<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
MARCH 30, 1998
(DATE OF EARLIEST EVENT REPORTED)
PNC MORTGAGE SECURITIES CORP.
AS DEPOSITOR AND MASTER SERVICER UNDER A
POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1998
PROVIDING FOR THE ISSUANCE OF
$488,635,657.19
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-3
Delaware 333-38121 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 1. CHANGES IN CONTROL OF REGISTRANT. Not applicable.
Item 2. ACQUISITION OR DISPOSITION OF ASSETS. Not applicable.
Item 3. BANKRUPTCY OR RECEIVERSHIP. Not applicable.
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. Not applicable.
Item 5. OTHER EVENTS. Not applicable.
Item 6. RESIGNATION OF REGISTRANT'S DIRECTORS. Not applicable.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibit is furnished herewith:
7.1 Pooling and Servicing Agreement between PNC Mortgage Securities
Corp., Depositor and Master Servicer, and U.S. Bank National
Association, Trustee, dated as of March 1, 1998.
Item 8. CHANGE IN FISCAL YEAR. Not applicable.
Item 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S. Not applicable.
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: March 30, 1998.
PNC MORTGAGE SECURITIES
CORP.
(Registrant)
By: \s\ Thomas G. Lehmann
--------------------------------
Thomas G. Lehmann
Vice President
(Authorized Officer)
3
<PAGE>
EXHIBIT 7.1
EXECUTION COPY
PNC MORTGAGE SECURITIES CORP.,
as Depositor and Master Servicer
and
U.S. BANK
NATIONAL ASSOCIATION,
as Trustee
POOLING AND SERVICING AGREEMENT
$492,968,487.79
PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates
Series 1998-3
Cut-Off Date: March 1, 1998
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
ARTICLE I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Section 1.01. Definitions. . . . . . . . . . . . . . . . . . . . 5
Accretion Directed Classes . . . . . . . . . . . . . . . . . . . . . . 5
Aggregate Certificate Principal Balance. . . . . . . . . . . . . . . . 5
Appraised Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Assignment of Proprietary Lease. . . . . . . . . . . . . . . . . . . . 5
Authenticating Agent . . . . . . . . . . . . . . . . . . . . . . . . . 5
Authorized Denomination. . . . . . . . . . . . . . . . . . . . . . . . 5
Balloon Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Bankruptcy Coverage. . . . . . . . . . . . . . . . . . . . . . . . . . 5
Bankruptcy Coverage Initial Amount . . . . . . . . . . . . . . . . . . 5
Bankruptcy Loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Beneficial Holder. . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Book-Entry Certificates. . . . . . . . . . . . . . . . . . . . . . . . 6
Business Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Fund Account . . . . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Certificate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Certificate Account. . . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificateholder or Holder. . . . . . . . . . . . . . . . . . . . . . 7
Certificate Group. . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificate Insurance Policies . . . . . . . . . . . . . . . . . . . . 7
Certificate Insurer. . . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificate Insurer Default. . . . . . . . . . . . . . . . . . . . . . 8
Certificate Principal Balance. . . . . . . . . . . . . . . . . . . . . 8
Certificate Register and Certificate Registrar . . . . . . . . . . . . 8
Class. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Class A Certificates . . . . . . . . . . . . . . . . . . . . . . . . . 8
Class A-L Regular Interests. . . . . . . . . . . . . . . . . . . . . . 8
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Class B Certificates . . . . . . . . . . . . . . . . . . . . . . . . . 8
Class B-L Regular Interests. . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-1 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-1-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-B-2 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-2-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-B-3 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-3-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-B-4 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-4-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-B-5 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-5-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-B-6 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-B-6-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-X-1 Certificates . . . . . . . . . . . . . . . . . . . . . . . 9
Class C-X-1-L Regular Interest . . . . . . . . . . . . . . . . . . . . 9
Class C-X-1 Notional Amount. . . . . . . . . . . . . . . . . . . . . . 9
Class C-X-1 Group II Notional Amount . . . . . . . . . . . . . . . . . 9
Class C-X-1 Group III Notional Amount. . . . . . . . . . . . . . . . .10
Class C-X-1 Group II Premium Rate Mortgage Loans . . . . . . . . . . .10
Class C-X-1 Group III Premium Rate Mortgage Loans. . . . . . . . . . .10
Class C-X-2 Certificates . . . . . . . . . . . . . . . . . . . . . . .10
Class C-X-2-L Regular Interest . . . . . . . . . . . . . . . . . . . .10
Class C-X-2 Notional Amount. . . . . . . . . . . . . . . . . . . . . .10
Class C-X-2 Group II Notional Amount . . . . . . . . . . . . . . . . .10
Class C-X-2 Group III Notional Amount. . . . . . . . . . . . . . . . .10
Class C-X-2 Group II Premium Rate Mortgage Loans . . . . . . . . . . .11
Class C-X-2 Group III Premium Rate Mortgage Loans. . . . . . . . . . .11
Class C-X-3 Certificates . . . . . . . . . . . . . . . . . . . . . . .11
Class C-X-3-L Regular Interest . . . . . . . . . . . . . . . . . . . .11
Class C-X-3 Notional Amount. . . . . . . . . . . . . . . . . . . . . .11
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PAGE
Class C-X-3 Group II Notional Amount . . . . . . . . . . . . . . . . .11
Class C-X-3 Group III Notional Amount. . . . . . . . . . . . . . . . .11
Class C-X-3 Group II Premium Rate Mortgage Loans . . . . . . . . . . .11
Class C-X-3 Group III Premium Rate Mortgage Loans. . . . . . . . . . .11
Class P Certificates . . . . . . . . . . . . . . . . . . . . . . . . .11
Class P-L Regular Interests. . . . . . . . . . . . . . . . . . . . . .11
Class P Fraction . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Class P Mortgage Loan. . . . . . . . . . . . . . . . . . . . . . . . .11
Class X Certificates . . . . . . . . . . . . . . . . . . . . . . . . .12
Class X-L Regular Interests. . . . . . . . . . . . . . . . . . . . . .12
Class I-A-1 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-A-1-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-B-1 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-B-1-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-B-2 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-B-2-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-B-3 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-B-3-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-B-4 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-B-4-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-B-5 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-B-5-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-B-6 Certificates . . . . . . . . . . . . . . . . . . . . . . .12
Class I-B-6-L Regular Interest . . . . . . . . . . . . . . . . . . . .12
Class I-P Certificates . . . . . . . . . . . . . . . . . . . . . . . .12
Class I-P Fraction . . . . . . . . . . . . . . . . . . . . . . . . . .13
Class I-P-L Regular Interest . . . . . . . . . . . . . . . . . . . . .13
Class I-P Mortgage Loan. . . . . . . . . . . . . . . . . . . . . . . .13
Class I-X Certificates . . . . . . . . . . . . . . . . . . . . . . . .13
Class I-X-L Regular Interest . . . . . . . . . . . . . . . . . . . . .13
Class I-X Notional Amount. . . . . . . . . . . . . . . . . . . . . . .13
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(CONTINUED)
PAGE
Class II-A-1 Certificates. . . . . . . . . . . . . . . . . . . . . . .13
Class II-A-1-L Regular Interest. . . . . . . . . . . . . . . . . . . .13
Class II-A-2 Certificates. . . . . . . . . . . . . . . . . . . . . . .13
Class II-A-2-L Regular Interest. . . . . . . . . . . . . . . . . . . .13
Class II-A-3 Certificate Insurance Policy. . . . . . . . . . . . . . .13
Class II-A-3 Certificates. . . . . . . . . . . . . . . . . . . . . . .13
Class II-A-3-L Regular Interest. . . . . . . . . . . . . . . . . . . .13
Class II-A-4 Adjusted Percentage . . . . . . . . . . . . . . . . . . .14
Class II-A-4 Certificates. . . . . . . . . . . . . . . . . . . . . . .14
Class II-A-4-L Regular Interest. . . . . . . . . . . . . . . . . . . .14
Class II-A-4 Liquidation Amount. . . . . . . . . . . . . . . . . . . .14
Class II-A-4 Lockout Principal Distribution Amount . . . . . . . . . .14
Class II-A-4 Percentage. . . . . . . . . . . . . . . . . . . . . . . .14
Class II-A-4 Prepayment Percentage . . . . . . . . . . . . . . . . . .14
Class II-A-5 Certificates. . . . . . . . . . . . . . . . . . . . . . .14
Class II-A-5 Notional Amount . . . . . . . . . . . . . . . . . . . . .14
Class III-A-1 Certificates . . . . . . . . . . . . . . . . . . . . . .14
Class III-A-1-L Regular Interest . . . . . . . . . . . . . . . . . . .14
Class III-A-2 Certificates . . . . . . . . . . . . . . . . . . . . . .14
Class III-A-2 Notional Amount. . . . . . . . . . . . . . . . . . . . .15
Class III-A-3 Certificates . . . . . . . . . . . . . . . . . . . . . .15
Class III-A-3-L Regular Interest . . . . . . . . . . . . . . . . . . .15
Class III-A-4 Certificates . . . . . . . . . . . . . . . . . . . . . .15
Class III-A-4-L Regular Interest . . . . . . . . . . . . . . . . . . .15
Class III-A-5 Certificates . . . . . . . . . . . . . . . . . . . . . .15
Class III-A-5-L Regular Interest . . . . . . . . . . . . . . . . . . .15
Class III-A-5 Accretion Termination Date . . . . . . . . . . . . . . .15
Class III-A-5 Accrual Amount . . . . . . . . . . . . . . . . . . . . .15
Class III-A-6 Certificate Insurance Policy . . . . . . . . . . . . . .15
Class III-A-6 Certificates . . . . . . . . . . . . . . . . . . . . . .15
Class III-A-6-L Regular Interest . . . . . . . . . . . . . . . . . . .15
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Class III-A-7 Certificate Insurance Policy . . . . . . . . . . . . . .16
Class III-A-7 Certificates . . . . . . . . . . . . . . . . . . . . . .16
Class III-A-7-L Regular Interest . . . . . . . . . . . . . . . . . . .16
Class III-A-8 Adjusted Percentage. . . . . . . . . . . . . . . . . . .16
Class III-A-8 Certificates . . . . . . . . . . . . . . . . . . . . . .16
Class III-A-8-L Regular Interest . . . . . . . . . . . . . . . . . . .16
Class III-A-8 Liquidation Amount . . . . . . . . . . . . . . . . . . .16
Class III-A-8 Lockout Principal Distribution Amount. . . . . . . . . .16
Class III-A-8 Percentage . . . . . . . . . . . . . . . . . . . . . . .17
Class III-A-8 Prepayment Percentage. . . . . . . . . . . . . . . . . .17
Class III-P Certificates . . . . . . . . . . . . . . . . . . . . . . .17
Class III-P Fraction . . . . . . . . . . . . . . . . . . . . . . . . .17
Class III-P Mortgage Loan. . . . . . . . . . . . . . . . . . . . . . .17
Class III-P-L Regular Interest . . . . . . . . . . . . . . . . . . . .17
Class Notional Amount. . . . . . . . . . . . . . . . . . . . . . . . .17
Class Principal Balance. . . . . . . . . . . . . . . . . . . . . . . .17
Class R-1 Certificates . . . . . . . . . . . . . . . . . . . . . . . .18
Class R-2 Certificates . . . . . . . . . . . . . . . . . . . . . . . .18
Class R-2-L. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Clearing Agency. . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Closing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Combined Bankruptcy Coverage . . . . . . . . . . . . . . . . . . . . .18
Combined Credit Support Depletion Date . . . . . . . . . . . . . . . .18
Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Compensating Interest. . . . . . . . . . . . . . . . . . . . . . . . .19
Cooperative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Cooperative Apartment. . . . . . . . . . . . . . . . . . . . . . . . .20
Cooperative Lease. . . . . . . . . . . . . . . . . . . . . . . . . . .20
Cooperative Loans. . . . . . . . . . . . . . . . . . . . . . . . . . .20
Cooperative Stock. . . . . . . . . . . . . . . . . . . . . . . . . . .20
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Cooperative Stock Certificate. . . . . . . . . . . . . . . . . . . . .20
Corporate Trust Office . . . . . . . . . . . . . . . . . . . . . . . .20
Corresponding Class. . . . . . . . . . . . . . . . . . . . . . . . . .20
Curtailment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
Curtailment Shortfall. . . . . . . . . . . . . . . . . . . . . . . . .21
Custodial Account for P&I. . . . . . . . . . . . . . . . . . . . . . .21
Custodial Account for Reserves . . . . . . . . . . . . . . . . . . . .21
Custodial Agreement. . . . . . . . . . . . . . . . . . . . . . . . . .22
Custodian. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Cut-Off Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
DCR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Deficiency Amount. . . . . . . . . . . . . . . . . . . . . . . . . . .22
Definitive Certificates. . . . . . . . . . . . . . . . . . . . . . . .23
Depositary Agreement . . . . . . . . . . . . . . . . . . . . . . . . .23
Destroyed Mortgage Note. . . . . . . . . . . . . . . . . . . . . . . .23
Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . .23
Disqualified Organization. . . . . . . . . . . . . . . . . . . . . . .23
Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . .23
DTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
DTC Participant. . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Due Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Eligible Institution . . . . . . . . . . . . . . . . . . . . . . . . .23
Eligible Investments . . . . . . . . . . . . . . . . . . . . . . . . .24
ERISA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Event of Default . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Excess Liquidation Proceeds. . . . . . . . . . . . . . . . . . . . . .25
FDIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
FHA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
FHLB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
FHLMC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
FNMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
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Fraud Coverage Initial Amount. . . . . . . . . . . . . . . . . . . . .25
Fraud Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Group C-B Certificates . . . . . . . . . . . . . . . . . . . . . . . .26
Group C-B-L Regular Interests. . . . . . . . . . . . . . . . . . . . .26
Group C-B Loan Group Component Balance . . . . . . . . . . . . . . . .26
Group C-B Percentage . . . . . . . . . . . . . . . . . . . . . . . . .26
Group C-B Subordinate Liquidation Amount . . . . . . . . . . . . . . .26
Group C-B Subordinate Principal Distribution Amount. . . . . . . . . .26
Group C-X Certificates . . . . . . . . . . . . . . . . . . . . . . . .27
Group C-X-L Regular Interests. . . . . . . . . . . . . . . . . . . . .27
Group I Certificates . . . . . . . . . . . . . . . . . . . . . . . . .27
Group I-B Certificates . . . . . . . . . . . . . . . . . . . . . . . .27
Group I-B-L Regular Interests. . . . . . . . . . . . . . . . . . . . .27
Group I-L Regular Interests. . . . . . . . . . . . . . . . . . . . . .27
Group I Bankruptcy Coverage. . . . . . . . . . . . . . . . . . . . . .27
Group I Credit Support Depletion Date. . . . . . . . . . . . . . . . .27
Group I Fraud Coverage . . . . . . . . . . . . . . . . . . . . . . . .28
Group I Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
Group I Premium Rate Mortgage Loans. . . . . . . . . . . . . . . . . .28
Group I Senior Certificates. . . . . . . . . . . . . . . . . . . . . .28
Group I-L Senior Regular Interests . . . . . . . . . . . . . . . . . .28
Group I Senior Liquidation Amount. . . . . . . . . . . . . . . . . . .28
Group I Senior Percentage. . . . . . . . . . . . . . . . . . . . . . .28
Group I Senior Prepayment Percentage . . . . . . . . . . . . . . . . .28
Group I Senior Principal Distribution Amount . . . . . . . . . . . . .30
Group I Special Hazard Coverage. . . . . . . . . . . . . . . . . . . .30
Group I Subordinate Liquidation Amount . . . . . . . . . . . . . . . .30
Group I Subordinate Percentage . . . . . . . . . . . . . . . . . . . .30
Group I Subordinate Prepayment Percentage. . . . . . . . . . . . . . .30
Group I Subordinate Principal Distribution Amount. . . . . . . . . . .31
Group I Subordinate Principal Prepayments Distribution Amount. . . . .31
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Group II Certificates. . . . . . . . . . . . . . . . . . . . . . . . .31
Group II-A Certificates. . . . . . . . . . . . . . . . . . . . . . . .31
Group II-A-L Regular Interests . . . . . . . . . . . . . . . . . . . .32
Group II-L Regular Interests . . . . . . . . . . . . . . . . . . . . .32
Group II Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
Group II Senior Liquidation Amount . . . . . . . . . . . . . . . . . .32
Group II Senior Percentage . . . . . . . . . . . . . . . . . . . . . .32
Group II Senior Prepayment Percentage or Group III
Senior Prepayment Percentage. . . . . . . . . . . . . . . . . . .32
Group II Senior Principal Distribution Amount. . . . . . . . . . . . .34
Group II Subordinate Percentage. . . . . . . . . . . . . . . . . . . .34
Group II Subordinate Prepayment Percentage . . . . . . . . . . . . . .34
Group II Subordinate Principal Prepayments Distribution Amount . . . .34
Group III Certificates . . . . . . . . . . . . . . . . . . . . . . . .34
Group III-A Certificates . . . . . . . . . . . . . . . . . . . . . . .34
Group III-A-L Regular Interests. . . . . . . . . . . . . . . . . . . .34
Group III-L Regular Interests. . . . . . . . . . . . . . . . . . . . .34
Group III Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . .34
Group III Senior Liquidation Amount. . . . . . . . . . . . . . . . . .35
Group III Senior Percentage. . . . . . . . . . . . . . . . . . . . . .35
Group III Senior Principal Distribution Amount . . . . . . . . . . . .35
Group III Subordinate Percentage . . . . . . . . . . . . . . . . . . .35
Group III Subordinate Prepayment Percentage. . . . . . . . . . . . . .35
Group III Subordinate Principal Prepayments Distribution Amount. . . .35
Indirect DTC Participants. . . . . . . . . . . . . . . . . . . . . . .35
Insured Certificates . . . . . . . . . . . . . . . . . . . . . . . . .35
Insurance Agreement. . . . . . . . . . . . . . . . . . . . . . . . . .36
Insurance Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . .36
Interest Distribution Amount . . . . . . . . . . . . . . . . . . . . .36
Investment Account . . . . . . . . . . . . . . . . . . . . . . . . . .36
Investment Depository. . . . . . . . . . . . . . . . . . . . . . . . .36
Junior Subordinate Certificate . . . . . . . . . . . . . . . . . . . .36
-viii-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
Lender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Liquidated Mortgage Loan . . . . . . . . . . . . . . . . . . . . . . .37
Liquidation Principal. . . . . . . . . . . . . . . . . . . . . . . . .37
Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . .37
Loan Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Loan Group I . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Loan Group II. . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Loan Group III . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Loan-to-Value Ratio. . . . . . . . . . . . . . . . . . . . . . . . . .37
Master Servicer. . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Master Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . .37
Monthly P&I Advance. . . . . . . . . . . . . . . . . . . . . . . . . .37
Monthly Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Mortgaged Property . . . . . . . . . . . . . . . . . . . . . . . . . .38
Mortgage File. . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Mortgage Interest Rate . . . . . . . . . . . . . . . . . . . . . . . .40
Mortgage Loan Schedule . . . . . . . . . . . . . . . . . . . . . . . .40
Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Mortgage Note. . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Mortgage Pool. . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Mortgagor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
Nonrecoverable Advance . . . . . . . . . . . . . . . . . . . . . . . .41
Non-U.S. Person. . . . . . . . . . . . . . . . . . . . . . . . . . . .41
OTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
Officer's Certificate. . . . . . . . . . . . . . . . . . . . . . . . .41
Opinion of Counsel . . . . . . . . . . . . . . . . . . . . . . . . . .41
Original Value . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
Owner. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
Ownership Interest . . . . . . . . . . . . . . . . . . . . . . . . . .41
Pass-Through Entity. . . . . . . . . . . . . . . . . . . . . . . . . .41
-ix-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
Pass-Through Rate. . . . . . . . . . . . . . . . . . . . . . . . . . .41
Paying Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Payoff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Payoff Earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Payoff Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Payoff Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Percentage Interest. . . . . . . . . . . . . . . . . . . . . . . . . .42
Permitted Transferee . . . . . . . . . . . . . . . . . . . . . . . . .43
Person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
Planned Principal Balance. . . . . . . . . . . . . . . . . . . . . . .43
Prepaid Monthly Payment. . . . . . . . . . . . . . . . . . . . . . . .44
Primary Insurance Policy . . . . . . . . . . . . . . . . . . . . . . .44
Principal Balance. . . . . . . . . . . . . . . . . . . . . . . . . . .44
Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . .44
Principal Payment Amount . . . . . . . . . . . . . . . . . . . . . . .45
Principal Prepayment . . . . . . . . . . . . . . . . . . . . . . . . .45
Principal Prepayment Amount. . . . . . . . . . . . . . . . . . . . . .45
Prior Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Pro Rata Allocation. . . . . . . . . . . . . . . . . . . . . . . . . .45
Purchase Obligation. . . . . . . . . . . . . . . . . . . . . . . . . .46
Purchase Price . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Qualified Insurer. . . . . . . . . . . . . . . . . . . . . . . . . . .46
Rating Agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Ratings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Realized Loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Record Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
Regular Interest Group . . . . . . . . . . . . . . . . . . . . . . . .49
Regular Interest Group . . . . . . . . . . . . . . . . . . . . . . . .49
Regular Interests. . . . . . . . . . . . . . . . . . . . . . . . . . .49
REMIC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
REMIC Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . .50
-x-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
REMIC I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50
REMIC I Available Distribution Amount. . . . . . . . . . . . . . . . .50
REMIC I Distribution Amount. . . . . . . . . . . . . . . . . . . . . .51
REMIC I Regular Interest . . . . . . . . . . . . . . . . . . . . . . .65
REMIC I Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . .65
REMIC II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
REMIC II Available Distribution Amount . . . . . . . . . . . . . . . .65
REMIC II Distribution Amount . . . . . . . . . . . . . . . . . . . . .66
REMIC II Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . .78
Remittance Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . .78
Residual Certificates. . . . . . . . . . . . . . . . . . . . . . . . .78
Residual Distribution Amount . . . . . . . . . . . . . . . . . . . . .78
Responsible Officer. . . . . . . . . . . . . . . . . . . . . . . . . .78
S&P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78
Securities Act . . . . . . . . . . . . . . . . . . . . . . . . . . . .78
Security Agreement . . . . . . . . . . . . . . . . . . . . . . . . . .78
Selling and Servicing Contract . . . . . . . . . . . . . . . . . . . .78
Senior Certificates. . . . . . . . . . . . . . . . . . . . . . . . . .79
Senior Subordinate Certificates. . . . . . . . . . . . . . . . . . . .79
Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79
Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . .79
Servicing Officer. . . . . . . . . . . . . . . . . . . . . . . . . . .79
Special Hazard Coverage Initial Amount . . . . . . . . . . . . . . . .79
Special Hazard Loss. . . . . . . . . . . . . . . . . . . . . . . . . .79
Step Down Percentage . . . . . . . . . . . . . . . . . . . . . . . . .80
Stripped Interest Rate . . . . . . . . . . . . . . . . . . . . . . . .80
Subordinate Certificates . . . . . . . . . . . . . . . . . . . . . . .80
Subordination Level. . . . . . . . . . . . . . . . . . . . . . . . . .80
Substitute Mortgage Loan . . . . . . . . . . . . . . . . . . . . . . .80
Targeted Principal Balance . . . . . . . . . . . . . . . . . . . . . .80
Tax Matters Person . . . . . . . . . . . . . . . . . . . . . . . . . .81
-xi-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
Termination Date . . . . . . . . . . . . . . . . . . . . . . . . . . .81
Termination Payment. . . . . . . . . . . . . . . . . . . . . . . . . .81
Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81
Transferee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81
Transferee Affidavit and Agreement . . . . . . . . . . . . . . . . . .81
Trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81
Uncollected Interest . . . . . . . . . . . . . . . . . . . . . . . . .81
Uncompensated Interest Shortfall . . . . . . . . . . . . . . . . . . .81
Underwriting Standards . . . . . . . . . . . . . . . . . . . . . . . .81
Uninsured Cause. . . . . . . . . . . . . . . . . . . . . . . . . . . .82
U.S. Person. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
VA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
Withdrawal Date. . . . . . . . . . . . . . . . . . . . . . . . . . . .82
ARTICLE II Conveyance of the Trust Funds; REMIC Election and
Designations; Original Issuance of Certificates . . . .82
Section 2.01. Conveyance of REMIC I; REMIC Election and
Designations . . . . . . . . . . . . . . . . . . .82
Section 2.02. Acceptance by Trustee. . . . . . . . . . . . . . .87
Section 2.03. Representations and Warranties of the Company
Concerning the Mortgage Loans. . . . . . . . . . .88
Section 2.04. Acknowledgment of Transfer of REMIC I Trust Fund;
Authentication of the Class R-1 Certificates. . . . . . . . . . .93
Section 2.05. Conveyance of REMIC II; REMIC Election
and Designations. . . . . . . . . . . . . . . . . . . . . . . . .93
Section 2.06. Acceptance by Trustee; Authentication
of Certificates . . . . . . . . . . . . . . . . . . . . . . . . .96
ARTICLE III Administration and Servicing of Mortgage Loans. . . . .96
Section 3.01. The Company to Act as Master Servicer. . . . . . .97
Section 3.02. Custodial Accounts . . . . . . . . . . . . . . . .98
Section 3.03. The Investment Account; Eligible Investments . . .99
Section 3.04. The Certificate Account. . . . . . . . . . . . . 100
Section 3.05. Permitted Withdrawals from the Certificate
Account, the Investment Account and Custodial
Accounts for P&I and of Buydown Funds from
the Buydown Fund Accounts. . . . . . . . . . . . 100
Section 3.06. Maintenance of Primary Insurance Policies;
Collections Thereunder . . . . . . . . . . . . . 102
-xii-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
Section 3.07. Maintenance of Hazard Insurance. . . . . . . . . 102
Section 3.08. Enforcement of Due-on-Sale Clauses;
Assumption Agreements. . . . . . . . . . . . . . 103
Section 3.09. Realization Upon Defaulted Mortgage Loans. . . . 104
Section 3.10. Trustee to Cooperate; Release of Mortgage Files. 105
Section 3.11. Compensation to the Master Servicer and
the Servicers. . . . . . . . . . . . . . . . . . 106
Section 3.12. Reports to the Trustee; Certificate Account
Statement. . . . . . . . . . . . . . . . . . . . 106
Section 3.13. Annual Statement as to Compliance. . . . . . . . 107
Section 3.14. Access to Certain Documentation and Information
Regarding the Mortgage Loans . . . . . . . . . . 107
Section 3.15. Annual Independent Public Accountants'
Servicing Report . . . . . . . . . . . . . . . . 107
Section 3.16. Maintenance of Certificate Insurance Policies;
Collections Thereunder . . . . . . . . . . . . . 107
Section 3.17. [Reserved.]. . . . . . . . . . . . . . . . . . . 108
Section 3.18. [Reserved.]. . . . . . . . . . . . . . . . . . . 108
Section 3.19. [Reserved.]. . . . . . . . . . . . . . . . . . . 108
Section 3.20. Assumption or Termination of Selling and
Servicing Contracts by Trustee . . . . . . . . . 108
ARTICLE IV Payments to Certificateholders; Payment of Expenses . 109
Section 4.01. Distributions to Holders of REMIC I Regular
Interests and Class R-1 Certificateholders . . . 109
Section 4.02. Advances by the Master Servicer;
Distribution Reports to the Trustee. . . . . . . 109
Section 4.03. Nonrecoverable Advances. . . . . . . . . . . . . 111
Section 4.04. Distributions to Certificateholders
(other than Class R-1 Certificateholders). . . . 111
Section 4.05. Statements to Certificateholders . . . . . . . . 112
ARTICLE V The Certificates. . . . . . . . . . . . . . . . . . . 113
Section 5.01. The Certificates . . . . . . . . . . . . . . . . 113
Section 5.02. Certificates Issuable in Classes;
Distributions of Principal and Interest;
Authorized Denominations . . . . . . . . . . . . 119
Section 5.03. Registration of Transfer and Exchange of
Certificates . . . . . . . . . . . . . . . . . . 119
Section 5.04. Mutilated, Destroyed, Lost or Stolen
Certificates . . . . . . . . . . . . . . . . . . 120
Section 5.05. Persons Deemed Owners. . . . . . . . . . . . . . 120
-xiii-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
Section 5.06. Temporary Certificates . . . . . . . . . . . . . 120
Section 5.07. Book-Entry for Book-Entry Certificates . . . . . 121
Section 5.08. Notices to Clearing Agency . . . . . . . . . . . 122
Section 5.09. Definitive Certificates. . . . . . . . . . . . . 122
Section 5.10. Office for Transfer of Certificates. . . . . . . 122
ARTICLE VI The Company and the Master Servicer . . . . . . . . . 122
Section 6.01. Liability of the Company and the Master
Servicer . . . . . . . . . . . . . . . . . . . . 123
Section 6.02. Merger or Consolidation of the Company, or the
Master Servicer. . . . . . . . . . . . . . . . . 123
Section 6.03. Limitation on Liability of the Company, the
Master Servicer and Others . . . . . . . . . . . 123
Section 6.04. The Company and the Master Servicer not to
Resign . . . . . . . . . . . . . . . . . . . . . 123
ARTICLE VII Default . . . . . . . . . . . . . . . . . . . . . . . 124
Section 7.01. Events of Default. . . . . . . . . . . . . . . . 124
Section 7.02. Trustee to Act; Appointment of Successor . . . . 127
Section 7.03. Notification to Certificateholders . . . . . . . 127
ARTICLE VIII Concerning the Trustee. . . . . . . . . . . . . . . . 127
Section 8.01. Duties of Trustee. . . . . . . . . . . . . . . . 127
Section 8.02. Certain Matters Affecting the Trustee. . . . . . 128
Section 8.03. Trustee Not Liable for Certificates or
Mortgage Loans . . . . . . . . . . . . . . . . . 129
Section 8.04. Trustee May Own Certificates . . . . . . . . . . 130
Section 8.05. The Master Servicer to Pay Trustee's Fees and
Expenses . . . . . . . . . . . . . . . . . . . . 130
Section 8.06. Eligibility Requirements for Trustee . . . . . . 130
Section 8.07. Resignation and Removal of Trustee . . . . . . . 130
Section 8.08. Successor Trustee. . . . . . . . . . . . . . . . 131
Section 8.09. Merger or Consolidation of Trustee . . . . . . . 131
Section 8.10. Appointment of Co-Trustee or Separate Trustee. . 132
Section 8.11. Authenticating Agents. . . . . . . . . . . . . . 133
Section 8.12. Paying Agents. . . . . . . . . . . . . . . . . . 133
ARTICLE IX Termination . . . . . . . . . . . . . . . . . . . . . 134
Section 9.01. Termination Upon Repurchase by the Company or
Liquidation of All Mortgage Loans. . . . . . . . 134
Section 9.02. Additional Termination Requirements. . . . . . . 136
-xiv-
<PAGE>
TABLE OF CONTENTS
(CONTINUED)
PAGE
Section 9.03. Trusts Irrevocable . . . . . . . . . . . . . . . 136
ARTICLE X Miscellaneous Provisions. . . . . . . . . . . . . . . 137
Section 10.01. Amendment. . . . . . . . . . . . . . . . . . . . 137
Section 10.02. Recordation of Agreement . . . . . . . . . . . . 138
Section 10.03. Limitation on Rights of Certificateholders . . . 138
Section 10.04. Access to List of Certificateholders . . . . . . 139
Section 10.05. Governing Law. . . . . . . . . . . . . . . . . . 139
Section 10.06. Notices. . . . . . . . . . . . . . . . . . . . . 139
Section 10.07. Severability of Provisions . . . . . . . . . . . 140
Section 10.08. Counterpart Signatures . . . . . . . . . . . . . 140
Section 10.09. Benefits of Agreement. . . . . . . . . . . . . . 140
Section 10.10. Notices and Copies to Rating Agencies. . . . . . 140
</TABLE>
Exhibit A Form of Certificates
Exhibit B Form of Class R-2 Certificates
Exhibit C Form of Class R-1 Certificates
Exhibit D Mortgage Loan Schedule
Exhibit E Selling And Servicing Contract
Exhibit F Form Of Transferor Certificate For Junior Subordinate
Certificates
Exhibit G Form Of Transferee's Agreement For Junior Subordinate
Certificates
Exhibit H Form Of Additional Matter Incorporated Into The Certificates
Exhibit I Transferor Certificate
Exhibit J Transferee Affidavit And Agreement
Exhibit K Form of Certificate Insurance Policies
Exhibit L Form Of Investment Letter
Exhibit M Form of Trustee's Certification Pursuant to Section 2.02
-xv-
<PAGE>
This Pooling and Servicing Agreement, dated and effective as of March 1,
1998 (this "Agreement"), is executed by and between PNC Mortgage Securities
Corp., as Depositor and Master Servicer (the "Company") and U.S. 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 REMIC I. On
the Closing Date, the Company will acquire the REMIC I Regular Interests and the
Class R-1 Certificates from REMIC I as consideration for its transfer to REMIC I
of the Mortgage Loans and certain other assets and will be the owner of the
REMIC I Regular Interests and the Class R-1 Certificates. Thereafter on the
Closing Date, the Company will acquire the Certificates (other than the Class R-
1 Certificates) from REMIC II as consideration for its transfer to REMIC II of
the REMIC I Regular Interests and will be the owner of the Certificates. The
Company has duly authorized the execution and delivery of this Agreement to
provide for (i) the conveyance to the Trustee of the Mortgage Loans and the
issuance to the Company of the REMIC I Regular Interests and the Class R-1
Certificates representing in the aggregate the entire beneficial ownership of
REMIC I and (ii) the conveyance to the Trustee by the Company of the REMIC I
Regular Interests and the issuance of the Certificates (other than the Class R-1
Certificates) representing in the aggregate the entire beneficial interest of
REMIC II. All covenants and agreements made by the Company and the Trustee
herein with respect to the Mortgage Loans and the other property constituting
the assets of REMIC I are for the benefit of the Holders from time to time of
the REMIC I Regular Interests and the Class R-1 Certificates. All covenants and
agreements made by the Company and the Trustee herein with respect to the REMIC
I Regular Interests are for the benefit of the Holders from time to time of the
Certificates (other than the Class R-1 Certificates). The Company is entering
into this Agreement, and the Trustee is accepting the two separate trusts
created hereby, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged.
The Certificates issued hereunder, other than the Junior Subordinate
Certificates, have been offered for sale pursuant to a Prospectus, dated
November 24, 1997, and a Prospectus Supplement, dated March 25, 1998, of the
Company (together, the "Prospectus"). The Junior Subordinate Certificates have
been offered for sale pursuant to a Private Placement Memorandum, dated March
30, 1998. The REMIC I Trust Fund and REMIC II Trust Fund created hereunder are
collectively intended to be the "Trust" described in the Prospectus and the
Private Placement Memorandum and the Certificates are intended to be the
"Certificates" described therein. The following tables set forth the
designation, type of interest, initial Remittance Rate, initial Class Principal
Balance, initial Class Notional Amount and last scheduled Distribution Date for
the REMIC I Regular Interests and the Class R-1 Certificates and each Class of
Certificates comprising the interests in REMIC II created hereunder:
1
<PAGE>
REMIC I
<TABLE>
<CAPTION>
Class Designation
for each REMIC I
Regular Interest Initial Class
and the Class R-1 Type of Remittance Principal Last Scheduled
Certificates Interest Rate(1) Balance Distribution Date*
----------------- ---------- -------------- -------------- ----------------------
<S> <C> <C> <C> <C>
Class I-A-1-L Regular 6.750% $65,742,956.00 April 2013
Class II-A-1-L Regular 6.750% 148,236,920.00 April 2028
Class II-A-2-L Regular 6.750% 24,800,000.00 April 2028
Class II-A-3-L Regular 6.750% 16,100,000.00 April 2028
Class II-A-4-L Regular 6.750% 20,782,085.00 April 2028
Class III-A-1-L Regular 6.750% 40,789,000.00 April 2028
Class III-A-3-L Regular 7.000% 104,628,339.00 April 2028
Class III-A-4-L Regular (4) 3,875,124.00 April 2028
Class III-A-5-L Regular 6.750% (2) 4,800,000.00 April 2028
Class III-A-6-L Regular 6.750% 4,000,000.00 April 2028
Class III-A-7-L Regular 6.750% 14,250,000.00 April 2028
Class III-A-8-L Regular 6.750% 19,893,962.00 April 2028
Class I-X-L Regular 6.750% (3) ---------- April 2013
Class C-X-1-L Regular 6.750% (3) ---------- April 2028
Class C-X-2-L Regular 6.750% (3) ---------- April 2028
Class C-X-3-L Regular 6.750% (3) ---------- April 2028
Class I-P-L Regular (4) 228,761.47 April 2013
Class III-P-L Regular (4) 365,967.72 April 2028
Class I-B-1-L Regular 6.750% 1,212,078.00 April 2013
Class I-B-2-L Regular 6.750% 1,350,602.00 April 2013
Class I-B-3-L Regular 6.750% 207,784.00 April 2013
Class I-B-4-L Regular 6.750% 207,784.00 April 2013
Class I-B-5-L Regular 6.750% 173,154.00 April 2013
Class I-B-6-L Regular 6.750% 138,527.20 April 2013
Class C-B-1-L Regular 6.750% 8,474,136.00 April 2028
Class C-B-2-L Regular 6.750% 7,203,016.00 April 2028
Class C-B-3-L Regular 6.750% 1,694,826.00 April 2028
Class C-B-4-L Regular 6.750% 1,482,973.00 April 2028
Class C-B-5-L Regular 6.750% 1,271,120.00 April 2028
Class C-B-6-L Regular 6.750% 1,059,272.40 April 2028
Class R-2-L Regular 6.750% 50.00 April 2028
Class R-1+ Residual 6.750% 50.00 April 2028
</TABLE>
* The Distribution Date in the month after the maturity date for the latest
maturing Mortgage Loan in the related Loan Group (or Loan Groups, as
applicable).
+ The Class R-1 Certificates are entitled to receive the applicable Residual
Distribution Amount and the Excess Liquidation Proceeds.
(1) Interest distributed to the REMIC I Regular Interests and the Class R-1
Certificates (other than the Class P-L and Class III-A-4-L Regular
Interests, which will not be entitled to receive any distributions of
interest) on each Distribution Date will have accrued during the Prior
Period at the applicable Remittance Rate.
(2) On each Distribution Date on or before the Class III-A-5 Accretion
Termination Date, an amount equal to the Class III-A-5 Accrual Amount will
be added to the Class III-A-5-L Principal Balance, and such amount will be
distributed as principal to certain Classes of Group III-A-L Regular
Interests as set forth herein.
(3) The Class X-L Regular Interests will accrue interest on their related
Class Notional Amount. The Class X-L Regular Interests will not be
entitled to receive any distributions of principal.
(4) The Class P-L and Class III-A-4-L Regular Interests will not be entitled to
receive any distributions of interest.
