 .0400 7.960 11/01/2010
600061125 DAVID M GREEN 7.625 .250 7.375 .0400 7.335 11/01/2010
600061128 RICHARD W POOLE 7.500 .250 7.250 .0400 7.210 02/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060218 BEARD DOUGLAS W 1513083206 $7,884.13 04/01/1997 180
600060219 LIAO FUHUA 1563135006 $984.74 04/01/1997 180
600060220 TRIESCH BART A 1565139610 $3,174.66 04/01/1997 180
600060221 ZISKIN HAROLD 1569157850 $3,158.26 04/01/1997 180
600060222 SO KYONGWON 1581077954 $1,339.25 04/01/1997 180
600060223 SLADOVNIK ROBERT G 1581082444 $709.02 04/01/1997 180
600060224 SMITH CHRISTOPHER R 1589075012 $2,366.12 14 04/01/1997 180
600060225 WISNIEWSKI ALAN L 1587049441 $2,243.80 04/01/1997 120
600061117 DONALD R FISHER 5128798 $2,781.04 04/01/1997 180
600061119 NARESH KAPOOR 5411095 $2,781.04 04/01/1997 180
600061123 JACK A GREEN 9963075 $2,515.92 04/01/1997 180
600061124 LLOYD J SPAFFORD 20042354 $2,910.42 04/01/1997 180
600061125 DAVID M GREEN 20077335 $3,054.60 04/01/1997 180
600061128 RICHARD W POOLE 20098406 $2,711.51 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060218 BEARD DOUGLAS W .00 .00 .00 .000 .250 .290 $1,100,000.00 N
600060219 LIAO FUHUA .00 .00 .00 .000 .250 .290 $156,000.00 N
600060220 TRIESCH BART A .00 .00 .00 .000 .250 .290 $400,000.00 N
600060221 ZISKIN HAROLD .00 .00 .00 .000 .250 .290 $410,000.00 N
600060222 SO KYONGWON .00 .00 .00 .000 .250 .290 $218,000.00 N
600060223 SLADOVNIK ROBERT G .00 .00 .00 .000 .250 .290 $94,000.00 N
600060224 SMITH CHRISTOPHER R .00 .00 .00 .000 .250 .290 $265,000.00 N
600060225 WISNIEWSKI ALAN L .00 .00 .00 .000 .250 .290 $225,000.00 N
600061117 DONALD R FISHER .00 .00 .00 .000 .250 .290 $443,000.00 N
600061119 NARESH KAPOOR .00 .00 .00 .000 .250 .290 $590,000.00 N
600061123 JACK A GREEN .00 .00 .00 .000 .250 .290 $350,000.00 N
600061124 LLOYD J SPAFFORD .00 .00 .00 .000 .250 .290 $577,000.00 N
600061125 DAVID M GREEN .00 .00 .00 .000 .250 .290 $426,000.00 N
600061128 RICHARD W POOLE .00 .00 .00 .000 .250 .290 $390,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 21
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061129 J HARIG 929 CAMBRIDGE OV SAN ANTONIO TX 78209 $239,445.56
600061130 STRATTON TAYLOR 1202 FAULKNER PLA CLAREMORE OK 74017 $428,470.78
600061131 CHRIS E DUSSIN 5725SWKNIGHTSBRIDG PORTLAND OR 97219 $404,676.49
600061132 HERBERT J TIRJER 3429 CASCADE TERR WEST LINN OR 97068 $235,088.78
600061133 ROBERT VERGARA 417SWATLANTIC DR LANTANA FL 33462 $285,110.69
600061134 EDWARD J HOLLAND 330 PROSPECT AVE HIGHLAND PA IL 60036 $464,814.28
600061138 ALLEN T STEINBERG 811 ROSLYN PLACE EVANSTON IL 60201 $419,480.70
600061141 SCOTT MACGREGOR 10193 TIMBERCREEK UNION KY 41091 $224,381.03
600061143 GERALD G SHEEHAN 15 GILES ROAD LINCOLN MA 1773 $202,635.25
600061145 IGNATIUS BIONDO 2904 BAYTREE CT OAKLAND TWP MI 48309 $282,817.83
600061149 JONATHAN P GERTLER 62 SHERBURN CIR WESTON MA 2193 $378,257.14
600061151 GERALD F KOBALTER 3126 BRACKENWOOD EL PARADO CA 95762 $209,832.58
600061155 DOUGLAS R MARCH 145 PRINCE ROGER MARSHFIELD MA 2050 $279,139.37
600061158 FREDERICK A PAOLA 255 TURTLE CREEK OLDSMAR FL 34677 $221,781.99
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061129 J HARIG 7.750 .250 7.500 .0400 7.460 12/01/2010
600061130 STRATTON TAYLOR 7.625 .250 7.375 .0400 7.335 02/01/2011
600061131 CHRIS E DUSSIN 7.500 .250 7.250 .0400 7.210 12/01/2010
600061132 HERBERT J TIRJER 8.000 .250 7.750 .0400 7.710 01/01/2011
600061133 ROBERT VERGARA 7.750 .250 7.500 .0400 7.460 12/01/2010
600061134 EDWARD J HOLLAND 7.625 .250 7.375 .0400 7.335 02/01/2011
600061138 ALLEN T STEINBERG 7.625 .250 7.375 .0400 7.335 02/01/2011
600061141 SCOTT MACGREGOR 7.500 .250 7.250 .0400 7.210 02/01/2011
600061143 GERALD G SHEEHAN 8.250 .250 8.000 .0400 7.960 02/01/2006
600061145 IGNATIUS BIONDO 7.500 .250 7.250 .0400 7.210 02/01/2011
600061149 JONATHAN P GERTLER 7.500 .250 7.250 .0400 7.210 03/01/2011
600061151 GERALD F KOBALTER 7.500 .250 7.250 .0400 7.210 02/01/2011
600061155 DOUGLAS R MARCH 7.500 .250 7.250 .0400 7.210 02/01/2011
600061158 FREDERICK A PAOLA 7.500 .250 7.250 .0400 7.210 02/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061129 J HARIG 20118923 $2,371.54 04/01/1997 180
600061130 STRATTON TAYLOR 20122941 $4,184.91 04/01/1997 180
600061131 CHRIS E DUSSIN 20124319 $3,991.72 04/01/1997 180
600061132 HERBERT J TIRJER 20128880 $2,448.38 04/01/1997 180
600061133 ROBERT VERGARA 20132262 $2,823.83 04/01/1997 180
600061134 EDWARD J HOLLAND 20147526 $4,539.88 04/01/1997 180
600061138 ALLEN T STEINBERG 20168589 $4,097.09 04/01/1997 180
600061141 SCOTT MACGREGOR 20172284 $2,178.48 04/01/1997 180
600061143 GERALD G SHEEHAN 20175634 $2,698.36 04/01/1997 120
600061145 IGNATIUS BIONDO 20184586 $2,873.74 04/01/1997 180
600061149 JONATHAN P GERTLER 20200069 $3,643.16 04/01/1997 180
600061151 GERALD F KOBALTER 20201711 $2,034.79 04/01/1997 180
600061155 DOUGLAS R MARCH 20205118 $2,706.88 2 04/01/1997 180
600061158 FREDERICK A PAOLA 20206470 $2,150.67 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061129 J HARIG .00 .00 .00 .000 .250 .290 $320,000.00 N
600061130 STRATTON TAYLOR .00 .00 .00 .000 .250 .290 $560,000.00 N
600061131 CHRIS E DUSSIN .00 .00 .00 .000 .250 .290 $652,000.00 N
600061132 HERBERT J TIRJER .00 .00 .00 .000 .250 .290 $600,000.00 N
600061133 ROBERT VERGARA .00 .00 .00 .000 .250 .290 $975,000.00 N
600061134 EDWARD J HOLLAND .00 .00 .00 .000 .250 .290 $1,024,000.00 N
600061138 ALLEN T STEINBERG .00 .00 .00 .000 .250 .290 $660,000.00 N
600061141 SCOTT MACGREGOR .00 .00 .00 .000 .250 .290 $330,000.00 N
600061143 GERALD G SHEEHAN .00 .00 .00 .000 .250 .290 $370,000.00 N
600061145 IGNATIUS BIONDO .00 .00 .00 .000 .250 .290 $580,000.00 N
600061149 JONATHAN P GERTLER .00 .00 .00 .000 .250 .290 $540,000.00 N
600061151 GERALD F KOBALTER .00 .00 .00 .000 .250 .290 $278,500.00 N
600061155 DOUGLAS R MARCH .00 .00 .00 .000 .250 .290 $330,000.00 N
600061158 FREDERICK A PAOLA .00 .00 .00 .000 .250 .290 $300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 22
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061159 MARC R BROWN 3225 MARQUETTE ST UNIVERSITY TX 75225 $401,993.02
600061162 SANA U BHATTI 4003W CROWLEY CT VISALIA CA 93291 $277,416.50
600061163 BRIAN TUOHY 1155 BLUFFS PLACE AUBURN CA 95603 $225,601.38
600061169 GILDA CARDENOSA 346E HIGH POINT R PEORIA IL 61614 $227,455.85
600061171 PRASADARAO S KONERU 113 OLD WENTWORT BATTLE CREE MI 49017 $225,373.75
600061172 DONALD S PETTIT 1404 CHIPPENDALE LUTHERVILLE MD 21093 $327,097.94
600061173 EDWARD R AARDEMA 907 BAY RIDGE DR HOLLAND MI 49424 $231,381.69
600061180 PATRICK RYAN 66 WEBBER PLACE GROSSE POIN MI 48226 $222,093.75
600061185 KENNETH A GRIMES 12504 BUENA VISTA LEAWOOD KS 66209 $309,960.87
600061196 EDWARD L BREEN 122 BLACKSTONE LAGRANGE IL 60525 $308,683.89
600061203 ROBERT A MUSIKANTOW 2326 BIRCHWOOD BUFFALO GRO IL 60089 $268,052.47
600061209 J HOWARD SPARKMAN 3905 SOUTHWESTERN DALLAS TX 75225 $230,215.62
600061210 EDWARD M CRANE 417E RAVINE ROAD HINSDALE IL 60521 $416,862.61
600061215 CHRISTOPHER M BLANTON 8 DENNY LN ST.LOUIS MO 63131 $480,034.17
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061159 MARC R BROWN 7.625 .250 7.375 .0400 7.335 03/01/2011
600061162 SANA U BHATTI 7.750 .250 7.500 .0400 7.460 02/01/2011
600061163 BRIAN TUOHY 7.500 .250 7.250 .0400 7.210 02/01/2011
600061169 GILDA CARDENOSA 7.625 .250 7.375 .0400 7.335 03/01/2011
600061171 PRASADARAO S KONERU 7.625 .250 7.375 .0400 7.335 03/01/2011
600061172 DONALD S PETTIT 7.500 .250 7.250 .0400 7.210 03/01/2011
600061173 EDWARD R AARDEMA 7.500 .250 7.250 .0400 7.210 04/01/2011
600061180 PATRICK RYAN 7.875 .250 7.625 .0400 7.585 02/01/2011
600061185 KENNETH A GRIMES 7.625 .250 7.375 .0400 7.335 04/01/2011
600061196 EDWARD L BREEN 7.500 .250 7.250 .0400 7.210 02/01/2011
600061203 ROBERT A MUSIKANTOW 7.500 .250 7.250 .0400 7.210 04/01/2011
600061209 J HOWARD SPARKMAN 7.500 .250 7.250 .0400 7.210 03/01/2011
600061210 EDWARD M CRANE 7.625 .250 7.375 .0400 7.335 04/01/2011
600061215 CHRISTOPHER M BLANTON 7.750 .250 7.500 .0400 7.460 03/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061159 MARC R BROWN 20207122 $3,914.94 04/01/1997 180
600061162 SANA U BHATTI 20211033 $2,837.95 7 04/01/1997 180
600061163 BRIAN TUOHY 20212411 $2,187.75 04/01/1997 180
600061169 GILDA CARDENOSA 20219804 $2,240.05 04/01/1997 180
600061171 PRASADARAO S KONERU 20219978 $2,909.29 04/01/1997 180
600061172 DONALD S PETTIT 20220745 $3,161.12 04/01/1997 180
600061173 EDWARD R AARDEMA 20221651 $2,228.54 04/01/1997 180
600061180 PATRICK RYAN 20229712 $2,200.40 04/01/1997 180
600061185 KENNETH A GRIMES 20234936 $3,015.38 18 04/01/1997 180
600061196 EDWARD L BREEN 20244141 $3,012.80 04/01/1997 180
600061203 ROBERT A MUSIKANTOW 20252482 $2,581.73 04/01/1997 180
600061209 J HOWARD SPARKMAN 20265500 $2,224.83 04/01/1997 180
600061210 EDWARD M CRANE 20267969 $4,100.83 04/01/1997 180
600061215 CHRISTOPHER M BLANTON 20281192 $4,706.38 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061159 MARC R BROWN .00 .00 .00 .000 .250 .290 $670,000.00 N
600061162 SANA U BHATTI .00 .00 .00 .000 .250 .290 $335,000.00 N
600061163 BRIAN TUOHY .00 .00 .00 .000 .250 .290 $295,000.00 N
600061169 GILDA CARDENOSA .00 .00 .00 .000 .250 .290 $350,000.00 N
600061171 PRASADARAO S KONERU .00 .00 .00 .000 .250 .290 $325,000.00 N
600061172 DONALD S PETTIT .00 .00 .00 .000 .250 .290 $455,000.00 N
600061173 EDWARD R AARDEMA .00 .00 .00 .000 .250 .290 $355,000.00 N
600061180 PATRICK RYAN .00 .00 .00 .000 .250 .290 $610,000.00 N
600061185 KENNETH A GRIMES .00 .00 .00 .000 .250 .290 $370,000.00 N
600061196 EDWARD L BREEN .00 .00 .00 .000 .250 .290 $500,000.00 N
600061203 ROBERT A MUSIKANTOW .00 .00 .00 .000 .250 .290 $375,000.00 N
600061209 J HOWARD SPARKMAN .00 .00 .00 .000 .250 .290 $420,000.00 N
600061210 EDWARD M CRANE .00 .00 .00 .000 .250 .290 $780,000.00 N
600061215 CHRISTOPHER M BLANTON .00 .00 .00 .000 .250 .290 $1,300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 23
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061222 PAUL A BARTON 1801 COUNTRY CLUB FORT COLLIN CO 80524 $215,683.25
600061223 CLAUDIO D SCHUGER 6199 WINCLIFF DR W BLOOMFIEL MI 48332 $316,430.95
600061224 JOHNNY HALL 1942 LOS ENCINOS GLENDALE CA 91208 $241,869.32
600061225 DAVID H HUFFMAN 3925 ELISA COURT COLORADO SP CO 80906 $280,677.99
600061226 WILLIAM DENNIS 5525 MOUNTAIN ROA BRIGHTON TW MI 48116 $271,605.54
600061229 JAMES P WIADUCK 15773 KITCHEL LANE GRAND HAVEN MI 49417 $211,832.40
600061232 MIKE GRIEGO 11217 COUNTRY CLUB ALBUQUERQUE NM 87111 $401,506.02
600061233 KIMBEL L MERLIN 3315 LYKES AVENUE TAMPA FL 33609 $335,878.18
600061234 ALBERT E BROSKY 688S GLENHURST BIRMINGHAM MI 48009 $252,885.29
600061236 JERROLD ALBOM 11713S 66TH EAST AV BIXBY OK 74008 $384,900.25
600061237 JOSE MANUEL OTI JR 2307 ELLA LEE LAN HOUSTON TX 77019 $398,506.90
600061245 JENNIFER BROOKE 195 HILDRETH AVE BRIDGEHAMPT NY 11932 $214,235.29
600061246 EVANGELOS C LIGNOS 25 BARTHEL COUR TIMONIUM MD 21093 $238,226.49
600061255 SAM SETO 3 MADERA AVENU SAN CARLOS CA 94070 $260,264.72
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061222 PAUL A BARTON 7.500 .250 7.250 .0400 7.210 03/01/2011
600061223 CLAUDIO D SCHUGER 7.750 .250 7.500 .0400 7.460 04/01/2011
600061224 JOHNNY HALL 7.875 .250 7.625 .0400 7.585 04/01/2011
600061225 DAVID H HUFFMAN 7.625 .250 7.375 .0400 7.335 04/01/2011
600061226 WILLIAM DENNIS 7.875 .250 7.625 .0400 7.585 03/01/2011
600061229 JAMES P WIADUCK 7.625 .250 7.375 .0400 7.335 04/01/2011
600061232 MIKE GRIEGO 7.500 .250 7.250 .0400 7.210 04/01/2011
600061233 KIMBEL L MERLIN 7.625 .250 7.375 .0400 7.335 03/01/2011
600061234 ALBERT E BROSKY 8.375 .250 8.125 .0400 8.085 04/01/2011
600061236 JERROLD ALBOM 7.750 .250 7.500 .0400 7.460 04/01/2011
600061237 JOSE MANUEL OTI JR 7.625 .250 7.375 .0400 7.335 05/01/2011
600061245 JENNIFER BROOKE 7.625 .250 7.375 .0400 7.335 02/01/2011
600061246 EVANGELOS C LIGNOS 7.750 .250 7.500 .0400 7.460 02/01/2011
600061255 SAM SETO 7.750 .250 7.500 .0400 7.460 02/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061222 PAUL A BARTON 20295028 $2,084.39 04/01/1997 180
600061223 CLAUDIO D SCHUGER 20295986 $3,092.09 04/01/1997 180
600061224 JOHNNY HALL 20298444 $2,434.68 04/01/1997 180
600061225 DAVID H HUFFMAN 20307070 $2,722.99 04/01/1997 180
600061226 WILLIAM DENNIS 20308011 $2,703.08 04/01/1997 180
600061229 JAMES P WIADUCK 20315529 $2,055.09 04/01/1997 180
600061232 MIKE GRIEGO 20318473 $3,930.53 04/01/1997 180
600061233 KIMBEL L MERLIN 20322608 $3,269.45 04/01/1997 180
600061234 ALBERT E BROSKY 20330031 $2,565.74 04/01/1997 180
600061236 JERROLD ALBOM 20343828 $3,765.10 04/01/1997 180
600061237 JOSE MANUEL OTI JR 20347548 $3,853.29 04/01/1997 180
600061245 JENNIFER BROOKE 24139867 $2,092.46 04/01/1997 180
600061246 EVANGELOS C LIGNOS 24142630 $2,450.15 04/01/1997 180
600061255 SAM SETO 24178477 $2,560.28 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061222 PAUL A BARTON .00 .00 .00 .000 .250 .290 $299,800.00 N
600061223 CLAUDIO D SCHUGER .00 .00 .00 .000 .250 .290 $435,000.00 N
600061224 JOHNNY HALL .00 .00 .00 .000 .250 .290 $380,000.00 N
600061225 DAVID H HUFFMAN .00 .00 .00 .000 .250 .290 $450,000.00 N
600061226 WILLIAM DENNIS .00 .00 .00 .000 .250 .290 $450,000.00 N
600061229 JAMES P WIADUCK .00 .00 .00 .000 .250 .290 $275,000.00 N
600061232 MIKE GRIEGO .00 .00 .00 .000 .250 .290 $660,000.00 N
600061233 KIMBEL L MERLIN .00 .00 .00 .000 .250 .290 $500,000.00 N
600061234 ALBERT E BROSKY .00 .00 .00 .000 .250 .290 $350,000.00 N
600061236 JERROLD ALBOM .00 .00 .00 .000 .250 .290 $500,000.00 N
600061237 JOSE MANUEL OTI JR .00 .00 .00 .000 .250 .290 $550,000.00 N
600061245 JENNIFER BROOKE .00 .00 .00 .000 .250 .290 $280,000.00 N
600061246 EVANGELOS C LIGNOS .00 .00 .00 .000 .250 .290 $367,000.00 N
600061255 SAM SETO .00 .00 .00 .000 .250 .290 $345,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 24
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061260 KENNETH THORNBURGH 6896 CAMPISI COUR SAN JOSE CA 95120 $286,922.48
600061263 IRVING L GOLDSTEIN 2641NE47TH ST. LIGHTHOUSE FL 33064 $398,088.92
600061265 C BENJAMIN RAINWATER 375 PINELAND RD ATLANTA GA 30342 $241,540.34
600061268 DAVID L KIRP 261E BUENA VISTA SAN FRANCIS CA 94117 $259,105.97
600061271 JESUS E VILLAFRANCA 1282 UPAS STREET SAN DIEGO CA 92103 $222,756.09
600061283 JOYCE ANSLEY 324 HARBORVIEW L LARGO FL 34640 $318,333.51
600061288 NEIL A LANDY 7315 CAMELLIA LAN NORFOLK VA 23505 $258,992.50
600061289 JEFFREY A PARRIS 17 CHERRY HILLS NEWPORT BEA CA 92660 $334,584.83
600061292 RICHARD HSIAO 6601 NEPTUNE COUR SAN JOSE CA 95120 $263,387.22
600061302 THOMAS GOETZ 3035 LEDGEWOOD DR LOS ANGELES CA 90068 $345,127.40
600061307 IRVIN HYATT 7 GARRISON FAR BALTIMORE MD 21208 $232,207.51
600061319 JAY S HORTENSTINE 5332 MT VERNON RD MURRAY VILL GA 30564 $210,860.90
600061327 FRANK H VALONE 524 THROCKMORTON MILL VALLEY CA 94941 $292,820.87
600061328 JOHN JOSEPH MATOUK 8 PORTSIDE DRI FT. LAUDERD FL 33316 $288,745.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061260 KENNETH THORNBURGH 7.625 .250 7.375 .0400 7.335 02/01/2011
600061263 IRVING L GOLDSTEIN 7.500 .250 7.250 .0400 7.210 02/01/2011
600061265 C BENJAMIN RAINWATER 7.625 .250 7.375 .0400 7.335 02/01/2011
600061268 DAVID L KIRP 7.625 .250 7.375 .0400 7.335 03/01/2011
600061271 JESUS E VILLAFRANCA 7.750 .250 7.500 .0400 7.460 02/01/2011
600061283 JOYCE ANSLEY 7.500 .250 7.250 .0400 7.210 03/01/2011
600061288 NEIL A LANDY 7.500 .250 7.250 .0400 7.210 03/01/2011
600061289 JEFFREY A PARRIS 7.500 .250 7.250 .0400 7.210 02/01/2011
600061292 RICHARD HSIAO 7.625 .250 7.375 .0400 7.335 03/01/2011
600061302 THOMAS GOETZ 7.625 .250 7.375 .0400 7.335 03/01/2011
600061307 IRVIN HYATT 7.500 .250 7.250 .0400 7.210 04/01/2011
600061319 JAY S HORTENSTINE 7.500 .250 7.250 .0400 7.210 04/01/2011
600061327 FRANK H VALONE 7.750 .250 7.500 .0400 7.460 03/01/2011
600061328 JOHN JOSEPH MATOUK 7.500 .250 7.250 .0400 7.210 04/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061260 KENNETH THORNBURGH 24193765 $2,802.39 04/01/1997 180
600061263 IRVING L GOLDSTEIN 24197071 $3,863.33 04/01/1997 180
600061265 C BENJAMIN RAINWATER 24208902 $2,363.35 04/01/1997 180
600061268 DAVID L KIRP 24211575 $2,522.15 04/01/1997 180
600061271 JESUS E VILLAFRANCA 24217861 $2,191.29 04/01/1997 180
600061283 JOYCE ANSLEY 24230500 $3,086.96 04/01/1997 180
600061288 NEIL A LANDY 24240996 $2,502.94 04/01/1997 180
600061289 JEFFREY A PARRIS 24245433 $3,244.55 04/01/1997 180
600061292 RICHARD HSIAO 24251597 $2,690.30 04/01/1997 180
600061302 THOMAS GOETZ 24259681 $3,362.87 04/01/1997 180
600061307 IRVIN HYATT 24265597 $2,266.55 04/01/1997 180
600061319 JAY S HORTENSTINE 24299315 $2,051.02 04/01/1997 180
600061327 FRANK H VALONE 24321200 $2,870.89 04/01/1997 180
600061328 JOHN JOSEPH MATOUK 24323693 $2,781.04 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061260 KENNETH THORNBURGH .00 .00 .00 .000 .250 .290 $400,000.00 N
600061263 IRVING L GOLDSTEIN .00 .00 .00 .000 .250 .290 $650,000.00 N
600061265 C BENJAMIN RAINWATER .00 .00 .00 .000 .250 .290 $905,000.00 N
600061268 DAVID L KIRP .00 .00 .00 .000 .250 .290 $360,000.00 N
600061271 JESUS E VILLAFRANCA .00 .00 .00 .000 .250 .290 $295,000.00 N
600061283 JOYCE ANSLEY .00 .00 .00 .000 .250 .290 $650,000.00 N
600061288 NEIL A LANDY .00 .00 .00 .000 .250 .290 $505,000.00 N
600061289 JEFFREY A PARRIS .00 .00 .00 .000 .250 .290 $975,000.00 N
600061292 RICHARD HSIAO .00 .00 .00 .000 .250 .290 $384,000.00 N
600061302 THOMAS GOETZ .00 .00 .00 .000 .250 .290 $500,000.00 N
600061307 IRVIN HYATT .00 .00 .00 .000 .250 .290 $330,000.00 N
600061319 JAY S HORTENSTINE .00 .00 .00 .000 .250 .290 $295,000.00 N
600061327 FRANK H VALONE .00 .00 .00 .000 .250 .290 $580,000.00 N
600061328 JOHN JOSEPH MATOUK .00 .00 .00 .000 .250 .290 $425,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 25
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061338 ALAN HAW KAUNG LEE 40570 ENCANTO WAY FREMONT CA 94539 $281,159.43
600061342 JAY D CUNNINGHAM 23390 HUNTERS TRAI EDMOND OK 73003 $259,004.10
600061345 WILLIAM R MITCHELL 205 WESTON COURT WILLIAMSBUR VA 23185 $261,351.45
600061346 JOHN HARRIOTT 205 TROTTERS WAY WINSTON-SAL NC 27106 $284,233.96
600061347 JOHN R FISCHER 420 GLENHURST BLOOMFIELD MI 48301 $116,578.64
600061349 ENRIQUE DOSSANTOS 3240S GREENFIELD C COLUMBIA MO 65203 $339,164.52
600061350 FLORA WEISS 6623N CHRISTIANA A LINCOLNWOOD IL 60645 $283,101.43
600061352 EUGENE L HUGHES 1814 ARMSTEAD DR ST LOUIS MO 63131 $244,350.14
600061354 CHRISTOPHEER E H DACK 6404 BROMPTON HOUSTON TX 77005 $521,196.91
600061355 JOHN PAPANEK MILANO ROAD HILLSDALE NY 12529 $283,026.50
600061357 REBECCA LYNNE BURNHAM 3523E OREGON AVENU PHOENIX AZ 85018 $238,579.76
600061360 TILMAN SPORKERT 1510 OYAMA PLACE SAN JOSE CA 95131 $265,336.56
600061361 NANCY L SHIPLEY 25402 SHADYWOOD LAGUNA NIGU CA 92677 $238,394.22
600061362 HATEF BEHNIA 1425 DEVLIN DRIVE LOS ANGELES CA 90069 $606,140.11
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061338 ALAN HAW KAUNG LEE 7.625 .250 7.375 .0400 7.335 04/01/2011
600061342 JAY D CUNNINGHAM 7.750 .250 7.500 .0400 7.460 01/01/2011
600061345 WILLIAM R MITCHELL 7.750 .250 7.500 .0400 7.460 12/01/2010
600061346 JOHN HARRIOTT 7.500 .250 7.250 .0400 7.210 12/01/2010
600061347 JOHN R FISCHER 7.750 .250 7.500 .0400 7.460 12/01/2010
600061349 ENRIQUE DOSSANTOS 8.000 .250 7.750 .0400 7.710 11/01/2010
600061350 FLORA WEISS 7.625 .250 7.375 .0400 7.335 11/01/2010
600061352 EUGENE L HUGHES 7.750 .250 7.500 .0400 7.460 11/01/2010
600061354 CHRISTOPHEER E H DACK 7.875 .250 7.625 .0400 7.585 11/01/2010
600061355 JOHN PAPANEK 8.375 .250 8.125 .0400 8.085 09/01/2010
600061357 REBECCA LYNNE BURNHAM 7.750 .250 7.500 .0400 7.460 11/01/2010
600061360 TILMAN SPORKERT 7.875 .250 7.625 .0400 7.585 11/01/2010
600061361 NANCY L SHIPLEY 7.500 .250 7.250 .0400 7.210 11/01/2010
600061362 HATEF BEHNIA 7.750 .250 7.500 .0400 7.460 11/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061338 ALAN HAW KAUNG LEE 24346793 $2,727.66 04/01/1997 180
600061342 JAY D CUNNINGHAM 1424787 $2,556.50 04/01/1997 180
600061345 WILLIAM R MITCHELL 5122932 $2,588.51 04/01/1997 180
600061346 JOHN HARRIOTT 5149349 $2,775.48 04/01/1997 180
600061347 JOHN R FISCHER 5154265 $2,447.32 04/01/1997 180
600061349 ENRIQUE DOSSANTOS 5158837 $3,447.12 04/01/1997 180
600061350 FLORA WEISS 5216627 $2,802.39 04/01/1997 180
600061352 EUGENE L HUGHES 5275466 $2,428.50 04/01/1997 180
600061354 CHRISTOPHEER E H DACK 5325972 $5,216.47 04/01/1997 180
600061355 JOHN PAPANEK 5393582 $2,932.28 04/01/1997 180
600061357 REBECCA LYNNE BURNHAM 6284517 $2,372.02 04/01/1997 180
600061360 TILMAN SPORKERT 6316608 $2,655.66 04/01/1997 180
600061361 NANCY L SHIPLEY 6337968 $2,336.07 04/01/1997 180
600061362 HATEF BEHNIA 6338966 $6,024.17 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061338 ALAN HAW KAUNG LEE .00 .00 .00 .000 .250 .290 $365,000.00 N
600061342 JAY D CUNNINGHAM .00 .00 .00 .000 .250 .290 $340,000.00 N
600061345 WILLIAM R MITCHELL .00 .00 .00 .000 .250 .290 $445,000.00 N
600061346 JOHN HARRIOTT .00 .00 .00 .000 .250 .290 $375,000.00 N
600061347 JOHN R FISCHER .00 .00 .00 .000 .250 .290 $340,000.00 N
600061349 ENRIQUE DOSSANTOS .00 .00 .00 .000 .250 .290 $555,000.00 N
600061350 FLORA WEISS .00 .00 .00 .000 .250 .290 $540,000.00 N
600061352 EUGENE L HUGHES .00 .00 .00 .000 .250 .290 $350,000.00 N
600061354 CHRISTOPHEER E H DACK .00 .00 .00 .000 .250 .290 $940,000.00 N
600061355 JOHN PAPANEK .00 .00 .00 .000 .250 .290 $780,000.00 N
600061357 REBECCA LYNNE BURNHAM .00 .00 .00 .000 .250 .290 $315,000.00 N
600061360 TILMAN SPORKERT .00 .00 .00 .000 .250 .290 $374,000.00 N
600061361 NANCY L SHIPLEY .00 .00 .00 .000 .250 .290 $315,000.00 N
600061362 HATEF BEHNIA .00 .00 .00 .000 .250 .290 $825,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 26
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061363 GLENN W SMITH 4021 GULFSHORE BL NAPLES FL 33940 $427,665.92
600061364 R GREGG WINN 2657 CARNELIAN CI EL DORADO H CA 95762 $235,691.57
600061366 DONALD L HENSON 27415 WALKER CHAPEL HILL NC 27514 $512,923.84
600061368 JAY RONALD HESS 595 AVON WAY LOS ALTOS CA 94024 $529,758.30
600061369 JAMES R MCCLYMONDS 520 NUGGET COURT DANVILLE CA 94526 $323,133.96
600061370 JAMES R PROVENZA 3043 BOLLATE LANE DAVIS CA 95616 $228,142.11
600061371 CHUN LAI ALEX HSU 41 CHANTECLER D FREMONT CA 94539 $289,706.99
600061374 BIL I GREG 6624 KEENE DRIVE SPRINGFIELD VA 22152 $236,183.20
600061376 NITA S FOGG 146 VIA DEL LAGO PALM BEACH FL 33480 $213,602.70
600061379 FRED A WAGSHUL 1964 LOMA LINDA L CENTERVILLE OH 45459 $302,514.69
600061380 T MATTHEW MAK 15870 HEMLOCK ROAD CHAGRIN FA OH 44022 $329,019.19
600061381 JERRY LYNN FRANKS 9643 S URBANA AVE TULSA OK 74137 $321,246.68
600061382 LAURENCE HO 5081 OAK TREE CT ANN ARBOR MI 48108 $503,042.69
600061383 THOMAS H LANGE 2184 ACKER WAY ESCONDIDO CA 92029 $326,081.54
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061363 GLENN W SMITH 7.750 .250 7.500 .0400 7.460 12/01/2010
600061364 R GREGG WINN 7.750 .250 7.500 .0400 7.460 12/01/2010
600061366 DONALD L HENSON 7.625 .250 7.375 .0400 7.335 12/01/2010
600061368 JAY RONALD HESS 7.500 .250 7.250 .0400 7.210 11/01/2010
600061369 JAMES R MCCLYMONDS 8.000 .250 7.750 .0400 7.710 11/01/2010
600061370 JAMES R PROVENZA 7.875 .250 7.625 .0400 7.585 11/01/2010
600061371 CHUN LAI ALEX HSU 7.625 .250 7.375 .0400 7.335 12/01/2010
600061374 BIL I GREG 7.750 .250 7.500 .0400 7.460 11/01/2010
600061376 NITA S FOGG 7.500 .250 7.250 .0400 7.210 12/01/2010
600061379 FRED A WAGSHUL 7.875 .250 7.625 .0400 7.585 01/01/2011
600061380 T MATTHEW MAK 7.875 .250 7.625 .0400 7.585 11/01/2010
600061381 JERRY LYNN FRANKS 7.875 .250 7.625 .0400 7.585 11/01/2010
600061382 LAURENCE HO 7.500 .250 7.250 .0400 7.210 12/01/2010
600061383 THOMAS H LANGE 7.750 .250 7.500 .0400 7.460 10/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061363 GLENN W SMITH 6373385 $4,235.75 04/01/1997 180
600061364 R GREGG WINN 7093412 $2,334.36 04/01/1997 180
600061366 DONALD L HENSON 7140270 $5,044.31 04/01/1997 180
600061368 JAY RONALD HESS 7188774 $5,191.27 04/01/1997 180
600061369 JAMES R MCCLYMONDS 7189434 $3,256.86 04/01/1997 180
600061370 JAMES R PROVENZA 7198765 $2,283.39 12 04/01/1997 180
600061371 CHUN LAI ALEX HSU 7210982 $2,849.10 04/01/1997 180
600061374 BIL I GREG 8370231 $2,360.25 1 04/01/1997 180
600061376 NITA S FOGG 9991597 $2,085.78 04/01/1997 180
600061379 FRED A WAGSHUL 20023107 $3,037.42 04/01/1997 180
600061380 T MATTHEW MAK 20023537 $3,319.58 04/01/1997 180
600061381 JERRY LYNN FRANKS 20025094 $3,215.25 04/01/1997 180
600061382 LAURENCE HO 20026977 $4,946.54 04/01/1997 180
600061383 THOMAS H LANGE 20031902 $3,252.11 18 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061363 GLENN W SMITH .00 .00 .00 .000 .250 .290 $930,000.00 N
600061364 R GREGG WINN .00 .00 .00 .000 .250 .290 $320,000.00 N
600061366 DONALD L HENSON .00 .00 .00 .000 .250 .290 $675,000.00 N
600061368 JAY RONALD HESS .00 .00 .00 .000 .250 .290 $810,000.00 N
600061369 JAMES R MCCLYMONDS .00 .00 .00 .000 .250 .290 $426,000.00 N
600061370 JAMES R PROVENZA .00 .00 .00 .000 .250 .290 $268,000.00 N
600061371 CHUN LAI ALEX HSU .00 .00 .00 .000 .250 .290 $615,000.00 N
600061374 BIL I GREG .00 .00 .00 .000 .250 .290 $286,500.00 N
600061376 NITA S FOGG .00 .00 .00 .000 .250 .290 $1,500,000.00 N
600061379 FRED A WAGSHUL .00 .00 .00 .000 .250 .290 $425,000.00 N
600061380 T MATTHEW MAK .00 .00 .00 .000 .250 .290 $775,000.00 N
600061381 JERRY LYNN FRANKS .00 .00 .00 .000 .250 .290 $460,000.00 N
600061382 LAURENCE HO .00 .00 .00 .000 .250 .290 $667,000.00 N
600061383 THOMAS H LANGE .00 .00 .00 .000 .250 .290 $395,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 27
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061384 ROBERT R MADDEN 9113 SALEM DRIVE LUBBOCK TX 79424 $300,231.09
600061385 ANDREW J SALZMAN 129 CARLYLE CIRC PALM HARBOR FL 34683 $227,431.35
600061388 MARK J WEBER 4350 ASHLEY OAKS CINCINNATI OH 45227 $223,766.42
600061390 KENNETH A SHULL 236 SECRET COVE LEXINGTON SC 29072 $351,570.92
600061391 ARTHUR D HAGAN 3916 TIMBERLINE D STILLWATER OK 74074 $235,800.10
600061392 PETER V COLES 815 ENFIELD STRE BOCA RATON FL 33487 $269,144.05
600061394 DAVID C KENDIG 78 MILBOB DR IVYLAND PA 18974 $249,258.41
600061395 JOSE GEORGE 180 ROSEDALE COU BLOOMINDALE IL 60108 $278,286.61
600061398 GREGORY L CESHKER 2 CRITTER CANY AUSTIN TX 78733 $312,182.73
600061399 GARY A GERSTENHABER 441 BURR ROAD SAN ANTONIO TX 78209 $391,269.12
600061400 RANDALL B SHIP 3400E FLOYD DR DENVER CO 80210 $259,288.30
600061401 PETER ALFORD 8505E TEMPLE DR DENVER CO 80237 $168,215.49
600061402 JACOB D EISEL 125 CONTINENTAL BOULDER CO 80303 $212,354.56
600061404 RUSH HARDING 719 FERNCLIFF RO LITTLE ROCK AR 72211 $332,270.98
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061384 ROBERT R MADDEN 7.750 .250 7.500 .0400 7.460 11/01/2010
600061385 ANDREW J SALZMAN 7.875 .250 7.625 .0400 7.585 11/01/2010
600061388 MARK J WEBER 8.000 .250 7.750 .0400 7.710 11/01/2010
600061390 KENNETH A SHULL 7.875 .250 7.625 .0400 7.585 11/01/2010
600061391 ARTHUR D HAGAN 7.875 .250 7.625 .0400 7.585 12/01/2010
600061392 PETER V COLES 7.875 .250 7.625 .0400 7.585 10/01/2010
600061394 DAVID C KENDIG 7.625 .250 7.375 .0400 7.335 11/01/2010
600061395 JOSE GEORGE 7.625 .250 7.375 .0400 7.335 11/01/2010
600061398 GREGORY L CESHKER 7.500 .250 7.250 .0400 7.210 12/01/2010
600061399 GARY A GERSTENHABER 7.500 .250 7.250 .0400 7.210 11/01/2010
600061400 RANDALL B SHIP 7.750 .250 7.500 .0400 7.460 11/01/2010
600061401 PETER ALFORD 7.500 .250 7.250 .0400 7.210 11/01/2010
600061402 JACOB D EISEL 7.750 .250 7.500 .0400 7.460 10/01/2010
600061404 RUSH HARDING 7.500 .250 7.250 .0400 7.210 12/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061384 ROBERT R MADDEN 20033874 $3,765.10 04/01/1997 180
600061385 ANDREW J SALZMAN 20034773 $2,276.28 7 04/01/1997 180
600061388 MARK J WEBER 20036000 $2,255.34 04/01/1997 180
600061390 KENNETH A SHULL 20042586 $3,518.75 04/01/1997 180
600061391 ARTHUR D HAGAN 20042966 $2,371.12 04/01/1997 180
600061392 PETER V COLES 20044368 $2,703.08 04/01/1997 180
600061394 DAVID C KENDIG 20045803 $3,350.30 04/01/1997 180
600061395 JOSE GEORGE 20046348 $2,746.35 12 04/01/1997 180
600061398 GREGORY L CESHKER 20054052 $3,059.15 04/01/1997 180
600061399 GARY A GERSTENHABER 20054094 $3,834.13 04/01/1997 180
600061400 RANDALL B SHIP 20055109 $2,597.93 04/01/1997 180
600061401 PETER ALFORD 20056073 $2,141.40 04/01/1997 180
600061402 JACOB D EISEL 20060745 $2,117.87 04/01/1997 180
600061404 RUSH HARDING 20061966 $3,244.54 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061384 ROBERT R MADDEN .00 .00 .00 .000 .250 .290 $660,000.00 N
600061385 ANDREW J SALZMAN .00 .00 .00 .000 .250 .290 $272,000.00 N
600061388 MARK J WEBER .00 .00 .00 .000 .250 .290 $300,000.00 N
600061390 KENNETH A SHULL .00 .00 .00 .000 .250 .290 $495,000.00 N
600061391 ARTHUR D HAGAN .00 .00 .00 .000 .250 .290 $330,000.00 N
600061392 PETER V COLES .00 .00 .00 .000 .250 .290 $380,000.00 N
600061394 DAVID C KENDIG .00 .00 .00 .000 .250 .290 $350,940.00 N
600061395 JOSE GEORGE .00 .00 .00 .000 .250 .290 $338,000.00 N
600061398 GREGORY L CESHKER .00 .00 .00 .000 .250 .290 $420,000.00 N
600061399 GARY A GERSTENHABER .00 .00 .00 .000 .250 .290 $525,000.00 N
600061400 RANDALL B SHIP .00 .00 .00 .000 .250 .290 $345,000.00 N
600061401 PETER ALFORD .00 .00 .00 .000 .250 .290 $289,000.00 N
600061402 JACOB D EISEL .00 .00 .00 .000 .250 .290 $325,000.00 N
600061404 RUSH HARDING .00 .00 .00 .000 .250 .290 $500,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 28
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061406 BENNY E NELSON 5484S HIGHLAND DRI SALT LAKE C UT 84117 $278,603.42
600061408 MICHAEL J WEIGAND 1201 CAMINO DOS R THOUSAND OA CA 91360 $259,477.09
600061410 MICHAEL G LADD 1070 HESSE FARM R CHANHASSEN MN 55119 $236,502.02
600061411 WILLIAM RODMAN 1215 FARAWAY ROAD SNOWMASS VI CO 81615 $436,935.21
600061413 JOHN PERRY 5600 MADRAS CARSON CITY NV 89704 $211,070.50
600061414 ROBERT KONIGSBERG 7302 SOURDOUGH DR MORRISON CO 80465 $296,543.61
600061415 KARLA F AARON 11261 NW 5 STREET PLANTATION FL 33325 $253,821.19
600061417 DAVID M FONG 210 DIAPIAN BAY ALAMEDA CA 94501 $242,049.89
600061418 CARROLL A CAMPBELL 650 DEBORDIEU BL GEORGETOWN SC 29440 $531,633.46
600061419 LARRY C PHAN 2221 SONBRIA TUSTIN CA 92680 $241,446.76
600061420 BENJAMIN L KARR 3816 ARROYO RD FT WORTH TX 76109 $221,467.76
600061421 ROBERT J LOVE 610W BARREL SPRIN PALMDALE CA 93551 $223,514.05
600061422 BRADLEY H GETTLEMAN 13412N 14TH PLACE PHOENIX AZ 85022 $317,482.17
600061423 PATRICK J DAULTON 3030 LITTLE BAY R ROSEVILLE MN 55113 $253,169.27
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061406 BENNY E NELSON 7.875 .250 7.625 .0400 7.585 11/01/2010
600061408 MICHAEL J WEIGAND 7.625 .250 7.375 .0400 7.335 11/01/2010
600061410 MICHAEL G LADD 7.500 .250 7.250 .0400 7.210 11/01/2010
600061411 WILLIAM RODMAN 7.625 .250 7.375 .0400 7.335 12/01/2010
600061413 JOHN PERRY 7.875 .250 7.625 .0400 7.585 12/01/2010
600061414 ROBERT KONIGSBERG 7.500 .250 7.250 .0400 7.210 11/01/2010
600061415 KARLA F AARON 7.750 .250 7.500 .0400 7.460 11/01/2010
600061417 DAVID M FONG 8.250 .250 8.000 .0400 7.960 11/01/2010
600061418 CARROLL A CAMPBELL 7.500 .250 7.250 .0400 7.210 12/01/2010
600061419 LARRY C PHAN 7.625 .250 7.375 .0400 7.335 11/01/2010
600061420 BENJAMIN L KARR 7.625 .250 7.375 .0400 7.335 11/01/2010
600061421 ROBERT J LOVE 7.750 .250 7.500 .0400 7.460 11/01/2010
600061422 BRADLEY H GETTLEMAN 7.750 .250 7.500 .0400 7.460 11/01/2010
600061423 PATRICK J DAULTON 7.500 .250 7.250 .0400 7.210 11/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061406 BENNY E NELSON 20063509 $2,788.44 7 04/01/1997 180
600061408 MICHAEL J WEIGAND 20069902 $2,615.56 04/01/1997 180
600061410 MICHAEL G LADD 20071775 $2,317.54 04/01/1997 180
600061411 WILLIAM RODMAN 20072922 $4,297.00 04/01/1997 180
600061413 JOHN PERRY 20073490 $2,105.32 04/01/1997 180
600061414 ROBERT KONIGSBERG 20074118 $2,910.82 04/01/1997 180
600061415 KARLA F AARON 20074589 $2,522.62 04/01/1997 180
600061417 DAVID M FONG 20078044 $2,473.86 04/01/1997 180
600061418 CARROLL A CAMPBELL 20078515 $5,191.27 04/01/1997 180
600061419 LARRY C PHAN 20078812 $2,466.10 04/01/1997 180
600061420 BENJAMIN L KARR 20079059 $2,219.96 04/01/1997 180
600061421 ROBERT J LOVE 20079075 $2,221.42 04/01/1997 180
600061422 BRADLEY H GETTLEMAN 20079109 $3,670.98 04/01/1997 180
600061423 PATRICK J DAULTON 20080545 $2,572.46 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061406 BENNY E NELSON .00 .00 .00 .000 .250 .290 $340,000.00 N
600061408 MICHAEL J WEIGAND .00 .00 .00 .000 .250 .290 $430,000.00 N
600061410 MICHAEL G LADD .00 .00 .00 .000 .250 .290 $338,000.00 N
600061411 WILLIAM RODMAN .00 .00 .00 .000 .250 .290 $975,000.00 N
600061413 JOHN PERRY .00 .00 .00 .000 .250 .290 $278,000.00 N
600061414 ROBERT KONIGSBERG .00 .00 .00 .000 .250 .290 $455,000.00 N
600061415 KARLA F AARON .00 .00 .00 .000 .250 .290 $345,000.00 N
600061417 DAVID M FONG .00 .00 .00 .000 .250 .290 $325,000.00 N
600061418 CARROLL A CAMPBELL .00 .00 .00 .000 .250 .290 $735,000.00 N
600061419 LARRY C PHAN .00 .00 .00 .000 .250 .290 $370,000.00 N
600061420 BENJAMIN L KARR .00 .00 .00 .000 .250 .290 $314,000.00 N
600061421 ROBERT J LOVE .00 .00 .00 .000 .250 .290 $295,000.00 N
600061422 BRADLEY H GETTLEMAN .00 .00 .00 .000 .250 .290 $660,000.00 N
600061423 PATRICK J DAULTON .00 .00 .00 .000 .250 .290 $370,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 29
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061425 BRUCE A LEIBERT 1201 PALM VALLEY HARLINGEN TX 78552 $203,360.52
600061426 J CRAIG WILLSON 1601N 1845 EAST LAYTON UT 84040 $223,744.29
600061429 THOMAS VUONG 32419 MONTEREY DRI UNION CITY CA 94587 $227,559.03
600061430 CRAIG H HARCUP 4673 STONE RDG TR SARABOTH FL 34232 $313,919.77
600061431 ROBERT RICE 100 PROSPECT CT PROSPECT HE IL 60070 $312,908.85
600061432 JOEL GROS 48 LATIGO CIRCL EDWARDS CO 81632 $398,725.13
600061433 JAMES P CARDASIS 5 DELORIS ROAD TAOS NM 87571 $242,473.08
600061434 KERRY L KIRKLAND 2089 BRAE TRAIL BIRMINGHAM AL 35242 $242,178.11
600061435 RALPH F EDWARDS 5315 BACKTRAIL DR AUSTIN TX 78731 $226,140.79
600061436 JAMES BEER 4436 EDMONDSON AV HIGHLAND PA TX 75202 $284,957.78
600061437 CRAIG E KREIBICH 16220 ADELINE LANE MINNETONKA MN 55391 $251,576.12
600061438 BRADLEY J OLSON 104 SUMMER VILLA ANNAPOLIS MD 21401 $230,639.31
600061439 JORDAN L AYERS 1310NW47TH TERRACE KANSAS CITY MO 64116 $240,054.80
600061440 STEVE I KRAUSE 622 SUTCLIFF CIR MENDOTA HEI MN 55118 $364,548.63
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061425 BRUCE A LEIBERT 7.875 .250 7.625 .0400 7.585 12/01/2010
600061426 J CRAIG WILLSON 7.500 .250 7.250 .0400 7.210 11/01/2010
600061429 THOMAS VUONG 8.000 .250 7.750 .0400 7.710 11/01/2010
600061430 CRAIG H HARCUP 7.750 .250 7.500 .0400 7.460 12/01/2010
600061431 ROBERT RICE 7.750 .250 7.500 .0400 7.460 12/01/2010
600061432 JOEL GROS 7.500 .250 7.250 .0400 7.210 12/01/2010
600061433 JAMES P CARDASIS 7.875 .250 7.625 .0400 7.585 12/01/2010
600061434 KERRY L KIRKLAND 7.500 .250 7.250 .0400 7.210 11/01/2010
600061435 RALPH F EDWARDS 7.875 .250 7.625 .0400 7.585 12/01/2010
600061436 JAMES BEER 7.625 .250 7.375 .0400 7.335 12/01/2010
600061437 CRAIG E KREIBICH 7.500 .250 7.250 .0400 7.210 12/01/2010
600061438 BRADLEY J OLSON 7.500 .250 7.250 .0400 7.210 01/01/2011
600061439 JORDAN L AYERS 7.750 .250 7.500 .0400 7.460 12/01/2010
600061440 STEVE I KRAUSE 7.500 .250 7.250 .0400 7.210 12/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061425 BRUCE A LEIBERT 20082616 $2,048.66 1 04/01/1997 180
600061426 J CRAIG WILLSON 20082806 $2,240.59 04/01/1997 180
600061429 THOMAS VUONG 20086591 $2,293.57 04/01/1997 180
600061430 CRAIG H HARCUP 20088332 $3,134.45 04/01/1997 180
600061431 ROBERT RICE 20089256 $3,099.16 04/01/1997 180
600061432 JOEL GROS 20089322 $3,893.45 04/01/1997 180
600061433 JAMES P CARDASIS 20089454 $2,418.55 04/01/1997 180
600061434 KERRY L KIRKLAND 20091054 $2,373.16 04/01/1997 180
600061435 RALPH F EDWARDS 20091138 $2,276.28 04/01/1997 180
600061436 JAMES BEER 20092797 $2,802.39 04/01/1997 180
600061437 CRAIG E KREIBICH 20092805 $2,456.59 04/01/1997 180
600061438 BRADLEY J OLSON 20093670 $2,244.30 12 04/01/1997 180
600061439 JORDAN L AYERS 20095063 $2,379.08 04/01/1997 180
600061440 STEVE I KRAUSE 20097135 $3,559.73 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061425 BRUCE A LEIBERT .00 .00 .00 .000 .250 .290 $245,000.00 N
600061426 J CRAIG WILLSON .00 .00 .00 .000 .250 .290 $322,000.00 N
600061429 THOMAS VUONG .00 .00 .00 .000 .250 .290 $300,000.00 N
600061430 CRAIG H HARCUP .00 .00 .00 .000 .250 .290 $428,000.00 N
600061431 ROBERT RICE .00 .00 .00 .000 .250 .290 $467,000.00 N
600061432 JOEL GROS .00 .00 .00 .000 .250 .290 $645,000.00 N
600061433 JAMES P CARDASIS .00 .00 .00 .000 .250 .290 $350,000.00 N
600061434 KERRY L KIRKLAND .00 .00 .00 .000 .250 .290 $320,000.00 N
600061435 RALPH F EDWARDS .00 .00 .00 .000 .250 .290 $315,000.00 N
600061436 JAMES BEER .00 .00 .00 .000 .250 .290 $395,000.00 N
600061437 CRAIG E KREIBICH .00 .00 .00 .000 .250 .290 $385,000.00 N
600061438 BRADLEY J OLSON .00 .00 .00 .000 .250 .290 $275,000.00 N
600061439 JORDAN L AYERS .00 .00 .00 .000 .250 .290 $337,000.00 N
600061440 STEVE I KRAUSE .00 .00 .00 .000 .250 .290 $480,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 30
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061442 JERALD FREEMAN JR 662 ENCHANTED IS GUN BARREL TX 75147 $285,110.49
600061443 HARSHAVARDHAN DAVE 5128 ECHO RD BLOOMFIELD MI 48302 $422,463.77
600061444 ROBERT O SANTORO 399 LOUDON RD ALLSAMY NY 12220 $377,704.17
600061445 LELAND VILIBORGHI TRUST 686 RED DEER ROA FRANKTOWN CO 80116 $242,083.14
600061447 DAVID G HOLMES 6505 BERMUDA DUNE PLANO TX 75093 $276,835.01
600061448 WILLIAM P MURPHY 1029 KING STABLE BIRMINGHAM AL 35242 $268,664.84
600061449 HENRY L WALTER III 49680 COOKE AVE PLYMOUTH MI 48170 $312,858.54
600061450 NORMAN E KUHL 2875 JUNIPER DRIV GOLDEN CO 80401 $237,107.69
600061453 THOMAS C. BAGGETT 6645 OLD RANCH TR LITTLETON CO 80125 $225,754.28
600061455 STEPHEN A MORRIS 2514 FLINT HILL R COOPERSBURG PA 18036 $232,840.37
600061456 SEAN M DOYLE 3661 WYNDHAM DRIV FREMONT CA 94536 $226,537.06
600061457 RAY P PADILLA 3208 GLENDEVEY DR LOVELAND CO 80538 $252,763.25
600061464 JOHN K ZOLLINGER 1514 URBINO AVE CORAL GABLE FL 33146 $216,206.60
600061466 GARY ROBERT HAMMOND 2312 MIMOSA DRIVE HOUSTON TX 77019 $291,158.27
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061442 JERALD FREEMAN JR 7.750 .250 7.500 .0400 7.460 12/01/2010
600061443 HARSHAVARDHAN DAVE 8.000 .250 7.750 .0400 7.710 11/01/2010
600061444 ROBERT O SANTORO 7.750 .250 7.500 .0400 7.460 01/01/2011
600061445 LELAND VILIBORGHI TRUST 7.500 .250 7.250 .0400 7.210 12/01/2010
600061447 DAVID G HOLMES 7.625 .250 7.375 .0400 7.335 12/01/2010
600061448 WILLIAM P MURPHY 7.500 .250 7.250 .0400 7.210 12/01/2010
600061449 HENRY L WALTER III 7.500 .250 7.250 .0400 7.210 12/01/2010
600061450 NORMAN E KUHL 7.500 .250 7.250 .0400 7.210 01/01/2011
600061453 THOMAS C. BAGGETT 7.500 .250 7.250 .0400 7.210 12/01/2010
600061455 STEPHEN A MORRIS 7.750 .250 7.500 .0400 7.460 12/01/2010
600061456 SEAN M DOYLE 7.875 .250 7.625 .0400 7.585 11/01/2010
600061457 RAY P PADILLA 7.500 .250 7.250 .0400 7.210 12/01/2010
600061464 JOHN K ZOLLINGER 7.500 .250 7.250 .0400 7.210 01/01/2011
600061466 GARY ROBERT HAMMOND 7.125 .250 6.875 .0400 6.835 12/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061442 JERALD FREEMAN JR 20098877 $2,823.83 04/01/1997 180
600061443 HARSHAVARDHAN DAVE 20099073 $4,300.44 04/01/1997 180
600061444 ROBERT O SANTORO 20099990 $3,765.10 2 04/01/1997 180
600061445 LELAND VILIBORGHI TRUST 20101564 $2,363.88 04/01/1997 180
600061447 DAVID G HOLMES 20103669 $2,732.33 04/01/1997 180
600061448 WILLIAM P MURPHY 20106274 $2,623.44 04/01/1997 180
600061449 HENRY L WALTER III 20108148 $3,300.17 04/01/1997 180
600061450 NORMAN E KUHL 20108320 $2,317.53 04/01/1997 180
600061453 THOMAS C. BAGGETT 20111357 $2,204.44 04/01/1997 180
600061455 STEPHEN A MORRIS 20112652 $2,306.13 04/01/1997 180
600061456 SEAN M DOYLE 20113510 $2,295.25 18 04/01/1997 180
600061457 RAY P PADILLA 20116505 $2,468.17 04/01/1997 180
600061464 JOHN K ZOLLINGER 20122651 $2,103.85 2 04/01/1997 180
600061466 GARY ROBERT HAMMOND 20124152 $2,782.71 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061442 JERALD FREEMAN JR .00 .00 .00 .000 .250 .290 $440,000.00 N
600061443 HARSHAVARDHAN DAVE .00 .00 .00 .000 .250 .290 $632,000.00 N
600061444 ROBERT O SANTORO .00 .00 .00 .000 .250 .290 $450,000.00 N
600061445 LELAND VILIBORGHI TRUST .00 .00 .00 .000 .250 .290 $432,000.00 N
600061447 DAVID G HOLMES .00 .00 .00 .000 .250 .290 $370,000.00 N
600061448 WILLIAM P MURPHY .00 .00 .00 .000 .250 .290 $370,000.00 N
600061449 HENRY L WALTER III .00 .00 .00 .000 .250 .290 $453,000.00 N
600061450 NORMAN E KUHL .00 .00 .00 .000 .250 .290 $400,000.00 N
600061453 THOMAS C. BAGGETT .00 .00 .00 .000 .250 .290 $328,000.00 N
600061455 STEPHEN A MORRIS .00 .00 .00 .000 .250 .290 $395,000.00 N
600061456 SEAN M DOYLE .00 .00 .00 .000 .250 .290 $272,000.00 N
600061457 RAY P PADILLA .00 .00 .00 .000 .250 .290 $355,000.00 N
600061464 JOHN K ZOLLINGER .00 .00 .00 .000 .250 .290 $255,000.00 N
600061466 GARY ROBERT HAMMOND .00 .00 .00 .000 .250 .290 $390,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 31
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061467 MARKO LAH 2520E ALEMEDA CR DENVER CO 80209 $210,301.27
600061468 DANIEL F PIERRE JR 141 HIGHLAND RD PALATINE IL 60067 $227,128.03
600061470 CHRISTOPHER W MOORE 95 MINE LANE BOULDER CO 80302 $227,180.88
600061472 RONALD T BEACH 3802E BRONCO TRAIL PHOENIX AZ 85044 $201,516.65
600061473 GARY L KRAUS 12 LAKE CT NORTH OAKS MN 55127 $614,761.98
600061474 MARILYN P EYGES 86 BISHOPSGATE NEWTON MA 2159 $238,642.25
600061476 JOHN W DENWORTH II 80 TERRACINA AV GOLDEN BEAC FL 33160 $299,042.59
600061478 DONALD G PECKA 2 N915 BOWGREN DRIV ELBURN IL 60119 $224,610.40
600061481 AANAL S PATEL 5460 KATES DR COLORADO SP CO 80919 $209,081.13
600061482 FRANCIS FEDOROWICZ 6 CORNERSTONE N EASTON MA 2356 $275,050.81
600061483 JAMES A MORTIMER 5025 WESLEY DR TAMPA FL 33647 $298,659.46
600061485 ROBERT C ZUILHOF 325 NORTH BROADW AZLE TX 76020 $246,203.43
600061486 RAYMOND LIU 141 APPLE BLOSSO GAITHERSBUR MD 20878 $210,294.21
600061488 RUSSEL NELSON 1801 MARTIN RD DRIPPING SP TX 78620 $283,787.46
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061467 MARKO LAH 7.625 .250 7.375 .0400 7.335 12/01/2010
600061468 DANIEL F PIERRE JR 7.875 .250 7.625 .0400 7.585 01/01/2011
600061470 CHRISTOPHER W MOORE 7.875 .250 7.625 .0400 7.585 01/01/2011
600061472 RONALD T BEACH 7.500 .250 7.250 .0400 7.210 01/01/2011
600061473 GARY L KRAUS 7.500 .250 7.250 .0400 7.210 12/01/2010
600061474 MARILYN P EYGES 8.000 .250 7.750 .0400 7.710 12/01/2010
600061476 JOHN W DENWORTH II 7.500 .250 7.250 .0400 7.210 12/01/2010
600061478 DONALD G PECKA 7.625 .250 7.375 .0400 7.335 12/01/2010
600061481 AANAL S PATEL 7.750 .250 7.500 .0400 7.460 12/01/2010
600061482 FRANCIS FEDOROWICZ 8.125 .250 7.875 .0400 7.835 01/01/2011
600061483 JAMES A MORTIMER 7.500 .250 7.250 .0400 7.210 01/01/2011
600061485 ROBERT C ZUILHOF 7.625 .250 7.375 .0400 7.335 12/01/2010
600061486 RAYMOND LIU 7.750 .250 7.500 .0400 7.460 01/01/2011
600061488 RUSSEL NELSON 7.625 .250 7.375 .0400 7.335 01/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061467 MARKO LAH 20124632 $2,129.82 04/01/1997 180
600061468 DANIEL F PIERRE JR 20124657 $2,276.28 04/01/1997 180
600061470 CHRISTOPHER W MOORE 20124681 $2,276.28 04/01/1997 180
600061472 RONALD T BEACH 20125159 $1,979.17 04/01/1997 180
600061473 GARY L KRAUS 20125548 $6,025.59 04/01/1997 180
600061474 MARILYN P EYGES 20126074 $2,389.14 04/01/1997 180
600061476 JOHN W DENWORTH II 20126454 $2,920.09 04/01/1997 180
600061478 DONALD G PECKA 20126900 $2,241.91 04/01/1997 180
600061481 AANAL S PATEL 20128021 $2,070.81 04/01/1997 180
600061482 FRANCIS FEDOROWICZ 20129664 $2,773.10 04/01/1997 180
600061483 JAMES A MORTIMER 20129714 $2,906.18 04/01/1997 180
600061485 ROBERT C ZUILHOF 20131462 $2,421.27 04/01/1997 180
600061486 RAYMOND LIU 20132353 $2,082.85 04/01/1997 180
600061488 RUSSEL NELSON 20133427 $2,802.39 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061467 MARKO LAH .00 .00 .00 .000 .250 .290 $290,000.00 N
600061468 DANIEL F PIERRE JR .00 .00 .00 .000 .250 .290 $355,000.00 N
600061470 CHRISTOPHER W MOORE .00 .00 .00 .000 .250 .290 $385,000.00 N
600061472 RONALD T BEACH .00 .00 .00 .000 .250 .290 $385,000.00 N
600061473 GARY L KRAUS .00 .00 .00 .000 .250 .290 $1,200,000.00 N
600061474 MARILYN P EYGES .00 .00 .00 .000 .250 .290 $730,000.00 N
600061476 JOHN W DENWORTH II .00 .00 .00 .000 .250 .290 $450,000.00 N
600061478 DONALD G PECKA .00 .00 .00 .000 .250 .290 $375,000.00 N
600061481 AANAL S PATEL .00 .00 .00 .000 .250 .290 $275,000.00 N
600061482 FRANCIS FEDOROWICZ .00 .00 .00 .000 .250 .290 $364,000.00 N
600061483 JAMES A MORTIMER .00 .00 .00 .000 .250 .290 $396,000.00 N
600061485 ROBERT C ZUILHOF .00 .00 .00 .000 .250 .290 $324,000.00 N
600061486 RAYMOND LIU .00 .00 .00 .000 .250 .290 $279,000.00 N
600061488 RUSSEL NELSON .00 .00 .00 .000 .250 .290 $385,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 32
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061489 TERRY D EICH 12604 FLINT OVERLAND PA KS 66212 $234,615.08
600061490 MARK B DOUTHIT 8201 CATTAIL DRIV NIWNT CO 80503 $476,572.03
600061492 SHARON K ALI 235S MARION #E OAK PARK IL 60302 $230,587.04
600061494 RONALD I WEITZNER 1321 VISTA DR SARASOTA FL 34239 $360,799.24
600061495 RUBEN J MARTINEZ 5004 CUMBREDELSUR ALBUQUERQUE NM 87111 $379,397.77
600061496 LEIGHTON I HEW 1014 MANATI AVENU CORAL GABLE FL 33146 $213,602.70
600061498 DAVID T DRIGGS 1035 DEER SPRINGS GOLDEN CO 80403 $256,536.52
600061501 JOEL S HERTZ 13321 MORNING FIEL POTOMAC MD 20854 $381,064.58
600061502 MICHAEL L MOSAKOWSKI 20353 EAST YALE DR WALNUT CA 91789 $208,546.50
600061503 SOL L SAGINAW 3831 TURTLE CREEK DALLAS TX 75219 $239,335.22
600061504 THOMAS L SHELBY 1437 NEFFWOLD LAN ST LOUIS MO 63122 $273,461.47
600061505 JACK B LEVY 3712 WIMBLETON LA MTN BROOK AL 35223 $212,912.84
600061508 RICKY C WONG 4360 MOCKINGBIRD DALLAS TX 75205 $242,463.29
600061509 THOMAS D IVEY 2187 GRANDIN RD CINCINNATI OH 45208 $514,697.68
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061489 TERRY D EICH 7.625 .250 7.375 .0400 7.335 12/01/2010
600061490 MARK B DOUTHIT 7.625 .250 7.375 .0400 7.335 01/01/2011
600061492 SHARON K ALI 7.875 .250 7.625 .0400 7.585 12/01/2010
600061494 RONALD I WEITZNER 7.500 .250 7.250 .0400 7.210 12/01/2010
600061495 RUBEN J MARTINEZ 8.000 .250 7.750 .0400 7.710 01/01/2011
600061496 LEIGHTON I HEW 7.500 .250 7.250 .0400 7.210 12/01/2010
600061498 DAVID T DRIGGS 7.750 .250 7.500 .0400 7.460 01/01/2011
600061501 JOEL S HERTZ 7.500 .250 7.250 .0400 7.210 01/01/2011
600061502 MICHAEL L MOSAKOWSKI 7.625 .250 7.375 .0400 7.335 12/01/2010
600061503 SOL L SAGINAW 7.500 .250 7.250 .0400 7.210 01/01/2011
600061504 THOMAS L SHELBY 7.500 .250 7.250 .0400 7.210 01/01/2011
600061505 JACK B LEVY 7.500 .250 7.250 .0400 7.210 01/01/2011
600061508 RICKY C WONG 7.500 .250 7.250 .0400 7.210 01/01/2011
600061509 THOMAS D IVEY 7.625 .250 7.375 .0400 7.335 01/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061489 TERRY D EICH 20134102 $2,307.31 7 04/01/1997 180
600061490 MARK B DOUTHIT 20134185 $4,670.65 04/01/1997 180
600061492 SHARON K ALI 20135109 $2,300.00 18 04/01/1997 180
600061494 RONALD I WEITZNER 20136321 $3,708.05 04/01/1997 180
600061495 RUBEN J MARTINEZ 20138020 $3,899.06 04/01/1997 180
600061496 LEIGHTON I HEW 20139267 $2,085.78 04/01/1997 180
600061498 DAVID T DRIGGS 20141420 $2,541.44 04/01/1997 180
600061501 JOEL S HERTZ 20155503 $3,708.05 04/01/1997 180
600061502 MICHAEL L MOSAKOWSKI 20156220 $2,059.76 18 04/01/1997 180
600061503 SOL L SAGINAW 20158242 $2,410.24 04/01/1997 180
600061504 THOMAS L SHELBY 20158887 $2,660.99 04/01/1997 180
600061505 JACK B LEVY 20159257 $2,132.13 04/01/1997 180
600061508 RICKY C WONG 20161303 $2,465.86 04/01/1997 180
600061509 THOMAS D IVEY 20162111 $5,044.31 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061489 TERRY D EICH .00 .00 .00 .000 .250 .290 $280,000.00 N
600061490 MARK B DOUTHIT .00 .00 .00 .000 .250 .290 $1,600,000.00 N
600061492 SHARON K ALI .00 .00 .00 .000 .250 .290 $269,500.00 N
600061494 RONALD I WEITZNER .00 .00 .00 .000 .250 .290 $900,000.00 N
600061495 RUBEN J MARTINEZ .00 .00 .00 .000 .250 .290 $510,000.00 N
600061496 LEIGHTON I HEW .00 .00 .00 .000 .250 .290 $325,000.00 N
600061498 DAVID T DRIGGS .00 .00 .00 .000 .250 .290 $390,000.00 N
600061501 JOEL S HERTZ .00 .00 .00 .000 .250 .290 $510,000.00 N
600061502 MICHAEL L MOSAKOWSKI .00 .00 .00 .000 .250 .290 $245,000.00 N
600061503 SOL L SAGINAW .00 .00 .00 .000 .250 .290 $375,000.00 N
600061504 THOMAS L SHELBY .00 .00 .00 .000 .250 .290 $358,821.00 N
600061505 JACK B LEVY .00 .00 .00 .000 .250 .290 $435,000.00 N
600061508 RICKY C WONG .00 .00 .00 .000 .250 .290 $345,000.00 N
600061509 THOMAS D IVEY .00 .00 .00 .000 .250 .290 $675,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 33
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061511 MARK SIEZEGA 21517 PARVIN DRIVE SANTA CLARI CA 91350 $430,802.77
600061512 CAROLYN D PEAVEY 848 GOLDEN POINT GOLDEN CO 80401 $238,371.86
600061514 LOVIE M CUNNINGHAM 4032 PRINCETON RI WILDWOOD MO 63025 $238,286.10
600061517 SCOTT M WIGGINTON 6358 PALM DRIVE CARMICHAEL CA 95608 $324,147.60
600061521 MOHAMED A HOOSEIN 5014 CAMBRIDGE ST SUGARLAND TX 77479 $214,918.78
600061522 FRANCIS X MCCARTHY 7 WHYTE CT VORHEES NJ 8043 $300,540.91
600061531 STEPHEN CLEMENS 3010 MESA VERDE D BURBANK CA 91504 $261,714.08
600061532 SALVATORE J TALLUTO 8607SEMERRITT WAY JUPITER FL 33458 $248,529.27
600061533 GORDON W ANDERSON 7664 CHAPEL CORDOVA TN 38018 $260,450.83
600061536 MARGARET N MERMIN 1220 BRIARWOOD DR ATLANTA GA 30306 $270,558.42
600061537 DARYL D REINKE 826 RIVERGATE PL ALEXANDRIA VA 22314 $394,191.58
600061539 TETSU TOKUNAGA 1445 GRIZZLY PEAK BERKELEY CA 94708 $219,963.30
600061540 DAVID ALAN GARRETT 13555 SARATOGA VIS SARATOGA CA 95070 $437,557.52
600061541 JANET SWITZER 4444 VIA PINZON PALOS VERDE CA 90274 $215,266.81
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061511 MARK SIEZEGA 7.875 .250 7.625 .0400 7.585 01/01/2011
600061512 CAROLYN D PEAVEY 7.500 .250 7.250 .0400 7.210 01/01/2011
600061514 LOVIE M CUNNINGHAM 7.625 .250 7.375 .0400 7.335 01/01/2011
600061517 SCOTT M WIGGINTON 7.750 .250 7.500 .0400 7.460 01/01/2011
600061521 MOHAMED A HOOSEIN 7.500 .250 7.250 .0400 7.210 01/01/2011
600061522 FRANCIS X MCCARTHY 7.875 .250 7.625 .0400 7.585 01/01/2011
600061531 STEPHEN CLEMENS 8.125 .250 7.875 .0400 7.835 11/01/2010
600061532 SALVATORE J TALLUTO 7.625 .250 7.375 .0400 7.335 11/01/2010
600061533 GORDON W ANDERSON 7.750 .250 7.500 .0400 7.460 11/01/2010
600061536 MARGARET N MERMIN 7.500 .250 7.250 .0400 7.210 11/01/2010
600061537 DARYL D REINKE 7.625 .250 7.375 .0400 7.335 12/01/2010
600061539 TETSU TOKUNAGA 7.500 .250 7.250 .0400 7.210 12/01/2010
600061540 DAVID ALAN GARRETT 7.750 .250 7.500 .0400 7.460 11/01/2010
600061541 JANET SWITZER 7.625 .250 7.375 .0400 7.335 11/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061511 MARK SIEZEGA 20162830 $4,317.35 04/01/1997 180
600061512 CAROLYN D PEAVEY 20162855 $2,391.69 04/01/1997 180
600061514 LOVIE M CUNNINGHAM 20167912 $2,335.32 04/01/1997 180
600061517 SCOTT M WIGGINTON 20170460 $3,237.99 04/01/1997 180
600061521 MOHAMED A HOOSEIN 20178406 $2,224.83 04/01/1997 180
600061522 FRANCIS X MCCARTHY 20180774 $2,987.62 12 04/01/1997 180
600061531 STEPHEN CLEMENS 24029001 $2,780.80 04/01/1997 180
600061532 SALVATORE J TALLUTO 24030132 $2,484.79 04/01/1997 180
600061533 GORDON W ANDERSON 24032013 $2,588.51 04/01/1997 180
600061536 MARGARET N MERMIN 24035230 $2,651.26 04/01/1997 180
600061537 DARYL D REINKE 24035917 $3,876.64 04/01/1997 180
600061539 TETSU TOKUNAGA 24043093 $2,147.89 04/01/1997 180
600061540 DAVID ALAN GARRETT 24043283 $4,348.69 04/01/1997 180
600061541 JANET SWITZER 24043952 $2,279.28 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061511 MARK SIEZEGA .00 .00 .00 .000 .250 .290 $580,000.00 N
600061512 CAROLYN D PEAVEY .00 .00 .00 .000 .250 .290 $416,500.00 N
600061514 LOVIE M CUNNINGHAM .00 .00 .00 .000 .250 .290 $350,000.00 N
600061517 SCOTT M WIGGINTON .00 .00 .00 .000 .250 .290 $510,000.00 N
600061521 MOHAMED A HOOSEIN .00 .00 .00 .000 .250 .290 $320,000.00 N
600061522 FRANCIS X MCCARTHY .00 .00 .00 .000 .250 .290 $350,000.00 N
600061531 STEPHEN CLEMENS .00 .00 .00 .000 .250 .290 $365,000.00 N
600061532 SALVATORE J TALLUTO .00 .00 .00 .000 .250 .290 $430,000.00 N
600061533 GORDON W ANDERSON .00 .00 .00 .000 .250 .290 $457,500.00 N
600061536 MARGARET N MERMIN .00 .00 .00 .000 .250 .290 $375,000.00 N
600061537 DARYL D REINKE .00 .00 .00 .000 .250 .290 $530,000.00 N
600061539 TETSU TOKUNAGA .00 .00 .00 .000 .250 .290 $290,000.00 N
600061540 DAVID ALAN GARRETT .00 .00 .00 .000 .250 .290 $640,000.00 N
600061541 JANET SWITZER .00 .00 .00 .000 .250 .290 $550,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 34
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061544 ALETHA L EDISON 160 BRAMBLEBUSH FAIRBURN GA 30213 $242,582.89
600061545 WILLIAM MAIMONE 610 OREGON AVENU SAN MATEO CA 94402 $373,565.73
600061546 CHRISTOPHER R BROWN 34 REDDING WAY SAN RAFAEL CA 94901 $271,031.53
600061548 TERRENCE M SCALI 4914E HORSESHOE RO PARADISE VA AZ 85253 $386,414.31
600061550 PAUL P MCDONALD 2891 VININGS WAY ATLANTA GA 30339 $397,323.54
600061551 MICHAEL L MARCHIORI 104 UNCLE SAM LO BRECKENRIDG CO 80424 $292,713.65
600061552 THOMAS W CASTALDO 3125 CECELIA DR APOPKA FL 32703 $235,329.97
600061553 HENRY J SCHULTE 7480E SOLANO DRIVE SCOTTSDALE AZ 85250 $235,019.69
600061555 LAWRENCE N WALLACE 141 JORDAN AVENU LOS ALTOS CA 94022 $281,123.70
600061557 HAK CHOY 5309 CHERRY BLOSS NASHVILLE TN 37215 $480,572.32
600061560 F JOHN BOURGEOIS ROUTE 2 BOX NORTH GARDE VA 22959 $374,156.70
600061561 PANG HSIN TING 28 PARNASSUS RO BERKELEY CA 94708 $224,045.54
600061562 KEVORK KALENDERIAN 9741 CACTUS AVENU CHATSWORTH CA 91311 $466,496.14
600061563 JOHN E GRUBB 526 BEACON PLACE CHULA VISTA CA 91910 $298,671.39
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061544 ALETHA L EDISON 7.500 .250 7.250 .0400 7.210 11/01/2010
600061545 WILLIAM MAIMONE 7.625 .250 7.375 .0400 7.335 01/01/2011
600061546 CHRISTOPHER R BROWN 7.500 .250 7.250 .0400 7.210 11/01/2010
600061548 TERRENCE M SCALI 7.750 .250 7.500 .0400 7.460 11/01/2010
600061550 PAUL P MCDONALD 7.500 .250 7.250 .0400 7.210 11/01/2010
600061551 MICHAEL L MARCHIORI 7.750 .250 7.500 .0400 7.460 12/01/2010
600061552 THOMAS W CASTALDO 7.500 .250 7.250 .0400 7.210 12/01/2010
600061553 HENRY J SCHULTE 7.625 .250 7.375 .0400 7.335 11/01/2010
600061555 LAWRENCE N WALLACE 7.625 .250 7.375 .0400 7.335 11/01/2010
600061557 HAK CHOY 7.500 .250 7.250 .0400 7.210 11/01/2010
600061560 F JOHN BOURGEOIS 7.750 .250 7.500 .0400 7.460 12/01/2010
600061561 PANG HSIN TING 7.500 .250 7.250 .0400 7.210 12/01/2010
600061562 KEVORK KALENDERIAN 8.000 .250 7.750 .0400 7.710 11/01/2010
600061563 JOHN E GRUBB 8.000 .250 7.750 .0400 7.710 11/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061544 ALETHA L EDISON 24047177 $2,400.97 14 04/01/1997 180
600061545 WILLIAM MAIMONE 24048290 $3,727.18 04/01/1997 180
600061546 CHRISTOPHER R BROWN 24048332 $2,655.89 04/01/1997 180
600061548 TERRENCE M SCALI 24050338 $3,840.41 04/01/1997 180
600061550 PAUL P MCDONALD 24057614 $3,893.46 04/01/1997 180
600061551 MICHAEL L MARCHIORI 24058323 $2,899.13 04/01/1997 180
600061552 THOMAS W CASTALDO 24060063 $2,317.54 04/01/1997 180
600061553 HENRY J SCHULTE 24061095 $2,335.32 04/01/1997 180
600061555 LAWRENCE N WALLACE 24064800 $2,774.37 04/01/1997 180
600061557 HAK CHOY 24066409 $4,709.23 04/01/1997 180
600061560 F JOHN BOURGEOIS 24069106 $3,743.46 04/01/1997 180
600061561 PANG HSIN TING 24075178 $2,187.75 04/01/1997 180
600061562 KEVORK KALENDERIAN 24077265 $4,701.81 04/01/1997 180
600061563 JOHN E GRUBB 24078800 $3,010.30 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061544 ALETHA L EDISON .00 .00 .00 .000 .250 .290 $290,000.00 N
600061545 WILLIAM MAIMONE .00 .00 .00 .000 .250 .290 $538,000.00 N
600061546 CHRISTOPHER R BROWN .00 .00 .00 .000 .250 .290 $375,000.00 N
600061548 TERRENCE M SCALI .00 .00 .00 .000 .250 .290 $515,000.00 N
600061550 PAUL P MCDONALD .00 .00 .00 .000 .250 .290 $530,000.00 N
600061551 MICHAEL L MARCHIORI .00 .00 .00 .000 .250 .290 $390,000.00 N
600061552 THOMAS W CASTALDO .00 .00 .00 .000 .250 .290 $556,000.00 N
600061553 HENRY J SCHULTE .00 .00 .00 .000 .250 .290 $335,000.00 N
600061555 LAWRENCE N WALLACE .00 .00 .00 .000 .250 .290 $499,000.00 N
600061557 HAK CHOY .00 .00 .00 .000 .250 .290 $640,000.00 N
600061560 F JOHN BOURGEOIS .00 .00 .00 .000 .250 .290 $503,000.00 N
600061561 PANG HSIN TING .00 .00 .00 .000 .250 .290 $295,000.00 N
600061562 KEVORK KALENDERIAN .00 .00 .00 .000 .250 .290 $630,000.00 N
600061563 JOHN E GRUBB .00 .00 .00 .000 .250 .290 $400,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 35
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061566 SELAHATTIN IMROHOROGLU 215S LE DOUX ROAD BEVERLY HIL CA 90211 $360,382.05
600061570 UDO WAHN 1227 STRATFORD CO DEL MAR CA 92014 $242,922.23
600061571 ALBY J SILVERA 1050N PECK AVENUE MANHATTAN B CA 90266 $435,974.91
600061574 TIMOTHY J LARKIN 2104 BOGIE DRIVE LA VERNE CA 91750 $250,032.82
600061575 LAWRENCE ROUSE 27979 BAKER LANE LOS ALTOS H CA 94022 $284,753.29
600061576 BRUCE C DERESCHUK 2008 FIELDSTONE C FAIRFIELD CA 94533 $225,662.81
600061578 JOSE LUIS GOCHOCO 1025E SANDPIPER DR TEMPE AZ 85283 $220,485.62
600061584 LONNIE O FARMER 5307 COPPER PENNY CHESTERFIEL VA 23832 $353,392.83
600061586 PETER P CHAU 1695 VENICE DRIVE SOUTH LAKE CA 96150 $223,544.01
600061588 WILLIAM F OSL JR 183 BELTED KINGF KIAWAH ISLA SC 29455 $293,262.69
600061589 LARRY SHAR 1032 WOODACRE LAN ARCADIA CA 91006 $353,099.50
600061591 ANTONIA L PASTERMACK 5445 S. TROPICAL MERRIT ISL FL 32952 $347,940.39
600061592 JANICE M WHITAKER 208 BECKLEY COUR RALEIGH NC 27615 $348,431.17
600061597 HONGHAI SHEN 1302 OAK KNOLL DR SAN JOSE CA 95129 $265,960.63
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061566 SELAHATTIN IMROHOROGLU 7.500 .250 7.250 .0400 7.210 11/01/2010
600061570 UDO WAHN 7.625 .250 7.375 .0400 7.335 11/01/2010
600061571 ALBY J SILVERA 7.750 .250 7.500 .0400 7.460 11/01/2010
600061574 TIMOTHY J LARKIN 7.750 .250 7.500 .0400 7.460 11/01/2010
600061575 LAWRENCE ROUSE 7.500 .250 7.250 .0400 7.210 12/01/2010
600061576 BRUCE C DERESCHUK 8.000 .250 7.750 .0400 7.710 11/01/2010
600061578 JOSE LUIS GOCHOCO 7.750 .250 7.500 .0400 7.460 12/01/2010
600061584 LONNIE O FARMER 7.625 .250 7.375 .0400 7.335 02/01/2011
600061586 PETER P CHAU 7.750 .250 7.500 .0400 7.460 11/01/2010
600061588 WILLIAM F OSL JR 7.500 .250 7.250 .0400 7.210 11/01/2010
600061589 LARRY SHAR 7.625 .250 7.375 .0400 7.335 12/01/2010
600061591 ANTONIA L PASTERMACK 7.500 .250 7.250 .0400 7.210 12/01/2010
600061592 JANICE M WHITAKER 7.625 .250 7.375 .0400 7.335 12/01/2010
600061597 HONGHAI SHEN 7.625 .250 7.375 .0400 7.335 12/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061566 SELAHATTIN IMROHOROGLU 24080020 $3,559.73 04/01/1997 180
600061570 UDO WAHN 24083008 $2,506.74 04/01/1997 180
600061571 ALBY J SILVERA 24085508 $4,419.29 04/01/1997 180
600061574 TIMOTHY J LARKIN 24086381 $2,484.97 04/01/1997 180
