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SUPPLEMENT TO
PROSPECTUS SUPPLEMENT DATED SEPTEMBER 26, 1998
(To Prospectus Dated June 24, 1998)
PNC MORTGAGE
SECURITIES CORP.
DEPOSITOR AND MASTER SERVICER
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-8
$701,661,871
(APPROXIMATE)
The Prospectus Supplement dated September 26, 1998 to the Prospectus dated
June 24, 1998 with respect to the above captioned Certificates is hereby amended
as follows:
Page S-10 and Page S-31:
Immediately prior to the paragraph on page S-10 beginning with 'Commencing
in October 1998, on each Distribution Date, distributions with respect to
the Group II and Group III Certificates...' under the caption 'Priority of
Distributions' in the 'Summary Information' and immediately after clause
(viii) of paragraph (d) on page S-31 under the caption 'Description of the
Certificates -- Priority of Distributions', a new paragraph is inserted as
follows:
'Notwithstanding the above and with respect to the Group I and Group IV
Certificates, all proceeds received pursuant to the Credit Enhancements with
respect to the Group I and Group IV Loans attributable to principal will (i)
first, be distributed to the Class I-AM or Class IV-AM Certificates, as
applicable, until the Class Principal Balance of such Certificates has been
reduced to zero; and (ii) second, be added to the Group I or Group IV Senior
Principal Distribution Amount, as applicable, and distributed to the
applicable Class or Classes of Senior Certificates as described above;
provided, however, that if such proceeds are received with respect to a
Class P Mortgage Loan, the applicable Class P Fraction of such proceeds will
first be distributed to the applicable Class P Certificates and the
remainder of such proceeds will be distributed as described above in this
clause (i) and (ii).'
The date of this Supplement is October 1, 1998
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