2
<PAGE>
As provided herein, with respect to REMIC I, the Company will cause an
election to be made on behalf of REMIC I to be treated for federal income tax
purposes as a REMIC. The REMIC I Regular Interests will be designated regular
interests in REMIC I and the Class R-1 Certificates will be designated the sole
class of residual interest in REMIC I, for purposes of the REMIC Provisions.
REMIC II
<TABLE>
<CAPTION>
Class Designation
for each REMIC II
Regular Interest Initial Class
and the Class R-2 Type of Remittance Principal Last Scheduled
Certificates Interest Rate(1) Balance Distribution Date*
----------------- ---------- -------------- -------------- ----------------------
<S> <C> <C> <C> <C>
Class I-A-1 Regular 6.750% $65,742,956.00 April 2013
Class II-A-1 Regular 6.700% 148,236,920.00 April 2028
Class II-A-2 Regular 6.750% 24,800,000.00 April 2028
Class II-A-3 Regular 6.750% 16,100,000.00 April 2028
Class II-A-4 Regular 6.750% 20,782,085.00 April 2028
Class II-A-5 Regular 6.750% (2) ---------- April 2028
Class III-A-1 Regular 6.400% 40,789,000.00 April 2028
Class III-A-2 Regular 6.750% (3) ---------- April 2028
Class III-A-3 Regular 7.000% 104,628,339.00 April 2028
Class III-A-4 Regular (6) 3,875,124.00 April 2028
Class III-A-5 Regular 6.750% (4) 4,800,000.00 April 2028
Class III-A-6 Regular 6.750% 4,000,000.00 April 2028
Class III-A-7 Regular 6.750% 14,250,000.00 April 2028
Class III-A-8 Regular 6.750% 19,893,962.00 April 2028
Class I-X Regular 6.750% (5) ---------- April 2013
Class C-X-1 Regular 6.750% (5) ---------- April 2028
Class C-X-2 Regular 6.750% (5) ---------- April 2028
Class C-X-3 Regular 6.750% (5) ---------- April 2028
Class I-P Regular (6) 228,761.47 April 2013
Class III-P Regular (6) 365,967.72 April 2028
Class I-B-1 Regular 6.750% 1,212,078.00 April 2013
Class I-B-2 Regular 6.750% 1,350,602.00 April 2013
Class I-B-3 Regular 6.750% 207,784.00 April 2013
Class I-B-4 Regular 6.750% 207,784.00 April 2013
Class I-B-5 Regular 6.750% 173,154.00 April 2013
Class I-B-6 Regular 6.750% 138,527.20 April 2013
Class C-B-1 Regular 6.750% 8,474,136.00 April 2028
Class C-B-2 Regular 6.750% 7,203,016.00 April 2028
Class C-B-3 Regular 6.750% 1,694,826.00 April 2028
Class C-B-4 Regular 6.750% 1,482,973.00 April 2028
Class C-B-5 Regular 6.750% 1,271,120.00 April 2028
Class C-B-6 Regular 6.750% 1,059,272.40 April 2028
Class R-2+ Residual 6.750% 50.00 April 2028
</TABLE>
* The Distribution Date in the month after the maturity date for the latest
maturing Mortgage Loan in the related Loan Group (or Loan Groups, as
applicable).
+ The Class R-2 Certificates are entitled to receive the applicable Residual
Distribution Amount.
(1) Interest distributed to the Certificates (other than the Class P and Class
III-A-4 Certificates, which will not be entitled to receive any
distributions of interest) on each Distribution Date will have accrued
during the Prior Period at the applicable Remittance Rate.
(2) The Class II-A-5 Certificates will accrue interest on the Class II-A-5
Notional Amount.
(3) The Class III-A-2 Certificates will accrue interest on the Class III-A-2
Notional Amount.
3
<PAGE>
(4) On each Distribution Date on or before the Class III-A-5 Accretion
Termination Date, an amount equal to the Class III-A-5 Accrual Amount will
be added to the Class III-A-5 Principal Balance, and such amount will be
distributed as principal to certain Classes of Group III-A Certificates as
set forth herein.
(5) The Class X Certificates will accrue interest on their related
Class Notional Amount. The Class X Certificates will not be entitled to
receive any distributions of principal.
(6) The Class P and Class III-A-4 Certificates will not be entitled to receive
any distributions of interest.
As provided herein, with respect to REMIC II, the Company will cause an
election to be made on behalf of REMIC II to be treated for federal income tax
purposes as a REMIC. The Certificates (other than the Class R-1 and Class R-2
Certificates) will be designated regular interests in REMIC II and the Class R-2
Certificates will be designated the sole class of residual interest in REMIC II,
for purposes of the REMIC Provisions. As of the Cut-Off Date, the Mortgage Loans
have an aggregate Principal Balance of $492,968,487.79 and the Certificates have
an Aggregate Certificate Principal Balance of $492,968,487.79.
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 (i) create a trust
("REMIC I") to hold the Mortgage Loans and certain other property and (ii) sell
undivided beneficial ownership interests in REMIC I and in order to do so is
selling the REMIC I Regular Interests and Class R-1 Certificates issued
hereunder as hereinafter provided;
WHEREAS, the Company has been duly authorized to (i) create a trust
("REMIC II") to hold the REMIC I Regular Interests and (ii) sell undivided
beneficial ownership interests in REMIC II 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:
4
<PAGE>
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:
ACCRETION DIRECTED CLASSES: With respect to the Group III Certificates, the
Class III-A-3, Class III-A-4 and Class III-A-5 Certificates, as applicable, and
the Corresponding Classes of the REMIC I Regular Interests.
AGGREGATE CERTIFICATE PRINCIPAL BALANCE: At any given time, the sum of the
then current Class Principal Balances of the 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 or mortgage 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 (other than the
Class II-A-2, Class II-A-3, Class II-A-5, Class III-A-2, Class III-A-6, Class
III-A-7, Class X and Residual Certificates), an initial Certificate Principal
Balance equal to $25,000 and integral multiples of $1 in excess thereof, except
one Certificate of each Class of Class P Certificates may be issued in a
different amount. With respect to the Class II-A-2, Class II-A-3, Class III-A-6
and Class III-A-7 Certificates, an initial Certificate Principal Balance equal
to $1,000 and integral multiples of $1 in excess thereof. With respect to the
Class X, Class II-A-5 and Class III-A-2 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 each of the Residual Certificates, one
Certificate with a Percentage Interest equal to 0.01% and one Certificate with a
Percentage Interest equal to 99.99%.
BALLOON LOAN: Any Mortgage Loan which, by its terms, does not fully
amortize the principal balance thereof by its stated maturity.
BANKRUPTCY COVERAGE: The Group I Bankruptcy Coverage and/or the Combined
Bankruptcy Coverage, as applicable.
BANKRUPTCY COVERAGE INITIAL AMOUNT: With respect to Loan Group I, $100,000
and with respect to Loan Group II and Loan Group III, $124,909.
5
<PAGE>
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 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 II-A-5,
Class III-A-2 and Class III-A-4 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
the Certificate Insurer (with respect to matters hereunder affecting the
Certificate Insurer) or 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 Agencies) 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.
6
<PAGE>
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 Group I, Group II, Group III, Group C-X, Group
C-B or Residual 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 Exhibit A, B and C hereto. The
additional matter appearing in Exhibit H shall be deemed incorporated into
Exhibits A and B as though set forth at the end of such Exhibits.
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 Agencies 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 Agencies.
Funds in the Certificate Account in respect of the Mortgage Loans in each of the
Loan Groups 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 shall be paid to the Master Servicer as additional servicing
compensation. 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, Section 4.01 and
Section 4.04.
CERTIFICATEHOLDER OR HOLDER: With respect to the Certificates, 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 Trustee may conclusively rely
upon an Officer's Certificate to determine whether any Person is an affiliate of
the Company or the Master Servicer. For so long as no Certificate Insurer
Default exists, the Certificate Insurer shall be deemed to be the sole Holder of
all outstanding Insured Certificates, subject to Section 3.16; provided, that
the Certificate Insurer shall have no power without the consent of the Owner of
each Certificate affected thereby to: (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 Insured Certificateholder's Percentage Interest, the
Remittance Rate or the Termination Payment with respect to any of the Insured
Certificates, (ii) reduce the percentage of Percentage Interests specified in
Section 10.01 which are required to amend this Agreement, (iii) create or permit
the creation of any lien against any part of the REMIC I Trust Fund or the REMIC
II Trust Fund, (iv) modify any provision in any way which would permit an
earlier retirement of the Certificates, or (v) amend this definition of
"Certificateholder" or "Holder". With respect to the REMIC I Regular Interests,
the owner of the REMIC I Regular Interests, which as of the Closing Date and at
all times thereafter, shall be the Trustee.
7
<PAGE>
CERTIFICATE GROUP: Any of the Group I, Group II, Group III, Group C-X and
Group C-B Certificates.
CERTIFICATE INSURANCE POLICIES: The Class II-A-3 Certificate Insurance
Policy, the Class III-A-6 Certificate Insurance Policy and the Class III-A-7
Certificate Insurance Policy.
CERTIFICATE INSURER: MBIA Insurance Corporation or its successors in
interest.
CERTIFICATE INSURER DEFAULT: The existence and continuance of any of the
following: (a) a failure by the Certificate Insurer to make a payment required
under the Class II-A-3 Certificate Insurance Policy, the Class III-A-6
Certificate Insurance Policy or the Class III-A-7 Certificate Insurance Policy
in accordance with its terms; (b) the entry of a decree or order of a court or
agency having jurisdiction in respect of the Certificate Insurer in an
involuntary case under any present or future Federal or state bankruptcy,
insolvency or similar law appointing a conservator or receiver or liquidator or
other similar official of the Certificate Insurer or of any substantial part of
its property, or the entering of an order for the winding up or liquidation of
the affairs of the Certificate Insurer and the continuance of any such decree or
order undischarged or unstayed and in force for a period of 90 consecutive days;
(c) the Certificate Insurer shall consent to the appointment of a conservator or
receiver or liquidator or other similar official in any insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings of or
relating to the Certificate Insurer or of or relating to all or substantially
all of its property; or (d) the Certificate Insurer shall admit in writing its
inability to pay its debts generally as they become due, file a petition to take
advantage of or otherwise voluntarily commence a case or proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar statute, make
an assignment for the benefit of its creditors, or voluntarily suspend payment
of its obligations.
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.
CLASS: All REMIC I Regular Interests or the Class R-1 Certificates having
the same priority and rights to payments on the Mortgage Loans from the REMIC I
Available Distribution Amount and all Certificates (other than the Class R-1
Certificates) having the same priority and rights to payments on the REMIC I
Regular Interests from the REMIC II Available Distribution Amount, as
applicable, which Certificates or REMIC I Regular Interests, as applicable,
shall be designated as a separate Class, and which, in the case of the
Certificates, shall be set forth in the applicable forms of Certificates
attached hereto as Exhibits A, B and C. Each Class of REMIC I Regular Interests
and the Class R-1 Certificates shall be entitled to receive the amounts
allocated to such Class pursuant to the definition of "REMIC I Distribution
Amount" only to the extent of the REMIC I Available Distribution Amount for such
Distribution Date remaining after distributions in accordance with prior clauses
of the definition of "REMIC I Distribution Amount", and each Class of
Certificates (other than the Class R-1 Certificates) shall be entitled to
receive the amounts allocated to such Class pursuant to the definition of "REMIC
II Distribution Amount" only to the extent of the REMIC II Available
Distribution Amount for such Distribution
8
<PAGE>
Date remaining after distributions in accordance with prior clauses of the
definition of "REMIC II Distribution Amount."
CLASS A CERTIFICATES: The Class I-A-1, Group II-A and Group III-A
Certificates.
CLASS A-L REGULAR INTERESTS: The Class I-A-1-L, Group II-A-L and Group
III-A-L Regular Interests.
CLASS B CERTIFICATES: The Group I-B and Group C-B Certificates.
CLASS B-L REGULAR INTERESTS: The Group I-B-L and Group C-B-L Regular
Interests.
CLASS C-B-1 CERTIFICATES: The Certificates designated as "Class C-B-1" on
the face thereof in substantially the form attached hereto as Exhibit A-C-B-1.
CLASS C-B-1-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-B-2 CERTIFICATES: The Certificates designated as "Class C-B-2" on
the face thereof in substantially the form attached hereto as Exhibit A-C-B-2.
CLASS C-B-2-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-B-3 CERTIFICATES: The Certificates designated as "Class C-B-3" on
the face thereof in substantially the form attached hereto as Exhibit A-C-B-3.
CLASS C-B-3-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-B-4 CERTIFICATES: The Certificates designated as "Class C-B-4" on
the face thereof in substantially the form attached hereto as Exhibit A-C-B-4.
CLASS C-B-4-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-B-5 CERTIFICATES: The Certificates designated as "Class C-B-5" on
the face thereof in substantially the form attached hereto as Exhibit A-C-B-5.
CLASS C-B-5-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-B-6 CERTIFICATES: The Certificates designated as "Class C-B-6" on
the face thereof in substantially the form attached hereto as Exhibit A-C-B-6.
CLASS C-B-6-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
9
<PAGE>
CLASS C-X-1 CERTIFICATES: The Certificates designated as "Class C-X-1" on
the face thereof in substantially the form attached hereto as Exhibit A-C-X-1.
CLASS C-X-1-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-X-1 NOTIONAL AMOUNT: With respect to any Distribution Date, the sum
of the Class C-X-1 Group II Notional Amount and the Class C-X-1 Group III
Notional Amount.
CLASS C-X-1 GROUP II NOTIONAL AMOUNT: With respect to any Distribution
Date, 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 Class C-X-1 Group II
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
weighted average of the Stripped Interest Rates for the Class C-X-1 Group II
Premium Rate Mortgage Loans as of such Due Date and the denominator of which is
6.750%.
CLASS C-X-1 GROUP III NOTIONAL AMOUNT: With respect to any Distribution
Date, 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 Class C-X-1 Group III
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
weighted average of the Stripped Interest Rates for the Class C-X-1 Group III
Premium Rate Mortgage Loans as of such Due Date and the denominator of which is
6.750%.
CLASS C-X-1 GROUP II PREMIUM RATE MORTGAGE LOANS: The Group II Loans
having Pass-Through Rates in excess of 6.750% per annum and Mortgage Interest
Rates less than 8.000% per annum.
CLASS C-X-1 GROUP III PREMIUM RATE MORTGAGE LOANS: The Group III Loans
having Pass-Through Rates in excess of 6.750% per annum and Mortgage Interest
Rates less than 8.000% per annum.
CLASS C-X-2 CERTIFICATES: The Certificates designated as "Class C-X-2" on
the face thereof in substantially the form attached hereto as Exhibit A-C-X-2.
CLASS C-X-2-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-X-2 NOTIONAL AMOUNT: With respect to any Distribution Date, the sum
of the Class C-X-2 Group II Notional Amount and the Class C-X-2 Group III
Notional Amount.
CLASS C-X-2 GROUP II NOTIONAL AMOUNT: With respect to any Distribution
Date, 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 Class C-X-2 Group II
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
10
<PAGE>
weighted average of the Stripped Interest Rates for the Class C-X-2 Group II
Premium Rate Mortgage Loans as of such Due Date and the denominator of which is
6.750%.
CLASS C-X-2 GROUP III NOTIONAL AMOUNT: With respect to any Distribution
Date, 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 Class C-X-2 Group III
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
weighted average of the Stripped Interest Rates for the Class C-X-2 Group III
Premium Rate Mortgage Loans as of such Due Date and the denominator of which is
6.750%.
CLASS C-X-2 GROUP II PREMIUM RATE MORTGAGE LOANS: The Group II Loans
having Pass-Through Rates in excess of 6.750% per annum and Mortgage Interest
Rates greater than or equal to 8.000% per annum but less than 8.500% per annum.
CLASS C-X-2 GROUP III PREMIUM RATE MORTGAGE LOANS: The Group III Loans
having Pass-Through Rates in excess of 6.750% per annum and Mortgage Interest
Rates greater than or equal to 8.000% per annum per annum but less than 8.500%
per annum.
CLASS C-X-3 CERTIFICATES: The Certificates designated as "Class C-X-3" on
the face thereof in substantially the form attached hereto as Exhibit A-C-X-3.
CLASS C-X-3-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS C-X-3 NOTIONAL AMOUNT: With respect to any Distribution Date, the sum
of the Class C-X-3 Group II Notional Amount and the Class C-X-3 Group III
Notional Amount.
CLASS C-X-3 GROUP II NOTIONAL AMOUNT: With respect to any Distribution
Date, 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 Class C-X-3 Group II
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
weighted average of the Stripped Interest Rates for the Class C-X-3 Group II
Premium Rate Mortgage Loans as of such Due Date and the denominator of which is
6.750%.
CLASS C-X-3 GROUP III NOTIONAL AMOUNT: With respect to any Distribution
Date, 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 Class C-X-3 Group III
Premium Rate Mortgage Loans and (y) a fraction, the numerator of which is the
weighted average of the Stripped Interest Rates for the Class C-X-3 Group III
Premium Rate Mortgage Loans as of such Due Date and the denominator of which is
6.750%.
CLASS C-X-3 GROUP II PREMIUM RATE MORTGAGE LOANS: The Group II Loans
having Pass-Through Rates in excess of 6.750% per annum and Mortgage Interest
Rates greater than or equal to 8.500% per annum.
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CLASS C-X-3 GROUP III PREMIUM RATE MORTGAGE LOANS: The Group III Loans
having Pass-Through Rates in excess of 6.750% per annum and Mortgage Interest
Rates greater than or equal to 8.500% per annum.
CLASS P CERTIFICATES: The Class I-P and Class III-P Certificates.
CLASS P-L REGULAR INTERESTS: The Class I-P-L and Class III-P-L Regular
Interests.
CLASS P FRACTION: Either of the Class I-P or Class III-P Fractions, as
applicable.
CLASS P MORTGAGE LOAN: Any of the Class I-P or Class III-P Mortgage Loans.
CLASS X CERTIFICATES: The Class I-X and Group C-X Certificates.
CLASS X-L REGULAR INTERESTS: The Class I-X-L and Group C-X-L Regular
Interests.
CLASS I-A-1 CERTIFICATES: The Certificates designated as "Class I-A-1" on
the face thereof in substantially the form attached hereto as Exhibit A-I-A-1.
CLASS I-A-1-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-B-1 CERTIFICATES: The Certificates designated as "Class I-B-1" on
the face thereof in substantially the form attached hereto as Exhibit A-I-B-1.
CLASS I-B-1-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-B-2 CERTIFICATES: The Certificates designated as "Class I-B-2" on
the face thereof in substantially the form attached hereto as Exhibit A-I-B-2.
CLASS I-B-2-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-B-3 CERTIFICATES: The Certificates designated as "Class I-B-3" on
the face thereof in substantially the form attached hereto as Exhibit A-I-B-3.
CLASS I-B-3-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-B-4 CERTIFICATES: The Certificates designated as "Class I-B-4" on
the face thereof in substantially the form attached hereto as Exhibit A-I-B-4.
CLASS I-B-4-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-B-5 CERTIFICATES: The Certificates designated as "Class I-B-5" on
the face thereof in substantially the form attached hereto as Exhibit A-I-B-5.
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CLASS I-B-5-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-B-6 CERTIFICATES: The Certificates designated as "Class I-B-6" on
the face thereof in substantially the form attached hereto as Exhibit A-I-B-6.
CLASS I-B-6-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-P CERTIFICATES: The Certificates designated as "Class I-P" on the
face thereof in substantially the form attached hereto as Exhibit A-I-P.
CLASS I-P FRACTION: For each Class I-P Mortgage Loan, a fraction, the
numerator of which is 6.750% less the Pass-Through Rate on such Class I-P
Mortgage Loan and the denominator of which is 6.750%.
CLASS I-P-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-P MORTGAGE LOAN: Any Group I Loan with a Pass-Through Rate of less
than 6.750% per annum.
CLASS I-X CERTIFICATES: The Certificates designated as "Class I-X" on the
face thereof in substantially the form attached hereto as Exhibit A-I-X.
CLASS I-X-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS I-X NOTIONAL AMOUNT: With respect to any Distribution Date, 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 Premium Rate Mortgage
Loans and (y) a fraction, the numerator of which is the weighted average of the
Stripped Interest Rates for the Group I Premium Rate Mortgage Loans as of such
Due Date and the denominator of which is 6.750%.
CLASS II-A-1 CERTIFICATES: The Certificates designated as "Class II-A-1" on
the face thereof in substantially the form attached hereto as Exhibit A-II-A-1.
CLASS II-A-1-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS II-A-2 CERTIFICATES: The Certificates designated as "Class II-A-2" on
the face thereof in substantially the form attached hereto as Exhibit A-II-A-2.
CLASS II-A-2-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
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CLASS II-A-3 CERTIFICATE INSURANCE POLICY: The Certificate Guaranty
Insurance Policy No. 26059 issued by the Certificate Insurer in respect of the
Class II-A-3 Certificates, a copy of which is attached hereto as Exhibit K.
CLASS II-A-3 CERTIFICATES: The Certificates designated as "Class II-A-3" on
the face thereof in substantially the form attached hereto as Exhibit A-II-A-3.
CLASS II-A-3-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS II-A-3 REIMBURSEMENT AMOUNT: The sum of (a) all amounts previously
paid by the Certificate Insurer under the Class II-A-3 Certificate Insurance
Policy which have not been previously reimbursed and (b) interest on the
foregoing at the Late Payment Rate from the date such amount was paid by the
Certificate Insurer until paid in full.
CLASS II-A-4 ADJUSTED PERCENTAGE: For any Distribution Date occurring
prior to the Distribution Date in April 2003, 0%, and for the April 2003
Distribution Date and any Distribution Date thereafter, the Class II-A-4
Percentage.
CLASS II-A-4 CERTIFICATES: The Certificates designated as "Class II-A-4" on
the face thereof in substantially the form attached hereto as Exhibit A-II-A-4.
CLASS II-A-4-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS II-A-4 LIQUIDATION AMOUNT: The aggregate, for each Group II Loan
which became a Liquidated Mortgage Loan during the calendar month preceding the
month of the Distribution Date, of the lesser of (i) the Class II-A-4 Percentage
of the Principal Balance of such Mortgage Loan and (ii) the Class II-A-4
Percentage on any Distribution Date occurring prior to the fifth anniversary of
the first Distribution Date, and the Class II-A-4 Prepayment Percentage on the
fifth anniversary of the first Distribution Date and each Distribution Date
thereafter, in each case, of the Liquidation Principal with respect to such
Mortgage Loan.
CLASS II-A-4 LOCKOUT PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date,
the sum of (i) the Class II-A-4 Adjusted Percentage of the Principal Payment
Amount for Loan Group II, (ii) the Class II-A-4 Prepayment Percentage of the
Principal Prepayment Amount for Loan Group II and (iii) the Class II-A-4
Liquidation Amount.
CLASS II-A-4 PERCENTAGE: For any Distribution Date, the lesser of (a) 100%
and (b) the Class II-A-4 Principal Balance divided by the aggregate Principal
Balance of the Group II Loans, in each case immediately prior to such
Distribution Date.
CLASS II-A-4 PREPAYMENT PERCENTAGE: For any Distribution Date, the product
of the Class II-A-4 Percentage and the Step Down Percentage.
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CLASS II-A-5 CERTIFICATES: The Certificates designated as "Class II-A-5" on
the face thereof in substantially the form attached hereto as Exhibit A-II-A-5.
CLASS II-A-5 NOTIONAL AMOUNT: For any Distribution Date, the Class II-A-1
Principal Balance immediately prior to such Distribution Date divided by 135.
CLASS III-A-1 CERTIFICATES: The Certificates designated as "Class III-A-1"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-1.
CLASS III-A-1-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-2 CERTIFICATES: The Certificates designated as "Class III-A-2"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-2.
CLASS III-A-2 NOTIONAL AMOUNT: For any Distribution Date, the Class III-A-1
Principal Balance immediately prior to such Distribution Date multiplied by
7/135.
CLASS III-A-3 CERTIFICATES: The Certificates designated as "Class III-A-3"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-3.
CLASS III-A-3-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-4 CERTIFICATES: The Certificates designated as "Class III-A-4"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-4.
CLASS III-A-4-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-5 CERTIFICATES: The Certificates designated as "Class III-A-5"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-5.
CLASS III-A-5-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-5 ACCRETION TERMINATION DATE: The earlier to occur of (i) the
Distribution Date on which the aggregate Class Principal Balance of the Class
III-A-3 and Class III-A-4 Certificates has been reduced to zero and (ii) the
Combined Credit Support Depletion Date.
CLASS III-A-5 ACCRUAL AMOUNT: On any Distribution Date, an amount equal to
the amount allocable to the Class III-A-5 Certificates on such Distribution Date
pursuant to the definition of "Interest Distribution Amount", without regard to
the proviso at the end of the first sentence of such definition.
Notwithstanding the foregoing, for any Distribution Date after the Class III-A-5
Accretion Termination Date, the Class III-A-5 Accrual Amount shall be zero.
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CLASS III-A-6 CERTIFICATE INSURANCE POLICY: The Certificate Guaranty
Insurance Policy No. 26060 issued by the Certificate Insurer in respect of the
Class III-A-6 Certificates, a copy of which is attached hereto as Exhibit K.
CLASS III-A-6 CERTIFICATES: The Certificates designated as "Class III-A-6"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-6.
CLASS III-A-6-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-6 REIMBURSEMENT AMOUNT: The sum of (a) all amounts previously
paid by the Certificate Insurer under the Class III-A-6 Certificate Insurance
Policy which have not been previously reimbursed and (b) interest on the
foregoing at the Late Payment Rate from the date such amount was paid by the
Certificate Insurer until paid in full.
CLASS III-A-7 CERTIFICATE INSURANCE POLICY: The Certificate Guaranty
Insurance Policy No. 26061 issued by the Certificate Insurer in respect of the
Class III-A-7 Certificates, a copy of which is attached hereto as Exhibit K.
CLASS III-A-7 CERTIFICATES: The Certificates designated as "Class III-A-7"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-7.
CLASS III-A-7-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-7 REIMBURSEMENT AMOUNT: The sum of (a) all amounts previously
paid by the Certificate Insurer under the Class III-A-7 Certificate Insurance
Policy which have not been previously reimbursed and (b) interest on the
foregoing at the Late Payment Rate from the date such amount was paid by the
Certificate Insurer until paid in full.
CLASS III-A-8 ADJUSTED PERCENTAGE: For any Distribution Date occurring
prior to the Distribution Date in April 2003, 0%, and for the April 2003
Distribution Date and any Distribution Date thereafter, the Class III-A-8
Percentage.
CLASS III-A-8 CERTIFICATES: The Certificates designated as "Class III-A-8"
on the face thereof in substantially the form attached hereto as Exhibit
A-III-A-8.
CLASS III-A-8-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS III-A-8 LIQUIDATION AMOUNT: The aggregate, for each Group III Loan
which became a Liquidated Mortgage Loan during the calendar month preceding the
month of the Distribution Date, of the lesser of (i) the Class III-A-8
Percentage of the Principal Balance of such Mortgage Loan (exclusive of the
Class III-P Fraction thereof, with respect to any Class III-P Mortgage Loan) and
(ii) the Class III-A-8 Percentage on any Distribution Date occurring prior to
the fifth anniversary of the first Distribution Date, and the Class III-A-8
Prepayment Percentage on the
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fifth anniversary of the first Distribution Date and each Distribution Date
thereafter, in each case, of the Liquidation Principal with respect to such
Mortgage Loan.
CLASS III-A-8 LOCKOUT PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date,
the sum of (i) the Class III-A-8 Adjusted Percentage of the Principal Payment
Amount for Loan Group III (exclusive of the portion thereof attributable to
principal distributions to (I) the Class III-P Certificates pursuant to clause
(I)(c)(i) of the definition of "REMIC II Distribution Amount" or (II) the Class
III-P-L Regular Interests pursuant to clause (I)(c)(i) of the definition of
"REMIC I Distribution Amount", as applicable), (ii) the Class III-A-8 Prepayment
Percentage of the Principal Prepayment Amount for Loan Group III (exclusive of
the portion thereof attributable to principal distributions to (I) the Class
III-P Certificates pursuant to clause (I)(c)(i) of the definition of "REMIC II
Distribution Amount" or (II) the Class III-P-L Regular Interests pursuant to
clause (I)(c)(i) of the definition of "REMIC I Distribution Amount", as
applicable) and (iii) the Class III-A-8 Liquidation Amount.
CLASS III-A-8 PERCENTAGE: For any Distribution Date, the lesser of (a) 100%
and (b) the Class III-A-8 Principal Balance divided by the aggregate Principal
Balance of the Group III Loans (less the Class III-P Principal Balance), in each
case immediately prior to such Distribution Date.
CLASS III-A-8 PREPAYMENT PERCENTAGE: For any Distribution Date, the product
of the Class III-A-8 Percentage and the Step Down Percentage.
CLASS III-P CERTIFICATES: The Certificates designated as "Class III-P" on
the face thereof in substantially the form attached hereto as Exhibit A-III-P.
CLASS III-P FRACTION: For each Class III-P Mortgage Loan, a fraction, the
numerator of which is 6.750% less the Pass-Through Rate on such Class III-P
Mortgage Loan and the denominator of which is 6.750%.
CLASS III-P MORTGAGE LOAN: Any Group III Loan with a Pass-Through Rate of
less than 6.750% per annum.
CLASS III-P-L REGULAR INTEREST: The uncertificated partial undivided
beneficial ownership interest in REMIC I which constitutes a REMIC I Regular
Interest.
CLASS NOTIONAL AMOUNT: With respect to any of the Class II-A-5, Class
III-A-2 and Class X Certificates and the Class X-L Regular Interests, the
related notional amount for any such Class, as specified herein (i.e. the "Class
Notional Amount" for the Class I-X Certificates and the Class I-X-L Regular
Interests is the Class I-X Notional Amount).
CLASS PRINCIPAL BALANCE: For any Class of Certificates and for any Class of
Regular Interests, 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 or
the Holders of the REMIC I Regular Interests from principal payments on the
Mortgage Loans or the REMIC I Regular Interests, as applicable, as reduced from
time to time by (x) distributions of principal to Certificateholders or the
Holders of
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the REMIC I Regular Interests of such Class (including, with respect to the
Accretion Directed Classes, the portions of the Class III-A-5 Accrual Amount
distributed to such Classes of Certificates and Regular Interests) 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 and Regular Interests 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 "REMIC I Distribution Amount" and "REMIC II Distribution Amount".
In addition to the foregoing, on each Distribution Date on or before the Class
III-A-5 Accretion Termination Date, the Class III-A-5-L and Class III-A-5
Principal Balance will be increased by the Class III-A-5 Accrual Amount for such
Distribution Date. Notwithstanding the foregoing, any amounts distributed in
respect of losses pursuant to paragraphs (I)(a)(vi) or (I)(d)(ii) of the
definitions of "REMIC I Distribution Amount" and "REMIC II Distribution Amount"
shall not cause a further reduction in the Class Principal Balances of the Class
P-L Regular Interests or the Class P Certificates, as applicable. The Class
Principal Balance for the Class I-A-1 Certificates shall be referred to as the
"Class I-A-1 Principal Balance", the Class Principal Balance for the Class
I-A-1-L Regular Interests shall be referred to as the "Class I-A-1-L Principal
Balance" and so on. The Class Principal Balance for the Class X, Class II-A-5
and Class III-A-2 Certificates and for the Class X-L Regular Interests shall be
zero. Exclusively for the purpose of determining any subrogation rights of the
Certificate Insurer arising under Section 3.16 hereof, "Class Principal Balance"
of the Class II-A-3, Class III-A-6 and Class III-A-7 Certificates shall not be
reduced by the amount of any payments made by the Certificate Insurer in respect
of principal on such Certificates under the Certificate Insurance Policy, except
to the extent such payments have been reimbursed to the Certificate Insurer
pursuant to the provisions of this Agreement.
CLASS R-1 CERTIFICATES: The Certificates designated as "Class R-1" on
the face thereof in substantially the form attached hereto as Exhibit C,
which have been designated as the single class of "residual interest" in
REMIC I pursuant to Section 2.01.
CLASS R-2 CERTIFICATES: The Certificates designated as "Class R-2" on
the face thereof in substantially the form attached hereto as Exhibit B,
which have been designated as the single class of "residual interest" in
REMIC II pursuant to Section 2.05.
CLASS R-2-L: The uncertificated partial undivided beneficial ownership
interest in REMIC I which constitutes a REMIC I Regular Interest.
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: March 30, 1998, which is the date of settlement of the sale
of the Certificates to the original purchasers thereof.
CODE: The Internal Revenue Code of 1986, as amended.
COMBINED BANKRUPTCY COVERAGE: With respect to Loan Group II and Loan Group
III, the Bankruptcy Coverage Initial Amount for such Loan Groups less (a) any
scheduled or permissible
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reduction in the amount of Combined Bankruptcy Coverage pursuant to this
definition and (b) Bankruptcy Losses allocated to the Group II, Group III, Group
C-B and Group C-X Certificates or the Group II-L, Group III-L, Group C-B-L and
Group C-X-L Regular Interests. The Combined Bankruptcy Coverage may be reduced
upon written confirmation from the Rating Agencies that such reduction will not
adversely affect the then current ratings assigned to the Certificates by the
Rating Agencies (determined in the case of the Insured Certificates, without
regard to the effect of the Certificate Insurance Policy).
COMBINED CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on
which the aggregate of the Class Principal Balances of the Group C-B
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.
COMBINED FRAUD COVERAGE: During the period prior to the first anniversary
of the Cut-Off Date and with respect to Loan Group II and Loan Group III, the
Fraud Coverage Initial Amount for such Loan Groups reduced by Fraud Losses
allocated to the Group II, Group III, Group C-B and Group C-X Certificates or
the Group II-L, Group III-L, Group C-B-L and Group C-X-L Regular Interests, as
applicable; 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
Combined 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, Group III, Group C-B and
Group C-X Certificates or the Group II-L, Group III-L, Group C-B-L and Group
C-X-L Regular Interests, as applicable, since such anniversary; and during the
period on and after the fifth anniversary of the Cut-Off Date, the Combined
Fraud Coverage shall be zero. On each anniversary of the Cut-Off Date, the
Combined 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 Mortgage Loans in Loan Group II and Loan
Group III as of the Due Date in the preceding month and (ii) the excess of the
Fraud Coverage Initial Amount for Loan Group II and Loan Group III over
cumulative Fraud Losses allocated to the Group II, Group III, Group C-B and
Group C-X Certificates or the Group II-L, Group III-L, Group C-B-L and Group
C-X-L Regular Interests, as applicable, to date. The Combined Fraud Coverage may
be reduced upon written confirmation from the Rating Agencies that such
reduction will not adversely affect the then current ratings assigned to the
Group II, Group III, Group C-B and Group C-X Certificates by the Rating Agencies
(determined in the case of the Insured Certificates, without regard to the
effect of the Certificate Insurance Policies).
COMBINED SPECIAL HAZARD COVERAGE: With respect to Loan Group II and Loan
Group III, the Special Hazard Coverage Initial Amount for such Loan Groups less
Special Hazard Losses allocated to the Group II, Group III, Group C-X and Group
C-B Certificates or the Group II-L, Group III-L, Group C-X-L and Group C-B-L
Regular Interests, as applicable, and the amount of any scheduled reduction in
the amount of Combined Special Hazard Coverage as follows: on each anniversary
of the Cut-Off Date, the Combined 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 in the Loan Group II and
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Loan Group III 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 in Loan Group II and
Loan Group III and (c) twice the unpaid principal balance of the largest single
Mortgage Loan in Loan Group II and Loan Group III, 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
Group II, Group III, Group C-X and Group C-B Certificates or the Group II-L,
Group III-L, Group C-X-L and Group C-B-L Regular Interests, as applicable, since
the Cut-Off Date. The Combined Special Hazard Coverage may be reduced upon
written confirmation from the Rating Agencies that such reduction will not
adversely affect the then current ratings assigned to the Certificates by the
Rating Agencies (determined in the case of the Insured Certificates, without
regard to the effect of the Certificate Insurance Policies).
COMPANY: PNC Mortgage Securities Corp., a Delaware corporation, or its
successor-in-interest.
COMPENSATING INTEREST: For any Distribution Date with respect to each Loan
Group and the Mortgage Loans contained therein, the lesser of (i) the sum of (a)
the aggregate Master Servicing Fee payable with respect to such Loan Group on
such Distribution Date, (b) the aggregate Payoff Earnings with respect to such
Loan Group and (c) the aggregate Payoff Interest with respect to such Loan Group
and (ii) the aggregate Uncollected Interest with respect to such Loan Group.
COOPERATIVE: A private, cooperative housing corporation organized under the
laws of, and headquartered in, the States of New York or New Jersey which owns
or leases land and all or part of a building or buildings located in such
states, 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.
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 or mortgage 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 REMIC I
created hereunder.
COOPERATIVE STOCK: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
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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 1998-3.
CORRESPONDING CLASS: With respect to the Group I Certificates and the
Group I-L Regular Interests, the "Corresponding Class" for the Class I-A-1-L,
Class I-B-1-L, Class I-B-2-L, Class I-B-3-L, Class I-B-4-L, Class I-B-5-L, Class
I-B-6-L, Class I-P-L and Class I-X-L Regular Interests shall be the Class
I-A-1, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class
I-B-6, Class I-P and Class I-X Certificates, respectively, and vice-versa.
With respect to the Group II Certificates, the Class R-2 Certificates and
the Group II-L Regular Interests, the "Corresponding Class" for the Class
II-A-1-L, Class II-A-2-L, Class II-A-3-L, Class II-A-4-L, and Class R-2-L
Regular Interests shall be the Class II-A-1, Class II-A-2, Class II-A-3, Class
II-A-4 and Class R-2 Certificates, respectively, and vice-versa.
With respect to the Group III Certificates and the Group III-L Regular
Interests, the "Corresponding Class" for the Class III-A-1-L, Class III-A-3-L,
Class III-A-4-L, Class III-A-5-L, Class III-A-6-L, Class III-A-7-L, Class
III-A-8-L and Class III-P-L Regular Interests shall be the Class III-A-1, Class
III-A-3, Class III-A-4, Class III-A-5, Class III-A-6, Class III-A-7, Class
III-A-8 and Class III-P Certificates, respectively, and vice-versa.
With respect to the Group C-B Certificates and the Group C-B-L Regular
Interests, the "Corresponding Class" for the Class C-B-1-L, Class C-B-2-L, Class
C-B-3-L, Class C-B-4-L, Class C-B-5-L and Class C-B-6-L Regular Interests shall
be the Class C-B-1, Class C-B-2, Class C-B-3, Class C-B-4, Class C-B-5 and Class
C-B-6 Certificates, respectively, and vice-versa.