600061575 LAWRENCE ROUSE 24086472 $2,781.04 04/01/1997 180
600061576 BRUCE C DERESCHUK 24086621 $2,274.45 14 04/01/1997 180
600061578 JOSE LUIS GOCHOCO 24088130 $2,183.76 04/01/1997 180
600061584 LONNIE O FARMER 24093585 $3,451.61 04/01/1997 180
600061586 PETER P CHAU 24094005 $2,379.55 04/01/1997 180
600061588 WILLIAM F OSL JR 24094716 $2,873.74 04/01/1997 180
600061589 LARRY SHAR 24094922 $3,549.69 04/01/1997 180
600061591 ANTONIA L PASTERMACK 24097230 $3,957.10 04/01/1997 180
600061592 JANICE M WHITAKER 24097263 $3,587.06 04/01/1997 180
600061597 HONGHAI SHEN 24099624 $2,615.56 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061566 SELAHATTIN IMROHOROGLU .00 .00 .00 .000 .250 .290 $500,000.00 N
600061570 UDO WAHN .00 .00 .00 .000 .250 .290 $600,000.00 N
600061571 ALBY J SILVERA .00 .00 .00 .000 .250 .290 $675,000.00 N
600061574 TIMOTHY J LARKIN .00 .00 .00 .000 .250 .290 $340,000.00 N
600061575 LAWRENCE ROUSE .00 .00 .00 .000 .250 .290 $650,000.00 N
600061576 BRUCE C DERESCHUK .00 .00 .00 .000 .250 .290 $273,000.00 N
600061578 JOSE LUIS GOCHOCO .00 .00 .00 .000 .250 .290 $290,000.00 N
600061584 LONNIE O FARMER .00 .00 .00 .000 .250 .290 $626,000.00 N
600061586 PETER P CHAU .00 .00 .00 .000 .250 .290 $319,000.00 N
600061588 WILLIAM F OSL JR .00 .00 .00 .000 .250 .290 $395,000.00 N
600061589 LARRY SHAR .00 .00 .00 .000 .250 .290 $750,000.00 N
600061591 ANTONIA L PASTERMACK .00 .00 .00 .000 .250 .290 $675,000.00 N
600061592 JANICE M WHITAKER .00 .00 .00 .000 .250 .290 $685,000.00 N
600061597 HONGHAI SHEN .00 .00 .00 .000 .250 .290 $350,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 36
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061598 SHUI MU HUANG 2436 EUCLID PLACE FREMONT CA 94539 $236,773.50
600061599 TAK SHUN CHAN 3401 BELGROVE CIR SAN JOSE CA 95148 $220,603.05
600061600 LAWRENCE M MULLEN 1605SE9TH STREET FORT LAUDER FL 33316 $380,147.51
600061605 BRUCE S KRAMER 1160 OAK RIVER RO MEMPHIS TN 38120 $339,244.64
600061606 MARCEL ETCHEVERRY 29 LAGOON VISTA TIBURON CA 94920 $247,470.55
600061610 DAVID J BLAKEY 4263S 45TH ST #2 ST. PETERSB FL 33711 $236,926.86
600061614 ALFRED J MORALES 765 CARIGNANE DR GILROY CA 95020 $220,547.02
600061615 DEBORAH L RYAN 78 SAINT MELLIO NASHVILLE TN 37215 $435,510.39
600061619 ALLYSON APPEN 1044 EUCLID AVENU BERKELEY CA 94708 $273,706.35
600061620 CHIH CHIANG TSENG 2154 ANNAPOLIS DR FREMONT CA 94539 $317,592.27
600061621 WILLIAM D MICHAELS 160 MONTEREY DUN CASTROVILLE CA 95012 $311,375.91
600061626 RENALD J ANELLE 268 AVENIDA MONT SAN CLEMENT CA 92672 $330,262.23
600061638 NICKIE KOVAC 15150 EL CAMINO SARATOGA CA 95070 $348,674.04
600061639 RICHARD H LEE JR 21 VERNAL COURT ALAMO CA 94507 $246,848.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061598 SHUI MU HUANG 7.750 .250 7.500 .0400 7.460 11/01/2010
600061599 TAK SHUN CHAN 7.875 .250 7.625 .0400 7.585 12/01/2010
600061600 LAWRENCE M MULLEN 7.750 .250 7.500 .0400 7.460 12/01/2010
600061605 BRUCE S KRAMER 7.625 .250 7.375 .0400 7.335 11/01/2010
600061606 MARCEL ETCHEVERRY 8.000 .250 7.750 .0400 7.710 11/01/2010
600061610 DAVID J BLAKEY 7.750 .250 7.500 .0400 7.460 12/01/2010
600061614 ALFRED J MORALES 7.625 .250 7.375 .0400 7.335 11/01/2010
600061615 DEBORAH L RYAN 7.625 .250 7.375 .0400 7.335 12/01/2010
600061619 ALLYSON APPEN 7.750 .250 7.500 .0400 7.460 12/01/2010
600061620 CHIH CHIANG TSENG 7.875 .250 7.625 .0400 7.585 12/01/2010
600061621 WILLIAM D MICHAELS 7.750 .250 7.500 .0400 7.460 12/01/2010
600061626 RENALD J ANELLE 7.500 .250 7.250 .0400 7.210 01/01/2011
600061638 NICKIE KOVAC 7.500 .250 7.250 .0400 7.210 01/01/2011
600061639 RICHARD H LEE JR 7.750 .250 7.500 .0400 7.460 12/01/2010
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061598 SHUI MU HUANG 24099715 $2,353.19 04/01/1997 180
600061599 TAK SHUN CHAN 24100141 $2,200.40 04/01/1997 180
600061600 LAWRENCE M MULLEN 24100935 $3,765.11 04/01/1997 180
600061605 BRUCE S KRAMER 24105256 $3,347.93 04/01/1997 180
600061606 MARCEL ETCHEVERRY 24106288 $2,494.25 04/01/1997 180
600061610 DAVID J BLAKEY 24109316 $2,346.61 12 04/01/1997 180
600061614 ALFRED J MORALES 24113300 $2,176.52 1 04/01/1997 180
600061615 DEBORAH L RYAN 24113722 $4,282.99 04/01/1997 180
600061619 ALLYSON APPEN 24116766 $2,710.87 04/01/1997 180
600061620 CHIH CHIANG TSENG 24119273 $3,167.82 04/01/1997 180
600061621 WILLIAM D MICHAELS 24119521 $3,125.04 04/01/1997 180
600061626 RENALD J ANELLE 24122947 $3,216.74 04/01/1997 180
600061638 NICKIE KOVAC 24126732 $3,392.87 04/01/1997 180
600061639 RICHARD H LEE JR 24126807 $2,447.32 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061598 SHUI MU HUANG .00 .00 .00 .000 .250 .290 $530,000.00 N
600061599 TAK SHUN CHAN .00 .00 .00 .000 .250 .290 $290,000.00 N
600061600 LAWRENCE M MULLEN .00 .00 .00 .000 .250 .290 $812,000.00 N
600061605 BRUCE S KRAMER .00 .00 .00 .000 .250 .290 $460,000.00 N
600061606 MARCEL ETCHEVERRY .00 .00 .00 .000 .250 .290 $470,000.00 N
600061610 DAVID J BLAKEY .00 .00 .00 .000 .250 .290 $285,000.00 N
600061614 ALFRED J MORALES .00 .00 .00 .000 .250 .290 $260,000.00 N
600061615 DEBORAH L RYAN .00 .00 .00 .000 .250 .290 $655,000.00 N
600061619 ALLYSON APPEN .00 .00 .00 .000 .250 .290 $360,000.00 N
600061620 CHIH CHIANG TSENG .00 .00 .00 .000 .250 .290 $420,500.00 N
600061621 WILLIAM D MICHAELS .00 .00 .00 .000 .250 .290 $493,000.00 N
600061626 RENALD J ANELLE .00 .00 .00 .000 .250 .290 $450,000.00 N
600061638 NICKIE KOVAC .00 .00 .00 .000 .250 .290 $700,000.00 N
600061639 RICHARD H LEE JR .00 .00 .00 .000 .250 .290 $670,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 37
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061643 GERALD C MURRAY 2071 PEPPER DRIVE ALTADENA CA 91001 $228,088.62
600061644 WEI S LOUIE 15057 LEVITA COURT POWAY CA 92064 $299,366.22
600061646 EMBREE B CROSS 10122S RIVER STREET TRUCKEE CA 96161 $281,328.00
600061648 RICHARD T MATTHEWS 521 TEVIS TRAIL HOLLISTER CA 95023 $237,336.31
600061649 TIMOTHY LEE SHETLER 490 WHITE COTTAG ANGWIN CA 94508 $402,502.79
600061650 JOHN G PHIN 3029E SIERRA VISTA PHOENIX AZ 85016 $261,211.25
600061651 JULIE F MEDNICK 18565 PASEO TIERRA SARATOGA CA 95070 $219,316.85
600061652 SANDRA S BOARDMAN 1 GOVERNORS RO HILTON HEAD SC 29928 $238,165.22
600061655 WILLIAM P MESEROLL 4752 HILLSBORO CI SANTA ROSA CA 95405 $345,273.87
600061656 GERALD SHALTZ 120 WILLOWBROOK PORTOLA VAL CA 94028 $448,578.05
600061659 EUN HYUK KIM 1832 DRY CREEK RO SAN JOSE CA 95124 $334,529.91
600061660 RALPH BALLART 28 CREE COURT SAN RAMON CA 94583 $206,007.92
600061663 PREM KUMAR 10325 PLUM TREE LA CUPERTINO CA 95014 $300,305.34
600061665 JONG MING LIN 7950 CRANBERRY CI CUPERTINO CA 95014 $331,860.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061643 GERALD C MURRAY 7.750 .250 7.500 .0400 7.460 12/01/2010
600061644 WEI S LOUIE 7.750 .250 7.500 .0400 7.460 12/01/2010
600061646 EMBREE B CROSS 7.500 .250 7.250 .0400 7.210 12/01/2010
600061648 RICHARD T MATTHEWS 7.500 .250 7.250 .0400 7.210 12/01/2010
600061649 TIMOTHY LEE SHETLER 7.625 .250 7.375 .0400 7.335 12/01/2010
600061650 JOHN G PHIN 7.625 .250 7.375 .0400 7.335 12/01/2010
600061651 JULIE F MEDNICK 7.625 .250 7.375 .0400 7.335 12/01/2010
600061652 SANDRA S BOARDMAN 7.500 .250 7.250 .0400 7.210 01/01/2011
600061655 WILLIAM P MESEROLL 7.625 .250 7.375 .0400 7.335 12/01/2010
600061656 GERALD SHALTZ 7.625 .250 7.375 .0400 7.335 01/01/2011
600061659 EUN HYUK KIM 7.750 .250 7.500 .0400 7.460 12/01/2010
600061660 RALPH BALLART 7.500 .250 7.250 .0400 7.210 12/01/2010
600061663 PREM KUMAR 7.500 .250 7.250 .0400 7.210 12/01/2010
600061665 JONG MING LIN 7.750 .250 7.500 .0400 7.460 01/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061643 GERALD C MURRAY 24128589 $2,259.06 04/01/1997 180
600061644 WEI S LOUIE 24128613 $2,965.02 04/01/1997 180
600061646 EMBREE B CROSS 24129801 $2,781.04 04/01/1997 180
600061648 RICHARD T MATTHEWS 24130122 $2,317.53 04/01/1997 180
600061649 TIMOTHY LEE SHETLER 24131005 $3,958.38 04/01/1997 180
600061650 JOHN G PHIN 24131237 $2,568.86 04/01/1997 180
600061651 JULIE F MEDNICK 24132102 $2,157.84 04/01/1997 180
600061652 SANDRA S BOARDMAN 24132151 $2,317.54 04/01/1997 180
600061655 WILLIAM P MESEROLL 24132938 $3,395.56 04/01/1997 180
600061656 GERALD SHALTZ 24133589 $4,437.12 04/01/1997 180
600061659 EUN HYUK KIM 24134686 $3,313.29 04/01/1997 180
600061660 RALPH BALLART 24135543 $2,011.62 04/01/1997 180
600061663 PREM KUMAR 24137648 $2,986.83 1 04/01/1997 180
600061665 JONG MING LIN 24138224 $3,275.64 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061643 GERALD C MURRAY .00 .00 .00 .000 .250 .290 $300,000.00 N
600061644 WEI S LOUIE .00 .00 .00 .000 .250 .290 $500,000.00 N
600061646 EMBREE B CROSS .00 .00 .00 .000 .250 .290 $560,000.00 N
600061648 RICHARD T MATTHEWS .00 .00 .00 .000 .250 .290 $385,000.00 N
600061649 TIMOTHY LEE SHETLER .00 .00 .00 .000 .250 .290 $580,000.00 N
600061650 JOHN G PHIN .00 .00 .00 .000 .250 .290 $350,000.00 N
600061651 JULIE F MEDNICK .00 .00 .00 .000 .250 .290 $300,000.00 N
600061652 SANDRA S BOARDMAN .00 .00 .00 .000 .250 .290 $370,000.00 N
600061655 WILLIAM P MESEROLL .00 .00 .00 .000 .250 .290 $475,000.00 N
600061656 GERALD SHALTZ .00 .00 .00 .000 .250 .290 $1,000,000.00 N
600061659 EUN HYUK KIM .00 .00 .00 .000 .250 .290 $440,000.00 N
600061660 RALPH BALLART .00 .00 .00 .000 .250 .290 $305,000.00 N
600061663 PREM KUMAR .00 .00 .00 .000 .250 .290 $376,000.00 N
600061665 JONG MING LIN .00 .00 .00 .000 .250 .290 $435,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 38
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061667 THOMAS A BRIERE 6991 FLAT CREEK R COLLEGE GRO TN 37046 $220,367.19
600061668 KENNETH J SINGLETON 40 SANTA MARIA PORTOLA VAL CA 94028 $332,450.82
600061675 HIREN C SHAH 20720 MIRKWOOD RUN YORBA LINDA CA 92686 $409,532.18
600061676 MAURICE MICHAEL LEBOEUF 8343N SENDERO TRES PARADISE VA AZ 85253 $471,366.05
600061681 ANNE KOENIG 6 SURF LANE ISLE OF PAL SC 29451 $289,442.14
600061682 JEFFREY C HUBER 26052 LORRI DRIVE LAKE FOREST CA 92630 $217,165.82
600061684 HUNG QUY NGUYEN 1161 LENARK COURT SAN JOSE CA 95132 $209,081.13
600061685 MAYER FAMILY TRUST 14244 MARIANOPOLIS SAN DIEGO CA 92129 $252,472.54
600061686 CRAIG M TANNER 1576 CORMORANT DR CARLSBAD CA 92009 $227,842.91
600061688 KARL E JENSEN 1397 KINTYRE WAY SAN JOSE CA 95129 $251,756.45
600061689 JOE MING CHENG 7472 DUMAS DRIVE CUPERTINO CA 95014 $238,889.01
600061690 ROBERT L STOREY 800 CALDWELL ROA WAYNE PA 19087 $208,153.42
600061692 ABRAHAM S HARARI 5728 RIDGEBROOK D AGOURA CA 91301 $364,284.03
600061699 STACY D SHARTIN 564 DRYAD ROAD SANTA MONIC CA 90402 $754,315.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061667 THOMAS A BRIERE 7.625 .250 7.375 .0400 7.335 12/01/2010
600061668 KENNETH J SINGLETON 7.625 .250 7.375 .0400 7.335 12/01/2010
600061675 HIREN C SHAH 7.750 .250 7.500 .0400 7.460 12/01/2010
600061676 MAURICE MICHAEL LEBOEUF 7.750 .250 7.500 .0400 7.460 12/01/2010
600061681 ANNE KOENIG 7.500 .250 7.250 .0400 7.210 12/01/2010
600061682 JEFFREY C HUBER 7.625 .250 7.375 .0400 7.335 01/01/2011
600061684 HUNG QUY NGUYEN 7.750 .250 7.500 .0400 7.460 12/01/2010
600061685 MAYER FAMILY TRUST 7.625 .250 7.375 .0400 7.335 12/01/2010
600061686 CRAIG M TANNER 7.500 .250 7.250 .0400 7.210 12/01/2010
600061688 KARL E JENSEN 7.750 .250 7.500 .0400 7.460 01/01/2011
600061689 JOE MING CHENG 7.875 .250 7.625 .0400 7.585 12/01/2010
600061690 ROBERT L STOREY 7.500 .250 7.250 .0400 7.210 02/01/2011
600061692 ABRAHAM S HARARI 7.750 .250 7.500 .0400 7.460 01/01/2011
600061699 STACY D SHARTIN 7.750 .250 7.500 .0400 7.460 01/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061667 THOMAS A BRIERE 24138380 $2,167.19 04/01/1997 180
600061668 KENNETH J SINGLETON 24138943 $3,269.45 04/01/1997 180
600061675 HIREN C SHAH 24141624 $6,118.29 04/01/1997 180
600061676 MAURICE MICHAEL LEBOEUF 24142671 $4,706.38 04/01/1997 180
600061681 ANNE KOENIG 24145260 $2,836.66 14 04/01/1997 180
600061682 JEFFREY C HUBER 24145443 $2,129.82 04/01/1997 180
600061684 HUNG QUY NGUYEN 24146870 $2,070.81 04/01/1997 180
600061685 MAYER FAMILY TRUST 24147100 $2,482.92 18 04/01/1997 180
600061686 CRAIG M TANNER 24147282 $2,224.83 04/01/1997 180
600061688 KARL E JENSEN 24147381 $2,484.97 04/01/1997 180
600061689 JOE MING CHENG 24148025 $2,560.81 04/01/1997 180
600061690 ROBERT L STOREY 24149437 $2,039.43 04/01/1997 180
600061692 ABRAHAM S HARARI 24150773 $3,595.67 04/01/1997 180
600061699 STACY D SHARTIN 24155251 $7,445.49 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061667 THOMAS A BRIERE .00 .00 .00 .000 .250 .290 $302,000.00 N
600061668 KENNETH J SINGLETON .00 .00 .00 .000 .250 .290 $975,000.00 N
600061675 HIREN C SHAH .00 .00 .00 .000 .250 .290 $1,000,000.00 N
600061676 MAURICE MICHAEL LEBOEUF .00 .00 .00 .000 .250 .290 $725,000.00 N
600061681 ANNE KOENIG .00 .00 .00 .000 .250 .290 $340,000.00 N
600061682 JEFFREY C HUBER .00 .00 .00 .000 .250 .290 $285,000.00 N
600061684 HUNG QUY NGUYEN .00 .00 .00 .000 .250 .290 $315,000.00 N
600061685 MAYER FAMILY TRUST .00 .00 .00 .000 .250 .290 $305,000.00 N
600061686 CRAIG M TANNER .00 .00 .00 .000 .250 .290 $300,000.00 N
600061688 KARL E JENSEN .00 .00 .00 .000 .250 .290 $330,000.00 N
600061689 JOE MING CHENG .00 .00 .00 .000 .250 .290 $348,000.00 N
600061690 ROBERT L STOREY .00 .00 .00 .000 .250 .290 $690,000.00 N
600061692 ABRAHAM S HARARI .00 .00 .00 .000 .250 .290 $513,000.00 N
600061699 STACY D SHARTIN .00 .00 .00 .000 .250 .290 $990,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 39
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061702 MICHAEL F RAFTER II 307E HERMOSA DRIV FULLERTON CA 92635 $259,913.16
600061704 RON CUTLER 5303N ENDERBY COUR CALABASAS CA 91302 $606,287.22
600061709 RICHARD J HOFFING 5328 MOHAVE DRIVE SIMI VALLEY CA 93063 $211,597.97
600061710 GARY E ROOF 11500 GRATON ROAD SEBASTOPOL CA 95472 $418,384.96
600061711 STEPHEN SCHEER 15200 WINSTEAD LAN SILVER SPRI MD 20905 $225,224.86
600061714 BARTON H UEKI 16077 ARBELA DRIVE WHITTIER CA 90603 $217,426.02
600061717 HWA HYUN WOO 11530 SWAINS LOCK POTOMAC MD 20854 $333,431.44
600061722 ROBERT E CUDNEY 1 DERNE PLACE LAGUNA NIGU CA 92677 $276,511.84
600061723 DOUGLAS R MCNEIL 4023 MARIO WAY LAFAYETTE CA 94549 $296,004.58
600061724 CALVIN YANG 7 LAKE FRONT IRVINE CA 92714 $295,988.75
600061725 DAVID MARK SEMAN 123 UNCLE JOES L NEWCASTLE CA 95658 $266,880.39
600061731 LEO J FELDER 14240 QUAKER HL CR NEVADA CITY CA 95959 $338,073.97
600061733 BRADLEY E CHIPPS 9677 WEXFORD CIRC GRANITE BAY CA 95746 $443,454.74
600061736 THOMAS E REMMLER 2145 EDGEWOOD DRI SEDONA AZ 86336 $232,415.26
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061702 MICHAEL F RAFTER II 7.500 .250 7.250 .0400 7.210 01/01/2011
600061704 RON CUTLER 7.500 .250 7.250 .0400 7.210 01/01/2011
600061709 RICHARD J HOFFING 7.625 .250 7.375 .0400 7.335 01/01/2011
600061710 GARY E ROOF 7.875 .250 7.625 .0400 7.585 12/01/2010
600061711 STEPHEN SCHEER 7.750 .250 7.500 .0400 7.460 01/01/2011
600061714 BARTON H UEKI 7.750 .250 7.500 .0400 7.460 01/01/2011
600061717 HWA HYUN WOO 7.500 .250 7.250 .0400 7.210 01/01/2011
600061722 ROBERT E CUDNEY 7.625 .250 7.375 .0400 7.335 01/01/2011
600061723 DOUGLAS R MCNEIL 7.750 .250 7.500 .0400 7.460 01/01/2011
600061724 CALVIN YANG 7.500 .250 7.250 .0400 7.210 01/01/2011
600061725 DAVID MARK SEMAN 7.625 .250 7.375 .0400 7.335 01/01/2011
600061731 LEO J FELDER 7.500 .250 7.250 .0400 7.210 01/01/2011
600061733 BRADLEY E CHIPPS 7.500 .250 7.250 .0400 7.210 01/01/2011
600061736 THOMAS E REMMLER 7.500 .250 7.250 .0400 7.210 02/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061702 MICHAEL F RAFTER II 24155418 $2,549.29 04/01/1997 180
600061704 RON CUTLER 24157901 $5,951.42 04/01/1997 180
600061709 RICHARD J HOFFING 24160848 $2,073.77 04/01/1997 180
600061710 GARY E ROOF 24161267 $4,173.18 04/01/1997 180
600061711 STEPHEN SCHEER 24162067 $2,248.48 04/01/1997 180
600061714 BARTON H UEKI 24168700 $2,146.11 04/01/1997 180
600061717 HWA HYUN WOO 24174187 $3,244.55 04/01/1997 180
600061722 ROBERT E CUDNEY 24177081 $2,970.54 1 04/01/1997 180
600061723 DOUGLAS R MCNEIL 24177354 $2,921.72 04/01/1997 180
600061724 CALVIN YANG 24178709 $2,892.28 04/01/1997 180
600061725 DAVID MARK SEMAN 24178766 $2,615.56 04/01/1997 180
600061731 LEO J FELDER 24187254 $3,420.68 04/01/1997 180
600061733 BRADLEY E CHIPPS 24189235 $4,403.31 04/01/1997 180
600061736 THOMAS E REMMLER 24196040 $2,261.91 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061702 MICHAEL F RAFTER II .00 .00 .00 .000 .250 .290 $380,000.00 N
600061704 RON CUTLER .00 .00 .00 .000 .250 .290 $1,200,000.00 N
600061709 RICHARD J HOFFING .00 .00 .00 .000 .250 .290 $280,000.00 N
600061710 GARY E ROOF .00 .00 .00 .000 .250 .290 $550,000.00 N
600061711 STEPHEN SCHEER .00 .00 .00 .000 .250 .290 $318,500.00 N
600061714 BARTON H UEKI .00 .00 .00 .000 .250 .290 $325,000.00 N
600061717 HWA HYUN WOO .00 .00 .00 .000 .250 .290 $700,000.00 N
600061722 ROBERT E CUDNEY .00 .00 .00 .000 .250 .290 $370,000.00 N
600061723 DOUGLAS R MCNEIL .00 .00 .00 .000 .250 .290 $388,000.00 N
600061724 CALVIN YANG .00 .00 .00 .000 .250 .290 $390,000.00 N
600061725 DAVID MARK SEMAN .00 .00 .00 .000 .250 .290 $350,000.00 N
600061731 LEO J FELDER .00 .00 .00 .000 .250 .290 $660,000.00 N
600061733 BRADLEY E CHIPPS .00 .00 .00 .000 .250 .290 $635,000.00 N
600061736 THOMAS E REMMLER .00 .00 .00 .000 .250 .290 $315,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 40
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061739 KURT K WERNER 25412 COACHSPRINGS LAGUNA HILL CA 92653 $233,620.64
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061739 KURT K WERNER 7.625 .250 7.375 .0400 7.335 01/01/2011
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061739 KURT K WERNER 24215691 $2,335.33 04/01/1997 180
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061739 KURT K WERNER .00 .00 .00 .000 .250 .290 $680,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 41
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:03:12 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
<TABLE>
<CAPTION>
LOAN # OF CURRENT PROPERTY ORIG LOAN
COUNT BUYDOWN BALANCE VALUE AMOUNT P & I
** POOL ----- ------- ------- --------- --------- -----
<S> <C> <C> <C> <C> <C> <C>
** TOTAL 547 0 151,981,114.09 241,066,197.00 157,884,230.00 1,487,858.86
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 1
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060322 SIMON,TERRY L&VICKI L 1216 RIVERSIDE DR HURON OH 44839 $108,412.57
500062580 HOFFMAN,JEFFREY 21360 N BOSCHOME CIRCLE D KILDER IL 60047 $382,386.74
500062788 MAHARAJ,UMESH K & NALEEN 2961 MUIRFIELD CIRCLE SAN BRUNO CA 94066 $267,024.97
500063376 BRACH,GARY S 2 SADDLE RIDGE ROAD DOVER MA 02030 $479,002.47
500063699 MCCAFFERY,PATRICK B & CHE 59367 WHITE CLOUD CIRCLE SOUTH BEND IN 46614 $251,474.64
500063781 DILLEHAY,GEORGE M 31 RANDOLPH PLACE VILLAGE OF RIDG NJ 07450 $249,688.14
500063782 BONAWITS,MALCOLM W 250 S. OCEAN BLVD. #6C BOCA RATON FL 33432 $235,682.25
500063783 AUERBACH,PHILIP B 64 MERCEDES WAY SAN FRANCISCO CA 94127 $487,308.93
500063793 ALLISON,THOMAS PATRICK JR 5405 RIVER OAK WAY PHENIX CITY AL 36867 $234,683.59
500063796 JOOS,TIMOTHY A 39W479 BAERT LANE ST. CHARLES IL 60175 $297,057.06
500063798 DOTY,GEORGE 25 FITHIAN LANE EAST HAMPTON NY 11937 $639,159.87
500063800 KING,CHAOMIN 5 DOTTY ANN DRIVE FRAMINGHAM MA 01701 $251,557.83
500063801 SCHIMMELBUSCH,HEINZ 1030 NORTH VALLEY ROAD TREDYFFRIN TOWN PA 19301 $499,291.94
500063802 MASCI,RONALD D 2 KINGS GRANT FENWICK ISLAND DE 19944 $318,302.44
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060322 SIMON,TERRY L&VICKI L 8.750 .250 8.500 .0500 8.450 11/01/2025
500062580 HOFFMAN,JEFFREY 8.500 .250 8.250 .0500 8.200 11/01/2026
500062788 MAHARAJ,UMESH K & NALEEN 7.750 .250 7.500 .0400 7.460 01/01/2027
500063376 BRACH,GARY S 7.875 .250 7.625 .0500 7.575 02/01/2027
500063699 MCCAFFERY,PATRICK B & CHE 8.375 .250 8.125 .0500 8.075 02/01/2027
500063781 DILLEHAY,GEORGE M 8.375 .150 8.225 .1000 8.125 02/01/2027
500063782 BONAWITS,MALCOLM W 8.000 .150 7.850 .1000 7.750 02/01/2027
500063783 AUERBACH,PHILIP B 7.750 .150 7.600 .1000 7.500 02/01/2027
500063793 ALLISON,THOMAS PATRICK JR 8.000 .250 7.750 .0500 7.700 02/01/2027
500063796 JOOS,TIMOTHY A 7.500 .150 7.350 .1000 7.250 02/01/2027
500063798 DOTY,GEORGE 8.125 .150 7.975 .1000 7.875 02/01/2027
500063800 KING,CHAOMIN 7.875 .150 7.725 .1000 7.625 02/01/2027
500063801 SCHIMMELBUSCH,HEINZ 7.750 .150 7.600 .1000 7.500 02/01/2027
500063802 MASCI,RONALD D 8.375 .150 8.225 .1000 8.125 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500060322 SIMON,TERRY L&VICKI L 12573870 $861.82 04/01/1997 360
500062580 HOFFMAN,JEFFREY 091891822 $2,952.63 04/01/1997 360
500062788 MAHARAJ,UMESH K & NALEEN 4079216 $1,919.99 1 04/01/1997 360
500063376 BRACH,GARY S 092412150 $3,480.34 04/01/1997 360
500063699 MCCAFFERY,PATRICK B & CHE 110135343 $1,913.87 15 04/01/1997 360
500063781 DILLEHAY,GEORGE M 092416373 $1,900.18 04/01/1997 360
500063782 BONAWITS,MALCOLM W 092416552 $1,731.68 04/01/1997 360
500063783 AUERBACH,PHILIP B 092417421 $3,496.09 04/01/1997 360
500063793 ALLISON,THOMAS PATRICK JR 18020 $1,724.35 04/01/1997 360
500063796 JOOS,TIMOTHY A 092413976 $2,080.16 12 04/01/1997 360
500063798 DOTY,GEORGE 092416520 $4,751.98 04/01/1997 360
500063800 KING,CHAOMIN 092418786 $1,827.17 04/01/1997 360
500063801 SCHIMMELBUSCH,HEINZ 092419782 $3,582.06 04/01/1997 360
500063802 MASCI,RONALD D 092420278 $2,422.35 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060322 SIMON,TERRY L&VICKI L .00 .00 .00 .000 .250 .300 $155,000.00 N
500062580 HOFFMAN,JEFFREY .00 .00 .00 .000 .250 .300 $495,000.00 N
500062788 MAHARAJ,UMESH K & NALEEN .00 .00 .00 .000 .250 .290 $305,000.00 N
500063376 BRACH,GARY S .00 .00 .00 .000 .250 .300 $600,000.00 N
500063699 MCCAFFERY,PATRICK B & CHE .00 .00 .00 .000 .250 .300 $300,000.00 N
500063781 DILLEHAY,GEORGE M .00 .00 .00 .000 .150 .250 $335,000.00 N
500063782 BONAWITS,MALCOLM W .00 .00 .00 .000 .150 .250 $320,000.00 N
500063783 AUERBACH,PHILIP B .00 .00 .00 .000 .150 .250 $610,000.00 N
500063793 ALLISON,THOMAS PATRICK JR .00 .00 .00 .000 .250 .300 $400,000.00 N
500063796 JOOS,TIMOTHY A .00 .00 .00 .000 .150 .250 $350,000.00 N
500063798 DOTY,GEORGE .00 .00 .00 .000 .150 .250 $800,000.00 N
500063800 KING,CHAOMIN .00 .00 .00 .000 .150 .250 $315,000.00 N
500063801 SCHIMMELBUSCH,HEINZ .00 .00 .00 .000 .150 .250 $759,900.00 N
500063802 MASCI,RONALD D .00 .00 .00 .000 .150 .250 $398,400.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 2
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500063837 KHAN,ABDOOL R 9 FAIRWAY DRIVE LOT #49 WILLISTON VT 05495 $233,560.62
500063838 BAUMAN,ROBERT L 353 KINGSBURY DRIVE APTOS CA 95003 $223,720.57
500063841 PINEDA,RONALD L 24231 MIMOSA LAGUNA NIGUEL CA 92677 $248,048.23
500063843 REARDON,WILLIAM H 8881 DORSETT DRIVE HUNTINGTON BEAC CA 92646 $320,589.21
500063844 DAGINCOURT,PAUL G 269 WALTHAM STREET WEST NEWTON MA 02165 $295,649.22
500063908 FRANKLIN,ROBERT W 1209 SOUTH SPRING LAGRANGE IL 60525 $295,811.25
500063909 MENON,BALJI C 23 W. RUMPLECREEK PLACE THE WOODLANDS TX 77381 $104,927.74
500063987 LESTER,GARNER W 20 CROSS HIGHWAY REDDING CT 06875 $487,664.16
500063988 MCKEOWN,LOTTIE V 1759 GLEN OAKS DRIVE SANTA BARBARA CA 93108 $599,212.38
500063990 BRAINARD,CRISS T 1725 TOPAZ TERRACE EL CAJON CA 92019 $327,706.41
500063991 BENAS,ROBIN C 1038 SOUTH MILES COURT ANAHEIM CA 92808 $289,605.55
500063992 BENNETT,STEVEN D 9560 HUNTCLIFF TRACE DUNWOODY GA 30350 $265,317.28
500064001 BLECHMAN,KENNETH 5 WOODCREST LANE OLD TAPPEN NJ 07675 $471,691.24
500064002 CAMPBELL,H GAYLE 2255 FM 306 NEW BRAUNFELS TX 78130 $142,411.43
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500063837 KHAN,ABDOOL R 8.375 .250 8.125 .0500 8.075 02/01/2027
500063838 BAUMAN,ROBERT L 8.375 .250 8.125 .0500 8.075 02/01/2027
500063841 PINEDA,RONALD L 7.750 .150 7.600 .1000 7.500 02/01/2027
500063843 REARDON,WILLIAM H 8.250 .250 8.000 .0500 7.950 02/01/2027
500063844 DAGINCOURT,PAUL G 8.625 .250 8.375 .0500 8.325 02/01/2027
500063908 FRANKLIN,ROBERT W 8.250 .150 8.100 .1000 8.000 03/01/2027
500063909 MENON,BALJI C 7.875 .150 7.725 .1000 7.625 03/01/2027
500063987 LESTER,GARNER W 7.875 .150 7.725 .1000 7.625 03/01/2027
500063988 MCKEOWN,LOTTIE V 8.125 .250 7.875 .0500 7.825 02/01/2027
500063990 BRAINARD,CRISS T 8.625 .250 8.375 .0500 8.325 03/01/2027
500063991 BENAS,ROBIN C 8.000 .150 7.850 .1000 7.750 03/01/2027
500063992 BENNETT,STEVEN D 7.875 .150 7.725 .1000 7.625 03/01/2027
500064001 BLECHMAN,KENNETH 8.125 .250 7.875 .0500 7.825 03/01/2027
500064002 CAMPBELL,H GAYLE 8.375 .150 8.225 .1000 8.125 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500063837 KHAN,ABDOOL R 092408656 $1,778.57 2 04/01/1997 360
500063838 BAUMAN,ROBERT L 092411068 $1,702.56 04/01/1997 360
500063841 PINEDA,RONALD L 092417774 $1,779.57 12 04/01/1997 360
500063843 REARDON,WILLIAM H 092418941 $2,411.57 12 04/01/1997 360
500063844 DAGINCOURT,PAUL G 092418954 $2,302.26 04/01/1997 360
500063908 FRANKLIN,ROBERT W 092417596 $2,223.75 04/01/1997 360
500063909 MENON,BALJI C 092420885 $761.32 04/01/1997 360
500063987 LESTER,GARNER W 092418054 $3,538.34 04/01/1997 360
500063988 MCKEOWN,LOTTIE V 092419176 $4,454.98 04/01/1997 360
500063990 BRAINARD,CRISS T 092419983 $2,550.37 04/01/1997 360
500063991 BENAS,ROBIN C 092420236 $2,126.45 3 04/01/1997 360
500063992 BENNETT,STEVEN D 092420743 $1,925.06 04/01/1997 360
500064001 BLECHMAN,KENNETH 092415625 $3,504.59 04/01/1997 360
500064002 CAMPBELL,H GAYLE 092416789 $1,083.10 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500063837 KHAN,ABDOOL R .00 .00 .00 .000 .250 .300 $260,000.00 N
500063838 BAUMAN,ROBERT L .00 .00 .00 .000 .250 .300 $280,000.00 N
500063841 PINEDA,RONALD L .00 .00 .00 .000 .150 .250 $276,000.00 N
500063843 REARDON,WILLIAM H .00 .00 .00 .000 .250 .300 $357,000.00 N
500063844 DAGINCOURT,PAUL G .00 .00 .00 .000 .250 .300 $371,000.00 N
500063908 FRANKLIN,ROBERT W .00 .00 .00 .000 .150 .250 $370,000.00 N
500063909 MENON,BALJI C .00 .00 .00 .000 .150 .250 $140,000.00 N
500063987 LESTER,GARNER W .00 .00 .00 .000 .150 .250 $610,000.00 N
500063988 MCKEOWN,LOTTIE V .00 .00 .00 .000 .250 .300 $850,000.00 N
500063990 BRAINARD,CRISS T .00 .00 .00 .000 .250 .300 $410,000.00 N
500063991 BENAS,ROBIN C .00 .00 .00 .000 .150 .250 $322,000.00 N
500063992 BENNETT,STEVEN D .00 .00 .00 .000 .150 .250 $525,000.00 N
500064001 BLECHMAN,KENNETH .00 .00 .00 .000 .250 .300 $590,000.00 N
500064002 CAMPBELL,H GAYLE .00 .00 .00 .000 .150 .250 $190,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 3
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064003 OSGOOD,JONATHAN W 229 MARLBOROUGH STREET BOSTON MA 02108 $699,586.72
500064005 SCHURR,DIANE T 7423 OCEAN DRIVE BOROUGH OF AVAL NJ 08202 $308,781.92
500064006 RUBIN,JUDITH ELAINE 2417 EASTERN CANAL VENICE AREA, LO CA 90291 $349,765.15
500064010 TILL,SPENCER L & KAY P 506 BAYHILL RIDGE CIRCLE BIRMINGHAM AL 35244 $314,575.87
500064013 CONNER,STEWART E 5005 OLD FEDERAL ROAD LOUISVILLE KY 40207 $319,790.68
500064014 MARTIN,MICHAEL R 4342 CHICKERING LANE NASHVILLE TN 37215 $441,688.04
500064015 INGIS,STEVEN 14 RICKLAND DRIVE TOWNSHIP OF WAS NJ 08080 $221,108.91
500064016 BETTENCOURT,ANTHONY J 2802 VIZZOLINI COURT PLEASANTON CA 94566 $499,255.90
500064019 SAGER,MICHAEL A & REBEKAH 5996 LA JOLLA CORONA DRIV SAN DIEGO CA 92037 $347,507.17
500064020 BILDSTEN,LARS & ELLEN P 1256 MONTEREY AVENUE BERKELEY CA 94707 $329,532.66
500064021 WEITZ,ROBERT F 338 SAVOY COURT AGOURA CA 91301 $284,392.63
500064022 ALCAINE,CARLOS A & JULIE 1056 CAMINO PABLO SAN JOSE CA 95125 $535,944.75
500064023 GOTTMAN,DENNIS M & DOYLE, 1190 SHELLEY STREET MANHATTAN BEACH CA 90266 $249,654.77
500064024 OCKWIG,EUGENE E & NORMA F 2696 DOS LOMAS FALLBROOK CA 92028 $449,394.09
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064003 OSGOOD,JONATHAN W 8.625 .150 8.475 .1000 8.375 03/01/2027
500064005 SCHURR,DIANE T 7.750 .150 7.600 .1000 7.500 03/01/2027
500064006 RUBIN,JUDITH ELAINE 8.000 .250 7.750 .0500 7.700 03/01/2027
500064010 TILL,SPENCER L & KAY P 8.000 .250 7.750 .0500 7.700 02/01/2027
500064013 CONNER,STEWART E 8.125 .250 7.875 .0500 7.825 03/01/2027
500064014 MARTIN,MICHAEL R 7.750 .150 7.600 .1000 7.500 03/01/2027
500064015 INGIS,STEVEN 8.250 .150 8.100 .1000 8.000 03/01/2027
500064016 BETTENCOURT,ANTHONY J 7.875 .250 7.625 .0500 7.575 03/01/2027
500064019 SAGER,MICHAEL A & REBEKAH 7.750 .250 7.500 .0400 7.460 02/01/2027
500064020 BILDSTEN,LARS & ELLEN P 7.750 .250 7.500 .0400 7.460 02/01/2027
500064021 WEITZ,ROBERT F 7.750 .250 7.500 .0400 7.460 01/01/2027
500064022 ALCAINE,CARLOS A & JULIE 8.250 .250 8.000 .0400 7.960 02/01/2027
500064023 GOTTMAN,DENNIS M & DOYLE, 7.875 .250 7.625 .0400 7.585 02/01/2027
500064024 OCKWIG,EUGENE E & NORMA F 8.000 .250 7.750 .0400 7.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064003 OSGOOD,JONATHAN W 092419790 $5,444.53 04/01/1997 360
500064005 SCHURR,DIANE T 092420248 $2,213.71 04/01/1997 360
500064006 RUBIN,JUDITH ELAINE 092420422 $2,568.18 04/01/1997 360
500064010 TILL,SPENCER L & KAY P 11945 $2,311.36 04/01/1997 360
500064013 CONNER,STEWART E 092417538 $2,375.99 04/01/1997 360
500064014 MARTIN,MICHAEL R 092417716 $3,166.54 04/01/1997 360
500064015 INGIS,STEVEN 092419357 $1,662.18 04/01/1997 360
500064016 BETTENCOURT,ANTHONY J 092422218 $3,625.35 04/01/1997 360
500064019 SAGER,MICHAEL A & REBEKAH 4087797 $2,493.12 04/01/1997 360
500064020 BILDSTEN,LARS & ELLEN P 4075693 $2,364.17 04/01/1997 360
500064021 WEITZ,ROBERT F 4087219 $2,041.78 04/01/1997 360
500064022 ALCAINE,CARLOS A & JULIE 4104808 $4,032.05 04/01/1997 360
500064023 GOTTMAN,DENNIS M & DOYLE, 4103669 $1,812.68 04/01/1997 360
500064024 OCKWIG,EUGENE E & NORMA F 4107181 $3,301.95 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064003 OSGOOD,JONATHAN W .00 .00 .00 .000 .150 .250 $1,550,000.00 N
500064005 SCHURR,DIANE T .00 .00 .00 .000 .150 .250 $525,000.00 N
500064006 RUBIN,JUDITH ELAINE .00 .00 .00 .000 .250 .300 $590,000.00 N
500064010 TILL,SPENCER L & KAY P .00 .00 .00 .000 .250 .300 $470,000.00 N
500064013 CONNER,STEWART E .00 .00 .00 .000 .250 .300 $596,000.00 N
500064014 MARTIN,MICHAEL R .00 .00 .00 .000 .150 .250 $1,200,000.00 N
500064015 INGIS,STEVEN .00 .00 .00 .000 .150 .250 $295,000.00 N
500064016 BETTENCOURT,ANTHONY J .00 .00 .00 .000 .250 .300 $750,000.00 N
500064019 SAGER,MICHAEL A & REBEKAH .00 .00 .00 .000 .250 .290 $1,048,000.00 N
500064020 BILDSTEN,LARS & ELLEN P .00 .00 .00 .000 .250 .290 $430,000.00 N
500064021 WEITZ,ROBERT F .00 .00 .00 .000 .250 .290 $365,000.00 N
500064022 ALCAINE,CARLOS A & JULIE .00 .00 .00 .000 .250 .290 $715,700.00 N
500064023 GOTTMAN,DENNIS M & DOYLE, .00 .00 .00 .000 .250 .290 $352,000.00 N
500064024 OCKWIG,EUGENE E & NORMA F .00 .00 .00 .000 .250 .290 $800,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 4
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064025 MOSBAUGH,EDWIN H JR & PAM 5300 FLYWAY DRIVE FAIR OAKS CA 95628 $279,439.95
500064026 STONE,WILLIAM EDWARD & MA 17008 IRON MOUNTAIN DRIVE POWAY CA 92064 $345,332.29
500064027 SCHUB,CRAIG S & GILLETE,M 32 CORAL REEF NEWPORT COAST A CA 92657 $299,606.17
500064028 SHIMIZU,JEFFREY & SUSAN 16924 TAHOMA STREET FOUNTAIN VALLEY CA 92708 $305,587.99
500064029 BALLARD,JAMES T 524 NORTH GARDNER STREET LOS ANGELES CA 90036 $233,205.79
500064030 LISTER,GLYN S & SONIA A 1812 DOVER DRIVE NEWPORT BEACH CA 92660 $291,586.47
500064031 MCCLURE,C RICHARD & P JEA 325 31ST STREET MANHATTAN BEACH CA 90266 $347,925.22
500064032 DVORIN,STUART R & EMILY A 158 HILLSIDE AVENUE KENTFIELD CA 94904 $499,343.64
500064033 CHRISTOPOULOS,KONSTANTINE 1612 WOLLACOTT STREET REDONDO BEACH CA 90278 $268,926.25
500064034 DECOTEAU,DENIS M & CHOU,K 119 LUCCA DRIVE SOUTH SAN FRANC CA 94080 $347,519.43
500064035 HUSARI,NAIM & FADIA 17132 NEVETTE COURT SANTA CLARITA ( CA 91351 $237,871.06
500064036 WALKER,ADAM WICKS 1811 DELOZ AVENUE LOS ANGELES CA 90027 $238,515.69
500064037 LYNCH,GARY W & DANA J 1470 LAKEWOOD COURT BOLIVAR MO 65613 $374,520.09
500064039 DOS SANTOS,MARLENIO CESAR 803 NORTH PAULINA AVENUE REDONDO BEACH CA 90277 $249,827.95
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064025 MOSBAUGH,EDWIN H JR & PAM 7.375 .250 7.125 .0400 7.085 02/01/2027
500064026 STONE,WILLIAM EDWARD & MA 8.250 .250 8.000 .0400 7.960 01/01/2027
500064027 SCHUB,CRAIG S & GILLETE,M 8.125 .250 7.875 .0400 7.835 02/01/2027
500064028 SHIMIZU,JEFFREY & SUSAN 8.000 .250 7.750 .0400 7.710 02/01/2027
500064029 BALLARD,JAMES T 8.375 .250 8.125 .0400 8.085 02/01/2027
500064030 LISTER,GLYN S & SONIA A 7.750 .250 7.500 .0400 7.460 02/01/2027
500064031 MCCLURE,C RICHARD & P JEA 7.750 .250 7.500 .0400 7.460 02/01/2027
500064032 DVORIN,STUART R & EMILY A 8.125 .250 7.875 .0400 7.835 02/01/2027
500064033 CHRISTOPOULOS,KONSTANTINE 7.875 .250 7.625 .0400 7.585 02/01/2027
500064034 DECOTEAU,DENIS M & CHOU,K 7.875 .250 7.625 .0400 7.585 02/01/2027
500064035 HUSARI,NAIM & FADIA 7.875 .250 7.625 .0400 7.585 02/01/2027
500064036 WALKER,ADAM WICKS 8.000 .250 7.750 .0400 7.710 01/01/2027
500064037 LYNCH,GARY W & DANA J 8.250 .250 8.000 .0400 7.960 02/01/2027
500064039 DOS SANTOS,MARLENIO CESAR 7.875 .250 7.625 .0400 7.585 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064025 MOSBAUGH,EDWIN H JR & PAM 4106373 $1,933.90 04/01/1997 360
500064026 STONE,WILLIAM EDWARD & MA 4089629 $2,599.39 04/01/1997 360
500064027 SCHUB,CRAIG S & GILLETE,M 4026662 $2,227.50 04/01/1997 360
500064028 SHIMIZU,JEFFREY & SUSAN 4084067 $2,245.32 12 04/01/1997 360
500064029 BALLARD,JAMES T 4101630 $1,775.53 04/01/1997 360
500064030 LISTER,GLYN S & SONIA A 4092185 $2,091.93 04/01/1997 360
500064031 MCCLURE,C RICHARD & P JEA 4091641 $2,507.45 04/01/1997 360
500064032 DVORIN,STUART R & EMILY A 4099735 $3,712.49 04/01/1997 360
500064033 CHRISTOPOULOS,KONSTANTINE 4100780 $1,955.52 7 04/01/1997 360
500064034 DECOTEAU,DENIS M & CHOU,K 4091674 $2,523.25 04/01/1997 360
500064035 HUSARI,NAIM & FADIA 4103610 $1,727.12 12 04/01/1997 360
500064036 WALKER,ADAM WICKS 4098919 $1,753.70 04/01/1997 360
500064037 LYNCH,GARY W & DANA J 4085908 $2,817.26 04/01/1997 360
500064039 DOS SANTOS,MARLENIO CESAR 4118758 $1,812.68 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064025 MOSBAUGH,EDWIN H JR & PAM .00 .00 .00 .000 .250 .290 $350,000.00 N
500064026 STONE,WILLIAM EDWARD & MA .00 .00 .00 .000 .250 .290 $470,000.00 N
500064027 SCHUB,CRAIG S & GILLETE,M .00 .00 .00 .000 .250 .290 $530,000.00 N
500064028 SHIMIZU,JEFFREY & SUSAN .00 .00 .00 .000 .250 .290 $340,000.00 N
500064029 BALLARD,JAMES T .00 .00 .00 .000 .250 .290 $292,000.00 N
500064030 LISTER,GLYN S & SONIA A .00 .00 .00 .000 .250 .290 $365,000.00 N
500064031 MCCLURE,C RICHARD & P JEA .00 .00 .00 .000 .250 .290 $525,000.00 N
500064032 DVORIN,STUART R & EMILY A .00 .00 .00 .000 .250 .290 $900,000.00 N
500064033 CHRISTOPOULOS,KONSTANTINE .00 .00 .00 .000 .250 .290 $300,000.00 N
500064034 DECOTEAU,DENIS M & CHOU,K .00 .00 .00 .000 .250 .290 $435,000.00 N
500064035 HUSARI,NAIM & FADIA .00 .00 .00 .000 .250 .290 $265,000.00 N
500064036 WALKER,ADAM WICKS .00 .00 .00 .000 .250 .290 $319,000.00 N
500064037 LYNCH,GARY W & DANA J .00 .00 .00 .000 .250 .290 $500,000.00 N
500064039 DOS SANTOS,MARLENIO CESAR .00 .00 .00 .000 .250 .290 $335,900.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 5
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064040 GLABMAN,BRIAN & MARLA 1434 NEWPORTER WAY NEWPORT BEACH CA 92660 $351,513.91
500064041 ENDLER,THOMAS F & MYRA J 9137 SCOTT STREET SPRINGFIELD VA 22153 $245,850.69
500064043 KAWASHIMA,FRED T & IRENE 6748 RUTHLEE AVENUE SAN GABRIEL CA 91775 $260,484.33
500064044 CELENZA,VINCENT P JR & PA 177 PROPERT DRIVE HUNTINGTON VALL PA 19006 $245,613.82
500064045 WILLIAMS,LAWRENCE H & ARA 1091 COUNTRY PLACE FORTSON GA 31808 $287,182.02
500064084 TROOSKIN,DONALD L 10760 ARTRUDE STREET LOS ANGELES CA 91040 $233,861.85
500064085 KLEIN,ROBERT 8933 DORRINGTON AVENUE WEST HOLLYWOOD CA 90069 $339,575.86
500064086 HERNANDEZ,RAUL A 24 CRESTWOOD WEST VALDOSTA GA 31602 $249,453.72
500064104 REDA,FRANK ANTHONY 1435 CANDLEWOOD DR PITTSBURGH PA 15241 $218,845.43
500064105 BURGHARDT,THOMAS & DAWN 67 BARRINGTON LANE CHESTER SPRINGS PA 19425 $259,631.79
500064106 KELLING,ALBERT L 5200 RICHLAND DR RALEIGH NC 27612 $484,388.20
500064107 GOIHMAN,DOROTHY & DAVID 19925 NE 39TH FL #202 AVENTURA FL 33180 $449,452.83
500064114 JONES,EVERETT R JR & WINT 6522 FAIRWAY FOREST DR SALEM VA 24153 $255,828.23
500064115 DUNCAN,ALLYSON K 3908 CITY OF OAKS WYND RALEIGH NC 27612 $234,842.32
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064040 GLABMAN,BRIAN & MARLA 7.875 .250 7.625 .0400 7.585 02/01/2027
500064041 ENDLER,THOMAS F & MYRA J 8.500 .250 8.250 .0400 8.210 02/01/2027
500064043 KAWASHIMA,FRED T & IRENE 8.125 .250 7.875 .0400 7.835 01/01/2027
500064044 CELENZA,VINCENT P JR & PA 7.750 .250 7.500 .0400 7.460 02/01/2027
500064045 WILLIAMS,LAWRENCE H & ARA 8.250 .250 8.000 .0500 7.950 02/01/2027
500064084 TROOSKIN,DONALD L 8.625 .250 8.375 .0400 8.335 03/01/2027
500064085 KLEIN,ROBERT 8.375 .250 8.125 .0400 8.085 02/01/2027
500064086 HERNANDEZ,RAUL A 7.625 .250 7.375 .0500 7.325 01/01/2027
500064104 REDA,FRANK ANTHONY 7.750 .250 7.500 .0400 7.460 03/01/2027
500064105 BURGHARDT,THOMAS & DAWN 7.750 .250 7.500 .0400 7.460 02/01/2027
500064106 KELLING,ALBERT L 7.750 .250 7.500 .0400 7.460 09/01/2025
500064107 GOIHMAN,DOROTHY & DAVID 8.500 .250 8.250 .0400 8.210 02/01/2027
500064114 JONES,EVERETT R JR & WINT 8.000 .250 7.750 .0400 7.710 03/01/2027
500064115 DUNCAN,ALLYSON K 8.000 .250 7.750 .0400 7.710 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064040 GLABMAN,BRIAN & MARLA 4107058 $2,552.25 04/01/1997 360
500064041 ENDLER,THOMAS F & MYRA J 4112975 $1,892.69 04/01/1997 360
500064043 KAWASHIMA,FRED T & IRENE 4099339 $1,937.92 1 04/01/1997 360
500064044 CELENZA,VINCENT P JR & PA 4102919 $1,773.13 04/01/1997 360
500064045 WILLIAMS,LAWRENCE H & ARA 16428 $2,160.27 04/01/1997 360
500064084 TROOSKIN,DONALD L 4103982 $1,820.03 7 04/01/1997 360
500064085 KLEIN,ROBERT 4120465 $2,584.25 04/01/1997 360
500064086 HERNANDEZ,RAUL A 16283 $1,769.48 04/01/1997 360
500064104 REDA,FRANK ANTHONY 8579677 $1,568.95 04/01/1997 360
500064105 BURGHARDT,THOMAS & DAWN 0935814 $1,862.68 04/01/1997 360
500064106 KELLING,ALBERT L 8280534 $3,523.55 14 04/01/1997 360
500064107 GOIHMAN,DOROTHY & DAVID 0935960 $3,460.12 04/01/1997 360
500064114 JONES,EVERETT R JR & WINT 8582831 $1,878.44 04/01/1997 360
500064115 DUNCAN,ALLYSON K 0935961 $1,724.35 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064040 GLABMAN,BRIAN & MARLA .00 .00 .00 .000 .250 .290 $440,000.00 N
500064041 ENDLER,THOMAS F & MYRA J .00 .00 .00 .000 .250 .290 $328,250.00 Y
500064043 KAWASHIMA,FRED T & IRENE .00 .00 .00 .000 .250 .290 $290,000.00 N
500064044 CELENZA,VINCENT P JR & PA .00 .00 .00 .000 .250 .290 $455,000.00 N
500064045 WILLIAMS,LAWRENCE H & ARA .00 .00 .00 .000 .250 .300 $367,000.00 N
500064084 TROOSKIN,DONALD L .00 .00 .00 .000 .250 .290 $260,000.00 N
500064085 KLEIN,ROBERT .00 .00 .00 .000 .250 .290 $425,000.00 N
500064086 HERNANDEZ,RAUL A .00 .00 .00 .000 .250 .300 $420,000.00 N
500064104 REDA,FRANK ANTHONY .00 .00 .00 .000 .250 .290 $338,000.00 N
500064105 BURGHARDT,THOMAS & DAWN .00 .00 .00 .000 .250 .290 $382,700.00 N
500064106 KELLING,ALBERT L .00 .00 .00 .000 .250 .290 $540,000.00 N
500064107 GOIHMAN,DOROTHY & DAVID .00 .00 .00 .000 .250 .290 $730,000.00 N
500064114 JONES,EVERETT R JR & WINT .00 .00 .00 .000 .250 .290 $320,000.00 N
500064115 DUNCAN,ALLYSON K .00 .00 .00 .000 .250 .290 $352,375.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 6
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064116 BOYKIN,JOHNNIE KEITH & TE 1308 BLUEGRASS PARKWAY LAGRANGE KY 40031 $292,846.99
500064117 JACKA,WILLIAM M 7004 FOUNDERS DR VESTAVIA AL 35242 $460,063.80
500064118 COGEN,PHILIP H & FRAN R 2705 DANIEL RD CHEVY CHASE MD 20815 $583,587.82
500064121 FISHER,BARRY R 51 GOODNOW LANE FRAMINGHAM MA 01701 $296,810.62
500064123 LECLAIR,DONALD 67 FOREST LANE BOXFORD MA 01921 $322,094.48
500064125 VOGELHUBER,DANIEL W 11726 SPRUCE RUN DRIVE SAN DIEGO CA 92131 $284,953.76
500064128 NUTTER,CHARLES R 3510 ROME COURT NORTH WHITEHALL PA 18069 $250,851.81
500064135 ABELSON,MICHAEL A & PATRI 100 BLACK OAK ROAD WESTON MA 02193 $649,541.24
500064136 NUGENT,THOMAS M &SERVATIU 1205 NORTH LINDEN OAK PARK IL 60302 $254,824.52
500064137 BLUM,MARC A & DANISE A 105 WHITCOMB LN CARY NC 27511 $298,897.00
500064138 KOO,KATHERINE & WEISSMAN, 9705 GLYNSHIRE WAY POTOMAC MD 20854 $364,632.90
500064139 MARCINKEWICZ,ANTHONY J JR 108 NANTUCKET DRIVE MIDDLETOWN DE 19709 $218,889.58
500064150 HERRMANN,KEVIN J & TERESA 3201 CLYMER DR PLANO TX 75025 $264,831.02
500064151 MOSSBARGER,JEROME F & MAR 6918 WINDHAM PARKWAY PROSPECT KY 40059 $299,777.36
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064116 BOYKIN,JOHNNIE KEITH & TE 7.500 .250 7.250 .0400 7.210 01/01/2027
500064117 JACKA,WILLIAM M 7.875 .250 7.625 .0400 7.585 02/01/2027
500064118 COGEN,PHILIP H & FRAN R 7.750 .250 7.500 .0400 7.460 03/01/2027
500064121 FISHER,BARRY R 8.250 .150 8.100 .1000 8.000 03/01/2027
500064123 LECLAIR,DONALD 8.250 .150 8.100 .1000 8.000 03/01/2027
500064125 VOGELHUBER,DANIEL W 7.875 .150 7.725 .1000 7.625 03/01/2027
500064128 NUTTER,CHARLES R 8.625 .150 8.475 .1000 8.375 03/01/2027
500064135 ABELSON,MICHAEL A & PATRI 7.750 .250 7.500 .0400 7.460 03/01/2027
500064136 NUGENT,THOMAS M &SERVATIU 7.875 .250 7.625 .0400 7.585 03/01/2027
500064137 BLUM,MARC A & DANISE A 8.000 .250 7.750 .0400 7.710 02/01/2027
500064138 KOO,KATHERINE & WEISSMAN, 7.750 .250 7.500 .0400 7.460 02/01/2027
500064139 MARCINKEWICZ,ANTHONY J JR 7.750 .250 7.500 .0400 7.460 02/01/2027
500064150 HERRMANN,KEVIN J & TERESA 8.250 .250 8.000 .0400 7.960 03/01/2027
500064151 MOSSBARGER,JEROME F & MAR 7.500 .250 7.250 .0400 7.210 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064116 BOYKIN,JOHNNIE KEITH & TE 0917889 $2,058.49 04/01/1997 360
500064117 JACKA,WILLIAM M 8608772 $3,340.40 04/01/1997 360
500064118 COGEN,PHILIP H & FRAN R 8574878 $4,183.85 04/01/1997 360
500064121 FISHER,BARRY R 091891991 $2,231.26 18 04/01/1997 360
500064123 LECLAIR,DONALD 092418676 $2,421.33 04/01/1997 360
500064125 VOGELHUBER,DANIEL W 092419627 $2,067.54 04/01/1997 360
500064128 NUTTER,CHARLES R 092421243 $1,952.25 04/01/1997 360
500064135 ABELSON,MICHAEL A & PATRI 0935999 $4,656.68 04/01/1997 360
500064136 NUGENT,THOMAS M &SERVATIU 0935253 $1,848.92 04/01/1997 360
500064137 BLUM,MARC A & DANISE A 8575810 $2,196.16 04/01/1997 360
500064138 KOO,KATHERINE & WEISSMAN, 0935172 $2,615.98 04/01/1997 360
500064139 MARCINKEWICZ,ANTHONY J JR 0915694 $1,570.38 7 04/01/1997 360
500064150 HERRMANN,KEVIN J & TERESA 8428663 $1,990.86 04/01/1997 360
500064151 MOSSBARGER,JEROME F & MAR 0936545 $2,097.64 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064116 BOYKIN,JOHNNIE KEITH & TE .00 .00 .00 .000 .250 .290 $367,177.00 N
500064117 JACKA,WILLIAM M .00 .00 .00 .000 .250 .290 $620,000.00 N
500064118 COGEN,PHILIP H & FRAN R .00 .00 .00 .000 .250 .290 $730,000.00 N
500064121 FISHER,BARRY R .00 .00 .00 .000 .150 .250 $330,000.00 N
500064123 LECLAIR,DONALD .00 .00 .00 .000 .150 .250 $560,000.00 N
500064125 VOGELHUBER,DANIEL W .00 .00 .00 .000 .150 .250 $356,491.00 N
500064128 NUTTER,CHARLES R .00 .00 .00 .000 .150 .250 $314,000.00 N
500064135 ABELSON,MICHAEL A & PATRI .00 .00 .00 .000 .250 .290 $965,000.00 N
500064136 NUGENT,THOMAS M &SERVATIU .00 .00 .00 .000 .250 .290 $330,000.00 N
500064137 BLUM,MARC A & DANISE A .00 .00 .00 .000 .250 .290 $405,000.00 N
500064138 KOO,KATHERINE & WEISSMAN, .00 .00 .00 .000 .250 .290 $500,000.00 N
500064139 MARCINKEWICZ,ANTHONY J JR .00 .00 .00 .000 .250 .290 $245,000.00 N
500064150 HERRMANN,KEVIN J & TERESA .00 .00 .00 .000 .250 .290 $340,000.00 N
500064151 MOSSBARGER,JEROME F & MAR .00 .00 .00 .000 .250 .290 $420,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 7
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064152 ORNER,DENNIS W & CAROL A 5979 OAKLAND GARDEN COURT HAMILTON OH 45011 $301,307.74
500064154 WILTON,DAVID E 1836 BELMONT RD NW WASHINGTON DC 20009 $249,400.76
500064155 BABB,WESLEY D & HACKETT,G 177 HARBOUR PL LENOIR CITY TN 37772 $302,286.50
500064156 MARTIN,MICHAEL DEAN & DON 9475 HUNTCLIFF TRACE ATLANTA GA 30350 $648,853.15
500064157 EISENSTEIN,WARREN & LINDA 384 BEDFORD DR RICHARDSON TX 75080 $294,889.82
500064158 WIRTH,DANNY LEE 15000 KUEHSTER ROAD LITTLETON CO 80127 $263,827.30
500064165 SANTAROSSA,DAVID M & MARY 7500 E LAKEWOOD DR UNIIONVILLE IN 47468 $254,681.89
500064166 JORDAHL,JULIUS LINTON & P 339 OAK GROVE ISLAND DR BRUNSWICK GA 31523 $223,705.94
500064180 FERRARI,ROBERT J 10 RIDGE WAY NORTH ANDOVER MA 01845 $295,865.70
500064181 TROY,GREGORY T 6665 KNIGHTSBRIDGE AVENUE CANTON OH 44718 $288,000.00
500064217 TURNER,BRUCE H 3310 NORTH LAKEWOOD AVENU CHICAGO IL 60657 $284,364.59
500064218 DAVIS,TAYLOR 3390 ANDOVER ANN ARBOR MI 48105 $346,332.39
500064219 GROSSMAN,DEREK I 300 RUSSELL ST #12 MT. PLEASANT MI 48858 $218,770.45
500064220 LEE,HENRY M 1336 WATERWAYS DR. ANN ARBOR MI 48108 $272,880.61
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064152 ORNER,DENNIS W & CAROL A 8.250 .250 8.000 .0400 7.960 03/01/2027
500064154 WILTON,DAVID E 8.375 .250 8.125 .0400 8.085 02/01/2027
500064155 BABB,WESLEY D & HACKETT,G 7.750 .250 7.500 .0400 7.460 03/01/2027
500064156 MARTIN,MICHAEL DEAN & DON 7.875 .250 7.625 .0400 7.585 03/01/2027
500064157 EISENSTEIN,WARREN & LINDA 7.875 .250 7.625 .0400 7.585 03/01/2027
500064158 WIRTH,DANNY LEE 8.125 .250 7.875 .0400 7.835 03/01/2027
500064165 SANTAROSSA,DAVID M & MARY 8.375 .250 8.125 .0400 8.085 02/01/2027
500064166 JORDAHL,JULIUS LINTON & P 8.125 .250 7.875 .0400 7.835 02/01/2027
500064180 FERRARI,ROBERT J 7.625 .250 7.375 .0500 7.325 03/01/2027
500064181 TROY,GREGORY T 7.625 .150 7.475 .1000 7.375 04/01/2027
500064217 TURNER,BRUCE H 8.000 .250 7.750 .0500 7.700 02/01/2027
500064218 DAVIS,TAYLOR 8.000 .250 7.750 .0400 7.710 09/01/2026
500064219 GROSSMAN,DEREK I 8.750 .250 8.500 .0400 8.460 01/01/2026
500064220 LEE,HENRY M 8.250 .250 8.000 .0400 7.960 07/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064152 ORNER,DENNIS W & CAROL A 0936257 $2,265.07 17 04/01/1997 360
500064154 WILTON,DAVID E 8574962 $1,900.19 04/01/1997 360
500064155 BABB,WESLEY D & HACKETT,G 8437609 $2,167.15 04/01/1997 360
500064156 MARTIN,MICHAEL DEAN & DON 8579661 $4,707.88 04/01/1997 360
500064157 EISENSTEIN,WARREN & LINDA 8617287 $2,140.41 04/01/1997 360
500064158 WIRTH,DANNY LEE 0935825 $1,960.20 04/01/1997 360
500064165 SANTAROSSA,DAVID M & MARY 8617662 $1,938.19 04/01/1997 360
500064166 JORDAHL,JULIUS LINTON & P 8367590 $1,663.20 04/01/1997 360
500064180 FERRARI,ROBERT J 092422648 $2,095.64 04/01/1997 360
500064181 TROY,GREGORY T 092423438 $2,038.45 04/01/1997 360
500064217 TURNER,BRUCE H 092423474 $2,091.23 04/01/1997 360
500064218 DAVIS,TAYLOR 092424643 $2,553.50 04/01/1997 360
500064219 GROSSMAN,DEREK I 092424646 $1,736.85 04/01/1997 354
500064220 LEE,HENRY M 092424650 $2,062.23 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064152 ORNER,DENNIS W & CAROL A .00 .00 .00 .000 .250 .290 $335,000.00 N
500064154 WILTON,DAVID E .00 .00 .00 .000 .250 .290 $400,000.00 N
500064155 BABB,WESLEY D & HACKETT,G .00 .00 .00 .000 .250 .290 $402,000.00 N
500064156 MARTIN,MICHAEL DEAN & DON .00 .00 .00 .000 .250 .290 $1,400,000.00 N
500064157 EISENSTEIN,WARREN & LINDA .00 .00 .00 .000 .250 .290 $369,000.00 N
500064158 WIRTH,DANNY LEE .00 .00 .00 .000 .250 .290 $330,000.00 N
500064165 SANTAROSSA,DAVID M & MARY .00 .00 .00 .000 .250 .290 $340,000.00 N
500064166 JORDAHL,JULIUS LINTON & P .00 .00 .00 .000 .250 .290 $280,000.00 N
500064180 FERRARI,ROBERT J .00 .00 .00 .000 .250 .300 $370,100.00 N
500064181 TROY,GREGORY T .00 .00 .00 .000 .150 .250 $360,000.00 N
500064217 TURNER,BRUCE H .00 .00 .00 .000 .250 .300 $380,000.00 N
500064218 DAVIS,TAYLOR .00 .00 .00 .000 .250 .290 $435,000.00 N
500064219 GROSSMAN,DEREK I .00 .00 .00 .000 .250 .290 $275,000.00 N
500064220 LEE,HENRY M .00 .00 .00 .000 .250 .290 $349,282.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 8
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064221 SANKARANARAYANAN,SUBRAMAN 3593 BURNHAM RD ANN ARBOR MI 48108 $223,013.20
500064222 MCSURELY,HUGH B 45542 GLENGARRY CANTON MI 48188 $228,766.26
500064223 HOEN,MICHAEL M 4942 CHERRY BLOSSOM CIRCL WEST BLOOMFIELD MI 48324 $227,783.39
500064224 BURKHART,KIRK A 835 HONEY CREEK ANN ARBOR MI 48103 $234,349.71
500064225 SCHECTER,JUSTIN O 22 GLORY ROAD WESTON CT 06883 $298,139.25
500064226 JOHNSON,HOWARD L 3066 HEATHER ROAD ANN ARBOR MI 48108 $372,731.51
500064227 WONG,KERMAN 1419 KINGS POINTE GRAND BLANC MI 48439 $228,709.81
500064228 PRICE,RALPH L 469 WHIPPERS IN COURT BLOOMFIELD HILL MI 48304 $243,813.27
500064229 SZILAGYI,PAUL G 650 LINDEN BOULDER CO 80304 $437,037.50
500064230 STUENKEL,THOMAS A 7616 DRIFTWOOD FENTON MI 48430 $464,126.83
500064231 NORDSTROM,MICHAEL A 1483 OYSTER LANE HOLLY MI 48442 $219,890.40
500064232 MORRIS,STEPHEN A LOT 2A NASHUA ROAD BILLERICA MA 01821 $235,021.55
500064233 STOKAS,JAMES C 5170 CLARENDON CREST BLOOMFIELD HILL MI 48302 $366,641.71
500064234 PLOUCHA,JAMES M 6154 COLUMBIA HASLETT MI 48840 $215,087.80
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064221 SANKARANARAYANAN,SUBRAMAN 8.750 .250 8.500 .0400 8.460 10/01/2026
500064222 MCSURELY,HUGH B 8.250 .250 8.000 .0400 7.960 04/01/2026
500064223 HOEN,MICHAEL M 8.375 .250 8.125 .0400 8.085 09/01/2026
500064224 BURKHART,KIRK A 8.250 .250 8.000 .0400 7.960 02/01/2027
500064225 SCHECTER,JUSTIN O 8.000 .250 7.750 .0400 7.710 08/01/2026
500064226 JOHNSON,HOWARD L 8.125 .250 7.875 .0400 7.835 07/01/2026
500064227 WONG,KERMAN 8.500 .250 8.250 .0400 8.210 07/01/2026
500064228 PRICE,RALPH L 8.625 .250 8.375 .0400 8.335 08/01/2026
500064229 SZILAGYI,PAUL G 8.625 .250 8.375 .0400 8.335 05/01/2026
500064230 STUENKEL,THOMAS A 8.375 .250 8.125 .0400 8.085 01/01/2027
500064231 NORDSTROM,MICHAEL A 8.375 .250 8.125 .0400 8.085 09/01/2026
500064232 MORRIS,STEPHEN A 8.250 .250 8.000 .0400 7.960 07/01/2026
500064233 STOKAS,JAMES C 8.625 .250 8.375 .0400 8.335 09/01/2026
500064234 PLOUCHA,JAMES M 8.625 .250 8.375 .0400 8.335 09/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064221 SANKARANARAYANAN,SUBRAMAN 092424654 $1,760.64 12 04/01/1997 360
500064222 MCSURELY,HUGH B 092424655 $1,738.24 04/01/1997 360
500064223 HOEN,MICHAEL M 092424656 $1,739.05 04/01/1997 360
500064224 BURKHART,KIRK A 092424657 $1,762.85 14 04/01/1997 360
500064225 SCHECTER,JUSTIN O 092424661 $2,201.29 04/01/1997 360
500064226 JOHNSON,HOWARD L 092424663 $2,784.36 04/01/1997 360
500064227 WONG,KERMAN 092424664 $1,768.50 04/01/1997 360
500064228 PRICE,RALPH L 092424665 $1,905.58 04/01/1997 360
500064229 SZILAGYI,PAUL G 092424666 $3,422.28 04/01/1997 360
500064230 STUENKEL,THOMAS A 092424671 $3,534.34 04/01/1997 360
500064231 NORDSTROM,MICHAEL A 092424673 $1,710.16 04/01/1997 360
500064232 MORRIS,STEPHEN A 092424674 $1,783.13 04/01/1997 360
500064233 STOKAS,JAMES C 092424675 $2,870.04 04/01/1997 360
500064234 PLOUCHA,JAMES M 092424676 $1,680.03 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064221 SANKARANARAYANAN,SUBRAMAN .00 .00 .00 .000 .250 .290 $250,000.00 N
500064222 MCSURELY,HUGH B .00 .00 .00 .000 .250 .290 $308,500.00 N
500064223 HOEN,MICHAEL M .00 .00 .00 .000 .250 .290 $286,000.00 N
500064224 BURKHART,KIRK A .00 .00 .00 .000 .250 .290 $247,000.00 N
500064225 SCHECTER,JUSTIN O .00 .00 .00 .000 .250 .290 $415,000.00 N
500064226 JOHNSON,HOWARD L .00 .00 .00 .000 .250 .290 $520,000.00 N
500064227 WONG,KERMAN .00 .00 .00 .000 .250 .290 $290,000.00 N
500064228 PRICE,RALPH L .00 .00 .00 .000 .250 .290 $345,000.00 N
500064229 SZILAGYI,PAUL G .00 .00 .00 .000 .250 .290 $552,650.00 N
500064230 STUENKEL,THOMAS A .00 .00 .00 .000 .250 .290 $640,000.00 N
500064231 NORDSTROM,MICHAEL A .00 .00 .00 .000 .250 .290 $350,000.00 N
500064232 MORRIS,STEPHEN A .00 .00 .00 .000 .250 .290 $296,688.00 N
500064233 STOKAS,JAMES C .00 .00 .00 .000 .250 .290 $540,000.00 N
500064234 PLOUCHA,JAMES M .00 .00 .00 .000 .250 .290 $240,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 9
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064235 MARKHAM,RANDOLPH G 1901 JOLLY ROAD OKEMOS MI 48864 $226,452.83
500064236 MORRIS,THOMAS L II 2485 MALIBU COURT FENTON MI 48430 $206,970.65
500064237 KWONG,SYLVIA F 12 SHORE DRIVE SHERMAN CT 06784 $262,998.07
500064238 ZIELINSKI,GEORGE E 4165 BOLD MEADOWS ROCHESTER MI 48306 $219,070.95
500064239 PATTON,MICHAEL C 40429 BEECHWOOD COURT NORTHVILLE MI 48167 $277,926.79
500064240 CLARK,JAMES R 21951 BOULDER DRIVE FARMINGTON HILL MI 48335 $252,899.67
500064241 NIR,AMOS M 20 CHESTERFIELD ROAD NEWTON MA 02165 $385,972.37
500064242 ROGERS,DAVID L 756 HENLEY BIRMINGHAM MI 48009 $348,595.56
500064243 IMAI,YOSUKE 5 SECOR GLEN ROAD HARTSDALE NY 10530 $239,184.00
500064244 DROLET,E PETER 145 S GLENHURST BIRMINGHAM MI 48009 $246,560.69
500064245 VIVRETTE,JEFFREY A 9400 WHITAKER ROAD YPSILANTI MI 48197 $208,445.52
500064246 MORIN,GREGG A 565 MARYKNOLL ROAD E ROCHESTER HILLS MI 48309 $251,245.29
500064247 MAUL,CHARLES A III 24469 VENICE DRIVE NOVI MI 48374 $236,692.17
500064248 YANG,CHI 1645 WAKE ROBIN CT. ANN ARBOR MI 48103 $269,312.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064235 MARKHAM,RANDOLPH G 8.875 .250 8.625 .0400 8.585 08/01/2026
500064236 MORRIS,THOMAS L II 8.625 .250 8.375 .0400 8.335 09/01/2026
500064237 KWONG,SYLVIA F 8.375 .250 8.125 .0400 8.085 10/01/2026
500064238 ZIELINSKI,GEORGE E 8.625 .250 8.375 .0400 8.335 09/01/2026
500064239 PATTON,MICHAEL C 8.250 .250 8.000 .0400 7.960 09/01/2026
500064240 CLARK,JAMES R 8.500 .250 8.250 .0400 8.210 09/01/2026
500064241 NIR,AMOS M 8.250 .250 8.000 .0400 7.960 08/01/2026
500064242 ROGERS,DAVID L 8.875 .250 8.625 .0400 8.585 09/01/2026
500064243 IMAI,YOSUKE 8.000 .250 7.750 .0400 7.710 11/01/2026
500064244 DROLET,E PETER 8.375 .250 8.125 .0400 8.085 10/01/2026
500064245 VIVRETTE,JEFFREY A 8.500 .250 8.250 .0400 8.210 08/01/2026
500064246 MORIN,GREGG A 8.625 .250 8.375 .0400 8.335 11/01/2026
500064247 MAUL,CHARLES A III 8.000 .250 7.750 .0400 7.710 08/01/2026
500064248 YANG,CHI 8.375 .250 8.125 .0400 8.085 12/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064235 MARKHAM,RANDOLPH G 092424678 $1,810.09 04/01/1997 360
500064236 MORRIS,THOMAS L II 092424680 $1,616.64 04/01/1997 360
500064237 KWONG,SYLVIA F 092424682 $2,006.59 04/01/1997 360
500064238 ZIELINSKI,GEORGE E 092424683 $1,711.14 18 04/01/1997 360
500064239 PATTON,MICHAEL C 092424684 $2,097.54 04/01/1997 360
500064240 CLARK,JAMES R 092424685 $1,953.04 04/01/1997 360
500064241 NIR,AMOS M 092424686 $2,914.91 04/01/1997 360
500064242 ROGERS,DAVID L 092424688 $2,784.76 04/01/1997 360
500064243 IMAI,YOSUKE 092424689 $1,761.04 04/01/1997 360
500064244 DROLET,E PETER 092424690 $1,881.18 1 04/01/1997 360
500064245 VIVRETTE,JEFFREY A 092424691 $1,610.87 18 04/01/1997 360
500064246 MORIN,GREGG A 092424693 $1,960.03 04/01/1997 360
500064247 MAUL,CHARLES A III 092424694 $1,746.36 14 04/01/1997 360
500064248 YANG,CHI 092424695 $2,052.20 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064235 MARKHAM,RANDOLPH G .00 .00 .00 .000 .250 .290 $315,000.00 N
500064236 MORRIS,THOMAS L II .00 .00 .00 .000 .250 .290 $259,850.00 N
500064237 KWONG,SYLVIA F .00 .00 .00 .000 .250 .290 $330,000.00 N
500064238 ZIELINSKI,GEORGE E .00 .00 .00 .000 .250 .290 $262,000.00 N
500064239 PATTON,MICHAEL C .00 .00 .00 .000 .250 .290 $349,000.00 N
500064240 CLARK,JAMES R .00 .00 .00 .000 .250 .290 $319,000.00 N
500064241 NIR,AMOS M .00 .00 .00 .000 .250 .290 $485,000.00 N
500064242 ROGERS,DAVID L .00 .00 .00 .000 .250 .290 $480,000.00 N
500064243 IMAI,YOSUKE .00 .00 .00 .000 .250 .290 $341,000.00 N
500064244 DROLET,E PETER .00 .00 .00 .000 .250 .290 $275,000.00 N
500064245 VIVRETTE,JEFFREY A .00 .00 .00 .000 .250 .290 $238,000.00 N
500064246 MORIN,GREGG A .00 .00 .00 .000 .250 .290 $315,000.00 N
500064247 MAUL,CHARLES A III .00 .00 .00 .000 .250 .290 $280,000.00 N
500064248 YANG,CHI .00 .00 .00 .000 .250 .290 $303,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 10
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064249 LESHNER,BERNARD 11 LAKESIDE COURT GROSSE POINTE MI 48230 $349,120.65
500064250 CILKE,ROLAND B 13008 PENINSULA DRIVE TRAVERSE CITY MI 49686 $225,543.47
500064251 ROSS,DOUGLAS L JR 1135 YORKSHIRE GROSSE POINTE P MI 48230 $250,928.47
500064252 BERUBE,MICHAEL R 6154 LANTERN LANE BLOOMFIELD HILL MI 48301 $250,436.98
500064253 GLASER,THOMAS M 3680 MAXWELL BLOOMFIELD MI 48301 $323,301.60
500064254 MCNALLY,PATRICK J 7648 BEEBALM COURT DEXTER MI 48130 $224,577.50
500064255 SWEETS,DONNA C 2589 HAGADORN ROAD MASON MI 48854 $217,807.64
500064256 DEMEYER,MICHAEL F 5655 CREEKVIEW DRIVE ANN ARBOR MI 48108 $226,796.07
500064257 FLEMING,JOEL A 5689 CHERRY LANE WEST BLOOMFIELD MI 48324 $223,705.57
500064258 JONIK,JULIAN T 1346 ARBOR CREEK DRIVE ROCHESTER HILLS MI 48306 $211,162.38
500064261 PAPPAS,DEAN N 1398 HIGHLAND MEADOWS FLINT MI 48532 $224,704.63
500064262 HEWLETT,KIRK A 5896 SEVILLE CIRCLE ORCHARD LAKE MI 48324 $267,212.71
500064263 TOENISKOETTER,JAMES B 3666 HOLLENSHADE ROCHESTER HILLS MI 48306 $248,358.30
500064264 MCLANE,DOUGLAS A 2650 SHADOW LAKE DR. LAKE ORION MI 48360 $218,927.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064249 LESHNER,BERNARD 8.375 .250 8.125 .0400 8.085 12/01/2026
500064250 CILKE,ROLAND B 8.625 .250 8.375 .0400 8.335 09/01/2026
500064251 ROSS,DOUGLAS L JR 8.250 .250 8.000 .0400 7.960 02/01/2027
500064252 BERUBE,MICHAEL R 8.000 .250 7.750 .0400 7.710 07/01/2026
500064253 GLASER,THOMAS M 8.250 .250 8.000 .0400 7.960 08/01/2026
500064254 MCNALLY,PATRICK J 8.375 .250 8.125 .0400 8.085 01/01/2027
500064255 SWEETS,DONNA C 8.125 .250 7.875 .0400 7.835 02/01/2027
500064256 DEMEYER,MICHAEL F 8.625 .250 8.375 .0400 8.335 08/01/2026
500064257 FLEMING,JOEL A 8.375 .250 8.125 .0400 8.085 07/01/2026
500064258 JONIK,JULIAN T 8.250 .250 8.000 .0400 7.960 11/01/2026
500064261 PAPPAS,DEAN N 8.125 .250 7.875 .0400 7.835 02/01/2027
500064262 HEWLETT,KIRK A 8.375 .250 8.125 .0400 8.085 12/01/2026
500064263 TOENISKOETTER,JAMES B 8.250 .250 8.000 .0400 7.960 12/01/2026
500064264 MCLANE,DOUGLAS A 8.250 .250 8.000 .0400 7.960 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064249 LESHNER,BERNARD 092424696 $2,660.25 04/01/1997 360
500064250 CILKE,ROLAND B 092424697 $1,761.69 04/01/1997 360
500064251 ROSS,DOUGLAS L JR 092424698 $1,887.56 04/01/1997 360
500064252 BERUBE,MICHAEL R 092424700 $1,849.09 18 04/01/1997 360
500064253 GLASER,THOMAS M 092424701 $2,441.62 04/01/1997 360
500064254 MCNALLY,PATRICK J 092424702 $1,710.16 04/01/1997 360
500064255 SWEETS,DONNA C 092424706 $1,622.36 12 04/01/1997 360
500064256 DEMEYER,MICHAEL F 092424707 $1,772.58 04/01/1997 360
500064257 FLEMING,JOEL A 092424708 $1,710.16 18 04/01/1997 360
500064258 JONIK,JULIAN T 092424710 $1,592.69 04/01/1997 360
500064261 PAPPAS,DEAN N 092424713 $1,670.62 04/01/1997 360
500064262 HEWLETT,KIRK A 092424721 $2,065.88 04/01/1997 360
500064263 TOENISKOETTER,JAMES B 092424725 $1,870.65 04/01/1997 360
500064264 MCLANE,DOUGLAS A 092424727 $1,647.90 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064249 LESHNER,BERNARD .00 .00 .00 .000 .250 .290 $695,000.00 N
500064250 CILKE,ROLAND B .00 .00 .00 .000 .250 .290 $302,000.00 N
500064251 ROSS,DOUGLAS L JR .00 .00 .00 .000 .250 .290 $335,000.00 N
500064252 BERUBE,MICHAEL R .00 .00 .00 .000 .250 .290 $280,000.00 N
500064253 GLASER,THOMAS M .00 .00 .00 .000 .250 .290 $450,000.00 N
500064254 MCNALLY,PATRICK J .00 .00 .00 .000 .250 .290 $320,000.00 N
500064255 SWEETS,DONNA C .00 .00 .00 .000 .250 .290 $230,000.00 N
