<PAGE>
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, DC 20549
------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Month of March, 1998
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1998 - 2
(Exact name of the registrant as specified in charter)
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, IL 60061
(Address of principal executive offices)
Registrant's telephone number, including area code:
(847) 549-6500
<PAGE>
ITEM 5.
See Exhibit A, the Distribution Report for the Month of March, 1998,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 1998 - 2, Monthly Distribution Report for March 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 08, 1998
PNC MORTGAGE SECURITIES CORP.
(Registrant)
By: /s/ (RICHIE MOORE)
------------------
RICHIE MOORE
SECOND VICE PRESIDENT
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998 - 2 Group I & Group II (1416 & 1417) WEIGHTED AVERAGE PC RATE: 8.0434
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 02/01/1998
CERTIFICATE BALANCE AT ISSUE: $279,797,192.13
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2219 $279,797,192.13
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $191,863.02
Unscheduled Principal Collection/Reversals $4,659.89
Liquidations-in-full 1 $197,631.69
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $394,154.60 -$394,154.60
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2218 $279,403,037.53
SCHEDULED INTEREST AT MORTGAGE RATE: $1,943,132.05
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $67,948.41
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,269,338.24
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998 - 2 Group I & Group II (1416 & 1417) WEIGHTED AVERAGE PC RATE: 8.0434
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$394,154.60 $1,875,183.64 $0.00 $1,875,183.64 $0.00 $2,269,338.24
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,797,971.00 $0.00 $0.00 $0.00 $2,797,971.00
BANKRUPTCY BOND
SINGLE -UNITS $100,589.00 $0.00 $0.00 $0.00 $100,589.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $5,595,944.00 $0.00 $0.00 $0.00 $5,595,944.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
7 $956,413.89 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Class C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Class C-B Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated February 24, 1998,
pursuant to which certain of the Class C-B Certificates were offered.
The Class Principal Balances of each class of the Class C-B Certificates after
the Distribution Date immediately preceding the date of this report are as
follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $10,485,199.39
C-B-2 $3,495,065.79
C-B-3 $2,097,039.08
C-B-4 $1,398,025.72
C-B-5 $978,618.51
C-B-6 $1,118,426.66
Total $19,572,375.15
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed
to them in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage, as of the
above referenced date, are $2,797,971.00, $100,589.00, $5,595,944.00
respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF February 28, 1998):
SERIES: 1998 - 2 Group I & Group II (1416 & 1417)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $279,403,037.53** $956,413.89*** $956,413.89***
NUMBER 2218 7 7
% OF POOL
(DOLLARS) 100.00% 0.34% 0.34%
% OF POOL
(NO. OF LOANS) 100.00% 0.32% 0.32%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 1998 scheduled payments and February 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 1998.
Trading Factor, calculated as of distribution date March 25, 1998: 0.99859128.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 1998, and
unscheduled prepayments in months prior to March ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998-2 Group III (1418) WEIGHTED AVERAGE PC RATE: 7.3280
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 02/01/1998
CERTIFICATE BALANCE AT ISSUE: $193,393,756.76
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 574 $193,393,756.76
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $517,982.51
Unscheduled Principal Collection/Reversals $96,617.23
Liquidations-in-full 13 $4,527,190.31
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,141,790.05 -$5,141,790.05
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 561 $188,251,966.71
SCHEDULED INTEREST AT MORTGAGE RATE: $1,227,749.31
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals -$0.17
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed -$0.17
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $46,120.82
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,323,418.37
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998-2 Group III (1418) WEIGHTED AVERAGE PC RATE: 7.3280
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$5,141,790.05 $1,181,628.49 -$0.17 $1,181,628.32 $0.00 $6,323,418.37
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,520,000.00 $0.00 $0.00 $0.00 $2,520,000.00
BANKRUPTCY BOND
SINGLE -UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $1,933,937.00 $0.00 $0.00 $0.00 $1,933,937.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
7 $2,531,950.60 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Class III-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Class III-B Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated February 24, 1998,
pursuant to which certain of the Class III-B Certificates were offered.