With respect to the Group C-X Certificates and the Group C-X-L Regular
Interests, the "Corresponding Class" for the Class C-X-1-L, Class C-X-2-L and
Class C-X-3-L Regular Interests shall be the Class C-X-1, Class C-X-2 and Class
C-X-3 Certificates, respectively, and vice-versa.
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
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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 Agencies) 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; 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 Agencies) 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: March 1, 1998.
DCR: Duff & Phelps Credit Rating Co., provided that at any time it be a
Rating Agency.
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DEFICIENCY AMOUNT: With respect to any Distribution Date, (I) with respect
to the Class II-A-3 Certificates and the Class II-A-3 Certificate Insurance
Policy, the sum of (i) the amount, if any, by which the Interest Distribution
Amount available to be paid to the Class II-A-3 Certificates, pursuant to the
priority of payment set forth in the definition of "REMIC II Distribution
Amount", is less than (A) the product of (1) 1/12 of the Class II-A-3 Remittance
Rate and (2) the Class II-A-3 Principal Balance as of such Distribution Date,
minus (B) the sum of (1) Uncompensated Interest Shortfall allocable to the Class
II-A-3 Certificates and (2) any interest shortfalls related to the Relief Act
allocable to the Class II-A-3 Certificates, (ii) the principal portion of any
Realized Losses allocable to the Class II-A-3 Certificates on such Distribution
Date and (iii) to the extent unpaid on the Last Scheduled Distribution Date,
after payment of all other amounts due to the Class II-A-3 Certificates, any
remaining Class II-A-3 Principal Balance; (II) with respect to the Class III-A-6
Certificates and the Class III-A-6 Certificate Insurance Policy, the sum of (i)
the amount, if any, by which the Interest Distribution Amount available to be
paid to the Class III-A-6 Certificates, pursuant to the priority of payment set
forth in the definition of "REMIC II Distribution Amount", is less than (A) the
product of (1) 1/12 of the Class III-A-6 Remittance Rate and (2) the Class
III-A-6 Principal Balance as of such Distribution Date, minus (B) the sum of (1)
Uncompensated Interest Shortfall allocable to the Class III-A-6 Certificates and
(2) any interest shortfalls related to the Relief Act allocable to the Class
II-A-6 Certificates, (ii) the principal portion of any Realized Losses allocated
to the Class II-A-6 Certificates on such Distribution Date and (iii) to the
extent unpaid on the Last Scheduled Distribution Date, after payment of all
other amounts due to the Class III-A-6 Certificates, any remaining Class III-A-6
Principal Balance; and (III) with respect to the Class III-A-7 Certificates and
the Class III-A-7 Certificate Insurance Policy, the sum of (i) the amount, if
any, by which the Interest Distribution Amount available to be paid to the Class
III-A-7 Certificates, pursuant to the priority of payment set forth in the
definition of "REMIC II Distribution Amount", is less than (A) the product of
(1) 1/12 of the Class III-A-7 Remittance Rate and (2) the Class III-A-7
Principal Balance as of such Distribution Date, minus (B) the sum of (1)
Uncompensated Interest Shortfall allocable to the Class III-A-7 Certificates and
(2) any interest shortfalls related to the Relief Act allocable to the Class
III-A-7 Certificates, (ii) the principal portion of any Realized Losses
allocated to the Class II-A-7 Certificates on such Distribution Date and (iii)
to the extent unpaid on the Last Scheduled Distribution Date, after payment of
all other amounts due to the Class III-A-7 Certificates, any remaining Class
III-A-7 Principal Balance.
DEFINITIVE CERTIFICATES: Certificates in definitive, fully registered and
certificated form.
DEPOSITARY AGREEMENT: The Letter of Representations, dated March 27, 1998
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.
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DISQUALIFIED ORGANIZATION: 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.
DISTRIBUTION DATE: With respect to distributions on the REMIC I Regular
Interests and 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 April 27, 1998.
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
Agencies, (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 Agencies,
(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 Agencies, or (iv) the approval of the Rating Agencies. 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 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 Agencies and
provided that such repurchaser's unsecured long term debt has one of the
two highest unsecured long term debt ratings of the Rating Agencies;
(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 Agencies
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and unsecured long term debt has one of the two highest unsecured long term
debt ratings of the Rating Agencies;
(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 acquisition thereof shall have the highest long-term debt
ratings available for such securities from the Rating Agencies;
(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 Agencies,
provided that the corporation has unsecured long term debt that has one of
the two highest unsecured long term debt ratings of the Rating Agencies;
(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 Agencies; 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 Agencies or
which have been designated in writing by the Rating Agencies as Eligible
Investments; and
(viii) Such other instruments as shall not affect the Ratings
(determined in the case of the Insured Certificates, without regard to the
effect of the Certificate Insurance Policies);
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.
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EXCESS LIQUIDATION PROCEEDS: With respect to any Distribution Date, the
excess, if any, of aggregate Liquidation Proceeds received during the Prior
Period over the amount that would have been received if Payoffs had been made
with respect to such Mortgage Loans on the date such Liquidation Proceeds were
received.
FDIC: Federal Deposit Insurance Corporation, or any successor thereto.
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 COVERAGE INITIAL AMOUNT: With respect to Loan Group I, $692,616 and
with respect to Loan Group II and Loan Group III, $8,474,136.
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 C-B CERTIFICATES: The Class C-B-1, Class C-B-2, Class C-B-3, Class
C-B-4, Class C-B-5 and Class C-B-6 Certificates.
GROUP C-B-L REGULAR INTERESTS: The Class C-B-1-L, Class C-B-2-L, Class
C-B-3-L, Class C-B-4-L, Class C-B-5-L and Class C-B-6-L Regular Interests.
GROUP C-B LOAN GROUP COMPONENT BALANCE: With respect to either Loan Group
II or Loan Group III at any time, the outstanding aggregate Principal Balance of
the Mortgage Loans in the applicable Loan Group minus the then outstanding Class
Principal Balance of the Group II or Group III Certificates, as applicable.
GROUP C-B PERCENTAGE: At any time, the aggregate Class Principal Balance of
the Group C-B Certificates divided by the then outstanding aggregate Principal
Balance of the Group II Loans and the Group III Loans.
GROUP C-B SUBORDINATE LIQUIDATION AMOUNT: The excess, if any, of the
aggregate of Liquidation Principal for all Group II Loans and Group III Loans
which became Liquidated Mortgage Loans during the Prior Period, over the sum of
the Group II Senior Liquidation Amount and the Group III Senior Liquidation
Amount for such Distribution Date.
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GROUP C-B SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT: On any Distribution
Date, the excess of (A) the sum of (i) the Group II Subordinate Percentage of
the Principal Payment Amount for Loan Group II, (ii) the Group III Subordinate
Percentage of the Principal Payment Amount for Loan Group III (exclusive of the
portion thereof attributable to principal distributions to (I) the Class III-P
Certificates pursuant to clause (I)(c)(i) of the definition of "REMIC II
Distribution Amount" or (II) the Class III-P-L Regular Interests pursuant to
clause (I)(c)(i) of the definition of "REMIC I Distribution Amount", as
applicable), (iii) the Group II Subordinate Principal Prepayments Distribution
Amount, (iv) the Group III Subordinate Principal Prepayments Distribution Amount
and (v) the Group C-B Subordinate Liquidation Amount over (B) the sum of (x) the
amounts required to be distributed to (I) the Class III-P Certificates pursuant
to clauses (I)(d)(i) and (I)(d)(ii) of the definition of "REMIC II Distribution
Amount" on such Distribution Date or (II) the Class III-P-L Regular Interests
pursuant to clauses (I)(d)(i) and (I)(d)(ii) of the definition of "REMIC I
Distribution Amount" on such Distribution Date, as applicable, (y) in the event
that the aggregate Class Principal Balance of either of the Group II-A or Group
III-A Certificates or either of the Group II-A-L or Group III-A-L Regular
Interests has been reduced to zero, principal paid from the REMIC II Available
Distribution Amount or the REMIC I Available Distribution Amount, as applicable,
of the Loan Group and Regular Interest Group related to the Class A Certificates
and Class A Regular Interests, respectively, whose Class Principal Balance has
been reduced to zero to the remaining Class A Certificates and Class A Regular
Interests as set forth in clause (X) of the last sentence of paragraph (I)(d) of
the definition of "REMIC II Distribution Amount" and "REMIC I Distribution
Amount", as applicable, and (z) the amounts in respect of principal paid from
the REMIC II Available Distribution Amount or REMIC I Available Distribution
Amount, as applicable, of an Overcollateralized Group to an Undercollateralized
Group pursuant to clause (Y) of the last sentence of paragraph (I)(d) of the
definition of "REMIC II Distribution Amount" and "REMIC I Distribution Amount",
as applicable. Any reduction in the Group C-B Subordinate Principal
Distribution Amount pursuant to clause (B) of this definition shall offset: (i)
first, the amount calculated pursuant to clause (A)(i) and clause (A)(ii) of
this definition, pro rata, (ii) second, the amount calculated pursuant to clause
(A)(v) of this definition and (iii) third, the amount calculated pursuant to
clause (A)(iii) and clause (A)(iv) of this definition, pro rata. On any
Distribution Date, the Group C-B Subordinate Principal Distribution Amount shall
be allocated pro rata, by Class Principal Balance, among the Classes of Group
C-B-L Regular Interests and the Group C-B Certificates and paid in the order of
distribution to such Classes pursuant to clause (I)(d) of the definition of
"REMIC I Distribution Amount" and clause (I)(d) of the definition of "REMIC II
Distribution Amount", as applicable, except as otherwise stated in such
definition. Notwithstanding the foregoing, on any Distribution Date prior to
distributions on such date, if the Subordination Level for any Class of Group
C-B-L Regular Interests or Group C-B Certificates, as applicable, is less than
such percentage as of the Closing Date, the pro rata portion of the Group C-B
Subordinate Principal Prepayments Distribution Amount otherwise allocable to the
Class or Classes junior to such Class will be distributed to the most senior
Class of the Group C-B-L Regular Interests and Group C-B Certificates, as
applicable, for which the Subordination Level is less than such percentage as of
the Closing Date, and to the Classes of Group C-B-L Regular Interests and Group
C-B Certificates, as applicable, 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 Group C-B-L Regular Interests shall be as follows: Class C-B-1-L,
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Class C-B-2-L, Class C-B-3-L, Class C-B-4-L, Class C-B-5-L and Class C-B-6-L,
and likewise for the Group C-B Certificates.
GROUP C-X CERTIFICATES: The Class C-X-1, Class C-X-2 and Class C-X-3
Certificates.
GROUP C-X-L REGULAR INTERESTS: The Class C-X-1-L, Class C-X-2-L and Class
C-X-3-L Regular Interests.
GROUP I CERTIFICATES: The Class I-A-1, Class I-P, Class I-X and Group I-B
Certificates.
GROUP I-B CERTIFICATES: The Class I-B-1, Class I-B-2, Class I-B-3, Class
I-B-4, Class I-B-5 and Class I-B-6 Certificates.
GROUP I-B-L REGULAR INTERESTS: The Class I-B-1-L, Class I-B-2-L, Class
I-B-3-L, Class I-B-4-L, Class I-B-5-L and Class I-B-6-L Regular Interests.
GROUP I-L REGULAR INTERESTS: The Class I-A-1-L, Class I-P-L, Class I-X-L
and Group I-B-L Regular Interests.
GROUP I BANKRUPTCY COVERAGE: With respect to Loan Group I, the Bankruptcy
Coverage Initial Amount for such Loan Group less (a) any scheduled or
permissible reduction in the amount of the Group I Bankruptcy Coverage pursuant
to this definition and (b) Bankruptcy Losses allocated to the Group I
Certificates or the Group I-L Regular Interests, as applicable. The Group I
Bankruptcy Coverage may be reduced upon written confirmation from the Rating
Agencies that such reduction will not adversely affect the then current ratings
assigned to the Certificates by the Rating Agencies.
GROUP I CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on which
the aggregate Class Principal Balance of the Group I-B 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 FRAUD COVERAGE: During the period prior to the first anniversary of
the Cut-Off Date and with respect to Loan Group I, the Fraud Coverage Initial
Amount for such Loan Group reduced by Fraud Losses allocated to the Group I
Certificates or the Group I-L Regular Interests, as applicable, and 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 Certificates or the Group I-L Regular Interests, as
applicable, since such anniversary; and during the period on and after the fifth
anniversary of the Cut-Off Date, the Group I Fraud Coverage shall be zero. On
each anniversary of the Cut-Off Date, the Group I Fraud Coverage shall be
reduced to the lesser of (i) on the first anniversary of the Cut-Off Date, 1.0%,
and on the second, third and fourth anniversaries of the Cut-Off Date, 0.50%, of
the aggregate principal balance of the Group I Loans as of the Due Date in the
preceding month and (ii) the excess of the Fraud Coverage Initial Amount for
Loan Group I over cumulative Fraud Losses allocated to the Group I Certificates
or the Group I-L Regular Interests, as applicable, to date. The Group I Fraud
Coverage may be
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reduced upon written confirmation from the Rating Agencies that such reduction
will not adversely affect the then current ratings assigned to the Group I
Certificates by the Rating Agencies.
GROUP I LOANS: The Mortgage Loans designated on the Mortgage Loan Schedule
as Group I Loans.
GROUP I PREMIUM RATE MORTGAGE LOANS: The Group I Loans having Pass-Through
Rates in excess of 6.750% per annum.
GROUP I SENIOR CERTIFICATES: The Class I-A-1, Class I-X and Class I-P
Certificates.
GROUP I-L SENIOR REGULAR INTERESTS: The Class I-A-1-L, Class I-X-L and
Class I-P-L Regular Interests.
GROUP I SENIOR 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 I Senior Percentage of the Principal Balance of such Mortgage
Loan (exclusive of the Class I-P Fraction thereof, with respect to any Class I-P
Mortgage Loan), and (ii) the Group I Senior Prepayment Percentage of the
Liquidation Principal with respect to such Mortgage Loan.
GROUP I SENIOR PERCENTAGE: With respect to any Distribution Date, the Class
I-A-1 Principal Balance divided by the aggregate Class Principal Balance of the
Group I Certificates (less the Class I-P Principal Balance), in each case
immediately prior to the Distribution Date.
GROUP I SENIOR 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 I Senior Percentage for such Distribution Date exceeds the Group I
Senior Percentage as of the Closing 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 REMIC I) for each of the immediately preceding six calendar months
is less than or equal to 50% of the aggregate Class Principal Balances
of the Group I-B Certificates as of such Distribution Date, and
(b) cumulative Realized Losses on the Group I Loans allocated to the Group
I-B 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 I-B 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
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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 I-B 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 I-B
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 I-B 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 I-B 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 I Senior Percentage for such Distribution Date plus 70% of the Group I
Subordinate Percentage 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 I Senior Percentage for such Distribution Date plus
60% of the Group I Subordinate Percentage 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 I Senior Percentage for such
Distribution Date plus 40% of the Group I Subordinate Percentage 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 I
Senior Percentage for such Distribution Date plus 20% of the Group I Subordinate
Percentage for such Distribution Date; and (5) for any such Distribution Date
thereafter, the Group I Senior Percentage for such Distribution Date.
If on any Distribution Date the allocation to the Group I Senior
Certificates (other than the Class I-P Certificates) of Principal Prepayments in
the percentage required would reduce the sum of the Class Principal Balances of
such Certificates below zero, the Group I Senior 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 I-P-L Regular Interests and the Class I-P Certificates will receive
the Class I-P Fraction of all principal payments, including, without limitation,
Principal Prepayments, received in respect of each Class I-P Mortgage Loan.
GROUP I SENIOR PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the sum of (a) the Group I Senior Percentage of the Principal
Payment Amount for Loan Group I (exclusive of the portion thereof attributable
to principal distributions to (i) the Class I-P Certificates pursuant to clauses
(I)(a)(i) and (II)(a)(i) of the definition of "REMIC II Distribution Amount" or
(ii) the Class I-P-L Regular Interests pursuant to clauses (I)(a)(i) and
(II)(a)(i) of the definition of "REMIC I Distribution Amount", as applicable),
(b) the Group I Senior Prepayment Percentage of the Principal Prepayment Amount
for Loan Group I (exclusive of the portion thereof attributable to principal
distributions to (i) the Class I-P Certificates pursuant to clauses (I)(a)(i)
and (II)(a)(i) of the definition of "REMIC II Distribution Amount" or (ii) the
Class I-P-L
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Regular Interests pursuant to clauses (I)(a)(i) and (II)(a)(i) of the definition
of "REMIC I Distribution Amount", as applicable) and (c) the Group I Senior
Liquidation Amount.
GROUP I SPECIAL HAZARD COVERAGE: With respect to Loan Group I, the Special
Hazard Coverage Initial Amount for such Loan Group less Special Hazard Losses
allocated to the Group I Certificates or the Group I-L Regular Interests, as
applicable, and the amount of any scheduled reduction in the amount of Group I
Special Hazard Coverage as follows: on each anniversary of the Cut-Off Date, the
Group I 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 in Loan Group I located in the single California
zip code area containing the largest aggregate principal balance of such
Mortgage Loans, (b) 1% of the aggregate unpaid principal balance of the Mortgage
Loans in Loan Group I and (c) twice the unpaid principal balance of the largest
single Mortgage Loan in Loan Group I, 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 Group I
Certificates or the Group I-L Regular Interests, as applicable, since the
Cut-Off Date. The Group I Special Hazard Coverage may be reduced upon written
confirmation from the Rating Agencies that such reduction will not adversely
affect the then current ratings assigned to the Certificates by the Rating
Agencies.
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 I Senior
Liquidation Amount for such Distribution Date.
GROUP I SUBORDINATE PERCENTAGE: With respect to any Distribution Date, the
excess of 100% over the Group I Senior Percentage for such date.
GROUP I SUBORDINATE PREPAYMENT PERCENTAGE: On any Distribution Date for
Loan Group I, the excess of 100% over the Group I Senior Prepayment Percentage
for such Distribution Date; provided, however, that if the Class I-A-1 Principal
Balance 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 excess of (A) the sum of (i) the Group I Subordinate Percentage of the
Principal Payment Amount for Loan Group I (exclusive of the portion thereof
attributable to principal distributions to (I) the Class I-P Certificates
pursuant to clause (I)(a)(i) of the definition of "REMIC II Distribution Amount"
or (II) the Class I-P-L Regular Interests pursuant to clause (I)(a)(i) of the
definition of "REMIC I Distribution Amount", as applicable), (ii) the Group I
Subordinate Principal Prepayments Distribution Amount and (iii) the Group I
Subordinate Liquidation Amount over (B) the amounts required to be distributed
to (I) the Class I-P Certificates pursuant to clauses (I)(a)(v) and (I)(a)(vi)
of the definition of "REMIC II Distribution Amount" on such Distribution Date or
(II) the Class I-P-L Regular Interests pursuant to clauses (I)(a)(v) and
(I)(a)(vi) of the definition of "REMIC I Distribution Amount" on such
Distribution Date, as applicable. Any reduction in the Group I Subordinate
Principal Distribution Amount pursuant to clause (B) of this definition shall
offset: (i) first, the amount calculated pursuant to clause (A)(i) of this
definition, (ii) second, the amount calculated pursuant to clause (A)(iii) of
this definition and (iii) third, the
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amount calculated pursuant to clause (A)(ii) of this definition. 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
I-B-L Regular Interests and Group I-B Certificates, as applicable, and paid in
the order of distribution to such Classes pursuant to clause (I)(a) of the
definition of "REMIC I Distribution Amount" and clause (I)(a) of the definition
of "REMIC II Distribution Amount", as applicable, except as otherwise stated in
such definition. Notwithstanding the foregoing, on any Distribution Date prior
to distributions on such date, if the Subordination Level for any Class of Group
I-B Certificates and Group I-B-L Regular Interests is less than such percentage
as of the Closing Date, the pro rata portion of the Group I Subordinate
Principal Prepayments Distribution Amount otherwise allocable to the Class or
Classes junior to such Class will be distributed to the most senior Class of the
Group I-B Certificates and Group I-B-L Regular Interests, as applicable, for
which the Subordination Level is less than such percentage as of the Closing
Date, and to the Classes of Group I-B Certificates and Group I-B-L Regular
Interests 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
Group I-B-L Regular Interests shall be as follows: Class I-B-1-L, Class I-B-2-L,
Class I-B-3-L, Class I-B-4-L, Class I-B-5-L and Class I-B-6-L, and likewise for
the Group I-B Certificates.
GROUP I SUBORDINATE PRINCIPAL PREPAYMENTS DISTRIBUTION AMOUNT: On any
Distribution Date, 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 (i) the Class I-P Certificates
pursuant to clause (I)(a)(i) of the definition of "REMIC II Distribution Amount"
or (ii) the Class I-P-L Regular Interests pursuant to clause (I)(a)(i) of the
definition of "REMIC I Distribution Amount", as applicable).
GROUP II CERTIFICATES: The Group II-A Certificates.
GROUP II-A CERTIFICATES: The Class II-A-1, Class II-A-2, Class II-A-3,
Class II-A-4 and Class II-A-5 Certificates.
GROUP II-A-L REGULAR INTERESTS: The Class II-A-1-L, Class II-A-2-L, Class
II-A-3-L and Class II-A-4-L Regular Interests.
GROUP II-L REGULAR INTERESTS: The Group II-A-L and Class R-2-L Regular
Interests.
GROUP II LOANS: The Mortgage Loans designated on the Mortgage Loan
Schedule as Group II Loans.
GROUP II SENIOR 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 II Senior Percentage of the Principal Balance of such Mortgage
Loan, and (ii) the Group II Senior Prepayment Percentage of the Liquidation
Principal with respect to such Mortgage Loan.
GROUP II SENIOR PERCENTAGE: With respect to any Distribution Date, the
lesser of (i) 100% and (ii) the aggregate Class Principal Balance of the Group
II-A and Residual Certificates divided
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by the aggregate Principal Balances of the Group II Loans, in each case
immediately prior to the Distribution Date.
GROUP II SENIOR PREPAYMENT PERCENTAGE OR GROUP III SENIOR PREPAYMENT
PERCENTAGE: (i) On any Distribution Date occurring before the Distribution Date
in the month of the fifth anniversary of the first Distribution Date, both the
Group II Senior Prepayment Percentage and the Group III Senior Prepayment
Percentage shall equal 100%; (ii) on any other Distribution Date on which either
the Group II Senior Percentage for such Distribution Date exceeds the Group II
Senior Percentage as of the Closing Date or the Group III Senior Percentage for
such Distribution Date exceeds the Group III Senior Percentage as of the Closing
Date, both the Group II Senior Prepayment Percentage and the Group III Senior
Prepayment Percentage shall equal 100%; and (iii) on any other Distribution Date
in each of the months of the fifth anniversary of the first Distribution Date
and thereafter, both the Group II Senior Prepayment Percentage and the Group III
Senior Prepayment Percentage shall equal 100%, unless the following tests
specified in clauses (a) through (d) are met with respect to both of Loan Group
II and Loan Group III:
(a) the mean aggregate Principal Balance of the Group II Loans which are
60 or more days delinquent (including loans in foreclosure and
property held by REMIC I) for each of the immediately preceding six
calendar months is less than or equal to 50% of the related Group C-B
Loan Group Component Balance as of such Distribution Date,
(b) the mean aggregate Principal Balance of the Group III Loans which are
60 or more days delinquent (including loans in foreclosure and
property held by REMIC I) for each of the immediately preceding six
calendar months is less than or equal to 50% of the related Group C-B
Loan Group Component Balance as of such Distribution Date,
(c) cumulative Realized Losses on the Group II Loans allocated to the
Group C-B Certificates is 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 related Group C-B
Loan Group Component Balance as of the Closing 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
related Group C-B Loan Group Component Balance as of the Closing 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 related Group C-B Loan Group Component Balance as of the Closing
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 related Group C-B Loan Group Component Balance as of
the Closing 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 related Group C-B Loan Group Component Balance as of
the Closing Date, and
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(d) cumulative Realized Losses on the Group III Loans allocated to the
Group C-B Certificates is 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 related Group C-B
Loan Group Component Balance as of the Closing 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
related Group C-B Loan Group Component Balance as of the Closing 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 related Group C-B Loan Group Component Balance as of the Closing
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 related Group C-B Loan Group Component Balance as of
the Closing 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 related Group C-B Loan Group Component Balance as of
the Closing 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 II Senior Percentage or the Group III Senior Percentage, as applicable,
for such Distribution Date plus 70% of the Subordinate Percentage for the
related Loan Group 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 II Senior Percentage or Group III Senior
Percentage, as applicable, for such Distribution Date plus 60% of the
Subordinate Percentage for the related Loan Group 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 II Senior
Percentage or Group III Senior Percentage, as applicable, for such Distribution
Date plus 40% of the Subordinate Percentage for the related Loan Group 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 II
Senior Percentage or Group III Senior Percentage, as applicable, for such
Distribution Date plus 20% of the Subordinate Percentage for the related Loan
Group for such Distribution Date; and (5) for any such Distribution Date
thereafter, the Group II Senior Percentage or Group III Senior Percentage, as
applicable, for such Distribution Date.
If on any Distribution Date the allocation to the Group II Certificates or
the Group III Certificates (other than the Class III-P Certificates) of
Principal Prepayments in the percentage required would reduce the sum of the
Class Principal Balances of such Certificates below zero, the Group II Senior
Prepayment Percentage or the Group III Senior Prepayment Percentage, as
applicable, 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 III-P Certificates and Class III-P-L Regular
Interests will receive the Class III-P Fraction of all
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principal payments, including, without limitation, Principal Prepayments,
received in respect of each Class III-P Mortgage Loan.
GROUP II SENIOR PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date,
an amount equal to the sum of (a) the Group II Senior Percentage of the
Principal Payment Amount for Loan Group II, (b) the Group II Senior Prepayment
Percentage of the Principal Prepayment Amount for Loan Group II and (c) the
Group II Senior Liquidation Amount.
GROUP II SUBORDINATE PERCENTAGE: With respect to any Distribution Date, the
excess of 100% over the Group II Senior Percentage for such date.
GROUP II SUBORDINATE PREPAYMENT PERCENTAGE: On any Distribution Date for
Loan Group II, the excess of 100% over the Group II Senior Prepayment Percentage
for such Distribution Date; provided, however, that if the aggregate Class
Principal Balance of the Group II-A and Residual Certificates has been reduced
to zero, then the Group II Subordinate Prepayment Percentage shall equal 100%.
GROUP II SUBORDINATE PRINCIPAL PREPAYMENTS DISTRIBUTION AMOUNT: On any
Distribution Date, the Group II Subordinate Prepayment Percentage of the
Principal Prepayment Amount for Loan Group II.
GROUP III CERTIFICATES: The Group III-A and Class III-P Certificates.
GROUP III-A CERTIFICATES: The Class III-A-1, Class III-A-2, Class III-A-3,
Class III-A-4, Class III-A-5, Class III-A-6, Class III-A-7 and Class III-A-8
Certificates.
GROUP III-A-L REGULAR INTERESTS: The Class III-A-1-L, Class III-A-3-L,
Class III-A-4-L, Class III-A-5-L, Class III-A-6-L, Class III-A-7-L and Class
III-A-8-L Regular Interests.
GROUP III-L REGULAR INTERESTS: The Group III-A-L and Class III-P-L Regular
Interests.
GROUP III LOANS: The Mortgage Loans designated on the Mortgage Loan
Schedule as Group III Loans.
GROUP III SENIOR LIQUIDATION AMOUNT: The aggregate, for each Group III Loan
which became a Liquidated Mortgage Loan during the Prior Period, of the lesser
of: (i) the Group III Senior Percentage of the Principal Balance of such
Mortgage Loan (exclusive of the Class III-P Fraction thereof, with respect to
any Class III-P Mortgage Loan), and (ii) the Group III Senior Prepayment
Percentage of the Liquidation Principal with respect to such Mortgage Loan.
GROUP III SENIOR PERCENTAGE: With respect to any Distribution Date, the
lesser of (i) 100% and (ii) the aggregate Class Principal Balance of the Group
III-A Certificates divided by the aggregate Principal Balance of the Group III
Loans (less the Class III-P Principal Balance), in each case immediately prior
to the Distribution Date.
GROUP III SENIOR PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date,
an amount equal to the sum of (a) the Group III Senior Percentage of the
Principal Payment Amount for
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Loan Group III (exclusive of the portion thereof attributable to principal
distributions to (i) the Class III-P Certificates pursuant to clauses (I)(c)(i)
and (II)(c)(i) of the definition of "REMIC II Distribution Amount" or (ii) the
Class III-P-L Regular Interests pursuant to clauses (I)(c)(i) and (II)(c)(i) of
the definition of "REMIC I Distribution Amount", as applicable), (b) the Group
III Senior Prepayment Percentage of the Principal Prepayment Amount for Loan
Group III (exclusive of the portion thereof attributable to principal
distributions to (i) the Class III-P Certificates pursuant to clauses (I)(c)(i)
and (II)(c)(i) of the definition of "REMIC II Distribution Amount" or (ii) the
Class III-P-L Regular Interests pursuant to clauses (I)(c)(i) and (II)(c)(i) of
the definition of "REMIC I Distribution Amount", as applicable) and (c) the
Group III Senior Liquidation Amount.
GROUP III SUBORDINATE PERCENTAGE: With respect to any Distribution Date,
the excess of 100% over the Group III Senior Percentage for such date.
GROUP III SUBORDINATE PREPAYMENT PERCENTAGE: On any Distribution Date for
Loan Group III, the excess of 100% over the Group III Senior Prepayment
Percentage for such Distribution Date; provided, however, that if the aggregate
Class Principal Balance of the Group III-A Certificates has been reduced to
zero, then the Group III Subordinate Prepayment Percentage shall equal 100%.
GROUP III SUBORDINATE PRINCIPAL PREPAYMENTS DISTRIBUTION AMOUNT: On any
Distribution Date, the Group III Subordinate Prepayment Percentage of the
Principal Prepayment Amount for Loan Group III (exclusive of the portion thereof
attributable to principal distributions to (i) the Class III-P Certificates
pursuant to clause (I)(c)(i) of the definition of "REMIC II Distribution Amount"
or (ii) the Class III-P-L Regular Interests pursuant to clause (I)(c)(i) of the
definition of "REMIC I Distribution Amount", as applicable).
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.
INSURED CERTIFICATES: The Class II-A-3, Class III-A-6 and Class III-A-7
Certificates.
INSURED PAYMENT: With respect to the Insured Certificates, (i) as of any
Distribution Date, any Deficiency Amount, and (ii) any Preference Amount.
INSURANCE AGREEMENT: The Insurance Agreement, dated as of March 1, 1998,
among the Certificate Insurer, the Trustee and the Company.
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
the REMIC I Regular Interests or the Certificates, the amount of interest
accrued on the respective Class
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Principal Balance or Class Notional Amount, as applicable, at the related
Remittance Rate for such Class during the Prior Period, in each case 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 pursuant to the definitions of "Uncompensated Interest Shortfall" and
"Realized Loss", respectively; provided, however, that in the case of the Class
III-A-5 Certificates and the Class III-A-5-L Regular Interests on or before the
Class III-A-5 Accretion Termination Date, such amount shall be reduced by the
Class III-A-5 Accrual Amount. The Interest Distribution Amount for the Class
III-A-4 and Class P Certificates and for the Class III-A-4-L and Class P-L
Regular Interests 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 Agencies.
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.
JUNIOR SUBORDINATE CERTIFICATE : The Class I-B-4, Class I-B-5, Class I-B-6,
Class C-B-4, Class C-B-5 and Class C-B-6 Certificates.
LAST SCHEDULED DISTRIBUTION DATE: With respect to each Class of the REMIC
I Regular Interests and the Certificates, the date set forth in the table
contained in the Preliminary Statement hereto.
LATE PAYMENT RATE: The rate of interest publicly announced by Citibank,
N.A. at its principal office in New York, New York as its prime rate (any change
in such prime rate of interest to be effective on the date such change is
announced by Citibank, N.A.) plus two (2) percentage points. The Late Payment
Rate shall be computed on the basis of a year of 365 days calculating the actual
number of days elapsed. In no event shall the Late Payment Rate exceed the
maximum rate permissible under law applicable to the Insurance Agreement
limiting interest rates.
LENDER: An institution from which the Company purchased any Mortgage Loans
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 REMIC I Trust Fund shall not
constitute final liquidation of the related Mortgage Loan.
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LIQUIDATION PRINCIPAL: The principal portion of Liquidation Proceeds
received (exclusive of the portion thereof attributable to distributions to (i)
the Class P Certificates pursuant to clauses (I)(a)(i), (I)(c)(i), (II)(a)(i)
and (II)(c)(i) of the definition of "REMIC II Distribution Amount" or (ii) the
Class P-L Regular Interests pursuant to clauses (I)(a)(i), (I)(c)(i), (II)(a)(i)
and (II)(c)(i) of the definition of "REMIC I Distribution Amount", as
applicable) 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, Loan Group II or Loan Group III, as applicable.
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 GROUP III: The group of Mortgage Loans comprised of the Group III
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.
MASTER SERVICER: The Company, or any successor thereto 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, the Investment Account or the Custodial Account for P&I.
MONTHLY P&I ADVANCE: An advance of funds by the Master Servicer pursuant to
Section 4.02 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.
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.
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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 "U.S. Bank National
Association, as Custodian/Trustee, without recourse" or "U.S. 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
1998-3, without recourse" 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; 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 "U.S. Bank
National Association, as Custodian/Trustee", or to "U.S. Bank National
Association, as Trustee for the Holders of PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1998-3" 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 "U.S. Bank National
Association, as Custodian/Trustee" or to "U.S. Bank National Association,
as Trustee for the Holders of PNC Mortgage Securities Corp. Mortgage
Pass-Through Certificates, Series 1998-3" 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
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(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:
(i) the original Mortgage Note endorsed to "U.S. Bank National
Association, as Custodian/Trustee", or to "U.S. Bank National Association,
as Trustee for the Holders of PNC Mortgage Securities Corp. Mortgage
Pass-Through Certificates, Series 1998-3" 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
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(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.
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) the address of the Mortgaged Property,
(iii) the name of the Mortgagor,
(iv) the Original Value of the property subject to the Mortgage,
(v) the Principal Balance as of the Cut-Off Date,
(vi) the Mortgage Interest Rate borne by the Mortgage Note,
(vii) whether a Primary Insurance Policy is in effect as of the
Cut-Off Date,
(viii) the maturity of the Mortgage Note,
(ix) the Servicing Fee and the Master Servicing Fee, and
(x) its Loan Group.
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 REMIC I 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.
MORTGAGOR: The obligor on a Mortgage Note.
NONRECOVERABLE ADVANCE: With respect to any Mortgage Loan, any advance
which the Master Servicer shall determine to be a Nonrecoverable Advance
pursuant to Section 4.03 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.
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NON-U.S. PERSON: A Person that is not a U.S. Person.
NOTICE: The telephonic or telegraphic notice, promptly confirmed in
writing by telecopy substantially in the form of Exhibit A attached to the
Certificate Insurance Policies, the original of which is subsequently delivered
by registered or certified mail, from the Trustee specifying the Insured Payment
which shall be due and owing on the applicable Distribution Date.
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 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.
OWNER: Each Holder of an Insured Certificate who, on the applicable
Distribution Date, is entitled under the terms of the Insured Certificates to
payment thereunder.
OWNERSHIP INTEREST: 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.
PASS-THROUGH ENTITY: 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.
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.
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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).
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 April 14, 1998, 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 Certificate (other than the Residual,
Class X, Class II-A-5 and Class III-A-2 Certificates), its Certificate
Principal Balance divided by the applicable Class Principal Balance;
(ii) with respect to the Class X, Class II-A-5 and Class III-A-2
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 Residual 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 REMIC II, which for purposes of such rights only shall equal:
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(i) with respect to any Certificate (other than the Class X, Class
II-A-5, Class III-A-2 and Class R-2 Certificates), the product of (x)
ninety-four percent (94%) and (y) the percentage calculated by dividing its
Certificate Principal Balance by the Aggregate Certificate Principal
Balance of the Certificates; provided, however, that the percentage in (x)
above shall be increased by one percent (1%) upon each retirement of the
Certificates referenced in the parenthetical above;
(ii) with respect to any of the Class X, Class II-A-5 and Class
III-A-2 Certificates, one percent (1%) of such Certificate's Percentage
Interest as calculated by paragraph (b)(i) of this definition; and
(iii) with respect to the Class R-2 Certificates, zero.
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 "electing large partnership" as defined in
Section 775(a) of the Code, (vi) 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 (vii) 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
REMIC I or REMIC II, as applicable, 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 as
Appendix A to the Prospectus, for the applicable Distribution Date, for the
Class III-A-1 Certificates, which amount shall also constitute the "Planned
Principal Balance" for the Class III-A-1-L Regular Interests.
PREFERENCE AMOUNT: Any amount previously distributed to an Insured
Certificateholder on the Insured Certificates that is recoverable and sought to
be recovered as a voidable preference by a trustee in bankruptcy pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended
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from time to time in accordance with a final nonappealable order of a court
having competent jurisdiction.
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 as used in Sections 2.02 and 9.01 and for
purposes of the definition of Purchase Price, 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 application of all scheduled principal
payments due on or before the Cut-Off Date, whether or not received, reduced by
all amounts distributed or (except when such determination occurs earlier in the
month than the Distribution Date) 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 definition of Purchase Price and as used in Sections
2.02 and 9.01, 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 scheduled principal payments due on or before the Cut-Off
Date, whether or not received, 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.
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.
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
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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 such Mortgage Loans and (ii)
Payoffs received during the Payoff Period from such Mortgage Loans.
PRIOR PERIOD: The calendar month immediately preceding any Distribution
Date.
