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
February 24, 1997
(date of earliest event reported)
PNC MORTGAGE SECURITIES CORP.
as Depositor and Master Servicer under a
Pooling and Servicing Agreement
dated as of February 1, 1997
providing for the issuance of
$177,376,357.45
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-2
Delaware 33-84896 T/B/D
(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
The collateral term sheets attached hereto as Exhibit A were
prepared by Donaldson, Lufkin & Jenrette Securities Corporation (the
"Underwriter") at the request of certain prospective investors.
Such collateral term sheets, which supersede all prior collateral
term sheets filed with the Securities and Exchange Commission
(the "Commission") are preliminary and will be superseded by the
description of the collateral in the Prospectus Supplement of PNC
Mortgage Securities Corp. relating to its Mortgage Pass-Through
Certificates, Series 1997-2, and by other information which may be
filed with the Commission.
Item 7. Financial Statements and Exhibits
The following Exhibit is furnished herewith:
99.1 Collateral Term Sheets Prepared By the Underwriter in
connection with PNC Mortgage Securities Corp. Mortgage
Pass-Through Certificates, Series 1997-2.
Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the Prospectus and Prospectus Supplement of
PNC Mortgage Securities Corp. relating to its Mortgage Pass-Through
Certificates, Series 1997-2.
<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: February 24, 1997
PNC MORTGAGE SECURITIES
CORP.
(Registrant)
By: \s\Thomas G. Lehmann
---------------------
Thomas G. Lehmann
Vice President
(Authorized Officer)
<PAGE>
EXHIBIT 99.1
[DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION LETTERHEAD]
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PNCMS Series 1997-2
30 Year Fixed Rate Collateral
Loan Type: 30-Year Fixed Rate
Aggregate Prin Balance: $180,000,000 +/- 5%
Approx Gross WAC: 8.25% +/- 20bps
WAM: 356 +/- 2%
WA LTV: 79% +/- 2%
Single Family: 80%
Cash-Out Refi: 15%
Documentation: 70% Full
Geographics: 40% California
Subordination: 5.25% +/- 50bps
Compensating Interest: Yes
Rating: AAA
Settlement: February 97
Internal Use Only
Not for Distribution Outside of DLJ
Whole Loan Desk (Rich Winter) -- x8373
THE ANALYSES, CALCULATIONS AND VALUATIONS USED HEREIN ARE BASED ON
CERTAIN ASSUMPTIONS AND DATA PROVIDED BY THIRD PARTIES WHICH MAY
VARY FROM THE ACTUAL CHARACTERISTICS OF THE POOL. DONALDSON, LUFKIN
& JENRETTE SECURITIES CORPORATION MAKES NO REPRESENTATION THAT SUCH
ANALYSES OR CALCULATIONS ARE ACCURATE OR THAT SUCH VALUATIONS
REPRESENT LEVELS WHERE ACTUAL TRADES MAY OCCUR. INVESTORS SHOULD
RELY ON THE INFORMATION CONTAINED IN OR FILED WITH THE
PROSPECTUS/PROSPECTUS SUPPLEMENT.
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The computational materials contained herein and the data on which they are
based are preliminary and subject to change. Actual sales of the securities
described herein will be made only pursuant to the terms set forth in a
final prospectus.