500064256 DEMEYER,MICHAEL F .00 .00 .00 .000 .250 .290 $284,900.00 N
500064257 FLEMING,JOEL A .00 .00 .00 .000 .250 .290 $270,000.00 N
500064258 JONIK,JULIAN T .00 .00 .00 .000 .250 .290 $265,000.00 N
500064261 PAPPAS,DEAN N .00 .00 .00 .000 .250 .290 $330,000.00 N
500064262 HEWLETT,KIRK A .00 .00 .00 .000 .250 .290 $343,000.00 N
500064263 TOENISKOETTER,JAMES B .00 .00 .00 .000 .250 .290 $360,000.00 N
500064264 MCLANE,DOUGLAS A .00 .00 .00 .000 .250 .290 $244,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 11
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064265 TANSKI,ALAN 7440 BROOKVILLE ROAD PLYMOUTH MI 48170 $447,763.04
500064266 JOHNSEN,ARVIN W 3871 HOMESTEAD DRIVE HOWELL MI 48843 $303,383.98
500064267 WITZERMAN,JAMES P 53901 SCARBORO WAY SHELBY MI 48316 $261,880.61
500064268 HARPSTER,MICHAEL O JR 3829 DEER SPRINGS DRIVE ROCHESTER HILLS MI 48306 $258,621.78
500064269 SCHULTZ,LOUIS M 2899 PHEASANT RING ROCHESTER HILLS MI 48309 $324,162.44
500064270 SKUDLAREK,DONALD A 12326 DEER CREEK CIRCLE PLYMOUTH MI 48170 $246,511.97
500064271 WOOD,ROBERT P 786 GREAT OAKS BLOOMFIELD HILL MI 48304 $228,808.81
500064272 POY,GEORGE L JR 12032 CUNDY ROAD HARTLAND MI 48353 $239,224.17
500064273 MCNAB,THOMAS C 714 BROOKWOOD WALKE BLOOMFIELD HILL MI 48304 $370,367.13
500064274 DICHEV,ILIA D 3528 BURNHAM ANN ARBOR MI 48108 $260,244.49
500064275 AMIN,KAUSHIK 3554 NESTING RIDGE DR ROCHESTER HILLS MI 48309 $229,407.25
500064276 MADIGAN,TIMOTHY L 1358 LAKE SHORE BLVD. LAKE ORION MI 48362 $236,073.19
500064277 CLEMMON,PHILIP M 1800 ALDER WEST BLOOMFIELD MI 48324 $255,481.24
500064278 STAWSKI,PAUL E 2066 RUSSETT TROY MI 48098 $246,363.42
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064265 TANSKI,ALAN 8.250 .250 8.000 .0400 7.960 01/01/2017
500064266 JOHNSEN,ARVIN W 8.000 .250 7.750 .0400 7.710 01/01/2027
500064267 WITZERMAN,JAMES P 8.125 .250 7.875 .0400 7.835 01/01/2027
500064268 HARPSTER,MICHAEL O JR 8.000 .250 7.750 .0400 7.710 01/01/2027
500064269 SCHULTZ,LOUIS M 8.250 .250 8.000 .0400 7.960 12/01/2026
500064270 SKUDLAREK,DONALD A 8.125 .250 7.875 .0400 7.835 01/01/2027
500064271 WOOD,ROBERT P 8.250 .250 8.000 .0400 7.960 12/01/2026
500064272 POY,GEORGE L JR 8.250 .250 8.000 .0400 7.960 11/01/2026
500064273 MCNAB,THOMAS C 8.375 .250 8.125 .0400 8.085 12/01/2026
500064274 DICHEV,ILIA D 8.375 .250 8.125 .0400 8.085 12/01/2026
500064275 AMIN,KAUSHIK 8.250 .250 8.000 .0400 7.960 12/01/2026
500064276 MADIGAN,TIMOTHY L 8.125 .250 7.875 .0400 7.835 12/01/2026
500064277 CLEMMON,PHILIP M 8.000 .250 7.750 .0400 7.710 01/01/2027
500064278 STAWSKI,PAUL E 8.250 .250 8.000 .0400 7.960 12/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064265 TANSKI,ALAN 092424728 $3,834.30 04/01/1997 240
500064266 JOHNSEN,ARVIN W 092424730 $2,230.64 04/01/1997 360
500064267 WITZERMAN,JAMES P 092424732 $1,948.31 04/01/1997 360
500064268 HARPSTER,MICHAEL O JR 092424734 $1,903.02 12 04/01/1997 360
500064269 SCHULTZ,LOUIS M 092424735 $2,441.62 04/01/1997 360
500064270 SKUDLAREK,DONALD A 092424737 $1,833.97 04/01/1997 360
500064271 WOOD,ROBERT P 092424743 $1,723.41 04/01/1997 360
500064272 POY,GEORGE L JR 092424744 $1,803.04 04/01/1997 360
500064273 MCNAB,THOMAS C 092424745 $2,822.15 04/01/1997 360
500064274 DICHEV,ILIA D 092424749 $1,983.03 12 04/01/1997 360
500064275 AMIN,KAUSHIK 092424753 $1,727.91 04/01/1997 360
500064276 MADIGAN,TIMOTHY L 092424754 $1,757.86 04/01/1997 360
500064277 CLEMMON,PHILIP M 092424755 $1,878.44 18 04/01/1997 360
500064278 STAWSKI,PAUL E 092424760 $1,855.63 1 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064265 TANSKI,ALAN .00 .00 .00 .000 .250 .290 $688,000.00 N
500064266 JOHNSEN,ARVIN W .00 .00 .00 .000 .250 .290 $405,500.00 N
500064267 WITZERMAN,JAMES P .00 .00 .00 .000 .250 .290 $328,000.00 N
500064268 HARPSTER,MICHAEL O JR .00 .00 .00 .000 .250 .290 $302,000.00 N
500064269 SCHULTZ,LOUIS M .00 .00 .00 .000 .250 .290 $440,000.00 N
500064270 SKUDLAREK,DONALD A .00 .00 .00 .000 .250 .290 $410,000.00 N
500064271 WOOD,ROBERT P .00 .00 .00 .000 .250 .290 $297,922.00 N
500064272 POY,GEORGE L JR .00 .00 .00 .000 .250 .290 $356,000.00 N
500064273 MCNAB,THOMAS C .00 .00 .00 .000 .250 .290 $480,000.00 N
500064274 DICHEV,ILIA D .00 .00 .00 .000 .250 .290 $289,889.00 N
500064275 AMIN,KAUSHIK .00 .00 .00 .000 .250 .290 $353,846.00 N
500064276 MADIGAN,TIMOTHY L .00 .00 .00 .000 .250 .290 $295,990.00 N
500064277 CLEMMON,PHILIP M .00 .00 .00 .000 .250 .290 $302,000.00 N
500064278 STAWSKI,PAUL E .00 .00 .00 .000 .250 .290 $260,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 12
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064290 SMERLING,THEODORE J NORTH MABBITSVILLE RD. MILLBROOK NY 12545 $261,409.54
500064291 MASTRIANNI,DAVID M 44 VISTA DRIVE SARATOGA SPRING NY 12866 $227,141.69
500064292 BALDYGA,RICHARD 213 KIRKSWAY LANE LAKE ORION MI 48362 $346,206.17
500064293 BAKER,WAYNE 5555 KARAKUL LANE ANN ARBOR MI 48105 $368,256.86
500064294 MIOTTO,MICHAEL 4736 WINDBERRY BRIGHTON MI 48381 $239,004.00
500064296 MCGRATH,JOHN LOT4A 6 STONEYBROOK ROAD WESTFORD MA 01886 $232,307.51
500064297 PUNCH,JEFFREY D 3136 MILLS COURT ANN ARBOR MI 48104 $397,434.13
500064298 HYTER,MICHAEL 4070 RIDGEWOOD DRIVE YPSILANTI MI 48197 $233,306.09
500064299 HUTCHISON,PHILIP M 6145 S. ELMS RD. SWARTZ CREEK MI 48473 $226,231.07
500064300 LINDGREN,ARTHUR S 117 MAHOPAC AVENUE GRANITE SPRINGS NY 10527 $216,724.38
500064301 KOZIARA,FRANK J II 5126 TWILIGHT DRIVE FENTON MI 48430 $298,339.03
500064302 BROWN,RUSSELL C 2276 PINE STREET BLOOMFIELD HILL MI 48301 $299,265.25
500064303 KENG,RUDOLPH H 2038 HAVERFORD TROY MI 48098 $249,349.35
500064304 MORRIS,ALAN D 1298 LAKE SHORE BLVD LAKE ORION MI 48360 $293,915.46
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064290 SMERLING,THEODORE J 8.000 .250 7.750 .0400 7.710 02/01/2026
500064291 MASTRIANNI,DAVID M 8.000 .250 7.750 .0400 7.710 06/01/2026
500064292 BALDYGA,RICHARD 8.125 .250 7.875 .0400 7.835 03/01/2026
500064293 BAKER,WAYNE 8.500 .250 8.250 .0400 8.210 05/01/2026
500064294 MIOTTO,MICHAEL 8.500 .250 8.250 .0400 8.210 08/01/2025
500064296 MCGRATH,JOHN 8.500 .250 8.250 .0400 8.210 08/01/2026
500064297 PUNCH,JEFFREY D 8.375 .250 8.125 .0400 8.085 06/01/2026
500064298 HYTER,MICHAEL 8.375 .250 8.125 .0400 8.085 12/01/2026
500064299 HUTCHISON,PHILIP M 8.625 .250 8.375 .0400 8.335 10/01/2026
500064300 LINDGREN,ARTHUR S 8.375 .250 8.125 .0400 8.085 10/01/2026
500064301 KOZIARA,FRANK J II 8.000 .250 7.750 .0400 7.710 12/01/2026
500064302 BROWN,RUSSELL C 8.500 .250 8.250 .0400 8.210 12/01/2026
500064303 KENG,RUDOLPH H 8.375 .250 8.125 .0400 8.085 12/01/2026
500064304 MORRIS,ALAN D 8.125 .250 7.875 .0400 7.835 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064290 SMERLING,THEODORE J 092424644 $1,937.14 04/01/1997 360
500064291 MASTRIANNI,DAVID M 092424647 $1,692.06 18 04/01/1997 360
500064292 BALDYGA,RICHARD 092424648 $2,595.03 2 04/01/1997 357
500064293 BAKER,WAYNE 092424649 $2,852.67 04/01/1997 360
500064294 MIOTTO,MICHAEL 092424651 $1,861.88 04/01/1997 355
500064296 MCGRATH,JOHN 092424660 $1,806.95 04/01/1997 360
500064297 PUNCH,JEFFREY D 092424667 $3,040.29 04/01/1997 360
500064298 HYTER,MICHAEL 092424668 $1,777.81 18 04/01/1997 360
500064299 HUTCHISON,PHILIP M 092424679 $1,765.97 12 04/01/1997 360
500064300 LINDGREN,ARTHUR S 092424687 $1,653.54 2 04/01/1997 360
500064301 KOZIARA,FRANK J II 092424704 $2,195.06 12 04/01/1997 360
500064302 BROWN,RUSSELL C 092424705 $2,306.74 04/01/1997 360
500064303 KENG,RUDOLPH H 092424715 $1,900.18 04/01/1997 360
500064304 MORRIS,ALAN D 092424746 $2,186.65 18 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064290 SMERLING,THEODORE J .00 .00 .00 .000 .250 .290 $330,000.00 N
500064291 MASTRIANNI,DAVID M .00 .00 .00 .000 .250 .290 $271,440.00 N
500064292 BALDYGA,RICHARD .00 .00 .00 .000 .250 .290 $390,000.00 N
500064293 BAKER,WAYNE .00 .00 .00 .000 .250 .290 $522,535.00 N
500064294 MIOTTO,MICHAEL .00 .00 .00 .000 .250 .290 $305,000.00 N
500064296 MCGRATH,JOHN .00 .00 .00 .000 .250 .290 $404,000.00 N
500064297 PUNCH,JEFFREY D .00 .00 .00 .000 .250 .290 $550,000.00 N
500064298 HYTER,MICHAEL .00 .00 .00 .000 .250 .290 $259,900.00 N
500064299 HUTCHISON,PHILIP M .00 .00 .00 .000 .250 .290 $239,000.00 N
500064300 LINDGREN,ARTHUR S .00 .00 .00 .000 .250 .290 $267,368.00 N
500064301 KOZIARA,FRANK J II .00 .00 .00 .000 .250 .290 $345,000.00 N
500064302 BROWN,RUSSELL C .00 .00 .00 .000 .250 .290 $490,000.00 N
500064303 KENG,RUDOLPH H .00 .00 .00 .000 .250 .290 $438,500.00 N
500064304 MORRIS,ALAN D .00 .00 .00 .000 .250 .290 $349,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 13
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500064305 HUTCHINS,DAVID A 3671 POWDERHORN DRIVE OKEMOS MI 48864 $263,336.73
500064306 DZOMBAK,IVAN 3121 SHADOW BROOK LANE PINCKNEY MI 48169 $214,020.26
600059252 GRANT #7 CHERRY TREE COURT NORTH LITTL AR 72116 $309,703.65
600059253 PATTERSON 2958 KENDRIDGE LANE AURORA IL 60504 $245,163.83
600059254 MADISON 28 PRARIE CLOVER LITTLETON CO 80127 $456,069.81
600059255 PLESS 2918 VININGS FOREST WAY ATLANTA GA 30339 $318,853.59
600059256 DALEY 152 DAYLESFORD BOULEVARD BERWYN PA 19312 $219,251.97
600059257 BROOKS 1577 RIDGEWOOD ROAD ALAMO CA 94507 $306,801.11
600059258 KUCEIA 2572 SOUTHERN COURT CHANHASSEN MN 55317 $249,686.96
600059259 DISTLER 9101 WEST 148TH TERRACE OVERLAND PA KS 66221 $273,506.64
600059261 JAHN 5 FRANKLIN DRIVE FREEHOLD NJ 07728 $354,849.24
600059262 KNAPP, SR 85 CRISTOFORI CIRCLE ORONO MN 55359 $803,409.54
600059263 ARNOLD JR 65 SADDLE RIDGE ROAD WILTON CT 06897 $686,419.78
600059264 BEATON 7 CROSSRIDGE CIRCLE MARLBORO NJ 07746 $224,462.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500064305 HUTCHINS,DAVID A 8.375 .250 8.125 .0400 8.085 12/01/2026
500064306 DZOMBAK,IVAN 8.250 .250 8.000 .0400 7.960 09/01/2026
600059252 GRANT 8.500 .250 8.250 .0400 8.210 08/01/2026
600059253 PATTERSON 9.125 .250 8.875 .0400 8.835 12/01/2026
600059254 MADISON 8.750 .250 8.500 .0400 8.460 09/01/2026
600059255 PLESS 7.625 .250 7.375 .0400 7.335 11/01/2023
600059256 DALEY 8.000 .250 7.750 .0400 7.710 11/01/2026
600059257 BROOKS 8.250 .250 8.000 .0400 7.960 10/01/2026
600059258 KUCEIA 8.500 .250 8.250 .0400 8.210 12/01/2026
600059259 DISTLER 8.125 .250 7.875 .0400 7.835 09/01/2026
600059261 JAHN 8.250 .250 8.000 .0400 7.960 11/01/2026
600059262 KNAPP, SR 8.125 .250 7.875 .0400 7.835 01/01/2027
600059263 ARNOLD JR 7.375 .250 7.125 .0400 7.085 01/01/2027
600059264 BEATON 8.625 .250 8.375 .0400 8.335 12/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500064305 HUTCHINS,DAVID A 092424748 $2,006.59 04/01/1997 360
500064306 DZOMBAK,IVAN 092426069 $1,615.22 12 04/01/1997 360
600059252 GRANT 5066364 $2,393.24 04/01/1997 360
600059253 PATTERSON 5066818 $1,999.10 15 04/01/1997 360
600059254 MADISON 5067102 $3,602.73 12 04/01/1997 360
600059255 PLESS 5067242 $2,335.72 04/01/1997 360
600059256 DALEY 5067264 $1,614.29 04/01/1997 360
600059257 BROOKS 5067391 $2,313.90 04/01/1997 360
600059258 KUCEIA 5067730 $1,924.59 18 04/01/1997 360
600059259 DISTLER 5067841 $2,041.87 7 04/01/1997 360
600059261 JAHN 5068036 $2,674.51 1 04/01/1997 360
600059262 KNAPP, SR 5068089 $5,977.10 04/01/1997 360
600059263 ARNOLD JR 5068201 $4,751.85 04/01/1997 360
600059264 BEATON 5068208 $1,750.03 7 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500064305 HUTCHINS,DAVID A .00 .00 .00 .000 .250 .290 $352,000.00 N
500064306 DZOMBAK,IVAN .00 .00 .00 .000 .250 .290 $246,000.00 N
600059252 GRANT .00 .00 .00 .000 .250 .290 $415,000.00 N
600059253 PATTERSON .00 .00 .00 .000 .250 .290 $258,700.00 N
600059254 MADISON .00 .00 .00 .000 .250 .290 $506,000.00 N
600059255 PLESS .00 .00 .00 .000 .250 .290 $440,000.00 N
600059256 DALEY .00 .00 .00 .000 .250 .290 $306,469.00 N
600059257 BROOKS .00 .00 .00 .000 .250 .290 $385,000.00 N
600059258 KUCEIA .00 .00 .00 .000 .250 .290 $288,500.00 N
600059259 DISTLER .00 .00 .00 .000 .250 .290 $319,631.00 N
600059261 JAHN .00 .00 .00 .000 .250 .290 $396,883.00 N
600059262 KNAPP, SR .00 .00 .00 .000 .250 .290 $1,150,000.00 N
600059263 ARNOLD JR .00 .00 .00 .000 .250 .290 $860,000.00 N
600059264 BEATON .00 .00 .00 .000 .250 .290 $250,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 14
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059265 BARNES 5125 MANNING DRIVE BETHESDA MD 20814 $397,862.62
600059266 POHLE 15 CHESTNUT TRAIL THE TWSHP O NJ 08822 $244,303.01
600059267 BLOMBERG 17450 R STREET OMAHA NE 68135 $224,947.53
600059268 GOLEC 18796 SILVER HILL LANE LEESBURG VA 20175 $214,445.94
600059270 GARRETT 1753 CREEK CROSSING ROAD VIENNA VA 22182 $219,372.85
600059271 BOWEN 4736 RIVERWALK TRAIL LILBURN GA 30247 $235,376.18
600059272 STEINER 527 BANYAN CIRCLE WALNUT CREE CA 94596 $246,078.66
600059273 HALL 1433 ORLEANS COURT GRAYSON GA 30221 $266,325.82
600059274 VINSON JR 1331 OXFORD DRIVE CONYERS GA 30208 $302,160.93
600059275 HARROD 785 BRANCHVIEW DRIVE ATLANTA GA 30331 $301,949.42
600059276 MOULTON 503 BLUFFESTATES SAN ANTONIO TX 78216 $265,331.68
600059277 STEWART 3845 PACIFIC AVE. LONG BEACH CA 90807 $214,387.10
600059278 TALBOT 5408 CASTLE BAR LANE ALEXANDRIA VA 22315 $207,307.37
600059279 SHARATH 1820 KEELINGWOOD LANE VIRGINIA BE VA 23454 $345,536.72
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059265 BARNES 7.750 .250 7.500 .0400 7.460 12/01/2026
600059266 POHLE 8.875 .250 8.625 .0400 8.585 11/01/2026
600059267 BLOMBERG 8.500 .250 8.250 .0400 8.210 01/01/2027
600059268 GOLEC 8.250 .250 8.000 .0400 7.960 12/01/2026
600059270 GARRETT 7.750 .250 7.500 .0400 7.460 12/01/2026
600059271 BOWEN 8.125 .250 7.875 .0400 7.835 12/01/2026
600059272 STEINER 7.625 .250 7.375 .0400 7.335 12/01/2026
600059273 HALL 8.000 .250 7.750 .0400 7.710 01/01/2027
600059274 VINSON JR 7.875 .250 7.625 .0400 7.585 12/01/2026
600059275 HARROD 8.000 .250 7.750 .0400 7.710 12/01/2026
600059276 MOULTON 8.375 .250 8.125 .0400 8.085 12/01/2026
600059277 STEWART 7.750 .250 7.500 .0400 7.460 12/01/2026
600059278 TALBOT 7.750 .250 7.500 .0400 7.460 12/01/2026
600059279 SHARATH 7.875 .250 7.625 .0400 7.585 12/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059265 BARNES 5068229 $2,858.48 04/01/1997 360
600059266 POHLE 5068243 $1,949.33 2 04/01/1997 360
600059267 BLOMBERG 5068246 $1,732.82 18 04/01/1997 360
600059268 GOLEC 5068251 $1,615.22 04/01/1997 360
600059270 GARRETT 5068323 $1,576.11 04/01/1997 360
600059271 BOWEN 5068342 $1,752.29 04/01/1997 360
600059272 STEINER 5068354 $1,746.83 04/01/1997 360
600059273 HALL 5068382 $1,958.78 04/01/1997 360
600059274 VINSON JR 5068383 $2,204.21 04/01/1997 360
600059275 HARROD 5068458 $2,221.84 18 04/01/1997 360
600059276 MOULTON 5068460 $2,021.79 1 04/01/1997 360
600059277 STEWART 5068481 $1,540.29 04/01/1997 360
600059278 TALBOT 5068544 $1,489.42 04/01/1997 360
600059279 SHARATH 5068576 $2,512.37 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059265 BARNES .00 .00 .00 .000 .250 .290 $499,000.00 N
600059266 POHLE .00 .00 .00 .000 .250 .290 $272,500.00 N
600059267 BLOMBERG .00 .00 .00 .000 .250 .290 $250,400.00 N
600059268 GOLEC .00 .00 .00 .000 .250 .290 $365,000.00 N
600059270 GARRETT .00 .00 .00 .000 .250 .290 $275,000.00 N
600059271 BOWEN .00 .00 .00 .000 .250 .290 $295,000.00 N
600059272 STEINER .00 .00 .00 .000 .250 .290 $308,500.00 N
600059273 HALL .00 .00 .00 .000 .250 .290 $335,000.00 N
600059274 VINSON JR .00 .00 .00 .000 .250 .290 $380,000.00 N
600059275 HARROD .00 .00 .00 .000 .250 .290 $336,470.00 N
600059276 MOULTON .00 .00 .00 .000 .250 .290 $280,000.00 N
600059277 STEWART .00 .00 .00 .000 .250 .290 $275,000.00 N
600059278 TALBOT .00 .00 .00 .000 .250 .290 $259,900.00 N
600059279 SHARATH .00 .00 .00 .000 .250 .290 $460,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 15
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059280 BUCHANAN 201 PENN DRIVE SPRING CITY PA 19475 $219,307.27
600059281 KIRBY 465 SOUTH EAST 7TH NORTH BEND WA 98045 $217,287.21
600059282 GORDON 2123 CALIFORNIA STREET NW WASHINGTON DC 20008 $213,282.92
600059283 MILLER 2354 RIDGE AVENUE EVANSTON IL 60201 $268,463.10
600059284 DAVIDSON 330 OAKHURST LANE MARIETTA GA 30064 $360,968.07
600059285 KNIGHT 305 OAKHURST LANE MARIETTA GA 30064 $358,973.77
600059286 ALLEN 400 RAINBOW ROW COURT ALPHARETTA GA 30202 $239,194.53
600059287 WILSON 812 YEARLING COURT CAMARILLO CA 93010 $237,042.52
600059288 CARROLL 2011 CACTUS BLUFF SAN ANTONIO TX 78260 $271,958.33
600059289 RAUSCH 8329 121ST AVENUE SOUTHEA NEW CASTLE WA 98056 $230,308.14
600059290 CHISHOLM 6127 STEGEN DRIVE ALEXANDRIA VA 22310 $278,269.37
600059291 ENGELBRECHT, JR 10323 REGENCY STATION DRI FAIRFAX VA 22039 $430,886.50
600059292 LOPEZ 10200 SW 128 STREET MIAMI FL 33176 $223,422.72
600059293 ANDERSON 12401 HUNTINGDON LANE MINNETONKA MN 55305 $394,179.14
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059280 BUCHANAN 7.250 .250 7.000 .0400 6.960 12/01/2026
600059281 KIRBY 7.250 .250 7.000 .0400 6.960 01/01/2027
600059282 GORDON 7.625 .250 7.375 .0400 7.335 01/01/2027
600059283 MILLER 8.125 .250 7.875 .0400 7.835 01/01/2027
600059284 DAVIDSON 7.750 .250 7.500 .0400 7.460 12/01/2026
600059285 KNIGHT 7.750 .250 7.500 .0400 7.460 12/01/2026
600059286 ALLEN 7.875 .250 7.625 .0400 7.585 12/01/2026
600059287 WILSON 8.250 .250 8.000 .0400 7.960 01/01/2027
600059288 CARROLL 8.000 .250 7.750 .0400 7.710 12/01/2026
600059289 RAUSCH 7.750 .250 7.500 .0400 7.460 01/01/2027
600059290 CHISHOLM 8.000 .250 7.750 .0400 7.710 12/01/2026
600059291 ENGELBRECHT, JR 8.250 .250 8.000 .0400 7.960 12/01/2026
600059292 LOPEZ 8.250 .250 8.000 .0400 7.960 12/01/2026
600059293 ANDERSON 7.875 .250 7.625 .0400 7.585 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059280 BUCHANAN 5068582 $1,500.79 04/01/1997 360
600059281 KIRBY 5068583 $1,485.78 18 04/01/1997 360
600059282 GORDON 5068589 $1,512.91 18 04/01/1997 360
600059283 MILLER 5068609 $1,997.32 04/01/1997 360
600059284 DAVIDSON 5068618 $2,593.41 04/01/1997 360
600059285 KNIGHT 5068619 $2,579.08 04/01/1997 360
600059286 ALLEN 5068625 $1,740.17 04/01/1997 360
600059287 WILSON 5068636 $1,784.26 18 04/01/1997 360
600059288 CARROLL 5068656 $2,002.08 12 04/01/1997 360
600059289 RAUSCH 5068681 $1,653.48 18 04/01/1997 360
600059290 CHISHOLM 5068702 $2,058.58 04/01/1997 360
600059291 ENGELBRECHT, JR 5068722 $3,245.47 2 04/01/1997 360
600059292 LOPEZ 5068723 $1,682.84 04/01/1997 360
600059293 ANDERSON 5068732 $2,864.02 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059280 BUCHANAN .00 .00 .00 .000 .250 .290 $297,800.00 N
600059281 KIRBY .00 .00 .00 .000 .250 .290 $242,215.00 N
600059282 GORDON .00 .00 .00 .000 .250 .290 $225,000.00 N
600059283 MILLER .00 .00 .00 .000 .250 .290 $412,000.00 N
600059284 DAVIDSON .00 .00 .00 .000 .250 .290 $485,000.00 N
600059285 KNIGHT .00 .00 .00 .000 .250 .290 $485,000.00 N
600059286 ALLEN .00 .00 .00 .000 .250 .290 $312,400.00 N
600059287 WILSON .00 .00 .00 .000 .250 .290 $250,000.00 N
600059288 CARROLL .00 .00 .00 .000 .250 .290 $303,216.00 N
600059289 RAUSCH .00 .00 .00 .000 .250 .290 $256,450.00 N
600059290 CHISHOLM .00 .00 .00 .000 .250 .290 $350,690.00 N
600059291 ENGELBRECHT, JR .00 .00 .00 .000 .250 .290 $480,000.00 N
600059292 LOPEZ .00 .00 .00 .000 .250 .290 $280,000.00 N
600059293 ANDERSON .00 .00 .00 .000 .250 .290 $555,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 16
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059294 TASSARA 13016 RAINTREE TERRACE COLESVILLE MD 20904 $213,170.52
600059295 MORANO 3 COLONY DRIVE SUMMIT NJ 07901 $466,762.95
600059296 CHAMPION 1851 VININGS MILL WALK SMYRNA GA 30080 $226,204.63
600059297 O'GORMAN 737 EUREKA AVENUE DAVIS CA 95616 $287,087.73
600059298 BENSON 27219 SE. 27TH STREET ISSAQUAH WA 98029 $344,813.62
600059299 GUINEY 71 JEFFERSON DRIVE HUDSON OH 44236 $234,406.38
600059300 FLEITMAN 15901 HONOLULU STREET HOUSTON TX 77040 $504,994.11
600059301 SELSKY 7 PINE DRIVE LITTLE SILV NJ 07739 $263,300.38
600059302 POWELL 233 MARSH ISLAND DRIVE CHESAPEAKE VA 23320 $222,250.95
600059304 CLARK 519 CALLE SANTA BARBARA SAN DIMAS CA 91773 $254,057.41
600059306 CAVALCANTI 421 PERUGIA AVE. CORAL GABLE FL 33146 $238,950.48
600059307 DICKERSON 5429 EAST MURIEL DRIVE SCOTTSDALE AZ 85254 $265,300.91
600059308 EDWARDS 5 UPPER NESHANIC COURT THE TWP OF NJ 08853 $264,516.52
600059309 SUAREZ 12436 S.W. 76TH STREET MIAMI FL 33183 $255,257.38
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059294 TASSARA 8.000 .250 7.750 .0400 7.710 12/01/2026
600059295 MORANO 8.125 .250 7.875 .0400 7.835 12/01/2026
600059296 CHAMPION 7.625 .250 7.375 .0400 7.335 01/01/2027
600059297 O'GORMAN 8.125 .250 7.875 .0400 7.835 12/01/2026
600059298 BENSON 7.750 .250 7.500 .0400 7.460 01/01/2027
600059299 GUINEY 7.375 .250 7.125 .0400 7.085 01/01/2027
600059300 FLEITMAN 7.625 .250 7.375 .0400 7.335 01/01/2027
600059301 SELSKY 7.750 .250 7.500 .0400 7.460 01/01/2027
600059302 POWELL 7.500 .250 7.250 .0400 7.210 01/01/2027
600059304 CLARK 7.750 .250 7.500 .0400 7.460 01/01/2027
600059306 CAVALCANTI 8.375 .250 8.125 .0400 8.085 01/01/2027
600059307 DICKERSON 8.375 .250 8.125 .0400 8.085 01/01/2027
600059308 EDWARDS 8.500 .250 8.250 .0400 8.210 01/01/2027
600059309 SUAREZ 8.250 .250 8.000 .0400 7.960 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059294 TASSARA 5068740 $1,568.42 04/01/1997 360
600059295 MORANO 5068814 $3,474.89 04/01/1997 360
600059296 CHAMPION 5068837 $1,604.57 04/01/1997 360
600059297 O'GORMAN 5068858 $2,138.39 04/01/1997 360
600059298 BENSON 5068860 $2,475.56 04/01/1997 360
600059299 GUINEY 5068867 $1,622.71 1 04/01/1997 360
600059300 FLEITMAN 5068875 $3,582.14 04/01/1997 360
600059301 SELSKY 5068878 $1,891.33 04/01/1997 360
600059302 POWELL 5068899 $1,557.50 18 04/01/1997 360
600059304 CLARK 5068916 $1,823.99 04/01/1997 360
600059306 CAVALCANTI 5068918 $1,819.61 2 04/01/1997 360
600059307 DICKERSON 5068966 $2,020.27 18 04/01/1997 360
600059308 EDWARDS 5068972 $2,041.47 14 04/01/1997 360
600059309 SUAREZ 5069033 $1,921.36 1 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059294 TASSARA .00 .00 .00 .000 .250 .290 $285,000.00 N
600059295 MORANO .00 .00 .00 .000 .250 .290 $585,000.00 N
600059296 CHAMPION .00 .00 .00 .000 .250 .290 $283,396.00 N
600059297 O'GORMAN .00 .00 .00 .000 .250 .290 $360,000.00 N
600059298 BENSON .00 .00 .00 .000 .250 .290 $431,990.00 N
600059299 GUINEY .00 .00 .00 .000 .250 .290 $272,000.00 N
600059300 FLEITMAN .00 .00 .00 .000 .250 .290 $700,000.00 N
600059301 SELSKY .00 .00 .00 .000 .250 .290 $330,000.00 N
600059302 POWELL .00 .00 .00 .000 .250 .290 $249,000.00 N
600059304 CLARK .00 .00 .00 .000 .250 .290 $332,000.00 N
600059306 CAVALCANTI .00 .00 .00 .000 .250 .290 $252,000.00 N
600059307 DICKERSON .00 .00 .00 .000 .250 .290 $295,381.00 N
600059308 EDWARDS .00 .00 .00 .000 .250 .290 $295,000.00 N
600059309 SUAREZ .00 .00 .00 .000 .250 .290 $284,216.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 17
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059310 MAURITZ 2708 WILLOW DRIVE VIENNA VA 22181 $242,051.83
600059311 STONE 4922 NORTHWEST HIGHWAY DALLAS TX 75220 $496,517.08
600059312 WILLIAMS 10430 COURTNEY DRIVE FAIRAX VA 22030 $233,164.45
600059313 HELDT 1082 HEARTSEASE DRIVE WEST CHESTE PA 19382 $301,246.05
600059314 GORRELL 95 EISENHARD ROAD IVYLAND PA 18974 $216,333.39
600059315 FISHER 20 CHESTERWOODS DRIVE CHESTER NJ 07930 $224,272.71
600059316 ESHELMAN 2203 DELANCEY STREET PHILADELPHI PA 19103 $363,985.28
600059317 IRWIN 1017 CEDAR LANE WRIGHTSTOWN PA 18943 $410,670.32
600059318 DIONISOS 204 WINDSTEM LANE CHESTER PA 19380 $215,656.39
600059319 DEITRICH 77 SUGAR HILL CIRCLE COLLEGEVILL PA 19426 $248,869.22
600059320 CERIO 7 WAYLAND DRIVE VERONA NJ 07044 $217,907.66
600059321 BROWN 3319 CHATHAM PLACE MEDIA PA 19063 $224,357.30
600059322 BIGGER 201 ASH WAY DOYLESTOWN PA 18901 $338,462.17
600059323 ABBONIZIO 25 WEST GOLF VIEW ROAD HAVERTOWN PA 19083 $253,648.95
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059310 MAURITZ 7.500 .250 7.250 .0400 7.210 01/01/2027
600059311 STONE 8.125 .250 7.875 .0400 7.835 01/01/2027
600059312 WILLIAMS 7.875 .250 7.625 .0400 7.585 01/01/2027
600059313 HELDT 7.250 .250 7.000 .0400 6.960 12/01/2026
600059314 GORRELL 7.375 .250 7.125 .0400 7.085 12/01/2026
600059315 FISHER 8.250 .250 8.000 .0400 7.960 11/01/2026
600059316 ESHELMAN 7.875 .250 7.625 .0400 7.585 12/01/2026
600059317 IRWIN 7.125 .250 6.875 .0400 6.835 12/01/2026
600059318 DIONISOS 7.000 .250 6.750 .0400 6.710 12/01/2026
600059319 DEITRICH 7.500 .250 7.250 .0400 7.210 10/01/2026
600059320 CERIO 8.000 .250 7.750 .0400 7.710 12/01/2026
600059321 BROWN 7.740 .250 7.490 .0400 7.450 12/01/2026
600059322 BIGGER 7.500 .250 7.250 .0400 7.210 10/01/2026
600059323 ABBONIZIO 7.625 .250 7.375 .0400 7.335 12/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059310 MAURITZ 5069065 $1,699.09 18 04/01/1997 360
600059311 STONE 5069103 $3,693.92 04/01/1997 360
600059312 WILLIAMS 5069173 $1,694.12 04/01/1997 360
600059313 HELDT 5069178 $2,062.90 04/01/1997 360
600059314 GORRELL 5069179 $1,498.77 04/01/1997 360
600059315 FISHER 5069181 $1,690.35 04/01/1997 360
600059316 ESHELMAN 5069182 $2,646.50 04/01/1997 360
600059317 IRWIN 5069183 $2,775.72 04/01/1997 360
600059318 DIONISOS 5069184 $1,440.20 04/01/1997 360
600059319 DEITRICH 5069185 $1,748.04 04/01/1997 360
600059320 CERIO 5069186 $1,603.28 2 04/01/1997 360
600059321 BROWN 5069187 $1,610.37 14 04/01/1997 360
600059322 BIGGER 5069188 $2,377.33 04/01/1997 360
600059323 ABBONIZIO 5069189 $1,804.87 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059310 MAURITZ .00 .00 .00 .000 .250 .290 $270,000.00 N
600059311 STONE .00 .00 .00 .000 .250 .290 $1,000,000.00 N
600059312 WILLIAMS .00 .00 .00 .000 .250 .290 $292,080.00 N
600059313 HELDT .00 .00 .00 .000 .250 .290 $378,000.00 N
600059314 GORRELL .00 .00 .00 .000 .250 .290 $295,000.00 N
600059315 FISHER .00 .00 .00 .000 .250 .290 $325,000.00 N
600059316 ESHELMAN .00 .00 .00 .000 .250 .290 $457,000.00 N
600059317 IRWIN .00 .00 .00 .000 .250 .290 $515,000.00 N
600059318 DIONISOS .00 .00 .00 .000 .250 .290 $270,592.00 N
600059319 DEITRICH .00 .00 .00 .000 .250 .290 $315,000.00 N
600059320 CERIO .00 .00 .00 .000 .250 .290 $257,500.00 N
600059321 BROWN .00 .00 .00 .000 .250 .290 $252,000.00 N
600059322 BIGGER .00 .00 .00 .000 .250 .290 $440,000.00 N
600059323 ABBONIZIO .00 .00 .00 .000 .250 .290 $319,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 18
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059324 SMELTZER 910 RIDGE VIEW LANE LOWER GWYNE PA 19002 $313,786.71
600059325 NAPPI 505 WOODHAVEN ROAD WEST CHESTE PA 19382 $219,109.80
600059326 MOLLICK 2114 COUNTRY VIEW LANE LANSDALE PA 19446 $345,231.38
600059327 LISTER 332 BARN HILL ROAD WEST CHESTE PA 19382 $288,653.26
600059328 LAND 11 BRIDLE PATH SOUTHAMPTON NJ 08088 $249,212.78
600059329 JABLONSKI 54 PETRA LANE MORGANVILLE NJ 07751 $239,244.29
600059330 KRISHNAMOORTHY 30 COTTAGE PLACE DRIVE ROBBINSVILL NJ 08691 $230,030.33
600059331 TAN 516 HILLTOP ROAD PAOLI PA 19301 $219,788.37
600059332 PRICE 1313 ROYAL DEVON DR. MYRTLE BEAC SC 29575 $240,427.85
600059400 TRYON 57 WHITNEY COURT TROY MI 48098 $279,071.46
600059401 MIMS JR 6191 NE 64TH STREET OCALA FL 34488 $235,713.04
600059402 HOWARD 7609 WOODSIDE PLACE WATERFORD MI 48327 $114,662.06
600059403 CRUZ 19301 SW 2ND STREET PEMBROKE PINES FL 33029 $74,915.59
600059404 REES 1015 WALTHAM AVENUE ORLANDO FL 32809 $33,559.99
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059324 SMELTZER 7.375 .250 7.125 .0400 7.085 11/01/2026
600059325 NAPPI 7.125 .250 6.875 .0400 6.835 11/01/2026
600059326 MOLLICK 7.500 .250 7.250 .0400 7.210 10/01/2026
600059327 LISTER 7.250 .250 7.000 .0400 6.960 11/01/2026
600059328 LAND 7.250 .250 7.000 .0400 6.960 12/01/2026
600059329 JABLONSKI 7.250 .250 7.000 .0400 6.960 12/01/2026
600059330 KRISHNAMOORTHY 7.875 .250 7.625 .0400 7.585 10/01/2026
600059331 TAN 7.125 .250 6.875 .0400 6.835 12/01/2026
600059332 PRICE 8.625 .250 8.375 .0400 8.335 07/01/2026
600059400 TRYON 8.375 .250 8.125 .0400 8.085 01/01/2027
600059401 MIMS JR 8.500 .250 8.250 .0400 8.210 02/01/2027
600059402 HOWARD 8.875 .250 8.625 .0400 8.585 02/01/2027
600059403 CRUZ 8.875 .250 8.625 .0400 8.585 02/01/2027
600059404 REES 8.750 .250 8.500 .0400 8.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059324 SMELTZER 5069198 $2,175.63 04/01/1997 360
600059325 NAPPI 5069199 $1,482.18 04/01/1997 360
600059326 MOLLICK 5069200 $2,424.88 04/01/1997 360
600059327 LISTER 5069201 $1,978.31 04/01/1997 360
600059328 LAND 5069202 $1,705.44 04/01/1997 360
600059329 JABLONSKI 5069203 $1,637.22 04/01/1997 360
600059330 KRISHNAMOORTHY 5069204 $1,674.91 04/01/1997 360
600059331 TAN 5069205 $1,485.55 14 04/01/1997 360
600059332 PRICE 8011142 $1,880.31 18 04/01/1997 360
600059400 TRYON 0869335 $2,128.20 04/01/1997 360
600059401 MIMS JR 0888048 $1,814.64 04/01/1997 360
600059402 HOWARD 0891335 $922.95 04/01/1997 360
600059403 CRUZ 0898022 $596.74 04/01/1997 360
600059404 REES 0900494 $264.34 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059324 SMELTZER .00 .00 .00 .000 .250 .290 $396,300.00 N
600059325 NAPPI .00 .00 .00 .000 .250 .290 $287,500.00 N
600059326 MOLLICK .00 .00 .00 .000 .250 .290 $433,500.00 N
600059327 LISTER .00 .00 .00 .000 .250 .290 $400,000.00 N
600059328 LAND .00 .00 .00 .000 .250 .290 $365,000.00 N
600059329 JABLONSKI .00 .00 .00 .000 .250 .290 $305,000.00 N
600059330 KRISHNAMOORTHY .00 .00 .00 .000 .250 .290 $289,000.00 N
600059331 TAN .00 .00 .00 .000 .250 .290 $245,000.00 N
600059332 PRICE .00 .00 .00 .000 .250 .290 $287,000.00 N
600059400 TRYON .00 .00 .00 .000 .250 .290 $350,000.00 N
600059401 MIMS JR .00 .00 .00 .000 .250 .290 $295,000.00 N
600059402 HOWARD .00 .00 .00 .000 .250 .290 $154,000.00 N
600059403 CRUZ .00 .00 .00 .000 .250 .290 $128,190.00 N
600059404 REES .00 .00 .00 .000 .250 .290 $48,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 19
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059405 MOORE 502 CHERRY STREET WYANDOTTE MI 48192 $39,956.14
600059406 CARPENTE 6170 GREENBANK DR GRAND BLANC MI 48439 $249,645.96
600059407 MARTIN 13702 BRIDGEWATER COURT W SOUTH LYON MI 48178 $224,420.06
600059408 RANDALL 820 WEST LILL CHICAGO IL 60614 $349,563.40
600059409 GRAY 1850 SPARKLING WATER CIRC OCOEE FL 34761 $101,726.16
600059410 YEE 1913 HASTINGS AVENUE DOWNERS GROVE IL 60516 $115,723.07
600059411 MELBY 10413 ALDEN ROAD HARVARD IL 60033 $99,732.27
600059412 BROWN 11305 S HUDSON AVE TULSA OK 74137 $250,928.46
600059413 GEYER 9318 VALLEY VIEW SAN ANTONIO TX 78217 $79,500.70
600059414 THOMAS 10521 BEECHWOOD DRIVE MEQUON WI 53092 $239,120.39
600059415 DOYLE JR 72911 TEAL COURT ROMEO MI 48065 $240,394.49
600059416 SUZORE 48067 HILLTOP DRIVE PLYMOUTH MI 48170 $225,987.91
600059417 MANZELLA 604 GREENDALE ROAD GLENVIEW IL 60025 $219,725.56
600059418 GONZALEZ 317 JAYBEE AVENUE DAVENPORT FL 33837 $96,431.21
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059405 MOORE 9.000 .250 8.750 .0400 8.710 02/01/2027
600059406 CARPENTE 7.750 .250 7.500 .0400 7.460 02/01/2027
600059407 MARTIN 8.250 .250 8.000 .0400 7.960 12/01/2026
600059408 RANDALL 8.375 .250 8.125 .0400 8.085 02/01/2027
600059409 GRAY 8.500 .250 8.250 .0400 8.210 02/01/2027
600059410 YEE 8.625 .250 8.375 .0400 8.335 12/01/2026
600059411 MELBY 9.250 .250 9.000 .0400 8.960 01/01/2027
600059412 BROWN 8.250 .250 8.000 .0400 7.960 02/01/2027
600059413 GEYER 8.375 .250 8.125 .0400 8.085 02/01/2027
600059414 THOMAS 7.625 .250 7.375 .0400 7.335 11/01/2026
600059415 DOYLE JR 8.375 .250 8.125 .0400 8.085 12/01/2026
600059416 SUZORE 8.375 .250 8.125 .0400 8.085 01/01/2027
600059417 MANZELLA 8.375 .250 8.125 .0400 8.085 02/01/2027
600059418 GONZALEZ 8.750 .250 8.500 .0400 8.460 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059405 MOORE 0901627 $321.85 04/01/1997 360
600059406 CARPENTE 0901755 $1,791.03 04/01/1997 360
600059407 MARTIN 0902224 $1,690.36 04/01/1997 360
600059408 RANDALL 0902247 $2,660.25 04/01/1997 360
600059409 GRAY 0903389 $783.14 04/01/1997 360
600059410 YEE 0903615 $902.24 04/01/1997 360
600059411 MELBY 0903698 $822.68 04/01/1997 360
600059412 BROWN 0903950 $1,887.56 04/01/1997 360
600059413 GEYER 0903988 $605.02 04/01/1997 360
600059414 THOMAS 0904568 $1,698.70 04/01/1997 360
600059415 DOYLE JR 0904606 $1,831.78 04/01/1997 360
600059416 SUZORE 0904804 $1,721.57 04/01/1997 360
600059417 MANZELLA 0904852 $1,672.16 04/01/1997 360
600059418 GONZALEZ 0904966 $759.96 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059405 MOORE .00 .00 .00 .000 .250 .290 $66,500.00 N
600059406 CARPENTE .00 .00 .00 .000 .250 .290 $410,000.00 N
600059407 MARTIN .00 .00 .00 .000 .250 .290 $311,500.00 N
600059408 RANDALL .00 .00 .00 .000 .250 .290 $587,500.00 N
600059409 GRAY .00 .00 .00 .000 .250 .290 $127,345.00 N
600059410 YEE .00 .00 .00 .000 .250 .290 $145,000.00 N
600059411 MELBY .00 .00 .00 .000 .250 .290 $260,000.00 N
600059412 BROWN .00 .00 .00 .000 .250 .290 $335,000.00 N
600059413 GEYER .00 .00 .00 .000 .250 .290 $99,500.00 N
600059414 THOMAS .00 .00 .00 .000 .250 .290 $380,000.00 N
600059415 DOYLE JR .00 .00 .00 .000 .250 .290 $303,000.00 N
600059416 SUZORE .00 .00 .00 .000 .250 .290 $390,000.00 N
600059417 MANZELLA .00 .00 .00 .000 .250 .290 $290,000.00 N
600059418 GONZALEZ .00 .00 .00 .000 .250 .290 $138,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 20
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059419 DILL 6410 N W 41ST STREET CORAL SPRINGS FL 33067 $79,815.15
600059420 JASKULSK 3812 RIVERSIDE DRIVE CRYSTAL LAKE IL 60014 $49,882.91
600059421 VAUGHN S 9025 WEST ITHACA PLACE LAKEWOOD CO 80235 $151,618.11
600059422 ROSENTHA 411 WEST CLIFF LANE CINCINNATI OH 45220 $284,586.15
600059423 DAGOSTIN 15 SOUTH PINE MT PROSPECT IL 60656 $109,807.96
600059424 KIM 2601 POPLARVIEW BEND ELGIN IL 60120 $299,407.28
600059425 SHRYOCK 940 MEADOW RIDGE DR HOLLAND MI 49424 $231,687.64
600059426 OLIVER 2338 LAKESHORE DRIVE FENNVILLE MI 49408 $234,675.50
600059427 NIEMEIER 1190 SHERWOOD LANE NEW RICHMOND OH 45157 $255,672.40
600059428 CLARK 1818 1820 SOUTH 9TH STREE ST LOUIS MO 63104 $101,318.92
600059429 WALBRAN 145 FLAMINGO DRIVE ROSELLE IL 60172 $289,638.24
600059430 BANTLE 9153 MEADOWGLEN LANE SUNSET HILLS MO 63126 $259,811.42
600059431 RADAY 1531 GROMMON ROAD NAPERVILLE IL 60564 $275,138.34
600059432 TYLKA 1661 VERDE LANE MUNDELEIN IL 60060 $219,711.21
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059419 DILL 8.250 .250 8.000 .0400 7.960 01/01/2027
600059420 JASKULSK 8.750 .250 8.500 .0400 8.460 12/01/2026
600059421 VAUGHN S 8.375 .250 8.125 .0400 8.085 12/01/2026
600059422 ROSENTHA 7.625 .250 7.375 .0400 7.335 02/01/2027
600059423 DAGOSTIN 7.875 .250 7.625 .0400 7.585 02/01/2027
600059424 KIM 8.125 .250 7.875 .0400 7.835 01/01/2027
600059425 SHRYOCK 8.000 .250 7.750 .0400 7.710 02/01/2027
600059426 OLIVER 7.875 .250 7.625 .0400 7.585 02/01/2027
600059427 NIEMEIER 8.250 .250 8.000 .0400 7.960 02/01/2027
600059428 CLARK 8.625 .250 8.375 .0400 8.335 01/01/2027
600059429 WALBRAN 8.375 .250 8.125 .0400 8.085 02/01/2027
600059430 BANTLE 8.125 .250 7.875 .0400 7.835 12/01/2026
600059431 RADAY 8.125 .250 7.875 .0400 7.835 02/01/2027
600059432 TYLKA 8.125 .250 7.875 .0400 7.835 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059419 DILL 0905093 $601.02 04/01/1997 360
600059420 JASKULSK 0905411 $393.36 04/01/1997 360
600059421 VAUGHN S 0905437 $1,155.31 04/01/1997 360
600059422 ROSENTHA 0905457 $2,017.21 04/01/1997 360
600059423 DAGOSTIN 0905535 $797.58 04/01/1997 360
600059424 KIM 0905587 $2,227.49 04/01/1997 360
600059425 SHRYOCK 0905972 $1,702.33 04/01/1997 360
600059426 OLIVER 0905984 $1,703.91 04/01/1997 360
600059427 NIEMEIER 0906201 $1,923.24 04/01/1997 360
600059428 CLARK 0906244 $789.46 04/01/1997 360
600059429 WALBRAN 0906294 $2,204.21 04/01/1997 360
600059430 BANTLE 0906306 $1,934.21 04/01/1997 360
600059431 RADAY 0906338 $2,045.58 04/01/1997 360
600059432 TYLKA 0906345 $1,633.49 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059419 DILL .00 .00 .00 .000 .250 .290 $211,310.00 N
600059420 JASKULSK .00 .00 .00 .000 .250 .290 $205,000.00 N
600059421 VAUGHN S .00 .00 .00 .000 .250 .290 $190,000.00 N
600059422 ROSENTHA .00 .00 .00 .000 .250 .290 $356,250.00 N
600059423 DAGOSTIN .00 .00 .00 .000 .250 .290 $160,000.00 N
600059424 KIM .00 .00 .00 .000 .250 .290 $440,000.00 N
600059425 SHRYOCK .00 .00 .00 .000 .250 .290 $365,000.00 N
600059426 OLIVER .00 .00 .00 .000 .250 .290 $340,000.00 N
600059427 NIEMEIER .00 .00 .00 .000 .250 .290 $400,000.00 N
600059428 CLARK .00 .00 .00 .000 .250 .290 $145,000.00 N
600059429 WALBRAN .00 .00 .00 .000 .250 .290 $410,000.00 N
600059430 BANTLE .00 .00 .00 .000 .250 .290 $357,000.00 N
600059431 RADAY .00 .00 .00 .000 .250 .290 $344,629.00 N
600059432 TYLKA .00 .00 .00 .000 .250 .290 $275,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 21
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059433 CLARKE 2104 TROWBRIDGE COURT GLENVIEW IL 60025 $279,623.00
600059434 GILL 22317 HAZELTEN COURT NOVI MI 48374 $257,495.25
600059435 SMITH 987 989 OREGON AVENUE COLUMBUS OH 43201 $57,929.47
600059436 SUCHER 6497 BASSWOOD TROY MI 48098 $289,026.70
600059437 BETTIS 41W586 GOLDEN OAKS LANE ST CHARLES IL 60175 $389,461.45
600059438 BAKER 4541 MARYLAND AVENUE NORT CRYSTAL MN 55428 $49,903.70
600059439 SHERWOOD 1320 CHESTNUT WILMETTE IL 60091 $523,908.97
600059440 GOLDBERG 1920 BEVERLY LANE BUFFALO GROVE IL 60089 $323,334.77
600059441 CRAVENS 678 STILLWATER LANE BARRINGTON IL 60010 $330,828.25
600059442 ROUTHIER 2443 OAKBROOK BLVD BEAVERCREEK OH 45434 $222,618.51
600059443 CASSATLY 4 RIVERSIDE DRIVE JUPITER FL 33469 $630,898.15
600059444 EDWARDS 2400 OLD GLENVIEW ROAD WILMETTE IL 60091 $387,193.67
600059445 FRANK 1402 PRAIRIE TRIAL GRAYSLAKE IL 60030 $305,466.42
600059446 STELTER 1223 MILFORD COURT NAPERVILLE IL 60564 $263,626.14
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059433 CLARKE 8.000 .250 7.750 .0400 7.710 02/01/2027
600059434 GILL 8.500 .250 8.250 .0400 8.210 01/01/2027
600059435 SMITH 8.500 .250 8.250 .0400 8.210 02/01/2027
600059436 SUCHER 8.125 .250 7.875 .0400 7.835 01/01/2027
600059437 BETTIS 7.875 .250 7.625 .0400 7.585 02/01/2027
600059438 BAKER 8.250 .250 8.000 .0400 7.960 01/01/2027
600059439 SHERWOOD 7.875 .250 7.625 .0400 7.585 01/01/2027
600059440 GOLDBERG 8.000 .250 7.750 .0400 7.710 01/01/2027
600059441 CRAVENS 8.000 .250 7.750 .0400 7.710 01/01/2027
600059442 ROUTHIER 8.125 .250 7.875 .0400 7.835 02/01/2027
600059443 CASSATLY 7.875 .250 7.625 .0400 7.585 02/01/2027
600059444 EDWARDS 7.875 .250 7.625 .0400 7.585 01/01/2027
600059445 FRANK 8.000 .250 7.750 .0400 7.710 01/01/2027
600059446 STELTER 7.750 .250 7.500 .0400 7.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059433 CLARKE 0906380 $2,054.54 04/01/1997 360
600059434 GILL 0906418 $1,983.80 04/01/1997 360
600059435 SMITH 0906518 $445.97 04/01/1997 360
600059436 SUCHER 0906549 $2,150.27 04/01/1997 360
600059437 BETTIS 0906661 $2,827.77 04/01/1997 360
600059438 BAKER 0906777 $375.63 04/01/1997 360
600059439 SHERWOOD 0906778 $3,806.61 04/01/1997 360
600059440 GOLDBERG 0906794 $2,384.73 04/01/1997 360
600059441 CRAVENS 0906853 $2,432.43 04/01/1997 360
600059442 ROUTHIER 0906909 $1,655.77 04/01/1997 360
600059443 CASSATLY 0906925 $4,582.44 04/01/1997 360
600059444 EDWARDS 0906930 $2,813.27 04/01/1997 360
600059445 FRANK 0906945 $2,246.79 04/01/1997 360
600059446 STELTER 0907281 $1,891.33 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059433 CLARKE .00 .00 .00 .000 .250 .290 $350,000.00 N
600059434 GILL .00 .00 .00 .000 .250 .290 $327,280.00 N
600059435 SMITH .00 .00 .00 .000 .250 .290 $85,000.00 N
600059436 SUCHER .00 .00 .00 .000 .250 .290 $362,000.00 N
600059437 BETTIS .00 .00 .00 .000 .250 .290 $500,000.00 N
600059438 BAKER .00 .00 .00 .000 .250 .290 $95,000.00 N
600059439 SHERWOOD .00 .00 .00 .000 .250 .290 $1,290,000.00 N
600059440 GOLDBERG .00 .00 .00 .000 .250 .290 $415,000.00 N
600059441 CRAVENS .00 .00 .00 .000 .250 .290 $415,000.00 N
600059442 ROUTHIER .00 .00 .00 .000 .250 .290 $313,305.00 N
600059443 CASSATLY .00 .00 .00 .000 .250 .290 $790,000.00 N
600059444 EDWARDS .00 .00 .00 .000 .250 .290 $500,000.00 N
600059445 FRANK .00 .00 .00 .000 .250 .290 $385,000.00 N
600059446 STELTER .00 .00 .00 .000 .250 .290 $330,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 22
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059447 TAYLOR 2449 BERKSHIRE COURT KISSIMMEE FL 34746 $79,892.27
600059448 AYERS II 1842 TANGLEDVINE DRIVE WESLEY CHAPEL FL 33543 $132,949.89
600059449 RYCZEK J 5825 29TH AVENUE NORTH ST PETERSBURG FL 33710 $75,051.42
600059450 CROOM JR 110 OLDE OVERLOOK COURT ATLANTA GA 30331 $319,610.67
600059451 WICK 719 GRAND AVENUE LOVES PARK IL 61111 $63,927.98
600059452 BLOOM 13764 N BIRCHWOOD LN MEQUON WI 53092 $363,203.81
600059453 WRIGHT 5650 NORTH WILDERNESS WAY COLUMBIA MO 65202 $249,663.40
600059454 ALSABKI 20772 WATERSCAPE WAY NOBLESVILLE IN 46060 $44,741.49
600059455 FITZPATR W244 N4850 SWAN ROAD PEWAUKEE WI 53072 $324,341.44
600059456 TATAR 227 POWELL AVENUE CLARENDON HILLS IL 60514 $239,668.58
600059457 MCGOVERN 6617 N OCONTO AVE CHICAGO IL 60631 $283,904.44
600059458 KOLKER 4007 CAROUSEL NORTHBROOK IL 60062 $237,020.46
600059459 GALE 2240 WESLEY AVENUE EVANSTON IL 60201 $219,696.21
600059460 GUSKEY 711 SANDPEBBLE DRIVE SCHAUMBURG IL 60193 $222,880.93
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059447 TAYLOR 8.000 .250 7.750 .0400 7.710 02/01/2027
600059448 AYERS II 8.375 .250 8.125 .0400 8.085 01/01/2027
600059449 RYCZEK J 8.125 .250 7.875 .0400 7.835 01/01/2027
600059450 CROOM JR 8.500 .250 8.250 .0400 8.210 02/01/2027
600059451 WICK 8.875 .250 8.625 .0400 8.585 02/01/2027
600059452 BLOOM 8.000 .250 7.750 .0400 7.710 01/01/2027
600059453 WRIGHT 8.000 .250 7.750 .0400 7.710 02/01/2027
600059454 ALSABKI 8.375 .250 8.125 .0400 8.085 02/01/2027
600059455 FITZPATR 8.000 .250 7.750 .0400 7.710 01/01/2027
600059456 TATAR 7.875 .250 7.625 .0400 7.585 02/01/2027
600059457 MCGOVERN 7.875 .250 7.625 .0400 7.585 01/01/2027
600059458 KOLKER 7.750 .250 7.500 .0400 7.460 01/01/2027
600059459 GALE 7.875 .250 7.625 .0400 7.585 02/01/2027
600059460 GUSKEY 7.750 .250 7.500 .0400 7.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059447 TAYLOR 0907349 $587.02 04/01/1997 360
600059448 AYERS II 0907414 $1,012.42 04/01/1997 360
600059449 RYCZEK J 0907492 $558.36 04/01/1997 360
600059450 CROOM JR 0907496 $2,460.53 04/01/1997 360
600059451 WICK 0907541 $509.21 04/01/1997 360
600059452 BLOOM 0907547 $2,670.91 04/01/1997 360
600059453 WRIGHT 0907618 $1,834.41 04/01/1997 360
600059454 ALSABKI 0907621 $342.03 04/01/1997 360
600059455 FITZPATR 0907666 $2,384.73 04/01/1997 360
600059456 TATAR 0907698 $1,740.17 04/01/1997 360
600059457 MCGOVERN 0907699 $2,066.45 04/01/1997 360
600059458 KOLKER 0907704 $1,705.06 04/01/1997 360
600059459 GALE 0907715 $1,595.15 04/01/1997 360
600059460 GUSKEY 0907716 $1,599.03 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059447 TAYLOR .00 .00 .00 .000 .250 .290 $130,000.00 N
600059448 AYERS II .00 .00 .00 .000 .250 .290 $175,000.00 N
600059449 RYCZEK J .00 .00 .00 .000 .250 .290 $94,000.00 N
600059450 CROOM JR .00 .00 .00 .000 .250 .290 $400,000.00 N
600059451 WICK .00 .00 .00 .000 .250 .290 $80,000.00 N
600059452 BLOOM .00 .00 .00 .000 .250 .290 $455,000.00 N
600059453 WRIGHT .00 .00 .00 .000 .250 .290 $315,000.00 N
600059454 ALSABKI .00 .00 .00 .000 .250 .290 $155,000.00 N
600059455 FITZPATR .00 .00 .00 .000 .250 .290 $480,000.00 N
600059456 TATAR .00 .00 .00 .000 .250 .290 $300,000.00 N
600059457 MCGOVERN .00 .00 .00 .000 .250 .290 $410,000.00 N
600059458 KOLKER .00 .00 .00 .000 .250 .290 $351,000.00 N
600059459 GALE .00 .00 .00 .000 .250 .290 $345,000.00 N
600059460 GUSKEY .00 .00 .00 .000 .250 .290 $248,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 23
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059461 DIMASO 642 WEST SUNSET AVENUE LOMBARD IL 60148 $134,190.79
600059462 DILLEY 6476 MATTHEW CIRCLE EDEN PRAIRIE MN 55346 $226,715.82
600059463 BARTH 26 W 185 ARROW GLEN CT WHEATON IL 60187 $214,564.33
600059464 RUMORO 26 W 381 GLEN EAGLE DR WINFIELD IL 60190 $342,686.35
600059465 VAN SLOO 2016 MEETING STREET MINNETONKA MN 55391 $283,394.78
600059466 CERVANTE 1709 CRANSHIRE COURT DEERFIELD IL 60015 $263,165.63
600059467 MEYER 838 SOUTH LINCOLN STREET HINSDALE IL 60521 $376,479.40
600059468 FORESTA 225 WREN DRIVE BLOOMINGDALE IL 60108 $259,640.97
600059469 LEVIN 2225 OAK AVENUE NORTHBROOK IL 60062 $239,668.58
600059470 LEW 1464 POLO DRIVE BARTLETT IL 60103 $218,148.35
600059471 SHAPIRO 13302 W STATE HWY 266 BOIS D'ARC MO 65612 $214,541.81
600059472 CULLEN 13618 ROUTE 176 WOODSTOCK IL 60098 $297,955.44
600059473 BURTNER 801 NORTH FORREST AVENUE ARLINGTON HEIGH IL 60004 $264,453.89
600059474 MCCORMIC 651 EAST LYNDA PALATINE IL 60074 $226,041.02
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059461 DIMASO 8.625 .250 8.375 .0400 8.335 02/01/2027
600059462 DILLEY 7.750 .250 7.500 .0400 7.460 01/01/2027
600059463 BARTH 8.000 .250 7.750 .0400 7.710 01/01/2027
600059464 RUMORO 7.875 .250 7.625 .0400 7.585 01/01/2027
600059465 VAN SLOO 7.750 .250 7.500 .0400 7.460 01/01/2027
600059466 CERVANTE 8.000 .250 7.750 .0400 7.710 01/01/2027
600059467 MEYER 7.875 .250 7.625 .0400 7.585 02/01/2027
600059468 FORESTA 7.875 .250 7.625 .0400 7.585 02/01/2027
600059469 LEVIN 7.875 .250 7.625 .0400 7.585 02/01/2027
600059470 LEW 7.875 .250 7.625 .0400 7.585 02/01/2027
600059471 SHAPIRO 7.750 .250 7.500 .0400 7.460 01/01/2027
600059472 CULLEN 8.000 .250 7.750 .0400 7.710 02/01/2027
600059473 BURTNER 7.875 .250 7.625 .0400 7.585 02/01/2027
600059474 MCCORMIC 8.000 .250 7.750 .0400 7.710 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059461 DIMASO 0907745 $1,044.96 04/01/1997 360
600059462 DILLEY 0907754 $1,627.69 04/01/1997 360
600059463 BARTH 0907813 $1,577.59 04/01/1997 360
600059464 RUMORO 0907859 $2,489.89 12 04/01/1997 360
600059465 VAN SLOO 0907890 $2,034.61 04/01/1997 360
600059466 CERVANTE 0907893 $1,934.94 12 04/01/1997 360
600059467 MEYER 0907895 $2,733.51 04/01/1997 360
600059468 FORESTA 0907896 $1,885.18 04/01/1997 360
600059469 LEVIN 0907898 $1,740.17 04/01/1997 360
600059470 LEW 0907899 $1,583.91 12 04/01/1997 360
600059471 SHAPIRO 0907910 $1,540.29 04/01/1997 360
600059472 CULLEN 0907911 $2,201.29 04/01/1997 360
600059473 BURTNER 0907913 $1,921.43 04/01/1997 360
600059474 MCCORMIC 0907933 $1,661.98 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059461 DIMASO .00 .00 .00 .000 .250 .290 $210,000.00 N
600059462 DILLEY .00 .00 .00 .000 .250 .290 $284,000.00 N
600059463 BARTH .00 .00 .00 .000 .250 .290 $337,500.00 N
600059464 RUMORO .00 .00 .00 .000 .250 .290 $410,000.00 N
600059465 VAN SLOO .00 .00 .00 .000 .250 .290 $355,000.00 N
600059466 CERVANTE .00 .00 .00 .000 .250 .290 $298,000.00 N
600059467 MEYER .00 .00 .00 .000 .250 .290 $685,000.00 N
600059468 FORESTA .00 .00 .00 .000 .250 .290 $465,000.00 N
600059469 LEVIN .00 .00 .00 .000 .250 .290 $325,000.00 N
600059470 LEW .00 .00 .00 .000 .250 .290 $242,750.00 N
600059471 SHAPIRO .00 .00 .00 .000 .250 .290 $310,000.00 N
600059472 CULLEN .00 .00 .00 .000 .250 .290 $425,000.00 N
600059473 BURTNER .00 .00 .00 .000 .250 .290 $415,000.00 N
600059474 MCCORMIC .00 .00 .00 .000 .250 .290 $253,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 24
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059475 SCOTT 1533 OLD FORGE ROAD BARTLETT IL 60103 $249,493.41
600059476 MAGER 26177 WEST REED STREET INGLESIDE IL 60041 $99,872.02
600059477 HOFFMAN 4013 HIDDEN WOODS DRIVE BLOOMFIELD HILL MI 48301 $255,672.40
600059478 ROMANS 5670 WHIGVILLE LAKE DRYDEN MI 48428 $163,714.86
600059479 MC CARTH 9 SHAGBARK ROLLING MEADOWS IL 60008 $224,689.29
600059480 GUERZON 1920 NORTH ORCHARD BEACH MC HENRY IL 60050 $292,096.08
600059481 SANDER 2625 DARLING ROAD BLACKLICK OH 43004 $218,697.59
600059482 DOYLE JR 10659 OAKTON RIDGE COURT OAKTON VA 22124 $327,547.06
600059483 MAGNESEN 477 PROSPECT AVENUE ELMHURST IL 60126 $229,690.31
600059484 LOWE 1480 WILMETTE STREET WHEATON IL 60187 $329,555.68
600059485 GERUT 8 MARYWOOD TRAIL WHEATON IL 60187 $289,609.53
600059486 MINTURN 1426 ASBURY AVENUE WINNETKA IL 60093 $399,447.63
600059487 O BRIEN 673 ROCKLAND AVENUE LAKE BLUFF IL 60044 $245,677.09
600059488 GROSS 431 W OAKDALE CHICAGO IL 60657 $227,729.81
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059475 SCOTT 8.000 .250 7.750 .0400 7.710 01/01/2027
600059476 MAGER 8.250 .250 8.000 .0400 7.960 02/01/2027
600059477 HOFFMAN 8.250 .250 8.000 .0400 7.960 02/01/2027
600059478 ROMANS 8.750 .250 8.500 .0400 8.460 01/01/2027
600059479 MC CARTH 7.875 .250 7.625 .0400 7.585 02/01/2027
600059480 GUERZON 7.875 .250 7.625 .0400 7.585 02/01/2027
600059481 SANDER 7.875 .250 7.625 .0400 7.585 02/01/2027
600059482 DOYLE JR 7.875 .250 7.625 .0400 7.585 02/01/2027
600059483 MAGNESEN 8.000 .250 7.750 .0400 7.710 02/01/2027
600059484 LOWE 8.000 .250 7.750 .0400 7.710 02/01/2027
600059485 GERUT 8.000 .250 7.750 .0400 7.710 02/01/2027
600059486 MINTURN 7.875 .250 7.625 .0400 7.585 02/01/2027
600059487 O BRIEN 8.125 .250 7.875 .0400 7.835 02/01/2027
600059488 GROSS 8.625 .250 8.375 .0400 8.335 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059475 SCOTT 0907934 $1,834.41 04/01/1997 360
600059476 MAGER 0907938 $751.27 04/01/1997 360
600059477 HOFFMAN 0907955 $1,923.24 04/01/1997 360
600059478 ROMANS 0907978 $1,290.19 04/01/1997 360
600059479 MC CARTH 0908029 $1,631.41 04/01/1997 360
600059480 GUERZON 0908030 $2,120.83 2 04/01/1997 360
600059481 SANDER 0908093 $1,587.90 04/01/1997 360
600059482 DOYLE JR 0908094 $2,378.23 04/01/1997 360
600059483 MAGNESEN 0908166 $1,687.66 04/01/1997 360
600059484 LOWE 0908168 $2,421.42 04/01/1997 360
600059485 GERUT 0908183 $2,127.92 04/01/1997 360
600059486 MINTURN 0908236 $2,900.28 04/01/1997 360
600059487 O BRIEN 0908257 $1,826.54 04/01/1997 360
600059488 GROSS 0908258 $1,773.36 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059475 SCOTT .00 .00 .00 .000 .250 .290 $322,000.00 N
600059476 MAGER .00 .00 .00 .000 .250 .290 $285,000.00 N
600059477 HOFFMAN .00 .00 .00 .000 .250 .290 $320,000.00 N
600059478 ROMANS .00 .00 .00 .000 .250 .290 $205,000.00 N
600059479 MC CARTH .00 .00 .00 .000 .250 .290 $310,000.00 N
600059480 GUERZON .00 .00 .00 .000 .250 .290 $325,000.00 N
600059481 SANDER .00 .00 .00 .000 .250 .290 $300,000.00 N
600059482 DOYLE JR .00 .00 .00 .000 .250 .290 $410,000.00 N
600059483 MAGNESEN .00 .00 .00 .000 .250 .290 $288,000.00 N
600059484 LOWE .00 .00 .00 .000 .250 .290 $430,000.00 N
600059485 GERUT .00 .00 .00 .000 .250 .290 $456,000.00 N
600059486 MINTURN .00 .00 .00 .000 .250 .290 $500,000.00 N
600059487 O BRIEN .00 .00 .00 .000 .250 .290 $350,000.00 N
600059488 GROSS .00 .00 .00 .000 .250 .290 $240,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 25
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059489 BACK 4416 CLEARWATER LANE NAPERVILLE IL 60563 $353,300.59
600059490 DEVLIN 17306 WHITE PLAINS COURT MOUNT AIRY MD 21771 $221,450.35
600059491 NASH 4730 ASHWOOD COURT ZIONSVILLE IN 46077 $249,645.94
600059492 WEISS 837 WEST JUNIOR TERRACE CHICAGO IL 60613 $149,817.62
600059493 HARRIS 4804 GOLF TERRACE EDINA MN 55424 $430,654.49
600059494 BREVOORT 22 W 502 BALSAM DRIVE GLEN ELLYN IL 60137 $174,758.35
600059495 FORRER 5151 10TH ROAD NORTH ARLINGTON VA 22205 $268,862.25
600059496 ROTHAUG 3823 QUANDO DRIVE ORLANDO FL 32812 $50,679.99
600059497 FETTINGE 3351 SPANISH TRAIL DELRAY BEACH FL 33483 $62,181.74
600059498 LIPARI I 848 TULIP STREET DELTONA FL 32725 $42,747.40
600059499 KOSEK 809 BRANDON PARK PLACE ATLANTA GA 30318 $347,972.73
600059500 FERRETTI 816 SOUTH I STREET PENSACOLA FL 32501 $68,328.77
600059501 WILEY 2600 APPLEWOOD CIRCLE SE DECATUR AL 35603 $469,348.60
600059502 SULLIVAN 1713 BAY STREET SARASOTA FL 34236 $174,072.01
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059489 BACK 8.125 .250 7.875 .0400 7.835 01/01/2027
600059490 DEVLIN 8.000 .250 7.750 .0400 7.710 01/01/2027
600059491 NASH 7.750 .250 7.500 .0400 7.460 02/01/2027
600059492 WEISS 8.500 .250 8.250 .0400 8.210 02/01/2027
600059493 HARRIS 7.875 .250 7.625 .0400 7.585 02/01/2027
600059494 BREVOORT 7.875 .250 7.625 .0400 7.585 02/01/2027
600059495 FORRER 8.125 .250 7.875 .0400 7.835 01/01/2027
600059496 ROTHAUG 8.750 .250 8.500 .0400 8.460 02/01/2027
600059497 FETTINGE 9.000 .250 8.750 .0400 8.710 02/01/2027
600059498 LIPARI I 8.500 .250 8.250 .0400 8.210 02/01/2027
600059499 KOSEK 7.875 .250 7.625 .0400 7.585 01/01/2027
600059500 FERRETTI 9.250 .250 9.000 .0400 8.960 02/01/2027
600059501 WILEY 8.250 .250 8.000 .0400 7.960 02/01/2027
600059502 SULLIVAN 8.375 .250 8.125 .0400 8.085 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059489 BACK 0908289 $2,628.44 7 04/01/1997 360
600059490 DEVLIN 0908296 $1,628.22 04/01/1997 360
600059491 NASH 0908333 $1,791.04 04/01/1997 360
600059492 WEISS 0908341 $1,153.37 04/01/1997 360
600059493 HARRIS 0908349 $3,126.86 04/01/1997 360
600059494 BREVOORT 0908354 $1,268.87 04/01/1997 360
600059495 FORRER 0908372 $2,004.74 04/01/1997 360
600059496 ROTHAUG 0908441 $597.50 04/01/1997 360
600059497 FETTINGE 0908568 $500.88 04/01/1997 360
600059498 LIPARI I 0908586 $329.10 04/01/1997 360
600059499 KOSEK 0908655 $2,530.50 04/01/1997 360
600059500 FERRETTI 0908676 $562.71 2 04/01/1997 360
600059501 WILEY 0908722 $3,530.58 04/01/1997 360
600059502 SULLIVAN 0908728 $1,325.57 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059489 BACK .00 .00 .00 .000 .250 .290 $400,000.00 N
600059490 DEVLIN .00 .00 .00 .000 .250 .290 $295,000.00 N
600059491 NASH .00 .00 .00 .000 .250 .290 $469,000.00 N
600059492 WEISS .00 .00 .00 .000 .250 .290 $627,000.00 N
600059493 HARRIS .00 .00 .00 .000 .250 .290 $575,000.00 N
600059494 BREVOORT .00 .00 .00 .000 .250 .290 $225,000.00 N
600059495 FORRER .00 .00 .00 .000 .250 .290 $370,000.00 N
600059496 ROTHAUG .00 .00 .00 .000 .250 .290 $108,500.00 N
600059497 FETTINGE .00 .00 .00 .000 .250 .290 $83,000.00 N
600059498 LIPARI I .00 .00 .00 .000 .250 .290 $53,500.00 N
600059499 KOSEK .00 .00 .00 .000 .250 .290 $440,000.00 N
600059500 FERRETTI .00 .00 .00 .000 .250 .290 $76,000.00 N
600059501 WILEY .00 .00 .00 .000 .250 .290 $723,000.00 N
600059502 SULLIVAN .00 .00 .00 .000 .250 .290 $218,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 26
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059503 SIMS 2279 TITAN RIDGE DRIVE DECATUR GA 30035 $73,914.53
600059505 MAGALOTT 26277 EAST RIVER RD GROSSE ILE MI 48138 $308,678.98
600059506 MOORE 5347 W NORTHWOOD DRIVE GLEN ARBOR MI 49636 $329,544.30
600059507 JACQUES 1680 PHINNEY LANE HIGHLAND MI 48357 $199,737.47
600059508 VOGELMAN 900 NORTH LAKE SHORE DRI CHICAGO IL 60611 $83,842.28
600059509 ENDSLEY 109 ANN STREET CLARENDON HILLS IL 60514 $274,629.73
600059510 GLOVER 202 SOUTH VAIL AVENUE ARLINGTON HEIGH IL 60005 $219,725.56
600059511 NORTON 21426 PRESTWICK DR BARRINGTON IL 60010 $299,606.19
600059512 HERTEL J 95 HIGH STREET WINNETKA IL 60093 $389,461.45
600059513 ZAMPERIN 5736 CALEY LANE INDIANAPOLIS IN 46221 $68,720.55
600059514 WALKER 10300 EASTRIVER SHORE DR ALTO MI 49302 $306,337.65
600059515 HAYES 7204 FOREST WAY GENOA TOWNSHIP MI 48116 $418,949.09
600059516 OHERREN 5074 NORWALDO AVENUE INDIANAPOLIS IN 46205 $48,045.86
600059517 MARSHALL 11617 CHICKAHOMINY BRANCH GLEN ALLEN VA 23060 $249,654.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059503 SIMS 8.750 .250 8.500 .0400 8.460 02/01/2027
600059505 MAGALOTT 8.250 .250 8.000 .0400 7.960 02/01/2027
600059506 MOORE 7.875 .250 7.625 .0400 7.585 02/01/2027
600059507 JACQUES 8.125 .250 7.875 .0400 7.835 02/01/2027
600059508 VOGELMAN 8.375 .250 8.125 .0400 8.085 01/01/2027
600059509 ENDSLEY 8.000 .250 7.750 .0400 7.710 02/01/2027
600059510 GLOVER 8.375 .250 8.125 .0400 8.085 02/01/2027
600059511 NORTON 8.125 .250 7.875 .0400 7.835 02/01/2027
600059512 HERTEL J 7.875 .250 7.625 .0400 7.585 02/01/2027
600059513 ZAMPERIN 8.750 .250 8.500 .0400 8.460 02/01/2027
600059514 WALKER 8.000 .250 7.750 .0400 7.710 02/01/2027
600059515 HAYES 8.125 .250 7.875 .0400 7.835 02/01/2027
600059516 OHERREN 8.875 .250 8.625 .0400 8.585 02/01/2027
600059517 MARSHALL 7.875 .250 7.625 .0400 7.585 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059503 SIMS 0908742 $582.16 04/01/1997 360
600059505 MAGALOTT 0908857 $2,332.68 12 04/01/1997 360
600059506 MOORE 0908859 $2,392.73 04/01/1997 360
600059507 JACQUES 0908983 $1,484.99 04/01/1997 360
600059508 VOGELMAN 0909091 $638.46 04/01/1997 360
600059509 ENDSLEY 0909180 $2,017.85 04/01/1997 360
600059510 GLOVER 0909328 $1,672.16 04/01/1997 360
600059511 NORTON 0909344 $2,227.49 04/01/1997 360
600059512 HERTEL J 0909549 $2,827.77 04/01/1997 360
600059513 ZAMPERIN 0909589 $541.25 04/01/1997 360
600059514 WALKER 0909618 $2,252.66 04/01/1997 360
600059515 HAYES 0909653 $3,114.78 04/01/1997 360
600059516 OHERREN 0909663 $382.71 12 04/01/1997 360
600059517 MARSHALL 0909669 $1,812.67 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059503 SIMS .00 .00 .00 .000 .250 .290 $103,000.00 N
600059505 MAGALOTT .00 .00 .00 .000 .250 .290 $345,000.00 N
600059506 MOORE .00 .00 .00 .000 .250 .290 $525,000.00 N
600059507 JACQUES .00 .00 .00 .000 .250 .290 $280,000.00 N
600059508 VOGELMAN .00 .00 .00 .000 .250 .290 $105,000.00 N
600059509 ENDSLEY .00 .00 .00 .000 .250 .290 $370,000.00 N
600059510 GLOVER .00 .00 .00 .000 .250 .290 $275,000.00 N
600059511 NORTON .00 .00 .00 .000 .250 .290 $500,000.00 N
600059512 HERTEL J .00 .00 .00 .000 .250 .290 $520,000.00 N
600059513 ZAMPERIN .00 .00 .00 .000 .250 .290 $86,900.00 N
600059514 WALKER .00 .00 .00 .000 .250 .290 $410,000.00 N
600059515 HAYES .00 .00 .00 .000 .250 .290 $564,000.00 N
600059516 OHERREN .00 .00 .00 .000 .250 .290 $53,500.00 N
600059517 MARSHALL .00 .00 .00 .000 .250 .290 $330,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 27
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059518 TURNER 1760 UPPER CHELSEA ROAD UPPER ARLINGTON OH 43212 $264,634.07
600059519 NEWLAND 1710 WINTHROP COURT SCHAUMBURG IL 60193 $120,809.89
600059520 SPAETH 3636 NORTH RACINE AVENUE CHICAGO IL 60613 $359,550.92
600059521 RING 833 HORATIO BUFFALO GROVE IL 60089 $307,674.54
600059522 DEFORE 8245 BRANCH ROAD ANNAHAN VA 22003 $356,519.32
600059523 MORSE JR 19N094 HILLCREST DRIVE HAMPSHIRE IL 60140 $236,147.41
600059524 FEMIA 800 POLO PLACE GREAT FALLS VA 22066 $249,480.48
600059525 PAGNUCCO 14229 TUDOR RIVERVIEW MI 48192 $142,811.77
600059526 HUFT 20 PARK DRIVE GLENVIEW IL 60025 $339,575.86
600059527 STILLWIL 4100 DOBIE ROAD OKEMOS MI 48864 $339,519.41
600059528 SCHREDER 2508 NORTH 19TH STREET ST CLOUD MN 56303 $93,536.12
600059529 COPPES 450 CAMPBELL LANE NW HUTCHINSON MN 55350 $241,665.82
600059530 FENTON 1366 DEVONWOOD COURT BUFFALO GROVE IL 60089 $191,763.84
600059531 SOMMERS 807 BLACK WALNUT CT SUGAR GROVE IL 60554 $240,482.28
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059518 TURNER 7.875 .250 7.625 .0400 7.585 02/01/2027
600059519 NEWLAND 8.750 .250 8.500 .0400 8.460 02/01/2027
600059520 SPAETH 8.375 .250 8.125 .0400 8.085 02/01/2027
600059521 RING 7.875 .250 7.625 .0400 7.585 02/01/2027
600059522 DEFORE 8.000 .250 7.750 .0400 7.710 02/01/2027
600059523 MORSE JR 8.250 .250 8.000 .0400 7.960 02/01/2027
600059524 FEMIA 7.875 .250 7.625 .0400 7.585 01/01/2027
600059525 PAGNUCCO 8.000 .250 7.750 .0400 7.710 12/01/2026
600059526 HUFT 8.375 .250 8.125 .0400 8.085 02/01/2027
600059527 STILLWIL 8.250 .250 8.000 .0400 7.960 02/01/2027
600059528 SCHREDER 8.500 .250 8.250 .0400 8.210 02/01/2027
600059529 COPPES 7.875 .250 7.625 .0400 7.585 02/01/2027
600059530 FENTON 8.750 .250 8.500 .0400 8.460 02/01/2027
600059531 SOMMERS 8.125 .250 7.875 .0400 7.835 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059518 TURNER 0909671 $1,921.43 04/01/1997 360