The Class Principal Balances of each class of the Class III-B Certificates
after the Distribution Date immediately preceding the date of this report
are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
III-B-1 $4,146,833.38
III-B-2 $771,504.00
III-B-3 $578,627.75
III-B-4 $482,189.63
III-B-5 $385,751.50
III-B-6 $385,755.45
Total $6,750,661.71
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed
to them in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage, as of the
above referenced date, is $2,520,000.00, $100,000.00, $1,933,937.00
respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF February 28, 1998):
SERIES: 1998-2 Group III (1418)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $188,251,966.71** $2,531,950.60*** $2,531,950.60***
NUMBER 561 7 7
% OF POOL
(DOLLARS) 100.00% 1.34% 1.34%
% OF POOL
(NO. OF LOANS) 100.00% 1.25% 1.25%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 1998 scheduled payments and February 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 1998.
Trading Factor, calculated as of distribution date March 25, 1998: 0.97341284.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 1998, and
unscheduled prepayments in months prior to March ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998 - 2 Group IV (1419) WEIGHTED AVERAGE PC RATE: 7.1233
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 02/01/1998
CERTIFICATE BALANCE AT ISSUE: $134,617,180.49
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 389 $134,617,180.49
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $174,691.63
Unscheduled Principal Collection/Reversals $197,338.97
Liquidations-in-full 3 $746,765.84
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,118,796.44 -$1,118,796.44
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 386 $133,498,384.05
SCHEDULED INTEREST AT MORTGAGE RATE: $831,779.00
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $32.72
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $32.72
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $32,553.96
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,918,054.20
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998 - 2 Group IV (1419) WEIGHTED AVERAGE PC RATE: 7.1233
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,118,796.44 $799,225.04 $32.72 $799,257.76 $0.00 $1,918,054.20
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,831,365.00 $0.00 $0.00 $0.00 $4,831,365.00
BANKRUPTCY BOND
SINGLE -UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $2,692,344.00 $0.00 $0.00 $0.00 $2,692,344.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
2 $766,131.51 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Class IV-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Class IV-B Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated February 24, 1998,
pursuant to which certain of the Class IV-B Certificates were offered.
The Class Principal Balances of each class of the Class IV-B Certificates
after the Distribution Date immediately preceding the date of this report
are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
IV-B-1 $3,159,401.19
IV-B-2 $672,212.28
IV-B-3 $403,327.37
IV-B-4 $268,884.91
IV-B-5 $268,884.91
IV-B-6 $268,888.92
Total $5,041,599.58
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed
to them in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage, as of the
above referenced date, is $4,831,365.00, $100,000.00, $2,692,344.00
respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF February 28, 1998):
SERIES: 1998 - 2 Group IV (1419)
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $133,498,384.05** $766,131.51*** $766,131.51***
NUMBER 386 2 2
% OF POOL
(DOLLARS) 100.00% 0.57% 0.57%
% OF POOL
(NO. OF LOANS) 100.00% 0.52% 0.52%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all March 01, 1998 scheduled payments and February 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
February 28, 1998.
Trading Factor, calculated as of distribution date March 25, 1998: 0.99168905.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 1998, and
unscheduled prepayments in months prior to March ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1998
SERIES: 1998-2 Group V (1420) WEIGHTED AVERAGE PC RATE: 7.5253
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 02/01/1998
CERTIFICATE BALANCE AT ISSUE: $446,471,007.46
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1413 $446,471,653.86
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $319,340.00
Unscheduled Principal Collection/Reversals $61,412.12
Liquidations-in-full 37 $13,613,896.32
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $13,994,648.44 -$13,994,648.44
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1376 $432,477,005.42
SCHEDULED INTEREST AT MORTGAGE RATE: $2,908,618.50
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $5,987.99
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $5,987.99
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $107,844.96
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reve by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including March 01, 1998, and
unscheduled prepayments in months prior to March ) can be calculated.
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