PRO RATA ALLOCATION: (i) With respect to losses on Group I Loans, the
allocation of the principal portion of Realized Losses to the outstanding Group
I-L Regular Interests (other than the Class I-P-L Regular Interests), pro rata
according to their respective Class Principal Balances, in reduction of their
respective Class Principal Balances (except if the loss is recognized with
respect to a Class I-P Mortgage Loan, in which case the Class I-P Fraction of
such loss will first be allocated to the Class I-P-L Regular Interests, and the
remainder of such loss will be allocated as set forth above), and the allocation
of the interest portion of Realized Losses to the outstanding Group I-L Regular
Interests, pro rata according to the amount of interest accrued but unpaid on
each such Class of Group I-L Regular Interests in reduction thereof, and then
pro rata according to the respective Class Principal Balances of each such Class
of Group I-L Regular Interests in reduction of their respective Class Principal
Balances (other than the Class I-P-L Regular Interests) and (ii) with respect to
losses on Group II Loans or Group III Loans, the allocation of the principal
portion of Realized Losses relating to a Group II Loan or Group III Loan to all
Classes of the Group II-L, Group III-L and Group C-B-L Regular Interests, other
than the Class III-P-L Regular Interests, pro rata according to their respective
Class Principal Balances (except if the loss is recognized with respect to a
Class III-P Mortgage Loan, in which case the Class III-P Fraction of such loss
will first be allocated to the Class III-P-L Regular Interests, and the
remainder of such loss will be allocated as set forth above), and the allocation
of the interest portion of Realized Losses to all Classes of the Group II-L,
Group III-L, Group C-X-L and Group C-B-L Regular Interests pro rata according to
the amount of interest accrued but unpaid on each such Class, other than the
Class III-A-4-L and Class III-P-L Regular Interests, in reduction thereof and
then in reduction of their related Class Principal Balances (other than the
Class III-A-4-L and Class III-P-L Regular Interests). Any losses allocated
among all Classes of REMIC I Regular Interests pursuant to this definition of
"Pro Rata Allocation" shall also be allocated to the Corresponding Class of
Certificates in the same manner and amounts as they reduce such attributes of
the Corresponding Class of REMIC I Regular Interests; provided, however, that
(i) the interest portion of such losses allocated to the Class II-A-1-L Regular
Interests and applied to reduce the Interest Distribution Amount thereof shall
be allocated to the Class II-A-1 and Class II-A-5 Certificates in reduction of
the distribution to such Certificates pursuant to the deemed distributions set
forth in clause (III)(b)(ii) of the definition of "REMIC I
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Distribution Amount", pro rata according to the allocation set forth in such
definition and (ii) the interest portion of such losses allocated to the Class
III-A-1-L Regular Interests and applied to reduce the Interest Distribution
Amount thereof shall be allocated to the Class III-A-1 and Class III-A-2
Certificates in reduction of the distribution to such Certificates pursuant to
the deemed distributions set forth in clause (III)(c)(ii) of the definition of
"REMIC I Distribution Amount", pro rata according to the allocation set forth in
such definition.
PROSPECTUS: The Prospectus, dated November 24, 1997, and the Prospectus
Supplement, dated March 25, 1998, of the Company.
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 Agencies.
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 Agencies.
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
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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.
Realized Losses, Special Hazard Losses, Fraud Losses and Bankruptcy Losses
allocated to any Class of REMIC I Regular Interests shall also be allocated to
the Corresponding Class of Certificates and applied to reduce the Class
Principal Balance for such Class of Certificates in the same manner and amounts
as they reduce such attributes of the Corresponding Class of REMIC I Regular
Interests; provided, however, that the allocation of the interest portion of
such losses is subject to the proviso contained in the definition of "Pro Rata
Allocation" herein.
Except for Special Hazard Losses in excess of Group I Special Hazard
Coverage, 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-L Regular Interests (i) for
Realized Losses allocable to principal (a) first, to the Class I-B-6-L Regular
Interests, until the Class I-B-6-L Principal Balance has been reduced to zero,
(b) second, to the Class I-B-5-L Regular Interests, until the Class I-B-5-L
Principal Balance has been reduced to zero, (c) third, to the Class I-B-4-L
Regular Interests, until the Class I-B-4-L Principal Balance has been reduced to
zero, (d) fourth, to the Class I-B-3-L Regular Interests, until the Class
I-B-3-L Principal Balance has been reduced to zero, (e) fifth, to the Class
I-B-2-L Regular Interests, until the Class I-B-2-L Principal Balance has been
reduced to zero, (f) sixth, to the Class I-B-1-L Regular Interests, until the
Class I-B-1-L Principal Balance has been reduced to zero, and (g) seventh, to
the Class I-A-1-L Regular Interests in reduction of the Class I-A-1-L Principal
Balance; provided, however, that if the loss is recognized with respect to a
Class I-P Mortgage Loan, the Class I-P Fraction of such loss will first be
allocated to the Class I-P-L Regular Interests 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 I-B-6-L Regular Interests,
in reduction of accrued but unpaid interest thereon and then in reduction of the
Class I-B-6-L Principal Balance, (b) second, to the Class I-B-5-L Regular
Interests, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class I-B-5-L Principal Balance, (c) third, to the Class
I-B-4-L Regular Interests, in reduction of accrued but unpaid interest thereon
and then in reduction of the Class I-B-4-L Principal Balance, (d) fourth, to the
Class I-B-3-L Regular Interests, in reduction of accrued but unpaid interest
thereon and then in reduction of the Class I-B-3-L Principal Balance, (e) fifth,
to the Class I-B-2-L Regular Interests, in reduction of accrued but unpaid
interest thereon and then in reduction of the Class I-B-2-L Principal Balance,
(f) sixth, to the Class I-B-1-L Regular Interests, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class I-B-1-L Principal
Balance, and (g) seventh, to the Class I-A-1-L and Class I-X-L Regular Interests
pro rata according to accrued but unpaid interest on such Classes of REMIC I
Regular Interests and then in reduction of the Class Principal Balance of the
Class I-A-1-L Regular Interests.
Except for Special Hazard Losses in excess of the Combined Special Hazard
Coverage, Fraud Losses in excess of the Combined Fraud Coverage and Bankruptcy
Losses in excess of the Combined Bankruptcy Coverage, Realized Losses with
respect to the Group II Loans and Group III Loans shall be allocated among the
Group II-L, Group III-L, Group C-X-L and Group C-B-L Regular Interests (i) for
Realized Losses allocable to principal (a) first, to the Class C-B-6-L
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Regular Interests, until the Class C-B-6-L Principal Balance has been reduced
to zero, (b) second, to the Class C-B-5-L Regular Interests, until the Class
C-B-5-L Principal Balance has been reduced to zero, (c) third, to the Class
C-B-4-L Regular Interests, until the Class C-B-4-L Principal Balance has been
reduced to zero, (d) fourth, to the Class C-B-3-L Regular Interests, until
the Class C-B-3-L Principal Balance has been reduced to zero, (e) fifth, to
the Class C-B-2-L Regular Interests, until the Class C-B-2-L Principal
Balance has been reduced to zero, (f) sixth, to the Class C-B-1-L Regular
Interests, until the Class C-B-1-L Principal Balance has been reduced to zero
and (g) seventh, to (I) the Group II-A-L Regular Interests and the Class R-1
Certificates or (II) the Group III-A-L Regular Interests, as applicable, pro
rata, according to their respective Class Principal Balances in reduction
thereof; provided, however, that if the loss is recognized with respect to a
Class III-P Mortgage Loan, the Class III-P Fraction of such loss will first
be allocated to the Class III-P-L Regular Interests, 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 C-B-6-L
Regular Interests, in reduction of accrued but unpaid interest thereon and
then in reduction of the Class C-B-6-L Principal Balance, (b) second, to the
Class C-B-5-L Regular Interests, in reduction of accrued but unpaid interest
thereon and then in reduction of the Class C-B-5-L Principal Balance, (c)
third, to the Class C-B-4-L Regular Interests, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class C-B-4-L Principal
Balance, (d) fourth, to the Class C-B-3-L Regular Interests, in reduction of
accrued but unpaid interest thereon and then in reduction of the Class
C-B-3-L Principal Balance, (e) fifth, to the Class C-B-2-L Regular Interests,
in reduction of accrued but unpaid interest thereon and then in reduction of
the Class C-B-2-L Principal Balance, (f) sixth, to the Class C-B-1-L Regular
Interests, in reduction of accrued but unpaid interest thereon and then in
reduction of the Class C-B-1-L Principal Balance, and (g) seventh, to (I) the
Class R-1 Certificates, the Group II-A-L Regular Interests and the portion of
the Group C-X-L Regular Interests derived from the Class C-X-1 Group II
Notional Amount, the Class C-X-2 Group II Notional Amount and the Class C-X-3
Group II Notional Amount or (II) the Group III-A-L Regular Interests (other
than the Class III-A-4-L Regular Interests) and the portion of the Group
C-X-L Regular Interests derived from the Class C-X-1 Group III Notional
Amount, the Class C-X-2 Group III Notional Amount and the Class C-X-3 Group
III Notional Amount, as applicable, pro rata according to accrued but unpaid
interest on such Classes of Regular Interests and then in reduction of the
Class Principal Balances of the Group II-A-L or Group III-A-L Regular
Interests (other than the Class III-A-4-L Regular Interests), as applicable.
In the case of clause (i)(g) and (ii)(g) of this paragraph, losses on Group
II Loans will only be allocated to the Group II-L Regular Interests and
losses on Group III Loans will only be allocated to the Group III-L Regular
Interests. In the case of clause (ii)(g) and with respect to the Group C-X-L
Regular Interests, Realized Losses on Group II Loans will only be allocated
according to the portion of the accrued but unpaid interest on the Group
C-X-L Regular Interests attributable to the Class C-X-1 Group II Notional
Amount, the Class C-X-2 Group II Notional Amount and the Class C-X-3 Group II
Notional Amount and Realized Losses on Group III Loans will only be allocated
according to the portion of the accrued but unpaid interest on the Group
C-X-L Regular Interests attributable to the Class C-X-1 Group III Notional
Amount, the Class C-X-2 Group III Notional Amount and the Class C-X-3 Group
III Notional Amount.
Special Hazard Losses on Group I Loans in excess of the Group I Special
Hazard Coverage, Fraud Losses on Group I Loans in excess of the Group I Fraud
Coverage, and
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Bankruptcy Losses on Group I Loans in excess of the Group I Bankruptcy Coverage
shall be allocated among the Group I-L Regular Interests by Pro Rata Allocation.
Special Hazard Losses on Group II Loans and Group III Loans in excess of
the Combined Special Hazard Coverage, Fraud Losses on Group II Loans and Group
III Loans in excess of the Combined Fraud Coverage, and Bankruptcy Losses on
Group II Loans and Group III Loans in excess of the Combined Bankruptcy Coverage
shall be allocated among the Group II-L, Group III-L, Group C-X-L and Group
C-B-L Regular Interests 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 Class Principal Balance of all
outstanding Group I-L Regular Interests exceeds 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 REMIC I Available Distribution Amount
for Loan Group I, and all losses in respect of each such Mortgage Loan that have
been allocated to the REMIC I Regular Interests, on such Distribution Date or
prior Distribution Dates, then such excess will be deemed a principal loss and
will be allocated to the most junior Class of Group I-B-L Regular Interests, 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 Class Principal Balance of all
outstanding Group II-L, Group III-L and Group C-B-L Regular Interests exceeds
the aggregate principal balance of the Group II Loans and Group III 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 REMIC I Available Distribution Amount for Loan
Group II and Loan Group III, and all losses in respect of each such Mortgage
Loan that have been allocated to the REMIC I Regular Interests, on such
Distribution Date or prior Distribution Dates, then such excess will be deemed a
principal loss and will be allocated to the most junior Class of Group C-B-L
Regular Interests, in reduction of the Class Principal Balance thereof.
RECORD DATE: The last Business Day of the month immediately preceding the
month of the related Distribution Date.
REGULAR INTEREST GROUP: Any of the Group I-L, Group II-L, Group III-L,
Group C-X-L and Group C-B-L Regular Interests.
REGULAR INTERESTS: (i) With respect to REMIC I, the REMIC I Regular
Interests, and (ii) with respect to the REMIC II, the Certificates (other than
the Residual Certificates).
RELIEF ACT: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
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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.
REMIC I: The segregated pool of assets consisting of the REMIC I Trust Fund
conveyed in trust to the Trustee for the benefit of the Holders of the REMIC I
Regular Interests and the Class R-1 Certificateholders pursuant to Section 2.01,
with respect to which a separate REMIC election is to be made.
REMIC I AVAILABLE DISTRIBUTION AMOUNT: With respect to each Loan Group on
any Distribution Date, the sum of the following amounts 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 Mortgage Loans in such
Loan Group which have been liquidated 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 after the Payoff Period immediately
preceding such Distribution Date (together with any interest payment
received with such Payoffs to the extent that it represents the
payment of interest accrued on the Mortgage Loans for the period
subsequent to the Prior Period), and interest which was accrued and
received on Payoffs received during the period from the 1st to the
14th day of the month of such Determination Date, which interest shall
not be included in the calculation of the REMIC I Available
Distribution Amount for any Distribution Date;
(d) Insurance Proceeds and Liquidation Proceeds received on
such Mortgage Loans 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 such Mortgage Loan; and
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(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:
(a) any Monthly P&I Advance made by the Master Servicer to the
Trustee with respect to such Distribution Date relating to such
Mortgage Loans; and
(b) Compensating Interest; and
(3) the total amount, to the extent not previously distributed, of
all cash received by the Distribution Date by the Trustee or the Master
Servicer, in respect of a Purchase Obligation under Section 2.02 and
Section 2.03 or any permitted repurchase of a Mortgage Loan.
REMIC I DISTRIBUTION AMOUNT: (I) For any Distribution Date prior to the
Group I Credit Support Depletion Date or the Combined Credit Support Depletion
Date, as applicable, the REMIC I Available Distribution Amount for each Loan
Group shall be distributed to the REMIC I Regular Interests in the following
amounts and priority:
(a) With respect to the Group I-L Regular Interests and the Class R-1
Certificates, on any Distribution Date prior to the Group I Credit Support
Depletion Date, to the extent of the REMIC I Available Distribution Amount for
Loan Group I remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Class I-P-L Regular Interests, the aggregate for
all Class I-P Mortgage Loans of the product for each Class I-P Mortgage
Loan of the applicable Class I-P Fraction and the sum of (x) scheduled
payments of principal on such Class I-P 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 I-P 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 paid 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 I-P Mortgage Loan during the Payoff Period;
(ii) second, to the Class I-A-1-L and Class I-X-L Regular
Interests, concurrently, the sum of the Interest Distribution Amounts for
such Classes of Regular Interests remaining unpaid from previous
Distribution Dates, pro rata according to their respective shares of such
unpaid amounts;
(iii) third, to the Class I-A-1-L and Class I-X-L Regular Interests,
concurrently, the sum of the Interest Distribution Amounts for such Classes
of Regular Interests for the
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current Distribution Date, pro rata according to their respective Interest
Distribution Amounts;
(iv) fourth, to the Class I-A-1-L Regular Interests, as principal,
the Group I Senior Principal Distribution Amount;
(v) fifth, to the Class I-P-L Regular Interests, to the extent of
amounts otherwise available to pay the Group I Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, the amount payable to the Class I-P-L
Regular Interests on previous Distribution Dates pursuant to clause
(I)(a)(vi) of this definition of "REMIC I Distribution Amount" and
remaining unpaid from such previous Distribution Dates;
(vi) sixth, to the Class I-P-L Regular Interests, to the extent of
amounts otherwise available to pay the Group I Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, an amount equal to the Class I-P
Fraction of any Realized Loss on a Class I-P Mortgage Loan, other than a
Special Hazard Loss, Fraud Loss or Bankruptcy Loss in excess of the Group I
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 "REMIC I Distribution Amount" shall not cause a further
reduction in the Class I-P-L Principal Balance;
(vii) seventh, to the Class I-B-1-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests remaining unpaid
from previous Distribution Dates;
(viii) eighth, to the Class I-B-1-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests for the current
Distribution Date;
(ix) ninth, to the Class I-B-1-L Regular Interests, the portion of
the Group I Subordinate Principal Distribution Amount allocable to such
Class of Regular Interests pursuant to the definition of "Group I
Subordinate Principal Distribution Amount", until the Class I-B-1-L
Principal Balance has been reduced to zero;
(x) tenth, to the Class I-B-2-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests remaining unpaid
from previous Distribution Dates;
(xi) eleventh, to the Class I-B-2-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests for the current
Distribution Date;
(xii) twelfth, to the Class I-B-2-L Regular Interests, the portion
of the Group I Subordinate Principal Distribution Amount allocable to such
Class of Regular Interests
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pursuant to the definition of "Group I Subordinate Principal Distribution
Amount", until the Class I-B-2-L Principal Balance has been reduced to
zero;
(xiii) thirteenth, to the Class I-B-3-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests remaining
unpaid from previous Distribution Dates;
(xiv) fourteenth, to the Class I-B-3-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
(xv) fifteenth, to the Class I-B-3-L Regular Interests, the
portion of the Group I Subordinate Principal Distribution Amount allocable
to such Class of Regular Interests pursuant to the definition of "Group I
Subordinate Principal Distribution Amount", until the Class I-B-3-L
Principal Balance has been reduced to zero;
(xvi) sixteenth, to the Class I-B-4-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests remaining
unpaid from previous Distribution Dates;
(xvii) seventeenth, to the Class I-B-4-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
(xviii) eighteenth, to the Class I-B-4-L Regular Interests, the
portion of the Group I Subordinate Principal Distribution Amount allocable
to such Class of Regular Interests pursuant to the definition of "Group I
Subordinate Principal Distribution Amount", until the Class I-B-4-L
Principal Balance has been reduced to zero;
(xix) nineteenth, to the Class I-B-5-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests remaining
unpaid from previous Distribution Dates;
(xx) twentieth, to the Class I-B-5-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
(xxi) twenty-first, to the Class I-B-5-L Regular Interests, the
portion of the Group I Subordinate Principal Distribution Amount allocable
to such Class of Regular Interests pursuant to the definition of "Group I
Subordinate Principal Distribution Amount", until the Class I-B-5-L
Principal Balance has been reduced to zero;
(xxii) twenty-second, to the Class I-B-6-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests remaining
unpaid from previous Distribution Dates;
(xxiii) twenty-third, to the Class I-B-6-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
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<PAGE>
(xxiv) twenty-fourth, to the Class I-B-6-L Regular Interests, the
portion of the Group I Subordinate Principal Distribution Amount allocable
to such Class of Regular Interests pursuant to the definition of "Group I
Subordinate Principal Distribution Amount", until the Class I-B-6-L
Principal Balance has been reduced to zero;
(xxv) twenty-fifth, to each Class of Group I-B-L Regular Interests
in the order of seniority, the remaining portion, if any, of the REMIC I
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 pursuant to this paragraph
(I)(a)(xxv) of this definition of "REMIC I Distribution Amount" shall not
cause a further reduction in the Class Principal Balances of the Group
I-B-L Regular Interests; and
(xxvi) twenty-sixth, to the Class R-1 Certificates, the Residual
Distribution Amount for Loan Group I for such Distribution Date;
(b) With respect to the Group II-L and Group C-X-L Regular Interests and
the Class R-1 Certificates, on any Distribution Date prior to the Combined
Credit Support Depletion Date, to the extent of the REMIC I Available
Distribution Amount for Loan Group II remaining following prior distributions,
if any, on such Distribution Date:
(i) first, to the Group II-A-L, Class R-2-L and Group C-X-L
Regular Interests and the Class R-1 Certificates, the sum of the Interest
Distribution Amounts for such Classes of Regular Interests and Certificates
remaining unpaid from previous Distribution Dates, pro rata according to
their respective shares of such unpaid amounts;
(ii) second, to the Group II-A-L, Class R-2-L and Class C-X-L
Regular Interests and the Class R-1 Certificates, concurrently, the sum of
the Interest Distribution Amounts for such Classes of Regular Interests and
Certificates for the current Distribution Date, pro rata according to their
respective Interest Distribution Amounts; provided, however, that for
purposes of the Interest Distribution Amount payable to the Group C-X-L
Regular Interests pursuant to paragraph (I)(b)(i) or this paragraph
(I)(b)(ii) of this definition of "REMIC I Distribution Amount", only the
portion thereof derived from the Class C-X-1 Group II Notional Amount, the
Class C-X-2 Group II Notional Amount and the Class C-X-3 Group II Notional
Amount shall be payable pursuant to paragraph (I)(b)(i) or this paragraph
(I)(b)(ii) of this definition of "REMIC I Distribution Amount"; and
(iii) third, to the Group II-A-L and Class R-2-L Regular Interests
and the Class R-1 Certificates, as principal, the Group II Senior Principal
Distribution Amount, as follows;
(a) first, to the Class II-A-4-L Regular Interest, an
amount, up to the amount of the Class II-A-4 Lockout Principal
Distribution Amount for such Distribution Date, until the Class
II-A-4-L Principal Balance has been reduced to zero;
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(b) second, to the Class R-2-L Regular Interests and the
Class R-1 Certificates, the portion of the Group II Senior Principal
Distribution Amount remaining after the distribution set forth in
paragraph (I)(b)(iii)(a) of this definition of "REMIC I Distribution
Amount", pro rata, until the Class R-2-L Principal Balance and the
Class R-1 Principal Balance has been reduced to zero;
(c) third, to the Class II-A-1-L Regular Interests, the
portion of the Group II Senior Principal Distribution Amount remaining
after the distributions set forth in paragraphs (I)(b)(iii)(a) and (b)
of this definition of "REMIC I Distribution Amount", until the Class
II-A-1-L Principal Balance has been reduced to zero;
(d) fourth, to the Class II-A-2-L Regular Interests, the
portion of the Group II Senior Principal Distribution Amount remaining
after the distributions set forth in paragraphs (I)(b)(iii)(a)-(c) of
this definition of "REMIC I Distribution Amount", until the Class
II-A-2-L Principal Balance has been reduced to zero;
(e) fifth, to the Class II-A-3-L Regular Interests, the
portion of the Group II Senior Principal Distribution Amount remaining
after the distributions set forth in paragraphs (I)(b)(iii)(a)-(d) of
this definition of "REMIC I Distribution Amount", until the Class
II-A-3-L Principal Balance has been reduced to zero; and
(f) sixth, to the Class II-A-4-L Regular Interests, the
portion of the Group II Senior Principal Distribution Amount remaining
after the distributions set forth in paragraphs (I)(b)(iii)(a)-(e) of
this definition of "REMIC I Distribution Amount", until the Class
II-A-4-L Principal Balance has been reduced to zero;
(c) With respect to the Group III-L and Group C-X-L Regular Interests, on
any Distribution Date prior to the Combined Credit Support Depletion Date, to
the extent of the REMIC I Available Distribution Amount for Loan Group III
remaining following prior distributions, if any, on such Distribution Date:
(i) first, to the Class III-P-L Regular Interests, the aggregate
for all Class III-P Mortgage Loans of the product for each Class III-P
Mortgage Loan of the applicable Class III-P Fraction and the sum of (x)
scheduled payments of principal on such Class III-P 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 III-P 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 paid 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 III-P Mortgage Loan during the Payoff Period;
(ii) second, to the Group III-A-L and Group C-X-L Regular
Interests, the sum of the Interest Distribution Amounts for such Classes of
Certificates remaining unpaid
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<PAGE>
from previous Distribution Dates, pro rata according to their respective
shares of such unpaid amounts; provided, however, that on or before the
Class III-A-5 Accretion Termination Date, the amount that would otherwise
be payable to the Class III-A-5-L Regular Interests pursuant to this clause
(I)(c)(ii) will be paid instead as principal as set forth in clause
(I)(c)(iii)(b) of this definition of "REMIC I Distribution Amount";
(iii) third,
(a) to the Group III-A-L and Group C-X-L Regular Interests,
concurrently, the sum of the Interest Distribution Amounts for such
Classes of Regular Interests for the current Distribution Date, pro
rata according to their respective Interest Distribution Amounts;
provided, however, that on or before the Class III-A-5 Accretion
Termination Date, the amount that would otherwise be payable to the
Class III-A-5-L Regular Interests pursuant to this clause
(I)(c)(iii)(a) will be paid instead as principal as set forth in
clause (I)(c)(iii)(b) of this definition of "REMIC I Distribution
Amount"; provided, further that for purposes of the Interest
Distribution Amount payable to the Group C-X-L Regular Interests
pursuant to paragraph (I)(c)(ii) or this paragraph (I)(c)(iii)(a) of
this definition of "REMIC I Distribution Amount", only the portion
thereof derived from the Class C-X-1 Group III Notional Amount, the
Class C-X-2 Group III Notional Amount and the Class C-X-3 Group III
Notional Amount shall be payable pursuant to paragraph (I)(c)(ii) or
this paragraph (I)(c)(iii)(a) of this definition of "REMIC I
Distribution Amount";
(b) on or before the Class III-A-5 Accretion Termination
Date, the Class III-A-5 Accrual Amount, as principal, as follows:
(1) first, to the Class III-A-3-L and Class III-A-4-L
Regular Interests, pro rata, to the extent necessary to
reduce the Class III-A-3-L Principal Balance and the Class
III-A-4-L Principal Balance to their respective Targeted
Principal Balances for such Distribution Date; and
(2) second, to the Class III-A-5-L Regular Interests,
until the Class III-A-5-L Principal Balance has been reduced
to zero;
(iv) fourth, to the Group III-A-L Regular Interests, as principal,
the Group III Senior Principal Distribution Amount, as follows;
(a) first, to the Class III-A-8-L Regular Interest, an
amount, up to the amount of the Class III-A-8 Lockout Principal
Distribution Amount for such Distribution Date, until the Class
III-A-8-L Principal Balance has been reduced to zero;
(b) second, the portion of the Group III Senior Principal
Distribution Amount remaining after the distribution set forth in
paragraph (I)(c)(iv)(a) of this definition of "REMIC I Distribution
Amount", until the aggregate Class Principal
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Balance of the Class III-A-1-L, Class III-A-3-L, Class III-A-4-L and
Class III-A-5-L Regular Interests has been reduced to $17,000,000,
sequentially, as follows:
(1) first, to the Class III-A-1-L Regular Interests, to the
extent necessary to reduce the Class III-A-1-L Principal Balance
to its Planned Principal Balance for such Distribution Date;
(2) second, to the Class III-A-3-L and Class III-A-4-L
Regular Interests, pro rata, after giving effect to the
distribution of the Class III-A-5 Accrual Amount as set forth in
paragraph (I)(c)(iii)(b) of this definition of "REMIC I
Distribution Amount", to the extent necessary to reduce the
Class III-A-3-L Principal Balance and the Class III-A-4-L
Principal Balance to their respective Targeted Principal
Balances for such Distribution Date;
(3) third, to the Class III-A-5-L Regular Interests, after
giving effect to the distribution of the Class III-A-5 Accrual
Amount as set forth in paragraph (I)(c)(iii)(b) of this
definition of "REMIC I Distribution Amount", until the Class
III-A-5-L Principal Balance has been reduced to zero;
(4) fourth, to the Class III-A-3-L and Class III-A-4-L
Regular Interests, pro rata, until the aggregate Class Principal
Balance of the Class III-A-3-L and Class III-A-4-L Regular
Interests has been reduced to zero; and
(5) fifth, to the Class III-A-1-L Regular Interests, until
the Class III-A-1-L Principal Balance has been reduced to zero;
(c) third, the portion of the Group III Senior Principal
Distribution Amount remaining after the distributions set forth in
paragraphs (I)(c)(iv)(a) and (b) of this definition of "REMIC I
Distribution Amount", until the Class III-A-6-L Principal Balance has
been reduced to zero, concurrently, as follows:
(1) 19.0476190476% to the Class III-A-6-L Regular
Interests; and
(2) 80.9523809524% sequentially, as follows:
(A) first, to the Class III-A-1-L Regular Interests,
to the extent necessary to reduce the Class III-A-1-L
Principal Balance to its Planned Principal Balance for such
Distribution Date;
(B) second, to the Class III-A-3-L and Class III-A-4-L
Regular Interests, pro rata, after giving effect to the
distribution of
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the Class III-A-5 Accrual Amount as set forth in paragraph
(I)(c)(iii)(b) of this definition of "REMIC I Distribution
Amount", to the extent necessary to reduce the Class
III-A-3-L Principal Balance and the Class III-A-4-L
Principal Balance to their respective Targeted Principal
Balances for such Distribution Date;
(C) third, to the Class III-A-5-L Regular Interests,
after giving effect to the distribution of the Class
III-A-5 Accrual Amount as set forth in paragraph
(I)(c)(iii)(b) of this definition of "REMIC I Distribution
Amount", until the Class III-A-5-L Principal Balance has
been reduced to zero;
(D) fourth, to the Class III-A-3-L and Class III-A-4-L
Regular Interests, pro rata, until the aggregate Class
Principal Balance of the Class III-A-3-L and Class
III-A-4-L Regular Interests has been reduced to zero; and
(E) fifth, to the Class III-A-1-L Regular Interests,
until the Class III-A-1-L Principal Balance has been
reduced to zero;
(d) fourth, to the Class III-A-7-L Regular Interests, the
portion of the Group III Senior Principal Distribution Amount
remaining after the distributions set forth in paragraphs
(I)(c)(iv)(a)-(c) of this definition of "REMIC I Distribution Amount",
until the Class III-A-7-L Principal Balance has been reduced to zero;
and
(e) fifth, to the Class III-A-8-L Regular Interests, the
portion of the Group III Senior Principal Distribution Amount
remaining after the distributions set forth in paragraphs
(I)(c)(iv)(a)-(d) of this definition of "REMIC I Distribution Amount",
until the Class III-A-8-L Principal Balance has been reduced to zero;
and
(d) With respect to the Class III-P-L and Group C-B-L Regular Interests
and the Class R-1 Certificates, on any Distribution Date prior to the Combined
Credit Support Depletion Date and subject to the payment of the amounts pursuant
to paragraph (I)(b) and paragraph (I)(c) of this definition of "REMIC I
Distribution Amount", and to the extent of the REMIC I Available Distribution
Amount for Loan Group II and Loan Group III remaining following prior
distributions, if any, on such Distribution Date:
(i) first, to the Class III-P-L Regular Interests, to the extent of
amounts otherwise available to pay the Group C-B Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, the amount payable to the Class III-P-L
Regular Interests on previous Distribution Dates pursuant to clause
(I)(d)(ii) of this definition of "REMIC I Distribution Amount" and
remaining unpaid from such previous Distribution Dates;
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(ii) second, to the Class III-P-L Regular Interests, to the extent
of amounts otherwise available to pay the Group C-B Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, an amount equal to the Class III-P
Fraction of any Realized Loss on a Class III-P Mortgage Loan, other than a
Special Hazard Loss, Fraud Loss or Bankruptcy Loss in excess of the
Combined Special Hazard Coverage, the Combined Fraud Coverage or the
Combined Bankruptcy Coverage, as applicable, provided that any amounts
distributed in respect of losses pursuant to paragraph (I)(d)(i) or this
paragraph (I)(d)(ii) of this definition of "REMIC I Distribution Amount"
shall not cause a further reduction in the Class III-P-L Principal Balance;
(iii) third, to the Class C-B-1-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests remaining unpaid
from previous Distribution Dates;
(iv) fourth, to the Class C-B-1-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests for the current
Distribution Date;
(v) fifth, to the Class C-B-1-L Regular Interests, the portion of
the Group C-B Subordinate Principal Distribution Amount allocable to such
Class of Regular Interests pursuant to the definition of "Group C-B
Subordinate Principal Distribution Amount", until the Class C-B-1-L
Principal Balance has been reduced to zero;
(vi) sixth, to the Class C-B-2-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests remaining unpaid
from previous Distribution Dates;
(vii) seventh, to the Class C-B-2-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests for the current
Distribution Date;
(viii) eighth, to the Class C-B-2-L Regular Interests, the portion
of the Group C-B Subordinate Principal Distribution Amount allocable to
such Class of Regular Interests pursuant to the definition of "Group C-B
Subordinate Principal Distribution Amount", until the Class C-B-2-L
Principal Balance has been reduced to zero;
(ix) ninth, to the Class C-B-3-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests remaining unpaid
from previous Distribution Dates;
(x) tenth, to the Class C-B-3-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests for the current
Distribution Date;
(xi) eleventh, to the Class C-B-3-L Regular Interests, the portion
of the Group C-B Subordinate Principal Distribution Amount allocable to
such Class of Regular Interests pursuant to the definition of "Group C-B
Subordinate Principal Distribution Amount", until the Class C-B-3-L
Principal Balance has been reduced to zero;
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(xii) twelfth, to the Class C-B-4-L Regular Interests, the Interest
Distribution Amount for such Class of Regular Interests remaining unpaid
from previous Distribution Dates;
(xiii) thirteenth, to the Class C-B-4-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
(xiv) fourteenth, to the Class C-B-4-L Regular Interests, the
portion of the Group C-B Subordinate Principal Distribution Amount
allocable to such Class of Regular Interests pursuant to the definition of
"Group C-B Subordinate Principal Distribution Amount", until the Class
C-B-4-L Principal Balance has been reduced to zero;
(xv) fifteenth, to the Class C-B-5-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests remaining
unpaid from previous Distribution Dates;
(xvi) sixteenth, to the Class C-B-5-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
(xvii) seventeenth, to the Class C-B-5-L Regular Interests, the
portion of the Group C-B Subordinate Principal Distribution Amount
allocable to such Class of Regular Interests pursuant to the definition of
"Group C-B Subordinate Principal Distribution Amount", until the Class
C-B-5-L Principal Balance has been reduced to zero;
(xviii) eighteenth, to the Class C-B-6-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests remaining
unpaid from previous Distribution Dates;
(xix) nineteenth, to the Class C-B-6-L Regular Interests, the
Interest Distribution Amount for such Class of Regular Interests for the
current Distribution Date;
(xx) twentieth, to the Class C-B-6-L Regular Interests, the
portion of the Group C-B Subordinate Principal Distribution Amount
allocable to such Class of Regular Interests pursuant to the definition of
"Group C-B Subordinate Principal Distribution Amount", until the Class
C-B-6-L Principal Balance has been reduced to zero;
(xxi) twenty-first, to the Certificate Insurer, pro rata, the sum
of the Class II-A-3 Reimbursement Amount, the Class III-A-6 Reimbursement
Amount and the Class III-A-7 Reimbursement Amount;
(xxii) twenty-second, to each Class of Group C-B-L Regular Interests
in the order of seniority, the remaining portion, if any, of the REMIC I
Available Distribution Amount for Loan Group II and Loan Group III, up to
the amount of unreimbursed Realized Losses previously allocated to such
Class, if any, provided that any amounts distributed pursuant to this
paragraph (I)(d)(xxii) of this definition of "REMIC I Distribution Amount"
shall not cause a further reduction in the Class Principal Balances of the
Group C-B-L Regular Interests; and
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(xxiii) twenty-third, to the Class R-1 Certificates, the Residual
Distribution Amount for Loan Group II and Loan Group III for such
Distribution Date;
Notwithstanding the foregoing, (X) on any Distribution Date occurring on or
after the date on which the aggregate Class Principal Balance of the Group
II-A-L Regular Interests or the Group III-A-L Regular Interests has been reduced
to zero, the remaining Class A Regular Interests of the other Regular Interest
Group will be entitled to receive as principal, in addition to any principal
payments otherwise described above, all amounts in respect of principal on the
Mortgage Loans in the Loan Group relating to the Class A-L Regular Interests
that have been paid in full (after distributions of principal to the Class
III-P-L Regular Interests pursuant to paragraph (I)(c)(i) above, if applicable),
which amounts will be paid in accordance with paragraphs (I)(b)(iii) or
(I)(c)(iv) above, as applicable, to the extent of and in reduction of the Class
Principal Balances thereof, prior to any distributions of principal to the Group
C-B Regular Interests in paragraph (I)(d) above, provided, however, that
principal will not be distributed as set forth above if on such Distribution
Date (a) the Group C-B Percentage for such Distribution Date is greater than or
equal to 200% of the Group C-B Percentage as of the Closing Date and (b) the
average outstanding principal balance of the Mortgage Loans in either of Loan
Group II or Loan Group III delinquent 60 days or more over the last six months
(including Mortgage Loans in foreclosure and Mortgage Loans the property of
which is held by REMIC I and acquired by foreclosure or deed in lieu of
foreclosure), as a percentage of the related Group C-B Loan Group Component
Balance, is less than 50%, and (Y) if on any Distribution Date the aggregate
Class Principal Balance of the Group II-A-L Regular Interests or the Group
III-A-L Regular Interests is greater than the aggregate Principal Balance of the
Mortgage Loans in the related Loan Group less, with respect to Loan Group III,
the Class III-P Fraction of each Class III-P Mortgage Loan (the
?Undercollateralized Group?), then (i) the portion of the REMIC I Available
Distribution Amount in respect of principal on the Mortgage Loans in the other
Loan Group (the ?Overcollateralized Group?) (after distributions of principal to
the Class A-L Regular Interests of the Overcollateralized Group and, if the
Overcollateralized Group is Loan Group III, the Class III-P-L Regular Interests)
will be distributed to the Class A-L Regular Interests of the
Undercollateralized Group pursuant to paragraph (I)(b)(iii) or (I)(c)(iv) of
this definition of "REMIC I Distribution Amount", as applicable, until the
aggregate Class Principal Balance of the Class A-L Regular Interests of the
Undercollateralized Group equals the aggregate Principal Balance of the Mortgage
Loans in the related Loan Group less, with respect to Loan Group III, the Class
III-P Fraction of each Class III-P Mortgage Loan and (ii) a portion of the REMIC
I Available Distribution Amount of the Overcollateralized Group remaining after
distributions to the Class III-P-L, Class X-L and Class A-L Regular Interests of
the Overcollateralized Group pursuant to paragraphs (I)(b)(i) through (I)(b)(ii)
or (I)(c)(i) through (I)(c)(iii), as applicable, equal to one month's interest
on the amount by which the Undercollateralized Group is undercollateralized at
6.750% per annum plus any shortfall of interest on the Class A-L Regular
Interests of the Undercollateralized Group remaining unpaid pursuant to
paragraphs (I)(b)(i) or (I)(c)(ii) above, as applicable, after distributions on
such Distribution Date, including accrued and unpaid interest on such shortfall
at 6.750% per annum, will (1) be added to the REMIC I Available Distribution
Amount of the Undercollateralized Group and distributed in accordance with the
priorities as described in paragraphs (I)(b) or (I)(c) above, as applicable (any
amount covering interest shortfalls and interest accrued thereon will be
distributed to the applicable Class
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or Classes of Regular Interests on such Distribution Date in the priority
described in paragraphs (I)(b)(i) or (I)(c)(ii) above, as applicable, pro rata
according to their respective shares of such amount) and (2) be subtracted from
the REMIC I Available Distribution Amount of the Overcollateralized Group.