600059519 NEWLAND 0909692 $951.91 12 04/01/1997 360
600059520 SPAETH 0909744 $2,736.26 04/01/1997 360
600059521 RING 0909757 $2,233.94 04/01/1997 360
600059522 DEFORE 0909792 $2,619.54 04/01/1997 360
600059523 MORSE JR 0909800 $1,776.37 12 04/01/1997 360
600059524 FEMIA 0909805 $1,812.67 04/01/1997 360
600059525 PAGNUCCO 0909810 $1,050.76 04/01/1997 360
600059526 HUFT 0909855 $2,584.25 04/01/1997 360
600059527 STILLWIL 0909862 $2,554.31 04/01/1997 360
600059528 SCHREDER 0909863 $720.09 04/01/1997 360
600059529 COPPES 0909867 $1,754.67 04/01/1997 360
600059530 FENTON 0909869 $1,510.46 04/01/1997 360
600059531 SOMMERS 0909870 $1,789.42 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059518 TURNER .00 .00 .00 .000 .250 .290 $600,000.00 N
600059519 NEWLAND .00 .00 .00 .000 .250 .290 $135,000.00 N
600059520 SPAETH .00 .00 .00 .000 .250 .290 $450,000.00 N
600059521 RING .00 .00 .00 .000 .250 .290 $410,500.00 N
600059522 DEFORE .00 .00 .00 .000 .250 .290 $454,000.00 N
600059523 MORSE JR .00 .00 .00 .000 .250 .290 $275,000.00 N
600059524 FEMIA .00 .00 .00 .000 .250 .290 $395,123.00 N
600059525 PAGNUCCO .00 .00 .00 .000 .250 .290 $179,000.00 N
600059526 HUFT .00 .00 .00 .000 .250 .290 $500,000.00 N
600059527 STILLWIL .00 .00 .00 .000 .250 .290 $455,000.00 N
600059528 SCHREDER .00 .00 .00 .000 .250 .290 $124,900.00 N
600059529 COPPES .00 .00 .00 .000 .250 .290 $303,000.00 N
600059530 FENTON .00 .00 .00 .000 .250 .290 $240,000.00 N
600059531 SOMMERS .00 .00 .00 .000 .250 .290 $334,586.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 28
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059532 GLEASON 8532 WEST CLARA DRIVE NILES IL 60714 $94,884.49
600059533 FOX 421 BRIDGEPOINTE OSAGE BEACH MO 65065 $51,334.23
600059534 RAZA 2825 WALDENS POND COVE LONGWOOD FL 32779 $109,388.43
600059535 PETERSON 52 ST AUGUSTINE BOULEVA ST AUGUSTINE FL 32084 $106,726.60
600059536 FLOREZ 6129 HARDROCK CIRCLE ORLANDO FL 32819 $91,598.53
600059537 KANE 2833 HARBOUR GRACE COURT APOPKA FL 32703 $59,041.72
600059538 VAN ESRE 3423 SANTA MONICA DRIVE ORLANDO FL 32822 $72,016.74
600059539 QADDOURA 1565 1567 ROSA STREET COCOA FL 32926 $64,820.30
600059540 FROMM 23032 ISLAND VIEW DRIVE BOCA RATON FL 33433 $79,760.13
600059541 CAGNI 144 DEVON DRIVE CLEARWATER FL 34630 $389,549.58
600059542 PERROTTI 14810 S W 70TH PLACE DAVIE FL 33331 $108,274.80
600059543 NASH 3573 NORTHWEST 61ST CIRCL BOCA RATON FL 33496 $509,347.34
600059544 ROMAIN 5355 EPPING LANE ZEPHYRHILLS FL 33541 $141,590.46
600059545 LATANZA 5203 SOUTH ATLANTIC AVENU NEW SMYRNA BEAC FL 32169 $85,406.23
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059532 GLEASON 8.500 .250 8.250 .0400 8.210 02/01/2027
600059533 FOX 8.250 .250 8.000 .0400 7.960 02/01/2027
600059534 RAZA 8.250 .250 8.000 .0400 7.960 01/01/2027
600059535 PETERSON 8.750 .250 8.500 .0400 8.460 02/01/2027
600059536 FLOREZ 9.000 .250 8.750 .0400 8.710 02/01/2027
600059537 KANE 8.500 .250 8.250 .0400 8.210 01/01/2027
600059538 VAN ESRE 8.750 .250 8.500 .0400 8.460 02/01/2027
600059539 QADDOURA 9.375 .250 9.125 .0400 9.085 02/01/2027
600059540 FROMM 8.875 .250 8.625 .0400 8.585 02/01/2027
600059541 CAGNI 8.750 .250 8.500 .0400 8.460 02/01/2027
600059542 PERROTTI 8.750 .250 8.500 .0400 8.460 02/01/2027
600059543 NASH 8.250 .250 8.000 .0400 7.960 02/01/2027
600059544 ROMAIN 8.875 .250 8.625 .0400 8.585 02/01/2027
600059545 LATANZA 9.000 .250 8.750 .0400 8.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059532 GLEASON 0909871 $730.47 04/01/1997 360
600059533 FOX 0909879 $386.15 04/01/1997 360
600059534 RAZA 0909961 $823.39 04/01/1997 360
600059535 PETERSON 0909978 $840.59 04/01/1997 360
600059536 FLOREZ 0909981 $737.84 04/01/1997 360
600059537 KANE 0910026 $454.82 04/01/1997 360
600059538 VAN ESRE 0910046 $567.21 04/01/1997 360
600059539 QADDOURA 0910049 $539.73 2 04/01/1997 360
600059540 FROMM 0910057 $635.33 04/01/1997 360
600059541 CAGNI 0910062 $3,068.14 04/01/1997 360
600059542 PERROTTI 0910077 $852.79 04/01/1997 360
600059543 NASH 0910085 $3,831.46 04/01/1997 360
600059544 ROMAIN 0910140 $1,127.83 04/01/1997 360
600059545 LATANZA 0910144 $687.96 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059532 GLEASON .00 .00 .00 .000 .250 .290 $175,000.00 N
600059533 FOX .00 .00 .00 .000 .250 .290 $65,300.00 N
600059534 RAZA .00 .00 .00 .000 .250 .290 $137,000.00 N
600059535 PETERSON .00 .00 .00 .000 .250 .290 $142,500.00 N
600059536 FLOREZ .00 .00 .00 .000 .250 .290 $131,000.00 N
600059537 KANE .00 .00 .00 .000 .250 .290 $78,900.00 N
600059538 VAN ESRE .00 .00 .00 .000 .250 .290 $103,000.00 N
600059539 QADDOURA .00 .00 .00 .000 .250 .290 $72,100.00 N
600059540 FROMM .00 .00 .00 .000 .250 .290 $106,500.00 N
600059541 CAGNI .00 .00 .00 .000 .250 .290 $535,000.00 N
600059542 PERROTTI .00 .00 .00 .000 .250 .290 $135,500.00 N
600059543 NASH .00 .00 .00 .000 .250 .290 $638,000.00 N
600059544 ROMAIN .00 .00 .00 .000 .250 .290 $189,000.00 N
600059545 LATANZA .00 .00 .00 .000 .250 .290 $114,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 29
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059546 ALMEIDA 7101 EAKER DRIVE ORLANDO FL 32822 $47,141.11
600059547 YASSO 5461 OAKRIDGE DRIVE PALM HARBOR FL 34685 $157,322.16
600059548 BOJANIC 1019 BEDFORD GROSSE POINT PA MI 48230 $243,315.17
600059549 WEYN 160 HERSHEY BOULEVARD WATERFORD MI 48327 $49,720.38
600059550 BLITZER 850 COLLEGE AVENUE BEXLEY OH 43209 $92,143.47
600059552 MISIULA 1325 SPALDING DRIVE MUNDELEIN IL 60060 $72,903.76
600059553 WOLFF 299 VICTORIA LANE ELK GROVE VILLA IL 60007 $104,884.87
600059554 MEEK 4203 CARILLON DRIVE BLOOMFIELD HILL MI 48302 $545,369.45
600059555 NESHER 5307 DAVIS STREET SKOKIE IL 60077 $116,850.28
600059556 FARLEY 259 YANKEE ROAD MIDDLETOWN OH 45044 $75,525.33
600059557 LEVI 3730 THOMAS POINT ROAD ANNAPOLIS MD 21403 $265,668.18
600059558 VANDERPL 7181 CANNONSBURG RD BELMONT MI 49306 $117,606.82
600059559 LANCASTE 6862 ARNOLD AVENUE ENON OH 45323 $65,225.55
600059560 KLUGMAN 3355 TIMBER CREST WEST BLOOMFIELD MI 48324 $279,641.67
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059546 ALMEIDA 8.375 .250 8.125 .0400 8.085 02/01/2027
600059547 YASSO 8.875 .250 8.625 .0400 8.585 02/01/2027
600059548 BOJANIC 8.625 .250 8.375 .0400 8.335 01/01/2027
600059549 WEYN 9.000 .250 8.750 .0400 8.710 01/01/2027
600059550 BLITZER 8.750 .250 8.500 .0400 8.460 02/01/2027
600059552 MISIULA 8.375 .250 8.125 .0400 8.085 02/01/2027
600059553 WOLFF 9.000 .250 8.750 .0400 8.710 02/01/2027
600059554 MEEK 8.750 .250 8.500 .0400 8.460 02/01/2027
600059555 NESHER 8.250 .250 8.000 .0400 7.960 02/01/2027
600059556 FARLEY 9.500 .250 9.250 .0400 9.210 02/01/2027
600059557 LEVI 8.375 .250 8.125 .0400 8.085 02/01/2027
600059558 VANDERPL 8.500 .250 8.250 .0400 8.210 02/01/2027
600059559 LANCASTE 8.875 .250 8.625 .0400 8.585 02/01/2027
600059560 KLUGMAN 8.250 .250 8.000 .0400 7.960 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059546 ALMEIDA 0910178 $358.76 04/01/1997 360
600059547 YASSO 0910181 $1,253.14 2 04/01/1997 360
600059548 BOJANIC 0910269 $1,895.86 04/01/1997 360
600059549 WEYN 0910300 $402.31 04/01/1997 360
600059550 BLITZER 0910369 $725.73 12 04/01/1997 360
600059552 MISIULA 0910415 $554.85 04/01/1997 360
600059553 WOLFF 0910422 $844.85 04/01/1997 360
600059554 MEEK 0910427 $4,295.38 04/01/1997 360
600059555 NESHER 0910460 $878.98 04/01/1997 360
600059556 FARLEY 0910464 $635.69 04/01/1997 360
600059557 LEVI 0910476 $2,021.79 04/01/1997 360
600059558 VANDERPL 0910478 $905.40 04/01/1997 360
600059559 LANCASTE 0910486 $521.15 04/01/1997 360
600059560 KLUGMAN 0910494 $2,103.55 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059546 ALMEIDA .00 .00 .00 .000 .250 .290 $59,000.00 N
600059547 YASSO .00 .00 .00 .000 .250 .290 $175,000.00 N
600059548 BOJANIC .00 .00 .00 .000 .250 .290 $325,000.00 N
600059549 WEYN .00 .00 .00 .000 .250 .290 $113,000.00 N
600059550 BLITZER .00 .00 .00 .000 .250 .290 $102,500.00 N
600059552 MISIULA .00 .00 .00 .000 .250 .290 $126,000.00 N
600059553 WOLFF .00 .00 .00 .000 .250 .290 $150,000.00 N
600059554 MEEK .00 .00 .00 .000 .250 .290 $728,000.00 N
600059555 NESHER .00 .00 .00 .000 .250 .290 $156,000.00 N
600059556 FARLEY .00 .00 .00 .000 .250 .290 $94,500.00 N
600059557 LEVI .00 .00 .00 .000 .250 .290 $416,000.00 N
600059558 VANDERPL .00 .00 .00 .000 .250 .290 $158,000.00 N
600059559 LANCASTE .00 .00 .00 .000 .250 .290 $90,500.00 N
600059560 KLUGMAN .00 .00 .00 .000 .250 .290 $430,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 30
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059561 SEBA 28916 HIDDEN TRAIL FARMINGTON HILL MI 48331 $224,740.15
600059562 HIGGINS 2221 FIELDCREST DRIVE MUNDELEIN IL 60060 $269,667.69
600059563 FREIMAN 523 ROSEWOOD AVENUE AURORA IL 60505 $48,690.71
600059564 FREIMAN 111- 113 WOODLAWN AVENUE AURORA IL 60505 $93,636.00
600059565 SCHMITZ 11185 15TH AVENUE NORTHEA RICE MN 56367 $123,353.65
600059566 HEWSTON 2916 PARK AVENUE RICHMOND VA 23221 $126,745.71
600059567 BARONE 1403 BEACONSFIELD AVE GROSSE POINTE P MI 48230 $91,890.97
600059568 MESSNER 14830 JACOB LANE MINNETONKA MN 55345 $220,724.32
600059569 GORDON 1820 ESPANOLA DRIVE ORLANDO FL 32804 $227,685.15
600059570 BARTON 5169 OXFORD DRIVE SARASOTA FL 34242 $124,855.63
600059571 FREVERT 250 ALBERT STREET DUNEDIN FL 34698 $42,453.39
600059572 MCCANDLE 2719 LAKE HOLDEN TERRACE ORLANDO FL 32806 $84,702.07
600059573 BOOTHE 3417 WEST YORK COURT ROCHESTER MI 48306 $285,760.95
600059574 HEAD 4157 WATERWHEEL BLOOMFIELD HILL MI 48302 $188,798.07
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059561 SEBA 8.750 .250 8.500 .0400 8.460 02/01/2027
600059562 HIGGINS 8.500 .250 8.250 .0400 8.210 02/01/2027
600059563 FREIMAN 8.500 .250 8.250 .0400 8.210 02/01/2027
600059564 FREIMAN 8.500 .250 8.250 .0400 8.210 02/01/2027
600059565 SCHMITZ 8.625 .250 8.375 .0400 8.335 02/01/2027
600059566 HEWSTON 8.500 .250 8.250 .0400 8.210 02/01/2027
600059567 BARONE 8.625 .250 8.375 .0400 8.335 02/01/2027
600059568 MESSNER 8.375 .250 8.125 .0400 8.085 02/01/2027
600059569 GORDON 7.875 .250 7.625 .0400 7.585 02/01/2027
600059570 BARTON 8.750 .250 8.500 .0400 8.460 02/01/2027
600059571 FREVERT 9.000 .250 8.750 .0400 8.710 02/01/2027
600059572 MCCANDLE 8.750 .250 8.500 .0400 8.460 02/01/2027
600059573 BOOTHE 8.625 .250 8.375 .0400 8.335 02/01/2027
600059574 HEAD 9.125 .250 8.875 .0400 8.835 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059561 SEBA 0910503 $1,770.08 04/01/1997 360
600059562 HIGGINS 0910571 $2,076.07 12 04/01/1997 360
600059563 FREIMAN 0911030 $374.85 04/01/1997 360
600059564 FREIMAN 0911032 $720.86 04/01/1997 360
600059565 SCHMITZ 0911095 $960.57 04/01/1997 360
600059566 HEWSTON 0911157 $975.75 19 04/01/1997 360
600059567 BARONE 0911172 $715.57 04/01/1997 360
600059568 MESSNER 0911256 $1,679.76 12 04/01/1997 360
600059569 GORDON 0911504 $1,653.16 04/01/1997 360
600059570 BARTON 0911510 $983.38 04/01/1997 360
600059571 FREVERT 0911564 $341.97 04/01/1997 360
600059572 MCCANDLE 0911644 $667.12 04/01/1997 360
600059573 BOOTHE 0911740 $2,225.26 18 04/01/1997 360
600059574 HEAD 0911760 $1,537.77 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059561 SEBA .00 .00 .00 .000 .250 .290 $300,000.00 N
600059562 HIGGINS .00 .00 .00 .000 .250 .290 $310,000.00 N
600059563 FREIMAN .00 .00 .00 .000 .250 .290 $70,000.00 N
600059564 FREIMAN .00 .00 .00 .000 .250 .290 $130,000.00 N
600059565 SCHMITZ .00 .00 .00 .000 .250 .290 $251,500.00 N
600059566 HEWSTON .00 .00 .00 .000 .250 .290 $141,000.00 N
600059567 BARONE .00 .00 .00 .000 .250 .290 $126,000.00 N
600059568 MESSNER .00 .00 .00 .000 .250 .290 $265,000.00 N
600059569 GORDON .00 .00 .00 .000 .250 .290 $285,000.00 N
600059570 BARTON .00 .00 .00 .000 .250 .290 $230,000.00 N
600059571 FREVERT .00 .00 .00 .000 .250 .290 $72,500.00 N
600059572 MCCANDLE .00 .00 .00 .000 .250 .290 $106,000.00 N
600059573 BOOTHE .00 .00 .00 .000 .250 .290 $317,900.00 N
600059574 HEAD .00 .00 .00 .000 .250 .290 $269,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 31
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059575 KAZEMINY 4334 NICOLLET AVENUE SOUT MINNEAPOLIS MN 55409 $115,876.07
600059576 KLEMP 10542 PRAIRIE LAKE DRIVE EDEN PRAIRIE MN 55344 $270,644.26
600059577 ROSENTHA 2716 BLACKHAWK WILMETTE IL 60091 $699,191.60
600059578 VOUTSINA 201 STARBOARD COURT EMERALD ISLE NC 28594 $199,756.82
600059579 UNGERLEI 100 WILLIAMSBURG EVANSTON IL 60203 $348,596.96
600059581 MORRIS 2010 SOUTH GRADE ROAD ALPINE CA 91901 $138,581.29
600059582 LINDHOLM 3825 SKYLINE ROAD CARLSBAD CA 92008 $411,143.79
600059583 FRIEDMAN 10870 CANYON LAKE DRIVE SAN DIEGO CA 92131 $275,213.25
600059584 YETENIKY 1842 SAMARKAND PLACE GLENDALE CA 91208 $227,549.51
600059585 BILLS 2804 SOUTH 2475 EAST SALT LAKE CITY UT 84109 $111,688.62
600059586 RICHARDS 1286 BALTIC AVENUE RIO RANCHO NM 87124 $64,892.70
600059587 DYNIS 1643- 1645 GRANT STREET BERKELEY CA 94703 $323,552.58
600059588 TAYLOR 1433 WHITECLIFF WAY WALNUT CREEK CA 94696 $237,196.06
600059589 GRANNIS 1424 SOUTHWEST CYPRESS ST GRANTS PASS OR 97526 $53,191.60
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059575 KAZEMINY 9.125 .250 8.875 .0400 8.835 02/01/2027
600059576 KLEMP 8.125 .250 7.875 .0400 7.835 02/01/2027
600059577 ROSENTHA 8.750 .250 8.500 .0400 8.460 02/01/2027
600059578 VOUTSINA 8.500 .250 8.250 .0400 8.210 02/01/2027
600059579 UNGERLEI 8.750 .250 8.500 .0400 8.460 02/01/2027
600059581 MORRIS 8.500 .250 8.250 .0400 8.210 02/01/2027
600059582 LINDHOLM 7.875 .250 7.625 .0400 7.585 01/01/2027
600059583 FRIEDMAN 9.250 .250 9.000 .0400 8.960 02/01/2027
600059584 YETENIKY 8.125 .250 7.875 .0400 7.835 01/01/2027
600059585 BILLS 7.875 .250 7.625 .0400 7.585 12/01/2026
600059586 RICHARDS 9.000 .250 8.750 .0400 8.710 01/01/2027
600059587 DYNIS 7.875 .250 7.625 .0400 7.585 02/01/2027
600059588 TAYLOR 8.250 .250 8.000 .0400 7.960 02/01/2027
600059589 GRANNIS 9.000 .250 8.750 .0400 8.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059575 KAZEMINY 0911801 $943.81 04/01/1997 360
600059576 KLEMP 0911827 $2,012.17 04/01/1997 360
600059577 ROSENTHA 0911854 $5,506.90 04/01/1997 360
600059578 VOUTSINA 0911901 $1,537.83 04/01/1997 360
600059579 UNGERLEI 0912607 $2,745.58 12 04/01/1997 360
600059581 MORRIS 6210129 $1,066.87 04/01/1997 360
600059582 LINDHOLM 6210154 $2,987.29 04/01/1997 360
600059583 FRIEDMAN 6210269 $2,266.47 12 04/01/1997 360
600059584 YETENIKY 6210272 $1,692.90 04/01/1997 360
600059585 BILLS 6211021 $812.08 04/01/1997 360
600059586 RICHARDS 6211030 $523.00 04/01/1997 360
600059587 DYNIS 6213137 $2,349.23 04/01/1997 360
600059588 TAYLOR 6213192 $1,784.26 04/01/1997 360
600059589 GRANNIS 6221832 $428.47 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059575 KAZEMINY .00 .00 .00 .000 .250 .290 $145,000.00 N
600059576 KLEMP .00 .00 .00 .000 .250 .290 $422,000.00 N
600059577 ROSENTHA .00 .00 .00 .000 .250 .290 $1,175,000.00 N
600059578 VOUTSINA .00 .00 .00 .000 .250 .290 $250,000.00 N
600059579 UNGERLEI .00 .00 .00 .000 .250 .290 $396,000.00 N
600059581 MORRIS .00 .00 .00 .000 .250 .290 $185,000.00 N
600059582 LINDHOLM .00 .00 .00 .000 .250 .290 $515,000.00 N
600059583 FRIEDMAN .00 .00 .00 .000 .250 .290 $290,000.00 N
600059584 YETENIKY .00 .00 .00 .000 .250 .290 $285,000.00 N
600059585 BILLS .00 .00 .00 .000 .250 .290 $151,000.00 N
600059586 RICHARDS .00 .00 .00 .000 .250 .290 $90,000.00 N
600059587 DYNIS .00 .00 .00 .000 .250 .290 $405,000.00 N
600059588 TAYLOR .00 .00 .00 .000 .250 .290 $332,000.00 N
600059589 GRANNIS .00 .00 .00 .000 .250 .290 $71,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 32
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059590 GUEVARA 9114 BAYSINGER STREET DOWNEY CA 90241 $255,432.31
600059591 FRANCK 13818 CARROTWOOD COURT CHINO CA 91710 $235,705.60
600059592 LASSEUBE 8356 GLENCREST DRIVE LOS ANGELES CA 91352 $161,063.76
600059593 PETERS 808 NORTH HELENA STREET ANAHEIM CA 92805 $85,881.25
600059594 GOOSSEN 1075 EAST POPPY HILLS DRI FRESNO CA 93720 $347,531.44
600059595 BOYD 5927 EAST CHAPARRAL COURT ORANGE CA 92869 $227,579.97
600059596 SUMNER 2635 SCOVILLE ROAD GRANTS PASS OR 97526 $79,860.91
600059597 GAGE 1885 EAST CASTLEBROOK DRI FRESNO CA 93720 $312,502.63
600059598 VAN DOME 3694 SOUTH WILLIAMS ROAD POWELL BUTTE OR 97753 $206,649.26
600059599 MURPHY 7220 MONTCLAIR DR PORTLAND OR 97225 $335,048.28
600059600 CLARK 4802 NORTHWEST ICE AVENUE TERREBONNE OR 97760 $199,769.02
600059601 COLOSIMO 9269 EAST DESERT SANDA LA TUSCON AZ 85710 $71,961.13
600059602 MCFARLAN 11954 EAST BECKER LANE SCOTTSDALE AZ 85259 $143,237.32
600059603 COCA 9621 NORTH 15TH PLACE PHOENIX AZ 85020 $61,582.40
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059590 GUEVARA 8.500 .250 8.250 .0400 8.210 01/01/2027
600059591 FRANCK 8.375 .250 8.125 .0400 8.085 02/01/2027
600059592 LASSEUBE 8.750 .250 8.500 .0400 8.460 02/01/2027
600059593 PETERS 7.875 .250 7.625 .0400 7.585 02/01/2027
600059594 GOOSSEN 8.000 .250 7.750 .0400 7.710 02/01/2027
600059595 BOYD 8.625 .250 8.375 .0400 8.335 02/01/2027
600059596 SUMNER 8.750 .250 8.500 .0400 8.460 01/01/2027
600059597 GAGE 7.875 .250 7.625 .0400 7.585 01/01/2027
600059598 VAN DOME 8.875 .250 8.625 .0400 8.585 01/01/2027
600059599 MURPHY 8.000 .250 7.750 .0400 7.710 02/01/2027
600059600 CLARK 8.750 .250 8.500 .0400 8.460 02/01/2027
600059601 COLOSIMO 8.250 .250 8.000 .0400 7.960 01/01/2027
600059602 MCFARLAN 8.500 .250 8.250 .0400 8.210 01/01/2027
600059603 COCA 9.000 .250 8.750 .0400 8.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059590 GUEVARA 6223461 $1,968.42 12 04/01/1997 360
600059591 FRANCK 6223574 $1,793.77 12 04/01/1997 360
600059592 LASSEUBE 6223575 $1,268.56 04/01/1997 360
600059593 PETERS 6223643 $623.56 04/01/1997 360
600059594 GOOSSEN 6274602 $2,553.50 04/01/1997 360
600059595 BOYD 6277065 $1,772.20 2 04/01/1997 360
600059596 SUMNER 6277987 $629.36 04/01/1997 360
600059597 GAGE 6283888 $2,283.97 04/01/1997 360
600059598 VAN DOME 6292666 $1,646.99 04/01/1997 360
600059599 MURPHY 6296334 $2,461.78 04/01/1997 360
600059600 CLARK 6296648 $1,573.40 04/01/1997 360
600059601 COLOSIMO 6297155 $541.66 04/01/1997 360
600059602 MCFARLAN 6297173 $1,103.40 04/01/1997 360
600059603 COCA 6297268 $496.05 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059590 GUEVARA .00 .00 .00 .000 .250 .290 $285,000.00 N
600059591 FRANCK .00 .00 .00 .000 .250 .290 $248,507.00 N
600059592 LASSEUBE .00 .00 .00 .000 .250 .290 $215,000.00 N
600059593 PETERS .00 .00 .00 .000 .250 .290 $145,000.00 N
600059594 GOOSSEN .00 .00 .00 .000 .250 .290 $476,000.00 N
600059595 BOYD .00 .00 .00 .000 .250 .290 $239,863.00 N
600059596 SUMNER .00 .00 .00 .000 .250 .290 $167,500.00 N
600059597 GAGE .00 .00 .00 .000 .250 .290 $605,000.00 N
600059598 VAN DOME .00 .00 .00 .000 .250 .290 $425,000.00 N
600059599 MURPHY .00 .00 .00 .000 .250 .290 $435,500.00 N
600059600 CLARK .00 .00 .00 .000 .250 .290 $490,000.00 N
600059601 COLOSIMO .00 .00 .00 .000 .250 .290 $103,000.00 N
600059602 MCFARLAN .00 .00 .00 .000 .250 .290 $205,000.00 N
600059603 COCA .00 .00 .00 .000 .250 .290 $68,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 33
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059604 MURPHY 5641 EAST ASTER DRIVE SCOTTSDALE AZ 85254 $135,547.28
600059605 DEFOER 3810 EAST SHAW BUTTE DRIV PHOENIX AZ 85028 $70,574.50
600059606 GREENSTE 3068 NORTH 83RD PLACE SCOTTSDALE AZ 85251 $151,474.45
600059607 SCHNEIDE 6022 NORTH KERRMOOR DRIVE WESTLAKE VILLAG CA 91362 $269,286.33
600059608 REININGE 1815 3RD AVENUE LOS ANGELES CA 90019 $127,265.35
600059609 ATABAKI 11951 MAYFIELD AVENUE LOS ANGELES CA 90049 $111,471.77
600059610 KIRKENDA 9 SANTA EUGENIA IRVINE CA 92714 $263,478.41
600059611 OSHANA 8160 WHITSETT AVENUE LOS ANGELES CA 91605 $187,260.04
600059612 BAHARIAN 1430 SOUTH BENTLEY AVENUE LOS ANGELES CA 90025 $191,766.54
600059613 STARNES 2339 HILLSIDE DRIVE CENTRAL POINT OR 97502 $254,074.44
600059614 EKBLAD 25431 SOUTH LARKIN ROAD BEAVERCREEK OR 97004 $222,707.27
600059615 SNIDER 1600 EAST AVON AVENUE HAYDEN LAKE ID 83835 $181,784.32
600059616 DUNNING 3236 N 11TH STREET COEUR D' ALENE ID 83814 $62,327.94
600059618 JOHNSON 8105 SOUTH SHORT HILLS DR SALT LAKE CITY UT 84121 $259,675.66
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059604 MURPHY 8.875 .250 8.625 .0400 8.585 02/01/2027
600059605 DEFOER 9.125 .250 8.875 .0400 8.835 02/01/2027
600059606 GREENSTE 8.750 .250 8.500 .0400 8.460 02/01/2027
600059607 SCHNEIDE 8.125 .250 7.875 .0400 7.835 12/01/2026
600059608 REININGE 8.500 .250 8.250 .0400 8.210 01/01/2027
600059609 ATABAKI 8.625 .250 8.375 .0400 8.335 01/01/2027
600059610 KIRKENDA 8.125 .250 7.875 .0400 7.835 01/01/2027
600059611 OSHANA 8.250 .250 8.000 .0400 7.960 02/01/2027
600059612 BAHARIAN 8.500 .250 8.250 .0400 8.210 02/01/2027
600059613 STARNES 8.250 .250 8.000 .0400 7.960 02/01/2027
600059614 EKBLAD 8.125 .250 7.875 .0400 7.835 02/01/2027
600059615 SNIDER 8.625 .250 8.375 .0400 8.335 02/01/2027
600059616 DUNNING 8.750 .250 8.500 .0400 8.460 02/01/2027
600059618 JOHNSON 8.375 .250 8.125 .0400 8.085 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059604 MURPHY 6297322 $1,079.69 04/01/1997 360
600059605 DEFOER 6297325 $574.84 2 04/01/1997 360
600059606 GREENSTE 6297376 $1,195.79 04/01/1997 360
600059607 SCHNEIDE 6298016 $2,004.74 04/01/1997 360
600059608 REININGE 6298403 $980.37 04/01/1997 360
600059609 ATABAKI 6298493 $868.57 04/01/1997 360
600059610 KIRKENDA 6298525 $1,960.19 04/01/1997 360
600059611 OSHANA 6298588 $1,408.63 04/01/1997 360
600059612 BAHARIAN 6298886 $1,476.32 04/01/1997 360
600059613 STARNES 6373799 $1,911.22 04/01/1997 360
600059614 EKBLAD 6396242 $1,655.77 04/01/1997 360
600059615 SNIDER 7001741 $1,415.58 04/01/1997 360
600059616 DUNNING 7001941 $490.90 04/01/1997 360
600059618 JOHNSON 7109809 $1,976.19 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059604 MURPHY .00 .00 .00 .000 .250 .290 $169,628.00 N
600059605 DEFOER .00 .00 .00 .000 .250 .290 $78,522.00 N
600059606 GREENSTE .00 .00 .00 .000 .250 .290 $190,000.00 N
600059607 SCHNEIDE .00 .00 .00 .000 .250 .290 $340,000.00 N
600059608 REININGE .00 .00 .00 .000 .250 .290 $180,000.00 N
600059609 ATABAKI .00 .00 .00 .000 .250 .290 $153,500.00 N
600059610 KIRKENDA .00 .00 .00 .000 .250 .290 $345,000.00 N
600059611 OSHANA .00 .00 .00 .000 .250 .290 $240,000.00 N
600059612 BAHARIAN .00 .00 .00 .000 .250 .290 $240,000.00 N
600059613 STARNES .00 .00 .00 .000 .250 .290 $320,000.00 N
600059614 EKBLAD .00 .00 .00 .000 .250 .290 $298,000.00 N
600059615 SNIDER .00 .00 .00 .000 .250 .290 $280,000.00 N
600059616 DUNNING .00 .00 .00 .000 .250 .290 $78,000.00 N
600059618 JOHNSON .00 .00 .00 .000 .250 .290 $333,150.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 34
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059619 ANDERSON 9254 FOOTHILL ROAD MIDDLETON ID 83644 $85,189.06
600059620 CARSTENS 8188 SOUTH MARION VIEW CI SANDY UT 84094 $109,671.65
600059621 ADAMS 8737 W CANTERBURY STREET BOISE ID 83704 $69,114.09
600059622 TOMAS 8410 ELDORA STREET LAS VEGAS NV 89117 $61,375.28
600059623 ROSENTHA 186 BETHANY STREET HENDERSON NV 89014 $224,994.97
600059624 WELLS 1014 EAST 12TH STREET OGDEN UT 84404 $89,331.97
600059625 HAWKINS 4662 SIGNE LANE OGDEN UT 84403 $202,129.36
600059626 ANDERSON 1133 EAST 1250 NORTH LAYTON UT 84040 $87,271.47
600059627 LEWIS 356 NORTH 6700 WEST WEST WARREN UT 84404 $110,119.35
600059628 HALL SR 910 MESQUITE SPRINGS DR MESQUITE NV 89024 $57,483.53
600059629 POLAGE J 7240 W OAK BLVD LAS VEGAS NV 89117 $259,675.66
600059630 GARRETT 9213 SNOW FLOWER AVENUE LAS VEGAS NV 89117 $230,576.42
600059631 BROWN 5236 RENAULT AVENUE LAS VEGAS NV 89122 $62,984.37
600059632 STOREY J 7220 CARMEN BLVD LAS VEGAS NV 89128 $78,342.65
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059619 ANDERSON 8.000 .250 7.750 .0400 7.710 12/01/2026
600059620 CARSTENS 8.500 .250 8.250 .0400 8.210 01/01/2027
600059621 ADAMS 8.875 .250 8.625 .0400 8.585 02/01/2027
600059622 TOMAS 8.500 .250 8.250 .0400 8.210 02/01/2027
600059623 ROSENTHA 8.250 .250 8.000 .0400 7.960 01/01/2027
600059624 WELLS 8.375 .250 8.125 .0400 8.085 01/10/2027
600059625 HAWKINS 8.500 .250 8.250 .0400 8.210 01/01/2027
600059626 ANDERSON 8.625 .250 8.375 .0400 8.335 02/01/2027
600059627 LEWIS 8.625 .250 8.375 .0400 8.335 02/01/2027
600059628 HALL SR 8.750 .250 8.500 .0400 8.460 02/01/2027
600059629 POLAGE J 8.375 .250 8.125 .0400 8.085 02/01/2027
600059630 GARRETT 8.625 .250 8.375 .0400 8.335 02/01/2027
600059631 BROWN 9.250 .250 9.000 .0400 8.960 02/01/2027
600059632 STOREY J 8.625 .250 8.375 .0400 8.335 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059619 ANDERSON 7113830 $628.10 04/01/1997 360
600059620 CARSTENS 7171709 $845.04 04/01/1997 360
600059621 ADAMS 7185131 $550.59 04/01/1997 360
600059622 TOMAS 7207520 $472.50 04/01/1997 360
600059623 ROSENTHA 7210420 $1,698.99 14 04/01/1997 360
600059624 WELLS 7214611 $680.26 04/01/1997 360
600059625 HAWKINS 7215111 $1,557.05 04/01/1997 360
600059626 ANDERSON 7219411 $679.59 04/01/1997 360
600059627 LEWIS 7220511 $857.51 04/01/1997 360
600059628 HALL SR 7223220 $452.75 04/01/1997 360
600059629 POLAGE J 7232320 $1,976.19 04/01/1997 360
600059630 GARRETT 7241820 $1,795.53 12 04/01/1997 360
600059631 BROWN 7244320 $518.70 04/01/1997 360
600059632 STOREY J 7247620 $613.68 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059619 ANDERSON .00 .00 .00 .000 .250 .290 $107,000.00 N
600059620 CARSTENS .00 .00 .00 .000 .250 .290 $157,000.00 N
600059621 ADAMS .00 .00 .00 .000 .250 .290 $86,500.00 N
600059622 TOMAS .00 .00 .00 .000 .250 .290 $81,950.00 N
600059623 ROSENTHA .00 .00 .00 .000 .250 .290 $265,000.00 N
600059624 WELLS .00 .00 .00 .000 .250 .290 $125,500.00 N
600059625 HAWKINS .00 .00 .00 .000 .250 .290 $270,000.00 N
600059626 ANDERSON .00 .00 .00 .000 .250 .290 $116,500.00 N
600059627 LEWIS .00 .00 .00 .000 .250 .290 $147,000.00 N
600059628 HALL SR .00 .00 .00 .000 .250 .290 $71,950.00 N
600059629 POLAGE J .00 .00 .00 .000 .250 .290 $325,000.00 N
600059630 GARRETT .00 .00 .00 .000 .250 .290 $243,000.00 N
600059631 BROWN .00 .00 .00 .000 .250 .290 $97,000.00 N
600059632 STOREY J .00 .00 .00 .000 .250 .290 $115,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 35
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059633 SWARTZ 9013 BALD EAGLE DRIVE LAS VEGAS NV 89134 $386,374.85
600059634 VILLELLA 7413 OAK GROVE AVENUE LAS VEGAS NV 89117 $362,425.99
600059635 MONTICEL 9401 MT BRET AVENUE LAS VEGAS NV 89129 $75,834.05
600059636 BECKSTEA 1763 SHOSHONE DRIVE OGDEN UT 84405 $239,708.19
600059637 WHEELER 3666 SOUTH 3850 WEST WEST HAVEN UT 84315 $156,707.83
600059638 COOPER 2035 E WARM SPRINGS RD LAS VEGAS NV 89119 $80,112.05
600059639 BELLINI 2865 EAST CRESTVIEW DRIVE SALT LAKE CITY UT 84108 $239,513.66
600059640 KNODEL 207 SOUTH 500 EAST COPPERTON UT 84006 $101,064.70
600059641 SHORTRID 439 EAST GRANITE VIEW CO DRAPER UT 84020 $194,624.40
600059721 ADAMS 829 CHAUCER WAY LIVERMORE CA 94550 $248,762.97
600059722 BURDETT 6295 CHAPMAN FIELD DRIVE MIAMI FL 23194 $291,681.08
600059723 SCHAFER 456 HIGHCREST DRIVE WILMETTE IL 60091 $235,674.11
600059724 MAPLE 6126 STEGEN DRIVE ALEXANDRIA VA 22310 $265,383.23
600059725 KELLAM 431 ST JOHNS D SATELLITE BEAC FL 32937 $127,430.35
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059633 SWARTZ 7.750 .250 7.500 .0400 7.460 01/01/2027
600059634 VILLELLA 7.750 .250 7.500 .0400 7.460 01/01/2027
600059635 MONTICEL 9.375 .250 9.125 .0400 9.085 01/01/2027
600059636 BECKSTEA 8.500 .250 8.250 .0400 8.210 02/01/2027
600059637 WHEELER 8.625 .250 8.375 .0400 8.335 01/01/2027
600059638 COOPER 9.000 .250 8.750 .0400 8.710 02/01/2027
600059639 BELLINI 8.000 .250 7.750 .0400 7.710 01/01/2027
600059640 KNODEL 8.500 .250 8.250 .0400 8.210 01/01/2027
600059641 SHORTRID 8.250 .250 8.000 .0400 7.960 01/01/2027
600059721 ADAMS 8.000 .250 7.750 .0400 7.710 04/01/2026
600059722 BURDETT 8.125 .250 7.875 .0400 7.835 03/01/2026
600059723 SCHAFER 7.875 .250 7.625 .0400 7.585 02/01/2027
600059724 MAPLE 7.750 .250 7.500 .0400 7.460 01/01/2027
600059725 KELLAM 9.000 .250 8.750 .0400 8.710 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059633 SWARTZ 7249120 $2,773.95 04/01/1997 360
600059634 VILLELLA 7249220 $2,602.01 04/01/1997 360
600059635 MONTICEL 7256520 $631.71 04/01/1997 360
600059636 BECKSTEA 7270711 $1,845.39 04/01/1997 360
600059637 WHEELER 7271111 $1,221.13 04/01/1997 360
600059638 COOPER 7276220 $645.31 04/01/1997 360
600059639 BELLINI 7382316 $1,761.04 04/01/1997 360
600059640 KNODEL 7392619 $778.52 04/01/1997 360
600059641 SHORTRID 7543912 $1,464.97 04/01/1997 360
600059721 ADAMS 5000766 $1,843.22 18 04/01/1997 360
600059722 BURDETT 5000812 $2,186.65 12 04/01/1997 360
600059723 SCHAFER 5068647 $1,711.16 04/01/1997 360
600059724 MAPLE 5068678 $1,905.30 04/01/1997 360
600059725 KELLAM 914418 $1,025.90 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059633 SWARTZ .00 .00 .00 .000 .250 .290 $800,000.00 N
600059634 VILLELLA .00 .00 .00 .000 .250 .290 $700,000.00 N
600059635 MONTICEL .00 .00 .00 .000 .250 .290 $94,950.00 N
600059636 BECKSTEA .00 .00 .00 .000 .250 .290 $300,000.00 N
600059637 WHEELER .00 .00 .00 .000 .250 .290 $237,500.00 N
600059638 COOPER .00 .00 .00 .000 .250 .290 $106,950.00 N
600059639 BELLINI .00 .00 .00 .000 .250 .290 $320,000.00 N
600059640 KNODEL .00 .00 .00 .000 .250 .290 $135,000.00 N
600059641 SHORTRID .00 .00 .00 .000 .250 .290 $245,000.00 N
600059721 ADAMS .00 .00 .00 .000 .250 .290 $279,141.00 N
600059722 BURDETT .00 .00 .00 .000 .250 .290 $310,000.00 N
600059723 SCHAFER .00 .00 .00 .000 .250 .290 $346,000.00 N
600059724 MAPLE .00 .00 .00 .000 .250 .290 $332,440.00 N
600059725 KELLAM .00 .00 .00 .000 .250 .290 $170,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 36
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600059726 DUFOE 9831 JESTERS ROW ROSCOE IL 61073 $209,769.72
600060302 LEDBETTER, B. 3589 KNOLLWOOD ATLANTA GA 30305 $440,903.96
600060303 SCANNELL S 6262 TURNER WAY DALLAS TX 75230 $163,090.49
600060304 BAKER,MICHAEL A 3420 BANKS MOUN GAINESVILLE GA 30506 $241,166.51
600060305 MIRKIL 24641 EL CAMINO DANA POINT CA 92629 $399,744.93
600060306 CHENG, DAN 10038 ORANGE AV CUPERTINO CA 95014 $270,231.93
600060307 POWELL S 2900 TARRY TRAI AUSTIN TX 78703 $998,653.56
600060308 BROUSSARD J 1614 SEVEN MAPL KINGWOOD TX 77345 $136,606.27
600060309 DAVIS S 3448 SANTA CLAR COSTA MESA CA 92626 $213,326.64
600060310 DORMER D 5843 MARQUITA A DALLAS TX 75206 $159,810.39
600060311 KINGSBURY 29117 OLD MILL AGOURA HILLS CA 91301 $998,720.28
600060312 REISER, MIKE 403 WAWONA LANE CLAYTON CA 94517 $293,214.60
600060313 MALOOF,M. MICHA 921 BRIARCLIFF ATLANTA GA 30306 $249,827.95
600060314 FLAKE, W. 4512 CHARLEMAGN PLANO TX 75093 $202,912.24
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600059726 DUFOE 9.000 .250 8.750 .0400 8.710 02/01/2027
600060302 LEDBETTER, B. 8.000 .250 7.750 .0400 7.710 03/01/2027
600060303 SCANNELL S 8.000 .250 7.750 .0400 7.710 03/01/2027
600060304 BAKER,MICHAEL A 7.875 .250 7.625 .0400 7.585 02/01/2027
600060305 MIRKIL 8.250 .250 8.000 .0400 7.960 03/01/2027
600060306 CHENG, DAN 8.375 .250 8.125 .0400 8.085 03/01/2027
600060307 POWELL S 8.000 .250 7.750 .0400 7.710 02/01/2027
600060308 BROUSSARD J 7.750 .250 7.500 .0400 7.460 02/01/2027
600060309 DAVIS S 8.250 .250 8.000 .0400 7.960 02/01/2027
600060310 DORMER D 8.625 .250 8.375 .0400 8.335 02/01/2027
600060311 KINGSBURY 8.250 .250 8.000 .0400 7.960 02/01/2027
600060312 REISER, MIKE 8.125 .250 7.875 .0400 7.835 02/01/2027
600060313 MALOOF,M. MICHA 7.875 .250 7.625 .0400 7.585 03/01/2027
600060314 FLAKE, W. 7.750 .250 7.500 .0400 7.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600059726 DUFOE 911797 $1,689.71 04/01/1997 360
600060302 LEDBETTER, B. 1075894 $3,237.37 04/01/1997 360
600060303 SCANNELL S 1074939 $1,197.51 04/01/1997 360
600060304 BAKER,MICHAEL A 1073766 $1,751.04 04/01/1997 360
600060305 MIRKIL 1072560 $3,005.07 04/01/1997 360
600060306 CHENG, DAN 1072487 $2,055.24 04/01/1997 360
600060307 POWELL S 1072289 $7,337.65 04/01/1997 360
600060308 BROUSSARD J 1071646 $980.06 04/01/1997 360
600060309 DAVIS S 1071331 $1,604.71 04/01/1997 360
600060310 DORMER D 861625 $1,244.47 04/01/1997 360
600060311 KINGSBURY 861583 $7,512.67 04/01/1997 360
600060312 REISER, MIKE 860791 $2,179.97 04/01/1997 360
600060313 MALOOF,M. MICHA 1076850 $1,812.68 04/01/1997 360
600060314 FLAKE, W. 860379 $1,455.75 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600059726 DUFOE .00 .00 .00 .000 .250 .290 $290,000.00 N
600060302 LEDBETTER, B. .00 .00 .00 .000 .250 .290 $551,500.00 N
600060303 SCANNELL S .00 .00 .00 .000 .250 .290 $205,000.00 N
600060304 BAKER,MICHAEL A .00 .00 .00 .000 .250 .290 $345,000.00 N
600060305 MIRKIL .00 .00 .00 .000 .250 .290 $500,000.00 N
600060306 CHENG, DAN .00 .00 .00 .000 .250 .290 $338,000.00 N
600060307 POWELL S .00 .00 .00 .000 .250 .290 $1,900,000.00 N
600060308 BROUSSARD J .00 .00 .00 .000 .250 .290 $174,000.00 N
600060309 DAVIS S .00 .00 .00 .000 .250 .290 $267,000.00 N
600060310 DORMER D .00 .00 .00 .000 .250 .290 $200,000.00 N
600060311 KINGSBURY .00 .00 .00 .000 .250 .290 $1,455,000.00 N
600060312 REISER, MIKE .00 .00 .00 .000 .250 .290 $367,000.00 N
600060313 MALOOF,M. MICHA .00 .00 .00 .000 .250 .290 $360,000.00 N
600060314 FLAKE, W. .00 .00 .00 .000 .250 .290 $254,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 37
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060315 ROSS 1ST 8761 WOODLAND H SALINAS CA 93907 $260,025.23
600060316 STOUT 25102 BLACK HOR LAGUNA HILLS CA 92653 $571,635.25
600060317 MAJOR,RANDALL T 2730 FLORENCE A BUFORD GA 30519 $273,231.87
600060318 TULER J 7 MULBERRY LANE TRABUCO CANYON CA 92679 $249,012.10
600060319 KAY, C 100 MATZIG COVE BUDA TX 78610 $231,671.45
600060320 MARTH R 1605 ROYAL LANE COLLEYVILLE TX 76034 $204,544.51
600060321 JOHNSON, C. 1605 LAZY RIVER ATLANTA GA 30350 $424,243.59
600060322 MORETTI 7101 LONGVIEW D NIWOT CO 80503 $426,439.47
600060323 DARSONVAL, L. 5109 INDEPENDEN BOULDER CO 80301 $649,563.86
600060324 CULBERTSON B 7038 NORTH 2ND PHOENIX AZ 85021 $367,504.52
600060325 CHUA, DESMOND 1211 RIBBON STR FOSTER CITY CA 94404 $299,616.08
600060326 COLE 683 CARROLL DRI MORAGA CA 94556 $220,195.51
600060327 TELEHA M 5647 PURDUE AVE DALLAS TX 75209 $86,677.08
600060328 WOODWARD 517 WINNCASTLE SIMI VALLEY CA 93065 $291,786.87
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060315 ROSS 1ST 8.375 .250 8.125 .0400 8.085 02/01/2027
600060316 STOUT 8.250 .250 8.000 .0400 7.960 03/01/2027
600060317 MAJOR,RANDALL T 8.250 .250 8.000 .0400 7.960 02/01/2027
600060318 TULER J 8.750 .250 8.500 .0400 8.460 02/01/2027
600060319 KAY, C 7.750 .250 7.500 .0400 7.460 02/01/2027
600060320 MARTH R 8.375 .250 8.125 .0400 8.085 02/01/2027
600060321 JOHNSON, C. 8.000 .250 7.750 .0400 7.710 02/01/2027
600060322 MORETTI 8.125 .250 7.875 .0400 7.835 02/01/2027
600060323 DARSONVAL, L. 8.000 .250 7.750 .0400 7.710 03/01/2027
600060324 CULBERTSON B 8.000 .250 7.750 .0400 7.710 02/01/2027
600060325 CHUA, DESMOND 8.250 .250 8.000 .0400 7.960 02/01/2027
600060326 COLE 7.875 .250 7.625 .0400 7.585 02/01/2027
600060327 TELEHA M 7.750 .250 7.500 .0400 7.460 02/01/2027
600060328 WOODWARD 8.250 .250 8.000 .0400 7.960 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060315 ROSS 1ST 859595 $1,978.85 04/01/1997 360
600060316 STOUT 1035302 $4,297.25 04/01/1997 360
600060317 MAJOR,RANDALL T 858605 $2,056.60 04/01/1997 360
600060318 TULER J 858555 $1,961.24 2 04/01/1997 360
600060319 KAY, C 858530 $1,662.08 04/01/1997 360
600060320 MARTH R 858498 $1,556.63 04/01/1997 360
600060321 JOHNSON, C. 858456 $3,118.50 2 04/01/1997 360
600060322 MORETTI 857946 $3,170.47 04/01/1997 360
600060323 DARSONVAL, L. 856435 $4,769.47 04/01/1997 360
600060324 CULBERTSON B 856039 $2,700.25 04/01/1997 360
600060325 CHUA, DESMOND 855932 $2,253.80 04/01/1997 360
600060326 COLE 855882 $1,598.78 04/01/1997 360
600060327 TELEHA M 855601 $621.85 04/01/1997 360
600060328 WOODWARD 855338 $2,196.33 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060315 ROSS 1ST .00 .00 .00 .000 .250 .290 $325,465.00 N
600060316 STOUT .00 .00 .00 .000 .250 .290 $715,000.00 N
600060317 MAJOR,RANDALL T .00 .00 .00 .000 .250 .290 $365,000.00 N
600060318 TULER J .00 .00 .00 .000 .250 .290 $277,000.00 N
600060319 KAY, C .00 .00 .00 .000 .250 .290 $290,000.00 N
600060320 MARTH R .00 .00 .00 .000 .250 .290 $256,000.00 N
600060321 JOHNSON, C. .00 .00 .00 .000 .250 .290 $495,000.00 N
600060322 MORETTI .00 .00 .00 .000 .250 .290 $610,000.00 N
600060323 DARSONVAL, L. .00 .00 .00 .000 .250 .290 $1,200,000.00 N
600060324 CULBERTSON B .00 .00 .00 .000 .250 .290 $460,000.00 N
600060325 CHUA, DESMOND .00 .00 .00 .000 .250 .290 $399,000.00 N
600060326 COLE .00 .00 .00 .000 .250 .290 $294,000.00 N
600060327 TELEHA M .00 .00 .00 .000 .250 .290 $108,500.00 N
600060328 WOODWARD .00 .00 .00 .000 .250 .290 $365,490.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 38
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060329 CARTWRIGHT 6737 NORTH RIDG DALLAS TX 75214 $75,842.07
600060330 MOORE T 6435 ELLSWORTH DALLAS TX 75214 $139,709.05
600060331 GOMEZ, STEVEN 836 BETHANY LAN CONCORD CA 94518 $209,702.60
600060332 LINDSKOG 16141 ESCOBAR A LOS GATOS CA 95032 $310,802.14
600060333 MADDA J 15960 MEADOW CR SHERMAN OAKS CA 91403 $249,663.39
600060334 CHEN, REY 834 BOAR CIRCLE FREMONT CA 94539 $334,571.30
600060335 SU 30404 RHONE DRI RANCHO PALOS VE CA 90275 $419,462.52
600060336 PETRIE K 3351 LIPAN HIGH GRANBURY TX 76048 $231,695.45
600060337 TEITZELL 6133 RODGERTON LOS ANGELES CA 90068 $288,206.49
600060338 NELSON, RICHARD 10790 RIDGEVIEW SAN JOSE CA 95127 $336,046.92
600060339 HULAN 1512 BRAEBRUN R ALTADENA CA 91001 $326,848.56
600060340 COHEN-THOMPSON 17403 CANVAS ST SANTA CLARITA CA 91351 $201,464.73
600060341 KIRCHER W 14853 CANNA VAL CANYON COUNTRY CA 91351 $69,905.75
600060342 COX, M. 7865 NESBIT DOW DUNWOODY GA 30350 $331,256.98
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060329 CARTWRIGHT 7.875 .250 7.625 .0400 7.585 01/01/2027
600060330 MOORE T 7.875 .250 7.625 .0400 7.585 01/01/2027
600060331 GOMEZ, STEVEN 7.750 .250 7.500 .0400 7.460 02/01/2027
600060332 LINDSKOG 7.500 .250 7.250 .0400 7.210 01/01/2027
600060333 MADDA J 8.000 .250 7.750 .0400 7.710 02/01/2027
600060334 CHEN, REY 8.250 .250 8.000 .0400 7.960 02/01/2027
600060335 SU 8.250 .250 8.000 .0400 7.960 02/01/2027
600060336 PETRIE K 8.125 .250 7.875 .0400 7.835 02/01/2027
600060337 TEITZELL 8.000 .250 7.750 .0400 7.710 03/01/2027
600060338 NELSON, RICHARD 8.000 .250 7.750 .0400 7.710 02/01/2027
600060339 HULAN 8.125 .250 7.875 .0400 7.835 01/01/2027
600060340 COHEN-THOMPSON 8.000 .250 7.750 .0400 7.710 03/01/2027
600060341 KIRCHER W 8.000 .250 7.750 .0400 7.710 02/01/2027
600060342 COX, M. 8.625 .250 8.375 .0400 8.335 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060329 CARTWRIGHT 855296 $551.06 04/01/1997 360
600060330 MOORE T 855262 $1,015.10 04/01/1997 360
600060331 GOMEZ, STEVEN 854778 $1,504.47 04/01/1997 360
600060332 LINDSKOG 854711 $2,178.05 04/01/1997 360
600060333 MADDA J 854612 $1,834.42 04/01/1997 360
600060334 CHEN, REY 854497 $2,516.75 04/01/1997 360
600060335 SU 854463 $3,155.32 04/01/1997 360
600060336 PETRIE K 854315 $1,722.60 04/01/1997 360
600060337 TEITZELL 854133 $2,116.18 04/01/1997 360
600060338 NELSON, RICHARD 853747 $2,469.12 04/01/1997 360
600060339 HULAN 853424 $2,435.40 04/01/1997 360
600060340 COHEN-THOMPSON 853135 $1,479.27 04/01/1997 360
600060341 KIRCHER W 852640 $513.64 04/01/1997 360
600060342 COX, M. 852988 $2,579.54 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060329 CARTWRIGHT .00 .00 .00 .000 .250 .290 $95,000.00 N
600060330 MOORE T .00 .00 .00 .000 .250 .290 $175,000.00 N
600060331 GOMEZ, STEVEN .00 .00 .00 .000 .250 .290 $275,000.00 N
600060332 LINDSKOG .00 .00 .00 .000 .250 .290 $480,000.00 N
600060333 MADDA J .00 .00 .00 .000 .250 .290 $515,000.00 N
600060334 CHEN, REY .00 .00 .00 .000 .250 .290 $520,000.00 N
600060335 SU .00 .00 .00 .000 .250 .290 $600,000.00 N
600060336 PETRIE K .00 .00 .00 .000 .250 .290 $290,000.00 N
600060337 TEITZELL .00 .00 .00 .000 .250 .290 $412,000.00 N
600060338 NELSON, RICHARD .00 .00 .00 .000 .250 .290 $424,000.00 N
600060339 HULAN .00 .00 .00 .000 .250 .290 $422,000.00 N
600060340 COHEN-THOMPSON .00 .00 .00 .000 .250 .290 $252,000.00 N
600060341 KIRCHER W .00 .00 .00 .000 .250 .290 $125,000.00 N
600060342 COX, M. .00 .00 .00 .000 .250 .290 $414,600.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 39
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060343 VALENTIN 776 NEWBURY STR LIVERMORE CA 94550 $349,502.16
600060344 LEE 1063 SOUTH BERN SUNNYVALE CA 94087 $299,397.74
600060345 BERRY 2351 HIGH LONES LAFAYETTE CO 80026 $259,359.09
600060346 FISHER, JAMES 740 WEST CALIFO WOODSIDE CA 94062 $559,245.99
600060347 FOSTER, ROBERT 24 GIRALDA WALK LONG BEACH CA 90803 $459,364.78
600060348 SALTZ E 2821 QUEENS COU LAS VEGAS NV 89109 $291,978.19
600060350 ONG 2484 39TH AVENU SAN FRANCISCO CA 94116 $309,319.56
600060351 PURCIFULL R 12285 FAIRWAY P SAN DIEGO CA 92128 $374,416.41
600060352 HOLLAND 281 ENTRADA DRI SANTA MONICA CA 90402 $489,007.06
600060353 FARMER 2112 BROADMOOR LIVERMORE CA 94550 $155,815.13
600060354 FORD 2840 EAST VALLE SANTA BARBARA CA 93108 $429,233.56
600060355 DORMAN, J. 5995 SOMERSET C SUWANEE GA 30174 $274,610.56
600060356 FABER E 6545 NORTH 29TH PHOENIX AZ 85016 $456,368.92
600060357 JACKSON, J. 300 SOLOGNE CO ATLANTA GA 30327 $399,474.91
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060343 VALENTIN 8.250 .250 8.000 .0400 7.960 02/01/2027
600060344 LEE 8.750 .250 8.500 .0400 8.460 01/01/2027
600060345 BERRY 8.125 .250 7.875 .0400 7.835 02/01/2027
600060346 FISHER, JAMES 8.000 .250 7.750 .0400 7.710 02/01/2027
600060347 FOSTER, ROBERT 7.875 .250 7.625 .0400 7.585 02/01/2027
600060348 SALTZ E 8.625 .250 8.375 .0400 8.335 01/01/2027
600060350 ONG 8.000 .250 7.750 .0400 7.710 01/01/2027
600060351 PURCIFULL R 7.875 .250 7.625 .0400 7.585 02/01/2027
600060352 HOLLAND 8.000 .250 7.750 .0400 7.710 01/01/2027
600060353 FARMER 8.625 .250 8.375 .0400 8.335 02/01/2027
600060354 FORD 7.750 .250 7.500 .0400 7.460 02/01/2027
600060355 DORMAN, J. 7.750 .250 7.500 .0400 7.460 02/01/2027
600060356 FABER E 7.875 .250 7.625 .0400 7.585 02/01/2027
600060357 JACKSON, J. 8.125 .250 7.875 .0400 7.835 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060343 VALENTIN 852590 $2,629.06 04/01/1997 360
600060344 LEE 852376 $2,360.10 04/01/1997 360
600060345 BERRY 852244 $1,928.27 04/01/1997 360
600060346 FISHER, JAMES 852053 $4,109.09 04/01/1997 360
600060347 FOSTER, ROBERT 852038 $3,335.32 04/01/1997 360
600060348 SALTZ E 851758 $2,275.04 04/01/1997 360
600060350 ONG 850958 $2,318.70 04/01/1997 360
600060351 PURCIFULL R 850404 $2,719.02 04/01/1997 360
600060352 HOLLAND 850149 $3,595.45 04/01/1997 360
600060353 FARMER 850065 $1,213.36 04/01/1997 360
600060354 FORD 849430 $3,223.86 04/01/1997 360
600060355 DORMAN, J. 848556 $1,970.14 04/01/1997 360
600060356 FABER E 848374 $3,313.57 04/01/1997 360
600060357 JACKSON, J. 847715 $2,969.99 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060343 VALENTIN .00 .00 .00 .000 .250 .290 $437,494.00 N
600060344 LEE .00 .00 .00 .000 .250 .290 $400,000.00 N
600060345 BERRY .00 .00 .00 .000 .250 .290 $356,000.00 N
600060346 FISHER, JAMES .00 .00 .00 .000 .250 .290 $830,000.00 N
600060347 FOSTER, ROBERT .00 .00 .00 .000 .250 .290 $600,000.00 N
600060348 SALTZ E .00 .00 .00 .000 .250 .290 $390,000.00 N
600060350 ONG .00 .00 .00 .000 .250 .290 $435,000.00 N
600060351 PURCIFULL R .00 .00 .00 .000 .250 .290 $550,000.00 N
600060352 HOLLAND .00 .00 .00 .000 .250 .290 $750,000.00 N
600060353 FARMER .00 .00 .00 .000 .250 .290 $195,000.00 N
600060354 FORD .00 .00 .00 .000 .250 .290 $725,000.00 N
600060355 DORMAN, J. .00 .00 .00 .000 .250 .290 $476,600.00 N
600060356 FABER E .00 .00 .00 .000 .250 .290 $665,000.00 N
600060357 JACKSON, J. .00 .00 .00 .000 .250 .290 $650,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 40
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060358 HUGHES 125 LOS PALMOS SAN FRANCISCO CA 94127 $321,379.77
600060359 HERNDON 1 VERONA LANE FOOTHILL RANCH CA 92610 $191,595.84
600060360 BONNEL 2331 BEN HUR CO SAN JOSE CA 95124 $311,351.60
600060361 MARKS 143 SADDLEBOW R BELL CANYON CA 91307 $399,433.54
600060362 COHEN 3101 DONA SOFIA STUDIO CITY CA 91604 $394,718.58
600060363 HIRSCHMANN 9319 BOLTON ROA LOS ANGELES CA 90034 $326,371.00
600060364 ZIMMER 1380 SAN ANDREA WATSONVILLE CA 95076 $649,052.48
600060365 ROMINES 305 DIAMOND COU PLEASANTON CA 94566 $334,820.15
600060366 UYESAKA 1080 TISHA COUR SANTA BARBARA CA 93111 $295,730.63
600060367 YAMAMOTO 95-1012 LIHO ST MILILANI HI 96789 $399,433.54
600060368 SOBERANES 3820 ARBOLADO D WALNUT CREEK CA 94598 $460,089.18
600060369 ONG 2664 BROOKHOLLO SAN JOSE CA 95132 $262,688.33
600060370 AKHAVAIN M 2331 NABAL STRE ESCONDIDO CA 92025 $296,183.19
600060371 FRANZEN 1ST 34 SUNSET COVE NEWPORT COAST ( CA 92657 $648,747.99
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060358 HUGHES 8.250 .250 8.000 .0400 7.960 01/01/2027
600060359 HERNDON 7.875 .250 7.625 .0400 7.585 01/01/2027
600060360 BONNEL 7.875 .250 7.625 .0400 7.585 01/01/2027
600060361 MARKS 7.750 .250 7.500 .0400 7.460 02/01/2027
600060362 COHEN 8.125 .250 7.875 .0400 7.835 01/01/2027
600060363 HIRSCHMANN 8.125 .250 7.875 .0400 7.835 02/01/2027
600060364 ZIMMER 7.875 .250 7.625 .0400 7.585 02/01/2027
600060365 ROMINES 8.000 .250 7.750 .0400 7.710 01/01/2027
600060366 UYESAKA 8.375 .250 8.125 .0400 8.085 02/01/2027
600060367 YAMAMOTO 7.750 .250 7.500 .0400 7.460 02/01/2027
600060368 SOBERANES 8.125 .250 7.875 .0400 7.835 01/01/2027
600060369 ONG 8.625 .250 8.375 .0400 8.335 02/01/2027
600060370 AKHAVAIN M 7.875 .250 7.625 .0400 7.585 01/01/2027
600060371 FRANZEN 1ST 8.250 .250 8.000 .0400 7.960 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060358 HUGHES 847632 $2,419.08 04/01/1997 360
600060359 HERNDON 847350 $1,392.13 04/01/1997 360
600060360 BONNEL 847079 $2,262.22 04/01/1997 360
600060361 MARKS 850990 $2,865.65 04/01/1997 360
600060362 COHEN 845529 $2,936.58 04/01/1997 360
600060363 HIRSCHMANN 845057 $2,426.49 04/01/1997 360
600060364 ZIMMER 853184 $4,712.59 04/01/1997 360
600060365 ROMINES 845198 $2,461.79 04/01/1997 360
600060366 UYESAKA 844704 $2,250.58 04/01/1997 360
600060367 YAMAMOTO 1038009 $2,865.65 04/01/1997 360
600060368 SOBERANES 842369 $3,422.92 04/01/1997 360
600060369 ONG 840488 $2,045.59 04/01/1997 360
600060370 AKHAVAIN M 840322 $2,152.01 04/01/1997 360
600060371 FRANZEN 1ST 840140 $4,883.23 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060358 HUGHES .00 .00 .00 .000 .250 .290 $405,000.00 N
600060359 HERNDON .00 .00 .00 .000 .250 .290 $240,000.00 N
600060360 BONNEL .00 .00 .00 .000 .250 .290 $390,000.00 N
600060361 MARKS .00 .00 .00 .000 .250 .290 $575,000.00 N
600060362 COHEN .00 .00 .00 .000 .250 .290 $565,000.00 N
600060363 HIRSCHMANN .00 .00 .00 .000 .250 .290 $408,500.00 N
600060364 ZIMMER .00 .00 .00 .000 .250 .290 $830,000.00 N
600060365 ROMINES .00 .00 .00 .000 .250 .290 $460,000.00 N
600060366 UYESAKA .00 .00 .00 .000 .250 .290 $427,900.00 N
600060367 YAMAMOTO .00 .00 .00 .000 .250 .290 $500,000.00 N
600060368 SOBERANES .00 .00 .00 .000 .250 .290 $580,000.00 N
600060369 ONG .00 .00 .00 .000 .250 .290 $328,950.00 N
600060370 AKHAVAIN M .00 .00 .00 .000 .250 .290 $371,000.00 N
600060371 FRANZEN 1ST .00 .00 .00 .000 .250 .290 $839,289.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 41
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060372 PREISENDANZ, W. 1396 ANNAPOLIS GRAYSON GA 30221 $308,462.85
600060373 HUANG 2025 LAUREL CAN FREMONT CA 94539 $352,976.04
600060374 PRYOR 4545 MONTICELLO LOOMIS CA 95650 $367,254.29
600060375 RICH 4030 NICE COURT OXNARD CA 93035 $419,462.52
600060376 BOSKOVICH 1514 OUTLOOK CI THOUSAND OAKS CA 91362 $409,104.10
600060377 REYES 1071 CANTERBURY HERCULES CA 94547 $155,488.95
600060378 COWDEN M 477 FREEDOM TRA KERRVILLE TX 78028 $334,038.09
600060379 BRIGGS, JOHN 432 SEVILLA AVE EL GRANADA CA 94018 $413,722.21
600060482 SPEROS 16 INDIAN HILL ROAD WINCHESTER MA 01890 $266,811.97
600060483 SHREENAN 9 MALCOLM STREET HINGHAM MA 02043 $251,022.70
600060484 CHRISTOU 6 CLEMENTS ROAD NEWTON MA 02158 $349,504.34
600060486 MCGEE 4371 CASPER COURT HOLLYWOOD FL 33021 $262,164.07
600060487 YURGLICH 6035 CHESTER WAY ENGLEWOOD CO 80111 $257,722.51
600060488 ANDERSON 33418W HIDDEN VALLEY GENESEE WI 53118 $299,813.53
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060372 PREISENDANZ, W. 7.875 .250 7.625 .0400 7.585 02/01/2027
600060373 HUANG 8.000 .250 7.750 .0400 7.710 01/01/2027
600060374 PRYOR 8.000 .250 7.750 .0400 7.710 01/01/2027
600060375 RICH 8.250 .250 8.000 .0400 7.960 02/01/2027
600060376 BOSKOVICH 7.625 .250 7.375 .0400 7.335 01/01/2027
600060377 REYES 8.000 .250 7.750 .0400 7.710 02/01/2027
600060378 COWDEN M 7.875 .250 7.625 .0400 7.585 02/01/2027
600060379 BRIGGS, JOHN 8.000 .250 7.750 .0400 7.710 03/01/2027
600060482 SPEROS 7.625 .250 7.375 .0400 7.335 02/01/2027
600060483 SHREENAN 7.750 .250 7.500 .0400 7.460 03/01/2027
600060484 CHRISTOU 7.750 .250 7.500 .0400 7.460 02/01/2027
600060486 MCGEE 8.250 .250 8.000 .0400 7.960 02/01/2027
600060487 YURGLICH 7.875 .250 7.625 .0400 7.585 03/01/2027
600060488 ANDERSON 8.375 .250 8.125 .0400 8.085 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060372 PREISENDANZ, W. 837682 $2,256.42 04/01/1997 360
600060373 HUANG 850941 $2,601.20 04/01/1997 360
600060374 PRYOR 835637 $2,700.26 04/01/1997 360
600060375 RICH 830984 $3,155.32 04/01/1997 360
600060376 BOSKOVICH 850982 $2,901.96 04/01/1997 360
600060377 REYES 823120 $1,143.21 1 04/01/1997 360
600060378 COWDEN M 799866 $2,425.36 04/01/1997 360
600060379 BRIGGS, JOHN 1076728 $3,037.79 04/01/1997 360
600060482 SPEROS 1251363 $1,891.23 04/01/1997 360
600060483 SHREENAN 1251743 $1,799.63 04/01/1997 360
600060484 CHRISTOU 1258473 $2,507.45 2 04/01/1997 360
600060486 MCGEE 5826912 $1,972.08 04/01/1997 360
600060487 YURGLICH 5827162 $1,869.96 04/01/1997 360
600060488 ANDERSON 5829492 $2,280.22 7 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060372 PREISENDANZ, W. .00 .00 .00 .000 .250 .290 $389,000.00 N
600060373 HUANG .00 .00 .00 .000 .250 .290 $448,000.00 N
600060374 PRYOR .00 .00 .00 .000 .250 .290 $460,000.00 N
600060375 RICH .00 .00 .00 .000 .250 .290 $525,000.00 N
600060376 BOSKOVICH .00 .00 .00 .000 .250 .290 $1,300,000.00 N
600060377 REYES .00 .00 .00 .000 .250 .290 $164,000.00 N
600060378 COWDEN M .00 .00 .00 .000 .250 .290 $465,000.00 N
600060379 BRIGGS, JOHN .00 .00 .00 .000 .250 .290 $517,500.00 N
600060482 SPEROS .00 .00 .00 .000 .250 .290 $334,000.00 N
600060483 SHREENAN .00 .00 .00 .000 .250 .290 $553,000.00 N
600060484 CHRISTOU .00 .00 .00 .000 .250 .290 $408,000.00 N
600060486 MCGEE .00 .00 .00 .000 .250 .290 $350,000.00 N
600060487 YURGLICH .00 .00 .00 .000 .250 .290 $395,000.00 N
600060488 ANDERSON .00 .00 .00 .000 .250 .290 $350,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 42
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060489 MCGRIFF 5 COBBLER LANE BEDFORD NH 03110 $251,839.30
600060490 JAFFE 5314 HARBOR TOWN DR DALLAS TX 75287 $443,353.55
600060491 JOHNSTON 1020 BEAR CREEK XING MCGREGOR TX 76657 $239,708.19
600060492 SWAN 64 WHITNEY AVENUE WESTWOOD MA 02090 $317,894.69
600060493 MCLOUGHLIN 39 JOSHUA DRIVE SIMSBURY CT 06092 $507,832.49
600060495 BIESENBACH 5080 WOODLAND LKS DR PALM BEACH GARD FL 33418 $460,978.48
600060496 MARTIN JR 664 WARWICK NECK AV WARWICK RI 02886 $213,733.07
600060497 LEE 18 DAPPER DARBY DR STONEHAM MA 02180 $239,715.58
600060498 SERNET 822 EAST ZIA ROAD SANTA FE NM 87501 $310,791.46
600060499 SILVA 21937 HEARTHWOOD COURT SALINAS CA 93908 $236,489.15
600060500 NYULASSY 2488 HART AVENUE SANTA CLARA CA 95050 $295,806.38
600060501 ANGUS 1204 WOODLAND CREEK VAN BUREN AR 72956 $269,838.06
600060502 GRAY 2662 65TH AVENUE GREELEY CO 80634 $220,479.36
600060503 KNOTTNERUS 16104 NE6TH COURT RIDGEFIELD WA 98642 $299,542.05
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060489 MCGRIFF 8.250 .250 8.000 .0400 7.960 03/01/2027
600060490 JAFFE 8.500 .250 8.250 .0400 8.210 10/01/2026
600060491 JOHNSTON 8.500 .250 8.250 .0400 8.210 02/01/2027
600060492 SWAN 8.375 .250 8.125 .0400 8.085 02/01/2027
600060493 MCLOUGHLIN 8.125 .250 7.875 .0400 7.835 02/01/2027
600060495 BIESENBACH 8.000 .250 7.750 .0400 7.710 02/01/2027
600060496 MARTIN JR 8.500 .250 8.250 .0400 8.210 01/01/2027
600060497 LEE 8.625 .250 8.375 .0400 8.335 02/01/2027
600060498 SERNET 8.125 .250 7.875 .0400 7.835 02/01/2027
600060499 SILVA 8.125 .250 7.875 .0400 7.835 02/01/2027
600060500 NYULASSY 8.125 .250 7.875 .0400 7.835 03/01/2027
600060501 ANGUS 7.875 .250 7.625 .0400 7.585 01/01/2027
600060502 GRAY 7.625 .250 7.375 .0400 7.335 02/01/2027
600060503 KNOTTNERUS 7.875 .250 7.625 .0400 7.585 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060489 MCGRIFF 5832212 $1,893.20 12 04/01/1997 360
600060490 JAFFE 6269562 $3,421.67 04/01/1997 360
600060491 JOHNSTON 6304972 $1,845.39 12 04/01/1997 360
600060492 SWAN 6366972 $2,426.92 04/01/1997 360
600060493 MCLOUGHLIN 6414852 $3,775.60 04/01/1997 360
600060495 BIESENBACH 6610092 $3,387.06 04/01/1997 360
600060496 MARTIN JR 6651402 $1,646.44 04/01/1997 360
600060497 LEE 6676612 $1,866.70 04/01/1997 360
600060498 SERNET 6679972 $2,310.66 04/01/1997 360
600060499 SILVA 6698652 $1,758.23 04/01/1997 360
600060500 NYULASSY 6730872 $2,197.79 04/01/1997 360
600060501 ANGUS 6732162 $1,960.59 04/01/1997 360
600060502 GRAY 6732412 $1,562.81 04/01/1997 360
600060503 KNOTTNERUS 6739022 $2,175.21 1 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060489 MCGRIFF .00 .00 .00 .000 .250 .290 $280,000.00 N
600060490 JAFFE .00 .00 .00 .000 .250 .290 $770,000.00 N
600060491 JOHNSTON .00 .00 .00 .000 .250 .290 $300,000.00 N
600060492 SWAN .00 .00 .00 .000 .250 .290 $399,137.00 N
600060493 MCLOUGHLIN .00 .00 .00 .000 .250 .290 $678,000.00 N
600060495 BIESENBACH .00 .00 .00 .000 .250 .290 $590,000.00 N
600060496 MARTIN JR .00 .00 .00 .000 .250 .290 $285,500.00 N
600060497 LEE .00 .00 .00 .000 .250 .290 $320,000.00 N
600060498 SERNET .00 .00 .00 .000 .250 .290 $389,000.00 N
600060499 SILVA .00 .00 .00 .000 .250 .290 $296,000.00 N
600060500 NYULASSY .00 .00 .00 .000 .250 .290 $370,000.00 N
600060501 ANGUS .00 .00 .00 .000 .250 .290 $338,000.00 N
600060502 GRAY .00 .00 .00 .000 .250 .290 $276,000.00 N
600060503 KNOTTNERUS .00 .00 .00 .000 .250 .290 $342,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 43
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060504 HAMID 6013 GREEN HEDGE ROW LA JOLLA CA 92037 $380,108.43
600060505 MILTS 26 STARBOARD TACK HILTON HEAD SC 29928 $255,646.48
600060506 PAZER 105 KEELER DRIVE RIDGEFIELD CT 06877 $288,541.01
600060507 ANDERSON 661 WASHINGTON STRE BROOKLINE MA 02146 $271,158.48
600060508 HORVATH 1420 TORRINGTON COU SAN JOSE CA 95120 $259,622.45
600060509 RIEDELL 347 GREENLAWN ROAD GREENLAWN NY 11740 $257,960.91
600060510 CLARK 5841 BAYVIEW DRIVE FORT LAUDERDALE FL 33308 $224,612.19
600060511 BLACHMAN 82-30 KENT STREET JAMAICA ESTATES NY 11432 $334,525.57
600060512 MORLEY 6768 ARLINGTON DRIVE PLEASANTON CA 94566 $434,700.64
600060513 FREITAS 95 MARTIN STREET REHOBOTH MA 02769 $230,672.85
600060514 SIDHU 3304 MONTE VERDE LAN SAN JOSE CA 95135 $268,914.80
600060515 BRAILOVSKY-FINE 70 GAMMONS ROAD NEWTON MA 02168 $362,547.16
600060516 CANFIELD 88 UPPER RAINBOW DENVILLE NJ 07834 $296,484.86
600060517 MILLER 14597 BIG BASIN WAY SARATOGA CA 95070 $376,236.06
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060504 HAMID 7.875 .250 7.625 .0400 7.585 01/01/2027
600060505 MILTS 7.875 .250 7.625 .0400 7.585 02/01/2027
600060506 PAZER 7.625 .250 7.375 .0400 7.335 03/01/2027
600060507 ANDERSON 7.750 .250 7.500 .0400 7.460 03/01/2027
600060508 HORVATH 7.625 .250 7.375 .0400 7.335 02/01/2027
600060509 RIEDELL 8.125 .250 7.875 .0400 7.835 02/01/2027
600060510 CLARK 8.250 .250 8.000 .0400 7.960 02/01/2027
600060511 BLACHMAN 7.750 .250 7.500 .0400 7.460 02/01/2027
600060512 MORLEY 7.875 .250 7.625 .0400 7.585 03/01/2027
600060513 FREITAS 7.750 .250 7.500 .0400 7.460 02/01/2027
600060514 SIDHU 7.875 .250 7.625 .0400 7.585 03/01/2027
600060515 BRAILOVSKY-FINE 8.375 .250 8.125 .0400 8.085 02/01/2027
600060516 CANFIELD 8.750 .250 8.500 .0400 8.460 02/01/2027
600060517 MILLER 8.000 .250 7.750 .0400 7.710 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060504 HAMID 6741962 $2,761.79 12 04/01/1997 360
600060505 MILTS 6744332 $1,856.18 04/01/1997 360
600060506 PAZER 6752712 $2,043.76 04/01/1997 360
600060507 ANDERSON 6767292 $1,943.99 18 04/01/1997 360
600060508 HORVATH 6773302 $1,840.26 04/01/1997 360
600060509 RIEDELL 6775282 $1,917.88 04/01/1997 360
600060510 CLARK 6781092 $1,689.60 04/01/1997 360
600060511 BLACHMAN 6781182 $2,399.99 04/01/1997 360
600060512 MORLEY 6781592 $3,154.05 04/01/1997 360
600060513 FREITAS 6785212 $1,654.92 04/01/1997 360
600060514 SIDHU 6794402 $1,951.17 04/01/1997 360
600060515 BRAILOVSKY-FINE 6795112 $2,759.07 04/01/1997 360
600060516 CANFIELD 6796302 $2,336.51 1 04/01/1997 360
600060517 MILLER 6799292 $2,766.29 7 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060504 HAMID .00 .00 .00 .000 .250 .290 $424,000.00 N
600060505 MILTS .00 .00 .00 .000 .250 .290 $320,000.00 N
600060506 PAZER .00 .00 .00 .000 .250 .290 $385,000.00 N
600060507 ANDERSON .00 .00 .00 .000 .250 .290 $301,525.00 N
600060508 HORVATH .00 .00 .00 .000 .250 .290 $360,000.00 N
600060509 RIEDELL .00 .00 .00 .000 .250 .290 $323,125.00 N
600060510 CLARK .00 .00 .00 .000 .250 .290 $299,900.00 N
600060511 BLACHMAN .00 .00 .00 .000 .250 .290 $435,000.00 N
600060512 MORLEY .00 .00 .00 .000 .250 .290 $635,000.00 N
600060513 FREITAS .00 .00 .00 .000 .250 .290 $289,000.00 N
600060514 SIDHU .00 .00 .00 .000 .250 .290 $336,455.00 N
600060515 BRAILOVSKY-FINE .00 .00 .00 .000 .250 .290 $470,000.00 N
600060516 CANFIELD .00 .00 .00 .000 .250 .290 $330,000.00 N
600060517 MILLER .00 .00 .00 .000 .250 .290 $419,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 44
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060518 SIEGEL 3320 BRECKENRIDGE WAY RIVA MD 21140 $255,628.24
600060519 MULLIGAN 10012NE186TH COURT REDMOND WA 98052 $229,033.28
600060520 FOREST 526 BAVARIAN COURT LAFAYETTE CA 94549 $394,900.71
600060521 CALLAWAY 6500 VANDERSLICE LAN LINCOLN NE 68516 $274,620.26
600060522 WILSON 1021 CHURCH ST LUSBY MD 20657 $394,580.94
600060523 HILBIG 6 THORNHURST SAN ANTONIO TX 78218 $223,737.94
600060524 SADRE-NASSIRI 13206 NE66TH STREET KIRKLAND WA 98033 $253,649.25
600060525 SHAMBAYATI TALA 1209 COLVIN MEADOW GREAT FALLS VA 22066 $249,636.95
600060526 BENSON 4241 CORDOBES COVE SAN DIEGO CA 92130 $296,629.51
600060527 SHIPPEY 579 THORNWOOD TERRA SAN RAFAEL CA 94903 $344,580.52
600060528 BUALAT 5226 WAR WAGON DRIVE SAN JOSE CA 95136 $239,618.64
600060529 THORPE 5775 SKYLINE DRIVE WEST LINN OR 97068 $262,627.56
600060530 DE GUZMAN 1530 BLACK MOUNTAIN HILLSBOROUGH CA 94010 $649,535.55
600060531 GEORGE 24 EAST STREET NEW HYDE PARK NY 11040 $301,114.16
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060518 SIEGEL 7.625 .250 7.375 .0400 7.335 02/01/2027
600060519 MULLIGAN 7.875 .250 7.625 .0400 7.585 02/01/2027
600060520 FOREST 7.625 .250 7.375 .0400 7.335 02/01/2027
600060521 CALLAWAY 7.875 .250 7.625 .0400 7.585 02/01/2027
600060522 WILSON 8.000 .250 7.750 .0400 7.710 02/01/2027
600060523 HILBIG 7.625 .250 7.375 .0400 7.335 03/01/2027
600060524 SADRE-NASSIRI 7.875 .250 7.625 .0400 7.585 02/01/2027
600060525 SHAMBAYATI TALA 7.625 .250 7.375 .0400 7.335 02/01/2027
600060526 BENSON 8.375 .250 8.125 .0400 8.085 02/01/2027
600060527 SHIPPEY 8.500 .250 8.250 .0400 8.210 02/01/2027
600060528 BUALAT 7.875 .250 7.625 .0400 7.585 02/01/2027
600060529 THORPE 7.750 .250 7.500 .0400 7.460 02/01/2027
600060530 DE GUZMAN 8.250 .250 8.000 .0400 7.960 03/01/2027
600060531 GEORGE 8.250 .250 8.000 .0400 7.960 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060518 SIEGEL 6801232 $1,811.96 04/01/1997 360
600060519 MULLIGAN 6806932 $1,662.95 1 04/01/1997 360
600060520 FOREST 6807262 $2,799.15 04/01/1997 360
600060521 CALLAWAY 6809432 $1,993.94 04/01/1997 360
600060522 WILSON 6812212 $2,905.71 2 04/01/1997 360
600060523 HILBIG 6814772 $1,584.76 04/01/1997 360
600060524 SADRE-NASSIRI 6815582 $1,841.68 04/01/1997 360
600060525 SHAMBAYATI TALA 6816782 $1,769.49 04/01/1997 360
600060526 BENSON 6817282 $2,257.41 04/01/1997 360
600060527 SHIPPEY 6817882 $2,652.75 04/01/1997 360
600060528 BUALAT 6817932 $1,739.81 04/01/1997 360
600060529 THORPE 6818452 $1,884.16 04/01/1997 360
600060530 DE GUZMAN 6819872 $4,882.86 04/01/1997 360
600060531 GEORGE 6821142 $2,265.07 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060518 SIEGEL .00 .00 .00 .000 .250 .290 $320,000.00 N
600060519 MULLIGAN .00 .00 .00 .000 .250 .290 $254,875.00 N
600060520 FOREST .00 .00 .00 .000 .250 .290 $524,300.00 N
600060521 CALLAWAY .00 .00 .00 .000 .250 .290 $345,000.00 N
600060522 WILSON .00 .00 .00 .000 .250 .290 $440,000.00 N
600060523 HILBIG .00 .00 .00 .000 .250 .290 $279,900.00 N
600060524 SADRE-NASSIRI .00 .00 .00 .000 .250 .290 $318,250.00 N
600060525 SHAMBAYATI TALA .00 .00 .00 .000 .250 .290 $485,000.00 N
600060526 BENSON .00 .00 .00 .000 .250 .290 $380,000.00 N
600060527 SHIPPEY .00 .00 .00 .000 .250 .290 $460,000.00 N
600060528 BUALAT .00 .00 .00 .000 .250 .290 $299,950.00 N
600060529 THORPE .00 .00 .00 .000 .250 .290 $380,000.00 N
600060530 DE GUZMAN .00 .00 .00 .000 .250 .290 $1,002,000.00 N
600060531 GEORGE .00 .00 .00 .000 .250 .290 $335,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 45
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060532 HARRIS 2252 BALDY LANE EVERGREEN CO 80439 $391,458.69
600060533 TODARO 105 BARCLAY COURT PEACHTREE CITY GA 30269 $310,081.93
600060534 BEATY 1878 SWYNFORD LANE COLLIERVILLE TN 38017 $275,129.06
600060535 BLANCHARD 14517 MAPLELAKE DR OKLAHOMA CITY OK 73013 $257,261.86
600060536 KELMAN BARG 4 CHILTON LANE CREVE COEUR MO 63141 $349,779.32
600060537 ANDERS 99 LYFORD DRIVE TIBURON CA 94920 $296,600.11
600060538 KLENA 2822 E PARKRIVER DRIVE BOISE ID 83706 $363,736.56
600060539 NIBBI 1131 ACADEMY AVENUE BELMONT CA 94002 $255,828.23
600060540 CIARCIA 70 CAPTAINS DRIVE WESTBROOK CT 06498 $379,763.81
600060541 CHATWANI 1080 SURIAN COURT SAN JOSE CA 95120 $411,737.28
600060542 CLANCY 3440 VALENCIA COURT WALNUT CREEK CA 94598 $259,821.07
600060543 FLANNERY 22256 BRONC COURT CANYON LAKE CA 92587 $256,831.88
600060544 LUEBKE 16965 MARBELLA COURT MORGAN HILL CA 95037 $261,681.44
600060545 BURDICK 972 MOJAVE COURT WALNUT CREEK CA 94598 $348,564.65
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060532 HARRIS 7.875 .250 7.625 .0400 7.585 02/01/2027
600060533 TODARO 8.000 .250 7.750 .0400 7.710 02/01/2027
600060534 BEATY 8.000 .250 7.750 .0400 7.710 02/01/2027
600060535 BLANCHARD 8.125 .250 7.875 .0400 7.835 02/01/2027
600060536 KELMAN BARG 8.375 .250 8.125 .0400 8.085 03/01/2027
600060537 ANDERS 8.000 .250 7.750 .0400 7.710 02/01/2027
600060538 KLENA 7.875 .250 7.625 .0400 7.585 02/01/2027
600060539 NIBBI 8.000 .250 7.750 .0400 7.710 03/01/2027
600060540 CIARCIA 8.375 .250 8.125 .0400 8.085 03/01/2027
600060541 CHATWANI 8.250 .250 8.000 .0400 7.960 03/01/2027
600060542 CLANCY 7.875 .250 7.625 .0400 7.585 03/01/2027
600060543 FLANNERY 8.125 .250 7.875 .0400 7.835 03/01/2027
600060544 LUEBKE 8.500 .250 8.250 .0400 8.210 02/01/2027
600060545 BURDICK 8.375 .250 8.125 .0400 8.085 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060532 HARRIS 6823502 $2,842.27 04/01/1997 360
600060533 TODARO 6824942 $2,278.34 7 04/01/1997 360
600060534 BEATY 6825882 $2,021.52 18 04/01/1997 360
600060535 BLANCHARD 6826752 $1,912.67 04/01/1997 360
600060536 KELMAN BARG 6826842 $2,660.25 04/01/1997 360
600060537 ANDERS 6827912 $2,179.28 14 04/01/1997 360
600060538 KLENA 6828042 $2,653.75 04/01/1997 360
600060539 NIBBI 6829862 $1,878.44 04/01/1997 360
600060540 CIARCIA 6830442 $2,888.27 04/01/1997 360
600060541 CHATWANI 6830792 $3,095.22 04/01/1997 360
600060542 CLANCY 6831622 $1,885.18 04/01/1997 360
600060543 FLANNERY 6835862 $1,908.22 12 04/01/1997 360
600060544 LUEBKE 6841172 $2,014.55 04/01/1997 360
600060545 BURDICK 6844262 $2,652.65 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060532 HARRIS .00 .00 .00 .000 .250 .290 $490,000.00 N
600060533 TODARO .00 .00 .00 .000 .250 .290 $345,000.00 N
600060534 BEATY .00 .00 .00 .000 .250 .290 $319,900.00 N
600060535 BLANCHARD .00 .00 .00 .000 .250 .290 $322,000.00 N
600060536 KELMAN BARG .00 .00 .00 .000 .250 .290 $633,000.00 N
600060537 ANDERS .00 .00 .00 .000 .250 .290 $330,000.00 N
600060538 KLENA .00 .00 .00 .000 .250 .290 $475,000.00 N
600060539 NIBBI .00 .00 .00 .000 .250 .290 $320,000.00 N
600060540 CIARCIA .00 .00 .00 .000 .250 .290 $475,000.00 N
600060541 CHATWANI .00 .00 .00 .000 .250 .290 $550,000.00 N
600060542 CLANCY .00 .00 .00 .000 .250 .290 $325,000.00 N
600060543 FLANNERY .00 .00 .00 .000 .250 .290 $296,000.00 N
600060544 LUEBKE .00 .00 .00 .000 .250 .290 $328,000.00 N
600060545 BURDICK .00 .00 .00 .000 .250 .290 $490,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 46
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060546 SHAHIN 1515 NAGLEE AVENUE SAN JOSE CA 95126 $294,592.65
600060547 HOU 26 WEDGEWOOD IRVINE CA 92620 $265,183.30
600060548 DOZIER 5801 ARLENE WAY LIVERMORE CA 94550 $277,244.74
600060549 TAYLOR 13177 TEN OAK COURT SARATOGA CA 95070 $649,585.52
600060550 RACCIATO 2629 OBELISCO PLACE CARLSBAD CA 92009 $559,283.37
600060551 TOMECEK 6713E 117TH PLACE SOU BIXBY OK 74008 $414,914.26
600060552 REEDER JR 27W BROAD OAKS DR HOUSTON TX 77056 $240,638.42
600060553 SCIABICA 179 W ROSEHILL DRIVE TALLAHASSEE FL 32312 $314,386.74
600060554 HEENAN 38698 DOW COURT FREMONT CA 94536 $348,771.70
600060555 DAVIS 11408 FT SARATOGA COURT FORT WASHINGTON MD 20744 $287,796.75
600060556 MOYER 17938 TURKEY TROT TRA AUSTIN TX 78736 $259,816.49
600060557 SCHILLING 20105 NE198TH STREET WOODINVILLE WA 98072 $278,822.10
600060558 RAMSDELL 1937 E NOTTINGHAM SPRINGFIELD MO 65804 $258,701.93
600060559 FLEMING 78 TRINIDAD DRIVE TIBURON CA 94920 $383,773.29
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060546 SHAHIN 7.875 .250 7.625 .0400 7.585 02/01/2027
600060547 HOU 7.875 .250 7.625 .0400 7.585 02/01/2027
600060548 DOZIER 8.250 .250 8.000 .0400 7.960 02/01/2027
600060549 TAYLOR 8.250 .250 8.000 .0400 7.960 03/01/2027
600060550 RACCIATO 8.250 .250 8.000 .0400 7.960 02/01/2027
600060551 TOMECEK 7.875 .250 7.625 .0400 7.585 03/01/2027
600060552 REEDER JR 8.000 .250 7.750 .0400 7.710 03/01/2027
600060553 SCIABICA 8.125 .250 7.875 .0400 7.835 02/01/2027
600060554 HEENAN 8.125 .250 7.875 .0400 7.835 03/01/2027
600060555 DAVIS 8.000 .250 7.750 .0400 7.710 03/01/2027
600060556 MOYER 7.750 .250 7.500 .0400 7.460 03/01/2027
600060557 SCHILLING 8.250 .250 8.000 .0400 7.960 03/01/2027
600060558 RAMSDELL 8.250 .250 8.000 .0400 7.960 03/01/2027
600060559 FLEMING 8.625 .250 8.375 .0400 8.335 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060546 SHAHIN 6844812 $2,138.95 04/01/1997 360
600060547 HOU 6845712 $1,925.42 04/01/1997 360
600060548 DOZIER 6847492 $2,085.52 04/01/1997 360
600060549 TAYLOR 6848072 $4,883.23 04/01/1997 360
600060550 RACCIATO 6848472 $4,207.09 04/01/1997 360
600060551 TOMECEK 6849862 $3,010.49 04/01/1997 360
600060552 REEDER JR 6853832 $1,766.91 04/01/1997 360
600060553 SCIABICA 6855692 $2,337.39 04/01/1997 360
600060554 HEENAN 6857762 $2,591.32 04/01/1997 360
600060555 DAVIS 6860142 $2,113.25 2 04/01/1997 360
600060556 MOYER 6863352 $1,862.68 04/01/1997 360
600060557 SCHILLING 6867702 $2,096.03 1 04/01/1997 360
600060558 RAMSDELL 6872622 $1,944.78 1 04/01/1997 360
600060559 FLEMING 6874332 $2,986.71 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060546 SHAHIN .00 .00 .00 .000 .250 .290 $450,000.00 N
600060547 HOU .00 .00 .00 .000 .250 .290 $331,965.00 N
600060548 DOZIER .00 .00 .00 .000 .250 .290 $347,000.00 N
600060549 TAYLOR .00 .00 .00 .000 .250 .290 $925,000.00 N
600060550 RACCIATO .00 .00 .00 .000 .250 .290 $700,000.00 N
600060551 TOMECEK .00 .00 .00 .000 .250 .290 $519,000.00 N
600060552 REEDER JR .00 .00 .00 .000 .250 .290 $301,000.00 N
600060553 SCIABICA .00 .00 .00 .000 .250 .290 $393,500.00 N
600060554 HEENAN .00 .00 .00 .000 .250 .290 $499,000.00 N
600060555 DAVIS .00 .00 .00 .000 .250 .290 $320,000.00 N
600060556 MOYER .00 .00 .00 .000 .250 .290 $345,000.00 N
600060557 SCHILLING .00 .00 .00 .000 .250 .290 $310,000.00 N
600060558 RAMSDELL .00 .00 .00 .000 .250 .290 $300,000.00 N
600060559 FLEMING .00 .00 .00 .000 .250 .290 $730,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 47
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060560 COY 907 CAT HOLLOW CLUB SPICEWOOD TX 78669 $259,649.92
600060561 POVINELLI 157-17 98TH STREET HOWARD BEACH NY 11314 $279,668.17
600060562 AMODIO 21 VICTORIAN LN BROOKVILLE NY 11545 $599,212.36
600060563 POTTER 27611 S 10TH AVENUE REDONDO WA 98054 $256,145.80
600060564 OLIVELLA 23 COWPER AVENUE KENSINGTON CA 94707 $290,509.80
600060565 WEE 117 N GALE DR BEVERLY HILLS CA 90211 $283,172.59
600060566 NOKE-KEARNEY 282 RENFREW STREET ARLINGTON MA 02174 $227,430.16
600060567 HAGER-HOLL 200 COLORADO AVENUE PALO ALTO CA 94301 $341,787.43
600060568 TANBERG 1927 NW90TH STREET SEATTLE WA 98117 $232,209.97
600060569 SHEAHAN 105 TORREY PINES CO NEWNAN GA 30265 $288,610.88
600060570 MERCER 104 COUNTRY CLUB DR SAVANNAH GA 31410 $260,657.38
600060571 GRIGAS 6802 GRANDVIEW DRIV SAN JOSE CA 95120 $284,813.57
600060572 MAZZONE 391 AVENIDA DE DIAMAN ARROYO GRANDE CA 93420 $378,000.00
600060573 LAMP 1219 GETTYSVUE WAY KNOXVILLE TN 37922 $261,057.26
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060560 COY 8.000 .250 7.750 .0400 7.710 02/01/2027
600060561 POVINELLI 8.625 .250 8.375 .0400 8.335 02/01/2027
600060562 AMODIO 8.125 .250 7.875 .0400 7.835 02/01/2027
600060563 POTTER 7.875 .250 7.625 .0400 7.585 02/01/2027
600060564 OLIVELLA 8.000 .250 7.750 .0400 7.710 03/01/2027
600060565 WEE 8.750 .250 8.500 .0400 8.460 02/01/2027
600060566 NOKE-KEARNEY 8.625 .250 8.375 .0400 8.335 02/01/2027
600060567 HAGER-HOLL 8.375 .250 8.125 .0400 8.085 03/01/2027
600060568 TANBERG 8.375 .250 8.125 .0400 8.085 02/01/2027
600060569 SHEAHAN 8.000 .250 7.750 .0400 7.710 02/01/2027
600060570 MERCER 8.125 .250 7.875 .0400 7.835 02/01/2027
600060571 GRIGAS 8.125 .250 7.875 .0400 7.835 03/01/2027
600060572 MAZZONE 8.500 .250 8.250 .0400 8.210 03/01/2027
600060573 LAMP 7.750 .250 7.500 .0400 7.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060560 COY 6906302 $1,907.79 04/01/1997 360
600060561 POVINELLI 6912822 $2,177.82 04/01/1997 360
600060562 AMODIO 6917672 $4,454.99 04/01/1997 360
600060563 POTTER 6917682 $1,859.80 04/01/1997 360
600060564 OLIVELLA 6919222 $2,142.59 04/01/1997 360
600060565 WEE 6924712 $2,230.30 14 04/01/1997 360
600060566 NOKE-KEARNEY 6924962 $1,771.03 12 04/01/1997 360
600060567 HAGER-HOLL 6925642 $2,599.45 04/01/1997 360
600060568 TANBERG 6925772 $1,767.17 04/01/1997 360
600060569 SHEAHAN 6925832 $2,120.58 04/01/1997 360
600060570 MERCER 6942852 $1,937.92 2 04/01/1997 360
600060571 GRIGAS 6991422 $2,116.12 04/01/1997 360
600060572 MAZZONE 6995352 $2,906.50 04/01/1997 360
600060573 LAMP 7014244 $1,873.06 7 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060560 COY .00 .00 .00 .000 .250 .290 $325,000.00 N
600060561 POVINELLI .00 .00 .00 .000 .250 .290 $350,000.00 N
600060562 AMODIO .00 .00 .00 .000 .250 .290 $800,000.00 N
600060563 POTTER .00 .00 .00 .000 .250 .290 $376,000.00 N
600060564 OLIVELLA .00 .00 .00 .000 .250 .290 $365,000.00 N
600060565 WEE .00 .00 .00 .000 .250 .290 $315,000.00 N
600060566 NOKE-KEARNEY .00 .00 .00 .000 .250 .290 $253,000.00 N
600060567 HAGER-HOLL .00 .00 .00 .000 .250 .290 $427,500.00 N
600060568 TANBERG .00 .00 .00 .000 .250 .290 $310,000.00 N
600060569 SHEAHAN .00 .00 .00 .000 .250 .290 $390,000.00 N
600060570 MERCER .00 .00 .00 .000 .250 .290 $290,000.00 N
600060571 GRIGAS .00 .00 .00 .000 .250 .290 $380,000.00 N
600060572 MAZZONE .00 .00 .00 .000 .250 .290 $480,000.00 N
600060573 LAMP .00 .00 .00 .000 .250 .290 $307,630.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 48
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060574 RICKETTS 3235 IMPERIAL LANE LAKELAND FL 33813 $282,606.65
600060575 TURNER 2698 ST. ANDREWS BLV TARPON SPRINGS FL 34689 $285,809.66
600060576 COOK 7742 ARALIA WAY LARGO FL 34647 $354,345.96
600060577 ZERHOUANE LOT 27 SECTION TANNERSVILLE PA 18372 $242,074.66
600060578 PRESLEY 575 YUCCA ROAD NAPLES FL 34102 $239,093.65
600060579 SLOAN 1516 SO. OCEAN DRIVE FT. LAUDERDALE FL 33316 $337,068.10
600060580 PALTANI 445 ALEXANDRA CIRCL FT. LAUDERDALE FL 33326 $247,674.46
600060581 STEINBERG 17070 GULF PINE CIR WELLINGTON FL 33414 $368,751.74
600060582 SAFERALI 9700 MAYWOOD DRIVE WINDERMERE FL 34786 $478,602.22
600060583 FELDSTEIN 44 RUGBY ROAD EAST HILL NY 11577 $384,519.73
600060584 ROBERSON 6229 MORLEY AVENUE LOS ANGELES ARE CA 90056 $225,239.57
600060585 VALDEZ JR 6193 YEADON WAY SAN JOSE CA 95119 $244,831.38
600060586 LECH 47-A PUMPKIN CAY RD KEY LARGO FL 33037 $292,135.13
600060587 VELLONE 65 DRIFTWOOD CIRCL PACIFICA CA 94044 $303,569.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060574 RICKETTS 8.250 .250 8.000 .0400 7.960 03/01/2026
600060575 TURNER 8.375 .250 8.125 .0400 8.085 06/01/2026
600060576 COOK 8.250 .250 8.000 .0400 7.960 02/01/2027
600060577 ZERHOUANE 7.625 .250 7.375 .0400 7.335 03/01/2027
600060578 PRESLEY 8.250 .250 8.000 .0400 7.960 02/01/2027
600060579 SLOAN 8.250 .250 8.000 .0400 7.960 02/01/2027
600060580 PALTANI 8.125 .250 7.875 .0400 7.835 02/01/2027
600060581 STEINBERG 8.000 .250 7.750 .0400 7.710 03/01/2027
600060582 SAFERALI 8.375 .250 8.125 .0400 8.085 02/01/2027
600060583 FELDSTEIN 8.375 .250 8.125 .0400 8.085 02/01/2027
600060584 ROBERSON 8.750 .250 8.500 .0400 8.460 02/01/2027
600060585 VALDEZ JR 7.875 .250 7.625 .0400 7.585 03/01/2027
600060586 LECH 8.375 .250 8.125 .0400 8.085 02/01/2027
600060587 VELLONE 7.750 .250 7.500 .0400 7.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060574 RICKETTS 7034894 $2,141.63 04/01/1997 349
600060575 TURNER 7036161 $2,186.38 04/01/1997 351
600060576 COOK 7043422 $2,665.49 18 04/01/1997 360
600060577 ZERHOUANE 7045889 $1,714.64 14 04/01/1997 360
600060578 PRESLEY 7060930 $1,798.53 12 04/01/1997 360
600060579 SLOAN 7065738 $2,535.52 04/01/1997 360
600060580 PALTANI 7065999 $1,841.39 04/01/1997 360
600060581 STEINBERG 7066484 $2,714.93 2 04/01/1997 360
600060582 SAFERALI 7066565 $3,642.27 04/01/1997 360
600060583 FELDSTEIN 7066730 $2,926.28 04/01/1997 360
600060584 ROBERSON 7067193 $1,774.01 04/01/1997 360
600060585 VALDEZ JR 7067742 $1,776.43 04/01/1997 360
600060586 LECH 7068200 $2,223.21 04/01/1997 360
600060587 VELLONE 7069285 $2,177.90 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060574 RICKETTS .00 .00 .00 .000 .250 .290 $353,777.00 N
600060575 TURNER .00 .00 .00 .000 .250 .290 $545,000.00 N
600060576 COOK .00 .00 .00 .000 .250 .290 $394,226.00 N
600060577 ZERHOUANE .00 .00 .00 .000 .250 .290 $255,000.00 N
600060578 PRESLEY .00 .00 .00 .000 .250 .290 $266,000.00 N
600060579 SLOAN .00 .00 .00 .000 .250 .290 $465,000.00 N
600060580 PALTANI .00 .00 .00 .000 .250 .290 $310,000.00 N
600060581 STEINBERG .00 .00 .00 .000 .250 .290 $408,560.00 N
600060582 SAFERALI .00 .00 .00 .000 .250 .290 $599,000.00 N
600060583 FELDSTEIN .00 .00 .00 .000 .250 .290 $530,000.00 N
600060584 ROBERSON .00 .00 .00 .000 .250 .290 $284,000.00 N
600060585 VALDEZ JR .00 .00 .00 .000 .250 .290 $327,996.00 N
600060586 LECH .00 .00 .00 .000 .250 .290 $390,000.00 N
600060587 VELLONE .00 .00 .00 .000 .250 .290 $380,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 49
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060588 WISDA 3249 HENRIETTA AVENU GLENDALE CA 91214 $226,616.12
600060589 FITZSIMMONS 167 PLEASANT STREET SOUTH YARMOUTH MA 02664 $234,650.09
600060590 MICHAELS 36 MAPLE LEAF MISSION VIEJO CA 92692 $293,173.63
600060591 MEGAN 9412 POLO CLUB LANE KNOXVILLE TN 37922 $399,731.61
600060592 VEACH 214 EAST 20TH STREE COSTA MESA CA 92627 $242,733.52
600060593 HARWICK 4 CLUB VISTA DOVE CANYON ARE CA 92679 $251,151.16
600060594 TAYLOR 236 VIA TIERRA ENCINITAS CA 92024 $349,478.86
600060595 GOERS 6726 HANLEY COURT CASTLE ROCK CO 80104 $259,658.68
600060596 HARVEY 5866 MEZZANINE WAY LONG BEACH CA 90808 $248,723.82
600060597 MAPSON 13215 BERMONDSEY CT MITCHELLVILLE MD 20716 $218,213.17
600060598 MAGARDINO 7 PINEWOOD DRIVE NEW FAIRFIELD CT 06812 $254,113.69
600060599 ANDREWS 3 SAINT MALO BEAC OCEANSIDE CA 92054 $375,760.23
600060600 ENGLE 48551 KINGS DR. SHELBY TWP. MI 48315 $239,708.17
600060601 SELLS 3122 WALKER LEE DRIV LOS ALAMITOS AR CA 90720 $285,514.25
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060588 WISDA 8.375 .250 8.125 .0400 8.085 02/01/2027
600060589 FITZSIMMONS 7.500 .250 7.250 .0400 7.210 02/01/2027
600060590 MICHAELS 7.625 .250 7.375 .0400 7.335 02/01/2027
600060591 MEGAN 8.000 .250 7.750 .0400 7.710 03/01/2027
600060592 VEACH 9.000 .250 8.750 .0400 8.710 02/01/2027
600060593 HARWICK 8.625 .250 8.375 .0400 8.335 01/01/2027
600060594 TAYLOR 7.500 .250 7.250 .0400 7.210 02/01/2027
600060595 GOERS 8.125 .250 7.875 .0400 7.835 02/01/2027
600060596 HARVEY 9.000 .250 8.750 .0400 8.710 02/01/2027
600060597 MAPSON 8.125 .250 7.875 .0400 7.835 02/01/2027
600060598 MAGARDINO 8.875 .250 8.625 .0400 8.585 02/01/2027
600060599 ANDREWS 8.250 .250 8.000 .0400 7.960 03/01/2027
600060600 ENGLE 8.500 .250 8.250 .0400 8.210 02/01/2027
600060601 SELLS 8.000 .250 7.750 .0400 7.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060588 WISDA 7069943 $1,725.37 7 04/01/1997 360
600060589 FITZSIMMONS 7070306 $1,643.16 04/01/1997 360
600060590 MICHAELS 7070378 $2,078.09 18 04/01/1997 360
600060591 MEGAN 7070671 $2,935.06 04/01/1997 360
600060592 VEACH 7071130 $1,955.24 04/01/1997 360
600060593 HARWICK 7071409 $1,956.92 12 04/01/1997 360
600060594 TAYLOR 7072100 $2,447.26 04/01/1997 360
600060595 GOERS 7072211 $1,930.50 04/01/1997 360
600060596 HARVEY 7072261 $2,003.52 15 04/01/1997 360
600060597 MAPSON 7072304 $1,622.36 04/01/1997 360
600060598 MAGARDINO 7072641 $2,024.13 04/01/1997 360
600060599 ANDREWS 7072719 $2,824.77 04/01/1997 360
600060600 ENGLE 7072965 $1,845.40 04/01/1997 360
600060601 SELLS 7073062 $2,098.57 12 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060588 WISDA .00 .00 .00 .000 .250 .290 $270,000.00 N
600060589 FITZSIMMONS .00 .00 .00 .000 .250 .290 $350,000.00 N
600060590 MICHAELS .00 .00 .00 .000 .250 .290 $326,250.00 N
600060591 MEGAN .00 .00 .00 .000 .250 .290 $547,900.00 N
600060592 VEACH .00 .00 .00 .000 .250 .290 $325,000.00 N
600060593 HARWICK .00 .00 .00 .000 .250 .290 $279,982.00 N
600060594 TAYLOR .00 .00 .00 .000 .250 .290 $557,500.00 N
600060595 GOERS .00 .00 .00 .000 .250 .290 $325,007.00 N
600060596 HARVEY .00 .00 .00 .000 .250 .290 $277,000.00 N
600060597 MAPSON .00 .00 .00 .000 .250 .290 $275,000.00 N
600060598 MAGARDINO .00 .00 .00 .000 .250 .290 $318,000.00 N
600060599 ANDREWS .00 .00 .00 .000 .250 .290 $470,000.00 N
600060600 ENGLE .00 .00 .00 .000 .250 .290 $302,000.00 N
600060601 SELLS .00 .00 .00 .000 .250 .290 $343,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 50
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060602 BUKOWSKI 116 JUSTICE DRIVE NEWTOWN PA 18940 $242,181.66
600060603 STANLEY 23024 BIGLER STREET WOODLAND HILLS CA 91364 $254,182.51
600060604 RUSSO 65 BEECH RD NEW CANAAN CT 06840 $529,635.26
600060605 WALTHALL 10807 ALICO PASS NEW PORT RICHEY FL 34655 $260,829.27
600060606 STANLEY 8212 REGENCY STREET LA PALMA CA 90623 $224,733.36
600060607 NELSON 2142 ORANGE AVENUE ESCONDIDO CA 92029 $234,921.26
600060608 MERJIAN 182 EAST CROSS ROAD NEW CANAAN CT 06840 $334,537.38
600060609 LUCAS 6370SW107 STREET PINECREST FL 33156 $332,551.63
600060610 BECKER 35 HARRIS ROAD KATONAH NY 10536 $435,456.11
600060611 GANEZER 2007 GLENDOR AVENUE WESTWOOD AREA CA 90025 $275,618.85
600060612 PETROFSKY 1415 LOWELL AVENUE B PARK CITY UT 84060 $247,720.91
600060613 LABHART 6282 CALLE BONITA SAN JOSE CA 95120 $303,539.85
600060614 THOMAS 10405 FOXLAKE DRIVE MITCHELLVILLE MD 20721 $233,684.93
600060615 MORROW JR 4878 MENDOTA STREET UNION CITY CA 94587 $238,202.47
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060602 BUKOWSKI 8.125 .250 7.875 .0400 7.835 02/01/2027
600060603 STANLEY 8.375 .250 8.125 .0400 8.085 02/01/2027
600060604 RUSSO 7.875 .250 7.625 .0400 7.585 03/01/2027
600060605 WALTHALL 8.125 .250 7.875 .0400 7.835 03/01/2027
600060606 STANLEY 8.625 .250 8.375 .0400 8.335 02/01/2027
600060607 NELSON 8.625 .250 8.375 .0400 8.335 02/01/2027
600060608 MERJIAN 7.875 .250 7.625 .0400 7.585 02/01/2027
600060609 LUCAS 8.000 .250 7.750 .0400 7.710 02/01/2027
600060610 BECKER 8.375 .250 8.125 .0400 8.085 02/01/2027
600060611 GANEZER 7.875 .250 7.625 .0400 7.585 02/01/2027
600060612 PETROFSKY 8.875 .250 8.625 .0400 8.585 02/01/2027
600060613 LABHART 8.625 .250 8.375 .0400 8.335 02/01/2027
600060614 THOMAS 8.000 .250 7.750 .0400 7.710 02/01/2027
600060615 MORROW JR 8.375 .250 8.125 .0400 8.085 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060602 BUKOWSKI 7073160 $1,800.56 2 04/01/1997 360
600060603 STANLEY 7073245 $1,934.39 04/01/1997 360
600060604 RUSSO 7073298 $3,842.87 04/01/1997 360
600060605 WALTHALL 7073369 $1,937.92 7 04/01/1997 360
600060606 STANLEY 7073391 $1,750.03 12 04/01/1997 360
600060607 NELSON 7073470 $1,829.37 04/01/1997 360
600060608 MERJIAN 7073856 $2,428.99 04/01/1997 360
600060609 LUCAS 7073965 $2,443.44 12 04/01/1997 360
600060610 BECKER 7073975 $3,313.92 04/01/1997 360
600060611 GANEZER 7074170 $2,001.20 04/01/1997 360
600060612 PETROFSKY 7074280 $1,973.20 04/01/1997 360
600060613 LABHART 7074454 $2,363.71 04/01/1997 360
600060614 THOMAS 7074719 $1,717.01 18 04/01/1997 360
600060615 MORROW JR 7074735 $1,812.78 2 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060602 BUKOWSKI .00 .00 .00 .000 .250 .290 $273,000.00 N
600060603 STANLEY .00 .00 .00 .000 .250 .290 $320,000.00 N
600060604 RUSSO .00 .00 .00 .000 .250 .290 $665,000.00 N
600060605 WALTHALL .00 .00 .00 .000 .250 .290 $290,000.00 N
600060606 STANLEY .00 .00 .00 .000 .250 .290 $251,000.00 N
600060607 NELSON .00 .00 .00 .000 .250 .290 $294,000.00 N
600060608 MERJIAN .00 .00 .00 .000 .250 .290 $565,000.00 N
600060609 LUCAS .00 .00 .00 .000 .250 .290 $370,000.00 N
600060610 BECKER .00 .00 .00 .000 .250 .290 $545,000.00 N
600060611 GANEZER .00 .00 .00 .000 .250 .290 $345,000.00 N
600060612 PETROFSKY .00 .00 .00 .000 .250 .290 $310,000.00 N
600060613 LABHART .00 .00 .00 .000 .250 .290 $379,900.00 N
600060614 THOMAS .00 .00 .00 .000 .250 .290 $260,000.00 N
600060615 MORROW JR .00 .00 .00 .000 .250 .290 $265,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 51
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060616 LU 3599 MADRID DRIVE SAN JOSE CA 95132 $226,151.96
600060617 RAWLINGS 7031 ALMOND HILL COU ORANGEVALE CA 95662 $278,885.78
600060618 MORIN 1008 HOWARD GROVE VI DAVIDSONVILLE MD 21035 $397,028.93
600060619 TRANG 12115 NIKITA COURT SAN DIEGO CA 92131 $275,587.74
600060620 BARMORE 1823 HUMMINGBIRD DRI COSTA MESA CA 92626 $264,709.40
600060621 BUHAGIAR 1839 PORT ASHLEY PLA NEWPORT BEACH CA 92660 $286,593.55
600060622 ARMSTRONG 109 SLEEPER AVENUE MOUNTAIN VIEW CA 94040 $281,120.98
600060623 AURELIO 15341 KILBIRNIE DRIVE FORT MYERS FL 33912 $315,353.60
600060624 PAK 875 LA PLATA PLAZA CAMPBELL CA 95008 $227,700.69
600060625 STEWART 1765 EMORY STREET SAN JOSE CA 95126 $335,558.91
600060626 DANT 5280 TURKEY FOOT AVE ZIONSVILLE IN 46077 $293,642.52
600060627 GOLDBERG 1979 BENECIA AVE LOS ANGELES CA 90025 $299,813.53
600060628 WICHMANN 7148E COUNRTY CLUB LN ANAHEIM CA 92807 $229,574.53
600060629 MOYLAN 25777 EAGLE RUN LANE WESTON FL 33332 $320,980.03
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060616 LU 8.125 .250 7.875 .0400 7.835 03/01/2027
600060617 RAWLINGS 8.875 .250 8.625 .0400 8.585 02/01/2027
600060618 MORIN 8.625 .250 8.375 .0400 8.335 02/01/2027
600060619 TRANG 8.125 .250 7.875 .0400 7.835 02/01/2027
600060620 BARMORE 9.000 .250 8.750 .0400 8.710 02/01/2027
600060621 BUHAGIAR 7.750 .250 7.500 .0400 7.460 02/01/2027
600060622 ARMSTRONG 8.000 .250 7.750 .0400 7.710 02/01/2027
600060623 AURELIO 8.375 .250 8.125 .0400 8.085 03/01/2027
600060624 PAK 8.125 .250 7.875 .0400 7.835 02/01/2027
600060625 STEWART 8.125 .250 7.875 .0400 7.835 02/01/2027
600060626 DANT 8.500 .250 8.250 .0400 8.210 02/01/2027
600060627 GOLDBERG 8.375 .250 8.125 .0400 8.085 03/01/2027
600060628 WICHMANN 9.000 .250 8.750 .0400 8.710 02/01/2027
600060629 MOYLAN 8.250 .250 8.000 .0400 7.960 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060616 LU 7074737 $1,680.28 1 04/01/1997 360
600060617 RAWLINGS 7074808 $2,221.45 04/01/1997 360
600060618 MORIN 7074909 $3,091.72 04/01/1997 360
600060619 TRANG 7074983 $2,048.93 04/01/1997 360
600060620 BARMORE 7075307 $2,132.25 04/01/1997 360
600060621 BUHAGIAR 7075310 $2,056.11 04/01/1997 360
600060622 ARMSTRONG 7075403 $2,065.55 04/01/1997 360
600060623 AURELIO 7075412 $2,399.93 04/01/1997 360
600060624 PAK 7075434 $1,692.90 04/01/1997 360
600060625 STEWART 7075437 $2,494.80 04/01/1997 360
600060626 DANT 7075719 $2,260.61 04/01/1997 360
600060627 GOLDBERG 7076026 $2,280.22 04/01/1997 360
600060628 WICHMANN 7076030 $1,848.22 04/01/1997 360
600060629 MOYLAN 7076469 $2,425.09 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060616 LU .00 .00 .00 .000 .250 .290 $251,500.00 N
600060617 RAWLINGS .00 .00 .00 .000 .250 .290 $349,000.00 N
600060618 MORIN .00 .00 .00 .000 .250 .290 $530,000.00 N
600060619 TRANG .00 .00 .00 .000 .250 .290 $344,990.00 N
600060620 BARMORE .00 .00 .00 .000 .250 .290 $340,000.00 N
600060621 BUHAGIAR .00 .00 .00 .000 .250 .290 $470,000.00 N
600060622 ARMSTRONG .00 .00 .00 .000 .250 .290 $460,000.00 N
600060623 AURELIO .00 .00 .00 .000 .250 .290 $421,000.00 N
600060624 PAK .00 .00 .00 .000 .250 .290 $285,000.00 N
600060625 STEWART .00 .00 .00 .000 .250 .290 $420,000.00 N
600060626 DANT .00 .00 .00 .000 .250 .290 $392,000.00 N
600060627 GOLDBERG .00 .00 .00 .000 .250 .290 $500,000.00 N
600060628 WICHMANN .00 .00 .00 .000 .250 .290 $290,000.00 N
600060629 MOYLAN .00 .00 .00 .000 .250 .290 $403,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 52
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060630 CASEY 716 JACINTO PLACE CORONADO CA 92118 $479,353.71
600060631 ALDERSON 1005 1025 HILLCREST LAGUNA BEACH CA 92651 $322,064.12
600060632 TOLAIO 208 BORDEAUX LANE SCOTTS VALLEY CA 95066 $255,823.82
600060633 RUSSI 1475 IRIS COURT SAN JOSE CA 95125 $225,844.47
600060634 FAULKENBERRY 937 OAKDALE ROAD ATLANTA GA 30307 $299,793.54
600060635 LAMKIN 67 2ND AVENUE CHULA VISTA CA 91910 $245,247.47
600060636 OH 101 MORRISTOWN DRIV ORANGEBURG NY 10962 $272,846.94
600060637 KRECL 471 ORE MINE RD CANTON GA 30114 $274,837.64
600060638 CROUCH 5608 SE159TH PLACE BELLEVUE WA 98006 $249,836.47
600060639 HARNBERGER 54 WOODLAND AVENUE SAN ANSELMO CA 94960 $289,800.43
600060640 TIMKO 520 ABBIE STREET PLEASATON CA 94566 $244,631.53
600060641 CASADOS 6525 BOSE COURT SAN JOSE CA 95120 $302,991.34
600060642 HAFERD 10185 MACADAM LANE CUPERTINO CA 95014 $330,489.12
600060643 FREDRICKSON 890 RUTHERFORD CIR BRENTWOOD CA 94513 $249,440.84
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060630 CASEY 8.000 .250 7.750 .0400 7.710 02/01/2027
600060631 ALDERSON 8.500 .250 8.250 .0400 8.210 03/01/2027
600060632 TOLAIO 7.875 .250 7.625 .0400 7.585 03/01/2027
600060633 RUSSI 7.875 .250 7.625 .0400 7.585 03/01/2027
600060634 FAULKENBERRY 7.875 .250 7.625 .0400 7.585 03/01/2027
600060635 LAMKIN 8.375 .250 8.125 .0400 8.085 03/01/2027
600060636 OH 8.875 .250 8.625 .0400 8.585 03/01/2027
600060637 KRECL 8.625 .250 8.375 .0400 8.335 03/01/2027
600060638 CROUCH 8.125 .250 7.875 .0400 7.835 03/01/2027
600060639 HARNBERGER 7.875 .250 7.625 .0400 7.585 03/01/2027
600060640 TIMKO 7.875 .250 7.625 .0400 7.585 03/01/2027
600060641 CASADOS 7.875 .250 7.625 .0400 7.585 03/01/2027
600060642 HAFERD 8.250 .250 8.000 .0400 7.960 03/01/2027
600060643 FREDRICKSON 8.250 .250 8.000 .0400 7.960 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060630 CASEY 7076630 $3,522.07 04/01/1997 360
600060631 ALDERSON 7077156 $2,479.75 04/01/1997 360
600060632 TOLAIO 7077631 $1,856.18 04/01/1997 360
600060633 RUSSI 7077882 $1,638.66 04/01/1997 360
600060634 FAULKENBERRY 7078118 $2,175.21 04/01/1997 360
600060635 LAMKIN 7079406 $1,865.22 04/01/1997 360
600060636 OH 8000922 $2,172.12 04/01/1997 360
600060637 KRECL 8002432 $2,138.92 18 04/01/1997 360
600060638 CROUCH 8010052 $1,856.24 04/01/1997 360
600060639 HARNBERGER 8011172 $2,102.70 04/01/1997 360
600060640 TIMKO 8013502 $1,774.97 04/01/1997 360
600060641 CASADOS 8015782 $2,198.41 04/01/1997 360
600060642 HAFERD 8021852 $2,484.44 04/01/1997 360
600060643 FREDRICKSON 8025932 $1,875.16 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060630 CASEY .00 .00 .00 .000 .250 .290 $600,000.00 N
600060631 ALDERSON .00 .00 .00 .000 .250 .290 $430,000.00 N
600060632 TOLAIO .00 .00 .00 .000 .250 .290 $320,000.00 N
600060633 RUSSI .00 .00 .00 .000 .250 .290 $305,000.00 N
600060634 FAULKENBERRY .00 .00 .00 .000 .250 .290 $660,000.00 N
600060635 LAMKIN .00 .00 .00 .000 .250 .290 $308,000.00 N
600060636 OH .00 .00 .00 .000 .250 .290 $350,000.00 N
600060637 KRECL .00 .00 .00 .000 .250 .290 $330,000.00 N
600060638 CROUCH .00 .00 .00 .000 .250 .290 $409,950.00 N
600060639 HARNBERGER .00 .00 .00 .000 .250 .290 $395,000.00 N
600060640 TIMKO .00 .00 .00 .000 .250 .290 $306,000.00 N
600060641 CASADOS .00 .00 .00 .000 .250 .290 $379,000.00 N
600060642 HAFERD .00 .00 .00 .000 .250 .290 $413,464.00 N
600060643 FREDRICKSON .00 .00 .00 .000 .250 .290 $312,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 53
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060644 SU 20337 VIA PORTOFINO CUPERTINO CA 95014 $299,782.87
600060645 NGUYEN 20325 NE186TH STREET WOODINVILLE WA 98072 $251,826.58
600060646 FREEMAN 5147 46TH AVE. NE SEATTLE WA 98105 $224,845.15
600060647 SUTO 1442 SANDAL LANE LA JOLLA CA 92037 $435,315.05
600060648 KERANEN 16 CORONADO AVENUE LONG BEACH CA 90803 $271,812.81
600060649 KRSTIC 6514 SE153RD AVENUE BELLEVUE, WA 98006 $390,081.36
600060650 MORGAN 7621 KELMSCOT RALEIGH NC 27615 $259,816.49
600060651 GUSTAFSON 2620NW202ND PLACE SHORELINE WA 98107 $291,793.91
600060652 BIYABANI 1339 SELO DRIVE SUNNYVALE CA 94087 $459,658.61
600060653 BARR 288 CREEKSIDE DRIVE LOS GATOS CA 95030 $355,255.35
600060896 SCHUMACKER RICHARD 7 BRIARWOOD RD WASHINTON T NJ 7853 $229,841.71
600060897 BREON ALLEN PRESTWICK ST CLARKSVILLE MD 21029 $283,519.09
600060898 WRUCK DAVID PRESTWICK DR CLARKSVILLE MD 21029 $317,949.09
600060899 MANLEY MARK 9447 MAPLETOP LN LOVELAND OH 45140 $254,233.58
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060644 SU 7.625 .250 7.375 .0400 7.335 03/01/2027
600060645 NGUYEN 7.875 .250 7.625 .0400 7.585 03/01/2027
600060646 FREEMAN 7.875 .250 7.625 .0400 7.585 03/01/2027
600060647 SUTO 8.125 .250 7.875 .0400 7.835 03/01/2027
600060648 KERANEN 7.875 .250 7.625 .0400 7.585 03/01/2027
600060649 KRSTIC 7.875 .250 7.625 .0400 7.585 03/01/2027
600060650 MORGAN 7.750 .250 7.500 .0400 7.460 03/01/2027
600060651 GUSTAFSON 7.750 .250 7.500 .0400 7.460 03/01/2027
600060652 BIYABANI 7.500 .250 7.250 .0400 7.210 03/01/2027
600060653 BARR 7.875 .250 7.625 .0400 7.585 03/01/2027
600060896 SCHUMACKER RICHARD 7.875 .250 7.625 .0400 7.585 03/01/2027
600060897 BREON ALLEN 8.250 .250 8.000 .0400 7.960 03/01/2027
600060898 WRUCK DAVID 7.750 .250 7.500 .0400 7.460 02/01/2027
600060899 MANLEY MARK 8.125 .250 7.875 .0400 7.835 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060644 SU 8027542 $2,123.38 04/01/1997 360
600060645 NGUYEN 8031452 $1,827.17 12 04/01/1997 360
600060646 FREEMAN 8031482 $1,631.41 12 04/01/1997 360
600060647 SUTO 8031652 $3,234.32 04/01/1997 360
600060648 KERANEN 8033922 $1,972.19 04/01/1997 360
600060649 KRSTIC 8036672 $2,830.31 14 04/01/1997 360
600060650 MORGAN 8044322 $1,862.68 04/01/1997 360
600060651 GUSTAFSON 8052582 $2,091.92 04/01/1997 360
600060652 BIYABANI 8058692 $3,216.39 04/01/1997 360
600060653 BARR 8068472 $2,577.62 04/01/1997 360
600060896 SCHUMACKER RICHARD 20461034 $1,667.66 12 04/01/1997 360
600060897 BREON ALLEN 20512414 $2,131.35 04/01/1997 360
600060898 WRUCK DAVID 20515367 $2,281.06 04/01/1997 360
600060899 MANLEY MARK 20641809 $1,888.92 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060644 SU .00 .00 .00 .000 .250 .290 $500,000.00 N
600060645 NGUYEN .00 .00 .00 .000 .250 .290 $280,000.00 N
600060646 FREEMAN .00 .00 .00 .000 .250 .290 $250,000.00 N
600060647 SUTO .00 .00 .00 .000 .250 .290 $544,500.00 N
600060648 KERANEN .00 .00 .00 .000 .250 .290 $340,000.00 N
600060649 KRSTIC .00 .00 .00 .000 .250 .290 $433,750.00 N
600060650 MORGAN .00 .00 .00 .000 .250 .290 $325,000.00 N
600060651 GUSTAFSON .00 .00 .00 .000 .250 .290 $365,000.00 N
600060652 BIYABANI .00 .00 .00 .000 .250 .290 $575,000.00 N
600060653 BARR .00 .00 .00 .000 .250 .290 $477,000.00 N
600060896 SCHUMACKER RICHARD $273,000.00 N
600060897 BREON ALLEN $355,000.00 N
600060898 WRUCK DAVID $400,000.00 N
600060899 MANLEY MARK $318,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 54
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060900 ALESSI DEBRA 120 CLIPPER DRIVE BELMONT CA 94022 $259,725.54
600060901 MOHAN MADAN 13002 BANKFOOT COUR HERNDON VA 22071 $249,439.89
600060902 J D YARBROUGH 2621 GEROL DR GALVESTON TX 77551 $321,394.93
600060903 REYNOLDS DOUGLAS 7625 PIONEER CREEK MAPLE PLAIN MN 55359 $249,214.00
600060904 SWEETMAN LAWRENCE 205 CARRIAGE HILL HEATH TX 75087 $271,405.63
600060905 URBAN MICHAEL 3806 CANYON BLUFF HOUSTON TX 77059 $299,257.96
600060906 KHALSA GURUTERATH 65E SOMBRILLO ESPANOLA NM 87532 $259,356.89
600060907 THOMPSON BRUCE 3807 FALKNER NAPERVILLE IL 60563 $229,325.37
600060908 BERNSTEIN HARLEY 9511 MACY AVENUE VIENNA VA 22180 $340,042.94
600060909 LUETHY CAMERON 926 S 26TH ST ARLINGTON VA 22202 $254,810.44
600060910 JACOBS KEVIN 9917 HIDDEN HOLLOW OKLAHOMA CI OK 73150 $287,445.26
600060911 RICHARDSON JAMES 8357 MEMPHIS ARLIN MEMPHIS TN 38002 $245,165.30
600060912 PAVACICH ROY 82 BARKLEDGE COU CHESHIRE CT 6410 $397,686.03
600060913 STRAUCH JULIUS 12 SAN ISIRDO SAN ANTONIO TX 78258 $319,546.84
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060900 ALESSI DEBRA 8.000 .250 7.750 .0400 7.710 03/01/2027
600060901 MOHAN MADAN 7.500 .250 7.250 .0400 7.210 01/01/2027
600060902 J D YARBROUGH 8.250 .250 8.000 .0400 7.960 03/01/2027
600060903 REYNOLDS DOUGLAS 8.000 .250 7.750 .0400 7.710 02/01/2027
600060904 SWEETMAN LAWRENCE 7.625 .250 7.375 .0400 7.335 01/01/2027
600060905 URBAN MICHAEL 7.000 .250 6.750 .0400 6.710 01/01/2027
600060906 KHALSA GURUTERATH 7.000 .250 6.750 .0400 6.710 01/01/2027
600060907 THOMPSON BRUCE 7.375 .250 7.125 .0400 7.085 03/01/2027
600060908 BERNSTEIN HARLEY 7.500 .250 7.250 .0400 7.210 02/01/2027
600060909 LUETHY CAMERON 7.375 .250 7.125 .0400 7.085 02/01/2027
600060910 JACOBS KEVIN 8.250 .250 8.000 .0400 7.960 01/01/2027
600060911 RICHARDSON JAMES 7.500 .250 7.250 .0400 7.210 02/01/2027
600060912 PAVACICH ROY 7.750 .250 7.500 .0400 7.460 02/01/2027
600060913 STRAUCH JULIUS 7.750 .250 7.500 .0400 7.460 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060900 ALESSI DEBRA 20650081 $1,907.79 04/01/1997 360
600060901 MOHAN MADAN 20703393 $1,748.04 04/01/1997 360
600060902 J D YARBROUGH 20704797 $2,416.07 04/01/1997 360
600060903 REYNOLDS DOUGLAS 20712428 $1,831.11 2 04/01/1997 360
600060904 SWEETMAN LAWRENCE 20714291 $1,925.20 04/01/1997 360
600060905 URBAN MICHAEL 20716197 $1,995.91 04/01/1997 360
600060906 KHALSA GURUTERATH 20720355 $1,729.79 04/01/1997 360
600060907 THOMPSON BRUCE 20728531 $1,585.10 12 04/01/1997 360
600060908 BERNSTEIN HARLEY 20731964 $2,381.18 04/01/1997 360
600060909 LUETHY CAMERON 20732129 $1,762.60 04/01/1997 360
600060910 JACOBS KEVIN 20735429 $2,163.65 04/01/1997 360
600060911 RICHARDSON JAMES 20735635 $1,717.28 04/01/1997 360
600060912 PAVACICH ROY 20736716 $2,853.11 1 04/01/1997 360
600060913 STRAUCH JULIUS 20738175 $2,292.52 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060900 ALESSI DEBRA $325,500.00 N
600060901 MOHAN MADAN $320,000.00 N
600060902 J D YARBROUGH $536,000.00 N
600060903 REYNOLDS DOUGLAS $277,305.00 N
600060904 SWEETMAN LAWRENCE $370,000.00 N
600060905 URBAN MICHAEL $455,000.00 N
600060906 KHALSA GURUTERATH $390,000.00 N
600060907 THOMPSON BRUCE $284,000.00 N
600060908 BERNSTEIN HARLEY $430,000.00 N
600060909 LUETHY CAMERON $320,000.00 N
600060910 JACOBS KEVIN $360,000.00 N
600060911 RICHARDSON JAMES $315,000.00 N
600060912 PAVACICH ROY $444,000.00 N
600060913 STRAUCH JULIUS $400,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 55
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060914 KRANE DANIEL 66 BARRINGTON LN CHESTER SPR PA 19425 $309,270.12
600060916 SCHULZE MICHAEL 2916 CREEK VIEW DR FLOWER MOUN TX 75028 $361,927.41
600060917 KIZER JACK 60 SADDLE VIEW R DUNWOODY GA 30350 $447,411.90
600060918 CLEVENGER BRUCE 2812 CRANMORE COUR MARIETTA GA 30066 $244,444.51
600060919 ROSEN JEFFREY 141 NAVIGATOR DR SCOTTS VALL CA 95066 $255,247.04
600060920 CHRISTY JILL 1445 BELLAIRE STRE DENVER CO 80220 $233,467.34
600060921 DEST STEPHEN 18122 COPPER RIDGE SAN ANTONIO TX 78259 $232,461.95
600060922 POINTER GARY 5124 TURTLE CREEK FORT WORTH TX 76116 $339,783.19
600060923 SMITH MARK 6200 TERWILLIGER W HOUSTON TX 77057 $251,393.49
600060924 SYLVAIN MARTIN 11801 FOUR LAKES DR SOUTH LYON MI 48178 $239,692.87
600060925 DRIVER FRANK 33 BIRDSEYE GLEN VERONA NJ 7044 $263,822.86
600060926 BAGLEY KENNETH 5322 TALLY GREEN D MARIETTA GA 30068 $229,023.07
600060927 LEE PEGGYBIK 11308 OLD CLUB RD ROCKVILLE MD 20852 $299,553.31
600060928 NESTER JAMES 5751 DUBLIN RD DUBLIN OH 43017 $244,739.80
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060914 KRANE DANIEL 7.250 .250 7.000 .0400 6.960 01/01/2027
600060916 SCHULZE MICHAEL 7.625 .250 7.375 .0400 7.335 01/01/2027
600060917 KIZER JACK 8.125 .250 7.875 .0400 7.835 02/01/2027
600060918 CLEVENGER BRUCE 7.625 .250 7.375 .0400 7.335 02/01/2027
600060919 ROSEN JEFFREY 7.875 .250 7.625 .0400 7.585 02/01/2027
600060920 CHRISTY JILL 7.750 .250 7.500 .0400 7.460 02/01/2027
600060921 DEST STEPHEN 7.625 .250 7.375 .0400 7.335 02/01/2027
600060922 POINTER GARY 8.250 .250 8.000 .0400 7.960 03/01/2027
600060923 SMITH MARK 7.750 .250 7.500 .0400 7.460 02/01/2027
600060924 SYLVAIN MARTIN 8.250 .250 8.000 .0400 7.960 02/01/2027
600060925 DRIVER FRANK 8.000 .250 7.750 .0400 7.710 03/01/2027
600060926 BAGLEY KENNETH 7.875 .250 7.625 .0400 7.585 01/01/2027
600060927 LEE PEGGYBIK 7.500 .250 7.250 .0400 7.210 02/01/2027
600060928 NESTER JAMES 8.125 .250 7.875 .0400 7.835 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060914 KRANE DANIEL 20738332 $2,114.75 04/01/1997 360
600060916 SCHULZE MICHAEL 20741310 $2,567.31 04/01/1997 360
600060917 KIZER JACK 20741427 $3,326.39 04/01/1997 360
600060918 CLEVENGER BRUCE 20741567 $1,732.68 04/01/1997 360
600060919 ROSEN JEFFREY 20744793 $1,853.28 18 04/01/1997 360
600060920 CHRISTY JILL 20750683 $1,676.40 2 04/01/1997 360
600060921 DEST STEPHEN 20751459 $1,647.74 04/01/1997 360
600060922 POINTER GARY 20755559 $2,554.31 04/01/1997 360
600060923 SMITH MARK 20756847 $1,803.57 12 04/01/1997 360
600060924 SYLVAIN MARTIN 20757977 $1,803.04 04/01/1997 360
600060925 DRIVER FRANK 20758405 $1,937.14 04/01/1997 360
600060926 BAGLEY KENNETH 20760443 $1,664.03 18 04/01/1997 360
600060927 LEE PEGGYBIK 20761581 $2,097.65 04/01/1997 360
600060928 NESTER JAMES 20764197 $1,818.38 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060914 KRANE DANIEL $415,000.00 N
600060916 SCHULZE MICHAEL $460,000.00 N
600060917 KIZER JACK $565,000.00 N
600060918 CLEVENGER BRUCE $306,000.00 N
600060919 ROSEN JEFFREY $284,500.00 N
600060920 CHRISTY JILL $262,000.00 N
600060921 DEST STEPHEN $291,000.00 N
600060922 POINTER GARY $425,000.00 N
600060923 SMITH MARK $270,000.00 N
600060924 SYLVAIN MARTIN $320,000.00 N
600060925 DRIVER FRANK $330,000.00 N
600060926 BAGLEY KENNETH $255,000.00 N
600060927 LEE PEGGYBIK $375,000.00 N
600060928 NESTER JAMES $310,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 56
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060929 BARTLETT WILLIAM 7742 S JAMESTOWN TULSA OK 74136 $277,586.07
600060930 SPRINGSTEAD GARY 15 LINDENWOOD LA LITTLETON CO 80127 $297,290.02
600060931 SPENCERJR FRED 121 CANTER WAY ALABASTER AL 35007 $249,254.52
600060932 MELL MARGARET 940 MAYTAG LAKE GENEVA WI 53147 $524,665.23
600060933 CADA WILLIAM 21125 THOROFARE GROSSE ILE MI 48138 $239,638.96
600060934 HICKS JACKSON 200 WESTMORELAND HOUSTON TX 77006 $316,770.56
600060935 R G DONAVAN 792 RAVINIA DR GURNEE IL 60030 $223,520.80
600060936 N L DAVIS 2502 TAYLOR AVENUE ALEXANDRIA VA 22302 $303,306.46
600060937 TRAUTMANN ERWIN 5501 LINDSEY PLANO TX 75093 $259,821.06
600060938 EICHENSEER PAT 1871 WESTLAKE DR AUSTIN TX 78746 $323,793.40
600060939 ORR WILLIAM 5072 EDERTON PLACE NEW ALBANY OH 43054 $227,476.78
600060940 OMEARA WILLIAM 601 S PEARL DENVER CO 80209 $254,665.25
600060941 MERCIER CHRISTINA 140 NAVIGATOR DR SCOTTS VALL CA 95066 $278,767.52
600060942 B R YOUNG 8115 WATERWOOD DRIVE KALAMAZOO MI 49004 $231,687.62
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060929 BARTLETT WILLIAM 7.500 .250 7.250 .0400 7.210 02/01/2027
600060930 SPRINGSTEAD GARY 7.750 .250 7.500 .0400 7.460 03/01/2027
600060931 SPENCERJR FRED 8.625 .250 8.375 .0400 8.335 01/01/2027
600060932 MELL MARGARET 8.250 .250 8.000 .0400 7.960 03/01/2027
600060933 CADA WILLIAM 8.000 .250 7.750 .0400 7.710 03/01/2027
600060934 HICKS JACKSON 7.625 .250 7.375 .0400 7.335 03/01/2027
600060935 R G DONAVAN 8.375 .250 8.125 .0400 8.085 02/01/2027
600060936 N L DAVIS 8.250 .250 8.000 .0400 7.960 03/01/2027
600060937 TRAUTMANN ERWIN 7.875 .250 7.625 .0400 7.585 03/01/2027
600060938 EICHENSEER PAT 8.250 .250 8.000 .0400 7.960 03/01/2027
600060939 ORR WILLIAM 7.375 .250 7.125 .0400 7.085 03/01/2027
600060940 OMEARA WILLIAM 8.125 .250 7.875 .0400 7.835 02/01/2027
600060941 MERCIER CHRISTINA 8.125 .250 7.875 .0400 7.835 03/01/2027
600060942 B R YOUNG 8.000 .250 7.750 .0400 7.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060929 BARTLETT WILLIAM 20764486 $1,943.82 04/01/1997 360
600060930 SPRINGSTEAD GARY 20764684 $2,131.33 04/01/1997 360
600060931 SPENCERJR FRED 20766739 $1,942.15 2 04/01/1997 360
600060932 MELL MARGARET 20768974 $3,944.15 04/01/1997 360
600060933 CADA WILLIAM 20770434 $1,761.04 04/01/1997 360
600060934 HICKS JACKSON 20771366 $2,243.71 04/01/1997 360
600060935 R G DONAVAN 20772182 $1,701.05 04/01/1997 360
600060936 N L DAVIS 20772448 $2,280.10 04/01/1997 360
600060937 TRAUTMANN ERWIN 20772711 $1,885.19 04/01/1997 360
600060938 EICHENSEER PAT 20772752 $2,434.10 15 04/01/1997 360
600060939 ORR WILLIAM 20772851 $1,572.32 14 04/01/1997 360
600060940 OMEARA WILLIAM 20774329 $1,893.37 04/01/1997 360
600060941 MERCIER CHRISTINA 20774345 $2,071.20 14 04/01/1997 360
600060942 B R YOUNG 20774485 $1,702.34 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060929 BARTLETT WILLIAM $375,000.00 N
600060930 SPRINGSTEAD GARY $429,000.00 N
600060931 SPENCERJR FRED $280,000.00 N
600060932 MELL MARGARET $780,000.00 N
600060933 CADA WILLIAM $302,000.00 N
600060934 HICKS JACKSON $410,000.00 N
600060935 R G DONAVAN $289,000.00 N
600060936 N L DAVIS $380,000.00 N
600060937 TRAUTMANN ERWIN $510,000.00 N
600060938 EICHENSEER PAT $395,000.00 N
600060939 ORR WILLIAM $272,000.00 N
600060940 OMEARA WILLIAM $370,000.00 N
600060941 MERCIER CHRISTINA $311,000.00 N
600060942 B R YOUNG $460,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 57
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060943 WATSON ALBERT 1225 PETSITES ROAD CHAPIN SC 29063 $225,603.44
600060944 DOVOLIS JOHN 4712 ANNAWAY DR EDINA MN 55435 $524,638.69
600060945 TULLMAN STEPHEN 6514 TURNBRIDGE PL PROSPECT KY 40059 $287,511.81
600060946 DESANTE SANDRA 765 GERMANTOWN AV LAFAYETTE H PA 19444 $249,823.55
600060947 AGUILAR ARTHUR 142 OVERACKER TER FREMONT CA 94536 $251,337.12
600060948 ASHLEY THOMAS 3205 CLYMER DRIVE PLANO TX 75025 $272,432.70
600060949 DARBY JOHN 29985 N 77TH PL SCOTTSDALE AZ 85262 $249,466.65
600060950 SEROKA PATRICK 19135 BAYTHORN WAY BROOKFIELD WI 53045 $455,416.44
600060951 LOPENZINA LEONARD 11 THE KINGS PAT HOPEWELL NJ 8525 $284,955.96
600060952 WINANT IV BARENT 619 8TH AVE S EDMONDS WA 98020 $239,722.81
600060954 HOUGHTALING ROBERT 806 ROBERTS WAY KENNETT SQU PA 19348 $329,767.09
600060955 JALOWY CHRISTOPHER 5429 NWJETTY AVENUE LINCOLN CIT OR 97367 $271,420.33
600060956 JACKSON BERNARD 2124 TWIN EAGLES D TRAVERSE CI MI 49686 $329,556.72
600060957 POOLE WILLIAM 2375 CHANDLER CT AURORA IL 60504 $281,795.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060943 WATSON ALBERT 8.125 .250 7.875 .0400 7.835 02/01/2027
600060944 DOVOLIS JOHN 7.875 .250 7.625 .0400 7.585 03/01/2027
600060945 TULLMAN STEPHEN 8.125 .250 7.875 .0400 7.835 03/01/2027
600060946 DESANTE SANDRA 7.750 .250 7.500 .0400 7.460 03/01/2027
600060947 AGUILAR ARTHUR 8.625 .250 8.375 .0400 8.335 02/01/2027
600060948 ASHLEY THOMAS 8.000 .250 7.750 .0400 7.710 02/01/2027
600060949 DARBY JOHN 8.125 .250 7.875 .0400 7.835 02/01/2027
600060950 SEROKA PATRICK 8.250 .250 8.000 .0400 7.960 02/01/2027
600060951 LOPENZINA LEONARD 8.875 .250 8.625 .0400 8.585 02/01/2027
600060952 WINANT IV BARENT 8.750 .250 8.500 .0400 8.460 02/01/2027
600060954 HOUGHTALING ROBERT 7.750 .250 7.500 .0400 7.460 03/01/2027
600060955 JALOWY CHRISTOPHER 7.750 .250 7.500 .0400 7.460 01/01/2027
600060956 JACKSON BERNARD 8.250 .250 8.000 .0400 7.960 03/01/2027
600060957 POOLE WILLIAM 7.625 .250 7.375 .0400 7.335 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060943 WATSON ALBERT 20776175 $1,677.31 7 04/01/1997 360
600060944 DOVOLIS JOHN 20778445 $3,806.62 04/01/1997 360
600060945 TULLMAN STEPHEN 20778932 $2,136.16 04/01/1997 360
600060946 DESANTE SANDRA 20780417 $1,791.03 04/01/1997 360
600060947 AGUILAR ARTHUR 20783460 $1,958.09 12 04/01/1997 360
600060948 ASHLEY THOMAS 20783791 $2,001.71 04/01/1997 360
600060949 DARBY JOHN 20786430 $1,857.73 04/01/1997 360
600060950 SEROKA PATRICK 20787107 $3,425.78 04/01/1997 360
600060951 LOPENZINA LEONARD 20787586 $2,269.79 7 04/01/1997 360
600060952 WINANT IV BARENT 20788246 $1,888.09 04/01/1997 360
600060954 HOUGHTALING ROBERT 20788808 $2,364.16 04/01/1997 360
600060955 JALOWY CHRISTOPHER 20790523 $1,948.65 04/01/1997 360
600060956 JACKSON BERNARD 20790713 $2,477.43 04/01/1997 360
600060957 POOLE WILLIAM 20790838 $1,995.98 15 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060943 WATSON ALBERT $255,500.00 N
600060944 DOVOLIS JOHN $800,000.00 N
600060945 TULLMAN STEPHEN $375,000.00 N
600060946 DESANTE SANDRA $480,000.00 N
600060947 AGUILAR ARTHUR $265,000.00 N
600060948 ASHLEY THOMAS $342,500.00 N
600060949 DARBY JOHN $325,000.00 N
600060950 SEROKA PATRICK $595,000.00 N
600060951 LOPENZINA LEONARD $320,000.00 N
600060952 WINANT IV BARENT $320,000.00 N
600060954 HOUGHTALING ROBERT $478,000.00 N
600060955 JALOWY CHRISTOPHER $375,000.00 N
600060956 JACKSON BERNARD $500,000.00 N
600060957 POOLE WILLIAM $333,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 58
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060958 YOULIO JAMES 16936 HILLARD ST POOLESVILLE MD 20837 $252,147.15
600060959 WATT BRADFORD 17905 MINGLEWOOD TR MONUMENT CO 80132 $311,890.04
600060960 VOLK ALBERT 5143 HOLLY ROAD ST AUGUSTIN FL 32084 $346,157.67
600060961 TOWSON DANIEL 2740 GLEN ISLE COU PLEASANTON CA 94588 $316,662.11
600060962 WEAKS JIMMY 3844 THAMESFORD WA RICHMOND VA 23233 $294,097.46
600060963 SHERIDAN MICHAEL 6333 CHICKERING CI NASHVILLE TN 37215 $271,261.18
600060964 DREW DAVID 270N PARK BLVD GLEN ELLYN IL 60137 $289,819.75
600060965 PATRIN RUBERT 390 ALBION CINCINNATI OH 45246 $269,645.55
600060966 P K POLKINGHORN 3907 MARQUETTE HOUSTON TX 77005 $259,821.06
600060967 CICALESE ROBERT 1231 WYNGATE ROAD WYNNEWOOD PA 19096 $371,730.76
600060968 BUTTS MICHAL 5690 NEPARNELL AVENU ROGERS MN 55374 $323,088.52
600060969 REYNOLDS WILLIAM 923 TROPHY DRIVE MT VIEW CA 94040 $319,569.13
600060970 SOULE JAMES 2814 SEWOODCLIFF CIR EAST GRAND MI 49506 $382,256.09
600060971 POLLARD RICHARD 6405 CHASES LANDIN HIXSON TN 37343 $231,844.33
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060958 YOULIO JAMES 8.500 .250 8.250 .0400 8.210 03/01/2027
600060959 WATT BRADFORD 8.125 .250 7.875 .0400 7.835 02/01/2027
600060960 VOLK ALBERT 7.750 .250 7.500 .0400 7.460 02/01/2027
600060961 TOWSON DANIEL 7.875 .250 7.625 .0400 7.585 02/01/2027
600060962 WEAKS JIMMY 7.875 .250 7.625 .0400 7.585 03/01/2027
600060963 SHERIDAN MICHAEL 8.375 .250 8.125 .0400 8.085 02/01/2027
600060964 DREW DAVID 8.375 .250 8.125 .0400 8.085 03/01/2027
600060965 PATRIN RUBERT 8.125 .250 7.875 .0400 7.835 02/01/2027
600060966 P K POLKINGHORN 7.875 .250 7.625 .0400 7.585 03/01/2027
600060967 CICALESE ROBERT 7.625 .250 7.375 .0400 7.335 03/01/2027
600060968 BUTTS MICHAL 8.125 .250 7.875 .0400 7.835 03/01/2027
600060969 REYNOLDS WILLIAM 8.000 .250 7.750 .0400 7.710 02/01/2027
600060970 SOULE JAMES 8.250 .250 8.000 .0400 7.960 03/01/2027
600060971 POLLARD RICHARD 8.000 .250 7.750 .0400 7.710 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060958 YOULIO JAMES 20791745 $1,939.97 04/01/1997 360
600060959 WATT BRADFORD 20792669 $2,318.82 12 04/01/1997 360
600060960 VOLK ALBERT 20793857 $2,490.61 15 04/01/1997 360
600060961 TOWSON DANIEL 20794277 $2,299.20 2 04/01/1997 360
600060962 WEAKS JIMMY 20794301 $2,133.88 04/01/1997 360
600060963 SHERIDAN MICHAEL 20796017 $2,064.36 04/01/1997 360
600060964 DREW DAVID 20796579 $2,204.21 04/01/1997 360
600060965 PATRIN RUBERT 20796934 $2,004.75 12 04/01/1997 360
600060966 P K POLKINGHORN 20797775 $1,885.19 04/01/1997 360
600060967 CICALESE ROBERT 20799433 $2,632.99 04/01/1997 360
600060968 BUTTS MICHAL 20805719 $2,400.49 2 04/01/1997 360
600060969 REYNOLDS WILLIAM 20807533 $2,348.05 04/01/1997 360
600060970 SOULE JAMES 20808218 $2,873.60 1 04/01/1997 360
600060971 POLLARD RICHARD 20810701 $1,702.34 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060958 YOULIO JAMES $319,000.00 N
600060959 WATT BRADFORD $347,000.00 N
600060960 VOLK ALBERT $400,000.00 N
600060961 TOWSON DANIEL $352,371.00 N
600060962 WEAKS JIMMY $368,000.00 N
600060963 SHERIDAN MICHAEL $345,000.00 N
600060964 DREW DAVID $375,000.00 N
600060965 PATRIN RUBERT $302,519.00 N
600060966 P K POLKINGHORN $412,000.00 N
600060967 CICALESE ROBERT $465,000.00 N
600060968 BUTTS MICHAL $365,000.00 N
600060969 REYNOLDS WILLIAM $420,000.00 N
600060970 SOULE JAMES $430,000.00 N
600060971 POLLARD RICHARD $295,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 59
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060972 TALBOTT TERESA 3211 OVERLOOK CIRC GOSHEN KY 40026 $246,542.69
600060973 DONOHOE STEVEN 10700 CLOVERBROOK D POTOMAC MD 20854 $442,710.21
600060974 ABRAMS PAUL 16 PARTRIDGE HIL SHARON MA 2067 $249,863.44
600060975 BOLTON JEFFERY 335 ARROYA DRIVE ROSWELL GA 30075 $275,618.87
600060976 EDMONDS DAVID 3738 VIKING ROAD SANTA ROSA CA 99503 $244,827.08
600060977 BRICK ANDREW 21 OCEAN GREEN D KIOWAH ISLA SC 29455 $238,240.03
600060978 LEWIS JAMES 5255 E MINERAL CIRCL LITTLETON CO 80122 $265,334.97
600060979 DAMM DAVID 9311 SHORE OAKS LA RICHLAND MI 49083 $228,000.00
600060980 CLINKINGBEARDROBERT 15508 QUINCE VALLEY N POTOMAC MD 20878 $264,826.65
600060981 VECCHIARELLI STEPHEN 577 MONTE VISTA R GOLDEN CO 80401 $347,278.41
600060982 MOORE JR JOHN 3622 HUNTERS CLIFF SAN ANTONIO TX 78230 $273,285.25
600060983 SINKFIELD EDDIE 10732 CHESTER RD CINCINNATI OH 45246 $292,308.67
600060984 HYDUKE TERRI 405 N UPLAND LANE PLYMOUTH MN 55446 $346,045.13
600060985 BECKNER LARRY 5712 N ROCKING ROAD SCOTTSDALE AZ 85250 $499,638.11
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060972 TALBOTT TERESA 8.250 .250 8.000 .0400 7.960 03/01/2027
600060973 DONOHOE STEVEN 8.125 .250 7.875 .0400 7.835 03/01/2027
600060974 ABRAMS PAUL 9.000 .250 8.750 .0400 8.710 03/01/2027
600060975 BOLTON JEFFERY 7.875 .250 7.625 .0400 7.585 02/01/2027
600060976 EDMONDS DAVID 7.750 .250 7.500 .0400 7.460 03/01/2027
600060977 BRICK ANDREW 8.000 .250 7.750 .0400 7.710 03/01/2027
600060978 LEWIS JAMES 8.375 .250 8.125 .0400 8.085 03/01/2027
600060979 DAMM DAVID 8.125 .250 7.875 .0400 7.835 04/01/2027
600060980 CLINKINGBEARDROBERT 8.125 .250 7.875 .0400 7.835 03/01/2027
600060981 VECCHIARELLI STEPHEN 8.250 .250 8.000 .0400 7.960 03/01/2027
600060982 MOORE JR JOHN 8.000 .250 7.750 .0400 7.710 03/01/2017
600060983 SINKFIELD EDDIE 8.125 .250 7.875 .0400 7.835 03/01/2027
600060984 HYDUKE TERRI 8.125 .250 7.875 .0400 7.835 02/01/2027
600060985 BECKNER LARRY 7.625 .250 7.375 .0400 7.335 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060972 TALBOTT TERESA 20812376 $1,853.37 04/01/1997 360
600060973 DONOHOE STEVEN 20813051 $3,289.27 04/01/1997 360
600060974 ABRAMS PAUL 20813473 $2,011.56 04/01/1997 360
600060975 BOLTON JEFFERY 20814158 $2,001.19 04/01/1997 360
600060976 EDMONDS DAVID 20815098 $1,755.21 04/01/1997 360
600060977 BRICK ANDREW 20816948 $1,749.30 04/01/1997 360
600060978 LEWIS JAMES 20817359 $2,018.00 04/01/1997 360
600060979 DAMM DAVID 20817938 $1,692.90 04/01/1997 360
600060980 CLINKINGBEARDROBERT 20818977 $1,967.62 1 04/01/1997 360
600060981 VECCHIARELLI STEPHEN 20819090 $2,610.65 04/01/1997 360
600060982 MOORE JR JOHN 20819355 $2,289.75 04/01/1997 240
600060983 SINKFIELD EDDIE 20820320 $2,171.80 12 04/01/1997 360
600060984 HYDUKE TERRI 20820957 $2,572.76 12 04/01/1997 360
600060985 BECKNER LARRY 20822680 $3,538.97 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060972 TALBOTT TERESA $320,000.00 N
600060973 DONOHOE STEVEN $560,000.00 N
600060974 ABRAMS PAUL $480,000.00 N
600060975 BOLTON JEFFERY $352,000.00 N
600060976 EDMONDS DAVID $347,000.00 N
600060977 BRICK ANDREW $325,000.00 N
600060978 LEWIS JAMES $512,000.00 N
600060979 DAMM DAVID $312,000.00 N
600060980 CLINKINGBEARDROBERT $300,000.00 N
600060981 VECCHIARELLI STEPHEN $497,000.00 N
600060982 MOORE JR JOHN $365,000.00 N
600060983 SINKFIELD EDDIE $330,000.00 N
600060984 HYDUKE TERRI $385,000.00 N
600060985 BECKNER LARRY $630,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 60
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600060986 BERENS MICHAEL 4525 36TH ST HAMILTON MI 49419 $224,500.00
600060987 VOLKL MICHAEL 9766 EDGEWATER PLA LONETREE CO 80124 $249,832.26
600060988 NAVRKAL MICHAEL 9556 S CHESAPEAKE ST LITTLETON CO 80126 $242,732.84
600060989 WENNINGER GENE 9441 N PALAMINO DR CASTLE ROCK CO 80104 $287,816.35
600060990 H SINGH 1422 PINE VIEW ROA GOLDEN CO 80403 $284,706.30
600060991 DUJANOVIC THOMAS 8410 HIGH HAMPTON ALPHARETTA GA 30302 $269,814.19
600060992 ABRAMS MICHAEL 8609 NW70TH COURT JOHNSTON IA 50131 $279,712.19
600060993 FRENCH PHILIP 4997 OAK BLUFF GENOA TWP MI 48843 $229,183.07
600060994 NEWCOMB III THOMAS 4607 MARYLAND AVEN ST LOUIS MO 63108 $225,452.42
600060995 JAIN ASHOK 824 HIGH RIDGE CO DARIEN IL 60561 $295,000.00
600060996 WORLEY O 3013 AVALON PLACE HOUSTON TX 77019 $230,845.00
600060997 COLLINS JOHN 8002 LEYTON PLACE ALEXANDRIA VA 22310 $246,317.06
600060998 GIANNELLI VICENZO 2103 WILKINSON PLA ALEXANDRIA VA 22306 $301,381.71
600060999 NICHOLS GARY 2005 SILO LANE OOLTWAH TN 37363 $261,515.29
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600060986 BERENS MICHAEL 8.125 .250 7.875 .0400 7.835 04/01/2027
600060987 VOLKL MICHAEL 8.000 .250 7.750 .0400 7.710 03/01/2027
600060988 NAVRKAL MICHAEL 7.875 .250 7.625 .0400 7.585 03/01/2027
600060989 WENNINGER GENE 8.250 .250 8.000 .0400 7.960 03/01/2027
600060990 H SINGH 7.875 .250 7.625 .0400 7.585 02/01/2027
600060991 DUJANOVIC THOMAS 7.875 .250 7.625 .0400 7.585 03/01/2027
600060992 ABRAMS MICHAEL 8.000 .250 7.750 .0400 7.710 03/01/2027
600060993 FRENCH PHILIP 7.875 .250 7.625 .0400 7.585 02/01/2027
600060994 NEWCOMB III THOMAS 8.125 .250 7.875 .0400 7.835 03/01/2027
600060995 JAIN ASHOK 8.125 .250 7.875 .0400 7.835 04/01/2027
600060996 WORLEY O 8.000 .250 7.750 .0400 7.710 03/01/2027
600060997 COLLINS JOHN 7.500 .250 7.250 .0400 7.210 03/01/2027
600060998 GIANNELLI VICENZO 7.625 .250 7.375 .0400 7.335 03/01/2027
600060999 NICHOLS GARY 7.750 .250 7.500 .0400 7.460 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600060986 BERENS MICHAEL 20823134 $1,666.91 04/01/1997 360
600060987 VOLKL MICHAEL 20823589 $1,834.41 04/01/1997 360
600060988 NAVRKAL MICHAEL 20824181 $1,761.19 1 04/01/1997 360
600060989 WENNINGER GENE 20825089 $2,163.65 12 04/01/1997 360
600060990 H SINGH 20825220 $2,067.17 7 04/01/1997 360
600060991 DUJANOVIC THOMAS 20825782 $1,957.69 7 04/01/1997 360
600060992 ABRAMS MICHAEL 20826665 $2,053.81 04/01/1997 360
600060993 FRENCH PHILIP 20826855 $1,664.04 12 04/01/1997 360
600060994 NEWCOMB III THOMAS 20827002 $1,675.08 04/01/1997 360
600060995 JAIN ASHOK 20828232 $2,190.37 04/01/1997 360
600060996 WORLEY O 20828752 $1,695.00 04/01/1997 360
600060997 COLLINS JOHN 20829677 $1,723.57 18 04/01/1997 360
600060998 GIANNELLI VICENZO 20829875 $2,134.71 04/01/1997 360
600060999 NICHOLS GARY 20832168 $1,874.86 2 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600060986 BERENS MICHAEL $300,000.00 N
600060987 VOLKL MICHAEL $410,000.00 N
600060988 NAVRKAL MICHAEL $270,000.00 N
600060989 WENNINGER GENE $320,000.00 N
600060990 H SINGH $320,000.00 N
600060991 DUJANOVIC THOMAS $312,000.00 N
600060992 ABRAMS MICHAEL $380,000.00 N
600060993 FRENCH PHILIP $258,000.00 N
600060994 NEWCOMB III THOMAS $282,000.00 N
600060995 JAIN ASHOK $395,000.00 N
600060996 WORLEY O $385,000.00 N
600060997 COLLINS JOHN $260,000.00 N
600060998 GIANNELLI VICENZO $380,000.00 N
600060999 NICHOLS GARY $315,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 61
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061000 CARTLIDGE BLAINE 5290 CROSS CREEK L RENO NV 89509 $359,776.24
600061001 BRYNE DORE 12089 LITTLE SILVER SAN DIEGO CA 92131 $280,706.69
600061002 RILEY DANIEL 118 EXETER PLACE ST PAUL MN 55104 $324,526.51
600061003 MECHOR GERALD 1024 NORTHRIDGE CO KELLER TX 76248 $235,824.85
600061004 W E GRYBOSKI 1161 OAKDALE ROAD ATLANTA GA 30309 $299,788.26
600061005 DOLINGER BRIAN 6408 CHELTENHAM HIXSON TN 37343 $233,739.03
600061006 RAJU NAMBURY 8820 S RIDGEPOINTE D BURR RIDGE IL 60521 $315,000.00
600061007 CLIFFORD ROBERT 6356 W SOUTH LAKE GA ANGOLA IN 46703 $239,846.96
600061008 POWERS GRAHAM 11515 WILLS CREEK R SAN DIEGO CA 92131 $261,133.38
600061009 HACKBARTH SCOTT 715 KARA LANE GRAFTON WI 53024 $340,771.19
600061010 MURRAH ROBERT 10706 MARSHA LANE HOUSTON TX 77024 $283,003.58
600061012 MARQUEZ MIGUEL 1846 LIBRETTO CRI SAN JOSE CA 95131 $244,739.80
600061013 MORRISON RONNI 5973 TIPPERARY DR PLANO TX 75093 $279,002.94
600061014 BRADDY DALE 5572 SECANDY COVE TR PRIOR LAKE MN 55372 $248,250.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061000 CARTLIDGE BLAINE 8.375 .250 8.125 .0400 8.085 03/01/2027
600061001 BRYNE DORE 7.875 .250 7.625 .0400 7.585 03/01/2027
600061002 RILEY DANIEL 7.875 .250 7.625 .0400 7.585 03/01/2027
600061003 MECHOR GERALD 7.500 .250 7.250 .0400 7.210 03/01/2027
600061004 W E GRYBOSKI 7.750 .250 7.500 .0400 7.460 03/01/2027
600061005 DOLINGER BRIAN 7.875 .250 7.625 .0400 7.585 03/01/2027
600061006 RAJU NAMBURY 8.000 .250 7.750 .0400 7.710 04/01/2027
600061007 CLIFFORD ROBERT 8.250 .250 8.000 .0400 7.960 03/01/2027