(II) For any Distribution Date on or after the Group I Credit Support
Depletion Date or the Combined Credit Support Depletion Date, as applicable, the
REMIC I Available Distribution Amount for each Loan Group shall be distributed
to the outstanding Classes of REMIC I Regular Interests and the Class R-1
Certificates in the following amounts and priority:
(a) With respect to the Group I-L Regular Interests and Class R-1
Certificates, on each Distribution Date on or after the Group I Credit Support
Depletion Date, to the extent of the REMIC I Available Distribution Amount for
Loan Group I remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Class I-P-L Regular Interests, 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 "REMIC
I Distribution Amount";
(ii) second, to the Class I-A-1-L and Class I-X-L Regular
Interests, the amount payable to each such Class of Regular Interests on
prior Distribution Dates pursuant to clause (I)(a)(ii) or (II)(a)(iii) of
this definition of "REMIC I Distribution Amount", and remaining unpaid, pro
rata according to such amount payable to the extent of amounts available;
(iii) third, to the Class I-A-1-L and Class I-X-L Regular
Interests, the sum of the Interest Distribution Amounts for such Classes of
Regular Interests for the current Distribution Date, pro rata according to
their respective Interest Distribution Amounts;
(iv) fourth, to the Class I-A-1-L Regular Interests, the Group I
Senior Principal Distribution Amount until the Class I-A-1-L Principal
Balance has been reduced to zero; and
(v) fifth, to the Class R-1 Certificates, the Residual
Distribution Amount for Loan Group I for such Distribution Date;
(b) With respect to the Group II-L and Group C-X-L Regular Interests and
the Class R-1 Certificates, on each Distribution Date on or after the Combined
Credit Support Depletion Date, to the extent of the REMIC I Available
Distribution Amount for Loan Group II remaining following prior distributions,
if any, on such Distribution Date:
(i) first, to the Group II-A-L, Class R-2-L and Group C-X-L
Regular Interests and the Class R-1 Certificates, the amount payable to
each such Class of Regular Interests and Certificates on prior Distribution
Dates pursuant to clause (I)(b)(i) or (II)(b)(ii) of this definition of
"REMIC I Distribution Amount", and remaining unpaid, pro rata according to
such amount;
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(ii) second, to the Group II-A-L, Class R-2-L and Group C-X-L
Regular Interests and the Class R-1 Certificates, the sum of the Interest
Distribution Amounts for such Classes of Regular Interests and Certificates
for the current Distribution Date, pro rata according to their respective
Interest Distribution Amounts; provided, however, that for purposes of the
Interest Distribution Amount payable to the Group C-X-L Regular Interests
pursuant to this paragraph (II)(b)(ii) of this definition of "REMIC I
Distribution Amount", only the portion thereof derived from the Class C-X-1
Group II Notional Amount, the Class C-X-2 Group II Notional Amount and the
Class C-X-3 Group II Notional Amount shall be payable pursuant to this
paragraph (II)(b)(ii) of this definition of "REMIC I Distribution Amount";
(iii) third, to the Group II-A-L and Class R-2-L Regular Interests
and the Class R-1 Certificates, the Group II Senior Principal Distribution
Amount, pro rata according to their respective Class Principal Balances;
(iv) fourth, to the Certificate Insurer, the Class II-A-3
Reimbursement Amount; and
(v) fifth, to the Class R-1 Certificates, the Residual
Distribution Amount for Loan Group II for such Distribution Date;
(c) With respect to the Group III-L and Group C-X-L Regular Interests and
Class R-1 Certificates, on each Distribution Date on or after the Combined
Credit Support Depletion Date, to the extent of the REMIC I Available
Distribution Amount for Loan Group III remaining following prior distributions,
if any, on such Distribution Date:
(i) first, to the Class III-P-L Regular Interests, principal in
the amount that would otherwise be distributed to such Class on such
Distribution Date pursuant to clause (I)(c)(i) of this definition of "REMIC
I Distribution Amount";
(ii) second, to the Group III-A-L and Group C-X-L Regular
Interests, the amount payable to each such Class of Regular Interests on
prior Distribution Dates pursuant to clause (I)(c)(ii) or (II)(c)(iii) of
this definition of "REMIC I Distribution Amount", and remaining unpaid, pro
rata according to such amount payable to the extent of amounts available;
(iii) third, to the Group III-A-L and Group C-X-L Regular
Interests, the Interest Distribution Amount for such Class of Regular
Interests for the current Distribution Date, pro rata according to their
respective Interest Distribution Amounts; provided, however, that for
purposes of the Interest Distribution Amount payable to the Group C-X-L
Regular Interests pursuant to this paragraph (II)(c)(iii) of this
definition of "REMIC I Distribution Amount", only the portion thereof
derived from the Class C-X-1 Group III Notional Amount, the Class C-X-2
Group III Notional Amount and the Class C-X-3 Group III Notional Amount
shall be payable pursuant to this paragraph (II)(c)(iii) of this definition
of "REMIC I Distribution Amount";
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(iv) fourth, to the Group III-A-L Regular Interests, the Group III
Senior Principal Distribution Amount, pro rata according to their
respective Class Principal Balances;
(v) fifth, to the Certificate Insurer, the Class III-A-6
Reimbursement Amount and the Class III-A-7 Reimbursement Amount; and
(vi) sixth, to the Class R-1 Certificates, the Residual
Distribution Amount for Loan Group III for such Distribution Date.
(III) The amounts distributed to the REMIC I Regular Interests pursuant
to this definition of "REMIC I Distribution Amount" on each Distribution Date
shall be deemed distributed to the Certificates (other than the Class R-1
Certificates) of the Corresponding Class in the following manner:
(a) With respect to the Group I and Class R-2 Certificates, to the extent
of the REMIC II Available Distribution Amount for the Group I Certificates:
(i) to each Class of Group I Certificates, the amounts
distributed to its Corresponding Class on such Distribution Date; and
(ii) to the Class R-2 Certificates, the applicable Residual
Distribution Amount, if any.
(b) With respect to the Group II, Group C-X and Class R-2
Certificates, to the extent of the REMIC II Available Distribution Amount for
the Group II Certificates:
(i) to each Class of Group II Certificates other than the Class
II-A-1 and Class II-A-5 Certificates, the amounts distributed to its
Corresponding Class on such Distribution Date;
(ii) (A) to the Class II-A-1 Certificates, the amounts distributed
as principal to its Corresponding Class on such Distribution Date and (B)
to the Class II-A-1 and Class II-A-5 Certificates, the amounts distributed
as interest to the Class II-A-1-L Regular Interests on such Distribution
Date concurrently as follows: (I) to the Class II-A-1 Certificates, an
amount equal to the product of 1/12 of the Class II-A-1 Remittance Rate and
the Class II-A-1 Principal Balance (before allocating Realized Losses and
giving effect to distributions of principal and interest, in each case, on
such Distribution Date); and (II) to the Class II-A-5 Certificates, an
amount equal to the product of 1/12 of the Class II-A-5 Remittance Rate and
the Class II-A-5 Notional Amount before such Distribution Date;
(iii) to each Class of Group C-X Certificates, the amounts
distributed to the Group C-X-L Regular Interests on such Distribution Date
pursuant to paragraphs (I)(b) and (II)(b) of this definition of "REMIC I
Distribution Amount"; and
(iv) to the Class R-2 Certificates, the amounts distributed to its
Corresponding Class on such Distribution Date.
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(c) With respect to the Group III and Group C-X Certificates, to the
extent of the REMIC II Available Distribution Amount for the Group III
Certificates:
(i) to each Class of Group III Certificates other than the Class
III-A-1 and Class III-A-2 Certificates, the amounts distributed to its
Corresponding Class on such Distribution Date; and
(ii) (A) to the Class III-A-1 Certificates, the amounts
distributed as principal to its Corresponding Class on such Distribution
Date and (B) to the Class III-A-1 and Class III-A-2 Certificates, the
amounts distributed as interest to the Class III-A-1-L Regular Interests on
such Distribution Date concurrently as follows: (I) to the Class III-A-1
Certificates, an amount equal to the product of 1/12 of the Class III-A-1
Remittance Rate and the Class III-A-1 Principal Balance (before allocating
Realized Losses and giving effect to distributions of principal and
interest, in each case, on such Distribution Date); and (II) to the Class
III-A-2 Certificates, an amount equal to the product of 1/12 of the Class
III-A-2 Remittance Rate and the Class III-A-2 Notional Amount before such
Distribution Date; and
(iii) to each Class of Group C-X Certificates, the amounts
distributed to the Group C-X-L Regular Interests on such Distribution Date
pursuant to paragraphs (I)(c) and (II)(c) of this definition of "REMIC I
Distribution Amount".
(d) With respect to the Group C-B and Class R-2 Certificates, to the
extent of the REMIC II Available Distribution Amount for the Group C-B
Certificates:
(i) to each Class of Group C-B Certificates, the amounts
distributed to its Corresponding Class on such Distribution Date; and
(iv) to the Class R-2 Certificates, the applicable Residual
Distribution Amount, if any.
In each case where a distribution is deemed to be made concurrently to two
or more Classes of Certificates pursuant to this clause (III) of this definition
of "REMIC I Distribution Amount", if the portion of the REMIC II Available
Distribution Amount from which such deemed distribution is required to be made
is insufficient to make such distribution in full to such Classes of
Certificates, such distribution shall be allocated between such Classes of
Certificates pro rata according to the respective amounts to which they are
otherwise entitled from such distribution.
REMIC I REGULAR INTEREST: The Group I-L, Group II-L, Group III-L, Group
C-X-L and Group C-B-L Regular Interests.
REMIC I TRUST FUND: The corpus of the trust created pursuant to Section
2.01 of this Agreement. The REMIC I 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) 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 or Custodial Account for
Reserves related to the
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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; (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; and (vi) with respect
to the Insured Certificates only, the Certificate Insurance Policies.
REMIC II: The segregated pool of assets consisting of the REMIC I Regular
Interests conveyed in trust to the Trustee for the benefit of the
Certificateholders (other than the Class R-1 Certificateholders) pursuant to
Section 2.05, with respect to which a separate REMIC election is to be made.
REMIC II AVAILABLE DISTRIBUTION AMOUNT: With respect to the Group I
Certificates, on any Distribution Date, the aggregate of all distributions with
respect to the Group I-L Regular Interests. With respect to the Group II
Certificates, on any Distribution Date, the aggregate of all distributions with
respect to the Group II-L Regular Interests and the portion of the distributions
with respect to the Group C-X-L Regular Interests paid pursuant to paragraph
(I)(b) or (II)(b) of the definition of "REMIC I Distribution Amount". With
respect to the Group III Certificates, on any Distribution Date, the aggregate
of all distributions with respect to the Group III-L Regular Interests and the
portion of the distributions with respect to the Group C-X-L Regular Interests
paid pursuant to paragraph (I)(c) or (II)(c) of the definition of "REMIC I
Distribution Amount". With respect to the Group C-B Certificates, on any
Distribution Date, the aggregate of all distributions with respect to the Group
C-B-L Regular Interests.
REMIC II DISTRIBUTION AMOUNT: (I) For any Distribution Date prior to the
Group I Credit Support Depletion Date or the Combined Credit Support Depletion
Date, as applicable, the REMIC II Available Distribution Amount for each
Certificate Group shall be distributed to the Certificates (other than the Class
R-1 Certificates) of such Certificate Group in the following amounts and
priority:
(a) With respect to the Group I Certificates, on any Distribution Date
prior to the Group I Credit Support Depletion Date, to the extent of the REMIC
II Available Distribution Amount for the Group I Certificates remaining
following prior distributions, if any, on such Distribution Date:
(i) first, to the Class I-P Certificates, the aggregate for all
Class I-P Mortgage Loans of the product for each Class I-P Mortgage Loan of
the applicable Class I-P Fraction and the sum of (x) scheduled payments of
principal on such Class I-P 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 I-P 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 paid pursuant to a Purchase Obligation or any repurchase
of a Mortgage Loan permitted hereunder and (4)
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Liquidation Proceeds and (z) the principal portion of Payoffs received in
respect of such Class I-P Mortgage Loan during the Payoff Period;
(ii) second, to the Class I-A-1 and Class I-X Certificates, 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;
(iii) third, to the Class I-A-1 and Class I-X Certificates, 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 Class I-A-1 Certificates, as principal, the
Group I Senior Principal Distribution Amount;
(v) fifth, to the Class I-P Certificates, to the extent of
amounts otherwise available to pay the Group I Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, the amount payable to the Class I-P
Certificates on previous Distribution Dates pursuant to clause (I)(a)(vi)
of this definition of "REMIC II Distribution Amount" and remaining unpaid
from such previous Distribution Dates;
(vi) sixth, to the Class I-P Certificates, to the extent of
amounts otherwise available to pay the Group I Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, an amount equal to the Class I-P
Fraction of any Realized Loss on a Class I-P Mortgage Loan, other than a
Special Hazard Loss, Fraud Loss or Bankruptcy Loss in excess of the
Group I Special Hazard Coverage, Group I Fraud Coverage or Group I
Bankruptcy Coverage, as applicable, provided, however, that any amounts
distributed in respect of losses pursuant to paragraph (I)(a)(v) or this
paragraph (I)(a)(vi) of this definition of "REMIC II Distribution
Amount" shall not cause a further reduction in the Class I-P Principal
Balance;
(vii) seventh, to the Class I-B-1 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(viii) eighth, to the Class I-B-1 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(ix) ninth, to the Class I-B-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", until the Class I-B-1 Principal Balance has
been reduced to zero;
(x) tenth, to the Class I-B-2 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
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(xi) eleventh, to the Class I-B-2 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xii) twelfth, to the Class I-B-2 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", until the Class I-B-2 Principal Balance has
been reduced to zero;
(xiii) thirteenth, to the Class I-B-3 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xiv) fourteenth, to the Class I-B-3 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xv) fifteenth, to the Class I-B-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", until the Class I-B-3 Principal Balance has
been reduced to zero;
(xvi) sixteenth, to the Class I-B-4 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xvii) seventeenth, to the Class I-B-4 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xviii) eighteenth, to the Class I-B-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", until the Class I-B-4 Principal Balance has
been reduced to zero;
(xix) nineteenth, to the Class I-B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xx) twentieth, to the Class I-B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xxi) twenty-first, to the Class I-B-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", until the Class I-B-5 Principal Balance has
been reduced to zero;
(xxii) twenty-second, to the Class I-B-6 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xxiii) twenty-third, to the Class I-B-6 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
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(xxiv) twenty-fourth, to the Class I-B-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", until the Class I-B-6 Principal Balance has
been reduced to zero;
(xxv) twenty-fifth, to each Class of Group I-B Certificates in the
order of seniority, the remaining portion, if any, of the REMIC II
Available Distribution Amount for the Group I Certificates, up to the
amount of unreimbursed Realized Losses previously allocated to such Class,
if any, provided that any amounts distributed pursuant to this paragraph
(I)(a)(xxv) of this definition of "REMIC II Distribution Amount" shall not
cause a further reduction in the Class Principal Balances of the Group I-B
Certificates; and
(xxvi) twenty-sixth, to the Class R-2 Certificates, the Residual
Distribution Amount for the Group I Certificates for such Distribution
Date;
(b) With respect to the Group II, Group C-X and Class R-2 Certificates,
on any Distribution Date prior to the Combined Credit Support Depletion Date, to
the extent of the REMIC II Available Distribution Amount for the Group II
Certificates remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Group II-A, Class R-2 and Group C-X
Certificates, 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;
(ii) second, to the Group II-A, Class R-2 and Group C-X
Certificates, 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; provided, however, that for
purposes of the Interest Distribution Amount payable to the Group C-X
Certificates pursuant to paragraph (I)(b)(i) or this paragraph (I)(b)(ii)
of this definition of "REMIC II Distribution Amount", only the portion
thereof derived from the Class C-X-1 Group II Notional Amount, the Class
C-X-2 Group II Notional Amount and the Class C-X-3 Group II Notional Amount
shall be payable pursuant to paragraph (I)(b)(i) or this paragraph
(I)(b)(ii) of this definition of "REMIC II Distribution Amount"; and
(iii) third, to the Group II-A (other than the Class II-A-5
Certificates) and Class R-2 Certificates, as principal, the Group II Senior
Principal Distribution Amount, as follows;
(a) first, to the Class II-A-4 Certificates, an amount, up
to the amount of the Class II-A-4 Lockout Principal Distribution
Amount for such Distribution Date, until the Class II-A-4 Principal
Balance has been reduced to zero;
(b) second, to the Class R-2 Certificates, the portion of
the Group II Senior Principal Distribution Amount remaining after the
distribution set forth in
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paragraph (I)(b)(iii)(a) of this definition of "REMIC II Distribution
Amount", until the Class R-2 Principal Balance has been reduced to
zero;
(c) third, to the Class II-A-1 Certificates, the portion of the
Group II Senior Principal Distribution Amount remaining after the
distributions set forth in paragraphs (I)(b)(iii)(a) and (b) of this
definition of "REMIC II Distribution Amount", until the Class II-A-1
Principal Balance has been reduced to zero;
(d) fourth, to the Class II-A-2 Certificates, the portion of the
Group II Senior Principal Distribution Amount remaining after the
distributions set forth in paragraphs (I)(b)(iii)(a)-(c) of this
definition of "REMIC II Distribution Amount", until the Class II-A-2
Principal Balance has been reduced to zero;
(e) fifth, to the Class II-A-3 Certificates, the portion of the
Group II Senior Principal Distribution Amount remaining after the
distributions set forth in paragraphs (I)(b)(iii)(a)-(d) of this
definition of "REMIC II Distribution Amount", until the Class II-A-3
Principal Balance has been reduced to zero; and
(f) sixth, to the Class II-A-4 Certificates, the portion of the
Group II Senior Principal Distribution Amount remaining after the
distributions set forth in paragraphs (I)(b)(iii)(a)-(e) of this
definition of "REMIC II Distribution Amount", until the Class II-A-4
Principal Balance has been reduced to zero;
(c) With respect to the Group III and Group C-X Certificates, on any
Distribution Date prior to the Combined Credit Support Depletion Date, to the
extent of the REMIC II Available Distribution Amount for the Group III
Certificates remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Class III-P Certificates, the aggregate for all
Class III-P Mortgage Loans of the product for each Class III-P Mortgage
Loan of the applicable Class III-P Fraction and the sum of (x) scheduled
payments of principal on such Class III-P 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 III-P 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 paid 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 III-P Mortgage Loan during the Payoff Period;
(ii) second, to the Group III-A and Group C-X Certificates, 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; provided, however, that on
or before the Class III-A-5 Accretion Termination Date, the amount that
would otherwise be payable to the Class III-A-5 Certificates
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pursuant to this clause (I)(c)(ii) will be paid instead as principal as set
forth in clause (I)(c)(iii)(b) of this definition of "REMIC II Distribution
Amount";
(iii) third,
(a) to the Group III-A and Group C-X Certificates, 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; provided, however, that on
or before the Class III-A-5 Accretion Termination Date, the amount
that would otherwise be payable to the Class III-A-5 Certificates
pursuant to this clause (I)(c)(iii)(a) will be paid instead as
principal as set forth in clause (I)(c)(iii)(b) of this definition of
"REMIC II Distribution Amount"; provided, further, however, that for
purposes of the Interest Distribution Amount payable to the Group C-X
Certificates pursuant to paragraph (I)(c)(ii) or this paragraph
(I)(c)(iii)(a) of this definition of "REMIC II Distribution Amount",
only the portion thereof derived from the Class C-X-1 Group III
Notional Amount, the Class C-X-2 Group III Notional Amount and the
Class C-X-3 Group III Notional Amount shall be payable pursuant to
paragraph (I)(c)(ii) or this paragraph (I)(c)(iii)(a) of this
definition of "REMIC II Distribution Amount";
(b) on or before the Class III-A-5 Accretion Termination
Date, the Class III-A-5 Accrual Amount, as principal, as follows:
(1) first, to the Class III-A-3 and Class III-A-4
Certificates, pro rata, to the extent necessary to reduce the
Class III-A-3 Principal Balance and the Class III-A-4 Principal
Balance to their respective Targeted Principal Balances for
such Distribution Date; and
(2) second, to the Class III-A-5 Certificates, until the
Class III-A-5 Principal Balance has been reduced to zero;
(iv) fourth, to the Group III-A Certificates (other than the Class
III-A-2 Certificates), as principal, the Group III Senior Principal
Distribution Amount, as follows;
(a) first, to the Class III-A-8 Certificate, an amount, up
to the amount of the Class III-A-8 Lockout Principal Distribution
Amount for such Distribution Date, until the Class III-A-8 Principal
Balance has been reduced to zero;
(b) second, the portion of the Group III Senior Principal
Distribution Amount remaining after the distribution set forth in
paragraph (I)(c)(iv)(a) of this definition of "REMIC II Distribution
Amount", until the aggregate Class Principal Balance of the Class
III-A-1, Class III-A-3, Class III-A-4 and Class III-A-5 Certificates
has been reduced to $17,000,000, sequentially, as follows:
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(1) first, to the Class III-A-1 Certificates, to the extent
necessary to reduce the Class III-A-1 Principal Balance to its
Planned Principal Balance for such Distribution Date;
(2) second, to the Class III-A-3 and Class III-A-4
Certificates, pro rata, after giving effect to the distribution
of the Class III-A-5 Accrual Amount as set forth in paragraph
(I)(c)(iii)(b) of this definition of "REMIC II Distribution
Amount", to the extent necessary to reduce the Class III-A-3
Principal Balance and the Class III-A-4 Principal Balance to
their respective Targeted Principal Balances for such
Distribution Date;
(3) third, to the Class III-A-5 Certificates, after giving
effect to the distribution of the Class III-A-5 Accrual Amount
as set forth in paragraph (I)(c)(iii)(b) of this definition of
"REMIC II Distribution Amount", until the Class III-A-5
Principal Balance has been reduced to zero;
(4) fourth, to the Class III-A-3 and Class III-A-4
Certificates, pro rata, until the aggregate Class Principal
Balance of the Class III-A-3 and Class III-A-4 Certificates has
been reduced to zero; and
(5) fifth, to the Class III-A-1 Certificates, until the
Class III-A-1 Principal Balance has been reduced to zero;
(c) third, the portion of the Group III Senior Principal
Distribution Amount remaining after the distributions set forth in
paragraphs (I)(c)(iv)(a) and (b) of this definition of "REMIC II
Distribution Amount", until the Class III-A-6 Principal Balance has
been reduced to zero, concurrently, as follows:
(1) 19.0476190476% to the Class III-A-6 Certificates; and
(2) 80.9523809524% sequentially, as follows:
(A) first, to the Class III-A-1 Certificates, to the
extent necessary to reduce the Class III-A-1 Principal
Balance to its Planned Principal Balance for such
Distribution Date;
(B) second, to the Class III-A-3 and Class III-A-4
Certificates, pro rata, after giving effect to the
distribution of the Class III-A-5 Accrual Amount as set
forth in paragraph (I)(c)(iii)(b) of this definition of
"REMIC II Distribution Amount", to the extent necessary to
reduce the Class III-A-3 Principal Balance and the Class
III-A-4 Principal Balance to their respective Targeted
Principal Balances for such Distribution Date;
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(C) third, to the Class III-A-5 Certificates, after
giving effect to the distribution of the Class III-A-5
Accrual Amount as set forth in paragraph (I)(c)(iii)(b) of
this definition of "REMIC II Distribution Amount", until the
Class III-A-5 Principal Balance has been reduced to zero;
(D) fourth, to the Class III-A-3 and Class III-A-4
Certificates, pro rata, until the aggregate Class Principal
Balance of the Class III-A-3 and Class III-A-4 Certificates
has been reduced to zero; and
(E) fifth, to the Class III-A-1 Certificates, until
the Class III-A-1 Principal Balance has been reduced to
zero;
(d) fourth, to the Class III-A-7 Certificates, the portion
of the Group III Senior Principal Distribution Amount remaining after
the distributions set forth in paragraphs (I)(c)(iv)(a)-(c) of this
definition of "REMIC II Distribution Amount", until the Class III-A-7
Principal Balance has been reduced to zero; and
(e) fifth, to the Class III-A-8 Certificates, the portion
of the Group III Senior Principal Distribution Amount remaining after
the distributions set forth in paragraphs (I)(c)(iv)(a)-(d) of this
definition of "REMIC II Distribution Amount", until the Class III-A-8
Principal Balance has been reduced to zero;
(d) With respect to the Class III-P, Group C-B and Class R-2 Certificates,
on any Distribution Date prior to the Combined Credit Support Depletion Date and
subject to the payment of the amounts pursuant to paragraph (I)(b) and paragraph
(I)(c) of this definition of "REMIC II Distribution Amount", and to the extent
of the REMIC II Available Distribution Amount for the Group II, Group III and
Group C-B Certificates remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Class III-P Certificates, to the extent of
amounts otherwise available to pay the Group C-B Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, the amount payable to the Class III-P
Certificates on previous Distribution Dates pursuant to clause (I)(d)(ii)
of this definition of "REMIC II Distribution Amount" and remaining unpaid
from such previous Distribution Dates;
(ii) second, to the Class III-P Certificates, to the extent of
amounts otherwise available to pay the Group C-B Subordinate Principal
Distribution Amount (without regard to clause (B) of the definition
thereof) on such Distribution Date, principal in an amount equal to the
Class III-P Fraction of any Realized Loss on a Class III-P Mortgage Loan,
other than a Special Hazard Loss in excess of the Combined Special Hazard
Coverage, a Fraud Loss in excess of the Combined Fraud Coverage or a
Bankruptcy Loss in excess of the Combined Bankruptcy Coverage, as
applicable, provided that any amounts distributed in respect of losses
pursuant to paragraph (I)(d)(i) or this paragraph
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(I)(d)(ii) of this definition of "REMIC II Distribution Amount" shall not
cause a further reduction in the Class III-P Principal Balance;
(iii) third, to the Class C-B-1 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(iv) fourth, to the Class C-B-1 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(v) fifth, to the Class C-B-1 Certificates, the portion of the
Group C-B Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Group C-B Subordinate
Principal Distribution Amount", until the Class C-B-1 Principal Balance has
been reduced to zero;
(vi) sixth, to the Class C-B-2 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(vii) seventh, to the Class C-B-2 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(viii) eighth, to the Class C-B-2 Certificates, the portion of the
Group C-B Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Group C-B Subordinate
Principal Distribution Amount", until the Class C-B-2 Principal Balance has
been reduced to zero;
(ix) ninth, to the Class C-B-3 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(x) tenth, to the Class C-B-3 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xi) eleventh, to the Class C-B-3 Certificates, the portion of the
Group C-B Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Group C-B Subordinate
Principal Distribution Amount", until the Class C-B-3 Principal Balance has
been reduced to zero;
(xii) twelfth, to the Class C-B-4 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xiii) thirteenth, to the Class C-B-4 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xiv) fourteenth, to the Class C-B-4 Certificates, the portion of
the Group C-B Subordinate Principal Distribution Amount allocable to such
Class of Certificates pursuant to the definition of "Group C-B Subordinate
Principal Distribution Amount", until the Class C-B-4 Principal Balance has
been reduced to zero;
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(xv) fifteenth, to the Class C-B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xvi) sixteenth, to the Class C-B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xvii) seventeenth, to the Class C-B-5 Certificates, the portion of
the Group C-B Subordinate Principal Distribution Amount allocable to such
Class of Certificates pursuant to the definition of "Group C-B Subordinate
Principal Distribution Amount", until the Class C-B-5 Principal Balance has
been reduced to zero;
(xviii) eighteenth, to the Class C-B-6 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid from
previous Distribution Dates;
(xix) nineteenth, to the Class C-B-6 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xx) twentieth, to the Class C-B-6 Certificates, the portion of
the Group C-B Subordinate Principal Distribution Amount allocable to such
Class of Certificates pursuant to the definition of "Group C-B Subordinate
Principal Distribution Amount", until the Class C-B-6 Principal Balance has
been reduced to zero;
(xxi) twenty-first, to each Class of Group C-B Certificates in the
order of seniority, the remaining portion, if any, of the REMIC II
Available Distribution Amount for the Group II, Group III and Group C-B
Certificates, up to the amount of unreimbursed Realized Losses previously
allocated to such Class, if any, provided that any amounts distributed
pursuant to this paragraph (I)(d)(xxi) of this definition of "REMIC II
Distribution Amount" shall not cause a further reduction in the Class
Principal Balances of the Group C-B Certificates; and
(xxii) twenty-second, to the Class R-2 Certificates, the Residual
Distribution Amount for the Group II, Group III and Group C-B Certificates
for such Distribution Date;
Notwithstanding the foregoing, (X) on any Distribution Date occurring on or
after the date on which the aggregate Class Principal Balance of the Group II-A
or Group III-A Certificates has been reduced to zero, the remaining Class A
Certificates of the other Certificate Group will be entitled to receive as
principal, in addition to any principal payments otherwise described above, all
amounts in respect of principal on the Mortgage Loans in the Loan Group relating
to the Class A Certificates that have been paid in full (after distributions of
principal to the Class III-P Certificates pursuant to paragraph (I)(c)(i) above,
if applicable), which amounts will be paid in accordance with paragraphs
(I)(b)(iii) or (I)(c)(iv) of this definition of "REMIC II Distribution Amount",
as applicable, to the extent of and in reduction of the Class Principal Balances
thereof, prior to any distributions of principal to the Group C-B Certificates
in paragraph (I)(d) of this definition of "REMIC II Distribution Amount",
provided, however, that principal will not be distributed as set forth above if
on such Distribution Date (a) the Group C-B Percentage for such
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Distribution Date is greater than or equal to 200% of the Group C-B Percentage
as of the Closing Date and (b) the average outstanding principal balance of the
Mortgage Loans in either of Loan Group II or Loan Group III delinquent 60 days
or more over the last six months (including Mortgage Loans in foreclosure and
Mortgage Loans the property of which is held by REMIC I and acquired by
foreclosure or deed in lieu of foreclosure), as a percentage of the related
Group C-B Loan Group Component Balance, is less than 50%, and (Y) if on any
Distribution Date the aggregate Class Principal Balance of the Group II-A
Certificates or Group III-A Certificates is greater than the aggregate Principal
Balance of the Mortgage Loans in the related Loan Group less, with respect to
Loan Group III, the Class III-P Fraction of each Class III-P Mortgage Loan (the
?Undercollateralized Group?), then (i) the portion of the REMIC II Available
Distribution Amount in respect of principal on the Mortgage Loans in the other
Loan Group (the ?Overcollateralized Group?) (after distributions of principal to
the Class A Certificates related to the Overcollateralized Group and, if the
Overcollateralized Loan Group is Loan Group III, the Class III-P Certificates)
will be distributed to the Class A Certificates of the Undercollateralized Group
pursuant to paragraph (I)(b)(iii) or (I)(c)(iv) of this definition of "REMIC II
Distribution Amount", as applicable, until the aggregate Class Principal Balance
of the Class A Certificates of the Undercollateralized Group equals the
aggregate Principal Balance of the Mortgage Loans in the related Loan Group
less, with respect to Loan Group III, the Class III-P Fraction of each Class
III-P Mortgage Loan, and (ii) a portion of the REMIC II Available Distribution
Amount of the Overcollateralized Group remaining after distributions to the
Class III-P, Class X and Class A Certificates of the Overcollateralized Group
pursuant to paragraphs (I)(b)(i) through (I)(b)(ii) or (I)(c)(i) through
(I)(c)(iii), as applicable, equal to one month's interest on the amount by which
the Undercollateralized Group is undercollateralized at 6.750% per annum, plus
any shortfall of interest on the Class A Certificates of the Undercollateralized
Group remaining unpaid pursuant to paragraphs (I)(b)(i) or (I)(c)(ii) above, as
applicable, after distributions on such Distribution Date, including accrued and
unpaid interest on such shortfall at 6.750% per annum, will (1) be added to the
REMIC II Available Distribution Amount of the Undercollateralized Group and
distributed in accordance with the priorities set forth in paragraphs (I)(b) or
(I)(c) above, as applicable (any amount covering interest shortfalls and
interest accrued thereon will be distributed to the applicable Class or Classes
of Certificates on such Distribution Date in the priority described in
paragraphs (I)(b)(i) or (I)(c)(ii) above, as applicable, pro rata according to
their respective shares of such amount) and (2) be subtracted from the REMIC II
Available Distribution Amount of the Overcollateralized Group.
(II) For any Distribution Date on or after the Group I Credit Support
Depletion Date or the Combined Credit Support Depletion Date, as applicable, the
REMIC II Available Distribution Amount for each Certificate Group shall be
distributed to the outstanding Classes of Certificates of such Certificate Group
in the following amounts and priority:
(a) With respect to the Group I and Class R-2 Certificates, on each
Distribution Date on or after the Group I Credit Support Depletion Date, to the
extent of the REMIC II Available Distribution Amount for the Group I
Certificates remaining following prior distributions, if any, on such
Distribution Date:
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(i) first, to the Class I-P 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 "REMIC II Distribution
Amount";
(ii) second, to the Class I-A-1 and Class I-X 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
"REMIC II Distribution Amount", and remaining unpaid, pro rata according to
such amount payable to the extent of amounts available;
(iii) third, to the Class I-A-1 and Class I-X Certificates, 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 Class I-A-1 Certificates, as principal, the
Group I Senior Principal Distribution Amount until the Class I-A-1
Principal Balance has been reduced to zero; and
(v) fifth, to the Class R-2 Certificates, the Residual
Distribution Amount for the Group I Certificates for such Distribution
Date;
(b) With respect to the Group II, Group C-X and Class R-2 Certificates, on
each Distribution Date on or after the Combined Credit Support Depletion Date,
to the extent of the REMIC II Available Distribution Amount for the Group II
Certificates remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Group II-A, Class R-2 and Group C-X
Certificates, the amount payable to each such Class of Certificates on
prior Distribution Dates pursuant to clause (I)(b)(i) or (II)(b)(ii) of
this definition of "REMIC II Distribution Amount", and remaining unpaid,
pro rata according to such amount payable to the extent of amounts
available;
(ii) second, to the Group II-A, Class R-2 and Group C-X
Certificates, 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; provided, however, that for
purposes of the Interest Distribution Amount payable to the Group C-X
Certificates pursuant to this paragraph (II)(b)(ii) of this definition of
"REMIC II Distribution Amount", only the portion thereof derived from the
Class C-X-1 Group II Notional Amount, the Class C-X-2 Group II Notional
Amount and the Class C-X-3 Group II Notional Amount shall be payable
pursuant to this paragraph (II)(b)(ii) of this definition of "REMIC II
Distribution Amount";
(iii) third, to the Class R-2 and Group II-A Certificates (other
than the Class II-A-5 Certificates), the Group II Senior Principal
Distribution Amount, pro rata according to their respective Class Principal
Balances; and
(iv) fourth, to the Class R-2 Certificates, the Residual
Distribution Amount for the Group II Certificates for such Distribution
Date;
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(c) With respect to the Group III, Group C-X and Class R-2 Certificates,
on each Distribution Date on or after the Combined Credit Support Depletion
Date, to the extent of the REMIC II Available Distribution Amount for the Group
III Certificates remaining following prior distributions, if any, on such
Distribution Date:
(i) first, to the Class III-P Certificates, principal in the
amount that would otherwise be distributed to such Class on such
Distribution Date pursuant to clause (I)(c)(i) of this definition of "REMIC
II Distribution Amount";
(ii) second, to the Group III-A and Group C-X Certificates, the
amount payable to each such Class of Certificates on prior Distribution
Dates pursuant to clause (I)(c)(ii) or (II)(c)(iii) of this definition of
"REMIC II Distribution Amount", and remaining unpaid, pro rata according to
such amount payable to the extent of amounts available;
(iii) third, to the Group III-A and Group C-X Certificates, the
Interest Distribution Amount for such Class of Certificates for the current
Distribution Date, pro rata according to their respective Interest
Distribution Amounts; provided, however, that for purposes of the Interest
Distribution Amount payable to the Group C-X Certificates pursuant to this
paragraph (II)(c)(iii) of this definition of "REMIC II Distribution
Amount", only the portion thereof derived from the Class C-X-1 Group III
Notional Amount, the Class C-X-2 Group III Notional Amount and the Class
C-X-3 Group III Notional Amount shall be payable pursuant to this paragraph
(II)(c)(iii) of this definition of "REMIC II Distribution Amount";
(iv) fourth, to the Group III-A Certificates (other than the Class
III-A-2 Certificates), the Group III Senior Principal Distribution Amount,
pro rata according to their respective Class Principal Balances; and
(v) fifth, to the Class R-2 Certificates, the Residual
Distribution Amount for the Group III Certificates for such Distribution
Date.
REMIC II TRUST FUND: The REMIC II Trust Fund created pursuant to Section
2.05 of this Agreement. The REMIC II Trust Fund consists of the REMIC I Regular
Interests to be held by the Trustee for the benefit of the Holders from time to
time of the Certificates issued hereunder (other than the Class R-1
Certificates).
REMITTANCE RATE: For each Class of Certificates and REMIC I Regular
Interests, the per annum rate set forth as the Remittance Rate for such Class in
the Preliminary Statement hereto.
RESIDUAL CERTIFICATES: With respect to REMIC I, the Class R-1
Certificates, which are being issued in a single class, and with respect to
REMIC II, the Class R-2 Certificates, which are being issued in a single class.
The Class R-1 and Class R-2 Certificates are hereby designated the sole Class of
"residual interests" in REMIC I and REMIC II, respectively, for purposes of
Section 860G(a)(2) of the Code.
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RESIDUAL DISTRIBUTION AMOUNT: On any Distribution Date, with respect to the
Class R-1 Certificates, any portion of the REMIC I Available Distribution Amount
remaining after all distributions to the REMIC I Regular Interests and Class R-1
Certificates and payment of the Class II-A-3 Reimbursement Amount, the Class
III-A-6 Reimbursement Amount and the Class III-A-7 Reimbursement Amount, or with
respect to the Class R-2 Certificates, any portion of the REMIC II Available
Distribution Amount remaining after all distributions to the Certificates (other
than the Class R-1 Certificates). Upon termination of the obligations created by
this Agreement and the REMIC I Trust Fund and REMIC II Trust Fund created
hereby, the amounts which remain on deposit in the Certificate Account after
payment to the Holders of the REMIC I Regular Interests of the amounts set forth
in Section 9.01 of this Agreement, and subject to the conditions set forth
therein, shall be distributed to the Class R-1 and Class R-2 Certificates in
accordance with the preceding sentence of this definition as if the date of such
distribution were a Distribution Date.
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.
SECURITY AGREEMENT: With respect to a Cooperative Loan, the agreement or
mortgage 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
Company and a Person relating to the sale of the Mortgage Loans to the Company
and the servicing of such Mortgage Loans 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 from time to time; 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 forms of contract attached as Exhibit E hereto.
SENIOR CERTIFICATES: The Group I Senior Certificates, the Group II
Certificates, the Group III Certificates, the Group C-X Certificates, the Class
R-1 Certificates and the Class R-2 Certificates.
SENIOR SUBORDINATE CERTIFICATES: The Subordinate Certificates other than
the Junior Subordinate Certificates.
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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 or the
Certificates, as applicable, 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 INITIAL AMOUNT: With respect to Loan Group I,
$692,616 and with respect to and Loan Group II and Loan Group III, $4,237,068.
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 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:
<TABLE>
<CAPTION>
DISTRIBUTION DATE OCCURRING IN STEP DOWN PERCENTAGE
------------------------------ --------------------
<S> <C>
April 1998 through March 2003 0%
April 2003 through March 2004 30%
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April 2004 through March 2005 40%
April 2005 through March 2006 60%
April 2006 through March 2007 80%
April 2007 and thereafter 100%
</TABLE>
STRIPPED INTEREST RATE: For each Group I Loan, Group II Loan and Group III
Loan, the excess, if any, of the Pass-Through Rate for such Mortgage Loan over
6.750%.
SUBORDINATE CERTIFICATES: The Group I-B and Group C-B Certificates.