600061008 POWERS GRAHAM 8.250 .250 8.000 .0400 7.960 03/01/2027
600061009 HACKBARTH SCOTT 8.000 .250 7.750 .0400 7.710 03/01/2027
600061010 MURRAH ROBERT 7.750 .250 7.500 .0400 7.460 03/01/2027
600061012 MARQUEZ MIGUEL 8.125 .250 7.875 .0400 7.835 03/01/2027
600061013 MORRISON RONNI 7.750 .250 7.500 .0400 7.460 03/01/2027
600061014 BRADDY DALE 7.875 .250 7.625 .0400 7.585 04/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061000 CARTLIDGE BLAINE 20832499 $2,736.26 04/01/1997 360
600061001 BRYNE DORE 20832655 $2,036.72 04/01/1997 360
600061002 RILEY DANIEL 20833158 $2,354.66 04/01/1997 360
600061003 MECHOR GERALD 20834990 $1,650.15 04/01/1997 360
600061004 W E GRYBOSKI 20838298 $2,149.24 04/01/1997 360
600061005 DOLINGER BRIAN 20838322 $1,695.94 04/01/1997 360
600061006 RAJU NAMBURY 20840989 $2,311.36 04/01/1997 360
600061007 CLIFFORD ROBERT 20845350 $1,803.04 04/01/1997 360
600061008 POWERS GRAHAM 20846176 $1,963.06 04/01/1997 360
600061009 HACKBARTH SCOTT 20847612 $2,502.14 04/01/1997 360
600061010 MURRAH ROBERT 20848065 $2,031.03 04/01/1997 360
600061012 MARQUEZ MIGUEL 20850285 $1,818.38 04/01/1997 360
600061013 MORRISON RONNI 20854410 $2,000.23 04/01/1997 360
600061014 BRADDY DALE 20856555 $1,799.98 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061000 CARTLIDGE BLAINE $450,000.00 N
600061001 BRYNE DORE $360,000.00 N
600061002 RILEY DANIEL $433,000.00 N
600061003 MECHOR GERALD $295,000.00 N
600061004 W E GRYBOSKI $643,000.00 N
600061005 DOLINGER BRIAN $293,000.00 N
600061006 RAJU NAMBURY $445,000.00 N
600061007 CLIFFORD ROBERT $300,000.00 N
600061008 POWERS GRAHAM $327,000.00 N
600061009 HACKBARTH SCOTT $475,000.00 N
600061010 MURRAH ROBERT $420,000.00 N
600061012 MARQUEZ MIGUEL $365,000.00 N
600061013 MORRISON RONNI $358,000.00 N
600061014 BRADDY DALE $312,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 62
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061015 SINGSHINSUK ERIN 2860 DUNLEIGH DRIV DONKIRK MD 20754 $285,382.68
600061016 SNYDER BRUCE 3612 FALKNER DRIVE NAPERVILLE IL 60564 $230,406.70
600061017 BAHENSKY THOMAS 13303 NAPLES PLYMOUTH MI 48170 $224,873.86
600061018 BROOKMYER GARY 8600 MAN O WAR RD PALM BEACH FL 33418 $374,743.79
600061019 BIERMAN JEFFREY 735 CHEVAL DRIVE FORT MILL SC 29715 $224,095.67
600061020 EGLINTON DANIEL 5 GREENWOOD PL ASHEVILLE NC 28803 $499,697.10
600061021 GARRETSON MARY 6308 ALDERMAN DR ALEXANDRIA VA 22315 $281,112.03
600061022 MC DONALD BRUCE 1568 ELM STREET SAN CARLOS CA 94070 $249,814.46
600061023 KANE DOUGLAS FE1 BARCLAY ROAD NEWPORT NEW VA 23606 $329,378.84
600061024 PETERSON MATTHEW 1314 MONTRIDGE CT EL DORADO H CA 95762 $229,841.71
600061025 LAWRENCE PAUL 1033 E MILLSTREAM WY BOUNTIFUL UT 84010 $315,574.52
600061026 TIBBETTS JOHN 289 DOUGLASS ST SAN FRANCIS CA 94114 $334,571.29
600061027 CARFAGNO STEVE 9801 STAR DRIVE HUNTINGTON CA 92646 $274,296.28
600061028 KERR GARY 4192 HOLLY DRIVE SAN JOSE CA 95127 $263,818.31
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061015 SINGSHINSUK ERIN 7.375 .250 7.125 .0400 7.085 03/01/2027
600061016 SNYDER BRUCE 8.375 .250 8.125 .0400 8.085 03/01/2027
600061017 BAHENSKY THOMAS 8.875 .250 8.625 .0400 8.585 03/01/2027
600061018 BROOKMYER GARY 8.500 .250 8.250 .0400 8.210 02/01/2027
600061019 BIERMAN JEFFREY 7.875 .250 7.625 .0400 7.585 03/01/2027
600061020 EGLINTON DANIEL 8.500 .250 8.250 .0400 8.210 03/01/2027
600061021 GARRETSON MARY 7.250 .250 7.000 .0400 6.960 12/01/2026
600061022 MC DONALD BRUCE 7.500 .250 7.250 .0400 7.210 03/01/2027
600061023 KANE DOUGLAS 8.000 .250 7.750 .0400 7.710 03/01/2027
600061024 PETERSON MATTHEW 7.875 .250 7.625 .0400 7.585 03/01/2027
600061025 LAWRENCE PAUL 8.000 .250 7.750 .0400 7.710 02/01/2027
600061026 TIBBETTS JOHN 8.250 .250 8.000 .0400 7.960 02/01/2027
600061027 CARFAGNO STEVE 7.500 .250 7.250 .0400 7.210 03/01/2027
600061028 KERR GARY 7.875 .250 7.625 .0400 7.585 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061015 SINGSHINSUK ERIN 20857215 $1,972.57 04/01/1997 360
600061016 SNYDER BRUCE 20866372 $1,752.35 12 04/01/1997 360
600061017 BAHENSKY THOMAS 20868477 $1,790.20 12 04/01/1997 360
600061018 BROOKMYER GARY 24618050 $2,884.97 04/01/1997 360
600061019 BIERMAN JEFFREY 24700924 $1,625.97 1 04/01/1997 360
600061020 EGLINTON DANIEL 24765794 $3,844.57 04/01/1997 360
600061021 GARRETSON MARY 24772931 $1,923.74 04/01/1997 360
600061022 MC DONALD BRUCE 24908071 $1,748.04 04/01/1997 360
600061023 KANE DOUGLAS 24919219 $2,418.49 04/01/1997 360
600061024 PETERSON MATTHEW 24920209 $1,667.66 04/01/1997 360
600061025 LAWRENCE PAUL 24920977 $2,318.70 04/01/1997 360
600061026 TIBBETTS JOHN 24925737 $2,516.75 04/01/1997 360
600061027 CARFAGNO STEVE 24927964 $1,919.35 18 04/01/1997 360
600061028 KERR GARY 24928186 $1,914.19 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061015 SINGSHINSUK ERIN $369,000.00 N
600061016 SNYDER BRUCE $265,000.00 N
600061017 BAHENSKY THOMAS $310,000.00 N
600061018 BROOKMYER GARY $469,000.00 N
600061019 BIERMAN JEFFREY $236,200.00 N
600061020 EGLINTON DANIEL $878,000.00 N
600061021 GARRETSON MARY $353,500.00 N
600061022 MC DONALD BRUCE $350,000.00 N
600061023 KANE DOUGLAS $500,000.00 N
600061024 PETERSON MATTHEW $295,000.00 N
600061025 LAWRENCE PAUL $400,000.00 N
600061026 TIBBETTS JOHN $450,000.00 N
600061027 CARFAGNO STEVE $305,000.00 N
600061028 KERR GARY $355,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 63
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061029 ABZUG DAVID 27304 PARK VISTA RD AGOURA HILL CA 91301 $344,000.00
600061030 PERRY WILLIAM 24005 SUMMIT ROAD LOS GATOS CA 95030 $311,790.65
600061031 MAINTHIA NIK 3930 GLENHURST DR SMYRNA GA 30080 $324,781.93
600061032 BASUEL STEPHEN 11 PISA COURT SOUTH SAN F CA 94080 $339,788.67
600061033 NADEAU JEFFREY 602 WHITNEY COURT ALLEN TX 75013 $258,026.74
600061034 PARSONS STEVEN 4300 ARBORWAY CHARLOTTE NC 28211 $247,666.07
600061035 DILENA JOHN 176 AVENIDA MIRAF TIBURON CA 94920 $538,000.00
600061036 HULLEY STEPHEN 216 BERYL STREET MILL VALLEY CA 94941 $359,268.34
600061037 YAMAHATA MD WAYNE 8747 HAMMERSMITH L FAIR OAKS CA 95628 $589,583.58
600061038 BARRIER ROBERT 3087 VISTA GRANDE CAMARILLO CA 93012 $349,776.81
600061039 FECHER JR CON 2 RIVER OVERLOO SAPPHIRE NC 28774 $399,738.34
600061040 KEELER DAVID 233 ARBOR STREET SAN FRANCIS CA 94131 $267,824.68
600061041 SALKEY LESTER 20179 OCEAN KEY DR BOCA RATON FL 33498 $274,774.67
600061042 WEISS JOSEPH 676 SAXONY RD ENCINITAS CA 92024 $387,726.15
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061029 ABZUG DAVID 7.875 .250 7.625 .0400 7.585 04/01/2027
600061030 PERRY WILLIAM 8.000 .250 7.750 .0400 7.710 03/01/2027
600061031 MAINTHIA NIK 8.000 .250 7.750 .0400 7.710 03/01/2027
600061032 BASUEL STEPHEN 8.375 .250 8.125 .0400 8.085 03/01/2027
600061033 NADEAU JEFFREY 8.000 .250 7.750 .0400 7.710 03/01/2027
600061034 PARSONS STEVEN 8.000 .250 7.750 .0400 7.710 02/01/2027
600061035 DILENA JOHN 8.000 .250 7.750 .0400 7.710 04/01/2027
600061036 HULLEY STEPHEN 7.875 .250 7.625 .0400 7.585 02/01/2027
600061037 YAMAHATA MD WAYNE 7.750 .250 7.500 .0400 7.460 03/01/2027
600061038 BARRIER ROBERT 8.250 .250 8.000 .0400 7.960 03/01/2027
600061039 FECHER JR CON 8.125 .250 7.875 .0400 7.835 03/01/2027
600061040 KEELER DAVID 8.125 .250 7.875 .0400 7.835 03/01/2027
600061041 SALKEY LESTER 8.250 .250 8.000 .0400 7.960 03/01/2027
600061042 WEISS JOSEPH 7.750 .250 7.500 .0400 7.460 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061029 ABZUG DAVID 24935090 $2,494.24 04/01/1997 360
600061030 PERRY WILLIAM 24936965 $2,289.35 04/01/1997 360
600061031 MAINTHIA NIK 24938383 $2,384.74 04/01/1997 360
600061032 BASUEL STEPHEN 24940140 $2,584.25 04/01/1997 360
600061033 NADEAU JEFFREY 24945941 $1,894.59 04/01/1997 360
600061034 PARSONS STEVEN 24947020 $1,819.74 04/01/1997 360
600061035 DILENA JOHN 24948051 $3,947.66 04/01/1997 360
600061036 HULLEY STEPHEN 24948820 $2,610.25 04/01/1997 360
600061037 YAMAHATA MD WAYNE 24951097 $4,226.84 04/01/1997 360
600061038 BARRIER ROBERT 24955783 $2,629.44 04/01/1997 360
600061039 FECHER JR CON 24956385 $2,969.99 04/01/1997 360
600061040 KEELER DAVID 24956583 $1,989.90 04/01/1997 360
600061041 SALKEY LESTER 24959165 $2,065.61 04/01/1997 360
600061042 WEISS JOSEPH 24959371 $2,779.68 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061029 ABZUG DAVID $430,000.00 N
600061030 PERRY WILLIAM $392,000.00 N
600061031 MAINTHIA NIK $412,000.00 N
600061032 BASUEL STEPHEN $435,000.00 N
600061033 NADEAU JEFFREY $325,000.00 N
600061034 PARSONS STEVEN $310,000.00 N
600061035 DILENA JOHN $1,100,000.00 N
600061036 HULLEY STEPHEN $450,000.00 N
600061037 YAMAHATA MD WAYNE $870,000.00 N
600061038 BARRIER ROBERT $450,000.00 N
600061039 FECHER JR CON $505,000.00 N
600061040 KEELER DAVID $338,000.00 N
600061041 SALKEY LESTER $346,000.00 N
600061042 WEISS JOSEPH $485,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 64
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061043 MATZ RANDALL 1911 BEVERLY DR CHARLOTTE NC 28207 $296,810.61
600061044 USTIN STEVEN 5025 DELITA PLACE WOODLAND HI CA 91364 $433,242.15
600061045 JOHNSON BRADLEY 2305 MILLER OAK JACKSONVILL FL 32217 $222,849.02
600061046 RUANO NORMA 1407 GREY FLINT CO SAN ANTONIO TX 78258 $317,992.52
600061047 LOUGHEED JAMES 3051 ROUGHRIDER CO PLACERVILLE CA 95667 $295,590.00
600061048 JACKSON RONALD 2911 CLIFF DRIVE NEWPORT BEA CA 92663 $599,531.94
600061049 MEIHAUS III STANLEY 18902 RIV XING BLVD DAVIDSON NC 28036 $343,559.77
600061050 GORE LINDA 93 DOMINICAN DR. SAN RAFAEL CA 94901 $324,758.80
600061051 KAPLAN ALLEN 17 LOGAN STREET CHARLESTON SC 29401 $335,785.74
600061052 GRAUMLICH JEFFERY 104 ROSEMONT CT WALNUT CREE CA 94596 $306,494.78
600061053 HEFAZI HAMID 11 COROMANDE IRVINE CA 92714 $239,826.29
600061054 MATHIAS DALE 29812 SANDLING CT LAGUNA NIGU CA 92677 $278,213.19
600061055 YOUNG CHRISTMAN 142 10TH AVENUE SAN FRANCIS CA 94118 $226,839.78
600061056 CORMAK DAVID 16847 KEHRSDALE DRI CHESTERFIEL MO 63005 $279,807.30
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061043 MATZ RANDALL 8.250 .250 8.000 .0400 7.960 03/01/2027
600061044 USTIN STEVEN 8.625 .250 8.375 .0400 8.335 02/01/2027
600061045 JOHNSON BRADLEY 8.000 .250 7.750 .0400 7.710 03/01/2027
600061046 RUANO NORMA 8.250 .250 8.000 .0400 7.960 02/01/2027
600061047 LOUGHEED JAMES 8.250 .250 8.000 .0400 7.960 04/01/2027
600061048 JACKSON RONALD 7.250 .250 7.000 .0400 6.960 03/01/2027
600061049 MEIHAUS III STANLEY 8.250 .250 8.000 .0400 7.960 02/01/2027
600061050 GORE LINDA 7.500 .250 7.250 .0400 7.210 03/01/2027
600061051 KAPLAN ALLEN 8.250 .250 8.000 .0400 7.960 03/01/2027
600061052 GRAUMLICH JEFFERY 8.250 .250 8.000 .0400 7.960 03/01/2017
600061053 HEFAZI HAMID 7.625 .250 7.375 .0400 7.335 03/01/2027
600061054 MATHIAS DALE 8.000 .250 7.750 .0400 7.710 03/01/2027
600061055 YOUNG CHRISTMAN 7.750 .250 7.500 .0400 7.460 03/01/2027
600061056 CORMAK DAVID 7.875 .250 7.625 .0400 7.585 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061043 MATZ RANDALL 24960148 $2,231.27 04/01/1997 360
600061044 USTIN STEVEN 24960759 $3,383.39 04/01/1997 360
600061045 JOHNSON BRADLEY 24962466 $1,650.98 12 04/01/1997 360
600061046 RUANO NORMA 24965352 $2,392.04 04/01/1997 360
600061047 LOUGHEED JAMES 24969305 $2,220.67 14 04/01/1997 360
600061048 JACKSON RONALD 24972390 $4,093.06 04/01/1997 360
600061049 MEIHAUS III STANLEY 24973083 $2,584.36 04/01/1997 360
600061050 GORE LINDA 24975013 $2,272.45 04/01/1997 360
600061051 KAPLAN ALLEN 24975278 $2,524.26 04/01/1997 360
600061052 GRAUMLICH JEFFERY 24975849 $2,615.85 04/01/1997 240
600061053 HEFAZI HAMID 24980633 $1,698.71 04/01/1997 360
600061054 MATHIAS DALE 24982753 $2,042.81 04/01/1997 360
600061055 YOUNG CHRISTMAN 24983058 $1,626.26 04/01/1997 360
600061056 CORMAK DAVID 24984668 $2,030.20 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061043 MATZ RANDALL $500,000.00 N
600061044 USTIN STEVEN $650,000.00 N
600061045 JOHNSON BRADLEY $251,000.00 N
600061046 RUANO NORMA $398,000.00 N
600061047 LOUGHEED JAMES $330,000.00 N
600061048 JACKSON RONALD $950,000.00 N
600061049 MEIHAUS III STANLEY $435,000.00 N
600061050 GORE LINDA $525,000.00 N
600061051 KAPLAN ALLEN $420,000.00 N
600061052 GRAUMLICH JEFFERY $415,000.00 N
600061053 HEFAZI HAMID $305,000.00 N
600061054 MATHIAS DALE $348,000.00 N
600061055 YOUNG CHRISTMAN $660,000.00 N
600061056 CORMAK DAVID $397,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 65
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061057 SCHAEFER KONRAD 23948 MT MISERY RD ST MICHAELS MD 21663 $649,574.80
600061058 MOORE WILLIAM 24 CALLE DE PRIN COTO DE CAZ CA 92679 $403,742.38
600061059 FITZPATRICK FRANK 817 JENNIFER ST INCLINE VIL NV 89451 $404,728.25
600061060 PEARSON MARK 121 WHITNEY AVE. LOS GATOS CA 95032 $349,746.68
600061062 TEIG RICHARD 4638 PINE VALLEY P WESTLAKE VI CA 91362 $299,782.86
600061063 JAMES JR GERALD 4316 DRUID LANE DALLAS TX 75205 $229,705.65
600061064 SMITH THOMAS 190 GREEN MTN DR PALM DESERT CA 92211 $294,811.89
600061065 RICHARDSON MICHAEL 5886 GRANITE HILLS GRANITE BAY CA 95746 $349,752.97
600061066 ZOSLOCKI JOHN 4193 VEGA LOOP SHINGLE SPR CA 95682 $234,853.93
600061067 JONES PATRICK 155 HELMSLEY DR ATLANTA GA 30327 $399,738.34
600061068 GABRIEL SAFWAT 800 VICTORIA DR ARCADIA CA 91007 $271,813.33
600061069 BRINDLE JAMES 10938 CHARDONNAY PL SAN DIEGO CA 92131 $246,446.72
600061070 STUDT JR JOHN 350 CORTEZ AVENUE HALF MOON B CA 94019 $350,952.13
600061071 PINZON GUILLERMO 21150 POINT PLACE AVENTURA FL 33180 $344,756.50
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061057 SCHAEFER KONRAD 8.125 .250 7.875 .0400 7.835 03/01/2027
600061058 MOORE WILLIAM 8.250 .250 8.000 .0400 7.960 03/01/2027
600061059 FITZPATRICK FRANK 8.000 .250 7.750 .0400 7.710 03/01/2027
600061060 PEARSON MARK 7.625 .250 7.375 .0400 7.335 03/01/2027
600061062 TEIG RICHARD 7.625 .250 7.375 .0400 7.335 03/01/2027
600061063 JAMES JR GERALD 8.250 .250 8.000 .0400 7.960 02/01/2027
600061064 SMITH THOMAS 8.250 .250 8.000 .0400 7.960 03/01/2027
600061065 RICHARDSON MICHAEL 7.750 .250 7.500 .0400 7.460 03/01/2027
600061066 ZOSLOCKI JOHN 8.375 .250 8.125 .0400 8.085 03/01/2027
600061067 JONES PATRICK 8.125 .250 7.875 .0400 7.835 03/01/2027
600061068 GABRIEL SAFWAT 8.000 .250 7.750 .0400 7.710 03/01/2027
600061069 BRINDLE JAMES 8.375 .250 8.125 .0400 8.085 03/01/2027
600061070 STUDT JR JOHN 7.750 .250 7.500 .0400 7.460 03/01/2027
600061071 PINZON GUILLERMO 7.750 .250 7.500 .0400 7.460 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061057 SCHAEFER KONRAD 24986325 $4,826.24 04/01/1997 360
600061058 MOORE WILLIAM 24987760 $3,035.12 04/01/1997 360
600061059 FITZPATRICK FRANK 24988123 $2,971.75 04/01/1997 360
600061060 PEARSON MARK 24989501 $2,477.28 04/01/1997 360
600061062 TEIG RICHARD 24991960 $2,123.39 04/01/1997 360
600061063 JAMES JR GERALD 24995615 $1,727.92 04/01/1997 360
600061064 SMITH THOMAS 24997132 $2,216.24 04/01/1997 360
600061065 RICHARDSON MICHAEL 25001033 $2,507.45 04/01/1997 360
600061066 ZOSLOCKI JOHN 25003344 $1,786.17 04/01/1997 360
600061067 JONES PATRICK 25007634 $2,969.99 04/01/1997 360
600061068 GABRIEL SAFWAT 25008079 $1,995.84 04/01/1997 360
600061069 BRINDLE JAMES 25011297 $1,874.34 04/01/1997 360
600061070 STUDT JR JOHN 25012725 $2,516.04 04/01/1997 360
600061071 PINZON GUILLERMO 25015181 $2,471.63 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061057 SCHAEFER KONRAD $990,000.00 N
600061058 MOORE WILLIAM $520,000.00 N
600061059 FITZPATRICK FRANK $715,000.00 N
600061060 PEARSON MARK $481,000.00 N
600061062 TEIG RICHARD $530,000.00 N
600061063 JAMES JR GERALD $289,000.00 N
600061064 SMITH THOMAS $450,000.00 N
600061065 RICHARDSON MICHAEL $550,000.00 N
600061066 ZOSLOCKI JOHN $295,000.00 N
600061067 JONES PATRICK $648,000.00 N
600061068 GABRIEL SAFWAT $340,000.00 N
600061069 BRINDLE JAMES $315,000.00 N
600061070 STUDT JR JOHN $439,000.00 N
600061071 PINZON GUILLERMO $465,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 66
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061072 HAGEN DAVID 6470 ELLENVIEW AVE WEST HILLS CA 91307 $256,000.00
600061073 FARNELL LINDA 2521 HASTINGS DR BELMONT CA 94402 $289,790.10
600061074 MONTGOMERY ANNE 118 FILBERT AVENU SAUSALITO CA 94965 $299,788.26
600061075 FALZON DAVID 3031 25TH AVENUE SAN FRANCIS CA 94132 $289,784.77
600061076 BOUCHER RICHARD 1757 10TH STREET MANHATTAN B CA 90266 $471,675.17
600061077 STAMM JEFFREY 20223 PIEDRA CHICA MALIBU CA 90265 $360,551.69
600061078 BERTOLAMI LEONARD 46 LORELEI LANE MENLO PARK CA 94025 $240,616.17
600061079 WRIGHT DAVID 4848 DEL MORENO DR WOODLAND HI CA 91364 $295,601.52
600061080 PLATT DANIEL 2821 BOTTLEBRUSH LOS ANGELES CA 90077 $430,000.00
600061081 MUNCH MARK 850 RORKE WAY PALO ALTO CA 94303 $277,412.25
600061082 BHANGU JATINDER 4021 LAKE RIDGE LN SAN JOSE CA 95148 $292,598.49
600061083 ELLISON JOHN 155 17 MILE DRIVE PACIFIC GRO CA 93950 $388,351.50
600061084 GOODWIN PHIL 4611 CROMBIE COURT ROSEVILLE CA 95746 $268,914.80
600061085 LU HOA 2910 REQUA COURT SAN JOSE CA 95148 $254,828.90
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061072 HAGEN DAVID 8.375 .250 8.125 .0400 8.085 04/01/2027
600061073 FARNELL LINDA 7.625 .250 7.375 .0400 7.335 03/01/2027
600061074 MONTGOMERY ANNE 7.750 .250 7.500 .0400 7.460 03/01/2027
600061075 FALZON DAVID 7.500 .250 7.250 .0400 7.210 03/01/2027
600061076 BOUCHER RICHARD 7.875 .250 7.625 .0400 7.585 03/01/2027
600061077 STAMM JEFFREY 7.875 .250 7.625 .0400 7.585 03/01/2027
600061078 BERTOLAMI LEONARD 8.375 .250 8.125 .0400 8.085 03/01/2027
600061079 WRIGHT DAVID 8.000 .250 7.750 .0400 7.710 03/01/2027
600061080 PLATT DANIEL 8.250 .250 8.000 .0400 7.960 04/01/2027
600061081 MUNCH MARK 8.500 .250 8.250 .0400 8.210 03/01/2027
600061082 BHANGU JATINDER 7.875 .250 7.625 .0400 7.585 03/01/2027
600061083 ELLISON JOHN 7.875 .250 7.625 .0400 7.585 03/01/2027
600061084 GOODWIN PHIL 7.875 .250 7.625 .0400 7.585 03/01/2027
600061085 LU HOA 8.000 .250 7.750 .0400 7.710 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061072 HAGEN DAVID 25015231 $1,945.79 04/01/1997 360
600061073 FARNELL LINDA 25015249 $2,052.61 04/01/1997 360
600061074 MONTGOMERY ANNE 25015496 $2,149.24 04/01/1997 360
600061075 FALZON DAVID 25015546 $2,027.73 04/01/1997 360
600061076 BOUCHER RICHARD 25017039 $3,422.33 04/01/1997 360
600061077 STAMM JEFFREY 25018425 $2,616.06 04/01/1997 360
600061078 BERTOLAMI LEONARD 25019175 $1,831.78 04/01/1997 360
600061079 WRIGHT DAVID 25022369 $2,170.48 04/01/1997 360
600061080 PLATT DANIEL 25023938 $3,230.45 04/01/1997 360
600061081 MUNCH MARK 25024548 $2,191.41 04/01/1997 360
600061082 BHANGU JATINDER 25024753 $2,123.01 04/01/1997 360
600061083 ELLISON JOHN 25025107 $2,819.07 04/01/1997 360
600061084 GOODWIN PHIL 25026436 $1,951.17 12 04/01/1997 360
600061085 LU HOA 25026709 $1,871.10 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061072 HAGEN DAVID $320,000.00 N
600061073 FARNELL LINDA $465,000.00 N
600061074 MONTGOMERY ANNE $396,000.00 N
600061075 FALZON DAVID $410,000.00 N
600061076 BOUCHER RICHARD $600,000.00 N
600061077 STAMM JEFFREY $490,000.00 N
600061078 BERTOLAMI LEONARD $310,000.00 N
600061079 WRIGHT DAVID $450,000.00 N
600061080 PLATT DANIEL $640,000.00 N
600061081 MUNCH MARK $400,000.00 N
600061082 BHANGU JATINDER $367,000.00 N
600061083 ELLISON JOHN $486,000.00 N
600061084 GOODWIN PHIL $320,000.00 N
600061085 LU HOA $355,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 67
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061086 BRUNFELD ANDREI 10178 RIDGEWAY DR CUPERTINO CA 95014 $262,228.35
600061088 LEE JUNG 6612 RANDIWOOD LAN WEST HILLS CA 91307 $291,793.90
600061089 SLEPIAN DANIEL 6350 MITCHELL ROAD SHINGLE SPR CA 95862 $363,600.00
600061090 DEWITT DEXTER 706 S HERMOSILLO DR PAYSON AZ 85541 $256,327.89
600061091 PETERSON EDWARD 6342 AVENIDA CREST LA JOLLA CA 92037 $411,534.25
600061092 SCOTT JEFFREY 2532 FRONTIER ROAD AUBURN CA 95603 $285,063.40
600061093 PILLUTLA NAGARAJ 260N HAWTHORNE AVE BREA CA 92821 $237,348.55
600061094 GERBODE ROBERT 1536 SALTBUSH CT GARDNERVILL NV 89410 $297,000.00
600061095 BHAVSAR MEETEN 449 GRAND STREET REDWOOD CIT CA 94062 $328,000.00
600061097 INSKEEP JAMES 26763 WESTVALE ROAD PALOS VERDE CA 90274 $447,691.68
600061098 NAGARAJAN ANAN 3363 KENNETH DRIVE PALO ALTO CA 94303 $365,200.00
600061099 WICHMAN JEFFREY 35630 SHORELINE HWY GUALALA CA 95445 $596,250.00
600061100 HADSELL BARRY 1049 ROSS CIRCLE NAPA CA 94558 $259,829.92
600061101 THOM DONALD 3348 EL SUYO DRIVE SAN RAMON CA 94583 $235,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061086 BRUNFELD ANDREI 8.125 .250 7.875 .0400 7.835 03/01/2027
600061088 LEE JUNG 7.750 .250 7.500 .0400 7.460 03/01/2027
600061089 SLEPIAN DANIEL 7.750 .250 7.500 .0400 7.460 04/01/2027
600061090 DEWITT DEXTER 8.000 .250 7.750 .0400 7.710 03/01/2027
600061091 PETERSON EDWARD 7.750 .250 7.500 .0400 7.460 03/01/2027
600061092 SCOTT JEFFREY 8.125 .250 7.875 .0400 7.835 03/01/2027
600061093 PILLUTLA NAGARAJ 8.250 .250 8.000 .0400 7.960 03/01/2027
600061094 GERBODE ROBERT 8.250 .250 8.000 .0400 7.960 04/01/2027
600061095 BHAVSAR MEETEN 8.125 .250 7.875 .0400 7.835 04/01/2027
600061097 INSKEEP JAMES 7.875 .250 7.625 .0400 7.585 03/01/2027
600061098 NAGARAJAN ANAN 8.375 .250 8.125 .0400 8.085 04/01/2027
600061099 WICHMAN JEFFREY 8.500 .250 8.250 .0400 8.210 04/01/2027
600061100 HADSELL BARRY 8.125 .250 7.875 .0400 7.835 03/01/2027
600061101 THOM DONALD 8.375 .250 8.125 .0400 8.085 04/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061086 BRUNFELD ANDREI 25030818 $1,948.32 04/01/1997 360
600061088 LEE JUNG 25033127 $2,091.93 04/01/1997 360
600061089 SLEPIAN DANIEL 25034059 $2,604.88 04/01/1997 360
600061090 DEWITT DEXTER 25035494 $1,882.11 14 04/01/1997 360
600061091 PETERSON EDWARD 25036104 $2,951.62 04/01/1997 360
600061092 SCOTT JEFFREY 25036930 $2,117.98 1 04/01/1997 360
600061093 PILLUTLA NAGARAJ 25042839 $1,784.26 04/01/1997 360
600061094 GERBODE ROBERT 25043241 $2,231.27 1 04/01/1997 360
600061095 BHAVSAR MEETEN 25044132 $2,435.40 04/01/1997 360
600061097 INSKEEP JAMES 25046707 $3,248.32 04/01/1997 360
600061098 NAGARAJAN ANAN 25048471 $2,775.79 04/01/1997 360
600061099 WICHMAN JEFFREY 25049610 $4,584.65 04/01/1997 360
600061100 HADSELL BARRY 25050535 $1,930.50 04/01/1997 360
600061101 THOM DONALD 25050568 $1,786.17 14 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061086 BRUNFELD ANDREI $328,000.00 N
600061088 LEE JUNG $365,000.00 N
600061089 SLEPIAN DANIEL $555,000.00 N
600061090 DEWITT DEXTER $283,000.00 N
600061091 PETERSON EDWARD $1,000,000.00 N
600061092 SCOTT JEFFREY $320,000.00 N
600061093 PILLUTLA NAGARAJ $300,000.00 N
600061094 GERBODE ROBERT $330,000.00 N
600061095 BHAVSAR MEETEN $410,000.00 N
600061097 INSKEEP JAMES $575,000.00 N
600061098 NAGARAJAN ANAN $587,500.00 N
600061099 WICHMAN JEFFREY $800,000.00 N
600061100 HADSELL BARRY $340,000.00 N
600061101 THOM DONALD $282,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 68
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600061102 VERDE STEVEN 2041 REDBERRY ROAD SANTA ANA CA 92705 $279,807.30
600061103 ROYALS KEVIN 3201 COTTON FIELD MT PLEASAN SC 29464 $231,819.02
600061104 SHUBAT ALEXANDER 236 OTTAWA WAY FREMONT CA 94539 $253,300.00
600061105 YU EDWARD 3209 KIRKHAM DRIVE GLENDALE CA 91206 $280,000.00
600061106 DU DAVID 2934N TWINOAKS VLY SAN MARCOS CA 92069 $391,736.97
600061107 GLICK ZVI 1712 WALNUT AVENUE MANHATTAN B CA 90266 $354,800.00
600061108 BECKER ROGER 652-654 GUERRER SAN FRANCIS CA 94110 $315,000.00
600061109 LO TING 1208 LYNBROOK WAY SAN JOSE CA 95129 $294,000.00
600061110 RICHARDSON BRUCE 14801 GOLF LINKS DR LOS GATOS CA 95030 $525,000.00
600061111 YOUNG ALEXANDER 927 DUNCAN AVENUE MANHATTAN B CA 90266 $479,200.00
600061112 JONES JR FRANK 20081 INTERIOR LANE HUNTINGTON CA 92646 $230,000.00
600061113 ROSENZWEIG ANDREW 65 SPRINGFIELD MISSION VIE CA 92692 $226,900.00
600061114 ADALIAN ROBERT 14029 VALLEY VISTA SHERMAN OAK CA 91403 $275,000.00
600061235 JAMES T HARPER 1162 COUNTRY CLUB HOOVER AL 35244 $238,092.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600061102 VERDE STEVEN 7.875 .250 7.625 .0400 7.585 03/01/2027
600061103 ROYALS KEVIN 7.250 .250 7.000 .0400 6.960 03/01/2027
600061104 SHUBAT ALEXANDER 8.250 .250 8.000 .0400 7.960 04/01/2027
600061105 YU EDWARD 8.000 .250 7.750 .0400 7.710 04/01/2027
600061106 DU DAVID 8.000 .250 7.750 .0400 7.710 03/01/2027
600061107 GLICK ZVI 8.250 .250 8.000 .0400 7.960 04/01/2027
600061108 BECKER ROGER 8.250 .250 8.000 .0400 7.960 04/01/2027
600061109 LO TING 8.375 .250 8.125 .0400 8.085 04/01/2027
600061110 RICHARDSON BRUCE 7.875 .250 7.625 .0400 7.585 04/01/2027
600061111 YOUNG ALEXANDER 8.375 .250 8.125 .0400 8.085 04/01/2027
600061112 JONES JR FRANK 8.375 .250 8.125 .0400 8.085 04/01/2027
600061113 ROSENZWEIG ANDREW 8.375 .250 8.125 .0400 8.085 04/01/2027
600061114 ADALIAN ROBERT 7.875 .250 7.625 .0400 7.585 04/01/2027
600061235 JAMES T HARPER 8.250 .250 8.000 .0400 7.960 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600061102 VERDE STEVEN 25050626 $2,030.20 18 04/01/1997 360
600061103 ROYALS KEVIN 25052101 $1,582.65 04/01/1997 360
600061104 SHUBAT ALEXANDER 25052242 $1,902.96 04/01/1997 360
600061105 YU EDWARD 25052739 $2,054.55 14 04/01/1997 360
600061106 DU DAVID 25052861 $2,876.36 04/01/1997 360
600061107 GLICK ZVI 25054388 $2,665.50 04/01/1997 360
600061108 BECKER ROGER 25058892 $2,366.49 04/01/1997 360
600061109 LO TING 25059171 $2,234.62 04/01/1997 360
600061110 RICHARDSON BRUCE 25059387 $3,806.62 04/01/1997 360
600061111 YOUNG ALEXANDER 25064635 $3,642.27 04/01/1997 360
600061112 JONES JR FRANK 25064726 $1,748.17 04/01/1997 360
600061113 ROSENZWEIG ANDREW 25065186 $1,724.61 04/01/1997 360
600061114 ADALIAN ROBERT 25074527 $1,993.95 04/01/1997 360
600061235 JAMES T HARPER 20337093 $1,803.04 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600061102 VERDE STEVEN $318,000.00 N
600061103 ROYALS KEVIN $300,000.00 N
600061104 SHUBAT ALEXANDER $340,000.00 N
600061105 YU EDWARD $320,000.00 N
600061106 DU DAVID $500,000.00 N
600061107 GLICK ZVI $565,000.00 N
600061108 BECKER ROGER $425,000.00 N
600061109 LO TING $420,000.00 N
600061110 RICHARDSON BRUCE $820,000.00 N
600061111 YOUNG ALEXANDER $600,000.00 N
600061112 JONES JR FRANK $300,000.00 N
600061113 ROSENZWEIG ANDREW $284,000.00 N
600061114 ADALIAN ROBERT $414,000.00 N
600061235 JAMES T HARPER .00 .00 .00 .000 .250 .290 $325,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 69
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063254 LENCI STANLEY 24655 VIA MELINDA YORBA LINDA CA 92687 $227,161.04
600063255 HUMPHRIES JR JAMES 208 HAIGHT ST MENLO PARK CA 94025 $258,622.31
600063257 HARRIS JOHN 14 LEA PLACE ROCKAWAY NJ 07866 $217,120.56
600063258 KNOWLTON CALVIN 1201 GOLF ROAD CINNAMINSON NJ 08077 $227,651.86
600063260 MUNSON SHANE 1406 JINETE SAN CLEMENT CA 92672 $225,393.20
600063262 MURTH KAREN 1616 TROTTING TRAIL RD CLARKSON VA MO 63005 $239,676.85
600063263 PILLION SCOTT 1013 W WILDWOOD ROAD, 3 AVON CO 81620 $60,720.19
600063264 BOREK MARK BENNETTS LANE STONY BROOK NY 11790 $290,364.28
600063265 WIEBOLDT GERALD 257 CUMMINS HILL ROAD MILFORD PA 18337 $117,848.98
600063266 RYAN THOMAS 1025 LISA COURT WINDSOR CA 95492 $258,505.36
600063267 LOKKESMOE GARY 37125 WILLIAM WILLIAM STEAMBOAT S CO 80487 $216,707.83
600063268 CHALLIS LARRY 8140 SHELBORNE DRIVE GRANITE BAY CA 95746 $364,520.85
600063269 NICHOLAS FRED 127 SAWGRASS DRIVE BLUE BELL PA 19422 $259,631.47
600063271 WEBER TIMOTHY 3620 EASTFIELD ROAD CARMEL CA 93923 $615,105.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063254 LENCI STANLEY 9.875 .250 9.625 .0400 9.585 01/01/2020
600063255 HUMPHRIES JR JAMES 9.000 .250 8.750 .0400 8.710 08/01/2021
600063257 HARRIS JOHN 8.875 .250 8.625 .0400 8.585 07/01/2022
600063258 KNOWLTON CALVIN 8.875 .250 8.625 .0400 8.585 09/01/2022
600063260 MUNSON SHANE 8.125 .250 7.875 .0400 7.835 12/01/2026
600063262 MURTH KAREN 8.000 .250 7.750 .0400 7.710 02/01/2027
600063263 PILLION SCOTT 8.125 .250 7.875 .0400 7.835 02/01/2027
600063264 BOREK MARK 8.750 .250 8.500 .0400 8.460 02/01/2027
600063265 WIEBOLDT GERALD 8.250 .250 8.000 .0400 7.960 02/01/2027
600063266 RYAN THOMAS 7.875 .250 7.625 .0400 7.585 02/01/2027
600063267 LOKKESMOE GARY 8.000 .250 7.750 .0400 7.710 02/01/2027
600063268 CHALLIS LARRY 8.125 .250 7.875 .0400 7.835 02/01/2027
600063269 NICHOLAS FRED 8.000 .250 7.750 .0400 7.710 02/01/2027
600063271 WEBER TIMOTHY 7.625 .250 7.375 .0400 7.335 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063254 LENCI STANLEY 217344662 $2,092.72 04/01/1997 360
600063255 HUMPHRIES JR JAMES 217939776 $2,186.37 04/01/1997 360
600063257 HARRIS JOHN 220330278 $1,800.34 12 04/01/1997 360
600063258 KNOWLTON CALVIN 220390629 $1,888.69 2 04/01/1997 360
600063260 MUNSON SHANE 450590005 $1,685.47 12 04/01/1997 360
600063262 MURTH KAREN 450619804 $1,761.04 04/01/1997 360
600063263 PILLION SCOTT 450619820 $451.44 04/01/1997 360
600063264 BOREK MARK 450619994 $2,286.94 2 04/01/1997 360
600063265 WIEBOLDT GERALD 450620000 $886.50 04/01/1997 360
600063266 RYAN THOMAS 450620091 $1,880.11 04/01/1997 360
600063267 LOKKESMOE GARY 450621164 $1,592.27 04/01/1997 360
600063268 CHALLIS LARRY 450621446 $2,710.12 04/01/1997 360
600063269 NICHOLAS FRED 450621479 $1,907.79 04/01/1997 360
600063271 WEBER TIMOTHY 450622246 $4,360.01 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063254 LENCI STANLEY $415,517.00 N
600063255 HUMPHRIES JR JAMES $345,000.00 N
600063257 HARRIS JOHN $311,600.00 N
600063258 KNOWLTON CALVIN $275,000.00 N
600063260 MUNSON SHANE $255,000.00 N
600063262 MURTH KAREN $350,000.00 N
600063263 PILLION SCOTT $176,000.00 N
600063264 BOREK MARK $306,000.00 N
600063265 WIEBOLDT GERALD $168,000.00 N
600063266 RYAN THOMAS $324,142.00 N
600063267 LOKKESMOE GARY $385,000.00 N
600063268 CHALLIS LARRY $653,000.00 N
600063269 NICHOLAS FRED $325,000.00 N
600063271 WEBER TIMOTHY $770,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 70
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063272 MILLER JAMES 411 LAKELAND GROSSE POIN MI 48230 $344,036.16
600063273 BROWN KENT 14 STONE HOLLOW ROAD MENDON VT 05701 $249,671.81
600063274 CADY ALLAN 7601 N CENTRAL AVENUE 6 PHOENIX AZ 85020 $355,033.33
600063275 MERCADO HILBERT 147 4TH STREET ENCINITAS CA 92024 $279,568.24
600063276 MARKOW MITCHELL 31 GRAYTHORN DR SANTA FE NM 87501 $551,756.09
600063277 KATZ DAVID 12776 NORTH 114TH STREET SCOTTSDALE AZ 85259 $257,528.34
600063278 KHAYRALLAH MOISE 106 WILLESDEN DRIVE CARY NC 27513 $269,897.54
600063279 GREER PETER 780 WEST END AVE #8D NEW YORK NY 10025 $223,616.86
600063280 GOMPPER SCOTT 22169 LOCH LOMOND DRIVE CAYNON LAKE CA 92587 $229,121.07
600063281 SMITH LAWRENCE 3766 NORTH POINT CIRCLE ANCHORAGE AK 99515 $467,401.09
600063282 HUDDLESTON JEFFRY 13609 DEVONFIELD DRIVE BALDWIN MD 21013 $220,132.01
600063283 DEVEREAUX HARRY 1782 TAHOE DRIVE VAIL CO 81657 $349,504.34
600063284 MURRAY JULIE 309 SCHUBAUER DRIVE CARY NC 27513 $298,686.95
600063286 NORTON HOWARD 7674 CABALLERO DRIVE SANDY UT 84093 $250,694.80
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063272 MILLER JAMES 8.000 .250 7.750 .0400 7.710 02/01/2027
600063273 BROWN KENT 8.125 .250 7.875 .0400 7.835 02/01/2027
600063274 CADY ALLAN 8.125 .250 7.875 .0400 7.835 02/01/2027
600063275 MERCADO HILBERT 8.125 .250 7.875 .0400 7.835 02/01/2027
600063276 MARKOW MITCHELL 8.000 .250 7.750 .0400 7.710 02/01/2027
600063277 KATZ DAVID 8.375 .250 8.125 .0400 8.085 02/01/2027
600063278 KHAYRALLAH MOISE 7.500 .250 7.250 .0400 7.210 02/01/2027
600063279 GREER PETER 8.500 .250 8.250 .0400 8.210 02/01/2027
600063280 GOMPPER SCOTT 8.500 .250 8.250 .0400 8.210 02/01/2027
600063281 SMITH LAWRENCE 8.250 .250 8.000 .0400 7.960 02/01/2027
600063282 HUDDLESTON JEFFRY 8.500 .250 8.250 .0400 8.210 02/01/2027
600063283 DEVEREAUX HARRY 7.875 .250 7.625 .0400 7.585 02/01/2027
600063284 MURRAY JULIE 7.875 .250 7.625 .0400 7.585 02/01/2027
600063286 NORTON HOWARD 8.500 .250 8.250 .0400 8.210 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063272 MILLER JAMES 450623673 $2,527.82 04/01/1997 360
600063273 BROWN KENT 450624077 $1,856.25 04/01/1997 360
600063274 CADY ALLAN 450624135 $2,639.58 12 04/01/1997 360
600063275 MERCADO HILBERT 450625090 $2,079.00 04/01/1997 360
600063276 MARKOW MITCHELL 450627898 $4,054.05 04/01/1997 360
600063277 KATZ DAVID 450627922 $1,959.85 04/01/1997 360
600063278 KHAYRALLAH MOISE 450628342 $1,889.98 04/01/1997 360
600063279 GREER PETER 450631585 $1,722.37 04/01/1997 360
600063280 GOMPPER SCOTT 450632369 $1,763.89 2 04/01/1997 360
600063281 SMITH LAWRENCE 450632419 $3,515.93 04/01/1997 360
600063282 HUDDLESTON JEFFRY 450633045 $1,694.69 2 04/01/1997 360
600063283 DEVEREAUX HARRY 450633631 $2,537.75 04/01/1997 360
600063284 MURRAY JULIE 450633904 $2,168.69 04/01/1997 360
600063286 NORTON HOWARD 450636683 $1,929.98 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063272 MILLER JAMES $526,000.00 N
600063273 BROWN KENT $462,000.00 N
600063274 CADY ALLAN $395,000.00 N
600063275 MERCADO HILBERT $350,000.00 N
600063276 MARKOW MITCHELL $800,000.00 N
600063277 KATZ DAVID $322,313.00 N
600063278 KHAYRALLAH MOISE $337,922.00 N
600063279 GREER PETER $280,000.00 N
600063280 GOMPPER SCOTT $241,500.00 N
600063281 SMITH LAWRENCE $585,000.00 N
600063282 HUDDLESTON JEFFRY $232,000.00 N
600063283 DEVEREAUX HARRY $460,000.00 N
600063284 MURRAY JULIE $373,900.00 N
600063286 NORTON HOWARD $515,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 71
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063288 TRAUSCH LINDA 2985 BOREAS PASS ROAD BRECKENRIDG CO 80424 $499,655.90
600063289 WALERSTEIN ROBERT 7 CREST HOLLOW LANE MANORVILLE NY 11949 $218,267.69
600063290 HOLCOMB ALVIN 100 BROWN BLVD DIX HILLS NY 11746 $364,773.13
600063291 GREENE JAMES 10222 E SOUTHWIND LANE, # SCOTTSDALE AZ 85262 $286,016.03
600063292 SPIESS GREGORY 21 PRESTON DR BARRINGTON RI 02806 $243,348.65
600063293 WHEELUS TIMOTHY 22582 TOREADOR DRIVE SALINAS CA 93908 $235,841.64
600063294 MYERS ALLYN 2320 MONO AVENUE EL CERRITO CA 94530 $291,735.60
600063295 CROSBY JOHN 8113 HADDINGTON COURT FAIRFAX STA VA 22039 $289,105.88
600063296 ELLENA TIMOTHY 707 N MARIA AVENUE REDONDO BEA CA 90277 $309,802.32
600063297 BUSHBY RONALD 1085 LA GRANDE AVENUE NAPA CA 94558 $292,625.03
600063298 SANDERS DAVID 7944 E PARKVIEW LANE SCOTTSDALE AZ 85255 $346,466.51
600063299 WALDBAUM BASIL 22247 HWY 145 PLACERVILLE CO 81430 $309,764.11
600063300 SABIN DANIEL 39502 DANIELLE DR NORTHVILLE MI 48167 $319,474.28
600063301 KOLEAS ROBERT 23572 LAS COLINAS COURT LAGUNA NIGU CA 92677 $285,808.10
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063288 TRAUSCH LINDA 7.875 .250 7.625 .0400 7.585 03/01/2027
600063289 WALERSTEIN ROBERT 8.500 .250 8.250 .0400 8.210 03/01/2027
600063290 HOLCOMB ALVIN 8.375 .250 8.125 .0400 8.085 03/01/2027
600063291 GREENE JAMES 8.125 .250 7.875 .0400 7.835 02/01/2027
600063292 SPIESS GREGORY 8.375 .250 8.125 .0400 8.085 03/01/2027
600063293 WHEELUS TIMOTHY 8.000 .250 7.750 .0400 7.710 03/01/2027
600063294 MYERS ALLYN 8.375 .250 8.125 .0400 8.085 02/01/2027
600063295 CROSBY JOHN 8.000 .250 7.750 .0400 7.710 03/01/2027
600063296 ELLENA TIMOTHY 8.250 .250 8.000 .0400 7.960 03/01/2027
600063297 BUSHBY RONALD 8.250 .250 8.000 .0400 7.960 02/01/2027
600063298 SANDERS DAVID 8.375 .250 8.125 .0400 8.085 03/01/2027
600063299 WALDBAUM BASIL 7.375 .250 7.125 .0400 7.085 03/01/2027
600063300 SABIN DANIEL 8.250 .250 8.000 .0400 7.960 03/01/2027
600063301 KOLEAS ROBERT 8.000 .250 7.750 .0400 7.710 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063288 TRAUSCH LINDA 450637384 $3,625.35 04/01/1997 360
600063289 WALERSTEIN ROBERT 450637913 $1,679.31 2 04/01/1997 360
600063290 HOLCOMB ALVIN 450638473 $2,774.27 2 04/01/1997 360
600063291 GREENE JAMES 450638655 $2,126.46 04/01/1997 360
600063292 SPIESS GREGORY 450638770 $1,850.78 04/01/1997 360
600063293 WHEELUS TIMOTHY 450638788 $1,731.69 04/01/1997 360
600063294 MYERS ALLYN 450639182 $2,220.18 04/01/1997 360
600063295 CROSBY JOHN 450639778 $2,122.79 04/01/1997 360
600063296 ELLENA TIMOTHY 450640040 $2,328.93 2 04/01/1997 360
600063297 BUSHBY RONALD 450640347 $2,201.22 04/01/1997 360
600063298 SANDERS DAVID 450640438 $2,635.04 04/01/1997 360
600063299 WALDBAUM BASIL 450641691 $2,141.10 04/01/1997 360
600063300 SABIN DANIEL 450642517 $2,404.06 2 04/01/1997 360
600063301 KOLEAS ROBERT 450642996 $2,098.57 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063288 TRAUSCH LINDA $725,000.00 N
600063289 WALERSTEIN ROBERT $230,420.00 N
600063290 HOLCOMB ALVIN $411,000.00 N
600063291 GREENE JAMES $357,990.00 N
600063292 SPIESS GREGORY $307,700.00 N
600063293 WHEELUS TIMOTHY $310,000.00 N
600063294 MYERS ALLYN $373,000.00 N
600063295 CROSBY JOHN $410,000.00 N
600063296 ELLENA TIMOTHY $345,000.00 N
600063297 BUSHBY RONALD $400,000.00 N
600063298 SANDERS DAVID $433,353.00 N
600063299 WALDBAUM BASIL $423,240.00 N
600063300 SABIN DANIEL $360,000.00 N
600063301 KOLEAS ROBERT $357,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 72
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063302 SALLEE WILLIAM 1483 ELMWOOD COURT CHULA VISTA CA 91915 $224,449.29
600063303 CREEGAN JAMES 105 STROYAN LANE MILFORD PA 18337 $122,423.86
600063304 KASLOW ABEN 948 SKAGEN DRIVE SOLVANG CA 93463 $243,836.28
600063305 KUMAR RAJAN 18 BUFORD ROAD ROBBINSVILL NJ 08691 $332,764.97
600063307 TAYLOR SUSAN 328 VANDERBILT PARKWAY DIX HILLS NY 11746 $299,808.70
600063308 CATALA ANGELICA 305 W HIGH STREET MILFORD PA 18337 $88,944.68
600063309 BREWER JOHN 13514 S ISIS AVENUE HAWTHORNE CA 90250 $298,794.23
600063311 WRIGHT JR JAMES 505 FOXCROFT CIRCLE FRANKLIN TN 37067 $208,670.09
600063312 GUTHEIM MICHAEL 12670 CLASSICS DRIVE LOS ANGELES CA 91344 $335,780.20
600063313 CASEY JOHN 12504 PRESTWICK CT RANCHO MIRA CA 92270 $649,585.51
600063314 GILL CHRIS 18672 ALLEGHENY DRIVE SANTA ANA CA 92705 $247,837.77
600063315 SPENCER HARVEY 4703 ROCKBLUFF DRIVE ROLLING HIL CA 90274 $347,228.44
600063316 MUSCIO ARTHUR 433 MEER AVE. WYCKOFF NJ 07481 $317,397.47
600063317 VALENTINE ROBERT 1123 BELLVIEW ROAD MC LEAN VA 22102 $575,561.71
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063302 SALLEE WILLIAM 8.000 .250 7.750 .0400 7.710 03/01/2027
600063303 CREEGAN JAMES 8.375 .250 8.125 .0400 8.085 03/01/2027
600063304 KASLOW ABEN 8.000 .250 7.750 .0400 7.710 03/01/2027
600063305 KUMAR RAJAN 7.750 .250 7.500 .0400 7.460 03/01/2027
600063307 TAYLOR SUSAN 8.250 .250 8.000 .0400 7.960 03/01/2027
600063308 CATALA ANGELICA 8.375 .250 8.125 .0400 8.085 03/01/2027
600063309 BREWER JOHN 7.875 .250 7.625 .0400 7.585 03/01/2027
600063311 WRIGHT JR JAMES 8.375 .250 8.125 .0400 8.085 03/01/2027
600063312 GUTHEIM MICHAEL 8.125 .250 7.875 .0400 7.835 03/01/2027
600063313 CASEY JOHN 8.250 .250 8.000 .0400 7.960 03/01/2027
600063314 GILL CHRIS 8.125 .250 7.875 .0400 7.835 03/01/2027
600063315 SPENCER HARVEY 8.250 .250 8.000 .0400 7.960 03/01/2027
600063316 MUSCIO ARTHUR 8.250 .250 8.000 .0400 7.960 03/01/2027
600063317 VALENTINE ROBERT 7.375 .250 7.125 .0400 7.085 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063302 SALLEE WILLIAM 450643945 $1,648.04 3 04/01/1997 360
600063303 CREEGAN JAMES 450644232 $931.09 04/01/1997 360
600063304 KASLOW ABEN 450644307 $1,790.39 04/01/1997 360
600063305 KUMAR RAJAN 450645221 $2,385.66 2 04/01/1997 360
600063307 TAYLOR SUSAN 450647292 $2,253.80 04/01/1997 360
600063308 CATALA ANGELICA 450647524 $676.47 04/01/1997 360
600063309 BREWER JOHN 450647888 $2,167.96 04/01/1997 360
600063311 WRIGHT JR JAMES 450648092 $1,588.56 3 04/01/1997 360
600063312 GUTHEIM MICHAEL 450648191 $2,494.80 04/01/1997 360
600063313 CASEY JOHN 450648845 $4,883.24 04/01/1997 360
600063314 GILL CHRIS 450648944 $1,841.40 04/01/1997 360
600063315 SPENCER HARVEY 450648969 $2,610.28 3 04/01/1997 360
600063316 MUSCIO ARTHUR 450649538 $2,386.03 04/01/1997 360
600063317 VALENTINE ROBERT 450649751 $3,978.29 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063302 SALLEE WILLIAM $236,434.00 N
600063303 CREEGAN JAMES $172,500.00 N
600063304 KASLOW ABEN $305,000.00 N
600063305 KUMAR RAJAN $372,500.00 N
600063307 TAYLOR SUSAN $430,000.00 N
600063308 CATALA ANGELICA $139,000.00 N
600063309 BREWER JOHN $385,000.00 N
600063311 WRIGHT JR JAMES $220,000.00 N
600063312 GUTHEIM MICHAEL $420,000.00 N
600063313 CASEY JOHN $1,085,000.00 N
600063314 GILL CHRIS $310,000.00 N
600063315 SPENCER HARVEY $386,500.00 N
600063316 MUSCIO ARTHUR $397,000.00 N
600063317 VALENTINE ROBERT $720,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 73
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063318 HAMORI MICHAEL 7 SKUNK ROAD MERRIMAC MA 01860 $219,852.38
600063319 HOOE C WILLIAM 1845 CLUBHOUSE DRIVE STEAMBOAT S CO 80487 $148,657.54
600063320 CHOU KOULIN 3 CARLY COURT VOORHEES NJ 08043 $599,636.51
600063321 HIGUERA BARBARA L4 TASSAJARA ROAD CARMEL VALL CA 93924 $294,816.63
600063322 KENNEDY PHILIP 9349 MESA VISTA AVENUE LA MESA CA 91941 $258,301.31
600063323 GIAMPICCOLO FRANCIS 27 TAPPAN LANDING RD. TARRYTOWN NY 10591 $232,847.58
600063324 HUFF DENNIS 600 JACQUELINE COURT HOLLAND OH 43528 $265,343.24
600063325 WEINER MILTON 6 PAUL REVERE ROAD WORCESTER MA 01609 $507,667.69
600063326 STREATY GARY 5832 SOUTH GARTH AVENUE LOS ANGELES CA 90056 $307,793.33
600063327 SHUFFIELD MARK 4505 CAMPOBELLO STREET SAN DIEGO CA 92130 $249,814.46
600063328 ROUSSO ELI 4338 REDWOOD AVENUE #B-20 LOS ANGELES CA 90292 $229,445.94
600063329 CARSON GARY 55 WARWICK STONE WAY GREAT FALLS VA 22066 $650,563.19
600063330 MALOOLY PAUL 1016 SINGING HILLS DR. EL PASO TX 79912 $223,601.64
600063331 NEWELL PETER 112 BELLA VISTA AVENUE BELVEDERE CA 94920 $427,733.97
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063318 HAMORI MICHAEL 8.000 .250 7.750 .0400 7.710 03/01/2027
600063319 HOOE C WILLIAM 8.375 .250 8.125 .0400 8.085 03/01/2027
600063320 CHOU KOULIN 8.500 .250 8.250 .0400 8.210 03/01/2027
600063321 HIGUERA BARBARA 8.375 .250 8.125 .0400 8.085 03/01/2027
600063322 KENNEDY PHILIP 9.000 .250 8.750 .0400 8.710 03/01/2027
600063323 GIAMPICCOLO FRANCIS 8.125 .250 7.875 .0400 7.835 03/01/2027
600063324 HUFF DENNIS 8.625 .250 8.375 .0400 8.335 03/01/2027
600063325 WEINER MILTON 8.125 .250 7.875 .0400 7.835 03/01/2027
600063326 STREATY GARY 8.000 .250 7.750 .0400 7.710 03/01/2027
600063327 SHUFFIELD MARK 7.500 .250 7.250 .0400 7.210 03/01/2027
600063328 ROUSSO ELI 8.000 .250 7.750 .0400 7.710 03/01/2027
600063329 CARSON GARY 8.000 .250 7.750 .0400 7.710 03/01/2027
600063330 MALOOLY PAUL 7.625 .250 7.375 .0400 7.335 03/01/2017
600063331 NEWELL PETER 8.375 .250 8.125 .0400 8.085 03/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063318 HAMORI MICHAEL 450650791 $1,614.29 2 04/01/1997 360
600063319 HOOE C WILLIAM 450650866 $1,130.61 04/01/1997 360
600063320 CHOU KOULIN 450650874 $4,613.49 04/01/1997 360
600063321 HIGUERA BARBARA 450651096 $2,242.22 04/01/1997 360
600063322 KENNEDY PHILIP 450651120 $2,081.56 3 04/01/1997 360
600063323 GIAMPICCOLO FRANCIS 450651278 $1,730.02 2 04/01/1997 360
600063324 HUFF DENNIS 450651344 $2,065.04 3 04/01/1997 360
600063325 WEINER MILTON 450651450 $3,771.89 04/01/1997 360
600063326 STREATY GARY 450651740 $2,260.00 04/01/1997 360
600063327 SHUFFIELD MARK 450651898 $1,748.04 04/01/1997 360
600063328 ROUSSO ELI 450651955 $1,684.73 04/01/1997 360
600063329 CARSON GARY 450653241 $4,776.81 04/01/1997 360
600063330 MALOOLY PAUL 450653902 $1,821.69 04/01/1997 240
600063331 NEWELL PETER 450653944 $3,253.11 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063318 HAMORI MICHAEL $232,000.00 N
600063319 HOOE C WILLIAM $212,500.00 N
600063320 CHOU KOULIN $750,000.00 N
600063321 HIGUERA BARBARA $430,000.00 N
600063322 KENNEDY PHILIP $287,500.00 Y
600063323 GIAMPICCOLO FRANCIS $259,000.00 N
600063324 HUFF DENNIS $295,000.00 N
600063325 WEINER MILTON $635,000.00 N
600063326 STREATY GARY $385,000.00 N
600063327 SHUFFIELD MARK $390,000.00 N
600063328 ROUSSO ELI $287,000.00 N
600063329 CARSON GARY $1,000,000.00 N
600063330 MALOOLY PAUL $280,000.00 N
600063331 NEWELL PETER $800,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 74
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063332 GUYMON LANCE 6306 CATTAIL COURT FT COLLINS CO 80525 $243,532.28
600063333 BORCK GARY 72 EXETER ROAD NORTH HAMPT NH 03862 $274,837.63
600063334 MAYEWSKI PAUL 591-593 BAY ROAD DURHAM NH 03824 $344,806.58
600063335 CARTER DOROTHY 6225 WESTMINSTER SAINT LOUIS MO 63130 $184,200.00
600063336 LUFF HERBERT 5537 LOWER MOUNTAIN RD. NEW HOPE PA 18938 $232,000.00
600063337 RYGALSKI DAVID 3301 BONNIE HILL DRIVE LOS ANGELES CA 90068 $316,000.00
600063338 MORGAN PAUL 7101 N 23RD WAY PHOENIX AZ 85020 $235,849.51
600063339 CHOU TAJEN E 37 VARDON WAY FARMINGDALE NJ 07727 $219,848.59
600063340 COHAN NADINE 12 WILDFLOWER COURT MANALAPAN NJ 07726 $244,827.07
600063341 TRAMANTANO CHARLES A ADAMS FARM ROAD KATONAH NY 10589 $463,680.67
600063342 JATOBA MARGARIDA 1 GRACIE TERRACE 3 NEW YORK NY 10028 $152,650.07
600063343 YOUNG PATRICIA 112 WEST 56TH STREET NEW YORK NY 10019 $344,756.50
600063344 PERRY WILLIAM W 420 MAIN STREET AMAGANSETT NY 11930 $299,788.26
600063345 SUMEGI DANIEL 372 CENTRAL PARK WEST NEW YORK NY 10025 $137,920.60
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063332 GUYMON LANCE 7.875 .250 7.625 .0400 7.585 03/01/2027
600063333 BORCK GARY 8.625 .250 8.375 .0400 8.335 03/01/2027
600063334 MAYEWSKI PAUL 8.875 .250 8.625 .0400 8.585 03/01/2027
600063335 CARTER DOROTHY 8.125 .250 7.875 .0400 7.835 04/01/2027
600063336 LUFF HERBERT 8.250 .250 8.000 .0400 7.960 04/01/2027
600063337 RYGALSKI DAVID 8.000 .250 7.750 .0400 7.710 04/01/2027
600063338 MORGAN PAUL 8.250 .250 8.000 .0400 7.960 03/01/2027
600063339 CHOU TAJEN E 7.875 .250 7.625 .0400 7.585 03/03/2027
600063340 COHAN NADINE 7.750 .250 7.500 .0400 7.460 03/03/2027
600063341 TRAMANTANO CHARLES A 7.875 .250 7.625 .0400 7.585 03/03/2027
600063342 JATOBA MARGARIDA 8.125 .250 7.875 .0400 7.835 03/03/2027
600063343 YOUNG PATRICIA 7.750 .250 7.500 .0400 7.460 03/03/2027
600063344 PERRY WILLIAM W 7.750 .250 7.500 .0400 7.460 03/03/2027
600063345 SUMEGI DANIEL 8.750 .250 8.500 .0400 8.460 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063332 GUYMON LANCE 450654074 $1,767.00 3 04/01/1997 360
600063333 BORCK GARY 450656665 $2,138.93 04/01/1997 360
600063334 MAYEWSKI PAUL 450656699 $2,744.98 04/01/1997 360
600063335 CARTER DOROTHY 450656798 $1,367.68 04/01/1997 360
600063336 LUFF HERBERT 450656897 $1,742.94 04/01/1997 360
600063337 RYGALSKI DAVID 450657002 $2,318.70 04/01/1997 360
600063338 MORGAN PAUL 450657457 $1,772.99 04/01/1997 360
600063339 CHOU TAJEN E 1106019243 $1,595.16 04/01/1997 360
600063340 COHAN NADINE 1106021868 $1,755.22 04/01/1997 360
600063341 TRAMANTANO CHARLES A 1106034407 $3,364.33 04/01/1997 360
600063342 JATOBA MARGARIDA 1106043260 $1,134.17 04/01/1997 360
600063343 YOUNG PATRICIA 1106046938 $2,471.63 18 04/01/1997 360
600063344 PERRY WILLIAM W 1106047996 $2,149.24 04/01/1997 360
600063345 SUMEGI DANIEL 1106051600 $1,085.65 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063332 GUYMON LANCE $270,000.00 N
600063333 BORCK GARY $360,000.00 N
600063334 MAYEWSKI PAUL $475,000.00 N
600063335 CARTER DOROTHY $250,000.00 N
600063336 LUFF HERBERT $290,000.00 N
600063337 RYGALSKI DAVID $395,000.00 N
600063338 MORGAN PAUL $296,000.00 N
600063339 CHOU TAJEN E $289,000.00 N
600063340 COHAN NADINE $331,500.00 N
600063341 TRAMANTANO CHARLES A $580,000.00 N
600063342 JATOBA MARGARIDA $235,000.00 N
600063343 YOUNG PATRICIA $395,000.00 N
600063344 PERRY WILLIAM W $477,000.00 N
600063345 SUMEGI DANIEL $184,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 75
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063346 AQUINO MARIO BROWNSVILLE ROAD VICTOR NY 14564 $59,964.57
600063347 LIGOCI CARMEN D 4893 BUXTON DRIVE SYRACUSE NY 13215 $239,708.17
600063348 DOVGALUKBUCHANAN IRINA 415 EAST 37TH STREET NEW YORK NY 10016 $199,878.84
600063349 DORFMAN VERNON 4570 HENRY HUDSON PARK BRONX NY 10471 $499,697.10
600063350 KEIRANS JOHN P 364 SPRIG TREE PATH SAGAPONACK NY 11962 $243,859.62
600063351 SIRIANNO JOHN 695 WEST WHITNEY ROAD FAIRPORT NY 14450 $97,045.56
600063352 BAZAN ERNEST D 57 GARDNER HILL ROAD EAST NASSAU NY 12062 $171,401.32
600063353 MCNAMARA PAUL R 915 WYNNEWOOD ROAD PELHAM MANOR NY 10803 $89,946.86
600063354 CARDELLI MARIA GRAZIA 14 EAST 4TH STREET NEW YORK NY 10012 $275,828.45
600063355 PUGLISI CHARLES 1691 LYNN COURT SOUTH MERRICK NY 11566 $199,872.45
600063356 WEAVER BRUCE E 42 LAWRENCE DRIVE WHITE PLAINS NY 10603 $58,765.28
600063357 SANICOLA GERALDINE 292 ABRAHAMS PATH EAST HAMPTON NY 11937 $224,873.85
600063358 PIACENTE KENNETH D RUSSELL HARRIS ROAD QUEENSBURY NY 12801 $205,871.96
600063359 KARASEK CAROL 1 PECONIC AVENUE SHELTER ISLAND NY 11964 $284,803.86
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063346 AQUINO MARIO 8.625 .250 8.375 .0400 8.335 03/03/2027
600063347 LIGOCI CARMEN D 8.500 .250 8.250 .0400 8.210 02/01/2027
600063348 DOVGALUKBUCHANAN IRINA 8.500 .250 8.250 .0400 8.210 03/03/2027
600063349 DORFMAN VERNON 8.500 .250 8.250 .0400 8.210 03/03/2027
600063350 KEIRANS JOHN P 8.750 .250 8.500 .0400 8.460 03/03/2027
600063351 SIRIANNO JOHN 8.875 .250 8.625 .0400 8.585 03/03/2027
600063352 BAZAN ERNEST D 8.750 .250 8.500 .0400 8.460 03/03/2027
600063353 MCNAMARA PAUL R 8.625 .250 8.375 .0400 8.335 03/03/2027
600063354 CARDELLI MARIA GRAZIA 8.375 .250 8.125 .0400 8.085 03/03/2027
600063355 PUGLISI CHARLES 8.250 .250 8.000 .0400 7.960 03/03/2027
600063356 WEAVER BRUCE E 8.625 .250 8.375 .0400 8.335 03/03/2027
600063357 SANICOLA GERALDINE 8.875 .250 8.625 .0400 8.585 03/03/2027
600063358 PIACENTE KENNETH D 8.375 .250 8.125 .0400 8.085 03/03/2027
600063359 KARASEK CAROL 7.875 .250 7.625 .0400 7.585 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063346 AQUINO MARIO 1107008978 $466.68 04/01/1997 360
600063347 LIGOCI CARMEN D 1107014132 $1,845.40 04/01/1997 360
600063348 DOVGALUKBUCHANAN IRINA 1111070749 $1,537.83 04/01/1997 360
600063349 DORFMAN VERNON 1111077533 $3,844.57 04/01/1997 360
600063350 KEIRANS JOHN P 1111080276 $1,919.55 04/01/1997 360
600063351 SIRIANNO JOHN 1111080775 $772.58 04/01/1997 360
600063352 BAZAN ERNEST D 1111082522 $1,349.20 04/01/1997 360
600063353 MCNAMARA PAUL R 1111083977 $700.02 04/01/1997 360
600063354 CARDELLI MARIA GRAZIA 1111084641 $2,097.80 04/01/1997 360
600063355 PUGLISI CHARLES 1111086068 $1,502.54 04/01/1997 360
600063356 WEAVER BRUCE E 1111086104 $457.35 04/01/1997 360
600063357 SANICOLA GERALDINE 1111086487 $1,790.21 04/01/1997 360
600063358 PIACENTE KENNETH D 1111087016 $1,565.75 04/01/1997 360
600063359 KARASEK CAROL 1111087479 $2,066.45 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063346 AQUINO MARIO $200,000.00 N
600063347 LIGOCI CARMEN D $300,000.00 N
600063348 DOVGALUKBUCHANAN IRINA $345,000.00 N
600063349 DORFMAN VERNON $625,000.00 N
600063350 KEIRANS JOHN P $305,000.00 N
600063351 SIRIANNO JOHN $129,500.00 N
600063352 BAZAN ERNEST D $240,000.00 N
600063353 MCNAMARA PAUL R $170,000.00 N
600063354 CARDELLI MARIA GRAZIA $345,000.00 N
600063355 PUGLISI CHARLES $500,000.00 N
600063356 WEAVER BRUCE E $73,500.00 N
600063357 SANICOLA GERALDINE $400,000.00 N
600063358 PIACENTE KENNETH D $302,000.00 N
600063359 KARASEK CAROL $380,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 76
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063360 DEMASI RICHARD 597 LANDING AVENUE SMITHTOWN NY 11787 $249,844.60
600063361 CHONIS NICHOLAS 21 ANDREA LANE GREENLAWN NY 11740 $249,848.54
600063362 PORTO ROBERT 15001 95TH STREET APT OZONE PARK NY 11417 $89,936.47
600063363 DECROSTA LOUIS PAUL 132 BELLS POND ROAD LIVINGSTON NY 12534 $73,955.17
600063364 ROSEN LEE W 1136 EAST BROADWAY HEWLETT NY 11557 $234,204.34
600063365 MEROLA CARL 388 LITTLE CLOVE ROAD STATEN ISLAND NY 10301 $179,896.43
600063366 MARCHESANO NEAL 9 BRUSH PLACE HUNTINGTON NY 11743 $122,925.48
600063367 ABATINO ROSEMARIE 100 SPIER ROAD SCARSDALE NY 10583 $549,691.66
600063368 FUCHS AVRAHAM 345 EAST 80TH STREET NEW YORK NY 10021 $332,308.70
600063369 HUTCHISON JAMES J 526 1/2 CENTENNIAL ROAD GRAND JUNCTION CO 81504 $55,964.29
600063370 EAST THOMAS D 1068 ROCK CREEK ROAD BRYN MAWR PA 19010 $502,062.90
600063371 DOBEN BRENDA J 26 ERNIE'S DRIVE LITTLETON MA 14610 $216,039.55
600063372 SCHETTY III ROBERT 23 PADDOCK DRIVE FORT SALONGA NY 11768 $299,788.26
600063373 CHITRAPU PRABHAKARA R 135 BROCHANT CREEK BLUE BELL PA 19422 $294,328.13
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063360 DEMASI RICHARD 8.375 .250 8.125 .0400 8.085 03/03/2027
600063361 CHONIS NICHOLAS 8.500 .250 8.250 .0400 8.210 03/03/2027
600063362 PORTO ROBERT 7.750 .250 7.500 .0400 7.460 03/03/2027
600063363 DECROSTA LOUIS PAUL 8.500 .250 8.250 .0400 8.210 03/03/2027
600063364 ROSEN LEE W 8.375 .250 8.125 .0400 8.085 03/03/2027
600063365 MEROLA CARL 8.750 .250 8.500 .0400 8.460 03/03/2027
600063366 MARCHESANO NEAL 8.500 .250 8.250 .0400 8.210 03/03/2027
600063367 ABATINO ROSEMARIE 8.875 .250 8.625 .0400 8.585 03/03/2027
600063368 FUCHS AVRAHAM 8.750 .250 8.500 .0400 8.460 03/03/2027
600063369 HUTCHISON JAMES J 8.250 .250 8.000 .0400 7.960 03/03/2027
600063370 EAST THOMAS D 8.000 .250 7.750 .0400 7.710 03/03/2027
600063371 DOBEN BRENDA J 7.500 .250 7.250 .0400 7.210 03/03/2027
600063372 SCHETTY III ROBERT 7.750 .250 7.500 .0400 7.460 03/03/2027
600063373 CHITRAPU PRABHAKARA R 8.250 .250 8.000 .0400 7.960 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063360 DEMASI RICHARD 1111087515 $1,900.19 04/01/1997 360
600063361 CHONIS NICHOLAS 1111088369 $1,922.29 04/01/1997 360
600063362 PORTO ROBERT 1111088471 $644.78 04/01/1997 360
600063363 DECROSTA LOUIS PAUL 1111088642 $569.00 04/01/1997 360
600063364 ROSEN LEE W 1111090611 $1,781.23 04/01/1997 360
600063365 MEROLA CARL 1111090881 $1,416.07 04/01/1997 360
600063366 MARCHESANO NEAL 1111091294 $945.77 04/01/1997 360
600063367 ABATINO ROSEMARIE 1111091498 $4,376.05 04/01/1997 360
600063368 FUCHS AVRAHAM 1111091512 $2,615.78 04/01/1997 360
600063369 HUTCHISON JAMES J 1113038736 $420.71 04/01/1997 360
600063370 EAST THOMAS D 1113040002 $3,686.43 04/01/1997 360
600063371 DOBEN BRENDA J 1114008606 $1,511.70 04/01/1997 360
600063372 SCHETTY III ROBERT 1116013980 $2,149.24 1 04/01/1997 360
600063373 CHITRAPU PRABHAKARA R 1175037991 $2,216.24 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063360 DEMASI RICHARD $450,000.00 N
600063361 CHONIS NICHOLAS $325,000.00 N
600063362 PORTO ROBERT $150,000.00 N
600063363 DECROSTA LOUIS PAUL $130,000.00 N
600063364 ROSEN LEE W $312,000.00 N
600063365 MEROLA CARL $260,000.00 N
600063366 MARCHESANO NEAL $164,000.00 N
600063367 ABATINO ROSEMARIE $850,000.00 N
600063368 FUCHS AVRAHAM $475,000.00 N
600063369 HUTCHISON JAMES J $71,500.00 N
600063370 EAST THOMAS D $628,000.00 N
600063371 DOBEN BRENDA J $270,300.00 N
600063372 SCHETTY III ROBERT $320,000.00 N
600063373 CHITRAPU PRABHAKARA R $369,881.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 77
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063374 GORDON JONATHAN 3651 S BENTLEY AVENUE LOS ANGELES CA 90034 $224,709.03
600063375 FRIEDMAN JOSEPH J 10379 DUNLEER DRIVE LOS ANGELES CA 90064 $349,759.14
600063376 FEAGIN DANA BROOKS 355 STAFFORD AVENUE ENCINITAS CA 92007 $267,025.22
600063377 TARMAN DONALD M 999 N PACIFIC ST #C2 OCEANSIDE CA 92054 $89,732.85
600063378 HOHLWEG GABRIELA 7573 HAZARD CENTER DRIV SAN DIEGO CA 92108 $31,975.92
600063379 WESTERBAND HECTOR L 32720 BARRETT DRIVE WESTLAKE VILLAG CA 91361 $459,691.35
600063380 WALKER THOMAS 2898 EVERGOLD DRIVE HENDERSON NV 89014 $241,532.52
600063381 ANDERSON DENNIS S 2220 FAWN RIDGE STREET LAS VEGAS NV 89134 $224,769.34
600063382 BIRKAN EREM 1599 LUISA STREET SANTA FE NM 87501 $102,930.89
600063383 ZISKA DAVID L 6335 SW 110 STREET MIAMI FL 33156 $357,759.79
600063384 MASSOLL LEWIS J 1634 BIARRITZ DRIVE MIAMI BEACH FL 33141 $99,089.77
600063385 BUCCELLATO MARIA 531 N OCEAN BLVD #14 POMPANO BEACH FL 33062 $71,358.92
600063386 FRANKLIN BEN C 118 NOLEN LANE ALABASTER AL 35007 $138,304.75
600063387 JOHNSTON LEE FREDERICK 170 LAFAYETTE STREET DENVER CO 80218 $347,416.50
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063374 GORDON JONATHAN 8.000 .250 7.750 .0400 7.710 03/03/2027
600063375 FRIEDMAN JOSEPH J 7.875 .250 7.625 .0400 7.585 03/03/2027
600063376 FEAGIN DANA BROOKS 8.125 .250 7.875 .0400 7.835 03/03/2027
600063377 TARMAN DONALD M 8.375 .250 8.125 .0400 8.085 02/01/2027
600063378 HOHLWEG GABRIELA 7.875 .250 7.625 .0400 7.585 03/03/2027
600063379 WESTERBAND HECTOR L 8.000 .250 7.750 .0400 7.710 03/03/2027
600063380 WALKER THOMAS 8.125 .250 7.875 .0400 7.835 02/01/2027
600063381 ANDERSON DENNIS S 7.875 .250 7.625 .0400 7.585 12/01/2026
600063382 BIRKAN EREM 8.000 .250 7.750 .0400 7.710 03/03/2027
600063383 ZISKA DAVID L 8.000 .250 7.750 .0400 7.710 03/03/2027
600063384 MASSOLL LEWIS J 8.500 .250 8.250 .0400 8.210 03/03/2027
600063385 BUCCELLATO MARIA 8.750 .250 8.500 .0400 8.460 03/03/2027
600063386 FRANKLIN BEN C 7.875 .250 7.625 .0400 7.585 03/03/2027
600063387 JOHNSTON LEE FREDERICK 8.000 .250 7.750 .0400 7.710 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063374 GORDON JONATHAN 1230006603 $1,650.97 04/01/1997 360
600063375 FRIEDMAN JOSEPH J 1233009277 $2,537.74 04/01/1997 360
600063376 FEAGIN DANA BROOKS 1243002570 $1,983.95 04/01/1997 360
600063377 TARMAN DONALD M 1243003131 $684.07 04/01/1997 360
600063378 HOHLWEG GABRIELA 1243004644 $253.77 04/01/1997 360
600063379 WESTERBAND HECTOR L 1245002457 $3,375.32 04/01/1997 360
600063380 WALKER THOMAS 1251122770 $1,795.73 3 04/01/1997 360
600063381 ANDERSON DENNIS S 1251128201 $1,635.76 04/01/1997 360
600063382 BIRKAN EREM 1256001693 $755.78 04/01/1997 360
600063383 ZISKA DAVID L 1311279622 $2,626.88 04/01/1997 360
600063384 MASSOLL LEWIS J 1311279928 $763.92 04/01/1997 360
600063385 BUCCELLATO MARIA 1312026021 $561.70 04/01/1997 360
600063386 FRANKLIN BEN C 1445003340 $1,003.50 04/01/1997 360
600063387 JOHNSTON LEE FREDERICK 1463004742 $2,553.50 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063374 GORDON JONATHAN $320,000.00 N
600063375 FRIEDMAN JOSEPH J $472,500.00 N
600063376 FEAGIN DANA BROOKS $334,000.00 N
600063377 TARMAN DONALD M $145,000.00 N
600063378 HOHLWEG GABRIELA $190,990.00 N
600063379 WESTERBAND HECTOR L $600,000.00 N
600063380 WALKER THOMAS $284,531.00 N
600063381 ANDERSON DENNIS S $282,000.00 N
600063382 BIRKAN EREM $180,000.00 N
600063383 ZISKA DAVID L $675,000.00 N
600063384 MASSOLL LEWIS J $132,500.00 N
600063385 BUCCELLATO MARIA $102,000.00 N
600063386 FRANKLIN BEN C $173,000.00 N
600063387 JOHNSTON LEE FREDERICK $435,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 78
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063388 PFEIFFER MAXINE 9620 GRANDVIEW ROAD ARLINGTON WA 98223 $123,918.88
600063389 CANNAN GREGORY E 5719 MIDDLE CREST DRIVE AGOURA HILLS CA 91301 $375,760.24
600063390 BARNES W MITCHELL 49629 AVENIDA VISTA BLV LA QUINTA CA 92253 $164,690.18
600063391 PIERCE STEVEN T 2072 LUPINE ROAD HERCULES CA 94547 $192,453.76
600063392 HENDRICKSON STEVEN D 9536 SOUTH HAWKINS COUR SANDY UT 84092 $242,237.35
600063393 SLAGER JONATHAN P 1427 EAST PENROSE DRIVE SALT LAKE CITY UT 84103 $295,197.59
600063394 REECE JESSE 800 HALYOAKE AVENUE ORIENT NY 11957 $259,829.92
600063395 HLAWITSCHKA ANTON 160 BELL ROAD SCARSDALE NY 10583 $199,457.80
600063396 CAMPBELL JAMES J 48 MONROE ROAD SEARSPORT ME 04974 $49,886.64
600063397 MAZIN REBECCA A 5 HARMONY DRIVE LARCHMONT NY 10538 $222,633.61
600063398 DORN CHRISTINE 214 ELM STREET SOUTHAMPTON NY 11968 $119,857.92
600063399 PHILLIPS COLLEEN 1405 EAST 94TH STREET BROOKLYN NY 11236 $231,479.91
600063400 MELVIN JOHN DAVID 235 WEST END AVENUE NEW YORK NY 10023 $284,436.91
600063401 GOLDEN AUDREY 22 BAYVIEW RORD WEST SOUTHHAMPTON NY 11968 $99,638.12
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063388 PFEIFFER MAXINE 8.125 .250 7.875 .0400 7.835 03/03/2027
600063389 CANNAN GREGORY E 8.250 .250 8.000 .0400 7.960 03/03/2027
600063390 BARNES W MITCHELL 8.375 .250 8.125 .0400 8.085 01/01/2027
600063391 PIERCE STEVEN T 7.625 .250 7.375 .0400 7.335 03/03/2027
600063392 HENDRICKSON STEVEN D 8.000 .250 7.750 .0400 7.710 03/03/2027
600063393 SLAGER JONATHAN P 8.000 .250 7.750 .0400 7.710 12/01/2026
600063394 REECE JESSE 8.125 .250 7.875 .0400 7.835 03/03/2027
600063395 HLAWITSCHKA ANTON 8.000 .250 7.750 .0400 7.710 12/01/2026
600063396 CAMPBELL JAMES J 8.875 .250 8.625 .0400 8.585 12/01/2026
600063397 MAZIN REBECCA A 7.250 .250 7.000 .0400 6.960 03/01/2026
600063398 DORN CHRISTINE 8.750 .250 8.500 .0400 8.460 02/01/2027
600063399 PHILLIPS COLLEEN 7.875 .250 7.625 .0400 7.585 02/01/2027
600063400 MELVIN JOHN DAVID 8.125 .250 7.875 .0400 7.835 01/01/2027
600063401 GOLDEN AUDREY 9.125 .250 8.875 .0400 8.835 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063388 PFEIFFER MAXINE 1471005955 $920.70 04/01/1997 360
600063389 CANNAN GREGORY E 1482010582 $2,824.76 04/01/1997 360
600063390 BARNES W MITCHELL 1489003053 $1,254.12 04/01/1997 360
600063391 PIERCE STEVEN T 1495000184 $1,363.21 18 04/01/1997 360
600063392 HENDRICKSON STEVEN D 1496006572 $1,778.65 04/01/1997 360
600063393 SLAGER JONATHAN P 1497001734 $2,171.94 04/01/1997 360
600063394 REECE JESSE 1500249838 $1,930.50 04/01/1997 360
600063395 HLAWITSCHKA ANTON 1500261924 $1,467.53 04/01/1997 360
600063396 CAMPBELL JAMES J 1500269530 $397.82 04/01/1997 360
600063397 MAZIN REBECCA A 1500278676 $1,534.90 18 04/01/1997 360
600063398 DORN CHRISTINE 1500279250 $944.04 04/01/1997 360
600063399 PHILLIPS COLLEEN 1500279668 $1,680.71 1 04/01/1997 360
600063400 MELVIN JOHN DAVID 1500280816 $2,116.12 04/01/1997 360
600063401 GOLDEN AUDREY 1500281273 $811.60 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063388 PFEIFFER MAXINE $200,000.00 N
600063389 CANNAN GREGORY E $470,000.00 N
600063390 BARNES W MITCHELL $330,000.00 N
600063391 PIERCE STEVEN T $214,000.00 N
600063392 HENDRICKSON STEVEN D $303,000.00 N
600063393 SLAGER JONATHAN P $385,000.00 N
600063394 REECE JESSE $325,000.00 N
600063395 HLAWITSCHKA ANTON $305,000.00 N
600063396 CAMPBELL JAMES J $67,000.00 N
600063397 MAZIN REBECCA A $251,500.00 N
600063398 DORN CHRISTINE $160,000.00 N
600063399 PHILLIPS COLLEEN $244,000.00 N
600063400 MELVIN JOHN DAVID $460,000.00 N
600063401 GOLDEN AUDREY $142,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 79
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063402 MCCARTHY EUGENE 49 SNOWDROP DRIVE NEW CITY NY 10956 $292,336.02
600063403 STEWART RAYMOND W 16 PLEASANT VIEW AVENUE ALBANY NY 12203 $43,476.24
600063404 STRAUSS SUSAN M 401 EAST 84TH STREET NEW YORK NY 10028 $99,861.91
600063405 DIMARINO VITO 100 MCLAIN AVENUE MOUNT KISCO NY 10549 $724,519.07
600063406 SICHLER GEORGE D 74 CHERRY POINT COURT HAWLEY PA 18428 $122,830.14
600063407 BARBERA JERRY C 6 ROONEY COURT ENGLISHTOWN NJ 07726 $230,704.38
600063408 JOKEL ROBERT 123 WEST LAKE BLVD MAHOPAC NY 10541 $194,738.37
600063409 TAUCHES JR FRANK 72 AMHERST STREET GARDEN CITY NY 11530 $239,700.62
600063410 BROSNAHAN JOHN STEPHEN 12 HATCH TERRACE DOBBS FERRY NY 10522 $334,686.38
600063411 GOUDAR ARVIND 5 EMMONS DRIVE MILLSTONE NJ 08510 $236,253.07
600063412 DOLIN MICHAEL G 6 JUDSON PLACE ROCKVILLE CENTE NY 11570 $249,732.91
600063413 GOLDMAN HENRY 236 BYRAM LAKE ROAD MOUNT KISCO NY 10549 $314,636.21
600063414 KATZ MARSHA 233 S 6TH STREET #9 PHILADELPHIA PA 19106 $235,915.44
600063415 GOLDSTEIN GARY 30 CHATEAU LANE HAWTHORNE NY 10532 $188,894.04
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063402 MCCARTHY EUGENE 8.875 .250 8.625 .0400 8.585 03/03/2027
600063403 STEWART RAYMOND W 9.000 .250 8.750 .0400 8.710 03/03/2027
600063404 STRAUSS SUSAN M 7.875 .250 7.625 .0400 7.585 02/01/2027
600063405 DIMARINO VITO 9.125 .250 8.875 .0400 8.835 02/01/2027
600063406 SICHLER GEORGE D 7.875 .250 7.625 .0400 7.585 02/01/2027
600063407 BARBERA JERRY C 8.250 .250 8.000 .0400 7.960 02/01/2027
600063408 JOKEL ROBERT 8.625 .250 8.375 .0400 8.335 02/01/2027
600063409 TAUCHES JR FRANK 8.375 .250 8.125 .0400 8.085 02/01/2027
600063410 BROSNAHAN JOHN STEPHEN 8.250 .250 8.000 .0400 7.960 03/03/2027
600063411 GOUDAR ARVIND 8.375 .250 8.125 .0400 8.085 03/03/2027
600063412 DOLIN MICHAEL G 9.125 .250 8.875 .0400 8.835 02/01/2027
600063413 GOLDMAN HENRY 8.750 .250 8.500 .0400 8.460 02/01/2027
600063414 KATZ MARSHA 7.750 .250 7.500 .0400 7.460 02/01/2027
600063415 GOLDSTEIN GARY 8.875 .250 8.625 .0400 8.585 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063402 MCCARTHY EUGENE 1500282243 $2,327.26 04/01/1997 360
600063403 STEWART RAYMOND W 1500282902 $350.01 04/01/1997 360
600063404 STRAUSS SUSAN M 1500284260 $725.07 04/01/1997 360
600063405 DIMARINO VITO 1500284522 $5,949.69 04/01/1997 360
600063406 SICHLER GEORGE D 1500284770 $891.84 04/01/1997 360
600063407 BARBERA JERRY C 1500286459 $1,735.43 7 04/01/1997 360
600063408 JOKEL ROBERT 1500288771 $1,516.69 04/01/1997 360
600063409 TAUCHES JR FRANK 1500289606 $1,824.17 04/01/1997 360
600063410 BROSNAHAN JOHN STEPHEN 1500289810 $2,516.75 04/01/1997 360
600063411 GOUDAR ARVIND 1500289945 $1,796.81 04/01/1997 360
600063412 DOLIN MICHAEL G 1500290820 $2,034.08 04/01/1997 360
600063413 GOLDMAN HENRY 1500291914 $2,478.11 04/01/1997 360
600063414 KATZ MARSHA 1500292983 $1,692.52 04/01/1997 360
600063415 GOLDSTEIN GARY 1500295880 $1,503.77 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063402 MCCARTHY EUGENE $450,000.00 N
600063403 STEWART RAYMOND W $58,000.00 N
600063404 STRAUSS SUSAN M $195,000.00 N
600063405 DIMARINO VITO $1,000,000.00 N
600063406 SICHLER GEORGE D $205,000.00 N
600063407 BARBERA JERRY C $257,000.00 N
600063408 JOKEL ROBERT $260,000.00 N
600063409 TAUCHES JR FRANK $320,000.00 N
600063410 BROSNAHAN JOHN STEPHEN $420,000.00 N
600063411 GOUDAR ARVIND $295,546.00 N
600063412 DOLIN MICHAEL G $520,000.00 N
600063413 GOLDMAN HENRY $450,000.00 N
600063414 KATZ MARSHA $315,000.00 N
600063415 GOLDSTEIN GARY $270,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 80
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063416 CLARK JUDY MARIE 504 MYRTLE STREET VIDALIA LA 71373 $51,896.54
600063417 STARK VINCENT 2536 HAPPY HOLLOW ROAD GLENVIEW IL 60025 $286,033.48
600063418 RUEHMANN DAVID A 2034 SENDA DE ANDRES SANTE FE NM 87501 $399,724.72
600063419 LICK SCOTT D 14 LAKEVIEW DRIVE GALVESTON TX 77551 $301,353.88
600063420 ASHWORTH G FREDRICK 2107 FAIRWAY VISTA DRIV MCKINNEY TX 75070 $252,842.75
600063421 MUNOZ CESAR 8010 NW 167TH TERRACE MIAMI FL 33106 $224,753.28
600063422 POLANSKY SANDRA 526 CAMINO MILITAR SANTE FE NM 87501 $584,863.31
600063423 OHANLON KEVIN T 808 WEST AVENUE AUSTIN TX 78701 $290,732.58
600063424 NIEDENTHAL MICHAEL J 1124 EAST 1284 ROAD LAWRENCE KS 66047 $226,348.02
600063425 PHILLIPS ELIZABETH ANN 6117 N 31ST WAY PHEONIX AZ 85016 $327,580.24
600063426 BILLINGS STEVEN P 9980 NW WINDOVER DRIVE PARKVILLE MO 64028 $479,686.01
600063427 SCHULENBURG WILLIAM M 17452 OJAI LANE HUNTINGTON BEAC CA 92647 $271,650.25
600063428 STOKES MD EDWARD 6433 SHENANDOAH AVENUE LOS ANGELES CA 90056 $411,885.79
600063429 CLEMENTS BILLY J 4051 NEWTON STREET TORRANCE CA 90505 $249,832.26
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063416 CLARK JUDY MARIE 8.375 .250 8.125 .0400 8.085 01/01/2027
600063417 STARK VINCENT 8.250 .250 8.000 .0400 7.960 02/01/2027
600063418 RUEHMANN DAVID A 7.875 .250 7.625 .0400 7.585 03/03/2027
600063419 LICK SCOTT D 8.125 .250 7.875 .0400 7.835 02/01/2027
600063420 ASHWORTH G FREDRICK 8.375 .250 8.125 .0400 8.085 03/03/2027
600063421 MUNOZ CESAR 9.000 .250 8.750 .0400 8.710 02/01/2027
600063422 POLANSKY SANDRA 8.750 .250 8.500 .0400 8.460 03/03/2027
600063423 OHANLON KEVIN T 8.750 .250 8.500 .0400 8.460 03/03/2027
600063424 NIEDENTHAL MICHAEL J 8.000 .250 7.750 .0400 7.710 03/03/2027
600063425 PHILLIPS ELIZABETH ANN 8.250 .250 8.000 .0400 7.960 02/01/2027
600063426 BILLINGS STEVEN P 8.125 .250 7.875 .0400 7.835 03/03/2027
600063427 SCHULENBURG WILLIAM M 8.375 .250 8.125 .0400 8.085 10/01/2026
600063428 STOKES MD EDWARD 9.250 .250 9.000 .0400 8.960 06/01/2026
600063429 CLEMENTS BILLY J 8.000 .250 7.750 .0400 7.710 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063416 CLARK JUDY MARIE 1502065880 $395.24 04/01/1997 360
600063417 STARK VINCENT 1502077686 $2,151.63 04/01/1997 360
600063418 RUEHMANN DAVID A 1504092830 $2,900.28 04/01/1997 360
600063419 LICK SCOTT D 1504096422 $2,240.49 12 04/01/1997 360
600063420 ASHWORTH G FREDRICK 1504099431 $1,922.98 04/01/1997 360
600063421 MUNOZ CESAR 1504099920 $1,810.40 04/01/1997 360
600063422 POLANSKY SANDRA 1504101624 $4,603.77 04/01/1997 360
600063423 OHANLON KEVIN T 1504103925 $2,289.30 04/01/1997 360
600063424 NIEDENTHAL MICHAEL J 1505074414 $1,661.98 04/01/1997 360
600063425 PHILLIPS ELIZABETH ANN 1505076045 $2,464.16 04/01/1997 360
600063426 BILLINGS STEVEN P 1505077128 $3,563.99 04/01/1997 360
600063427 SCHULENBURG WILLIAM M 1506160840 $2,072.60 04/01/1997 356
600063428 STOKES MD EDWARD 1506168400 $3,406.75 14 04/01/1997 355
600063429 CLEMENTS BILLY J 1506176453 $1,834.41 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063416 CLARK JUDY MARIE $65,000.00 N
600063417 STARK VINCENT $358,000.00 N
600063418 RUEHMANN DAVID A $575,000.00 N
600063419 LICK SCOTT D $355,000.00 N
600063420 ASHWORTH G FREDRICK $337,500.00 N
600063421 MUNOZ CESAR $300,000.00 N
600063422 POLANSKY SANDRA $820,000.00 N
600063423 OHANLON KEVIN T $388,000.00 N
600063424 NIEDENTHAL MICHAEL J $288,500.00 N
600063425 PHILLIPS ELIZABETH ANN $410,000.00 N
600063426 BILLINGS STEVEN P $600,000.00 N
600063427 SCHULENBURG WILLIAM M $340,000.00 N
600063428 STOKES MD EDWARD $460,000.00 N
600063429 CLEMENTS BILLY J $350,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 81
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063430 SIMONSON GARY LANE 7519 NEWPORT DRIVE GOLETA CA 93117 $169,550.63
600063431 BARKER JERRY E 129 SANTA CRUIZ AVENUE OXNARD CA 93035 $275,232.73
600063432 RUANO JR BENIR 1421 SWALLOW LANE GILROY CA 95020 $246,599.26
600063433 ZONDAG RALPH J 326 CUMBERLAND ROAD GLENDALE CA 91202 $649,287.24
600063434 BRUGGEMAN STEVE J 5316 MARICOPA STREET TORRANCE CA 90503 $275,637.68
600063435 MEADE ELLEN L 1353 SYCAMORE CANYON SANTA BARBARA CA 93108 $181,772.25
600063436 BOYD DAVID L 3061 COUNTRY CLUB DRIVE COSTA MESA CA 92626 $509,657.80
600063437 ABRAMOV JACK 304 SOUTH SWALL DRIVE BEVERLY HILLS CA 90211 $358,790.25
600063438 MACKAY PATRICIA J 7135 HOLLYWOOD BLVD # LOS ANGELES CA 90046 $64,920.96
600063439 REED CHRISTOPHER STRYK 3373 LEY DRIVE LOS ANGELES CA 90027 $149,906.77
600063440 KEATING PATRICK DENNIS 20237 CHAPTER DRIVE LOS ANGELES CA 91364 $311,806.07
600063441 LILLY CHARLES E 24195 JUANITA DRIVE QUAIL VALLEY CA 92587 $206,860.82
600063442 SIMONSEN JOAN 4420 HUMMEL DRIVE SANTA MARIA CA 93455 $149,904.35
600063443 BERK RICHARD A 8809 OAKWILD LANE LOS ANGELES CA 90046 $271,826.55
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063430 SIMONSON GARY LANE 8.125 .250 7.875 .0400 7.835 12/01/2026
600063431 BARKER JERRY E 7.875 .250 7.625 .0400 7.585 12/01/2026
600063432 RUANO JR BENIR 8.000 .250 7.750 .0400 7.710 01/01/2027
600063433 ZONDAG RALPH J 9.000 .250 8.750 .0400 8.710 02/01/2027
600063434 BRUGGEMAN STEVE J 8.125 .250 7.875 .0400 7.835 02/01/2027
600063435 MEADE ELLEN L 8.375 .250 8.125 .0400 8.085 02/01/2027
600063436 BOYD DAVID L 8.000 .250 7.750 .0400 7.710 03/03/2027
600063437 ABRAMOV JACK 8.250 .250 8.000 .0400 7.960 02/01/2027
600063438 MACKAY PATRICIA J 8.500 .250 8.250 .0400 8.210 02/01/2027
600063439 REED CHRISTOPHER STRYK 8.375 .250 8.125 .0400 8.085 03/03/2027
600063440 KEATING PATRICK DENNIS 8.375 .250 8.125 .0400 8.085 03/03/2027
600063441 LILLY CHARLES E 8.750 .250 8.500 .0400 8.460 02/01/2027
600063442 SIMONSEN JOAN 8.250 .250 8.000 .0400 7.960 03/03/2027
600063443 BERK RICHARD A 8.250 .250 8.000 .0400 7.960 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063430 SIMONSON GARY LANE 1506177285 $1,262.25 04/01/1997 360
600063431 BARKER JERRY E 1506179462 $2,001.19 04/01/1997 360
600063432 RUANO JR BENIR 1506192267 $1,813.14 1 04/01/1997 360
600063433 ZONDAG RALPH J 1506195050 $5,230.05 04/01/1997 360
600063434 BRUGGEMAN STEVE J 1506202495 $2,049.30 04/01/1997 360
600063435 MEADE ELLEN L 1506202553 $1,383.33 04/01/1997 360
600063436 BOYD DAVID L 1506202881 $3,742.20 04/01/1997 360
600063437 ABRAMOV JACK 1506202928 $2,698.93 04/01/1997 360
600063438 MACKAY PATRICIA J 1506203159 $499.80 04/01/1997 360
600063439 REED CHRISTOPHER STRYK 1506203680 $1,140.11 04/01/1997 360
600063440 KEATING PATRICK DENNIS 1506204209 $2,371.43 04/01/1997 360
600063441 LILLY CHARLES E 1506204220 $1,629.26 04/01/1997 360
600063442 SIMONSEN JOAN 1506205110 $1,126.90 04/01/1997 360
600063443 BERK RICHARD A 1506205460 $2,043.45 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063430 SIMONSON GARY LANE $240,000.00 N
600063431 BARKER JERRY E $395,000.00 N
600063432 RUANO JR BENIR $260,155.00 N
600063433 ZONDAG RALPH J $890,000.00 N
600063434 BRUGGEMAN STEVE J $345,000.00 N
600063435 MEADE ELLEN L $260,000.00 N
600063436 BOYD DAVID L $695,000.00 N
600063437 ABRAMOV JACK $479,000.00 N
600063438 MACKAY PATRICIA J $95,000.00 N
600063439 REED CHRISTOPHER STRYK $565,000.00 N
600063440 KEATING PATRICK DENNIS $390,000.00 N
600063441 LILLY CHARLES E $300,000.00 N
600063442 SIMONSEN JOAN $310,000.00 N
600063443 BERK RICHARD A $340,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 82
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063444 NICAJ TOM LECA 36325 WEBER STERLING HEIGHT MI 48310 $129,351.38
600063445 BULLOCK JAMES L OFF ROUTE 724 CALLAO VA 22435 $299,450.88
600063446 HARVEY ROBIN E 3987 ROSE HILL AVENUE CINCINNATI OH 45229 $319,579.94
600063447 KREMEN MARILYN 305 WINDING BROOK COMMERCE TOWNSH MI 48390 $69,959.73
600063448 LONG JOHN D 11124 HENDERSON ROAD FAIRFAX STATION VA 22039 $332,384.85
600063449 HEIDER ALBERT H 13490 WILT STORE ROAD LEESBURG VA 22075 $274,665.64
600063450 DABISH DAVID J 1670 SOUTH DRIVE WALLED LAKE MI 48390 $118,373.38
600063451 KAPELLAS GEORGE 5349 OLD FRANKLIN GRAND BLANC MI 48439 $75,914.47
600063452 STECKEL JOHN B 2410 FOX CREEK LANE DAVIDSONVILLE MD 21035 $335,674.61
600063453 MEADOWS JR DAVID 19435 MCCORMICK AVENUE DETROIT MI 48224 $37,578.37
600063454 MONTGOMERY BARRY D 6005 NORTHWOOD ROAD DALLAS TX 75225 $259,329.93
600063455 DALE DOUGLAS 162 WINDANCER LANE DESTIN FL 32541 $95,883.27
600063456 PACETTI JOSEPH P 128 RIVER PLANTATION ST. AUGUSTINE FL 32092 $234,383.99
600063457 WHITE EUGENE B 466 BONNIE PEARL LANE CLEVELAND GA 30528 $239,676.87
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063444 NICAJ TOM LECA 8.875 .250 8.625 .0400 8.585 02/01/2027
600063445 BULLOCK JAMES L 8.500 .250 8.250 .0400 8.210 01/01/2027
600063446 HARVEY ROBIN E 8.125 .250 7.875 .0400 7.835 02/01/2027
600063447 KREMEN MARILYN 8.750 .250 8.500 .0400 8.460 03/03/2027
600063448 LONG JOHN D 8.375 .250 8.125 .0400 8.085 02/01/2027
600063449 HEIDER ALBERT H 8.500 .250 8.250 .0400 8.210 02/01/2027
600063450 DABISH DAVID J 9.125 .250 8.875 .0400 8.835 02/01/2027
600063451 KAPELLAS GEORGE 8.875 .250 8.625 .0400 8.585 02/01/2027
600063452 STECKEL JOHN B 8.000 .250 7.750 .0400 7.710 03/03/2027
600063453 MEADOWS JR DAVID 8.750 .250 8.500 .0400 8.460 03/03/2027
600063454 MONTGOMERY BARRY D 8.250 .250 8.000 .0400 7.960 12/01/2026
600063455 DALE DOUGLAS 8.500 .250 8.250 .0400 8.210 02/01/2027
600063456 PACETTI JOSEPH P 8.000 .250 7.750 .0400 7.710 02/01/2027
600063457 WHITE EUGENE B 8.000 .250 7.750 .0400 7.710 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063444 NICAJ TOM LECA 1507193480 $1,035.13 04/01/1997 360
600063445 BULLOCK JAMES L 1507206480 $2,306.75 04/01/1997 360
600063446 HARVEY ROBIN E 1507212971 $2,375.99 04/01/1997 360
600063447 KREMEN MARILYN 1507217716 $550.69 04/01/1997 360
600063448 LONG JOHN D 1507218071 $2,529.52 04/01/1997 360
600063449 HEIDER ALBERT H 1507222498 $2,114.51 04/01/1997 360
600063450 DABISH DAVID J 1507222920 $964.16 04/01/1997 360
600063451 KAPELLAS GEORGE 1507227866 $604.69 04/01/1997 360
600063452 STECKEL JOHN B 1507228698 $2,464.72 04/01/1997 360
600063453 MEADOWS JR DAVID 1507229850 $295.80 04/01/1997 360
600063454 MONTGOMERY BARRY D 1509032245 $1,953.30 04/01/1997 360
600063455 DALE DOUGLAS 1511069995 $738.16 04/01/1997 360
600063456 PACETTI JOSEPH P 1511077950 $1,722.15 04/01/1997 360
600063457 WHITE EUGENE B 1511082596 $1,761.03 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063444 NICAJ TOM LECA $167,000.00 N
600063445 BULLOCK JAMES L $377,000.00 N
600063446 HARVEY ROBIN E $400,000.00 N
600063447 KREMEN MARILYN $130,500.00 N
600063448 LONG JOHN D $416,000.00 N
600063449 HEIDER ALBERT H $545,000.00 N
600063450 DABISH DAVID J $158,000.00 N
600063451 KAPELLAS GEORGE $155,900.00 N
600063452 STECKEL JOHN B $419,900.00 N
600063453 MEADOWS JR DAVID $47,000.00 N
600063454 MONTGOMERY BARRY D $325,000.00 N
600063455 DALE DOUGLAS $147,900.00 N
600063456 PACETTI JOSEPH P $340,000.00 N
600063457 WHITE EUGENE B $300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 83
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063458 CECIARELLI PIERGIORGIO 2861 E ORCHARD CIRCLE DAVIE FL 33328 $170,781.17
600063459 LASALLE VINCENT A 317 WINDMILL PALM AVENU PLANTATION FL 33324 $322,276.39
600063460 HOWE RICHARD M 140 PENWICK DRIVE ROSWELL GA 30075 $247,357.94
600063461 BROWN JACINTH A 603 COAN ROAD LOCUST GROVE GA 30248 $63,951.41
600063462 WEISS ANDREA M 27400 STATE 44 EAST EUSTIS FL 32726 $639,622.25
600063463 PRITCHARD JOHN 806 CHOCTAW LANE SHALIMAR FL 32579 $324,781.94
600063464 WEVERKA JOSEPH JOHN 220 HIALEAH WAY ROSWELL GA 30075 $247,853.58
600063465 FREY WILLIAM E 6380 LOU PLACE WEST GRANITE BAY CA 95746 $289,841.59
600063466 DALY KIM L 1439 CAPUCHINO AVENUE BURLINGAME CA 94010 $239,708.19
600063467 BACCI FRANK P 565 PUTTER COURT INCLINE VILLAGE NV 89451 $999,439.38
600063468 SHACHMUT KENNETH M 67 SHUEY DRIVE MORAGA CA 94556 $385,976.00
600063469 DONG WALTER 2049 EAST KNOX ROAD TEMPE AZ 85284 $250,444.82
600063470 WHITLINGER JOHN T 260 HEDGE ROAD MENLO PARK CA 94025 $255,124.31
600063471 CHIEN PHILIP 187 PRAIRIE DOG LANE FREMONT CA 94539 $285,826.74
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063458 CECIARELLI PIERGIORGIO 8.250 .250 8.000 .0400 7.960 02/01/2027
600063459 LASALLE VINCENT A 8.125 .250 7.875 .0400 7.835 02/01/2027
600063460 HOWE RICHARD M 7.875 .250 7.625 .0400 7.585 02/01/2027
600063461 BROWN JACINTH A 9.000 .250 8.750 .0400 8.710 02/01/2027
600063462 WEISS ANDREA M 8.625 .250 8.375 .0400 8.335 03/03/2027
600063463 PRITCHARD JOHN 8.000 .250 7.750 .0400 7.710 03/03/2027
600063464 WEVERKA JOSEPH JOHN 8.625 .250 8.375 .0400 8.335 03/03/2027
600063465 FREY WILLIAM E 9.000 .250 8.750 .0400 8.710 03/03/2027
600063466 DALY KIM L 8.500 .250 8.250 .0400 8.210 02/01/2027
600063467 BACCI FRANK P 8.875 .250 8.625 .0400 8.585 03/03/2027
600063468 SHACHMUT KENNETH M 8.000 .250 7.750 .0400 7.710 03/03/2027
600063469 DONG WALTER 7.750 .250 7.500 .0400 7.460 02/01/2027
600063470 WHITLINGER JOHN T 7.875 .250 7.625 .0400 7.585 03/03/2027
600063471 CHIEN PHILIP 8.500 .250 8.250 .0400 8.210 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063458 CECIARELLI PIERGIORGIO 1511084310 $1,284.67 04/01/1997 360
600063459 LASALLE VINCENT A 1511085007 $2,396.04 04/01/1997 360
600063460 HOWE RICHARD M 1511085980 $1,796.00 7 04/01/1997 360
600063461 BROWN JACINTH A 1511086950 $541.91 04/01/1997 360
600063462 WEISS ANDREA M 1511088559 $4,977.75 04/01/1997 360
600063463 PRITCHARD JOHN 1511089256 $2,384.73 04/01/1997 360
600063464 WEVERKA JOSEPH JOHN 1511089609 $1,928.92 04/01/1997 360
600063465 FREY WILLIAM E 1512071020 $2,333.41 12 04/01/1997 360
600063466 DALY KIM L 1512072077 $1,845.39 04/01/1997 360
600063467 BACCI FRANK P 1512075836 $7,956.45 04/01/1997 360
600063468 SHACHMUT KENNETH M 1512077445 $2,835.27 04/01/1997 360
600063469 DONG WALTER 1512077842 $1,796.77 04/01/1997 360
600063470 WHITLINGER JOHN T 1512078540 $1,851.10 04/01/1997 360
600063471 CHIEN PHILIP 1512079178 $2,199.09 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063458 CECIARELLI PIERGIORGIO $228,000.00 N
600063459 LASALLE VINCENT A $403,476.00 N
600063460 HOWE RICHARD M $260,751.00 N
600063461 BROWN JACINTH A $89,800.00 N
600063462 WEISS ANDREA M $800,000.00 N
600063463 PRITCHARD JOHN $450,000.00 N
600063464 WEVERKA JOSEPH JOHN $310,000.00 N
600063465 FREY WILLIAM E $330,000.00 N
600063466 DALY KIM L $400,000.00 N
600063467 BACCI FRANK P $1,600,000.00 N
600063468 SHACHMUT KENNETH M $483,000.00 N
600063469 DONG WALTER $313,500.00 N
600063470 WHITLINGER JOHN T $325,000.00 N
600063471 CHIEN PHILIP $460,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 84
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063472 DE BRUIN MARK 1740 LANCASTER PLACE EL DORADO HILLS CA 95762 $287,820.99
600063473 SORKIN ARTHUR 940 NORTH BARKLEY STREE MESA AZ 85203 $226,840.34
600063474 HUGHES JIM 2378 GREEN MEADOWS LANE PLACERVILLE CO 81430 $213,870.36
600063475 CANUDO PAULA A 2941 CREEK POINT DRIVE SAN JOSE CA 95133 $213,860.02
600063476 ALEXANDER JACK E 14630 GUADALUPE DRIVE RANCHO MURIETA CA 95683 $224,849.03
600063477 ZAPATA CARLOS D 745 LANINI DRIVE HOLLISTER CA 95023 $237,240.71
600063478 RAMSTAD BARRY L 821 FOYS LAKE ROAD KALISPELL MT 59901 $93,546.15
600063479 EDWARDS BRADLEY D 16840 DRENNAN ROAD COLORADO SPRING CO 80928 $205,636.50
600063480 ROBBERSON TIMOTHY C 11409 WEST BEAR CREEK LAKEWOOD CO 80227 $242,237.35
600063481 CEBALLOS MARCEL 25707 NORTHEAST 39TH WE REDMOND WA 98053 $345,179.80
600063482 YOUNG CAREY D 5727 SOUTH HAWTHORN ROA SEATTLE WA 98118 $279,641.67
600063483 KELLEY MARK P 1 BELLAIRE STREET DENVER CO 80220 $237,452.32
600063484 WRIGHT BRYAN R 2856 EAGLE VIEW COURT EVERGREEN CO 80439 $263,004.29
600063485 DALE LISA M 466 SOUTH GILPIN STREET DENVER CO 80209 $378,277.52
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063472 DE BRUIN MARK 8.375 .250 8.125 .0400 8.085 03/03/2027
600063473 SORKIN ARTHUR 8.250 .250 8.000 .0400 7.960 02/01/2027
600063474 HUGHES JIM 8.500 .250 8.250 .0400 8.210 03/03/2027
600063475 CANUDO PAULA A 8.125 .250 7.875 .0400 7.835 03/03/2027
600063476 ALEXANDER JACK E 8.000 .250 7.750 .0400 7.710 03/03/2027
600063477 ZAPATA CARLOS D 8.000 .250 7.750 .0400 7.710 03/03/2027
600063478 RAMSTAD BARRY L 8.750 .250 8.500 .0400 8.460 03/03/2027
600063479 EDWARDS BRADLEY D 8.250 .250 8.000 .0400 7.960 02/01/2027
600063480 ROBBERSON TIMOTHY C 8.000 .250 7.750 .0400 7.710 03/03/2027
600063481 CEBALLOS MARCEL 8.500 .250 8.250 .0400 8.210 02/01/2027
600063482 YOUNG CAREY D 8.250 .250 8.000 .0400 7.960 02/01/2027
600063483 KELLEY MARK P 8.375 .250 8.125 .0400 8.085 03/03/2027
600063484 WRIGHT BRYAN R 8.125 .250 7.875 .0400 7.835 02/01/2027
600063485 DALE LISA M 8.375 .250 8.125 .0400 8.085 02/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063472 DE BRUIN MARK 1512079360 $2,189.01 04/01/1997 360
600063473 SORKIN ARTHUR 1512079407 $1,706.36 2 04/01/1997 360
600063474 HUGHES JIM 1512079418 $1,645.47 04/01/1997 360
600063475 CANUDO PAULA A 1512079495 $1,588.94 04/01/1997 360
600063476 ALEXANDER JACK E 1512080472 $1,650.97 7 04/01/1997 360
600063477 ZAPATA CARLOS D 1512080520 $1,741.96 12 04/01/1997 360
600063478 RAMSTAD BARRY L 1513010596 $736.35 04/01/1997 360
600063479 EDWARDS BRADLEY D 1513095850 $1,546.86 04/01/1997 360
600063480 ROBBERSON TIMOTHY C 1513100236 $1,778.65 04/01/1997 360
600063481 CEBALLOS MARCEL 1513104656 $2,657.36 1 04/01/1997 360
600063482 YOUNG CAREY D 1513105080 $2,103.55 04/01/1997 360
600063483 KELLEY MARK P 1513107202 $1,805.93 04/01/1997 360
600063484 WRIGHT BRYAN R 1513107246 $1,955.37 12 04/01/1997 360
600063485 DALE LISA M 1513107880 $2,878.78 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063472 DE BRUIN MARK $360,000.00 N
600063473 SORKIN ARTHUR $252,368.00 N
600063474 HUGHES JIM $565,000.00 N
600063475 CANUDO PAULA A $290,000.00 N
600063476 ALEXANDER JACK E $250,000.00 N
600063477 ZAPATA CARLOS D $249,900.00 N
600063478 RAMSTAD BARRY L $117,000.00 N
600063479 EDWARDS BRADLEY D $281,000.00 N
600063480 ROBBERSON TIMOTHY C $303,000.00 N
600063481 CEBALLOS MARCEL $384,000.00 N
600063482 YOUNG CAREY D $360,000.00 N
600063483 KELLEY MARK P $297,000.00 N
600063484 WRIGHT BRYAN R $277,250.00 N
600063485 DALE LISA M $505,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 85
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063486 DEBARBRIE STEVEN J 20518 NORTHEAST 37TH WE REDMOND WA 98053 $256,104.54
600063487 ACTON TIM B 2015 96TH AVENUE NE BELLEVUE WA 98004 $499,681.17
600063488 FELICE CONRAD W 14150 227TH AVENUE NORT WOODINVILLE WA 98072 $364,767.26
600063489 MOREAU AMY K 6778 S NIAGARA COURT ENGLEWOOD CO 80112 $161,154.79
600063490 PYE SUSAN R 507 LONGWOODS LANE HOUSTON TX 77024 $471,683.30
600063491 RUBINO JR PETER 331 CABOT COURT ROSEVILLE CA 95746 $239,861.92
600063492 ABRAMSON JEFFREY 104 HOLLISTER AVENUE CAPITOLA CA 95010 $314,804.21
600063493 STARR JON C 831 833 835 KIPLING PALO ALTO CA 94301 $562,167.90
600063494 JURVETSON STEPHEN T 27200 ALTAMONT ROAD LOS ALTOS HILLS CA 94022 $1,199,291.52
600063495 SWANTON KENNETH G 4173 EL CAMINO REAL 4 PALO ALTO CA 94306 $343,786.18
600063496 CLELAND RICHARD ROURKE 2809 DYER STREET UNIVERSITY PARK TX 75205 $189,898.88
600063497 SCHWARTZ RICHARD L 3000 E PARKER ROAD PLANO TX 75074 $733,007.83
600063498 ADAMS ROBERT 1074 HIGH SCHOOL RD NOR BAINBRIDGE ISLA WA 98110 $321,395.35
600063499 FLIEDER WILLIAM J 15001 NORTHEAST WINSOR BRUSH PRAIRIE WA 98606 $255,836.75
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063486 DEBARBRIE STEVEN J 8.000 .250 7.750 .0400 7.710 02/01/2027
600063487 ACTON TIM B 8.250 .250 8.000 .0400 7.960 03/03/2027
600063488 FELICE CONRAD W 8.250 .250 8.000 .0400 7.960 03/03/2027
600063489 MOREAU AMY K 8.625 .250 8.375 .0400 8.335 03/03/2027
600063490 PYE SUSAN R 8.000 .250 7.750 .0400 7.710 03/03/2027
600063491 RUBINO JR PETER 8.750 .250 8.500 .0400 8.460 03/03/2027
600063492 ABRAMSON JEFFREY 8.375 .250 8.125 .0400 8.085 03/03/2027
600063493 STARR JON C 8.625 .250 8.375 .0400 8.335 03/03/2027
600063494 JURVETSON STEPHEN T 8.625 .250 8.375 .0400 8.335 03/03/2027
600063495 SWANTON KENNETH G 8.375 .250 8.125 .0400 8.085 03/03/2027
600063496 CLELAND RICHARD ROURKE 9.125 .250 8.875 .0400 8.835 03/03/2027
600063497 SCHWARTZ RICHARD L 8.000 .250 7.750 .0400 7.710 03/03/2027
600063498 ADAMS ROBERT 8.375 .250 8.125 .0400 8.085 01/01/2027
600063499 FLIEDER WILLIAM J 8.250 .250 8.000 .0400 7.960 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063486 DEBARBRIE STEVEN J 1513108635 $1,881.74 2 04/01/1997 360
600063487 ACTON TIM B 1513109387 $3,756.33 04/01/1997 360
600063488 FELICE CONRAD W 1513109478 $2,742.12 04/01/1997 360
600063489 MOREAU AMY K 1513112417 $1,254.19 04/01/1997 360
600063490 PYE SUSAN R 1521031605 $3,463.37 04/01/1997 360
600063491 RUBINO JR PETER 1550001030 $1,888.08 04/01/1997 360
600063492 ABRAMSON JEFFREY 1561344402 $2,394.23 04/01/1997 360
600063493 STARR JON C 1561344446 $4,375.07 04/01/1997 360
600063494 JURVETSON STEPHEN T 1561345085 $9,333.48 04/01/1997 360
600063495 SWANTON KENNETH G 1561345245 $2,614.65 04/01/1997 360
600063496 CLELAND RICHARD ROURKE 1563144073 $1,545.91 04/01/1997 360
600063497 SCHWARTZ RICHARD L 1563144335 $5,382.17 04/01/1997 360
600063498 ADAMS ROBERT 1565145598 $2,447.44 04/01/1997 360
600063499 FLIEDER WILLIAM J 1565152913 $1,923.25 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063486 DEBARBRIE STEVEN J $269,950.00 N
600063487 ACTON TIM B $730,000.00 N
600063488 FELICE CONRAD W $457,000.00 N
600063489 MOREAU AMY K $215,000.00 N
600063490 PYE SUSAN R $591,000.00 N
600063491 RUBINO JR PETER $324,000.00 N
600063492 ABRAMSON JEFFREY $450,000.00 N
600063493 STARR JON C $750,000.00 N
600063494 JURVETSON STEPHEN T $1,731,000.00 N
600063495 SWANTON KENNETH G $430,000.00 N
600063496 CLELAND RICHARD ROURKE $320,000.00 N
600063497 SCHWARTZ RICHARD L $978,000.00 N
600063498 ADAMS ROBERT $475,000.00 N
600063499 FLIEDER WILLIAM J $320,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 86
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063500 KHAN WASEEM A 105 SHADY RIDGE COURT DULUTH GA 30155 $327,785.43
600063501 WRIGHT JR WAYNE 1635 RISING MIST LANE CUMMING GA 30131 $224,852.82
600063502 DAY DENNIS J 3290 PEACE LANE SUWANEE GA 30174 $163,900.65
600063503 ABDALLA MICHAEL J 5960 RIVERSIDE DRIVE ATLANTA GA 30328 $259,850.40
600063504 SINCLAIR GREGORY D 2550 CHALCEDONY STREET SAN DIEGO CA 92109 $339,771.87
600063505 SLOANE HOWARD N 3636 CALLE JUEGO RANCHO SANTA FE CA 92067 $258,793.12
600063506 ENGLE ROGER L 16740 AVENIDA FLORENCI POWAY CA 92064 $307,803.59
600063507 MC CARTER MICHAEL 164 ANDREW AVENUE ENCINITAS CA 92024 $274,810.74
600063508 SHIMIZU KENNETH T 12751 CALLE DE LA SIEN SAN DIEGO CA 92130 $291,827.60
600063509 BROWN DAVID M 6828 NORTH 48TH STREET PARADISE VALLEY AZ 85253 $258,339.32
600063510 HILDEBRANDT MARTIN P 6025 NORTH 3RD AVENUE PHOENIX AZ 85013 $284,827.34
600063511 ATCHLEY GUY E RR 2 BOX 127 SAPULPA OK 74066 $62,364.09
600063512 CAIAZZA GINA 12606 EAST PARADISE DRI SCOTTSDALE AZ 85259 $286,026.61
600063513 HEILIG PAUL W 8619 EAST EDGEMONT AVEN SCOTTSDALE AZ 85257 $87,142.96
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063500 KHAN WASEEM A 8.125 .250 7.875 .0400 7.835 03/03/2027
600063501 WRIGHT JR WAYNE 8.125 .250 7.875 .0400 7.835 03/03/2027
600063502 DAY DENNIS J 8.500 .250 8.250 .0400 8.210 03/03/2027
600063503 ABDALLA MICHAEL J 8.750 .250 8.500 .0400 8.460 03/03/2027
600063504 SINCLAIR GREGORY D 8.000 .250 7.750 .0400 7.710 03/03/2027
600063505 SLOANE HOWARD N 8.500 .250 8.250 .0400 8.210 03/03/2027
600063506 ENGLE ROGER L 8.250 .250 8.000 .0400 7.960 03/03/2027
600063507 MC CARTER MICHAEL 7.875 .250 7.625 .0400 7.585 03/03/2027
600063508 SHIMIZU KENNETH T 8.625 .250 8.375 .0400 8.335 03/03/2027
600063509 BROWN DAVID M 8.375 .250 8.125 .0400 8.085 03/03/2027
600063510 HILDEBRANDT MARTIN P 8.500 .250 8.250 .0400 8.210 03/03/2027
600063511 ATCHLEY GUY E 8.750 .250 8.500 .0400 8.460 03/03/2027
600063512 CAIAZZA GINA 8.500 .250 8.250 .0400 8.210 03/03/2027
600063513 HEILIG PAUL W 8.125 .250 7.875 .0400 7.835 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063500 KHAN WASEEM A 1566084830 $2,435.40 04/01/1997 360
600063501 WRIGHT JR WAYNE 1566090630 $1,670.62 7 04/01/1997 360
600063502 DAY DENNIS J 1566090709 $1,261.02 04/01/1997 360
600063503 ABDALLA MICHAEL J 1566090742 $2,045.43 04/01/1997 360
600063504 SINCLAIR GREGORY D 1567178259 $2,494.80 04/01/1997 360
600063505 SLOANE HOWARD N 1567180159 $1,991.11 04/01/1997 360
600063506 ENGLE ROGER L 1567180931 $2,313.91 04/01/1997 360
600063507 MC CARTER MICHAEL 1567181275 $1,993.95 04/01/1997 360
600063508 SHIMIZU KENNETH T 1567183011 $2,271.15 04/01/1997 360
600063509 BROWN DAVID M 1569138696 $1,964.79 04/01/1997 360
600063510 HILDEBRANDT MARTIN P 1569157147 $2,191.41 04/01/1997 360
600063511 ATCHLEY GUY E 1569158580 $490.91 04/01/1997 360
600063512 CAIAZZA GINA 1569160083 $2,200.64 7 04/01/1997 360
600063513 HEILIG PAUL W 1569160582 $647.46 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063500 KHAN WASEEM A $410,000.00 N
600063501 WRIGHT JR WAYNE $250,000.00 N
600063502 DAY DENNIS J $226,000.00 N
600063503 ABDALLA MICHAEL J $400,000.00 N
600063504 SINCLAIR GREGORY D $440,000.00 N
600063505 SLOANE HOWARD N $325,000.00 N
600063506 ENGLE ROGER L $385,000.00 N
600063507 MC CARTER MICHAEL $475,000.00 N
600063508 SHIMIZU KENNETH T $365,000.00 N
600063509 BROWN DAVID M $860,000.00 N
600063510 HILDEBRANDT MARTIN P $385,000.00 N
600063511 ATCHLEY GUY E $78,000.00 N
600063512 CAIAZZA GINA $320,000.00 N
600063513 HEILIG PAUL W $109,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 87
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063514 ELDER RICHARD D 2176 BALBOA DRIVE SOUTH LAKE TAHO CA 96150 $426,734.59
600063515 JONES BOBBY G 5817 EL CAMPO WAY NORTH HIGHLANDS CA 95660 $58,363.69
600063516 BRADLEY J DAVID 380 DEL AMIGO ROAD DANVILLE CA 94526 $399,744.93
600063517 FLAHERTY MICHAEL 3700 VICKREY LANE WINTERS CA 95694 $299,798.70
600063518 MERTZ PATRICIA ANN 1220 HOEL PARKWAY KANSAS CITY KS 66102 $115,851.55
600063519 FARLEY GREGORY P 577 HIGH RIDGE CIRCLE MENDOTA HEIGHTS MN 55118 $313,000.28
600063520 LETTIERI TINO M 4815 HIGHCREST DRIVE DEEPHAVEN MN 55331 $139,908.42
600063521 BENNETT WILLIAM C 133 EAST ROBERTSON ROAD CASTALIAN SPRIN TN 37031 $233,846.92
600063522 SOBEL GORDON D 151 OTTER ROAD HILTON HEAD ISL SC 29928 $171,545.33
600063523 HOLLAND JERRY D 173 TALLANT ROAD MC DONALD TN 37353 $80,151.41
600063524 HARRIS SHERRY J 9145 BRINGLE FERRY ROAD SALISBURY NC 28146 $257,949.16
600063525 TRAVIS HAYDEN 1450 CATALPA STREET LOUISVILLE KY 40211 $47,873.19
600063526 COX JERRY L 213 BOB CAT TRAIL SIMPSONVILLE SC 29681 $263,927.24
600063527 SWORDS WAYNE H 268 CHEROKEE DRIVE LIBERTY SC 29657 $91,945.68
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063514 ELDER RICHARD D 8.375 .250 8.125 .0400 8.085 03/03/2027
600063515 JONES BOBBY G 8.375 .250 8.125 .0400 8.085 03/03/2027
600063516 BRADLEY J DAVID 8.250 .250 8.000 .0400 7.960 03/03/2027
600063517 FLAHERTY MICHAEL 8.000 .250 7.750 .0400 7.710 03/03/2027
600063518 MERTZ PATRICIA ANN 8.250 .250 8.000 .0400 7.960 02/01/2027
600063519 FARLEY GREGORY P 8.250 .250 8.000 .0400 7.960 03/03/2027
600063520 LETTIERI TINO M 8.125 .250 7.875 .0400 7.835 03/03/2027
600063521 BENNETT WILLIAM C 8.125 .250 7.875 .0400 7.835 03/03/2027
600063522 SOBEL GORDON D 8.125 .250 7.875 .0400 7.835 12/01/2026
600063523 HOLLAND JERRY D 8.500 .250 8.250 .0400 8.210 03/03/2027
600063524 HARRIS SHERRY J 8.375 .250 8.125 .0400 8.085 03/03/2027
600063525 TRAVIS HAYDEN 8.875 .250 8.625 .0400 8.585 03/03/2027
600063526 COX JERRY L 8.125 .250 7.875 .0400 7.835 03/03/2027
600063527 SWORDS WAYNE H 8.625 .250 8.375 .0400 8.335 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063514 ELDER RICHARD D 1573168544 $3,245.51 04/01/1997 360
600063515 JONES BOBBY G 1573168577 $443.89 04/01/1997 360
600063516 BRADLEY J DAVID 1573168613 $3,005.07 04/01/1997 360
600063517 FLAHERTY MICHAEL 1573168715 $2,201.30 04/01/1997 360
600063518 MERTZ PATRICIA ANN 1576034001 $871.47 04/01/1997 360
600063519 FARLEY GREGORY P 1576034668 $2,352.97 2 04/01/1997 360
600063520 LETTIERI TINO M 1576037087 $1,039.50 04/01/1997 360
600063521 BENNETT WILLIAM C 1577053271 $1,737.45 2 04/01/1997 360
600063522 SOBEL GORDON D 1577057170 $1,277.10 04/01/1997 360
600063523 HOLLAND JERRY D 1577062443 $616.67 04/01/1997 360
600063524 HARRIS SHERRY J 1577062534 $1,964.03 04/01/1997 360
600063525 TRAVIS HAYDEN 1577063854 $381.91 04/01/1997 360
600063526 COX JERRY L 1577064370 $1,960.94 2 04/01/1997 360
600063527 SWORDS WAYNE H 1577064799 $715.57 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063514 ELDER RICHARD D $610,000.00 N
600063515 JONES BOBBY G $73,000.00 N
600063516 BRADLEY J DAVID $612,000.00 N
600063517 FLAHERTY MICHAEL $530,000.00 N
600063518 MERTZ PATRICIA ANN $175,000.00 N
600063519 FARLEY GREGORY P $348,107.00 N
600063520 LETTIERI TINO M $365,000.00 N
600063521 BENNETT WILLIAM C $260,000.00 N
600063522 SOBEL GORDON D $230,000.00 N
600063523 HOLLAND JERRY D $194,000.00 N
600063524 HARRIS SHERRY J $323,000.00 N
600063525 TRAVIS HAYDEN $60,000.00 N
600063526 COX JERRY L $278,000.00 N
600063527 SWORDS WAYNE H $115,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 88
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063528 HODGES STEVEN R 1017 BRIDGESTONE PLACE KNOXVILLE TN 37919 $255,823.82
600063529 CARPENTER CURT LAWRENC 319 BALTIC AVE3EF ASPEN CO 81611 $212,935.64
600063530 WALTON GREGORY R 1333 S WESTHAVEN DRIVE VAIL CO 81657 $498,987.00
600063531 BRIGHAM DANNY 6453 SOUTH HAVANA STREE ENGLEWOOD CO 80111 $77,450.51
600063532 COLLING CHARLES DAVID 42309 COUNTY ROAD 49 KIOWA CO 80117 $147,910.33
600063533 SARLES CHRISTINE 7760 WEST 87TH DRIVE ARVADA CO 80005 $62,763.87
600063534 CROKE STEPHEN T 0236 GOLD DUST DRIVE EDWARDS CO 81632 $230,856.42
600063535 OVERMYER RICK L 29971 SEAVER DRIVE GOLDEN CO 80403 $284,813.57
600063536 LENART MARC S 27300 BEAVER CREEK TRAI STEAMBOAT SPRIN CO 80487 $434,715.44
600063537 JORDAN MICHAEL D 7893 BELFAST DRIVE MAGNA UT 84044 $79,946.31
600063538 SMITH JOHN B 5201 WEST 6600 SOUTH WEST JORDAN UT 84084 $83,932.57
600063539 SIEGE CHRISTOPHER R 61 GREENWICH HILLS GREENWICH CT 06831 $295,816.01
600063540 TURCHINETZ MARIA A 24A SCHOOL STREET HULL MA 02045 $74,853.44
600063541 LAHEY JOHN 0000 RT 12 NORTH WOODSTOCK VT 05091 $222,854.13
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063528 HODGES STEVEN R 7.875 .250 7.625 .0400 7.585 03/03/2027
600063529 CARPENTER CURT LAWRENC 8.125 .250 7.875 .0400 7.835 12/01/2026
600063530 WALTON GREGORY R 8.250 .250 8.000 .0400 7.960 01/01/2027
600063531 BRIGHAM DANNY 8.250 .250 8.000 .0400 7.960 01/01/2027
600063532 COLLING CHARLES DAVID 8.500 .250 8.250 .0400 8.210 03/03/2027
600063533 SARLES CHRISTINE 8.750 .250 8.500 .0400 8.460 03/03/2027
600063534 CROKE STEPHEN T 8.375 .250 8.125 .0400 8.085 03/03/2027
600063535 OVERMYER RICK L 8.125 .250 7.875 .0400 7.835 03/03/2027
600063536 LENART MARC S 8.125 .250 7.875 .0400 7.835 03/03/2027
600063537 JORDAN MICHAEL D 8.000 .250 7.750 .0400 7.710 03/03/2027
600063538 SMITH JOHN B 8.500 .250 8.250 .0400 8.210 03/03/2027
600063539 SIEGE CHRISTOPHER R 8.375 .250 8.125 .0400 8.085 03/03/2027
600063540 TURCHINETZ MARIA A 8.375 .250 8.125 .0400 8.085 03/03/2027
600063541 LAHEY JOHN 8.125 .250 7.875 .0400 7.835 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063528 HODGES STEVEN R 1577066896 $1,856.18 04/01/1997 360
600063529 CARPENTER CURT LAWRENC 1579035714 $1,585.24 04/01/1997 360
600063530 WALTON GREGORY R 1579039330 $3,755.96 04/01/1997 360
600063531 BRIGHAM DANNY 1579041127 $582.99 04/01/1997 360
600063532 COLLING CHARLES DAVID 1579042120 $1,138.00 04/01/1997 360
600063533 SARLES CHRISTINE 1579042527 $494.05 04/01/1997 360
600063534 CROKE STEPHEN T 1579042786 $1,755.77 04/01/1997 360
600063535 OVERMYER RICK L 1579042913 $2,116.12 04/01/1997 360
600063536 LENART MARC S 1579043122 $3,229.87 04/01/1997 360
600063537 JORDAN MICHAEL D 1579043188 $587.02 04/01/1997 360
600063538 SMITH JOHN B 1579043213 $648.20 04/01/1997 360
600063539 SIEGE CHRISTOPHER R 1580044360 $2,249.82 04/01/1997 360
600063540 TURCHINETZ MARIA A 1580045045 $569.30 04/01/1997 360
600063541 LAHEY JOHN 1580045409 $1,655.77 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063528 HODGES STEVEN R $330,000.00 N
600063529 CARPENTER CURT LAWRENC $305,000.00 N
600063530 WALTON GREGORY R $1,120,000.00 N
600063531 BRIGHAM DANNY $103,500.00 N
600063532 COLLING CHARLES DAVID $185,000.00 N
600063533 SARLES CHRISTINE $78,500.00 N
600063534 CROKE STEPHEN T $330,000.00 N
600063535 OVERMYER RICK L $420,000.00 N
600063536 LENART MARC S $725,000.00 N
600063537 JORDAN MICHAEL D $100,000.00 N
600063538 SMITH JOHN B $136,000.00 N
600063539 SIEGE CHRISTOPHER R $377,500.00 N
600063540 TURCHINETZ MARIA A $107,000.00 N
600063541 LAHEY JOHN $340,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 89
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063542 GOMEZ BRENDA J 1 WILLOWBY WAY LYNNFIELD MA 01940 $341,043.27
600063543 GRAHAM CONSTANCE 50 KINGS COVE WAY NORTH WEYMOUTH MA 02191 $146,299.24
600063544 ALEXANDER RICHARD B 380 WOODS EDGE WHITE LAKE MI 48386 $283,836.60
600063545 OTLEY CHARLENE K 5021 ELKIN COMMERCE TOWNSH MI 48382 $114,932.10
600063546 HUMBERGER KATHERINE P RD 2 BOX 358A JEANNETTE PA 15644 $54,568.59
600063547 LOOS PATRICK 4034 HILLCREST HIGHLAND MI 48031 $251,851.21
600063548 REID JAMES M 119 SUN ROSCOMMON MI 48653 $439,740.22
600063549 SERRA STEVEN A 3084 SOUTHWIND WALLED LAKE MI 48390 $266,238.61
600063550 TOWER JR GORDON 872 165TH AVENUE HERSEY MI 49639 $51,970.84
600063551 COLEMAN CHARLES R 1670 SOUTH LONG LAKE TRAVERSE CITY MI 49684 $125,232.98
600063552 LEBOWITZ NORMAN G 19465 DEERING LIVONIA MI 48152 $51,970.08
600063553 KAPLAN DONALD 9191 TAN BAY COMMERCE TOWNSH MI 48382 $239,858.30
600063554 KELLY STEPHEN 5381 SHOREWOOD DRIVE INDIANAPOLIS IN 46220 $227,858.28
600063555 WENDLAND RANDY M 624 CROMWELL STREET TRAVERSE CITY MI 49686 $97,934.24
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063542 GOMEZ BRENDA J 8.500 .250 8.250 .0400 8.210 03/03/2027
600063543 GRAHAM CONSTANCE 7.875 .250 7.625 .0400 7.585 03/03/2027
600063544 ALEXANDER RICHARD B 8.750 .250 8.500 .0400 8.460 03/03/2027
600063545 OTLEY CHARLENE K 8.625 .250 8.375 .0400 8.335 03/03/2027
600063546 HUMBERGER KATHERINE P 8.750 .250 8.500 .0400 8.460 03/03/2027
600063547 LOOS PATRICK 8.625 .250 8.375 .0400 8.335 03/03/2027
600063548 REID JAMES M 8.625 .250 8.375 .0400 8.335 03/03/2027
600063549 SERRA STEVEN A 8.500 .250 8.250 .0400 8.210 03/03/2027
600063550 TOWER JR GORDON 8.875 .250 8.625 .0400 8.585 03/03/2027
600063551 COLEMAN CHARLES R 7.875 .250 7.625 .0400 7.585 03/03/2027
600063552 LEBOWITZ NORMAN G 8.750 .250 8.500 .0400 8.460 03/03/2027
600063553 KAPLAN DONALD 8.625 .250 8.375 .0400 8.335 03/03/2027
600063554 KELLY STEPHEN 8.375 .250 8.125 .0400 8.085 03/03/2027
600063555 WENDLAND RANDY M 8.000 .250 7.750 .0400 7.710 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063542 GOMEZ BRENDA J 1580045715 $2,623.92 04/01/1997 360
600063543 GRAHAM CONSTANCE 1580045781 $1,061.51 04/01/1997 360
600063544 ALEXANDER RICHARD B 1581073046 $2,234.23 04/01/1997 360
600063545 OTLEY CHARLENE K 1581086650 $894.46 04/01/1997 360
600063546 HUMBERGER KATHERINE P 1581086729 $429.54 04/01/1997 360
600063547 LOOS PATRICK 1581086784 $1,960.04 7 04/01/1997 360
600063548 REID JAMES M 1581087856 $3,422.28 04/01/1997 360
600063549 SERRA STEVEN A 1581088418 $2,048.39 04/01/1997 360
600063550 TOWER JR GORDON 1581088666 $413.74 04/01/1997 360
600063551 COLEMAN CHARLES R 1581088790 $910.69 04/01/1997 360
600063552 LEBOWITZ NORMAN G 1581088939 $409.09 04/01/1997 360
600063553 KAPLAN DONALD 1581089294 $1,866.70 04/01/1997 360
600063554 KELLY STEPHEN 1581089487 $1,732.97 04/01/1997 360
600063555 WENDLAND RANDY M 1581089953 $719.09 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063542 GOMEZ BRENDA J $455,000.00 N
600063543 GRAHAM CONSTANCE $183,000.00 N
600063544 ALEXANDER RICHARD B $355,000.00 N
600063545 OTLEY CHARLENE K $185,000.00 N
600063546 HUMBERGER KATHERINE P $116,000.00 N
600063547 LOOS PATRICK $280,000.00 N
600063548 REID JAMES M $550,000.00 N
600063549 SERRA STEVEN A $333,000.00 N
600063550 TOWER JR GORDON $65,000.00 N
600063551 COLEMAN CHARLES R $157,000.00 N
600063552 LEBOWITZ NORMAN G $83,000.00 N
600063553 KAPLAN DONALD $337,000.00 N
600063554 KELLY STEPHEN $285,000.00 N
600063555 WENDLAND RANDY M $122,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 90
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063556 MALAY DAVID S 6473 CHEROKEE INDIAN HEAD PAR IL 60525 $399,763.84
600063557 TUMINO JR JOHN 0 N 795 CHICKORY CIRCLE WHEATON IL 60187 $279,942.97
600063558 ELHOLM ROBERT 3545 NAKOMA ROAD MADISON WI 53711 $119,917.41
600063559 ADAMS LAURA LEE 1108 GRAY FOX LANE FRANKLIN TN 37069 $477,714.33
600063560 BEAUSEJOUR SHARON 1512 CAROLINA COURT UPPER MARLBORO MD 20772 $220,181.07
600063561 SMITH MCHARDY M 13 ELMWOOD DRIVE WARREN NJ 07059 $334,200.28
600063562 STERN IVAN 3605 ANTON FARMS ROAD PIKESVILLE MD 21208 $499,681.16
600063563 ARMES JR ANDREW 12000 BETHESDA CHURCH DAMASCUS MD 20872 $231,553.62
600063564 SAID NAFISA AHEMMED 4806 32ND STREET WASHINGTON DC 20008 $474,726.71
600063565 SOWERS VINCENT A 13769 NOTLEY ROAD SILVER SPRING MD 20904 $216,208.47
600063566 BECKER RUSSELL 32 WESTMONT DRIVE LIVINGSTON NJ 07039 $669,624.38
600063567 KONTOS CHRISTINE 6 STAR SPLITTER COURT VOORHEES NJ 08009 $99,934.58
600063568 ALBERT MARC J 1439 SHORELINE WAY HOLLYWOOD FL 33019 $325,878.33
600063569 THOMPSON JR THOMAS 638 MIDDLE RIVER DRIVE FORT LAUDERDALE FL 33304 $349,098.04
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063556 MALAY DAVID S 8.625 .250 8.375 .0400 8.335 03/03/2027
600063557 TUMINO JR JOHN 8.875 .250 8.625 .0400 8.585 03/03/2027
600063558 ELHOLM ROBERT 7.875 .250 7.625 .0400 7.585 03/03/2027
600063559 ADAMS LAURA LEE 8.875 .250 8.625 .0400 8.585 12/01/2026
600063560 BEAUSEJOUR SHARON 8.250 .250 8.000 .0400 7.960 12/01/2026
600063561 SMITH MCHARDY M 8.625 .250 8.375 .0400 8.335 12/01/2026
600063562 STERN IVAN 8.250 .250 8.000 .0400 7.960 03/03/2027
600063563 ARMES JR ANDREW 8.875 .250 8.625 .0400 8.585 01/01/2027
600063564 SAID NAFISA AHEMMED 8.750 .250 8.500 .0400 8.460 03/03/2027
600063565 SOWERS VINCENT A 8.125 .250 7.875 .0400 7.835 03/03/2027
600063566 BECKER RUSSELL 8.875 .250 8.625 .0400 8.585 03/03/2027
600063567 KONTOS CHRISTINE 8.125 .250 7.875 .0400 7.835 03/03/2027
600063568 ALBERT MARC J 9.000 .250 8.750 .0400 8.710 12/01/2026
600063569 THOMPSON JR THOMAS 8.250 .250 8.000 .0400 7.960 12/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063556 MALAY DAVID S 1583041379 $3,111.16 04/01/1997 360
600063557 TUMINO JR JOHN 1583041812 $2,228.60 04/01/1997 360
600063558 ELHOLM ROBERT 1583042440 $870.09 04/01/1997 360
600063559 ADAMS LAURA LEE 1585018345 $3,809.55 1 04/01/1997 360
600063560 BEAUSEJOUR SHARON 1587047741 $1,658.43 2 04/01/1997 360
600063561 SMITH MCHARDY M 1587048813 $2,605.60 04/01/1997 360
600063562 STERN IVAN 1587052548 $3,756.34 04/01/1997 360
600063563 ARMES JR ANDREW 1587052796 $1,845.90 04/01/1997 360
600063564 SAID NAFISA AHEMMED 1587056775 $3,736.83 04/01/1997 360
600063565 SOWERS VINCENT A 1587057756 $1,606.40 04/01/1997 360
600063566 BECKER RUSSELL 1587058090 $5,330.83 04/01/1997 360
600063567 KONTOS CHRISTINE 1587058250 $742.50 04/01/1997 360
600063568 ALBERT MARC J 1589080307 $2,627.90 04/01/1997 360
600063569 THOMPSON JR THOMAS 1589083917 $2,629.43 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063556 MALAY DAVID S $500,000.00 N
600063557 TUMINO JR JOHN $373,475.00 N
600063558 ELHOLM ROBERT $151,000.00 N
600063559 ADAMS LAURA LEE $535,000.00 N
600063560 BEAUSEJOUR SHARON $232,400.00 N
600063561 SMITH MCHARDY M $422,000.00 N
600063562 STERN IVAN $660,000.00 N
600063563 ARMES JR ANDREW $290,000.00 N
600063564 SAID NAFISA AHEMMED $681,000.00 N
600063565 SOWERS VINCENT A $288,500.00 N
600063566 BECKER RUSSELL $928,666.00 N
600063567 KONTOS CHRISTINE $246,135.00 N
600063568 ALBERT MARC J $435,485.00 N
600063569 THOMPSON JR THOMAS $460,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 91
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063570 BRUGNARA DIONE 209 NORTH ATLANTIC B FORT LAUDERDALE FL 33304 $94,445.62
600063571 GRUMET ROBERT A 140 JEFFERSON AVENUE MIAMI FL 33139 $223,980.73
600063572 ROSS CALVIN GEORGE 14985 SW 109TH LANE MIAMI FL 33196 $89,946.86
600063573 KASS WILLIAM 19492 PLANTERS POINT DR BOCA RATON FL 33434 $179,888.11
600063574 ANDERSON JEFFREY L 59 ROCKROSE ALISO VIEJO ARE CA 92656 $320,539.60
600063575 CERVANTES JOHN E 2069 KELLY AVENUE UPLAND CA 91784 $227,946.95
600063576 KYLE RICHARD J 2415 WEST 231ST STREET TORRANCE CA 90501 $310,291.66
600063577 ANDRADE GREGORY PAUL 700 SOUTH LOS ROBLES PASADENA CA 91106 $299,788.26
600063578 STREITER GEORGE 12462 SPRING CREEK ROAD MOORPARK CA 93021 $245,051.45
600063579 ERLICH MICHAEL S 408 KRENWINKLE COURT SIMI VALLEY CA 93065 $283,832.32
600063580 CARREY MELISSA 574 NORTH CAHUENGA B LOS ANGELES CA 90004 $462,897.00
600063581 PENROSE MICHAEL P 1070 PESCADOR DRIVE NEWPORT BEACH CA 92660 $439,719.42
600063582 GERARD ELISE ANNE 440 DAHLIA AVENUE CORONA DEL MAR CA 92625 $306,799.18
600063583 VERMAAK ANTHONY 2156 MONTROSE DRIVE THOUSAND OAKS CA 91362 $251,514.58
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063570 BRUGNARA DIONE 8.750 .250 8.500 .0400 8.460 03/03/2027
600063571 GRUMET ROBERT A 9.125 .250 8.875 .0400 8.835 03/03/2027
600063572 ROSS CALVIN GEORGE 8.625 .250 8.375 .0400 8.335 03/03/2027
600063573 KASS WILLIAM 8.375 .250 8.125 .0400 8.085 03/03/2027
600063574 ANDERSON JEFFREY L 8.375 .250 8.125 .0400 8.085 12/01/2026
600063575 CERVANTES JOHN E 8.000 .250 7.750 .0400 7.710 03/03/2027
600063576 KYLE RICHARD J 8.000 .250 7.750 .0400 7.710 03/03/2027
600063577 ANDRADE GREGORY PAUL 7.750 .250 7.500 .0400 7.460 03/03/2027
600063578 STREITER GEORGE 8.500 .250 8.250 .0400 8.210 03/03/2027
600063579 ERLICH MICHAEL S 8.625 .250 8.375 .0400 8.335 03/03/2027
600063580 CARREY MELISSA 8.125 .250 7.875 .0400 7.835 03/03/2027
600063581 PENROSE MICHAEL P 8.250 .250 8.000 .0400 7.960 03/03/2027
600063582 GERARD ELISE ANNE 8.125 .250 7.875 .0400 7.835 03/03/2027
600063583 VERMAAK ANTHONY 8.250 .250 8.000 .0400 7.960 01/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063570 BRUGNARA DIONE 1589093193 $743.44 04/01/1997 360
600063571 GRUMET ROBERT A 1589094196 $1,823.36 1 04/01/1997 360
600063572 ROSS CALVIN GEORGE 1589094731 $700.02 04/01/1997 360
600063573 KASS WILLIAM 1589095360 $1,368.14 04/01/1997 360
600063574 ANDERSON JEFFREY L 1595009588 $2,445.92 12 04/01/1997 360
600063575 CERVANTES JOHN E 1595024639 $1,673.72 12 04/01/1997 360
600063576 KYLE RICHARD J 1595025256 $2,278.34 04/01/1997 360
600063577 ANDRADE GREGORY PAUL 1595025405 $2,149.24 1 04/01/1997 360
600063578 STREITER GEORGE 1595026088 $1,885.38 12 04/01/1997 360
600063579 ERLICH MICHAEL S 1595027229 $2,208.93 04/01/1997 360
600063580 CARREY MELISSA 1595027896 $3,439.25 04/01/1997 360
600063581 PENROSE MICHAEL P 1595028119 $3,305.58 04/01/1997 360
600063582 GERARD ELISE ANNE 1595028560 $2,279.47 04/01/1997 360
600063583 VERMAAK ANTHONY 1596017297 $1,893.20 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063570 BRUGNARA DIONE $135,000.00 N
600063571 GRUMET ROBERT A $249,000.00 N
600063572 ROSS CALVIN GEORGE $146,000.00 N
600063573 KASS WILLIAM $480,000.00 N
600063574 ANDERSON JEFFREY L $338,762.00 N
600063575 CERVANTES JOHN E $240,200.00 N
600063576 KYLE RICHARD J $437,000.00 N
600063577 ANDRADE GREGORY PAUL $320,000.00 N
600063578 STREITER GEORGE $272,500.00 N
600063579 ERLICH MICHAEL S $392,000.00 N
600063580 CARREY MELISSA $579,000.00 N
600063581 PENROSE MICHAEL P $655,000.00 N
600063582 GERARD ELISE ANNE $422,000.00 N
600063583 VERMAAK ANTHONY $315,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 92
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063584 FROST DAVID ROBERT 170 SAN BERNARDINO AVEN VENTURA CA 93004 $256,028.09
600063585 SMITH MICHAEL 10255 ROSITA ROAD CAMARILLO CA 93012 $311,825.08
600063586 REINAS MICHAEL J 2554 KIRSTEN LEE DRIVE WESTLAKE VILLAG CA 91361 $431,757.00
600063587 PETERSON PHILIP C 6520 VON DOLLEN ROAD SAN MIGUEL CA 93451 $343,497.07
600063588 PERELMAN VADIM 153 NORTH WINDSOR BLVD LOS ANGELES CA 90004 $265,825.99
600063589 TRICE ESQ TERRA 17963 RIDGEWAY ROAD GRANADA HILLS CA 91344 $271,617.62
600063590 CODIKOW LENORE M 3245 BARBYDELL DRIVE LOS ANGELES CA 90064 $449,713.05
600063591 PFOST DAVID B 2722 258TH PLACE SOUTH ISSAQUAH WA 98029 $394,698.15
600063592 VALENTINE MARGARET E 363 NEVADA AVENUE VENTURA CA 93004 $124,414.31
600063593 SANDER BERNHARD J 1712 SOMERSET LANE MUNDELEIN IL 60060 $274,829.07
600063594 HINES MITZI JAMISON 8209 SANDY STREAM ROAD LAUREL MD 20723 $221,205.20
600063595 KUESTER THOMAS R 7419 REBECCA DRIVE ALEXANDRIA VA 22307 $304,640.42
600063596 HINES MARTIN MORRISS 47632 LOWELAND TERRACE STERLING VA 20165 $226,148.16
600063597 DUNHAM F MICHAEL 8401 WALTER MARTZ ROAD FREDERICK MD 21702 $117,526.90
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063584 FROST DAVID ROBERT 8.000 .250 7.750 .0400 7.710 03/03/2027
600063585 SMITH MICHAEL 8.875 .250 8.625 .0400 8.585 03/03/2027
600063586 REINAS MICHAEL J 8.875 .250 8.625 .0400 8.585 03/03/2027
600063587 PETERSON PHILIP C 8.625 .250 8.375 .0400 8.335 03/03/2027
600063588 PERELMAN VADIM 8.125 .250 7.875 .0400 7.835 03/03/2027
600063589 TRICE ESQ TERRA 8.000 .250 7.750 .0400 7.710 03/03/2027
600063590 CODIKOW LENORE M 8.250 .250 8.000 .0400 7.960 03/03/2027
600063591 PFOST DAVID B 8.250 .250 8.000 .0400 7.960 03/03/2027
600063592 VALENTINE MARGARET E 7.875 .250 7.625 .0400 7.585 03/03/2027
600063593 SANDER BERNHARD J 8.375 .250 8.125 .0400 8.085 03/03/2027
600063594 HINES MITZI JAMISON 8.125 .250 7.875 .0400 7.835 03/03/2027
600063595 KUESTER THOMAS R 8.375 .250 8.125 .0400 8.085 09/01/2026
600063596 HINES MARTIN MORRISS 8.000 .250 7.750 .0400 7.710 03/03/2027
600063597 DUNHAM F MICHAEL 8.375 .250 8.125 .0400 8.085 03/03/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063584 FROST DAVID ROBERT 1596020633 $1,879.91 2 04/01/1997 360
600063585 SMITH MICHAEL 1596021771 $2,482.42 04/01/1997 360
600063586 REINAS MICHAEL J 1596021942 $3,437.19 04/01/1997 360
600063587 PETERSON PHILIP C 1596022366 $2,673.27 04/01/1997 360
600063588 PERELMAN VADIM 1596022592 $1,975.05 1 04/01/1997 360
600063589 TRICE ESQ TERRA 1596022843 $1,994.38 2 04/01/1997 360
600063590 CODIKOW LENORE M 1596022865 $3,380.70 04/01/1997 360
600063591 PFOST DAVID B 1596023096 $2,967.13 04/01/1997 360
600063592 VALENTINE MARGARET E 1596023890 $902.72 04/01/1997 360
600063593 SANDER BERNHARD J 1612037624 $2,090.20 3 04/01/1997 360
600063594 HINES MITZI JAMISON 1701131214 $1,643.52 3 04/01/1997 360
600063595 KUESTER THOMAS R 1761095254 $2,325.82 04/01/1997 360
600063596 HINES MARTIN MORRISS 1761097307 $1,660.51 3 04/01/1997 360
600063597 DUNHAM F MICHAEL 1821114560 $893.85 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063584 FROST DAVID ROBERT $285,000.00 N
600063585 SMITH MICHAEL $390,000.00 N
600063586 REINAS MICHAEL J $600,000.00 N
600063587 PETERSON PHILIP C $445,000.00 N
600063588 PERELMAN VADIM $280,000.00 N
600063589 TRICE ESQ TERRA $302,000.00 N
600063590 CODIKOW LENORE M $615,000.00 N
600063591 PFOST DAVID B $493,740.00 N
600063592 VALENTINE MARGARET E $255,000.00 N
600063593 SANDER BERNHARD J $320,393.00 N
600063594 HINES MITZI JAMISON $233,000.00 N
600063595 KUESTER THOMAS R $428,000.00 N
600063596 HINES MARTIN MORRISS $238,228.00 N
600063597 DUNHAM F MICHAEL $147,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 93
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600063722 PRYWITCH BRETT 14536 WHIT BIRCH VALLEY CHESTERFIELD MO 63017 $231,152.51
600064125 JANKE NORMAN 955 S HIGHLAND AVENUE LOS ANGELES CA 90036 $310,350.00
600064126 FULWILER JAMES 50 NOHEA KAI DRIVE LAHAINA, MA HI 96761 $372,000.00
600064127 FENTON LYNNE 930 ACOMA ST. 411 DENVER CO 80204 $344,500.00
600064128 DEVILLIERS ROBERT 43 OLD WAGON ROAD WILTON CT 06897 $285,000.00
600064129 MCMILLAN TERRY 4060 LEGADO AVENUE ATASCADERO CA 93422 $140,000.00
600064130 MULLEN DAVID 1909 AVENIDA ALTURAS NE ALBUQUERQUE NM 87110 $222,000.00
600064131 HESS TIMOTHY 3001 WILD MEADOW DRIVE DURHAM NC 27705 $322,200.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600063722 PRYWITCH BRETT 8.250 .250 8.000 .0400 7.960 03/01/2027
600064125 JANKE NORMAN 7.875 .250 7.625 .0400 7.585 04/01/2027
600064126 FULWILER JAMES 8.125 .250 7.875 .0400 7.835 04/01/2027
600064127 FENTON LYNNE 8.375 .250 8.125 .0400 8.085 04/01/2027
600064128 DEVILLIERS ROBERT 8.375 .250 8.125 .0400 8.085 04/01/2027
600064129 MCMILLAN TERRY 8.500 .250 8.250 .0400 8.210 04/01/2027
600064130 MULLEN DAVID 7.875 .250 7.625 .0400 7.585 04/01/2027
600064131 HESS TIMOTHY 8.125 .250 7.875 .0400 7.835 04/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600063722 PRYWITCH BRETT 6791142 $1,737.68 12 04/01/1997 360
600064125 JANKE NORMAN 450666953 $2,250.26 04/01/1997 360
600064126 FULWILER JAMES 450667902 $2,762.09 04/01/1997 360
600064127 FENTON LYNNE 450667993 $2,618.45 3 04/01/1997 360
600064128 DEVILLIERS ROBERT 450672027 $2,166.21 04/01/1997 360
600064129 MCMILLAN TERRY 450672522 $1,076.48 04/01/1997 360
600064130 MULLEN DAVID 450675871 $1,609.66 04/01/1997 360
600064131 HESS TIMOTHY 450679469 $2,392.33 2 04/01/1997 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600063722 PRYWITCH BRETT $257,000.00 N
600064125 JANKE NORMAN $600,000.00 N
600064126 FULWILER JAMES $465,000.00 N
600064127 FENTON LYNNE $385,834.00 N
600064128 DEVILLIERS ROBERT $457,000.00 N
600064129 MCMILLAN TERRY $175,000.00 N
600064130 MULLEN DAVID $300,000.00 N
600064131 HESS TIMOTHY $358,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 94
RUN DATE: 04/28/1997 PNC MORTGAGE SECURITIES CORP.
TIME: 10:41:27 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1997
POOL NUMBER: 1389 POOL NAME: 1997-3 Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
<TABLE>
<CAPTION>
LOAN # OF CURRENT PROPERTY ORIG LOAN
COUNT BUYDOWN BALANCE VALUE AMOUNT P & I
** POOL ----- ------- ------- --------- --------- -----
<S> <C> <C> <C> <C> <C> <C>
** TOTAL 1296 2 359,048,543.09 488,143,652.00 359,797,478.48 2,678,092.42
</TABLE>
<PAGE>
Exhibit E
SELLING AND SERVICING
CONTRACT
This Selling and Servicing Contract (the "Contract"), made and
entered into by PNC Mortgage Securities Corp. ("Buyer") and the Seller
("Seller") identified below,
WITNESSETH:
WHEREAS, Seller has submitted a Seller Application to Buyer and has
otherwise been approved by Buyer; and
WHEREAS, Seller has received the Buyer's Selling Guide and the
Buyer's Servicing Guide (the "Guides");
NOW THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, Buyer and Seller hereto agree as follows:
1. GUIDES. The Guides, which set forth the terms and conditions
under which Seller is to sell and service mortgages, are supplements to this
Contract and such Guides, as may be amended or supplemented from time to
time, are incorporated into this Contract in full by reference and made a
part hereof as fully as if set forth at length herein. All capitalized terms
used herein and not defined herein have the meanings ascribed to them in
Appendix A, Glossary of Terms, to the Guides.
2. SELLERS' DUTIES. Seller shall diligently perform all duties
incident to the selling and servicing of all mortgages which may be sold by
Seller from time to time and such other mortgages as Buyer and Seller may
mutually agree upon. In the performance of such duties, Seller shall employ
procedures and exercise the same care that it would maintain for loans held
in its own portfolio and in accordance with standards of practice, diligence,
prudence and competence maintained by the mortgage banking industry. Seller
shall also comply with all of the provisions of the Guides and with all other
reasonable requirements and instructions of Buyer. Seller shall perform such
services at its sole expense except as otherwise expressly provided in the
Guides. Seller agrees to service each of such mortgages continuously
beginning with the Purchase Date for such mortgages or the date of
designation of Seller as replacement Servicer for mortgages previously
purchased by Buyer from another Seller, until all interest and principal on
each mortgage has been paid in full, the mortgage has been liquidated as
provided in the Guides, or such servicing duties are terminated by Buyer.
3. COMPENSATION. Seller shall be compensated for its services
hereunder as specified in the Guides.
4. DOCUMENTS AND RECORDS. Seller agrees to create, maintain and
transmit all mortgage records and documents including all permanent mortgage
account records in accordance with the Guides. With respect to such records
and documents, Seller shall have custody privileges and Buyer shall have
ownership of the mortgage records and documents. Buyer may inspect such
records and documents at reasonable times during Seller's normal business
hours. Seller shall maintain accurate records and books of account, an
adequate system of audit and internal control, and shall conduct its
origination and servicing activities in a responsible and businesslike
manner. Seller shall promptly notify Buyer in writing of any activity or
action, either internal or external, which could potentially affect adversely
the terms of any mortgage serviced hereunder or the ability of Seller to
service any mortgage.