SUBORDINATION LEVEL: On any specified date, with respect to any of the
Group C-B Certificates or Group C-B Regular Interests, the percentage obtained
by dividing the sum of the Class Principal Balances of the Classes of
Certificates or REMIC I Regular Interests which are subordinate in right of
payment to such Class (provided that no Class of Group C-B Certificates and
Group C-B-L Regular Interests shall be subordinate in right of payment to the
Class C-B-6 Certificates or Class C-B-6-L Regular Interests, respectively) by
the aggregate Class Principal Balances of the Group II, Group III and Group C-B
Certificates or Group II-L, Group III-L and Group C-B-L Regular Interests, as
applicable, as of such date prior to giving effect to distributions of principal
or interest or allocations of Realized Losses on the Group II Loans and the
Group III Loans on such date. On any specified date, with respect to any of the
Group I-B Certificates or Group I-B-L Regular Interests, the percentage obtained
by dividing the sum of the Class Principal Balances of the Classes of Group I-B
Certificates or Group I-B-L Regular Interests, as applicable, which are
subordinate in right of payment to such Class (provided that no Class of Group
I-B Certificates and Group I-B-L Regular Interests shall be subordinate in right
of payment to the Class I-B-6 Certificates and Class I-B-6-L Regular Interests,
respectively) by the aggregate Class Principal Balances of the Group I
Certificates or Group I-B-L Regular Interests, as applicable, 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.
SUBSTITUTE MORTGAGE LOAN: A Mortgage Loan which is substituted for another
Mortgage Loan pursuant to and in accordance with the provisions of Section 2.02.
TARGETED PRINCIPAL BALANCE: The respective amounts set forth in the table
attached as Appendix B to the Prospectus, for the applicable Distribution Date,
for each of the Class III-A-3 and Class III-A-4 Certificates, which amounts
shall also constitute the "Targeted Principal Balance" for the Class III-A-3-L
and Class III-A-4-L Regular Interests, respectively.
TAX MATTERS PERSON: A Holder of the Class R-1 Certificate, with respect to
REMIC I, and a Holder of the Class R-2 Certificate, with respect to REMIC II,
in each case holding a Certificate having an Authorized Denomination of at least
0.01% or any Permitted Transferee of such Class R-1 or Class R-2
Certificateholder designated as succeeding to the position of Tax Matters Person
with respect to the applicable trust fund in a notice to the Trustee signed by
authorized representatives of the transferor and transferee of such Class R-1 or
Class R-2 Certificate. If the Tax Matters Person for REMIC I or REMIC II becomes
a Disqualified Organization, the last
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preceding Holder of such Authorized Denomination of the Class R-1 or Class R-2
Certificate, as applicable, that is not a Disqualified Organization shall be Tax
Matters Person for such trust 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: The date upon which final payment of the Certificates
will be made pursuant to the procedures set forth in Section 9.01(b).
TERMINATION PAYMENT: The final payment delivered to the Certificateholders
on the Termination Date pursuant to the procedures set forth in Section 9.01(b).
TRANSFER: Any direct or indirect transfer or sale of, or directly or
indirectly transferring or selling of any Ownership Interest in a Residual
Certificate.
TRANSFEREE: Any Person who is acquiring by Transfer any Ownership Interest
in a Residual Certificate.
TRANSFEREE AFFIDAVIT AND AGREEMENT: An affidavit and agreement in the form
attached hereto as Exhibit J.
TRUSTEE: U.S. 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 in the related Loan
Group and (b) aggregate Curtailment Shortfall with respect to the Mortgage Loans
in the related Loan Group over (ii) Compensating Interest with respect to such
Loan Group.
UNDERWRITING STANDARDS: The underwriting standards of the Company,
Headlands Mortgage Company and Penn Federal Savings Bank.
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, any state thereof or the District of Columbia, or an estate or
trust that is subject to U.S. federal income tax regardless of the source of its
income.
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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.
ARTICLE II
CONVEYANCE OF THE TRUST FUNDS; REMIC ELECTION AND DESIGNATIONS; ORIGINAL
ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF REMIC I; REMIC ELECTION AND DESIGNATIONS. A
trust ("REMIC I") of which the Trustee is the trustee is hereby created under
the laws of the State of New York for the benefit of the Holders of the REMIC I
Regular Interests and the Class R-1 Certificates. The purpose of REMIC I is to
hold the REMIC I Trust Fund and provide for the issuance, execution and delivery
of the Class R-1 Certificates. The assets of REMIC I shall consist of the REMIC
I Trust Fund. REMIC I shall be irrevocable.
The assets of REMIC I shall remain in the custody of the Trustee, on behalf
of REMIC I, and shall be kept in REMIC I. Moneys to the credit of REMIC I shall
be held by the Trustee and invested as provided herein. All assets received and
held in REMIC I will not be subject to any right, charge, security interest,
lien or claim of any kind in favor of U.S. Bank National Association in its own
right, or any Person claiming through it. The Trustee, on behalf of REMIC I,
shall not have the power or authority to transfer, assign, hypothecate, pledge
or otherwise dispose of any of the assets of REMIC I to any Person, except as
permitted herein. No creditor of a beneficiary of REMIC I, of the Trustee, of
the Master Servicer or of the Company shall have any right to obtain possession
of, or otherwise exercise legal or equitable remedies with respect to, the
property of REMIC I, except in accordance with the terms of this Agreement.
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 Holders of REMIC I Regular Interests
and the Class R-1 Certificates, without recourse, all the Company's right, title
and interest in and to the REMIC I Trust Fund, including but not limited to (i)
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 with
respect to the Mortgage Loans (such transfer and assignment by the Company to be
referred to herein as the "Conveyance"). The Trustee hereby accepts REMIC I
created hereby and accepts delivery of the REMIC I Trust Fund on behalf of REMIC
I and acknowledges that it holds the Mortgage Loans for the benefit of the
Holders of the REMIC I Regular Interests and the Class R-1 Certificates issued
pursuant to this Agreement. It is the express intent of the parties hereto that
the Conveyance of the REMIC I 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
REMIC I Trust Fund. It is, further, not the intention of the parties that such
Conveyance be deemed a pledge of the REMIC I Trust
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Fund by the Company to the Trustee to secure a debt or other obligation of the
Company. However, in the event that, notwithstanding the intent of the parties,
the REMIC I 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 REMIC I 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, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit and investment property consisting of, arising from or
relating to any of the property described in (i), (ii) and (iii) below: (i) the
Mortgage Loans identified on the Mortgage Loan Schedule, including the related
Mortgage Notes, Mortgages, Cooperative Stock Certificates, and Cooperative
Leases, all Substitute Mortgage Loans and all distributions with respect to such
Mortgage Loans and Substitute Mortgage Loans payable on and after the Cut-Off
Date; (ii) the Certificate Account, the Investment Account, the Custodial
Accounts for P&I, the Custodial Accounts for Reserves, and all money or other
property held therein; and (iii) 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;
(II) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit, investment property, 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 for purposes of perfecting the security interest pursuant to the
Uniform Commercial Code (including, without limitation, Sections 9-305 and 9-115
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,
securities intermediaries, bailees or agents of, or persons holding for, the
Trustee, as applicable for the purpose of perfecting such security interest
under applicable law.
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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
REMIC I 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 for
the Mortgage Loans, which shall on original issuance thereof and at all times be
registered in the name of the Trustee.
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 Agencies submitted
in lieu of such recording or filing, such recording or filing is not required to
protect the Trustee's interest in such 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) relating to a Mortgage Loan
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
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by the date specified in 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 REMIC I Trust Fund, elect to treat the
REMIC I 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 REMIC
I for its first taxable year.
The Closing Date is hereby designated as the "startup day" of REMIC I
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 REMIC I Trust Fund are hereby
designated as "regular interests" for purposes of Section 860G(a)(1) of the
Code. The Class R-1 Certificates are being issued in a single Class, which is
hereby designated as the sole class of "residual interest" in the REMIC I Trust
Fund for purposes of Section 860G(a)(2) of the Code.
The parties intend that the affairs of the REMIC I Trust Fund formed
hereunder shall constitute, and that the affairs of the REMIC I Trust Fund shall
be conducted so as to qualify the REMIC I 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 REMIC I Trust Fund and that in
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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 REMIC I Trust Fund when and as required by
the REMIC Provisions and other applicable federal income tax laws; (b) make an
election, on behalf of the trust, for the REMIC I Trust Fund to be treated as a
REMIC on the federal tax return of the REMIC I 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 Holders of the REMIC I Regular Interests
and the Class R-1 Certificates 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 REMIC I Trust Fund at all
times that any REMIC I Regular Interests are outstanding so as to maintain the
status of the REMIC I 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 REMIC I Trust Fund; and (f) pay
the amount of any federal prohibited transaction penalty taxes imposed on the
REMIC I 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 REMIC I 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 such
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 REMIC I Trust Fund as
a REMIC for federal income tax purposes.
In the event that any tax is imposed on "prohibited transactions" of the
REMIC I 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-1
Certificateholders. Notwithstanding anything to the contrary contained herein,
the Trustee is hereby authorized to retain from amounts otherwise distributable
to the Class R-1 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).
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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 the other documents constituting a part of the Mortgage Files
delivered to it, and the REMIC I Trust Fund, as Trustee in trust, upon the
trusts herein set forth, for the use and benefit of the Holders from time to
time of the REMIC I Regular Interests and Class R-1 Certificates. The Trustee
agrees, for the benefit of the Holders of the REMIC I Regular Interests and
Class R-1 Certificates, 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
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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.
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 Holders of the REMIC I Regular Interests
or the Class R-1 Certificateholders or the Trustee on behalf of the Holders of
the REMIC I Regular Interests or the Class R-1 Certificateholders.
Section 2.03. REPRESENTATIONS AND WARRANTIES OF THE COMPANY CONCERNING THE
MORTGAGE LOANS. With respect to the conveyance of the Mortgage Loans provided
for in Section 2.01 herein, the Company hereby represents and warrants to the
Trustee that as of the Cut-Off Date unless otherwise indicated:
(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,
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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 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 Holders of the REMIC I Regular Interests and
the Class R-1 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;
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(xi) As of the Closing Date, other than with respect to five Group
I Loans representing 0.92% (by Principal Balance as of the Cut-Off Date) of
the Group I Loans and one Group III Loan representing 0.18% (by Principal
Balance as of the Cut-Off Date) of the Group III Loans, 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, the Master Servicer or any Servicer;
(xiii) As of the Closing Date, each insurer issuing a Primary
Insurance Policy holds a rating acceptable to the Rating Agencies;
(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) Approximately 0.12% (by Principal Balance) of the Group II
Loans are Buydown Loans, and none of the Group I Loans and Group III Loans
are Buydown Loans;
(xix) Based solely on representations of the Mortgagors obtained at
the origination of the related Mortgage Loans, approximately 68.85% (by
Principal
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Balance) of the Group I Loans will be secured by owner occupied Mortgaged
Properties which are the primary residences of the related Mortgagors,
approximately 2.96% (by Principal Balance) of the Group I Loans will be
secured by owner occupied Mortgaged Properties which were second or
vacation homes of the Mortgagors and approximately 28.19% (by Principal
Balance) of the Group I Loans will be secured by Mortgaged Properties which
were investor properties of the related Mortgagors; approximately 97.37%
(by Principal Balance) of the Group II Loans will be secured by owner
occupied Mortgaged Properties which are the primary residences of the
related Mortgagors, approximately 0.97% (by Principal Balance) of the Group
II Loans will be secured by owner occupied Mortgaged Properties which were
second or vacation homes of the Mortgagors and approximately 1.65% (by
Principal Balance) of the Group II Loans will be secured by Mortgaged
Properties which were investor properties of the related Mortgagors;
approximately 97.77% (by Principal Balance) of the Group III Loans will be
secured by owner occupied Mortgaged Properties which are the primary
residences of the related Mortgagors, approximately 0.33% (by Principal
Balance) of the Group III Loans will be secured by owner occupied Mortgaged
Properties which were second or vacation homes of the Mortgagors and
approximately 1.90% (by Principal Balance) of the Group III Loans will be
secured by Mortgaged Properties which were investor properties of the
related Mortgagors; and none of the Group I Loans, Group II Loans and Group
III Loans 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) 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;
(xxiii) 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;
(xxiv) 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);
(xxv) Each Cooperative Loan is secured by a valid, subsisting and
enforceable (except as such enforcement may be limited by laws affecting
the enforcement of creditors' rights generally and principles of equity)
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
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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;
(xxvi) 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) Based upon an appraisal of the Mortgaged Property securing
each Mortgage Loan, approximately 90.33% (by Principal Balance) of the
Group I Loans had a Loan-to-Value Ratio less than or equal to 80%,
approximately 9.67% (by Principal Balance) of the Group I Loans had a
Loan-to-Value Ratio greater than 80% but less than or equal to 95% and no
Group I Loan had a Loan-to-Value Ratio at origination greater than 95%;
approximately 88.58% (by Principal Balance) of the Group II Loans had a
Loan-to-Value Ratio less than or equal to 80%, approximately 11.43% (by
Principal Balance) of the Group II Loans had a Loan-to-Value Ratio greater
than 80% but less than or equal to 95% and no Group II Loan had a
Loan-to-Value Ratio at origination greater than 95%; approximately 89.76%
(by Principal Balance) of the Group III Loans had a Loan-to-Value Ratio
less than or equal to 80%, approximately 10.23% (by Principal Balance) of
the Group III Loans had a Loan-to-Value Ratio greater than 80% but less
than or equal to 95% and no Group III Loan had a Loan-to-Value Ratio at
origination greater than 95%;
(xxviii) Approximately 64.48% (by Principal Balance) of the Group I
Loans, approximately 65.44% (by Principal Balance) of the Group II Loans
and approximately 64.42% (by Principal Balance) of the Group III Loans were
originated for the purpose of refinancing existing mortgage debt, including
cash-out refinancings and approximately 35.52% (by Principal Balance) of
the Group I Loans, approximately 34.56% (by Principal Balance) of the Group
II Loans and approximately 35.57% (by Principal Balance) of the Group III
Loans were originated for the purpose of purchasing the Mortgaged Property;
(xxix) Not less than approximately 37.65%, 77.52% and 66.13% (by
Principal Balance) of the Group I Loans, Group II Loans and Group III
Loans, respectively, were originated under full documentation programs;
(xxx) 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,
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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 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 and the Certificate Insurer 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 Holders of the REMIC I Regular Interests and the Class
R-1 Certificateholders or the Trustee on behalf of the Holders of the REMIC I
Regular Interests and the Class R-1 Certificateholders.
Section 2.04. ACKNOWLEDGMENT OF TRANSFER OF REMIC I TRUST FUND;
AUTHENTICATION OF THE CLASS R-1 CERTIFICATES. The Trustee acknowledges the
transfer and assignment to it of the property constituting the REMIC I 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, the Class R-1
Certificates in Authorized Denominations evidencing the residual beneficial
ownership interest in the REMIC I Trust Fund.
Section 2.05. CONVEYANCE OF REMIC II; REMIC ELECTION AND DESIGNATIONS. A
trust ("REMIC II") of which the Trustee is the trustee is hereby created under
the laws of the State of New York for the benefit of the Holders of the
Certificates (other than the Class R-1 Certificates). The purpose of REMIC II
is to hold the REMIC II Trust Fund and provide for the issuance, execution and
delivery of the Certificates (other than the Class R-1 Certificates). The
assets of REMIC II shall consist of the REMIC II Trust Fund. REMIC II shall be
irrevocable.
The assets of REMIC II shall remain in the custody of the Trustee, on
behalf of REMIC II, and shall be kept in REMIC II. Moneys to the credit of
REMIC II shall be held by the Trustee and invested as provided herein. All
assets received and held in REMIC II will not be subject to any right, charge,
security interest, lien or claim of any kind in favor of U.S. Bank National
Association in its own right, or any Person claiming through it. The Trustee,
on behalf of REMIC II, shall not have the power or authority to transfer,
assign, hypothecate, pledge or otherwise dispose of any of the assets of REMIC
II to any Person, except as permitted herein. No creditor of a beneficiary of
REMIC II, of the Trustee, of the Master Servicer or of the Company shall have
any right to obtain possession of, or otherwise exercise legal or equitable
remedies with respect to, the property of REMIC II, except in accordance with
the terms of this Agreement.
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Concurrently with the execution and delivery hereof, the Company does
hereby agree to irrevocably sell, transfer, assign, set over, and otherwise
convey to the Trustee in trust for the benefit of the Certificateholders (other
than the Class R-1 Certificateholders), without recourse, all the Company's
right, title and interest in and to the REMIC II Trust Fund, including all
interest and principal received by the Company on or with respect to the REMIC I
Regular Interests after the Cut-Off Date. The Trustee hereby accepts REMIC II
created hereby and accepts delivery of the REMIC II Trust Fund on behalf of
REMIC II and acknowledges that it holds the REMIC I Regular Interests for the
benefit of the Holders of the Certificates (other than the Class R-1
Certificates) issued pursuant to this Agreement. It is the express intent of the
parties hereto that the conveyance of the REMIC II Trust Fund to the Trustee by
the Company as provided in this Section 2.05 be, and be construed as, an
absolute sale of the REMIC II Trust Fund. It is, further, not the intention of
the parties that such conveyance be deemed a pledge of the REMIC II Trust Fund
by the Company to the Trustee to secure a debt or other obligation of the
Company. However, in the event that, notwithstanding the intent of the parties,
the REMIC II 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 REMIC II Trust Fund, then
(a) this Agreement shall be deemed to be a security agreement;
(b) the conveyance provided for in this Section 2.05 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 investment
property consisting of, arising from or relating to any of the property
described below: The uncertificated REMIC I Regular Interests, including
without limitation all rights represented thereby in and to (i) the
Mortgage Loans identified on the Mortgage Loan Schedule, including the
related Mortgage Notes, Mortgages, Cooperative Stock Certificates, and
Cooperative Leases, all Substitute Mortgage Loans and all distributions
with respect to such Mortgage Loans and Substitute Mortgage Loans payable
on and after the Cut-Off Date, (ii) the Certificate Account, the Investment
Account, the Custodial Accounts for P&I, the Custodial Accounts for
Reserves and all money or other property held therein; (iii) 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; (iv) all property
or 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)-(iii) above (including any accrued discount realized on
liquidation of any investment purchased at a discount), and (v) all cash
and non-cash proceeds of the collateral described in (i)-(iv) above;
(II) All accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit,
goods, letters of credit, advices of credit, investment property and other
rights arising from or by virtue of the disposition of, or
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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 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 for purposes of
perfecting the security interest pursuant to the Uniform Commercial Code
(including, without limitation, Sections 9-305 and 9-115 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
notifications to, or acknowledgments, receipts or confirmations from, securities
intermediaries, bailees or agents of, or persons holding for, the Trustee, as
applicable for the purpose of perfecting such security interest under applicable
law.
The Company and the Trustee 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 REMIC II 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 this 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.
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 2.05, and to enter into a Custodial Agreement for such
purpose; provided, however, that the Trustee shall be and remain liable for
actions of any such Custodian only to the extent it would otherwise be
responsible for such acts hereunder.
The Company and the Trustee agree that the Company, on behalf of the REMIC
II Trust Fund, shall elect to treat the REMIC II 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 REMIC II
Trust Fund for its first taxable year.
The Closing Date is hereby designated as the "startup day" of the REMIC
constituted by the REMIC II Trust Fund within the meaning of Section 860G(a)(9)
of the Code.
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The regular interests (as set forth in the table contained in the
Preliminary Statement hereto) relating to the REMIC II Trust Fund are hereby
designated as "regular interests" for purposes of Section 860G(a)(1) of the
Code. The Class R-2 Certificates are being issued in a single Class, which is
hereby designated as the sole class of "residual interest" in the REMIC II Trust
Fund for purposes of Section 860G(a)(2) of the Code.
The parties intend that the affairs of the REMIC II Trust Fund formed
hereunder shall constitute, and that the affairs of the REMIC II Trust Fund
shall be conducted so as to qualify it 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 Tax Matters
Person) on behalf of the REMIC II 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 for the REMIC II Trust Fund when and
as required by the REMIC provisions and other applicable federal income tax
laws; (b) make an election, on behalf of the REMIC II Trust Fund, to be treated
as a REMIC on the federal tax return of the REMIC II 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 (other than the
Class R-1 Certificateholders) all information reports as and when required to be
provided to them in accordance with the REMIC provisions; (d) conduct the
affairs of the REMIC II Trust Fund at all times that any Certificates are
outstanding so as to maintain the status of the REMIC II 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 REMIC II Trust Fund; and (f) pay the amount of any federal prohibited
transaction penalty taxes imposed on the REMIC II 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 from the REMIC II 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.
In the event that any tax is imposed on "prohibited transactions" of the
REMIC II Trust Fund as defined in Section 860F of the Code and not paid by the
Company pursuant to clause (f) of the preceding paragraph, such tax shall be
charged against amounts otherwise distributable to the Holders of the Class R-2
Certificates. Notwithstanding anything to the contrary contained herein, the
Company is hereby authorized to retain from amounts otherwise distributable to
the Holders of the Class R-2 Certificates on any Distribution Date sufficient
funds to reimburse the Company for the payment of such tax (to the extent that
the Company has not been previously reimbursed therefor).
Section 2.06. ACCEPTANCE BY TRUSTEE; AUTHENTICATION OF CERTIFICATES. The
Trustee acknowledges and accepts the assignment to it of the property
constituting the REMIC II Trust Fund and declares that as of the Closing Date it
holds and shall hold any documents constituting a part of the REMIC II Trust
Fund, and the REMIC II Trust Fund, as Trustee in trust, upon the trusts herein
set forth, for the use and benefit of all present and future Certificateholders
(other than the Class R-1 Certificateholders). In connection therewith, as of
the Closing Date, the
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Trustee shall cause to be authenticated and delivered to or upon the order of
the Company, in exchange for the property constituting the REMIC II Trust Fund,
the Certificates (other than the Class R-1 Certificates) in Authorized
Denominations evidencing the entire ownership of the REMIC II Trust Fund.
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 REMIC I and
REMIC II 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 related Mortgage Loans, to the extent permitted by
law, subject to the provisions set forth in Section 3.08.
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 related 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, as of the Cut-Off Date, of all Mortgage Loans.
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
Holders of the REMIC I Regular
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Interests and the Class R-1 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 any of the REMICs 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 applicable 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 either REMIC as a result thereof.
In connection with the servicing and administering of each Mortgage Loan,
the Master Servicer and any affiliate of the Master Servicer (i) may perform
services such as appraisals, default management and brokerage services that are
not customarily provided by servicers of mortgage loans, and shall be entitled
to reasonable compensation therefor and (ii) may, at its own discretion and on
behalf of the Trustee, obtain credit information in the form of a "credit score"
from a credit repository.
Section 3.02. CUSTODIAL ACCOUNTS. The Master Servicer shall cause to be
established and maintained by each Servicer under the Master Servicer's
supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and
special Custodial Account 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,
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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
issue drafts against the Custodial Accounts for P&I and the Custodial Accounts
for Reserves for the purposes required or permitted by this Agreement. Each
Custodial Account for P&I and each Custodial Account for Reserves shall 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 the
Certificate Account of all amounts relating to the Mortgage Loans that have been
collected by any Servicer and are due to the Certificate Account 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
Investment Account, in an amount representing:
(i) Scheduled installments of principal and interest on the
Mortgage Loans received or advanced by the applicable Servicers which were
due on the Due Date prior to such Withdrawal Date, net of Servicing Fees
due the applicable Servicers and less any amounts to be withdrawn later by
the applicable Servicers from the applicable Buydown Fund Accounts;
(ii) Payoffs and the proceeds of other types of liquidations of the
Mortgage Loans received by the applicable Servicer for such Mortgage Loans
during the applicable Payoff Period, with interest to the date of Payoff or
liquidation less any amounts to be withdrawn later by the applicable
Servicers from the applicable Buydown Fund Accounts; and
(iii) Curtailments received by the applicable Servicers in the Prior
Period.
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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 Holders of the REMIC I Regular
Interests and Class R-1 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 4.02 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. The Trustee shall
deposit into the Certificate Account amounts received under the Certificate
Insurance Policies in accordance with Section 3.16(b) hereof.
(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 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. The Master
Servicer shall be entitled to receive any gains earned on such Eligible
Investments and shall bear any losses suffered in connection therewith.
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Section 3.05. PERMITTED WITHDRAWALS FROM THE CERTIFICATE ACCOUNT, THE
INVESTMENT 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 Investment Account, the Certificate Account or the Custodial
Accounts for P&I established by the Servicers 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 4.02 or a Selling and Servicing Contract,
such right to reimbursement 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, with respect to the related Mortgage Loans,
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
made with respect to related Mortgage Loans which the Master Servicer has
determined to be Nonrecoverable Advances;
(v) To pay to itself reinvestment earnings deposited or earned in
the Investment Account and the Certificate Account 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 to the Investment Account amounts in the
Certificate Account not required to be on deposit therein at the time of
such withdrawal;
(vi) To deposit in the Certificate Account, not later than the
Business Day prior to the related Distribution Date, the amounts specified
in Section 3.04(a); and
after making or providing for the above withdrawals
(vii) To clear and terminate the Investment Account and the
Certificate Account following termination of this Agreement 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
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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.
(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
established by any Servicer under its supervision 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 following termination of this Agreement 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 shall use its best reasonable efforts to keep,
and to cause the Servicers 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.
Unless required by applicable law, the Master Servicer shall not cancel or
refuse to renew, or allow any Servicer under its supervision to 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
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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 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
Investment Account or 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
not enter into any
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substitution or assumption with respect to a Mortgage Loan if such substitution
or assumption shall (i) both constitute a "significant modification" effecting
an exchange or reissuance of such Mortgage Loan under the Code (or Treasury
regulations promulgated thereunder) and cause the REMIC to fail to qualify as a
REMIC under the REMIC Provisions or (ii) cause the imposition of any tax on
"prohibited transactions" or "contributions" after the startup day under the
REMIC Provisions. 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 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 the Master Servicer is aware of 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
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shall report such information to the Internal Revenue Service and the Mortgagor
in the manner required by applicable law.
REMIC I 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 REMIC I 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 REMIC I, unless the Master Servicer provides to the Trustee and the
Certificate Insurer an Opinion of Counsel to the effect that the holding by
REMIC I of such Mortgaged Property subsequent to two years after its acquisition
will not result in the imposition of taxes on "prohibited transactions" of REMIC
I as defined in Section 860F of the Code or under the law of any state in which
real property securing a Mortgage Loan owned by REMIC I is located or cause
REMIC I to fail to qualify as a REMIC for federal income tax purposes or for
state tax purposes under the laws of any state in which real property securing a
Mortgage Loan owned by REMIC I is located 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 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 REMIC I, REMIC II or the Depositor. In the event the Trustee
withholds any amount from
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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 related 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 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 receive from the Investment Account or 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 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 related 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
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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 a statement, certified by a Servicing Officer, to the Trustee and the
Certificate Insurer 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). The
Trustee shall provide such statements to any Certificateholder upon request at
the expense of the Master Servicer. Such statement 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 REMIC I Trust Fund through foreclosure, deed in lieu of
foreclosure or other exercise of the REMIC I 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 and the Certificate Insurer, 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 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 related 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 such 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
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to furnish a statement to the Trustee and the Certificate Insurer to the effect
that, in connection with the firm's examination of the financial statements as
of the previous December 31 of the Master Servicer's parent corporation (which
shall include a limited examination of the Master Servicer's financial
statements), 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. MAINTENANCE OF CERTIFICATE INSURANCE POLICIES; COLLECTIONS
THEREUNDER.
(a) Prior to Noon New York City time on the third Business Day prior to
each Distribution Date, the Master Servicer shall determine if a Deficiency
Amount for such Distribution Date exists and, if so, shall immediately notify
the Trustee who shall complete the Notice and submit such Notice in accordance
with the applicable Certificate Insurance Policy to the Certificate Insurer no
later than 12:00 P.M., New York City time, on the second Business Day
immediately preceding each Distribution Date, as a claim for an Insured Payment
in an amount equal to such Deficiency Amount. If at any time the Trustee
determines that a Preference Amount is payable under the terms of the
Certificate Insurance Policy, the Trustee shall take the actions required by the
terms of the Certificate Insurance Policies to obtain payment of such Preference
Amount by the Certificate Insurer.
(b) Upon receipt of an Insured Payment from the Certificate Insurer on
behalf of the Insured Certificateholders, the Trustee shall deposit such Insured
Payment in the Certificate Account. All such amounts on deposit in the
Certificate Account shall remain uninvested. The Trustee shall include on each
Distribution Date the Deficiency Amount for such Distribution Date in the amount
distributed to the applicable Insured Certificateholders pursuant to Section
4.04. If on any Distribution Date, the Trustee or the Master Servicer
determines that the Certificate Insurer has paid more under a Certificate
Insurance Policy than is required by the terms thereof, the Trustee shall
promptly return the excess amount to the Certificate Insurer.
(c) The Trustee shall (i) receive as attorney-in-fact of each Insured
Certificateholder any Insured Payment from the Certificate Insurer and (ii)
distribute such Insured Payment to such Insured Certificateholders as set forth
in subsection (b) above. Insured Payments disbursed by the Trustee from
proceeds of the Certificate Insurance Policies shall not be considered payment
by the REMIC II Trust Fund with respect to the Insured Certificates, nor shall
such disbursement of such Insured Payments discharge the obligations of the
REMIC II Trust Fund with respect to the amounts thereof, and the Certificate
Insurer shall become owner of such amounts to the extent covered by such Insured
Payments as the deemed assignee of such Insured Certificateholders. The Trustee
hereby agrees on behalf of each Insured Certificateholder (and each Insured
Certificateholder, by its acceptance of its Insured Certificates, hereby agrees)
for the benefit of the Certificate Insurer that, to the extent the Certificate
Insurer makes Insured Payments, either directly or indirectly (as by paying
through the Trustee), to the Insured Certificateholders, the Certificate Insurer
will be subrogated to the rights of the Insured Certificateholders to the extent
of such payments.
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Section 3.17. [RESERVED.]
Section 3.18. [RESERVED.]
Section 3.19. [RESERVED.]
Section 3.20. ASSUMPTION OR TERMINATION OF SELLING AND SERVICING CONTRACTS
BY TRUSTEE. In the event the Master Servicer, 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 related Mortgage Loans
unless the Trustee elects to terminate the Selling and Servicing Contracts with
respect to such Mortgage Loans 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 related 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 such 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.
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 master serviced by the
Master Servicer and an accounting of amounts collected and held by the Master
Servicer and otherwise use its best efforts to effect the orderly and efficient
transfer of the rights and duties under the related Selling and Servicing
Contracts relating to such Mortgage Loans to the assuming party.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF EXPENSES
Section 4.01. DISTRIBUTIONS TO HOLDERS OF REMIC I REGULAR INTERESTS AND
CLASS R-1 CERTIFICATEHOLDERS. On each Distribution Date, the Trustee (or any
duly appointed paying agent) (i) shall be deemed to have distributed from the
Certificate Account the REMIC I Distribution Amount to the Holders of the REMIC
I Regular Interests and to have deposited such amount for their benefit into the
Certificate Account and (ii) from the Certificate Account shall distribute (A)
to the Certificate Insurer the amounts to be distributed to the Certificate
Insurer pursuant to the definition of "REMIC I Distribution Amount" for such
Distribution Date and (B) to the Class R-1 Certificateholders the sum of (a) the
Excess Liquidation Proceeds and (b) the amounts to be distributed to the Class
R-1 Certificateholders pursuant to the definition of "REMIC I Distribution
Amount" for such Distribution Date, all (except with respect to payments to the
Certificate Insurer) in accordance with written statements received from the
Master Servicer pursuant to Section 4.02(b), by wire transfer in immediately
available funds for the account of each such Holders and the Class R-1
Certificateholder, or by any other means of payment acceptable to each such
Holder and the Class R-1 Certificateholder of record on the immediately
preceding Record
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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 and, with respect to payments to the
Certificate Insurer, by means of payment acceptable to the Certificate Insurer.
Notwithstanding any other provision of this Agreement, no actual distributions
pursuant to clause (i) of this Section 4.01 shall be made on account of the
deemed distributions described in this paragraph except in the event of a
liquidation of REMIC II and not REMIC I.
Section 4.02. 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 Mortgage Loans, and (ii) the
amounts actually deposited in the Certificate Account on account of such
payments; provided that, with respect to any Balloon Loan that is delinquent on
its maturity date, the Master Servicer will not be required to advance the
related balloon payment but will be required to continue to make advances in
accordance with this Section 4.02 with respect to such Balloon Loan in an amount
equal to one month's interest on the unpaid principal balance at the applicable
Pass-Through Rate for each Distribution Date. The Master Servicer's obligation
to make any advance or advances described in this Section 4.02 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 Business Day prior to 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 in respect of the Mortgage Loans, stated
separately. In the event that full scheduled amounts of principal and interest
in respect of the Mortgage Loans 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 4.02, 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 4.02, 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
with respect to the Mortgage Loans shall be less than payments to
Certificateholders required to be made on such
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date with respect to the Mortgage Loans. Under each Selling and Servicing
Contract, the Master Servicer is entitled to receive from the Custodial Accounts
for P&I established by the Servicers amounts received by the applicable
Servicers 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 related Custodial
Accounts for P&I established by the Servicers to reimburse itself for prior
Nonrecoverable Advances respecting Mortgage Loans serviced by such Servicers.
The Master Servicer shall deposit these amounts in the Investment 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 Investment Account or the Certificate
Account to the extent that the Master Servicer shall determine that any such
advances previously made are Nonrecoverable Advances pursuant to Section 4.03.
(b) Prior to Noon New York City time two Business Days prior to each
Distribution Date, the Master Servicer shall provide the Trustee and the
Certificate Insurer with a statement regarding the amount of the Deficiency
Amount, if any, to be paid by the Certificate Insurer and the amount of
principal and interest, the Residual Distribution Amount and the Excess
Liquidation Proceeds to be distributed to each Class of REMIC I Regular
Interests and each Class of Certificates on such Distribution Date (such amounts
to be determined in accordance with the definitions of "REMIC I Distribution
Amount" and "REMIC II Distribution Amount", Section 4.01 and Section 4.04 hereof
and other related definitions set forth in Article I hereof).
Section 4.03. NONRECOVERABLE ADVANCES. Any advance previously made by a
Servicer pursuant to its Selling and Servicing Contract with respect to a
Mortgage Loan 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 with respect to such Mortgage Loan
or recoverable as late Monthly Payments with respect to such Mortgage Loan 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.
Section 4.04. DISTRIBUTIONS TO CERTIFICATEHOLDERS (OTHER THAN CLASS R-1
CERTIFICATEHOLDERS).
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(a) On each Distribution Date, the Trustee (or any duly appointed paying
agent) shall (i) withdraw from the Certificate Account, the REMIC II Available
Distribution Amount for such Distribution Date and shall distribute, from the
amount so withdrawn, to the extent of the REMIC II Available Distribution
Amount, the REMIC II Distribution Amount to the Certificates (other than the
Class R-1 Certificates) and to the Certificate Insurer in respect of the
Certificate Insurer's subrogation to certain rights to payments due to the
Insured Certificateholders (as set forth in Section 3.16) and (ii) withdraw the
Deficiency Amount, if any, from the Certificate Account and distribute such
amounts to the applicable Insured Certificateholders, all (except with respect
to payments to the Certificate Insurer) in accordance with written statements
received from the Master Servicer pursuant to Section 4.02(b), by wire transfer
in immediately available funds for the account of, or by check mailed to, each
such 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 and with respect to payments to the
Certificate Insurer, by means of payment acceptable to the Certificate Insurer.
(b) All reductions in the Certificate Principal Balance of a Certificate
effected by distributions of principal and all allocations of Realized Losses
made on any Distribution Date shall be binding upon all Holders of such
Certificates and of any Certificates 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 Certificates
(and the final distribution upon the Class R-1 and Class R-2 Certificates upon
the termination of REMIC I and REMIC II) 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 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments
on the Mortgage Loans and Insurance Proceeds, proceeds of the Certificate
Insurance Policies and Liquidation Proceeds received and expected to be received
during the Payoff 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 Agencies 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 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 4.05. STATEMENTS TO CERTIFICATEHOLDERS. With each distribution
from the Certificate Account on a Distribution Date, the Master Servicer shall
prepare and forward to the
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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 the Group I Special Hazard Coverage and the
Combined Special Hazard Coverage available to the Senior Certificates
remaining as of the close of business on the applicable Determination Date;
(d) The amount of the Group I Bankruptcy Coverage and the Combined
Bankruptcy Coverage available to the Senior Certificates remaining as of
the close of business on the applicable Determination Date;
(e) The amount of the Group I Fraud Coverage and Combined Fraud
Coverage available to the Senior Certificates remaining as of the close of
business on the applicable Determination Date;
(f) The amount of the Class II-A-3 Reimbursement Amount, the Class
III-A-6 Reimbursement Amount and the Class III-A-7 Reimbursement Amount as
of the applicable Determination Date and any amount payable to the
Certificate Insurer pursuant to its subrogation rights; and
(g) The amount of Realized Losses incurred in respect of each Loan
Group allocable to the Certificates on the related Distribution Date and
the cumulative amount of Realized Losses incurred in respect of each Loan
Group 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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ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES.
(a) The Certificates shall be substantially in the forms set forth in
Exhibit A and B with the additional insertion from Exhibit H 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.
(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
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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 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.
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(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 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.
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(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 Agencies to the
effect that the modification, addition to or elimination of such
provisions will not cause such Rating Agencies to downgrade its
then-current Ratings of the Certificates (determined in the case of
the Insured Certificates, without regard to the effect of the
Certificate Insurance Policy); 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 REMIC I and REMIC II to cease to qualify as
a REMIC and will not create a risk that (1) REMIC I and REMIC II 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 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-1]
[R-2] 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
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CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THE CLASS
[R-1][R-2] CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO
HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.
(vii) The Tax Matters Person for each of REMIC I or REMIC II, while
not a Disqualified Organization, shall be the tax matters person for the
related REMIC within the meaning of Section 6231(a)(7) of the Code and
Treasury Regulation Section 1.860F-4(d).
(d) In the case of any Class B or Residual Certificates 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 Certificate 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 Sections I and 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 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
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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 REMIC I Trust Fund, the REMIC II
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
Agencies. 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) To effectuate a Certificate transfer of a Junior Subordinate
Certificate 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). 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 the
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 Principal
Balances and last 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
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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: Tom Bowen, 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 (and with respect
to the Insured Certificates, the Certificate Insurer) 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 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 REMIC II
Trust Fund (or with respect to the Class R-1 Certificates, the residual
ownership interests in the REMIC I Trust Fund) as if originally issued, whether
or not the lost or stolen Certificate shall be found at any time.
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Section 5.05. PERSONS DEEMED OWNERS. The Company, the Master Servicer, the
Trustee, the Certificate Insurer 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 Section 4.04 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, B and H 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. 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 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
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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 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
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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: Tom Bowen, 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.