5. WARRANTIES, OBLIGATIONS AND REPRESENTATIONS. The warranties,
obligations and representations stated in the Guides and hereby made or
undertaken by Seller with respect to each of the
E-1
<PAGE>
mortgages to be sold and serviced by it on behalf of Buyer, unless expressly
waived in writing by Buyer. All warranties made by Seller shall survive (i)
any investigation made by or on behalf of Buyer, it assignee or designee,
(ii) liquidation of the mortgage, (iii) purchase of the mortgage by Buyer,
its designee or assignee, (iv) repurchase of the mortgage by Seller, and (v)
termination of this Contract, or similar event, and all such warranties shall
inure to the benefit of Buyer, its successors and assigns and any transferee
of any mortgage. Upon specific written request from Buyer, Seller shall
supply evidence that is satisfactory to Buyer of its compliance with any
provisions of the Guides.
6. REPURCHASE OBLIGATION. If, after purchase of any mortgage by
Buyer, any of the representations or warranties of the Seller contained
herein or in the Selling Guide are untrue, Buyer may, at its option, without
regard to the Sellers' actual or implied knowledge of the untruth of such
warranty (except to the extent the warranty is expressly conditioned upon the
Seller's actual knowledge), in addition to and without limitation as to any
other remedy accruing to Buyer, require the Seller to repurchase said
mortgage pursuant to the Guides. It is contemplated that a third party will
purchase from Buyer the mortgages purchased from Seller, and Seller agrees
that Buyer may, in its own name or in the name of the third party, exercise
any rights or remedies at law or in equity on behalf of itself or such third
party.
7. CUSTODIANSHIP OF FUNDS. Seller shall fully account to Buyer
for the custodianship of funds received from, or on behalf of, a Borrower for
mortgages serviced hereunder. Seller shall establish and maintain custodial
accounts in accordance with the Guides for (i) the segregation of all
principal and interest received, and (ii) the administration of all amounts
to be deposited into escrow accounts, and such accounts shall be maintained
free and clear of any lien or encumbrance. Seller must be in control of the
funds in its custody at all times, and upon request from time to time of
Buyer shall submit complete and accurate analyses of cash balances on hand
and of the receipt, deposit and disposition of monies handled.
8. INDEMNIFICATION BY SELLER. Seller shall indemnify Buyer from
and hold Buyer harmless against all losses, damages, penalties, fines,
forfeitures, legal fees and related costs, judgments, and any other costs,
fees, and expenses heretofore or hereafter resulting from a material breach
of any warranty, obligation or representation contained in or made pursuant
to this Contract or from any claim, demand, defense or assertion against or
involving Buyer or its assignee or transferee of any mortgage based on or
grounded upon, or resulting from such breach or a breach of any
representation, warranty or obligation made by Buyer in reliance upon any
warranty, obligation or representation made by Seller contained in or made
pursuant to this Contract. Seller hereby acknowledges Buyer's intent to sell
the mortgages to third parties in reliance upon Seller's warranties,
obligations and representation. The obligations of Seller under this
paragraph shall survive delivery and payment for the mortgages, liquidation
or repurchase of the mortgages and termination of this Contract or the
expiration hereof.
9. NO ASSIGNMENT. This Contract is of the nature of a personal
service agreement and accordingly may not be assigned by Seller. Except as
provided in paragraph 10 of this Contract, Seller may not assign or otherwise
transfer its responsibility for servicing individual mortgages to any other
entity, including affiliates. Any attempt to assign servicing rights without
the prior written consent of Buyer shall be null and void. Any such
assignment without the consent of Buyer shall be grounds for immediate
termination of the servicing rights with respect to the servicing purportedly
assigned.
10. SUBCONTRACTING OF SERVICING. Seller may not, without Buyer's
prior written approval, subcontract with any other entity, including
affiliates, its responsibility for servicing any mortgage it has contracted
to service for Buyer.
11. TERMINATION BY BUYER. Buyer may terminate the right of Seller
to continue to service mortgage loans for Buyer and/or revoke the status of
Seller as an approved Seller for any of the reasons set forth in the Guides,
including a change in Seller's form of organization, a transfer of 25% or
more of the equity interest in Seller or change in its principal executive or
financial officers. No such termination shall release Seller from any of its
obligations hereunder or under the Guides or from any liability arising
hereunder or thereunder.
E-2
<PAGE>
Any forbearance or delay by Buyer in exercising such rights shall not be
deemed a waiver of and shall not preclude the exercise of any such right.
Upon termination by Buyer of this Contract for any reason other than a
failure of Seller to meet the eligibility requirements as set forth in the
Guides as determined by Buyer, Seller shall be compensated for such
termination in the amount specified in the Servicing Guide.
12. ATTORNEY'S FEES. In the event of a dispute arising from or
concerning an obligation of the Seller or Buyer under this Contract which
results in litigation of the issue, the prevailing party to such litigation
shall be indemnified by the other party for all costs and expenses in
bringing or defending such action.
13. OFFSET. Buyer shall have the right to offset amounts due from
Seller against the purchase price to be paid for the acquisition of
mortgages. Amounts due which may be offset include but are not limited to
past due pair-off fees and funds for the repurchase of mortgages which are
subject to an outstanding repurchase demand.
14. NOTICE. Any notice required or permitted hereunder shall be
in writing and shall be sent to Seller at its address shown under its
signature below or to such other address Seller may designate in writing or
to Buyer at 75 North Fairway Drive, Vernon Hills, Illinois 60061 or to such
other address designated by Buyer in writing, by certified mail, return
receipt requested, postage prepaid.
15. PRIOR AGREEMENTS. This Contract supersedes any prior
agreements and understandings between Buyer and Seller governing the subject
matter hereof; provided, however, that Seller shall not be released from any
responsibility or liability that may have arisen under such agreements and
understandings.
16. GOVERNING LAW. This Contract is made in the State of Illinois
and shall be governed by the law of such state.
17. USE OF TERM "SELLER". Wherever the term "Seller" is used in
this contract in a context involving loan administration, servicing, and
accounting obligations, such term shall be deemed to mean "Servicer" as is
used in the Buyer's Servicing Guide.
18. EFFECTIVE DATE OF CONTRACT. This contract is not effective
until it is accepted by Buyer. An executed copy of the Contract will be
returned to the Seller.
19. STATUS OF PARTIES. Seller and Buyer each represent, warrant
and agree that as of the date of this Contract: (i) each party is duly
organized, validly existing and in good legal standing under the laws of its
jurisdiction of organization, and has the requisite power and authority to
enter into this contract and agreements to which both are parties as
contemplated by this Contract; (ii) this Contract has been duly authorized
executed and delivered to both parties and constitutes a valid and legally
binding agreement of each party, enforceable in accordance with its terms;
(iii) there is no action, proceeding or investigation pending or threatened,
nor any basis therefore known to either party that questions the validity or
prospective validity of this Contract insofar as the Contract relates to
either party, or any essential element upon which this Contract depends, or
any action to be taken by either party pursuant to this Contract; and (iv)
insofar as either party's capacity to carry out any obligation under this
Contract is concerned, neither party will be in violation of any provision of
any charter, certificate of incorporation, by-law, mortgage, indenture,
indebtedness, agreement, instrument, judgment, decree, order, statute, rule,
or regulation, and there is no such provision that adversely affects either
party's capacity to carry out any such obligation. Seller's and Buyer's
execution of, and performance pursuant to, this Contract will not result in
any such violation. At all times Seller shall act as an independent
contractor.
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<PAGE>
IN WITNESS WHEREOF, the parties have executed this Contract by proper
officials duly authorized on the dates hereinafter set forth. This Contract
shall take effect as of the date of its execution in original or facsimile
signature by a duly authorized officer of the Buyer.
- -------------------------------- -------------------------------------------
Name of Seller Seller I.D. number
- -------------------------------- -------------------------------------------
Type of Organization Organized under laws of
- ------------------------------------------------------------------------------
Principal place of business: street address, city, state, zip code
- ------------------------------------------------------------------------------
Typed name and title of Seller's authorized officer
- ------------------------------------------------------------------------------
Signature of Seller's Date
authorized officer
Agreed to and accepted by PNC MORTGAGE SECURITIES CORP.
- -------------------------------- -------------------------------------------
Typed name and title of authorized representative
- -------------------------------- -------------------------------------------
Signature of authorized Date
representative
E-4
<PAGE>
Exhibit F
FORM OF TRANSFEROR CERTIFICATE FOR
CLASS IB-4, CLASS IB-5, CLASS IB-6, CLASS IIB-4, CLASS IIB-5 AND CLASS IIB-6
CERTIFICATES
[Date]
First Bank National Association, as Trustee
180 East 5th Street, SPFT0210
St. Paul, MN 55101
Re: PURCHASE OF PNC MORTGAGE SECURITIES CORP. MORTGAGE PASS-THROUGH
CERTIFICATES SERIES 1997-3, CLASS [IB-4] [IB-5] [IB-6] [IIB-4] [IIB-5]
[IIB-6] (the "Certificates")
Ladies and Gentlemen:
In connection with our disposition of the above Certificates we certify
that (a) we understand the Certificates have not been registered under the
Securities Act of 1933, as amended (the "Act") and are being disposed by us in a
transaction that is exempt from the registration requirements of the Act, and
(b) we have not offered or sold any certificates to, or solicited offers to buy
any Certificates from, any person, or otherwise approached or negotiated with
any person with respect thereto, or taken any other action which would result in
a violation of Section 5 of the Act.
Very truly yours,
[Name of Transferor]
By:
----------------------------
Authorized Officer
F-1
<PAGE>
Exhibit G
FORM OF TRANSFEREE'S AGREEMENT FOR
CLASS IB-4, CLASS IB-5, CLASS IB-6, CLASS IIB-4, CLASS IIB-5
AND CLASS IIB-6 CERTIFICATES
[Date]
First Bank National Association
180 East 5th Street, SPFT0210
St. Paul, MN 55101
PNC Mortgage Securities Corp.
75 N. Fairway Drive
Vernon Hills, Illinois 60061
The undersigned (the "Purchaser") proposes to purchase [Class IB-4]
[Class IB-5] [Class IB-6] [Class IIB-4] [Class IIB-5] [Class IIB-6] Certificates
evidencing an undivided interest in PNC Mortgage Securities Corp. Mortgage
Pass-Through Certificates, Series 1997-3 (the "Purchased Certificates") in the
principal amount of $______________. In doing so, the Purchaser hereby
acknowledges and agrees as follows:
Section 1. Definitions. Each capitalized term used herein and not
otherwise defined herein shall have the meaning ascribed to it in the Pooling
and Servicing Agreement, dated as of April 1, 1997 (the "Pooling Agreement"),
between PNC Mortgage Securities Corp. ("PNC") and First Bank National
Association, as trustee (the "Trustee"), of the PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1997-3.
Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
PNC and the Trustee that:
(a) The Purchaser is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which the Purchaser is organized,
is authorized to invest in the Purchased Certificates, and to enter into this
Agreement, and duly executed and delivered this Agreement;
(b) The Purchaser is acquiring the Purchased Certificates for its
own account as principal and not with a view to the distribution thereof, in
whole or in part;
(c) The Purchaser is an "accredited investor" as such term is
defined in paragraph (a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Section 501 of
Regulation D under the Securities Act of 1933, as amended (the "Act"), has
knowledge of financial and business matters and is capable of evaluating the
merits and risks of an investment in the Purchased Certificates; the Purchaser
has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision; and the Purchaser is able to bear the
economic risk of an investment in the Purchased Certificates and can afford a
complete loss of such investment;
(d) The Purchaser is not affiliated with the Trustee;
(e) The Purchaser confirms that PNC has made available to the
Purchaser the opportunity to ask questions of, and receive answers from PNC
concerning the Trust, the purchase by the Purchaser of the Purchased
Certificates and all matters relating thereto that PNC possesses or can acquire
without unreasonable effort or expense; and
G-1
<PAGE>
(f) If applicable, the Purchaser has complied, and will continue to
comply, with the guidelines established by Thrift Bulletin 12 issued December
13, 1988, by the Office of Regulatory Activities of the Federal Home Loan Bank
System; and
(g) The Purchaser will provide the Trustee and the Master Servicer
with affidavits substantially in the form of Exhibit A attached hereto.
Section 3. Transfer of Purchased Certificates.
(a) The Purchaser understands that the Purchased Certificates have
not been registered under the Act, or any state securities laws and that no
transfer may be made unless the Purchased Certificates are registered under
the Act and under applicable state law or unless an exemption from
registration is available. The Purchaser further understands that neither PNC
nor the Trust is under any obligation to register the Purchased Certificates
or make an exemption available. In the event that such a transfer is to be
made within two years from the Closing Date without registration under the
Act or applicable state securities laws, (i) the Trustee shall require, in
order to assure compliance with such laws, that the Certificateholder"s
prospective transferee each certify to PNC and the Trustee as to the factual
basis for the registration or qualification exemption relied upon, and (ii)
the Trustee or PNC may require an Opinion of Counsel that such transfer may
be made pursuant to an exemption from the Act and state securities laws,
which Opinion of Counsel shall not be an expense of the Trustee or PNC. Any
such Certificateholder desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee and PNC against any liability that may
result if the transfer is not so exempt or is not made in accordance with
such federal and state laws.
(b) No transfer of a Purchased Certificate shall be made unless the
transferee provides PNC and the Trustee with (i) a Transferee's Agreement,
substantially in the form of this Agreement, and (ii) either (a) an affidavit
substantially in the form of Exhibit A hereto that the proposed transferee (x)
is not an employee benefit plan or other plan or arrangement subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Internal
Revenue Code of 1986, as amended, or comparable provisions of any subsequent
enactments (a "Plan"), a trustee of any Plan, or any other Person who is using
the "plan assets" of any Plan to effect such acquisition or (y) is an insurance
company, the source of funds to be used by it to purchase the Purchased
Certificates is an "insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance upon the availability of the exemptive
relief afforded under Section III of PTCE 95-60, or (b) a Benefit Plan Opinion
(as defined in Exhibit A hereto).
(c) The Purchaser acknowledges that its Purchased Certificates bear
a legend setting forth the applicable restrictions on transfer.
IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
validly executed by its duly authorized representative as of the day and the
year first above written.
[Purchaser]
By: ____________________________
Its: ___________________________
G-2
<PAGE>
Exhibit A to Form of Transferee Agreement (Exhibit G)
PNC MORTGAGE SECURITIES CORP.
BENEFIT PLAN AFFIDAVIT
RE: PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
(THE "TRUST") [CLASS IB-4] [CLASS IB-5] [CLASS IB-6]
[CLASS IIB-4] [CLASS IIB-5] [CLASS IIB-6] CERTIFICATES
(THE "PURCHASED CERTIFICATES")
Under penalties of perjury, I, _____________________, declare that, to
the best of my knowledge and belief, the following representations are true,
correct and complete; and
1. That I am the _______________ of __________________ (the
"Purchaser"), whose taxpayer identification number is ___________, and on
behalf of which I have the authority to make this affidavit.
2. That the Purchaser is acquiring a Purchased Certificate
representing an interest in the Trust.
3. That the Purchaser (i) is not an employee benefit plan or other
plan or arrangement subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section
4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or
comparable provisions of any subsequent enactments (a "Plan"), a trustee of any
Plan, or any other Person who is using the "plan assets" of any Plan to effect
such acquisition, (ii) has provided a "Benefit Plan Opinion" satisfactory to PNC
Mortgage Securities Corp. (the "Company") and the Trustee of the Trust or (iii)
is an insurance company, the source of funds to be used by it to purchase the
Purchased Certificates is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Section III of PTCE 95-60. A Benefit Plan
Opinion is an opinion of counsel to the effect that the proposed transfer (a) is
permissible under applicable law, (b) will not constitute or result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, and (c) will not subject the Trustee, the Master Servicer or the
Company to any obligation or liability (including obligations or liabilities
under Section 406 of ERISA or Section 4975 of the Code) in addition to those
undertaken in this Agreement, which Benefit Plan Opinion shall not be an expense
of the Trustee, the Master Servicer or the Company.
IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
duly executed on its behalf, by its duly authorized officer this _____ day of
__________________, 199__.
[Purchaser]
By:
Its:
G-3
<PAGE>
Personally appeared before me ______________________, known or proved
to me to be the same person who executed the foregoing instrument and to be a
________________ of the Purchaser, and acknowledged to me that (s)he executed
the same as his/her free act and deed and as the free act and deed of the
Purchaser.
SUBSCRIBED and SWORN to before me
this day of ____________, 19__.
________________________________
Notary Public
G-4
<PAGE>
Exhibit I
TRANSFEROR CERTIFICATE
[Date]
First Bank National Association, as Trustee
180 East 5th Street, SPFT0210
St. Paul, MN 55101
Attn: Structured Finance
Re: PNC Mortgage Securities Corp. Mortgage Pass-Through Certificates,
Series 1997-3, Class R
Ladies and Gentlemen:
This letter is delivered to you in connection with the sale by
_________________________ (the "Seller") to _____________________________
(the "Purchaser") of $____________________ initial Certificate Principal
Balance of Mortgage Pass-Through Certificates, Series 1997-3, Class R (the
"Certificate"), pursuant to Section 5.01 of the Pooling and Servicing
Agreement (the "Pooling Agreement"), dated as of April 1, 1997 among PNC
Mortgage Securities Corp., as depositor and master servicer (the "Company"),
and First Bank National Association, as trustee (the "Trustee"). All terms
used herein and not otherwise defined shall have the meanings set forth in
the Pooling Agreement. The Seller hereby certifies, represents and warrants
to, and covenants with, the Company and the Trustee that:
1. No purpose of the Seller relating to the sale of the Certificate by
the Seller to the Purchaser is or will be to enable the Seller to impede the
assessment or collection of tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee and the Company a transferee affidavit and agreement in the form
attached to the Pooling Agreement as Exhibit J. The Seller does not know or
believe that any representation contained therein is false.
3. The Seller has no actual knowledge that the proposed Transferee is
not a Permitted Transferee.
4. The Seller has no actual knowledge that the Purchaser would be
unwilling or unable to pay taxes due on its share of the taxable income
attributable to the Certificates.
5. The Seller has conducted a reasonable investigation of the financial
condition of the Purchaser and, as a result of the investigation, found that
the Purchaser has historically paid its debts as they came due, and found no
significant evidence to indicate that the Purchaser will not continue to pay
its debts as they come due in the future.
I-1
<PAGE>
6. The Purchaser has represented to the Seller that, if the Certificates
constitute a noneconomic residual interest, it (i) understands that as holder
of a noneconomic residual interest it may incur tax liabilities in excess of
any cash flows generated by the interest, and (ii) intends to pay taxes
associated with its holding of the Certificates as they become due.
Very truly yours,
[Seller]
By:
----------------------------------
Name:
--------------------------------
Title:
-------------------------------
I-2
<PAGE>
Exhibit J
TRANSFEREE AFFIDAVIT AND AGREEMENT
STATE OF )
) ss:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Class R Certificate (the "Owner")), a
[savings institution][corporation] duly organized and existing under the laws
of [the State of __________________] [the United States], on behalf of which
he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section
860E(e)(5) of the Internal Revenue Code of 1986, as amended (the "Code") and
will endeavor to remain other than a disqualified organization for so long as
it retains its ownership interest in the Class R Certificates, and (ii) is
acquiring the Class R Certificates for its own account or for the account of
another Owner from which it has received an affidavit and agreement in
substantially the same form as this affidavit and agreement. (For this
purpose, a "disqualified organization" means the United States, any state or
political subdivision thereof, or any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity, or any foreign government or international organization, or any
agency or instrumentality of such foreign government or organization, any
rural electric or telephone cooperative, or any organization (other than
certain farmers" cooperatives) that is generally exempt from federal income
tax unless such organization is subject to the tax on unrelated business
taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of the Class R Certificates after March 31, 1988; (ii) that such
tax would be on the transferor, or, if such transfer is through an agent
(which person includes a broker, nominee or middleman) for a disqualified
organization, on the agent; (iii) that the person otherwise liable for the
tax shall be relieved of liability for the tax if the transferee furnishes to
such person an affidavit that the transferee is not a disqualified
organization and, at the time of transfer, such person does not have actual
knowledge that the affidavit is false; and (iv) that the Class R Certificates
may be a "noneconomic residual interest" within the meaning of Treasury
regulations promulgated pursuant to the Code and that the transferor of a
noneconomic residual interest will remain liable for any taxes due with
respect to the income on such residual interest, if a significant purpose of
the transfer was to enable the transferor to impede the assessment or
collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding the Class R Certificates if at any time during the taxable year of
the pass-through entity a disqualified organization is the record holder of
an interest in such entity. (For this purpose, a "pass through entity"
includes a regulated investment company, a real estate investment trust or
common trust fund, a partnership, trust or estate, and certain cooperatives.)
5. That the Owner is aware that the Trustee will not register the
Transfer of the Class R Certificates unless the transferee, or the
transferees' agent, delivers to it an affidavit and agreement, among other
things, in substantially the same form as this affidavit and agreement. The
Owner expressly agrees that it will not consummate any such transfer if it
knows or believes that any of the representations contained in such affidavit
and agreement are false.
6. That the Owner has reviewed the restrictions set forth on the face of
the Class R Certificates and the provisions of Section 5.01 of the Pooling
Agreement under which the Class R Certificates were issued
J-1
<PAGE>
(in particular, clauses (iii)(A) and (iii)(B) of Section 5.01(c) which
authorize the Trustee to deliver payments to a person other than the Owner
and negotiate a mandatory sale by the Trustee in the event the Owner holds
such Certificates in violation of Section 5.01). The Owner expressly agrees
to be bound by and to comply with such restrictions and provisions.
7. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to
constitute a reasonable arrangement to ensure that the Class R Certificates
will only be owned, directly or indirectly, by an Owner that is not a
disqualified organization.
8. The Owner's Taxpayer Identification Number is _______________________.
9. That no purpose of the Owner relating to the purchase of the Class R
Certificates by the Owner is or will be to enable the transferor to impede
the assessment or collection of tax.
10. That the Owner has no present knowledge or expectation that it will
be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding.
11. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of
the Certificates remain outstanding.
12. That no purpose of the Owner relating to any sale of the Class R
Certificates by the Owner will be to impede the assessment or collection of
tax.
13. The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under
the laws of, the United States or any political subdivision thereof, or an
estate or trust whose income from sources without the United States is
includible in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within
the United States.
14. The Owner hereby agrees to cooperate with the Company and to take
any action required of it by the Code or Treasury regulations thereunder
(whether now or hereafter promulgated) in order to create or maintain the
REMIC status of the Trust Fund.
15. The Owner hereby agrees that it will not take any action that could
endanger the REMIC status of the Trust Fund or result in the imposition of
tax on the Trust Fund unless counsel for, or acceptable to, the Company has
provided an opinion that such action will not result in the loss of such
REMIC status or the imposition of such tax, as applicable.
16. The Owner as transferee of the Class R Certificates has represented
to their transferor that, if the Class R Certificates constitute a
noneconomic residual interest, the Owner (i) understands that as holder of a
noneconomic residual interest it may incur tax liabilities in excess of any
cash flows generated by the interest, and (ii) intends to pay taxes
associated with its holding of the Class R Certificates as they become due.
J-2
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be executed
on its behalf, pursuant to the authority of its Board of Directors, by its
[Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this _________ day of ______________, 19____.
[Name of Owner]
By:
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument
and to be the [Title of Officer] of the Owner, and Acknowledged to me that he
executed the same as his free act and deed and the free act and deed of the
Owner.
Subscribed and sworn before me this _______ day of ______________, 19____.
NOTARY PUBLIC
COUNTY OF
STATE OF
My Commission expires the ____ day
of __________________, 19___
J-3
<PAGE>
Exhibit K
FORM OF ADDITIONAL MATTER INCORPORATED INTO
THE FORM OF THE CERTIFICATES
This Certificate does not represent an obligation of or interest in PNC
Mortgage Securities Corp. or any of its affiliates, including PNC Bank Corp.
Neither this Certificate nor the underlying Mortgage Loans are guaranteed by any
agency or instrumentality of the United States.
This certifies that the above-named Registered Owner is the registered
owner of certain interests in a trust fund (the "Trust Fund") whose assets
consist of, among other things, a pool (the "Mortgage Pool") of conventional
one- to four-family mortgage loans (the "Mortgage Loans"), formed and
administered by PNC Mortgage Securities Corp. (the "Company"), which term
includes any successor entity under the Pooling Agreement referred to below. The
Mortgage Pool was created pursuant to a Pooling and Servicing Agreement, dated
as of the Cut-Off Date stated above (the "Pooling Agreement"), between the
Company and First Bank National Association, as Trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling Agreement. Nothing herein shall be deemed
inconsistent with such meanings, and in the event of any conflict between the
Pooling Agreement and the terms of this Certificate, the Pooling Agreement shall
control. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling Agreement, to which Pooling Agreement
the Holder of this Certificate, by virtue of the acceptance hereof, assents and
by which such Holder is bound.
Distributions will be made, pursuant to the Pooling Agreement, on the 25th
day of each month or, if such 25th day is not a Business Day, the Business Day
immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the last day (or if such last day is
not a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
to the extent of such Certificateholder's Percentage Interest represented by
this Certificate in the portion of the Available Distribution Amount for such
Distribution Date then distributable on the Certificates of this Class, as
specified in Section 4.01 of the Pooling Agreement.
Distributions on this Certificate will be made by the Trustee by wire
transfer or check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register. Notwithstanding the
above, the final distribution on this Certificate will be made after due notice
by the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate to the Certificate Registrar.
Reference is hereby made to the further provisions of this Certificate set
forth below, which further provisions shall for all purposes have the same
effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling Agreement or be valid for any purpose.
K-1
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
FIRST BANK NATIONAL ASSOCIATION, as Trustee
------------------------------------------------
By:
(TRUSTEE'S CERTIFICATE OF AUTHENTICATION)
This is one of the Certificates referred to in the within-mentioned
Pooling Agreement.
FIRST BANK NATIONAL
ASSOCIATION, as Trustee
_______________________________________
By:
Dated: ________________________________
K-2
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATE
This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass-Through Certificates of the Series and Class
specified hereon (herein called the "Certificates") and representing certain
interests in the Trust Fund.
The Certificates do not represent an obligation of, or an interest in, the
Company or any of its affiliates and are not insured or guaranteed by any
governmental agency. The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Pooling Agreement. In the event Company
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Company from the related recoveries on such Mortgage Loan or
from other cash deposited in the Certificate Account to the extent that such
advance is not otherwise recoverable.
As provided in the Pooling Agreement, withdrawals from the Certificate
Account may be made by the Company from time to time for purposes other than
distributions to Certificateholders, such purposes including reimbursement to
the Company of advances made, or certain expenses incurred, by it.
The Pooling Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Certificateholders under the Pooling Agreement at
any time by the Company and the Trustee with the consent of the Holders of the
Certificates evidencing Percentage Interests aggregating not less than 66% of
the Trust Fund. For the purposes of such provision and except as provided below,
voting rights relating to 100% of the Aggregate Certificate Principal Balance
will be allocated pro rata (by Certificate Principal Balance) among such
Certificates. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Pooling Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of
any of the Certificates.
As provided in the Pooling Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar or the office maintained by
the Trustee in the City and State of New York, duly endorsed by, or accompanied
by an assignment in the form below or other written instrument of transfer in
form satisfactory to the Trustee or any Authenticating Agent duly executed by,
the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Certificates of Authorized Denominations evidencing
the same Percentage Interest set forth hereinabove will be issued to the
designated transferee or transferees.
No transfer of a Certificate will be made unless such transfer is exempt
from or is made in accordance with the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act") and any applicable
state securities laws. In the event that a transfer is to be made without
registration or qualification under applicable laws, (i) in the event such
transfer is made pursuant to Rule 144A under the Securities Act, the Company and
the Trustee shall require the transferee to execute an investment letter in
substantially the form attached as Exhibit L to the Pooling Agreement, which
investment letter shall not be an expense of the Company, the Master Servicer or
the Trustee and (ii) in the event that such a transfer is not made pursuant to
Rule 144A under the Securities Act, the Company may require an Opinion of
Counsel satisfactory to the Company that such transfer may be made without such
registration or qualification, which Opinion of Counsel shall not be an expense
of the Company, the Master Servicer or the Trustee. Neither the Company nor the
Trustee will register the Certificate under the Securities Act, qualify the
Certificate under any state securities law or provide registration rights to any
purchaser. Any Holder desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee, the Company and the Master Servicer against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.
K-3
<PAGE>
The Certificates are issuable only as registered Certificates without
coupons in Authorized Denominations specified in the Pooling Agreement. As
provided in the Pooling Agreement and subject to certain limitations therein set
forth, Certificates are exchangeable for new Certificates of Authorized
Denominations evidencing the same aggregate interest in the portion of the
Available Distribution Amount distributable on this Class of Certificate, as
requested by the Holder surrendering the same.
A reasonable service charge may be made for any such registration of
transfer or exchange, and the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Trustee and the Certificate Registrar and any agent of the
Company, the Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Company, the Trustee, the Certificate Registrar nor any such agent
shall be affected by notice to the contrary.
The obligations created by the Pooling Agreement and the Trust Fund created
thereby shall terminate upon (i) the later of the maturity or other liquidation
(including repurchase by the Company) of the last Mortgage Loan remaining in the
Trust Fund or the disposition of all property acquired upon foreclosure or deed
in lieu of foreclosure of any Mortgage Loan, and (ii) the payment to
Certificateholders of all amounts held by the Company and required to be paid to
them pursuant to the Pooling Agreement. In the event that the Company
repurchases any Mortgage Loan pursuant to the Pooling Agreement, such Pooling
Agreement requires that the Company distribute to the Certificateholders in the
aggregate an amount equal to 100% of the unpaid Principal Balance of such
Mortgage Loan, plus accrued interest at the applicable Pass-Through Rate to the
next scheduled Due Date for the Mortgage Loan. The Pooling Agreement permits,
but does not require, the Company to repurchase from the Trust Fund all Mortgage
Loans at the time subject thereto and all property acquired in respect of any
Mortgage Loan upon payment to the Certificateholders of the amounts specified in
the Pooling Agreement. The exercise of such right will effect early retirement
of the Certificates, the Company's right to repurchase being subject to the
aggregate unpaid Principal Balance of the Mortgage Loans at the time of
repurchase being less than ten percent (10%) of the aggregate unpaid Principal
Balance of the Mortgage Loans as of the Cut-Off Date.
K-4
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s) and assign(s) and
transfer(s) unto
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(Please print or typewrite name and address, including postal zip code of
assignee. Please insert social security or other identifying number of
assignee.)
the within Mortgage Pass-Through Certificate and hereby irrevocably constitutes
and appoints ______________ Attorney to transfer said Certificate on the
Certificate Register, with full power of substitution in the premises.
Dated: _______________ ______________________________________________________
Signature Guaranteed
______________________________________________________
NOTICE: The signature to this assignment must
correspond with the name as written upon the
face of the within instrument in every
particular, without alteration or enlargement
or any change whatever.
K-5
<PAGE>
EXHIBIT L
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").
1. In connection with such transfer and in accordance with the agreements
pursuant to which the Rule 144A Securities were issued, the Seller hereby
certifies the following facts: Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the
Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or in
any other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the Securities Act of 1933, as
amended (the "1933 Act"), or that would render the disposition of the Rule 144A
Securities a violation of Section 5 of the 1933 Act or require registration
pursuant thereto, and that the Seller has not offered the Rule 144A Securities
to any person other than the Buyer or another "qualified institutional buyer" as
defined in Rule 144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Pooling and Servicing
Agreement (the "Agreement") dated as of April 1, 1997 between PNC Mortgage
Securities Corp., as Depositor and Master Servicer, and First Bank National
Association, as Trustee) pursuant to Section 5.01(f) of the Agreement, as
follows:
a. The Buyer understands that the Rule 144A Securities have not been
registered under the 1933 Act or the securities laws of any state.
b. The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks
of investment in the Rule 144A Securities.
c. The Buyer has received and reviewed the Private Placement
Memorandum dated as of April 30, 1997 relating to the Rule 144A Securities
and has been furnished with all information regarding the Rule 144A
Securities that it has requested from the Seller, the Trustee, the Company
or the Master Servicer.
d. Neither the Buyer nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Rule 144A
Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security from, or otherwise approached
or negotiated with respect to the Rule 144A Securities, any interest in the
Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the 1933 Act or that would
render the
L-1
<PAGE>
disposition of the Rule 144A Securities a violation of Section 5
of the 1933 Act or require registration pursuant thereto, nor will it act,
nor has it authorized or will it authorize any person to act, in such
manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that term is
defined in Rule 144A under the 1933 Act and has (1) completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex
2, or (2) obtained the waiver of the Company with respect to Annex 1 and
Annex 2 pursuant to Section 5.01(f) of the Agreement. The Buyer is aware
that the sale to it is being made in reliance on Rule 144A. The Buyer is
acquiring the Rule 144A Securities for its own account or the accounts of
other qualified institutional buyers, understands that such Rule 144A
Securities may be resold, pledged or transferred only (i) to a person
reasonably believed to be a qualified institutional buyer that purchases
for its own account or for the account of a qualified institutional buyer
to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the 1933 Act.
f. The Buyer is not affiliated with (i) the Trustee or (ii) any Rating
Agency that rated the Rule 144A Securities.
g. If applicable, the Buyer has complied, and will continue to comply,
with the guidelines established by Thrift Bulletin 12 issued December 13,
1988, by the Office of Regulatory Activities of the Federal Home Loan Bank
System.
[Required only in the case of a transfer of a Class IB-1, Class IB-2, Class
IB-3, Class IB-4, Class IB-5, Class IB-6, Class IIB-1, Class IIB-2, Class IIB-3,
Class IIB-4, Class IIB-5 or Class IIB-6 Certificate] [3. The Buyer warrants and
represents to, and covenants with, the Seller, the Master Servicer and the
Company that (1) the Buyer is not an employee benefit plan (within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA")), subject to the prohibited transaction provisions of ERISA
("Plan"), or a plan (within the meaning of Section 4975(e)(1) of the Internal
Revenue Code of 1986 ("Code")) subject to Section 4975 of the Code (also a
"Plan"), and the Buyer is not directly or indirectly purchasing the Rule 144A
Securities on behalf of, as investment manager of, as named fiduciary of, as
trustee of, or with "plan assets" of any Plan, (2) the Buyer"s purchase of the
Rule 144A Securities is permissible under applicable law, will not constitute or
result in a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code and will not subject the Trustee, the Master Servicer
or the Company to any obligation or liability (including obligations or
liabilities under Section 406 of ERISA or Section 4975 of the Code) in addition
to those undertaken in this Agreement or (iii) the Buyer is an insurance
company, the source of funds to be used by it to purchase the Rule 144A
Securities is an "insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance upon the availability of the exemptive
relief afforded under Section III of PTCE 95-60.]
4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.
- --------------------------- -------------------------------
Print Name of Seller Print Name of Buyer
By: By:
---------------------------- -------------------------------
Name: Name:
Title: Title:
Taxpayer Identification: Taxpayer Identification:
L-2
<PAGE>
No. No.
------------------------------ --------------------------------
Date: Date:
---------------------------- ------------------------------
L-3
<PAGE>
ANNEX 1 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule 144A
Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or
invested on a discretionary basis $_____________________(1) in securities
(except for the excluded securities referred to below) as of the end of the
Buyer"s most recent fiscal year (such amount being calculated in accordance
with Rule 144A) and (ii) the Buyer satisfies the criteria in the category
marked below.
___ CORPORATION, ETC. The Buyer is a corporation (other than a bank,
savings and loan association or similar institution), Massachusetts or
similar business trust, partnership, or charitable organization
described in Section 501(c)(3) of the Internal Revenue Code.
___ BANK. The Buyer (a) is a national bank or banking institution
organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking
and is supervised by the State or territorial banking commission or
similar official or is a foreign bank or equivalent institution, and
(b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements, A COPY OF WHICH IS ATTACHED
HERETO.
___ SAVINGS AND LOAN. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association
or similar institution, which is supervised and examined by a State or
Federal authority having supervision over any such institutions or is
a foreign savings and loan association or equivalent institution and
(b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements.
___ BROKER-DEALER. The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.
___ INSURANCE COMPANY. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar
official or agency of a State or territory or the District of
Columbia.
___ STATE OR LOCAL PLAN. The Buyer is a plan established and maintained by
a State, its political subdivisions, or any agency or instrumentality
of the State or its political subdivisions, for the benefit of its
employees.
- ------------------------------
(1) Buyer must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Buyer is a dealer, and, in that case, Buyer
must own and/or invest on a discretionary basis at least $10,000,000 in
securities.
L-1-1
<PAGE>
___ ERISA PLAN. The Buyer is an employee benefit plan within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA") and is subject to the fiduciary
responsibility provisions of ERISA.
___ INVESTMENT ADVISER. The Buyer is an investment adviser registered
under the Investment Advisers Act of 1940.
___ SBIC. The Buyer is a Small Business Investment Company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958.
___ BUSINESS DEVELOPMENT COMPANY. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940.
___ TRUST FUND. The Buyer is a trust fund whose trustee is a bank or trust
company and whose participants are exclusively (a) plans established
and maintained by a State, its political subdivisions, or any agency
or instrumentality of the State or its political subdivisions, for the
benefit of its employees, or (b) employee benefit plans within the
meaning of Title I of the Employee Retirement Income Security Act of
1974, but is not a trust fund that includes as participants individual
retirement accounts or H.R. 10 plans.
3. The term "SECURITIES" as used herein DOES NOT INCLUDE (i) securities of
issuers that are affiliated with the Buyer, (ii) securities that are part of an
unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer"s direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer"s own account?
6. If the answer to the foregoing question is "no", the Buyer agrees that,
in connection with any purchase of securities sold to the Buyer for the account
of a third party (including any separate account) in reliance on Rule 144A, the
Buyer will only purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase securities for a third party
unless the Buyer has obtained a current representation letter from such third
party or taken other appropriate steps contemplated by Rule 144A to conclude
that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this certification is
made of any changes in the information and conclusions herein. Until such notice
is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
L-1-2
<PAGE>
-----------------------------------------------
Print Name of Buyer
By:
------------------------------------------
Name:
Title:
Date:
------------------------------------------
L-1-3
<PAGE>
ANNEX 2 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer' as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and
(ii) as marked below, the Buyer alone, or the Buyer's Family of Investment
Companies, owned at least $100,000,000 in securities (other than the excluded
securities referred to below) as of the end of the Buyer's most recent fiscal
year. For purposes of determining the amount of securities owned by the Buyer or
the Buyer's Family of Investment Companies, the cost of such securities was
used.
____ The Buyer owned $___________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer's
most recent fiscal year (such amount being calculated in accordance
with Rule 144A).
____ The Buyer is part of a Family of Investment Companies which owned in
the aggregate $______________ in securities (other than the excluded
securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with
Rule 144A).
3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "SECURITIES" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.
5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
--------------------------------------------------
Print Name of Buyer
L-2-1
<PAGE>
By:
-----------------------------------------------
Name:
------------------------------------------
Title:
-----------------------------------------
IF AN ADVISER:
--------------------------------------------------
Print Name of Buyer
Date:
---------------------------------------------
Signature
----------------------------------------
_ (SEAL)
L-2-2
<PAGE>
EXHIBIT M
[Date]
[Company]
Re: Pooling and Servicing Agreement dated as of April 1, 1997 among PNC
Mortgage Securities Corp., as Depositor and Master Servicer, and First Bank
National Association, as Trustee, relating to PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1997-3
Ladies and Gentlemen:
In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, except
as noted on the attachment hereto, as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on
the attachment hereto) it or the Custodian on its behalf has reviewed the
documents delivered to it or to the Custodian on its behalf pursuant to Section
2.01 of the Pooling and Servicing Agreement and has determined that (i) all
documents required (in the case of instruments described in clauses (X)(vi) and
(Y)(x) of the definition of "Mortgage File," known by the Trustee to be
required) pursuant to the third paragraph of Section 2.01 of the Pooling and
Servicing Agreement have been executed and received as of the date hereof are in
its possession or in the possession of the Custodian on its behalf and (ii) all
such documents have been executed and relate to the Mortgage Loans identified
in the Mortgage Loan Schedule. The Trustee has made no independent examination
of such documents beyond the review specifically required in the above
referenced Pooling and Servicing Agreement and has relied upon the purported
genuineness and due execution of any such documents and upon the purported
genuineness of any signature thereon. The Trustee makes no representations as
to: (i) the validity, legality, enforceability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified on the Mortgage Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.
-------------------------------
as Trustee
By:
-------------------------
Name:
-------------------------
Title:
-------------------------
M-1
<PAGE>
EXHIBIT N
Schedule of Certain Mortgage Loans With Group Primary Insurance Policies
None.
N-1
<PAGE>
EXHIBIT O
PLANNED PRINCIPAL BALANCE TABLES
<TABLE>
<CAPTION>
CLASS IA-1 PAC CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE COMPONENT PAC COMPONENT CLASS IA-4 CLASS IA-5 CLASS IA-6 PAC COMPONENT
- ------------------------------ -------------- -------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Initial Balance............... $11,330,672.00 $7,984,500.00 $44,000,000.00 $8,820,291.00 $4,779,258.00 $2,111,439.00
May 25, 1997.................. 10,939,574.07 7,708,901.04 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
June 25, 1997................. 10,532,702.12 7,422,186.44 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
July 25, 1997................. 10,110,276.52 7,124,511.49 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
August 25, 1997............... 9,672,527.00 6,816,038.08 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
September 25, 1997............ 9,219,692.42 6,496,934.53 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
October 25, 1997.............. 8,752,020.65 6,167,375.50 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
November 25, 1997............. 8,269,768.34 5,827,541.85 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
December 25, 1997............. 7,773,200.75 5,477,620.52 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
January 25, 1998.............. 7,262,591.57 5,117,804.34 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
February 25, 1998............. 6,738,222.66 4,748,291.97 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
March 25, 1998................ 6,200,383.89 4,369,287.65 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
April 25, 1998................ 5,649,372.86 3,981,001.09 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
May 25, 1998.................. 5,085,494.71 3,583,647.33 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
June 25, 1998................. 4,509,061.84 3,177,446.52 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
July 25, 1998................. 3,920,393.72 2,762,623.76 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
August 25, 1998............... 3,319,816.56 2,339,408.94 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
September 25, 1998............ 2,707,663.11 1,908,036.53 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
October 25, 1998.............. 2,084,272.36 1,468,745.42 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
November 25, 1998............. 1,449,989.28 1,021,778.71 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
December 25, 1998............. 805,164.52 567,383.48 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
January 25, 1999.............. 163,965.54 115,543.27 44,000,000.00 8,820,291.00 4,779,258.00 2,111,439.00
February 25, 1999............. 0.00 0.00 43,192,641.61 8,820,291.00 4,779,258.00 2,111,439.00
March 25, 1999................ 0.00 0.00 42,111,938.17 8,820,291.00 4,779,258.00 2,111,439.00
April 25, 1999................ 0.00 0.00 41,037,390.73 8,820,291.00 4,779,258.00 2,111,439.00
May 25, 1999.................. 0.00 0.00 39,969,755.48 8,820,291.00 4,779,258.00 2,111,439.00
June 25, 1999................. 0.00 0.00 38,909,004.97 8,820,291.00 4,779,258.00 2,111,439.00
July 25, 1999................. 0.00 0.00 37,855,111.93 8,820,291.00 4,779,258.00 2,111,439.00
August 25, 1999............... 0.00 0.00 36,808,049.34 8,820,291.00 4,779,258.00 2,111,439.00
September 25, 1999............ 0.00 0.00 35,767,790.39 8,820,291.00 4,779,258.00 2,111,439.00
October 25, 1999.............. 0.00 0.00 34,734,308.46 8,820,291.00 4,779,258.00 2,111,439.00
November 25, 1999............. 0.00 0.00 33,707,577.17 8,820,291.00 4,779,258.00 2,111,439.00
December 25, 1999............. 0.00 0.00 32,687,570.34 8,820,291.00 4,779,258.00 2,111,439.00
January 25, 2000.............. 0.00 0.00 31,674,261.98 8,820,291.00 4,779,258.00 2,111,439.00
February 25, 2000............. 0.00 0.00 30,667,626.36 8,820,291.00 4,779,258.00 2,111,439.00
March 25, 2000................ 0.00 0.00 29,667,637.90 8,820,291.00 4,779,258.00 2,111,439.00
<CAPTION>
DISTRIBUTION DATE CLASS IIA-2 CLASS IIA-6 CLASS IIA-7
- ------------------------------ -------------- -------------- --------------
<S> <C> <C> <C>
Initial Balance............... $28,500,000.00 $16,000,000.00 $19,587,131.00
May 25, 1997.................. 28,500,000.00 16,000,000.00 19,587,131.00
June 25, 1997................. 28,500,000.00 16,000,000.00 19,587,131.00
July 25, 1997................. 28,500,000.00 16,000,000.00 19,587,131.00
August 25, 1997............... 28,500,000.00 16,000,000.00 19,587,131.00
September 25, 1997............ 28,500,000.00 16,000,000.00 19,587,131.00
October 25, 1997.............. 28,500,000.00 16,000,000.00 19,587,131.00
November 25, 1997............. 28,500,000.00 16,000,000.00 19,587,131.00
December 25, 1997............. 28,500,000.00 16,000,000.00 19,587,131.00
January 25, 1998.............. 28,500,000.00 16,000,000.00 19,587,131.00
February 25, 1998............. 28,500,000.00 16,000,000.00 19,587,131.00
March 25, 1998................ 28,500,000.00 16,000,000.00 19,587,131.00
April 25, 1998................ 28,500,000.00 16,000,000.00 19,587,131.00
May 25, 1998.................. 28,500,000.00 16,000,000.00 19,587,131.00
June 25, 1998................. 28,500,000.00 16,000,000.00 19,587,131.00
July 25, 1998................. 28,500,000.00 16,000,000.00 19,587,131.00
August 25, 1998............... 28,500,000.00 16,000,000.00 19,587,131.00
September 25, 1998............ 28,500,000.00 16,000,000.00 19,587,131.00
October 25, 1998.............. 28,500,000.00 16,000,000.00 19,587,131.00
November 25, 1998............. 28,500,000.00 16,000,000.00 19,587,131.00
December 25, 1998............. 28,500,000.00 16,000,000.00 19,587,131.00
January 25, 1999.............. 28,500,000.00 16,000,000.00 19,587,131.00
February 25, 1999............. 28,500,000.00 16,000,000.00 19,587,131.00
March 25, 1999................ 26,878,389.42 16,000,000.00 19,587,131.00
April 25, 1999................ 25,205,591.49 16,000,000.00 19,587,131.00
May 25, 1999.................. 23,482,371.61 16,000,000.00 19,587,131.00
June 25, 1999................. 21,709,520.37 16,000,000.00 19,587,131.00
July 25, 1999................. 19,887,853.02 16,000,000.00 19,587,131.00
August 25, 1999............... 18,018,208.88 16,000,000.00 19,587,131.00
September 25, 1999............ 16,158,602.81 16,000,000.00 19,587,131.00
October 25, 1999.............. 14,308,988.21 16,000,000.00 19,587,131.00
November 25, 1999............. 12,469,318.80 16,000,000.00 19,587,131.00
December 25, 1999............. 10,639,548.56 16,000,000.00 19,587,131.00
January 25, 2000.............. 8,819,631.74 16,000,000.00 19,587,131.00
February 25, 2000............. 7,009,522.88 16,000,000.00 19,587,131.00
March 25, 2000................ 5,209,176.77 16,000,000.00 19,587,131.00
</TABLE>
<PAGE>
PLANNED PRINCIPAL BALANCE TABLES
<TABLE>
<CAPTION>
CLASS IA-1 PAC CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE COMPONENT PAC COMPONENT CLASS IA-4 CLASS IA-5 CLASS IA-6 PAC COMPONENT
- ------------------------------ -------------- --------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
April 25, 2000................ $ 0.00 $ 0.00 $28,674,271.29 $8,820,291.00 $4,779,258.00 $2,111,439.00
May 25, 2000.................. 0.00 0.00 27,687,501.37 8,820,291.00 4,779,258.00 2,111,439.00
June 25, 2000................. 0.00 0.00 26,707,303.23 8,820,291.00 4,779,258.00 2,111,439.00
July 25, 2000................. 0.00 0.00 25,733,652.15 8,820,291.00 4,779,258.00 2,111,439.00
August 25, 2000............... 0.00 0.00 24,766,523.61 8,820,291.00 4,779,258.00 2,111,439.00
September 25, 2000............ 0.00 0.00 23,805,893.32 8,820,291.00 4,779,258.00 2,111,439.00
October 25, 2000.............. 0.00 0.00 22,851,737.16 8,820,291.00 4,779,258.00 2,111,439.00
November 25, 2000............. 0.00 0.00 21,904,031.25 8,820,291.00 4,779,258.00 2,111,439.00
December 25, 2000............. 0.00 0.00 20,962,751.89 8,820,291.00 4,779,258.00 2,111,439.00
January 25, 2001.............. 0.00 0.00 20,027,875.59 8,820,291.00 4,779,258.00 2,111,439.00
February 25, 2001............. 0.00 0.00 19,099,379.06 8,820,291.00 4,779,258.00 2,111,439.00
March 25, 2001................ 0.00 0.00 18,177,239.21 8,820,291.00 4,779,258.00 2,111,439.00
April 25, 2001................ 0.00 0.00 17,261,433.17 8,820,291.00 4,779,258.00 2,111,439.00
May 25, 2001.................. 0.00 0.00 16,351,938.25 8,820,291.00 4,779,258.00 2,111,439.00
June 25, 2001................. 0.00 0.00 15,448,731.96 8,820,291.00 4,779,258.00 2,111,439.00
July 25, 2001................. 0.00 0.00 14,551,792.03 8,820,291.00 4,779,258.00 2,111,439.00
August 25, 2001............... 0.00 0.00 13,661,096.37 8,820,291.00 4,779,258.00 2,111,439.00
September 25, 2001............ 0.00 0.00 12,776,623.08 8,820,291.00 4,779,258.00 2,111,439.00
October 25, 2001.............. 0.00 0.00 11,898,350.49 8,820,291.00 4,779,258.00 2,111,439.00
November 25, 2001............. 0.00 0.00 11,026,257.10 8,820,291.00 4,779,258.00 2,111,439.00
December 25, 2001............. 0.00 0.00 10,160,321.62 8,820,291.00 4,779,258.00 2,111,439.00
January 25, 2002.............. 0.00 0.00 9,300,522.95 8,820,291.00 4,779,258.00 2,111,439.00
February 25, 2002............. 0.00 0.00 8,446,840.19 8,820,291.00 4,779,258.00 2,111,439.00
March 25, 2002................ 0.00 0.00 7,599,252.63 8,820,291.00 4,779,258.00 2,111,439.00
April 25, 2002................ 0.00 0.00 6,757,739.75 8,820,291.00 4,779,258.00 945,243.83
May 25, 2002.................. 0.00 0.00 5,982,475.80 8,820,291.00 4,779,258.00 0.00
June 25, 2002................. 0.00 0.00 5,226,711.16 8,820,291.00 4,779,258.00 0.00
July 25, 2002................. 0.00 0.00 4,490,081.89 8,820,291.00 4,779,258.00 0.00
August 25, 2002............... 0.00 0.00 3,772,230.40 8,820,291.00 4,779,258.00 0.00
September 25, 2002............ 0.00 0.00 3,072,805.35 8,820,291.00 4,779,258.00 0.00
October 25, 2002.............. 0.00 0.00 2,391,461.52 8,820,291.00 4,779,258.00 0.00
November 25, 2002............. 0.00 0.00 1,727,859.74 8,820,291.00 4,779,258.00 0.00
December 25, 2002............. 0.00 0.00 1,081,666.73 8,820,291.00 4,779,258.00 0.00
January 25, 2003.............. 0.00 0.00 452,555.09 8,820,291.00 4,779,258.00 0.00
February 25, 2003............. 0.00 0.00 0.00 8,660,494.11 4,779,258.00 0.00
March 25, 2003................ 0.00 0.00 0.00 8,064,585.72 4,779,258.00 0.00
April 25, 2003................ 0.00 0.00 0.00 7,484,810.39 4,779,258.00 0.00
May 25, 2003.................. 0.00 0.00 0.00 6,960,044.49 4,779,258.00 0.00
June 25, 2003................. 0.00 0.00 0.00 6,449,777.25 4,779,258.00 0.00
<CAPTION>
DISTRIBUTION DATE CLASS IIA-2 CLASS IIA-6 CLASS IIA-7
- ------------------------------ ------------- -------------- --------------
<S> <C> <C> <C>
April 25, 2000................ $3,418,548.50 $16,000,000.00 $19,587,131.00
May 25, 2000.................. 1,637,593.41 16,000,000.00 19,587,131.00
June 25, 2000................. 0.00 15,866,267.11 19,587,131.00
July 25, 2000................. 0.00 14,104,525.49 19,587,131.00
August 25, 2000............... 0.00 12,352,324.69 19,587,131.00
September 25, 2000............ 0.00 10,609,621.13 19,587,131.00
October 25, 2000.............. 0.00 8,876,371.50 19,587,131.00
November 25, 2000............. 0.00 7,152,532.74 19,587,131.00
December 25, 2000............. 0.00 5,438,062.05 19,587,131.00
January 25, 2001.............. 0.00 3,732,916.91 19,587,131.00
February 25, 2001............. 0.00 2,037,055.04 19,587,131.00
March 25, 2001................ 0.00 350,434.45 19,587,131.00
April 25, 2001................ 0.00 0.00 18,260,144.37
May 25, 2001.................. 0.00 0.00 16,591,881.31
June 25, 2001................. 0.00 0.00 14,932,735.03
July 25, 2001................. 0.00 0.00 13,282,664.57
August 25, 2001............... 0.00 0.00 11,641,629.18
September 25, 2001............ 0.00 0.00 10,009,588.39
October 25, 2001.............. 0.00 0.00 8,386,501.99
November 25, 2001............. 0.00 0.00 6,772,330.00
December 25, 2001............. 0.00 0.00 5,167,032.70
January 25, 2002.............. 0.00 0.00 3,570,570.64
February 25, 2002............. 0.00 0.00 1,982,904.58
March 25, 2002................ 0.00 0.00 403,995.55
April 25, 2002................ 0.00 0.00 0.00
May 25, 2002.................. 0.00 0.00 0.00
June 25, 2002................. 0.00 0.00 0.00
July 25, 2002................. 0.00 0.00 0.00
August 25, 2002............... 0.00 0.00 0.00
September 25, 2002............ 0.00 0.00 0.00
October 25, 2002.............. 0.00 0.00 0.00
November 25, 2002............. 0.00 0.00 0.00
December 25, 2002............. 0.00 0.00 0.00
January 25, 2003.............. 0.00 0.00 0.00
February 25, 2003............. 0.00 0.00 0.00
March 25, 2003................ 0.00 0.00 0.00
April 25, 2003................ 0.00 0.00 0.00
May 25, 2003.................. 0.00 0.00 0.00
June 25, 2003................. 0.00 0.00 0.00
</TABLE>
<PAGE>
PLANNED PRINCIPAL BALANCE TABLES
<TABLE>
<CAPTION>
CLASS IA-1 PAC CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE COMPONENT PAC COMPONENT CLASS IA-4 CLASS IA-5 CLASS IA-6 PAC COMPONENT
- ------------------------------ -------------- --------------- ------------- ------------ ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
July 25, 2003................. $ 0.00 $ 0.00 $ 0.00 $5,953,722.51 $4,779,258.00 $ 0.00
August 25, 2003............... 0.00 0.00 0.00 5,471,599.21 4,779,258.00 0.00
September 25, 2003............ 0.00 0.00 0.00 5,003,131.30 4,779,258.00 0.00
October 25, 2003.............. 0.00 0.00 0.00 4,548,047.66 4,779,258.00 0.00
November 25, 2003............. 0.00 0.00 0.00 4,106,082.03 4,779,258.00 0.00
December 25, 2003............. 0.00 0.00 0.00 3,676,972.90 4,779,258.00 0.00
January 25, 2004.............. 0.00 0.00 0.00 3,260,463.45 4,779,258.00 0.00
February 25, 2004............. 0.00 0.00 0.00 2,856,301.47 4,779,258.00 0.00
March 25, 2004................ 0.00 0.00 0.00 2,464,239.24 4,779,258.00 0.00
April 25, 2004................ 0.00 0.00 0.00 2,084,033.52 4,779,258.00 0.00
May 25, 2004.................. 0.00 0.00 0.00 1,781,157.32 4,779,258.00 0.00
June 25, 2004................. 0.00 0.00 0.00 1,487,432.02 4,779,258.00 0.00
July 25, 2004................. 0.00 0.00 0.00 1,202,658.03 4,779,258.00 0.00
August 25, 2004............... 0.00 0.00 0.00 926,639.55 4,779,258.00 0.00
September 25, 2004............ 0.00 0.00 0.00 659,184.48 4,779,258.00 0.00
October 25, 2004.............. 0.00 0.00 0.00 400,104.40 4,779,258.00 0.00
November 25, 2004............. 0.00 0.00 0.00 149,214.50 4,779,258.00 0.00
December 25, 2004............. 0.00 0.00 0.00 0.00 4,685,591.46 0.00
January 25, 2005.............. 0.00 0.00 0.00 0.00 4,450,541.46 0.00
February 25, 2005............. 0.00 0.00 0.00 0.00 4,223,148.08 0.00
March 25, 2005................ 0.00 0.00 0.00 0.00 4,003,240.22 0.00
April 25, 2005................ 0.00 0.00 0.00 0.00 3,790,650.11 0.00
May 25, 2005.................. 0.00 0.00 0.00 0.00 3,637,145.21 0.00
June 25, 2005................. 0.00 0.00 0.00 0.00 3,488,335.97 0.00
July 25, 2005................. 0.00 0.00 0.00 0.00 3,344,112.27 0.00
August 25, 2005............... 0.00 0.00 0.00 0.00 3,204,366.21 0.00
September 25, 2005............ 0.00 0.00 0.00 0.00 3,068,992.09 0.00
October 25, 2005.............. 0.00 0.00 0.00 0.00 2,937,886.41 0.00
November 25, 2005............. 0.00 0.00 0.00 0.00 2,810,947.78 0.00
December 25, 2005............. 0.00 0.00 0.00 0.00 2,688,076.87 0.00
January 25, 2006.............. 0.00 0.00 0.00 0.00 2,569,176.43 0.00
February 25, 2006............. 0.00 0.00 0.00 0.00 2,454,151.22 0.00
March 25, 2006................ 0.00 0.00 0.00 0.00 2,342,907.93 0.00
April 25, 2006................ 0.00 0.00 0.00 0.00 2,235,355.21 0.00
May 25, 2006.................. 0.00 0.00 0.00 0.00 2,169,799.99 0.00
June 25, 2006................. 0.00 0.00 0.00 0.00 2,105,610.78 0.00
July 25, 2006................. 0.00 0.00 0.00 0.00 2,042,762.25 0.00
<CAPTION>
DISTRIBUTION DATE CLASS IIA-2 CLASS IIA-6 CLASS IIA-7
- ------------------------------ ------------- ------------- -------------
<S> <C> <C> <C>
July 25, 2003................. $ 0.00 $ 0.00 $ 0.00
August 25, 2003............... 0.00 0.00 0.00
September 25, 2003............ 0.00 0.00 0.00
October 25, 2003.............. 0.00 0.00 0.00
November 25, 2003............. 0.00 0.00 0.00
December 25, 2003............. 0.00 0.00 0.00
January 25, 2004.............. 0.00 0.00 0.00
February 25, 2004............. 0.00 0.00 0.00
March 25, 2004................ 0.00 0.00 0.00
April 25, 2004................ 0.00 0.00 0.00
May 25, 2004.................. 0.00 0.00 0.00
June 25, 2004................. 0.00 0.00 0.00
July 25, 2004................. 0.00 0.00 0.00
August 25, 2004............... 0.00 0.00 0.00
September 25, 2004............ 0.00 0.00 0.00
October 25, 2004.............. 0.00 0.00 0.00
November 25, 2004............. 0.00 0.00 0.00
December 25, 2004............. 0.00 0.00 0.00
January 25, 2005.............. 0.00 0.00 0.00
February 25, 2005............. 0.00 0.00 0.00
March 25, 2005................ 0.00 0.00 0.00
April 25, 2005................ 0.00 0.00 0.00
May 25, 2005.................. 0.00 0.00 0.00
June 25, 2005................. 0.00 0.00 0.00
July 25, 2005................. 0.00 0.00 0.00
August 25, 2005............... 0.00 0.00 0.00
September 25, 2005............ 0.00 0.00 0.00
October 25, 2005.............. 0.00 0.00 0.00
November 25, 2005............. 0.00 0.00 0.00
December 25, 2005............. 0.00 0.00 0.00
January 25, 2006.............. 0.00 0.00 0.00
February 25, 2006............. 0.00 0.00 0.00
March 25, 2006................ 0.00 0.00 0.00
April 25, 2006................ 0.00 0.00 0.00
May 25, 2006.................. 0.00 0.00 0.00
June 25, 2006................. 0.00 0.00 0.00
July 25, 2006................. 0.00 0.00 0.00
</TABLE>
<PAGE>
PLANNED PRINCIPAL BALANCE TABLES
<TABLE>
<CAPTION>
CLASS IA-1 PAC CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE COMPONENT PAC COMPONENT CLASS IA-4 CLASS IA-5 CLASS IA-6 PAC COMPONENT
- ------------------------------ -------------- --------------- ------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
August 25, 2006............... $ 0.00 $ 0.00 $ 0.00 $ 0.00 $1,981,229.52 $ 0.00
September 25, 2006............ 0.00 0.00 0.00 0.00 1,920,988.13 0.00
October 25, 2006.............. 0.00 0.00 0.00 0.00 1,862,014.08 0.00
November 25, 2006............. 0.00 0.00 0.00 0.00 1,804,283.75 0.00
December 25, 2006............. 0.00 0.00 0.00 0.00 1,747,773.96 0.00
January 25, 2007.............. 0.00 0.00 0.00 0.00 1,692,461.95 0.00
February 25, 2007............. 0.00 0.00 0.00 0.00 1,638,325.34 0.00
March 25, 2007................ 0.00 0.00 0.00 0.00 1,585,342.16 0.00
April 25, 2007................ 0.00 0.00 0.00 0.00 1,533,490.80 0.00
May 25, 2007.................. 0.00 0.00 0.00 0.00 1,482,750.07 0.00
June 25, 2007................. 0.00 0.00 0.00 0.00 1,433,099.12 0.00
July 25, 2007................. 0.00 0.00 0.00 0.00 1,384,517.50 0.00
August 25, 2007............... 0.00 0.00 0.00 0.00 1,336,985.09 0.00
September 25, 2007............ 0.00 0.00 0.00 0.00 1,290,482.14 0.00
October 25, 2007.............. 0.00 0.00 0.00 0.00 1,244,989.27 0.00
November 25, 2007............. 0.00 0.00 0.00 0.00 1,200,487.40 0.00
December 25, 2007............. 0.00 0.00 0.00 0.00 1,156,957.82 0.00
January 25, 2008.............. 0.00 0.00 0.00 0.00 1,114,382.15 0.00
February 25, 2008............. 0.00 0.00 0.00 0.00 1,072,742.32 0.00
March 25, 2008................ 0.00 0.00 0.00 0.00 1,032,020.59 0.00
April 25, 2008................ 0.00 0.00 0.00 0.00 992,199.54 0.00
May 25, 2008.................. 0.00 0.00 0.00 0.00 953,262.06 0.00
June 25, 2008................. 0.00 0.00 0.00 0.00 915,191.32 0.00
July 25, 2008................. 0.00 0.00 0.00 0.00 877,970.82 0.00
August 25, 2008............... 0.00 0.00 0.00 0.00 841,584.34 0.00
September 25, 2008............ 0.00 0.00 0.00 0.00 806,015.95 0.00
October 25, 2008.............. 0.00 0.00 0.00 0.00 771,250.00 0.00
November 25, 2008............. 0.00 0.00 0.00 0.00 737,271.14 0.00
December 25, 2008............. 0.00 0.00 0.00 0.00 704,064.26 0.00
January 25, 2009.............. 0.00 0.00 0.00 0.00 671,614.54 0.00
February 25, 2009............. 0.00 0.00 0.00 0.00 639,907.43 0.00
March 25, 2009................ 0.00 0.00 0.00 0.00 608,928.63 0.00
April 25, 2009................ 0.00 0.00 0.00 0.00 578,664.09 0.00
May 25, 2009.................. 0.00 0.00 0.00 0.00 549,100.03 0.00
June 25, 2009................. 0.00 0.00 0.00 0.00 520,222.90 0.00
July 25, 2009................. 0.00 0.00 0.00 0.00 492,019.40 0.00
August 25, 2009............... 0.00 0.00 0.00 0.00 464,476.48 0.00
September 25, 2009............ 0.00 0.00 0.00 0.00 437,581.30 0.00
October 25, 2009.............. 0.00 0.00 0.00 0.00 411,321.26 0.00
November 25, 2009............. 0.00 0.00 0.00 0.00 385,684.00 0.00
<CAPTION>
DISTRIBUTION DATE CLASS IIA-2 CLASS IIA-6 CLASS IIA-7
- ------------------------------ ------------- ------------- -------------
<S> <C> <C> <C>
August 25, 2006............... $ 0.00 $ 0.00 $ 0.00
September 25, 2006............ 0.00 0.00 0.00
October 25, 2006.............. 0.00 0.00 0.00
November 25, 2006............. 0.00 0.00 0.00
December 25, 2006............. 0.00 0.00 0.00
January 25, 2007.............. 0.00 0.00 0.00
February 25, 2007............. 0.00 0.00 0.00
March 25, 2007................ 0.00 0.00 0.00
April 25, 2007................ 0.00 0.00 0.00
May 25, 2007.................. 0.00 0.00 0.00
June 25, 2007................. 0.00 0.00 0.00
July 25, 2007................. 0.00 0.00 0.00
August 25, 2007............... 0.00 0.00 0.00
September 25, 2007............ 0.00 0.00 0.00
October 25, 2007.............. 0.00 0.00 0.00
November 25, 2007............. 0.00 0.00 0.00
December 25, 2007............. 0.00 0.00 0.00
January 25, 2008.............. 0.00 0.00 0.00
February 25, 2008............. 0.00 0.00 0.00
March 25, 2008................ 0.00 0.00 0.00
April 25, 2008................ 0.00 0.00 0.00
May 25, 2008.................. 0.00 0.00 0.00
June 25, 2008................. 0.00 0.00 0.00
July 25, 2008................. 0.00 0.00 0.00
August 25, 2008............... 0.00 0.00 0.00
September 25, 2008............ 0.00 0.00 0.00
October 25, 2008.............. 0.00 0.00 0.00
November 25, 2008............. 0.00 0.00 0.00
December 25, 2008............. 0.00 0.00 0.00
January 25, 2009.............. 0.00 0.00 0.00
February 25, 2009............. 0.00 0.00 0.00
March 25, 2009................ 0.00 0.00 0.00
April 25, 2009................ 0.00 0.00 0.00
May 25, 2009.................. 0.00 0.00 0.00
June 25, 2009................. 0.00 0.00 0.00
July 25, 2009................. 0.00 0.00 0.00
August 25, 2009............... 0.00 0.00 0.00
September 25, 2009............ 0.00 0.00 0.00
October 25, 2009.............. 0.00 0.00 0.00
November 25, 2009............. 0.00 0.00 0.00
</TABLE>
<PAGE>
PLANNED PRINCIPAL BALANCE TABLES
<TABLE>
<CAPTION>
CLASS IA-1 PAC CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE COMPONENT PAC COMPONENT CLASS IA-4 CLASS IA-5 CLASS IA-6 PAC COMPONENT
- ------------------------------ -------------- -------------- ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
December 25, 2009............. $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 360,657.37 $ 0.00
January 25, 2010.............. 0.00 0.00 0.00 0.00 336,229.43 0.00
February 25, 2010............. 0.00 0.00 0.00 0.00 312,388.48 0.00
March 25, 2010................ 0.00 0.00 0.00 0.00 289,123.01 0.00
April 25, 2010................ 0.00 0.00 0.00 0.00 266,421.73 0.00
May 25, 2010.................. 0.00 0.00 0.00 0.00 244,273.55 0.00
June 25, 2010................. 0.00 0.00 0.00 0.00 222,667.56 0.00
July 25, 2010................. 0.00 0.00 0.00 0.00 201,593.09 0.00
August 25, 2010............... 0.00 0.00 0.00 0.00 181,039.62 0.00
September 25, 2010............ 0.00 0.00 0.00 0.00 160,996.86 0.00
October 25, 2010.............. 0.00 0.00 0.00 0.00 141,454.66 0.00
November 25, 2010............. 0.00 0.00 0.00 0.00 122,403.11 0.00
December 25, 2010............. 0.00 0.00 0.00 0.00 103,832.42 0.00
January 25, 2011.............. 0.00 0.00 0.00 0.00 85,733.04 0.00
February 25, 2011............. 0.00 0.00 0.00 0.00 68,095.53 0.00
March 25, 2011................ 0.00 0.00 0.00 0.00 50,910.68 0.00
April 25, 2011................ 0.00 0.00 0.00 0.00 34,169.40 0.00
May 25, 2011.................. 0.00 0.00 0.00 0.00 17,862.80 0.00
June 25, 2011................. 0.00 0.00 0.00 0.00 1,982.14 0.00
July 25, 2011................. 0.00 0.00 0.00 0.00 1,466.29 0.00
August 25, 2011............... 0.00 0.00 0.00 0.00 964.01 0.00
September 25, 2011............ 0.00 0.00 0.00 0.00 475.03 0.00
October 25, 2011 and
thereafter................... 0.00 0.00 0.00 0.00 0.00 0.00
<CAPTION>
DISTRIBUTION DATE CLASS IIA-2 CLASS IIA-6 CLASS IIA-7
- ------------------------------ ------------- ------------- -------------
<S> <C> <C> <C>
December 25, 2009............. $ 0.00 $ 0.00 $ 0.00
January 25, 2010.............. 0.00 0.00 0.00
February 25, 2010............. 0.00 0.00 0.00
March 25, 2010................ 0.00 0.00 0.00
April 25, 2010................ 0.00 0.00 0.00
May 25, 2010.................. 0.00 0.00 0.00
June 25, 2010................. 0.00 0.00 0.00
July 25, 2010................. 0.00 0.00 0.00
August 25, 2010............... 0.00 0.00 0.00
September 25, 2010............ 0.00 0.00 0.00
October 25, 2010.............. 0.00 0.00 0.00
November 25, 2010............. 0.00 0.00 0.00
December 25, 2010............. 0.00 0.00 0.00
January 25, 2011.............. 0.00 0.00 0.00
February 25, 2011............. 0.00 0.00 0.00
March 25, 2011................ 0.00 0.00 0.00
April 25, 2011................ 0.00 0.00 0.00
May 25, 2011.................. 0.00 0.00 0.00
June 25, 2011................. 0.00 0.00 0.00
July 25, 2011................. 0.00 0.00 0.00
August 25, 2011............... 0.00 0.00 0.00
September 25, 2011............ 0.00 0.00 0.00
October 25, 2011 and
thereafter................... 0.00 0.00 0.00
</TABLE>
<PAGE>
EXHIBIT P
TARGETED PRINCIPAL BALANCES TABLES
<TABLE>
<CAPTION>
CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE TAC COMPONENT TAC COMPONENT CLASS IIA-3
- ----------------- ---------------- ---------------- -----------------
<S> <C> <C> <C>
Initial Balance.......................................... $ 11,800,000.00 $ 56,279,967.00 $ 139,910,604.00
May 25, 1997............................................. 11,657,393.52 56,631,716.79 138,888,045.24
June 25, 1997............................................ 11,503,848.96 56,985,665.02 137,711,869.55
July 25, 1997............................................ 11,339,657.63 57,341,825.43 136,382,355.67
August 25, 1997.......................................... 11,165,131.02 57,700,211.84 134,899,974.97
September 25, 1997....................................... 10,980,600.28 58,060,838.16 133,265,392.05
October 25, 1997......................................... 10,786,415.48 58,423,718.40 131,479,464.92
November 25, 1997........................................ 10,582,944.95 58,788,866.64 129,543,244.89
December 25, 1997........................................ 10,370,574.53 59,156,297.06 127,457,975.87
January 25, 1998......................................... 10,149,706.74 59,526,023.91 125,225,093.43
February 25, 1998........................................ 9,920,759.98 59,898,061.56 122,846,223.35
March 25, 1998........................................... 9,684,167.61 60,272,424.45 120,323,179.79
April 25, 1998........................................... 9,440,377.04 60,649,127.10 117,657,963.00
May 25, 1998............................................. 9,189,848.75 61,028,184.15 114,852,756.73
June 25, 1998............................................ 8,933,055.32 61,409,610.30 111,909,925.07
July 25, 1998............................................ 8,670,480.37 61,793,420.36 108,832,009.03
August 25, 1998.......................................... 8,402,617.53 62,179,629.24 105,621,722.64
September 25, 1998....................................... 8,129,969.29 62,568,251.92 102,281,948.65
October 25, 1998......................................... 7,853,045.98 62,959,303.50 98,815,733.95
November 25, 1998........................................ 7,572,364.55 63,352,799.14 95,226,284.44
December 25, 1998........................................ 7,288,447.47 63,748,754.14 91,516,959.71
January 25, 1999......................................... 7,012,045.12 64,147,183.85 87,691,267.23
February 25, 1999........................................ 6,743,051.87 64,548,103.75 83,752,856.30
March 25, 1999........................................... 6,481,363.99 64,951,529.40 81,327,122.20
April 25, 1999........................................... 6,226,879.56 65,357,476.46 78,847,555.02
May 25, 1999............................................. 5,979,825.25 65,765,960.68 76,317,424.36
June 25, 1999............................................ 5,740,082.03 66,176,997.94 73,740,088.91
July 25, 1999............................................ 5,507,532.54 66,590,604.18 71,118,989.47
August 25, 1999.......................................... 5,282,061.05 67,006,795.45 68,457,641.69
September 25, 1999....................................... 5,063,553.42 67,425,587.92 65,841,056.04
October 25, 1999......................................... 4,851,897.13 67,846,997.85 63,268,483.68
November 25, 1999........................................ 4,646,981.20 68,271,041.59 60,739,185.97
December 25, 1999........................................ 4,448,696.23 68,697,735.59 58,252,434.35
January 25, 2000......................................... 4,256,934.32 69,127,096.44 55,807,510.16
February 25, 2000........................................ 4,071,589.09 69,559,140.80 53,403,704.56
March 25, 2000........................................... 3,892,555.64 69,993,885.43 51,040,318.30
April 25, 2000........................................... 3,719,730.55 70,431,347.21 48,716,661.69
May 25, 2000............................................. 3,553,011.82 70,871,543.13 46,432,054.39
June 25, 2000............................................ 3,392,298.91 71,314,490.27 44,185,825.31
July 25, 2000............................................ 3,237,492.66 71,760,205.84 41,977,312.50
August 25, 2000.......................................... 3,088,495.31 72,208,707.12 39,805,862.98
September 25, 2000....................................... 2,945,210.49 72,660,011.54 37,670,832.64
October 25, 2000......................................... 2,807,543.16 73,114,136.62 35,571,586.11
November 25, 2000........................................ 2,675,399.61 73,571,099.97 33,507,496.64
December 25, 2000........................................ 2,548,687.47 74,030,919.34 31,477,945.98
</TABLE>
<PAGE>
TARGETED PRINCIPAL BALANCES TABLES
<TABLE>
<CAPTION>
CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE TAC COMPONENT TAC COMPONENT CLASS IIA-3
- ----------------- ---------------- ---------------- -----------------
<S> <C> <C> <C>
January 25, 2001......................................... $ 2,427,315.64 $ 74,493,612.59 $ 29,482,324.25
February 25, 2001........................................ 2,311,194.33 74,959,197.67 27,520,029.83
March 25, 2001........................................... 2,200,235.01 75,427,692.65 25,590,469.27
April 25, 2001........................................... 2,094,350.36 75,899,115.73 23,693,057.12
May 25, 2001............................................. 1,993,454.35 76,373,485.21 21,827,215.85
June 25, 2001............................................ 1,897,462.11 76,850,819.49 19,992,375.77
July 25, 2001............................................ 1,806,290.01 77,331,137.11 18,187,974.83
August 25, 2001.......................................... 1,719,855.56 77,814,456.72 16,413,458.63
September 25, 2001....................................... 1,638,077.48 78,300,797.07 14,668,280.20
October 25, 2001......................................... 1,560,875.60 78,790,177.05 12,951,899.97
November 25, 2001........................................ 1,488,170.91 79,282,615.66 11,263,785.64
December 25, 2001........................................ 1,419,885.51 79,778,132.01 9,603,412.08
January 25, 2002......................................... 1,355,942.61 80,276,745.33 7,970,261.21
February 25, 2002........................................ 1,296,266.50 80,778,474.99 6,363,821.94
March 25, 2002........................................... 1,240,782.54 81,283,340.46 4,783,590.03
April 25, 2002........................................... 1,189,417.18 81,791,361.34 3,229,068.03
May 25, 2002............................................. 1,158,097.61 82,302,557.35 1,423,713.38
June 25, 2002............................................ 1,125,466.96 81,521,347.14 0.00
July 25, 2002............................................ 1,091,572.96 79,350,409.30 0.00
August 25, 2002.......................................... 1,056,462.18 77,212,970.75 0.00
September 25, 2002....................................... 1,020,180.07 75,108,551.67 0.00
October 25, 2002......................................... 982,770.96 73,036,678.77 0.00
November 25, 2002........................................ 944,278.10 70,996,885.20 0.00
December 25, 2002........................................ 904,743.68 68,988,710.45 0.00
January 25, 2003......................................... 864,208.86 67,011,700.29 0.00
February 25, 2003........................................ 822,713.75 65,065,406.66 0.00
March 25, 2003........................................... 780,297.51 63,149,387.60 0.00
April 25, 2003........................................... 736,998.27 61,263,207.18 0.00
May 25, 2003............................................. 690,063.67 59,513,042.60 0.00
June 25, 2003............................................ 642,419.36 57,790,611.47 0.00
July 25, 2003............................................ 594,099.07 56,095,503.54 0.00
August 25, 2003.......................................... 545,135.66 54,427,314.17 0.00
September 25, 2003....................................... 495,561.13 52,785,644.32 0.00
October 25, 2003......................................... 445,406.63 51,170,100.40 0.00
November 25, 2003........................................ 394,702.45 49,580,294.26 0.00
December 25, 2003........................................ 343,478.10 48,015,843.06 0.00
January 25, 2004......................................... 291,762.28 46,476,369.26 0.00
February 25, 2004........................................ 239,582.92 44,961,500.46 0.00
March 25, 2004........................................... 186,967.17 43,470,869.44 0.00
April 25, 2004........................................... 133,941.46 42,004,113.98 0.00
May 25, 2004............................................. 76,164.64 40,757,824.73 0.00
June 25, 2004............................................ 18,241.35 39,531,550.74 0.00
July 25, 2004............................................ 0.00 38,324,976.69 0.00
August 25, 2004.......................................... 0.00 37,137,791.74 0.00
September 25, 2004....................................... 0.00 35,969,689.45 0.00
October 25, 2004......................................... 0.00 34,820,367.78 0.00
</TABLE>
<PAGE>
TARGETED PRINCIPAL BALANCES TABLES
<TABLE>
<CAPTION>
CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE TAC COMPONENT TAC COMPONENT CLASS IIA-3
- ----------------- ---------------- ---------------- -----------------
<S> <C> <C> <C>
November 25, 2004........................................ $ 0.00 $ 33,689,528.96 $ 0.00
December 25, 2004........................................ 0.00 32,576,879.45 0.00
January 25, 2005......................................... 0.00 31,482,129.89 0.00
February 25, 2005........................................ 0.00 30,404,995.06 0.00
March 25, 2005........................................... 0.00 29,345,193.78 0.00
April 25, 2005........................................... 0.00 28,302,448.87 0.00
May 25, 2005............................................. 0.00 27,452,330.89 0.00
June 25, 2005............................................ 0.00 26,614,923.00 0.00
July 25, 2005............................................ 0.00 25,790,015.74 0.00
August 25, 2005.......................................... 0.00 24,977,402.69 0.00
September 25, 2005....................................... 0.00 24,176,880.48 0.00
October 25, 2005......................................... 0.00 23,388,248.67 0.00
November 25, 2005........................................ 0.00 22,611,309.79 0.00
December 25, 2005........................................ 0.00 21,845,869.24 0.00
January 25, 2006......................................... 0.00 21,091,735.25 0.00
February 25, 2006........................................ 0.00 20,348,718.86 0.00
March 25, 2006........................................... 0.00 19,616,633.90 0.00
April 25, 2006........................................... 0.00 18,895,296.88 0.00
May 25, 2006............................................. 0.00 18,336,241.94 0.00
June 25, 2006............................................ 0.00 17,783,435.02 0.00
July 25, 2006............................................ 0.00 17,236,779.85 0.00
August 25, 2006.......................................... 0.00 16,696,181.38 0.00
September 25, 2006....................................... 0.00 16,161,545.83 0.00
October 25, 2006......................................... 0.00 15,632,780.59 0.00
November 25, 2006........................................ 0.00 15,109,794.27 0.00
December 25, 2006........................................ 0.00 14,592,496.67 0.00
January 25, 2007......................................... 0.00 14,080,798.73 0.00
February 25, 2007........................................ 0.00 13,574,612.54 0.00
March 25, 2007........................................... 0.00 13,073,851.34 0.00
April 25, 2007........................................... 0.00 12,578,429.48 0.00
May 25, 2007............................................. 0.00 12,088,262.39 0.00
June 25, 2007............................................ 0.00 11,603,266.61 0.00
July 25, 2007............................................ 0.00 11,123,359.73 0.00
August 25, 2007.......................................... 0.00 10,648,460.42 0.00
September 25, 2007....................................... 0.00 10,178,488.36 0.00
October 25, 2007......................................... 0.00 9,713,364.28 0.00
November 25, 2007........................................ 0.00 9,253,009.90 0.00
December 25, 2007........................................ 0.00 8,797,347.97 0.00
January 25, 2008......................................... 0.00 8,346,302.18 0.00
February 25, 2008........................................ 0.00 7,899,797.23 0.00
March 25, 2008........................................... 0.00 7,457,758.75 0.00
April 25, 2008........................................... 0.00 7,020,113.32 0.00
May 25, 2008............................................. 0.00 6,586,788.46 0.00
June 25, 2008............................................ 0.00 6,157,712.58 0.00
July 25, 2008............................................ 0.00 5,732,815.02 0.00
August 25, 2008.......................................... 0.00 5,312,026.00 0.00
</TABLE>
<PAGE>
TARGETED PRINCIPAL BALANCES TABLES
<TABLE>
<CAPTION>
CLASS IA-2 CLASS IIA-1
DISTRIBUTION DATE TAC COMPONENT TAC COMPONENT CLASS IIA-3
- ----------------- ---------------- ---------------- -----------------
<S> <C> <C> <C>
September 25, 2008....................................... $ 0.00 $ 4,895,276.61 $ 0.00
October 25, 2008......................................... 0.00 4,482,498.83 0.00
November 25, 2008........................................ 0.00 4,073,625.47 0.00
December 25, 2008........................................ 0.00 3,668,590.20 0.00
January 25, 2009......................................... 0.00 3,267,327.50 0.00
February 25, 2009........................................ 0.00 2,869,772.68 0.00
March 25, 2009........................................... 0.00 2,475,861.85 0.00
April 25, 2009........................................... 0.00 2,085,531.93 0.00
May 25, 2009............................................. 0.00 1,698,720.61 0.00
June 25, 2009............................................ 0.00 1,315,366.36 0.00
July 25, 2009............................................ 0.00 935,408.40 0.00
August 25, 2009.......................................... 0.00 558,786.72 0.00
September 25, 2009....................................... 0.00 185,442.04 0.00
October 25, 2009 and thereafter.......................... 0.00 0.00 0.00
</TABLE>