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 REMIC I or REMIC II 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
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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 REMIC I 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 REMIC I 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 THE 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 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 deposit into the
Certificate Account any payment required to be deposited therein under the
terms of 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 REMIC II 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 REMIC II 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
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opening of business on the Distribution Date in respect of which such
Monthly P&I Advance was to have been made;
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 REMIC II
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.
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(b) 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 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 REMIC II 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 REMIC II 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 REMIC II 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
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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 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
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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 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 REMIC II 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 Agencies 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 Agencies) 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 Agencies 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;
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(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;
(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 REMIC II 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
Accounts 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.
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Section 8.05. THE MASTER SERVICER TO PAY TRUSTEE'S FEES AND EXPENSES.
Subject to any separate written agreement with the Trustee, the 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 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 Company 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 REMIC I Trust Fund or the
REMIC II 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 Agencies. 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 trusts 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
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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 REMIC II 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.
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. Any expenses associated with the resignation of the Trustee shall
be borne by the Trustee, and any expenses associated with the removal of the
Trustee shall be borne by the Master Servicer.
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, (ii) the Rating Agencies and (iii) the Certificate
Insurer. 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.
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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
REMIC I Trust Fund or REMIC II 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 REMIC I Trust
Fund or REMIC II Trust Fund and to vest in such Person or Persons, in such
capacity, such title to the REMIC I Trust Fund or REMIC II 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 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 REMIC I Trust Fund or the REMIC II 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 trusts 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.
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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
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 and Section 4.04(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
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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 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 REMIC I 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
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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 REMIC I 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 REMIC I 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
REMIC I 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 and the payment to the Certificate
Insurer of any remaining amounts pursuant to the priority set forth in the
definition of "REMIC I Distribution Amount" of the Class II-A-3 Reimbursement
Amount, the Class III-A-6 Reimbursement Amount and the Class III-A-7
Reimbursement Amount; provided, however, that in no event shall the trusts
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 REMIC I 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 five
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 and the Certificate Insurer (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 REMIC
I 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 REMIC I 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
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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 REMIC I Trust Fund and the REMIC II Trust Fund shall be
terminated in accordance with the following additional requirements, unless the
Company, at its own expense, obtains for the Trustee and the Certificate Insurer
an Opinion of Counsel to the effect that the failure of the REMIC I Trust Fund
and REMIC II 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 REMIC I Trust Fund and the REMIC II Trust Fund as described in Section 860F
of the Code, or (ii) cause the REMIC I Trust Fund or the REMIC II 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 REMIC I
Trust Fund and the REMIC II 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 obtained at the expense
of the Company, on behalf of the REMIC I Trust Fund and the REMIC II Trust
Fund; and
(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 REMIC
I Trust Fund and the REMIC II Trust Fund to the Company for cash in the
amount specified in Section 9.01.
(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. TRUSTS IRREVOCABLE. Except as expressly provided herein, the
trusts created hereby are irrevocable.
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ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01. AMENDMENT.
(a) This Agreement may be amended from time to time by the Master
Servicer, the Company and the Trustee, without the consent of any of the
Certificateholders, but with the prior written consent of the Certificate
Insurer with respect to any amendment that adversely affects the interests of
any of the Insured 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 REMIC I Trust Fund
or the REMIC II Trust Fund, or to assure the conveyance to the Trustee of any
property included in the REMIC I Trust Fund or the REMIC II 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 Master
Servicer, the Company and the Trustee with the consent of the Holders of
Certificates evidencing Percentage Interests aggregating not less than 66% of
the REMIC II 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 creation
of any lien against any part of the REMIC I Trust Fund or the REMIC II 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
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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, the REMIC I Trust Fund or REMIC II 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
REMIC I Trust Fund or the REMIC II 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 REMIC I Trust Fund or
the REMIC II 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 REMIC II 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 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
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<PAGE>
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.
For so long as no Certificate Insurer Default exists, the Certificate
Insurer shall be deemed to be the sole Holder of all outstanding Insured
Certificates with respect to any rights hereunder (other than the right to
receive distributions on such Insured Certificates, except as provided in
Section 3.16); provided that such rights may not be used to reduce the rights of
the Insured Certificateholders to receive distributions or to otherwise impair
their rights under this Agreement as further described in the definition of
"Certificateholder."
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 New York 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
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<PAGE>
Master Servicing Department) or such other address as may hereafter be furnished
to the Trustee in writing by the Company, (b) 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, (c) 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, (d) 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, (e) in the case
of DCR, 55 E. Monroe Street, 38th Floor, Chicago, Illinois 60603, Attention:
Residential Mortgages, 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 the
Certificate Insurer, to MBIA Insurance Corporation, 113 King Street, Armonk, New
York 10504, Attn: Insured Portfolio Management - Structured Finance (IPM-SF), or
such other address as may hereafter be furnished to the Trustee and Master
Servicer in writing by the Certificate Insurer. Notices to the Rating Agencies
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 Agencies. 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 AGENCIES.
(a) The Trustee shall notify the Rating Agencies 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);
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<PAGE>
(ii) the appointment of a successor Master Servicer pursuant to
Section 7.02;
(b) The Master Servicer shall notify the Rating Agencies of the occurrence
of any of the following events, or in the case of clauses (iii), (iv), (vii) and
(viii) promptly upon receiving notice thereof, in the manner provided in Section
10.06;
(i) any amendment of this Agreement pursuant to Section 10.01;
(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 4.02; 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 4.02.
The Master Servicer shall provide copies of the statements pursuant to Section
4.02, Section 4.05, Section 3.12, Section 3.13 or Section 3.15 or any other
statements or reports to the Rating Agencies (with a copy to the Certificate
Insurer) 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 4.05, the Master Servicer shall
provide such reports to the Rating Agencies (with a copy to the Certificate
Insurer) 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/ Michael A. Aaknes
-------------------------------
Michael A. Aaknes
Its: Assistant Vice President
U.S. BANK NATIONAL ASSOCIATION, as Trustee
(SEAL)
[NO CORPORATE SEAL]
By: /s/ C. Hatfield
-------------------------------
Its: Vice President
-------------------------------
<PAGE>
ACKNOWLEDGEMENT OF CORPORATION
STATE OF ILLINOIS )
) SS.
COUNTY OF LAKE )
On this day of March, 1998 before me, a Notary Public in and for said
State, personally appeared, known to me to be the 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/ Julie A. Lucas
-----------------------------------
Notary Public
(SEAL) [STAMP]
<PAGE>
CERTIFICATE OF ACKNOWLEDGEMENT
STATE OF MINNESOTA )
) SS.
COUNTY OF RAMSEY )
On this day of March, 1998 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.
[STAMP]
Signature /s/ Deborah J. Franco (SEAL)
-----------------------------------
<PAGE>
Exhibit A-I-A-1
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-A-1
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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., 100% 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 Assumption 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 1998-3 Portion of the Class I-A-1 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class I-A-1 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-A-1 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-1
<PAGE>
Exhibit A-I-X
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-X
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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., 100% 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 Assumption or any other rate.]
Series 1998-3 Portion of the Class I-X Notional Amount as
of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class I-X Remittance Rate: 6.750% applied to the Class
I-X Notional Amount
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-X Principal Balance
as of the Cut-Off Date: $0.00
Class I-X Notional Amount
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-2
<PAGE>
Exhibit A-I-P
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-P
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. Interest is not
payable with respect to this Certificate. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 100% 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 Assumption or any other rate.]
Series 1998-3 Portion of the Class I-P Principal Balance as
of the Cut-Off Date evidenced by this
Certificate:
Class I-P Remittance Rate: 0.00% $____________________________________________
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-P Principal Balance as of the Cut-Off Date:
__________________
Registered Owner
Certificate No. _________
A-3
<PAGE>
Exhibit A-I-B-1
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-B-1
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30,
1998. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 6.750% 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., 100% 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 Assumption or any other rate.]
IN THE CASE OF ANY CLASS I-B-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 I-B-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 I-B-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 1998-3 Portion of the Class I-B-1 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$_________________________________________
Class I-B-1 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-B-1 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-4
<PAGE>
Exhibit A-I-B-2
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-B-2
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30,
1998. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 6.750% 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., 100% 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 Assumption or any other rate.]
IN THE CASE OF ANY CLASS I-B-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 I-B-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 I-B-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 1998-3 Portion of the Class I-B-2 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class I-B-2 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-B-2 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-5
<PAGE>
Exhibit A-I-B-3
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-B-3
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30,
1998. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 6.750% 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., 100% 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 Assumption or any other rate.]
IN THE CASE OF ANY CLASS I-B-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 I-B-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 I-B-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 1998-3 Portion of the Class I-B-3 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class I-B-3 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-B-3 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-6
<PAGE>
Exhibit A-I-B-4
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-B-4
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 "Date") of this Certificate is March 30, 1998. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 6.750% 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., 100% 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 Assumption or any other rate.]
IN THE CASE OF ANY CLASS I-B-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 I-B-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 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) OF THE POOLING AGREEMENT.
The Class I-B-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 1998-3 Portion of the Class I-B-4 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class I-B-4 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-B-4 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
A-7
<PAGE>
Certificate No. _________
A-8
<PAGE>
Exhibit A-I-B-5
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-B-5
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 "Date") of this Certificate is March 30, 1998. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 6.750% 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 Assumption or any other rate.]
IN THE CASE OF ANY CLASS I-B-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 I-B-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 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) OF THE POOLING AGREEMENT.
The Class I-B-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 1998-3 Portion of the Class I-B-5 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class I-B-5 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-B-5 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
A-9
<PAGE>
Certificate No. _________
A-10
<PAGE>
Exhibit A-I-B-6
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class I-B-6
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 "Date") of this Certificate is March 30, 1998. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 6.750% 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 Assumption or any other rate.]
IN THE CASE OF ANY CLASS I-B-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 I-B-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 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) OF THE POOLING AGREEMENT.
The Class I-B-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 1998-3 Portion of the Class I-B-6 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$__________________________________________
Class I-B-6 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class I-B-6 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
A-11
<PAGE>
Certificate No. _________
A-12
<PAGE>
Exhibit A-II-A-1
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class II-A-1
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998.
[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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class II-A-1 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class II-A-1 Remittance Rate: 6.700%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class II-A-1 Principal Balance as of the Cut-Off Date:
Cede & Co.
Registered Owner
A-13
<PAGE>
Exhibit A-II-A-2
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class II-A-2
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998.
[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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class II-A-2 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class II-A-2 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class II-A-2 Principal Balance as of the Cut-Off Date:
Cede & Co.
Registered Owner
A-14
<PAGE>
Exhibit A-II-A-3
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class II-A-3
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998.
[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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class II-A-3 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class II-A-3 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class II-A-3 Principal Balance as of the Cut-Off Date:
Cede & Co.
Registered Owner
A-15
<PAGE>
Exhibit A-II-A-4
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class II-A-4
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998.
[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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class II-A-4 Principal Balance
as of the Cut-Off Date Evidenced by this
Certificate:
$___________________________________________
Class II-A-4 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class II-A-4 Principal Balance as of the Cut-Off Date:
Cede & Co.
Registered Owner
A-16
<PAGE>
Exhibit A-II-A-5
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class II-A-5
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998.
[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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class II-A-5 Notional Amount
as of the Cut-Off Date Evidenced by this
Certificate:
$__________________________________________
Class II-A-5 Remittance Rate: 6.750% applied to the Class II-A-5 Notional Amount
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class II-A-5 Principal Balance as of the Cut-Off Date: $0.00
Class II-A-5 Notional Amount as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-17
<PAGE>
Exhibit A-III-A-1
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-1
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.400% 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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class III-A-1 Principal
Balance as of the Cut-Off Date Evidenced by
this Certificate:
$_________________________________________
Class III-A-1 Remittance Rate: 6.400%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-1 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-18
<PAGE>
Exhibit A-III-A-2
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-2
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998.
[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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class III-A-2 Notional Amount
as of the Cut-Off Date Evidenced by this
Certificate:
$__________________________________________
Class III-A-2 Remittance Rate: 6.750% applied to the Class III-A-2 Notional
Amount
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-2 Principal Balance as of the Cut-Off Date: $0.00
Class III-A-2 Notional Amount as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-19
<PAGE>
Exhibit A-III-A-3
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-3
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. 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., 250% of the Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class III-A-3 Principal
Balance as of the Cut-Off Date Evidenced by
this Certificate:
$_________________________________________
Class III-A-3 Remittance Rate: 7.000%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-3 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-20
<PAGE>
Exhibit A-III-A-4
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-4
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. Interest is not
payable with respect to this Certificate. [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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class III-A-4 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$__________________________________________
Class III-A-4 Remittance Rate: 0.000%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-4 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-21
<PAGE>
Exhibit A-III-A-5
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-5
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class III-A-5 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$__________________________________________
Class III-A-5 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-5 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-22
<PAGE>
Exhibit A-III-A-6
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-6
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class III-A-6 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$__________________________________________
Class III-A-6 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-6 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-23
<PAGE>
Exhibit A-III-A-7
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-7
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class III-A-7 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$__________________________________________
Class III-A-7 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-7 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-24
<PAGE>
Exhibit A-III-A-8
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-A-8
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption 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 1998-3 Portion of the Class III-A-8 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$__________________________________________
Class III-A-8 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-A-8 Principal Balance
as of the Cut-Off Date: $[ ]
Cede & Co.
Registered Owner
A-25
<PAGE>
Exhibit A-C-X-1
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-X-1
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class C-X-1 Notional Amount as of the
Cut-Off Date Evidenced by this Certificate:
$___________________________________________________
Class C-X-1 Remittance Rate: 6.750% applied to the Class C-X-1 Notional Amount
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-X-1 Principal Balance
as of the Cut-Off Date: $0.00
Class C-X-1 Notional Amount
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-26
<PAGE>
Exhibit A-C-X-2
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-X-2
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class C-X-2 Notional Amount as of the
Cut-Off Date Evidenced by this Certificate:
$__________________________________________________
Class C-X-2 Remittance Rate: 6.750% applied to the Class C-X-2 Notional Amount
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-X-2 Principal Balance
as of the Cut-Off Date: $0.00
Class C-X-2 Notional Amount
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-27
<PAGE>
Exhibit A-C-X-3
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-X-3
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class C-X-3 Notional Amount as of the
Cut-Off Date Evidenced by this Certificate:
$__________________________________________________
Class C-X-3 Remittance Rate: 6.750% applied to the Class C-X-3 Notional Amount
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-X-3 Principal Balance
as of the Cut-Off Date: $0.00
Class C-X-3 Notional Amount
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-28
<PAGE>
Exhibit A-III-P
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class III-P
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30, 1998. Interest is not
payable with respect to this Certificate. [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 Standard 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 Standard Prepayment Assumption or any other rate.]
Series 1998-3 Portion of the Class III-P Principal Balance as of the
Cut-Off Date evidenced by this Certificate:
$____________________________________________________
Class III-P Remittance Rate: 0.00% $
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class III-P Principal Balance as of the Cut-Off Date:
__________________
Registered Owner
Certificate No. _________
A-29
<PAGE>
Exhibit A-C-B-1
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-B-1
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30,
1998. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
IN THE CASE OF ANY CLASS C-B-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 C-B-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 C-B-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 1998-3 Portion of the Class C-B-1 Principal Balance as of the
Cut-Off Date Evidenced by this Certificate:
$____________________________________________________
Class C-B-1 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-B-1 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-30
<PAGE>
Exhibit A-C-B-2
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-B-2
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30,
1998. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
IN THE CASE OF ANY CLASS C-B-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 C-B-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 C-B-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 1998-3 Portion of the Class C-B-2 Principal Balance as of the
Cut-Off Date Evidenced by this Certificate:
$_________________________________________________
Class C-B-2 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-B-2 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-31
<PAGE>
Exhibit A-C-B-3
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-B-3
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 March 30,
1998. The rate at which interest is payable as of the Issue Date with respect to
this Certificate is 6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
IN THE CASE OF ANY CLASS C-B-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 C-B-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 C-B-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 1998-3 Portion of the Class C-B-3 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$_____________________________________________
Class C-B-3 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-B-3 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
Certificate No. _________
A-32
<PAGE>
Exhibit A-C-B-4
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-B-4
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things,
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 "Date") of this Certificate is March 30, 1998. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
IN THE CASE OF ANY CLASS C-B-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 C-B-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 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) OF THE POOLING AGREEMENT.
The Class C-B-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 1998-3 Portion of the Class C-B-4 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$________________________________________________
Class C-B-4 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-B-4 Principal Balance
as of the Cut-Off Date: $[ ]
__________________
Registered Owner
A-33
<PAGE>
Certificate No. _________
A-34
<PAGE>
Exhibit A-C-B-5
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-B-5
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things,
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 "Date") of this Certificate is March 30, 1998. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
IN THE CASE OF ANY CLASS C-B-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 C-B-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 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) OF THE POOLING AGREEMENT.
The Class C-B-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 1998-3 Portion of the Class C-B-5 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$______________________________________________
Class C-B-5 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-B-5 Principal Balance
as of the Cut-Off Date: $[ ]
A-35
<PAGE>
__________________
Registered Owner
Certificate No. _________
A-36
<PAGE>
Exhibit A-C-B-6
CUSIP [ ]
MORTGAGE PASS-THROUGH CERTIFICATE
Class C-B-6
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consists of, among other things, 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 "Date") of this Certificate is March 30, 1998. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 6.750% 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 Standard 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 Standard Prepayment Assumption or any other rate.]
IN THE CASE OF ANY CLASS C-B-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 C-B-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 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) OF THE POOLING AGREEMENT.
The Class C-B-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 1998-3 Portion of the Class C-B-6 Principal Balance as of
the Cut-Off Date Evidenced by this Certificate:
$_______________________________________________
Class C-B-6 Remittance Rate: 6.750%
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class C-B-6 Principal Balance
as of the Cut-Off Date: $[ ]
A-37
<PAGE>
__________________
Registered Owner
Certificate No. _________
A-38
<PAGE>
Exhibit B
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class R-2
Evidencing a Percentage Interest in a trust fund whose assets consist of
interests in another trust fund whose assets consist of, among other things, 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-2 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-2 CERTIFICATE BY ACCEPTANCE OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
NO TRANSFER OF ANY CLASS R-2 CERTIFICATE SHALL BE MADE UNLESS THE TRANSFEREE
PROVIDES THE COMPANY AND THE TRUSTEE WITH 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-2 CERTIFICATE IS PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("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,
THE REMIC I TRUST FUND, THE REMIC II TRUST FUND 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 1998-3 Percentage Interest evidenced by this Class R-2
Certificate in the distributions to be made with
respect to the Class R-2 Certificates:__________
_________%
Class R-2 Remittance Rate: 6.750%.
Additionally the Class R-2 Certificates
are entitled to the Residual Distribution
Amount as defined in the Pooling Agreement.
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class R Principal Balance as of the Cut-Off Date: $50.00
__________________
Registered Owner
B-1
<PAGE>
Certificate No. _________
B-1
<PAGE>
Exhibit C
CUSIP
MORTGAGE PASS-THROUGH CERTIFICATE
Class R-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.
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-1 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-1 CERTIFICATE BY ACCEPTANCE OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
NO TRANSFER OF ANY CLASS R-1 CERTIFICATE SHALL BE MADE UNLESS THE TRANSFEREE
PROVIDES THE COMPANY AND THE TRUSTEE WITH 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-1 CERTIFICATE IS PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("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,
THE REMIC I TRUST FUND, THE REMIC II TRUST FUND 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 1998-3 Percentage Interest evidenced by this Class R-1
Certificate in the distributions to be made with
respect to the Class R-1 Certificates: ________
___________%
Class R-1 Remittance Rate: 6.750%.
Additionally the Class R-1 Certificates
are entitled to Excess Liquidation
Proceeds and the Residual Distribution
Amount as defined in the Pooling Agreement.
Cut-Off Date: March 1, 1998
First Distribution Date: April 27, 1998
Last Scheduled Distribution Date:
Class R-1 Principal Balance as of the Cut-Off Date: $50.00
__________________
Registered Owner
B-1
<PAGE>
Certificate No. _________
B-1
<PAGE>
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 "REMIC I 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 U.S. 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
REMIC I 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.
B-1
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
U.S. 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.
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:
------------------------
Dated:
---------------------
B-1
<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 REMIC I 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
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer 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 from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement to the Master
Servicer 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, the Master Servicer and the Trustee with the consent of
the Holders of the Certificates evidencing Percentage Interests aggregating not
less than 66% of the REMIC II 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. 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
B-1
<PAGE>
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.
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 REMIC
I 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 REMIC II 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 REMIC I 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 Trustee 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 generally requires that the Trustee 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 REMIC I 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 five
percent (5%) of the aggregate unpaid Principal Balance of the Mortgage Loans as
of the Cut-Off Date.
B-1
<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. This Certificate
does not represent an obligation of or an
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.
B-1
<PAGE>
EXHIBIT D
(vlegal.ace v1.4) Page 1
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125032 VARGAS,FRANK,DEBRA 15688 37TH AVENUE CLEARLAKE CA 95422 $27,755.64
600125061 LOVE,DONALD,LAURA 2128 GRANT STREET LONGMANT CO 80501 $87,203.51
600125062 LOVE,DONALD,LAURA 188 LABONTE STREET #331 DILLON CO 80435 $53,178.69
600125081 AKERS,LARRY,BONNIE HC 83 BOX 4280 COQUILLE OR 97423 $61,966.39
600125082 JACKSON,WAYNE,LOUISE 159 FAWN WAY EAGLE POINT OR 97524 $93,576.10
600125083 CHAPMAN,MORLEY 6615 ROCKYDALE ROAD CAVE JUNCTION OR 97523 $69,589.59
600125094 HULLMAN,JOHN,NANCY 524 A & B NORTHWEST C STR GRANTS PASS OR 97526 $46,708.94
600125095 GALUSHA,PAMELA 458 RAY LANE ASHLAND OR 97520 $42,250.82
600125104 DAHL,WAYNE,LINDA 1541 VELIA STREET MEDFORD OR 97504 $62,117.15
600125105 ENGLISH/TEMPLEM,DONALD/BI 57 QUINCE STREET MEDFORD OR 97501 $55,181.69
600125121 LOHMAN,JOSHUA J 1618 SOUTHEAST BELMONT ST PORTLAND OR 97214 $60,244.70
600125128 ALLEN,RODNEY 17401 8TH AVENUE COURT SO SPANAWAY WA 98387 $41,066.05
600125146 HOLMES,MIKE,CAROLE 2714 HERVEY AVENUE BOISE ID 83705 $59,299.47
600125151 HOLLADAY,NANNETTE 4970 NORTH UNIVERSITY AVE PROVO UT 84604 $68,417.38
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125032 VARGAS,FRANK,DEBRA 8.000 .250 7.750 .0400 7.710 12/01/2012
600125061 LOVE,DONALD,LAURA 8.375 .250 8.125 .0400 8.085 11/01/2012
600125062 LOVE,DONALD,LAURA 8.125 .250 7.875 .0400 7.835 11/01/2012
600125081 AKERS,LARRY,BONNIE 8.250 .250 8.000 .0400 7.960 12/01/2012
600125082 JACKSON,WAYNE,LOUISE 8.000 .250 7.750 .0400 7.710 12/01/2012
600125083 CHAPMAN,MORLEY 7.875 .250 7.625 .0400 7.585 01/01/2013
600125094 HULLMAN,JOHN,NANCY 7.250 .250 7.000 .0400 6.960 01/01/2013
600125095 GALUSHA,PAMELA 7.875 .250 7.625 .0400 7.585 01/01/2013
600125104 DAHL,WAYNE,LINDA 7.375 .250 7.125 .0400 7.085 01/01/2013
600125105 ENGLISH/TEMPLEM,DONALD/BI 8.125 .250 7.875 .0400 7.835 01/01/2013
600125121 LOHMAN,JOSHUA J 7.875 .250 7.625 .0400 7.585 01/01/2013
600125128 ALLEN,RODNEY 7.875 .250 7.625 .0400 7.585 01/01/2013
600125146 HOLMES,MIKE,CAROLE 8.000 .250 7.750 .0400 7.710 11/01/2012
600125151 HOLLADAY,NANNETTE 8.375 .250 8.125 .0400 8.085 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125032 VARGAS,FRANK,DEBRA 496178 $267.58 03/01/1998 180
600125061 LOVE,DONALD,LAURA 507876 $862.09 03/01/1998 180
600125062 LOVE,DONALD,LAURA 507884 $518.03 03/01/1998 180
600125081 AKERS,LARRY,BONNIE 522581 $606.34 03/01/1998 180
600125082 JACKSON,WAYNE,LOUISE 522601 $902.14 03/01/1998 180
600125083 CHAPMAN,MORLEY 522612 $663.91 03/01/1998 180
600125094 HULLMAN,JOHN,NANCY 522682 $429.05 03/01/1998 180
600125095 GALUSHA,PAMELA 522693 $403.09 03/01/1998 180
600125104 DAHL,WAYNE,LINDA 522720 $574.95 03/01/1998 180
600125105 ENGLISH/TEMPLEM,DONALD/BI 522721 $534.40 03/01/1998 180
600125121 LOHMAN,JOSHUA J 526064 $574.76 03/01/1998 180
600125128 ALLEN,RODNEY 528508 $405.94 03/01/1998 180
600125146 HOLMES,MIKE,CAROLE 530493 $573.39 03/01/1998 180
600125151 HOLLADAY,NANNETTE 530599 $674.42 03/01/1998 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>
600125032 VARGAS,FRANK,DEBRA .00 .00 .00 .000 .250 .290 $42,000.00 N
600125061 LOVE,DONALD,LAURA .00 .00 .00 .000 .250 .290 $126,000.00 N
600125062 LOVE,DONALD,LAURA .00 .00 .00 .000 .250 .290 $178,500.00 N
600125081 AKERS,LARRY,BONNIE .00 .00 .00 .000 .250 .290 $98,000.00 N
600125082 JACKSON,WAYNE,LOUISE .00 .00 .00 .000 .250 .290 $118,000.00 N
600125083 CHAPMAN,MORLEY .00 .00 .00 .000 .250 .290 $115,000.00 N
600125094 HULLMAN,JOHN,NANCY .00 .00 .00 .000 .250 .290 $93,500.00 N
600125095 GALUSHA,PAMELA .00 .00 .00 .000 .250 .290 $120,000.00 N
600125104 DAHL,WAYNE,LINDA .00 .00 .00 .000 .250 .290 $95,000.00 N
600125105 ENGLISH/TEMPLEM,DONALD/BI .00 .00 .00 .000 .250 .290 $74,000.00 N
600125121 LOHMAN,JOSHUA J .00 .00 .00 .000 .250 .290 $132,000.00 N
600125128 ALLEN,RODNEY .00 .00 .00 .000 .250 .290 $95,000.00 N
600125146 HOLMES,MIKE,CAROLE .00 .00 .00 .000 .250 .290 $96,000.00 N
600125151 HOLLADAY,NANNETTE .00 .00 .00 .000 .250 .290 $120,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 2
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125186 DUBSKY,JOSEPH,JUDY 290 FIRST STREET IRRIGON OR 97844 $42,763.66
600125228 KEITH,WARREN,BARBARA 644 TERRACE DRIVE BULLHEAD CITY AZ 86442 $37,278.99
600125229 PALAZZO,RANDALL 8611 EAST TWENTY-SIXTH PL TUCSON AZ 85710 $63,217.62
600125242 MACKE,DREW A. 2106 WEST PLATA AVENUE MESA AZ 85202 $62,444.12
600125266 LE,CUC HONG THI 2608 BARTLETT STREET OAKLAND CA 94602 $64,868.11
600125272 HUGHES,DIANE 19 CENTER STREET RONKONKOMA NY 11779 $83,071.65
600125278 WELCH,THEODORE, TERRI 2805 BIRD STREET HANNIBAL MO 63401 $24,119.37
600125283 JONES,GERARD, WILLA 56 ANDREWS AVENUE WHEATLEY HEIGHT NY 11798 $80,360.21
600125305 DURAN,JUAN,IRMA 1002 R STREET NEWMAN CA 95360 $29,743.88
600125328 BURRUS,WILLIAM,MICHELE 4141 SOUTH LEWISTON CIRCL AURORA CO 80013 $90,590.74
600125374 KUBOTA,ALLAN 304 NORTH 450 EAST SPRINGVILLE UT 84663 $97,181.62
600125388 KUBOTA,ALLAN 292 EAST 4960 NORTH PROVO UT 84604 $87,248.70
600125396 FURFARO,JANET 12532 WEST FLORIDA DRIVE LAKEWOOD CO 80228 $79,023.55
600125438 STEWART,RICHARD 597 LEE HILL DRIVE BOULDER CO 80302 $66,737.97
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125186 DUBSKY,JOSEPH,JUDY 8.250 .250 8.000 .0400 7.960 12/01/2012
600125228 KEITH,WARREN,BARBARA 8.250 .250 8.000 .0400 7.960 12/01/2012
600125229 PALAZZO,RANDALL 8.500 .250 8.250 .0400 8.210 12/01/2012
600125242 MACKE,DREW A. 7.875 .250 7.625 .0400 7.585 12/01/2012
600125266 LE,CUC HONG THI 8.750 .250 8.500 .0400 8.460 10/01/2012
600125272 HUGHES,DIANE 8.625 .250 8.375 .0400 8.335 11/01/2012
600125278 WELCH,THEODORE, TERRI 9.250 .250 9.000 .0400 8.960 11/01/2012
600125283 JONES,GERARD, WILLA 9.125 .250 8.875 .0400 8.835 12/01/2012
600125305 DURAN,JUAN,IRMA 8.250 .250 8.000 .0400 7.960 12/01/2012
600125328 BURRUS,WILLIAM,MICHELE 8.375 .250 8.125 .0400 8.085 11/01/2012
600125374 KUBOTA,ALLAN 8.500 .250 8.250 .0400 8.210 12/01/2012
600125388 KUBOTA,ALLAN 8.250 .250 8.000 .0400 7.960 12/01/2012
600125396 FURFARO,JANET 7.625 .250 7.375 .0400 7.335 01/01/2013
600125438 STEWART,RICHARD 8.500 .250 8.250 .0400 8.210 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125186 DUBSKY,JOSEPH,JUDY 535469 $422.01 03/01/1998 180
600125228 KEITH,WARREN,BARBARA 537554 $364.77 03/01/1998 180
600125229 PALAZZO,RANDALL 537560 $627.77 03/01/1998 180
600125242 MACKE,DREW A. 537656 $597.52 03/01/1998 180
600125266 LE,CUC HONG THI 538439 $657.34 03/01/1998 180
600125272 HUGHES,DIANE 538580 $833.35 03/01/1998 180
600125278 WELCH,THEODORE, TERRI 538707 $252.15 03/01/1998 180
600125283 JONES,GERARD, WILLA 538802 $827.59 2 03/01/1998 180
600125305 DURAN,JUAN,IRMA 540053 $291.04 03/01/1998 180
600125328 BURRUS,WILLIAM,MICHELE 543106 $903.63 03/01/1998 180
600125374 KUBOTA,ALLAN 543504 $965.04 03/01/1998 180
600125388 KUBOTA,ALLAN 543631 $853.72 03/01/1998 180
600125396 FURFARO,JANET 543659 $742.63 03/01/1998 180
600125438 STEWART,RICHARD 543884 $662.73 03/01/1998 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>
600125186 DUBSKY,JOSEPH,JUDY .00 .00 .00 .000 .250 .290 $73,600.00 N
600125228 KEITH,WARREN,BARBARA .00 .00 .00 .000 .250 .290 $47,000.00 N
600125229 PALAZZO,RANDALL .00 .00 .00 .000 .250 .290 $85,000.00 N
600125242 MACKE,DREW A. .00 .00 .00 .000 .250 .290 $86,000.00 N
600125266 LE,CUC HONG THI .00 .00 .00 .000 .250 .290 $115,770.00 N
600125272 HUGHES,DIANE .00 .00 .00 .000 .250 .290 $112,000.00 N
600125278 WELCH,THEODORE, TERRI .00 .00 .00 .000 .250 .290 $36,000.00 N
600125283 JONES,GERARD, WILLA .00 .00 .00 .000 .250 .290 $90,000.00 N
600125305 DURAN,JUAN,IRMA .00 .00 .00 .000 .250 .290 $58,000.00 N
600125328 BURRUS,WILLIAM,MICHELE .00 .00 .00 .000 .250 .290 $124,900.00 N
600125374 KUBOTA,ALLAN .00 .00 .00 .000 .250 .290 $169,000.00 N
600125388 KUBOTA,ALLAN .00 .00 .00 .000 .250 .290 $184,000.00 N
600125396 FURFARO,JANET .00 .00 .00 .000 .250 .290 $151,000.00 N
600125438 STEWART,RICHARD .00 .00 .00 .000 .250 .290 $290,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 3
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125475 HENDERSON,MARION R. 1365 2ND STREET LEBANON OR 97355 $49,725.69
600125477 ARMENDARIZ,DAVID,DEBORAH 1740 CEDAR STREET SWEET HOME OR 97386 $79,286.35
600125479 SHORE,AUDREY,STANLEY 1210 ALBERT DRIVE SOUTHEA SALEM OR 97302 $70,882.80
600125486 MAGNUSON,JOHN/TAMARA 466 & 468 NORTHWEST 5TH S ONTARIO OR 97914 $52,118.87
600125506 JOSTAD,DAVID R 4040 COPPER GLEN COURT SO SALEM OR 97302 $63,620.60
600125507 JOSTAD,DAVID R 605 ROCKWOOD STREET SOUTH SALEM OR 97306 $72,144.88
600125515 WILLIAMS,TERRY 4200 & 4210 CLARK STREET BOISE ID 83705 $66,539.89
600125549 GONZALEZ,MARIA 111 MADRID STREET SAN FRANCISCO CA 94112 $59,064.37
600125550 GALE,NIGEL 2454 PENMAR AVENUE LOS ANGELES CA 90291 $70,373.53
600125551 BREKER,CHERYL,DOUGLAS 304 NORTH WALNUT STREET TOWNSEND MT 59644 $60,791.37
600125568 THROWER,ORLANDO,ELLA 436 EAST 91ST STREET LOS ANGELES CA 90003 $70,826.26
600125570 PRAK,JENNIFER 3509-3511 MARLBOROUGH AVE SAN DIEGO CA 92105 $97,935.07
600125591 FRANKENBERGER,DAVID 1940 MESA STREET SAN BERNARDINO CA 92407 $71,385.29
600125595 GRASSO,BRENDA 5217 CHEETAH COURT NORTH LAS VEGAS NV 89031 $81,910.22
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125475 HENDERSON,MARION R. 8.625 .250 8.375 .0400 8.335 01/01/2013
600125477 ARMENDARIZ,DAVID,DEBORAH 7.750 .250 7.500 .0400 7.460 12/01/2012
600125479 SHORE,AUDREY,STANLEY 8.125 .250 7.875 .0400 7.835 12/01/2012
600125486 MAGNUSON,JOHN/TAMARA 8.875 .250 8.625 .0400 8.585 01/01/2013
600125506 JOSTAD,DAVID R 7.750 .250 7.500 .0400 7.460 01/01/2013
600125507 JOSTAD,DAVID R 7.750 .250 7.500 .0400 7.460 01/01/2013
600125515 WILLIAMS,TERRY 7.375 .250 7.125 .0400 7.085 01/01/2013
600125549 GONZALEZ,MARIA 7.875 .250 7.625 .0400 7.585 12/01/2012
600125550 GALE,NIGEL 7.875 .250 7.625 .0400 7.585 12/01/2012
600125551 BREKER,CHERYL,DOUGLAS 7.625 .250 7.375 .0400 7.335 11/01/2012
600125568 THROWER,ORLANDO,ELLA 7.125 .250 6.875 .0400 6.835 12/01/2012
600125570 PRAK,JENNIFER 8.125 .250 7.875 .0400 7.835 01/01/2013
600125591 FRANKENBERGER,DAVID 8.250 .250 8.000 .0400 7.960 12/01/2012
600125595 GRASSO,BRENDA 8.500 .250 8.250 .0400 8.210 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125475 HENDERSON,MARION R. 544509 $496.04 03/01/1998 180
600125477 ARMENDARIZ,DAVID,DEBORAH 544525 $753.02 03/01/1998 180
600125479 SHORE,AUDREY,STANLEY 544540 $688.46 03/01/1998 180
600125486 MAGNUSON,JOHN/TAMARA 544583 $527.59 03/01/1998 180
600125506 JOSTAD,DAVID R 544730 $602.42 03/01/1998 180
600125507 JOSTAD,DAVID R 544731 $686.19 03/01/1998 180
600125515 WILLIAMS,TERRY 544768 $615.89 03/01/1998 180
600125549 GONZALEZ,MARIA 546808 $569.07 03/01/1998 180
600125550 GALE,NIGEL 547521 $673.40 03/01/1998 180
600125551 BREKER,CHERYL,DOUGLAS 547685 $593.17 03/01/1998 180
600125568 THROWER,ORLANDO,ELLA 548324 $647.67 03/01/1998 180
600125570 PRAK,JENNIFER 548351 $948.44 03/01/1998 180
600125591 FRANKENBERGER,DAVID 548978 $698.50 03/01/1998 180
600125595 GRASSO,BRENDA 549055 $813.39 03/01/1998 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>
600125475 HENDERSON,MARION R. .00 .00 .00 .000 .250 .290 $80,000.00 N
600125477 ARMENDARIZ,DAVID,DEBORAH .00 .00 .00 .000 .250 .290 $100,000.00 N
600125479 SHORE,AUDREY,STANLEY .00 .00 .00 .000 .250 .290 $175,000.00 N
600125486 MAGNUSON,JOHN/TAMARA .00 .00 .00 .000 .250 .290 $65,500.00 N
600125506 JOSTAD,DAVID R .00 .00 .00 .000 .250 .290 $136,500.00 N
600125507 JOSTAD,DAVID R .00 .00 .00 .000 .250 .290 $119,400.00 N
600125515 WILLIAMS,TERRY .00 .00 .00 .000 .250 .290 $103,000.00 N
600125549 GONZALEZ,MARIA .00 .00 .00 .000 .250 .290 $215,000.00 N
600125550 GALE,NIGEL .00 .00 .00 .000 .250 .290 $130,000.00 N
600125551 BREKER,CHERYL,DOUGLAS .00 .00 .00 .000 .250 .290 $114,000.00 N
600125568 THROWER,ORLANDO,ELLA .00 .00 .00 .000 .250 .290 $110,000.00 N
600125570 PRAK,JENNIFER .00 .00 .00 .000 .250 .290 $126,000.00 N
600125591 FRANKENBERGER,DAVID .00 .00 .00 .000 .250 .290 $90,000.00 N
600125595 GRASSO,BRENDA .00 .00 .00 .000 .250 .290 $135,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 4
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125602 THOMPSON,CHARLES,ELAINE 844 JAYBIRD LANE BIG BEAR LAKE CA 92315 $65,725.28
600125605 GREEN,RAYMOND 924 VALLEY AVENUE SOLANA BEACH CA 92075 $84,007.60
600125621 CAPELLE,TY,CYNTHIA 714 SOUTH SECOND STREET HAMILTON MT 59840 $46,483.89
600125622 CONNELLY,CYNTHIA L. 1647 120TH STREET SOUTH TACOMA WA 98444 $29,656.20
600125631 HEDBERG,MICHAEL E 1925 SOUTH JACKSON STREET CASPER WY 82601 $44,349.95
600125638 NICHOLS,MINDY 512 LORE LAKE ROAD KALISPELL MT 59901 $51,913.34
600125669 PHINNEY,DWAYNE, DONNA 813 EAST EMPIRE AVENUE SPOKANE WA 99207 $38,286.42
600125670 PHINNEY,DWAYNE, DONNA 723 EAST CROWN AVENUE SPOKANE WA 99207 $29,933.01
600125674 HAGEL,RODGER,SUSAN 2138 PUEBLO DRIVE BILLINGS MT 59102 $65,417.64
600125701 LAU,CARLAND 12107 168TH STREET EAST PUYALLUP WA 98374 $85,092.57
600125711 JOHNSTON,STANLEY,CANDIS 102 SCHOOL HOUSE ROAD BRINNON WA 98320 $125,733.53
600125724 LEE/HAN,HEE CHANG/SYN H 3798 110TH PLACE NORTHEAS BELLEVUE WA 98004 $210,624.96
600125733 MORRIS,BERNIE 829 WEST RAYMOND STREET COMPTON CA 90220 $57,097.28
600125749 LARSON,WILLIAM,LINDA 222-228 HARTSON STREET NAPA CA 94559 $103,082.34
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125602 THOMPSON,CHARLES,ELAINE 8.500 .250 8.250 .0400 8.210 11/01/2012
600125605 GREEN,RAYMOND 8.000 .250 7.750 .0400 7.710 11/01/2012
600125621 CAPELLE,TY,CYNTHIA 8.000 .250 7.750 .0400 7.710 12/01/2012
600125622 CONNELLY,CYNTHIA L. 8.875 .250 8.625 .0400 8.585 12/01/2012
600125631 HEDBERG,MICHAEL E 8.125 .250 7.875 .0400 7.835 12/01/2012
600125638 NICHOLS,MINDY 8.500 .250 8.250 .0400 8.210 11/01/2012
600125669 PHINNEY,DWAYNE, DONNA 8.500 .250 8.250 .0400 8.210 01/01/2013
600125670 PHINNEY,DWAYNE, DONNA 8.500 .250 8.250 .0400 8.210 01/01/2013
600125674 HAGEL,RODGER,SUSAN 7.875 .250 7.625 .0400 7.585 12/01/2012
600125701 LAU,CARLAND 7.750 .250 7.500 .0400 7.460 01/01/2013
600125711 JOHNSTON,STANLEY,CANDIS 7.500 .250 7.250 .0400 7.210 01/01/2013
600125724 LEE/HAN,HEE CHANG/SYN H 7.875 .250 7.625 .0400 7.585 12/01/2012
600125733 MORRIS,BERNIE 8.000 .250 7.750 .0400 7.710 12/01/2012
600125749 LARSON,WILLIAM,LINDA 7.875 .250 7.625 .0400 7.585 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125602 THOMPSON,CHARLES,ELAINE 549204 $654.85 03/01/1998 180
600125605 GREEN,RAYMOND 549242 $812.30 03/01/1998 180
600125621 CAPELLE,TY,CYNTHIA 549485 $449.16 03/01/1998 180
600125622 CONNELLY,CYNTHIA L. 549500 $302.05 03/01/1998 180
600125631 HEDBERG,MICHAEL E 549649 $433.30 03/01/1998 180
600125638 NICHOLS,MINDY 549700 $516.99 03/01/1998 180
600125669 PHINNEY,DWAYNE, DONNA 549968 $379.12 03/01/1998 180
600125670 PHINNEY,DWAYNE, DONNA 549970 $296.41 03/01/1998 180
600125674 HAGEL,RODGER,SUSAN 549983 $625.98 03/01/1998 180
600125701 LAU,CARLAND 550175 $805.73 03/01/1998 180
600125711 JOHNSTON,STANLEY,CANDIS 550222 $1,172.67 03/01/1998 180
600125724 LEE/HAN,HEE CHANG/SYN H 550299 $2,015.46 03/01/1998 180
600125733 MORRIS,BERNIE 550361 $550.46 03/01/1998 180
600125749 LARSON,WILLIAM,LINDA 551334 $986.39 03/01/1998 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>
600125602 THOMPSON,CHARLES,ELAINE .00 .00 .00 .000 .250 .290 $95,000.00 N
600125605 GREEN,RAYMOND .00 .00 .00 .000 .250 .290 $225,000.00 N
600125621 CAPELLE,TY,CYNTHIA .00 .00 .00 .000 .250 .290 $114,000.00 N
600125622 CONNELLY,CYNTHIA L. .00 .00 .00 .000 .250 .290 $85,000.00 N
600125631 HEDBERG,MICHAEL E .00 .00 .00 .000 .250 .290 $71,500.00 N
600125638 NICHOLS,MINDY .00 .00 .00 .000 .250 .290 $70,000.00 N
600125669 PHINNEY,DWAYNE, DONNA .00 .00 .00 .000 .250 .290 $55,000.00 N
600125670 PHINNEY,DWAYNE, DONNA .00 .00 .00 .000 .250 .290 $43,000.00 N
600125674 HAGEL,RODGER,SUSAN .00 .00 .00 .000 .250 .290 $82,500.00 N
600125701 LAU,CARLAND .00 .00 .00 .000 .250 .290 $107,000.00 N
600125711 JOHNSTON,STANLEY,CANDIS .00 .00 .00 .000 .250 .290 $180,000.00 N
600125724 LEE/HAN,HEE CHANG/SYN H .00 .00 .00 .000 .250 .290 $350,000.00 N
600125733 MORRIS,BERNIE .00 .00 .00 .000 .250 .290 $72,000.00 N
600125749 LARSON,WILLIAM,LINDA .00 .00 .00 .000 .250 .290 $330,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 5
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125751 ADAMS,MALCOLM,NANCY 768 FALLOW LANE, UNIT 5 BILLINGS MT 59102 $53,359.27
600125752 WILSON,PATRICIA 121 RIVER ROAD SATSUMA FL 32189 $206,833.18
600125758 WHITEHEAD/DEATS,WILLIAM/W 3332 JAYANNE WAY/5401 KIM CARMICHAEL CA 95608 $100,354.86
600125765 SUTTON,EVELYN 8252 OAK AVENUE CITRUS HEIGHTS CA 95610 $143,720.57
600125769 REDDICK,BRUCE 1610 PORTOLA AVENUE PALO ALTO CA 94306 $78,685.33
600125797 GAIENNIE,FRANK,KATHY 8175 AZUCENA AVENUE ATASCADERO CA 93422 $143,155.70
600125822 TREJO,ARTURO,ROMONA 821 KIRKWALL WAY PATTERSON CA 95363 $93,927.41
600125823 CABLE,FRANK,NANCY 9295 EMERALD VISTA DRIVE ELK GROVE CA 95624 $78,749.94
600125832 MCFEE,MARK 916 EAST PABOR AVENUE FRUITA CO 81521 $67,841.33
600125833 MCFEE,MARK 224 SOUTH SYCAMORE STREET FRUITA CO 81521 $67,841.33
600125844 JOHNSON,RONALD 935 EAST MILLCREEK WAY SALT LAKE CITY UT 84106 $115,052.54
600125851 NEWTON,BONNIE,GERRITT 833 ELM STREET FORT COLLINS CO 80524 $109,326.18
600125852 DECORA,KATHERINE 2402 MOUNTAIN VALLEY DRIV LARAMIE WY 82070 $95,261.30
600125869 DUNYON,JANIS 6484 SOUTH 367 WEST MIDVALE UT 84047 $59,667.15
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125751 ADAMS,MALCOLM,NANCY 7.625 .250 7.375 .0400 7.335 12/01/2012
600125752 WILSON,PATRICIA 8.375 .250 8.125 .0400 8.085 01/01/2013
600125758 WHITEHEAD/DEATS,WILLIAM/W 8.500 .250 8.250 .0400 8.210 12/01/2012
600125765 SUTTON,EVELYN 7.875 .250 7.625 .0400 7.585 12/01/2012
600125769 REDDICK,BRUCE 8.250 .250 8.000 .0400 7.960 01/01/2013
600125797 GAIENNIE,FRANK,KATHY 7.875 .250 7.625 .0400 7.585 01/01/2013
600125822 TREJO,ARTURO,ROMONA 7.500 .250 7.250 .0400 7.210 01/01/2013
600125823 CABLE,FRANK,NANCY 7.250 .250 7.000 .0400 6.960 01/01/2013
600125832 MCFEE,MARK 8.750 .250 8.500 .0400 8.460 12/01/2012
600125833 MCFEE,MARK 8.750 .250 8.500 .0400 8.460 12/01/2012
600125844 JOHNSON,RONALD 8.750 .250 8.500 .0400 8.460 12/01/2012
600125851 NEWTON,BONNIE,GERRITT 7.375 .250 7.125 .0400 7.085 01/01/2013
600125852 DECORA,KATHERINE 8.000 .250 7.750 .0400 7.710 01/01/2013
600125869 DUNYON,JANIS 8.500 .250 8.250 .0400 8.210 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125751 ADAMS,MALCOLM,NANCY 551407 $559.54 03/01/1998 180
600125752 WILSON,PATRICIA 551448 $2,033.05 50 03/01/1998 180
600125758 WHITEHEAD/DEATS,WILLIAM/W 551932 $996.56 03/01/1998 180
600125765 SUTTON,EVELYN 552101 $1,375.25 03/01/1998 180
600125769 REDDICK,BRUCE 552242 $768.35 03/01/1998 180
600125797 GAIENNIE,FRANK,KATHY 552569 $1,365.77 03/01/1998 180
600125822 TREJO,ARTURO,ROMONA 552744 $876.03 03/01/1998 180
600125823 CABLE,FRANK,NANCY 552781 $730.29 03/01/1998 180
600125832 MCFEE,MARK 552934 $683.62 12 03/01/1998 180
600125833 MCFEE,MARK 552935 $683.62 2 03/01/1998 180
600125844 JOHNSON,RONALD 553024 $1,159.36 03/01/1998 180
600125851 NEWTON,BONNIE,GERRITT 553033 $1,011.92 03/01/1998 180
600125852 DECORA,KATHERINE 553036 $918.38 03/01/1998 180
600125869 DUNYON,JANIS 553857 $590.84 03/01/1998 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>
600125751 ADAMS,MALCOLM,NANCY .00 .00 .00 .000 .250 .290 $74,900.00 N
600125752 WILSON,PATRICIA .00 .00 .00 .000 .250 .290 $250,000.00 N
600125758 WHITEHEAD/DEATS,WILLIAM/W .00 .00 .00 .000 .250 .290 $126,500.00 N
600125765 SUTTON,EVELYN .00 .00 .00 .000 .250 .290 $200,000.00 N
600125769 REDDICK,BRUCE .00 .00 .00 .000 .250 .290 $625,000.00 N
600125797 GAIENNIE,FRANK,KATHY .00 .00 .00 .000 .250 .290 $180,000.00 N
600125822 TREJO,ARTURO,ROMONA .00 .00 .00 .000 .250 .290 $126,000.00 N
600125823 CABLE,FRANK,NANCY .00 .00 .00 .000 .250 .290 $143,000.00 N
600125832 MCFEE,MARK .00 .00 .00 .000 .250 .290 $76,000.00 N
600125833 MCFEE,MARK .00 .00 .00 .000 .250 .290 $76,000.00 N
600125844 JOHNSON,RONALD .00 .00 .00 .000 .250 .290 $145,000.00 N
600125851 NEWTON,BONNIE,GERRITT .00 .00 .00 .000 .250 .290 $240,000.00 N
600125852 DECORA,KATHERINE .00 .00 .00 .000 .250 .290 $326,000.00 N
600125869 DUNYON,JANIS .00 .00 .00 .000 .250 .290 $100,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 6
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125872 SOKANA,SOKANA,ANAM 3714 EAST TARO LANE PHOENIX AZ 85024 $74,260.52
600125873 SOKANA,SOKANA,ANAM 3029 EAST WAHALLA LANE PHOENIX AZ 85024 $71,484.45
600125939 CHANG,KAI-CHIANG 579 MANHATTAN PLACE SAN JOSE CA 95136 $99,426.47
600125940 RAMIREZ/RAMIREZ,RUBEN,ARC 2001 EMERIC AVENUE SAN PABLO CA 94806 $67,578.90
600125958 SKINNER,JOHN,RINA 2749 RUFF COURT PINOLE CA 94564 $85,513.21
600125968 LALONDE,AARON,CYNTHIA 39392 BLACOW ROAD FREMONT CA 94538 $144,121.42
600125972 MCGOLDRICK,PATRICK/JULIA 1022 FOURTH STREET RODEO CA 94572 $55,769.78
600125977 ROBLES,JUAN,LYDIA 1238 PICO STREET SAN FERNANDO CA 91340 $125,300.99
600125979 DE LA GARZA,JOSE,FELICIA 337 WEST DEXTER STREET COVINA CA 91723 $148,699.07
600125980 ERDELT,NOLAN,SUSAN 3580 GLEN OAK DRIVE EUGENE OR 97405 $126,411.44
600125988 GUTIERREZ,GUSTAVO,TERESA 334 - 336 - 338 - 34O SO. LOS ANGELES CA 90042 $176,066.28
600125991 FLOREZ,PETE,LYDIA 648 SOUTH E STREET TULARE CA 93274 $39,765.47
600125995 JARVIS,DOUGLAS 153 AVENIDA SERRA SAN CLEMENTE CA 92672 $115,031.28
600126004 WALLAS,BETTY 5412 LINDLEY AVENUE LOS ANGELES CA 91316 $35,280.16
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125872 SOKANA,SOKANA,ANAM 8.250 .250 8.000 .0400 7.960 12/01/2012
600125873 SOKANA,SOKANA,ANAM 8.250 .250 8.000 .0400 7.960 12/01/2012
600125939 CHANG,KAI-CHIANG 8.125 .250 7.875 .0400 7.835 01/01/2013
600125940 RAMIREZ/RAMIREZ,RUBEN,ARC 7.250 .250 7.000 .0400 6.960 01/01/2013
600125958 SKINNER,JOHN,RINA 7.500 .250 7.250 .0400 7.210 12/01/2012
600125968 LALONDE,AARON,CYNTHIA 7.500 .250 7.250 .0400 7.210 01/01/2013
600125972 MCGOLDRICK,PATRICK/JULIA 8.250 .250 8.000 .0400 7.960 12/01/2012
600125977 ROBLES,JUAN,LYDIA 8.500 .250 8.250 .0400 8.210 01/01/2013
600125979 DE LA GARZA,JOSE,FELICIA 8.375 .250 8.125 .0400 8.085 12/01/2012
600125980 ERDELT,NOLAN,SUSAN 8.250 .250 8.000 .0400 7.960 12/01/2012
600125988 GUTIERREZ,GUSTAVO,TERESA 8.875 .250 8.625 .0400 8.585 12/01/2012
600125991 FLOREZ,PETE,LYDIA 7.875 .250 7.625 .0400 7.585 01/01/2013
600125995 JARVIS,DOUGLAS 8.500 .250 8.250 .0400 8.210 12/01/2012
600126004 WALLAS,BETTY 7.250 .250 7.000 .0400 6.960 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125872 SOKANA,SOKANA,ANAM 553910 $726.64 03/01/1998 180
600125873 SOKANA,SOKANA,ANAM 553911 $699.47 03/01/1998 180
600125939 CHANG,KAI-CHIANG 555067 $962.88 03/01/1998 180
600125940 RAMIREZ/RAMIREZ,RUBEN,ARC 555084 $620.75 03/01/1998 180
600125958 SKINNER,JOHN,RINA 555535 $800.01 03/01/1998 180
600125968 LALONDE,AARON,CYNTHIA 555775 $1,344.17 03/01/1998 180
600125972 MCGOLDRICK,PATRICK/JULIA 555852 $545.70 03/01/1998 180
600125977 ROBLES,JUAN,LYDIA 555979 $1,240.77 03/01/1998 180
600125979 DE LA GARZA,JOSE,FELICIA 556046 $1,466.14 03/01/1998 180
600125980 ERDELT,NOLAN,SUSAN 556128 $1,236.93 50 03/01/1998 180
600125988 GUTIERREZ,GUSTAVO,TERESA 556398 $1,787.15 03/01/1998 180
600125991 FLOREZ,PETE,LYDIA 556424 $379.38 03/01/1998 180
600125995 JARVIS,DOUGLAS 556493 $1,142.30 03/01/1998 180
600126004 WALLAS,BETTY 556589 $324.07 03/01/1998 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>
600125872 SOKANA,SOKANA,ANAM .00 .00 .00 .000 .250 .290 $107,000.00 N
600125873 SOKANA,SOKANA,ANAM .00 .00 .00 .000 .250 .290 $103,000.00 N
600125939 CHANG,KAI-CHIANG .00 .00 .00 .000 .250 .290 $160,000.00 N
600125940 RAMIREZ/RAMIREZ,RUBEN,ARC .00 .00 .00 .000 .250 .290 $105,000.00 N
600125958 SKINNER,JOHN,RINA .00 .00 .00 .000 .250 .290 $168,000.00 N
600125968 LALONDE,AARON,CYNTHIA .00 .00 .00 .000 .250 .290 $670,000.00 N
600125972 MCGOLDRICK,PATRICK/JULIA .00 .00 .00 .000 .250 .290 $75,000.00 N
600125977 ROBLES,JUAN,LYDIA .00 .00 .00 .000 .250 .290 $180,000.00 N
600125979 DE LA GARZA,JOSE,FELICIA .00 .00 .00 .000 .250 .290 $225,000.00 N
600125980 ERDELT,NOLAN,SUSAN .00 .00 .00 .000 .250 .290 $150,000.00 N
600125988 GUTIERREZ,GUSTAVO,TERESA .00 .00 .00 .000 .250 .290 $255,000.00 N
600125991 FLOREZ,PETE,LYDIA .00 .00 .00 .000 .250 .290 $80,000.00 N
600125995 JARVIS,DOUGLAS .00 .00 .00 .000 .250 .290 $145,000.00 N
600126004 WALLAS,BETTY .00 .00 .00 .000 .250 .290 $70,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 7
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600126007 SALAZAR,HUMBERTO,EVANGE 7235 - 7237 MARCELLE STRE PARAMOUNT CA 90723 $85,232.82
600126025 KONG,KAN,SUNG 829 EAST KENSINGTON ROAD LOS ANGELES CA 90026 $183,455.05
600126027 BRADY,JOHN 130 SOUTH BARRANCA STREET WEST COVINA CA 91791 $29,822.17
600126047 STEVENS,BECKY 6005 NORTH WEST 59TH STRE WARR ACRES OK 73122 $36,109.99
600126054 VALENTA,VIRGINIA 73 EDGEWATER DR #3 CORAL GABLES FL 33133 $118,941.16
600126068 VIALPANDO,ALFREDO, CHRIST 14934 EAST SECURITY PLACE AURORA CO 80011 $85,331.93
600126070 LEE,JANET 7770 RAMSDALE WAY #B STANTON CA 90680 $59,329.56
600126075 SAMPALIS,DIONISIOS P. 34 BURTON STREET CRANSTON RI 02920 $54,133.83
600126096 FERNANDEZ,ORLANDO, MARIA 3625 S.W. 138TH COURT MIAMI FL 33175 $58,347.94
600126097 GARCIA,GILBERTO 8201 SW 42ND STREET MIAMI FL 33155 $93,196.81
600126098 VO,KHANH 16692 MOUNT ERIN CIRCLE FOUNTAIN VALLEY CA 92708 $178,951.68
600126099 LEE,SAM, MICHELLE 7518 132ND COURT E PUYALLUP WA 98373 $116,033.20
600126100 ROMERHAUS,RICHARD, SAYURI 951 SOUTH ALVORD BLVD EVANSVILLE IN 47714 $67,223.24
600126101 SMITH,GEORGE 815 VANCE STREET GREENSBORO NC 27406 $42,530.02
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600126007 SALAZAR,HUMBERTO,EVANGE 7.750 .250 7.500 .0400 7.460 12/01/2012
600126025 KONG,KAN,SUNG 8.500 .250 8.250 .0400 8.210 12/01/2012
600126027 BRADY,JOHN 7.750 .250 7.500 .0400 7.460 01/01/2013
600126047 STEVENS,BECKY 9.250 .250 9.000 .0400 8.960 10/01/2012
600126054 VALENTA,VIRGINIA 7.875 .250 7.625 .0400 7.585 12/01/2012
600126068 VIALPANDO,ALFREDO, CHRIST 7.750 .250 7.500 .0400 7.460 12/01/2012
600126070 LEE,JANET 8.500 .250 8.250 .0400 8.210 11/01/2012
600126075 SAMPALIS,DIONISIOS P. 8.250 .250 8.000 .0400 7.960 12/01/2012
600126096 FERNANDEZ,ORLANDO, MARIA 8.625 .250 8.375 .0400 8.335 11/01/2012
600126097 GARCIA,GILBERTO 8.500 .250 8.250 .0400 8.210 11/01/2012
600126098 VO,KHANH 9.500 .250 9.250 .0400 9.210 11/01/2012
600126099 LEE,SAM, MICHELLE 7.625 .250 7.375 .0400 7.335 11/01/2012
600126100 ROMERHAUS,RICHARD, SAYURI 8.250 .250 8.000 .0400 7.960 11/01/2012
600126101 SMITH,GEORGE 8.750 .250 8.500 .0400 8.460 11/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600126007 SALAZAR,HUMBERTO,EVANGE 556601 $809.50 03/01/1998 180
600126025 KONG,KAN,SUNG 556791 $1,821.77 03/01/1998 180
600126027 BRADY,JOHN 556794 $282.38 03/01/1998 180
600126047 STEVENS,BECKY 556989 $376.58 2 03/01/1998 180
600126054 VALENTA,VIRGINIA 557080 $1,138.14 03/01/1998 180
600126068 VIALPANDO,ALFREDO, CHRIST 557245 $810.44 03/01/1998 180
600126070 LEE,JANET 557285 $590.84 03/01/1998 180
600126075 SAMPALIS,DIONISIOS P. 557336 $529.70 03/01/1998 180
600126096 FERNANDEZ,ORLANDO, MARIA 557745 $585.33 03/01/1998 180
600126097 GARCIA,GILBERTO 557746 $928.12 03/01/1998 180
600126098 VO,KHANH 557751 $1,887.96 03/01/1998 180
600126099 LEE,SAM, MICHELLE 557754 $1,097.14 03/01/1998 180
600126100 ROMERHAUS,RICHARD, SAYURI 557763 $659.70 03/01/1998 180
600126101 SMITH,GEORGE 557767 $491.73 03/01/1998 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>
600126007 SALAZAR,HUMBERTO,EVANGE .00 .00 .00 .000 .250 .290 $155,000.00 N
600126025 KONG,KAN,SUNG .00 .00 .00 .000 .250 .290 $305,000.00 N
600126027 BRADY,JOHN .00 .00 .00 .000 .250 .290 $109,000.00 N
600126047 STEVENS,BECKY .00 .00 .00 .000 .250 .290 $40,235.17 N
600126054 VALENTA,VIRGINIA .00 .00 .00 .000 .250 .290 $160,000.00 N
600126068 VIALPANDO,ALFREDO, CHRIST .00 .00 .00 .000 .250 .290 $123,000.00 N
600126070 LEE,JANET .00 .00 .00 .000 .250 .290 $75,050.00 N
600126075 SAMPALIS,DIONISIOS P. .00 .00 .00 .000 .250 .290 $78,000.00 N
600126096 FERNANDEZ,ORLANDO, MARIA .00 .00 .00 .000 .250 .290 $150,000.00 N
600126097 GARCIA,GILBERTO .00 .00 .00 .000 .250 .290 $145,000.00 N
600126098 VO,KHANH .00 .00 .00 .000 .250 .290 $226,000.00 N
600126099 LEE,SAM, MICHELLE .00 .00 .00 .000 .250 .290 $146,850.00 N
600126100 ROMERHAUS,RICHARD, SAYURI .00 .00 .00 .000 .250 .290 $85,000.00 N
600126101 SMITH,GEORGE .00 .00 .00 .000 .250 .290 $62,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 8
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600126102 SYNDER,GERALD 678 MAIN ST PORT JEFFERSON NY 11777 $170,140.75
600126103 RIVERA,MARIANO/PATRICI 9209 SW 136TH STREET MIAMI FL 33176 $79,247.39
600126116 COEHLO,IDALINO JD 30 MOUNTAIN AVENUE HAZLET TOWNSHIP NJ 07730 $119,007.88
600126120 GUAN,QUN SHU,MEI CHA 3308 BEACON AVENUE SOUTH SEATTLE WA 98144 $91,840.84
600126121 KIM,SONG, SUNG 6 PIN OAK COURT LAFAYETTE HILL PA 19444 $115,162.22
600126135 SPRECHER,WILLIAM,MARTHA 396 EAST MOSS STREET CHULA VISTA CA 91911 $152,641.17
600126146 MARRELLI,ANELLINA 10747 DUTTON DRIVE LA MESA CA 91941 $190,139.92
600126148 NGUYEN,KHANG,HUE 1348 DOROTHY AVENUE APT. LAS VEGAS NV 89119 $41,694.50
600126158 WILD,LORRI 920-A WEST ARROW HIGHWAY UPLAND CA 91786 $29,822.17
600126163 QUIRING,ALLEN, YVONNE 510 SOUTH SONYA STREET ANAHEIM CA 92802 $128,857.67
600126164 MILISON,MARK 13310 JULIAN AVENUE LAKESIDE CA 92040 $126,858.17
600126167 DUNCAN,MARY 16345 LOS ARBOLES RANCHO SANTA FE CA 92067 $57,648.57
600126169 NAUSHA,MICHAEL,CYNTHIA 3831 LOS OLIVOS LANE GLENDALE CA 91214 $139,170.09
600126194 AMATO,FRANK,WILMA 9101, 9104 AND 9106 FLOWE BELLFLOWER CA 90706 $139,170.09
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600126102 SYNDER,GERALD 8.875 .250 8.625 .0400 8.585 11/01/2012
600126103 RIVERA,MARIANO/PATRICI 8.750 .250 8.500 .0400 8.460 12/01/2012
600126116 COEHLO,IDALINO JD 9.000 .250 8.750 .0400 8.710 12/01/2012
600126120 GUAN,QUN SHU,MEI CHA 7.750 .250 7.500 .0400 7.460 11/01/2012
600126121 KIM,SONG, SUNG 8.875 .250 8.625 .0400 8.585 12/01/2012
600126135 SPRECHER,WILLIAM,MARTHA 7.875 .250 7.625 .0400 7.585 12/01/2012
600126146 MARRELLI,ANELLINA 8.125 .250 7.875 .0400 7.835 12/01/2012
600126148 NGUYEN,KHANG,HUE 8.250 .250 8.000 .0400 7.960 12/01/2012
600126158 WILD,LORRI 7.750 .250 7.500 .0400 7.460 01/01/2013
600126163 QUIRING,ALLEN, YVONNE 8.000 .250 7.750 .0400 7.710 12/01/2012
600126164 MILISON,MARK 7.750 .250 7.500 .0400 7.460 12/01/2012
600126167 DUNCAN,MARY 7.500 .250 7.250 .0400 7.210 01/01/2013
600126169 NAUSHA,MICHAEL,CYNTHIA 7.750 .250 7.500 .0400 7.460 01/01/2013
600126194 AMATO,FRANK,WILMA 7.750 .250 7.500 .0400 7.460 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600126102 SYNDER,GERALD 557768 $1,731.77 03/01/1998 180
600126103 RIVERA,MARIANO/PATRICI 557788 $798.56 03/01/1998 180
600126116 COEHLO,IDALINO JD 557849 $1,217.12 03/01/1998 180
600126120 GUAN,QUN SHU,MEI CHA 557856 $874.92 03/01/1998 180
600126121 KIM,SONG, SUNG 557862 $1,168.95 03/01/1998 180
600126135 SPRECHER,WILLIAM,MARTHA 557900 $1,460.61 03/01/1998 180
600126146 MARRELLI,ANELLINA 557996 $1,848.73 03/01/1998 180
600126148 NGUYEN,KHANG,HUE 558020 $436.56 03/01/1998 180
600126158 WILD,LORRI 558160 $282.38 03/01/1998 180
600126163 QUIRING,ALLEN, YVONNE 558203 $1,242.35 03/01/1998 180
600126164 MILISON,MARK 558217 $1,204.83 03/01/1998 180
600126167 DUNCAN,MARY 558229 $537.67 03/01/1998 180
600126169 NAUSHA,MICHAEL,CYNTHIA 558240 $1,317.79 03/01/1998 180
600126194 AMATO,FRANK,WILMA 558396 $1,317.79 03/01/1998 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>
600126102 SYNDER,GERALD .00 .00 .00 .000 .250 .290 $250,000.00 N
600126103 RIVERA,MARIANO/PATRICI .00 .00 .00 .000 .250 .290 $99,900.00 N
600126116 COEHLO,IDALINO JD .00 .00 .00 .000 .250 .290 $153,000.00 N
600126120 GUAN,QUN SHU,MEI CHA .00 .00 .00 .000 .250 .290 $154,950.00 N
600126121 KIM,SONG, SUNG .00 .00 .00 .000 .250 .290 $147,000.00 N
600126135 SPRECHER,WILLIAM,MARTHA .00 .00 .00 .000 .250 .290 $192,500.00 N
600126146 MARRELLI,ANELLINA .00 .00 .00 .000 .250 .290 $240,000.00 N
600126148 NGUYEN,KHANG,HUE .00 .00 .00 .000 .250 .290 $60,000.00 N
600126158 WILD,LORRI .00 .00 .00 .000 .250 .290 $112,000.00 N
600126163 QUIRING,ALLEN, YVONNE .00 .00 .00 .000 .250 .290 $200,000.00 N
600126164 MILISON,MARK .00 .00 .00 .000 .250 .290 $160,000.00 N
600126167 DUNCAN,MARY .00 .00 .00 .000 .250 .290 $710,000.00 N
600126169 NAUSHA,MICHAEL,CYNTHIA .00 .00 .00 .000 .250 .290 $260,000.00 N
600126194 AMATO,FRANK,WILMA .00 .00 .00 .000 .250 .290 $370,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 9
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600126217 LIVINGSTON,LEON 17089 LAWSON VALLEY ROAD JAMUL CA 91935 $147,103.25
600126224 NIEV,VIVOTARATH 6133 EAST THORN STREET SAN DIEGO CA 92115 $59,659.67
600126258 STUCKY,GENE,MARDELL 29280 MAMMOTH PLACE CANYON LAKE CA 92587 $102,318.93
600126262 NUR,AMOS,FRANCINA 1500 SHERMAN AVENUE #2-E BURLINGAME CA 94010 $141,751.98
600126278 DUCK/CLEARY,CHARLES,KATHL 43 ANCHORAGE ROAD SAUSALITO CA 94965 $155,115.13
600126279 CAPOSSELE,SAVINO,ANTOINET 2712 MURTHA DRIVE SAN JOSE CA 95127 $43,727.52
600126287 MATOCHINOS,ARSENIO,ALTAGR 212 HOLLY STREET VALLEJO CA 94589 $49,722.62
600126311 DURBORAW,DAVID, CARMELA 4409 AND 4411 MAMMOTH AVE LOS ANGELES CA 91423 $218,793.02
600126324 RUSH,MICHAEL,JULIE 7513 KENGARD AVENUE WHITTIER AREA CA 90606 $95,865.20
600126374 TATMAN,LARRY,ILLINA 6989 COZYCROFT AVENUE LOS ANGELES CA 91306 $52,984.04
600126413 BARKER,LYLE, SHERRY 27680 NORTH OLD HIGHWAY 9 ATHOL ID 83801 $89,450.17
600126415 GUIBERSON/OSTRE,STEVEN/LO 9041-43-45-47 EDGEWATER D LAKEWOOD WA 98499 $186,945.38
600126483 OLIVO,GLORIA 9135 SPARKLING STAR STREE LAS VEGAS NV 89123 $28,329.18
600126504 FOY,CYNTHIA, ROBERT 1101 GRAHAM ROAD IONE WA 99139 $129,844.11
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600126217 LIVINGSTON,LEON 7.500 .250 7.250 .0400 7.210 01/01/2013
600126224 NIEV,VIVOTARATH 8.250 .250 8.000 .0400 7.960 01/01/2013
600126258 STUCKY,GENE,MARDELL 8.250 .250 8.000 .0400 7.960 12/01/2012
600126262 NUR,AMOS,FRANCINA 8.000 .250 7.750 .0400 7.710 12/01/2012
600126278 DUCK/CLEARY,CHARLES,KATHL 8.250 .250 8.000 .0400 7.960 01/01/2013
600126279 CAPOSSELE,SAVINO,ANTOINET 7.250 .250 7.000 .0400 6.960 01/01/2013
600126287 MATOCHINOS,ARSENIO,ALTAGR 8.500 .250 8.250 .0400 8.210 01/01/2013
600126311 DURBORAW,DAVID, CARMELA 8.625 .250 8.375 .0400 8.335 01/01/2013
600126324 RUSH,MICHAEL,JULIE 8.500 .250 8.250 .0400 8.210 01/01/2013
600126374 TATMAN,LARRY,ILLINA 7.750 .250 7.500 .0400 7.460 01/01/2013
600126413 BARKER,LYLE, SHERRY 7.875 .250 7.625 .0400 7.585 01/01/2013
600126415 GUIBERSON/OSTRE,STEVEN/LO 8.375 .250 8.125 .0400 8.085 01/01/2013
600126483 OLIVO,GLORIA 7.625 .250 7.375 .0400 7.335 01/01/2013
600126504 FOY,CYNTHIA, ROBERT 7.875 .250 7.625 .0400 7.585 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600126217 LIVINGSTON,LEON 558574 $1,371.98 03/01/1998 180
600126224 NIEV,VIVOTARATH 558607 $582.08 03/01/1998 180
600126258 STUCKY,GENE,MARDELL 558888 $1,001.18 03/01/1998 180
600126262 NUR,AMOS,FRANCINA 559050 $1,366.58 03/01/1998 180
600126278 DUCK/CLEARY,CHARLES,KATHL 559469 $1,513.42 03/01/1998 180
600126279 CAPOSSELE,SAVINO,ANTOINET 559480 $401.66 03/01/1998 180
600126287 MATOCHINOS,ARSENIO,ALTAGR 559532 $492.37 03/01/1998 180
600126311 DURBORAW,DAVID, CARMELA 559924 $2,182.58 03/01/1998 180
600126324 RUSH,MICHAEL,JULIE 560028 $949.29 03/01/1998 180
600126374 TATMAN,LARRY,ILLINA 560854 $501.70 03/01/1998 180
600126413 BARKER,LYLE, SHERRY 561109 $853.60 03/01/1998 180
600126415 GUIBERSON/OSTRE,STEVEN/LO 561133 $1,837.56 03/01/1998 180
600126483 OLIVO,GLORIA 566454 $266.23 03/01/1998 180
600126504 FOY,CYNTHIA, ROBERT 567962 $1,242.47 03/01/1998 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>
600126217 LIVINGSTON,LEON .00 .00 .00 .000 .250 .290 $189,900.00 N
600126224 NIEV,VIVOTARATH .00 .00 .00 .000 .250 .290 $110,000.00 N
600126258 STUCKY,GENE,MARDELL .00 .00 .00 .000 .250 .290 $129,000.00 N
600126262 NUR,AMOS,FRANCINA .00 .00 .00 .000 .250 .290 $256,000.00 N
600126278 DUCK/CLEARY,CHARLES,KATHL .00 .00 .00 .000 .250 .290 $195,000.00 N
600126279 CAPOSSELE,SAVINO,ANTOINET .00 .00 .00 .000 .250 .290 $180,000.00 N
600126287 MATOCHINOS,ARSENIO,ALTAGR .00 .00 .00 .000 .250 .290 $105,000.00 N
600126311 DURBORAW,DAVID, CARMELA .00 .00 .00 .000 .250 .290 $275,000.00 N
600126324 RUSH,MICHAEL,JULIE .00 .00 .00 .000 .250 .290 $144,000.00 N
600126374 TATMAN,LARRY,ILLINA .00 .00 .00 .000 .250 .290 $136,000.00 N
600126413 BARKER,LYLE, SHERRY .00 .00 .00 .000 .250 .290 $140,000.00 N
600126415 GUIBERSON/OSTRE,STEVEN/LO .00 .00 .00 .000 .250 .290 $235,000.00 N
600126483 OLIVO,GLORIA .00 .00 .00 .000 .250 .290 $103,450.00 N
600126504 FOY,CYNTHIA, ROBERT .00 .00 .00 .000 .250 .290 $175,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 10
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129072 JOHN D COLLIER 2100 W SEQUOIA RD GRAND JUNCTION CO 81503 $78,447.74
600129074 A THOMAS THORSON 79 NECK PATH EAST HAMPTON NY 11937 $190,378.75
600129075 MI SEON YOO JANG 45-34 50TH STREET WOODSIDE NY 11377 $173,455.85
600129076 NELSON CHAN 53-35 213TH STREET BAYSIDE NY 11364 $207,454.35
600129077 CHARLES E FLEMING JR 503 BEECHTREE LANE HOCKESSIN DE 19707 $139,503.92
600129078 JOSEPH FICI 68-38 78TH STREET MIDDLE VILLAGE NY 11379 $261,732.98
600129079 VIRGINIA PALUMBO 31 CHESTNUT CIRCLE NORTHPORT NY 11768 $142,769.71
600129080 KWANG NAE CHO 31-24 69TH STREET WOODSIDE NY 11377 $156,095.00
600129081 BENSON JARRELL 860 COTTONWOOD DRIVE VIDOR TX 77662 $35,143.54
600129082 PRISCILLA A HOLST 3225 NE 42ND PORTLAND OR 97213 $98,299.53
600129083 SUSAN J DANIELS 370 FAIRWAY DRIVE TAHOE CITY CA 96145 $105,672.79
600129084 IDA RUTH LUNDSTEN 2814 H STREET SACRAMENTO CA 95816 $155,091.76
600129085 JOHN F BERGSTRAZER 204 3RD AVENUE W VELVA ND 58790 $27,036.28
600129086 RICHARD M PERKINS 519 EAST CUMBERLAND ROAD ORANGE CA 92865 $174,477.25
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129072 JOHN D COLLIER 7.500 .250 7.250 .0500 7.200 02/01/2013
600129074 A THOMAS THORSON 8.375 .250 8.125 .0500 8.075 12/01/2012
600129075 MI SEON YOO JANG 7.875 .250 7.625 .0500 7.575 12/01/2012
600129076 NELSON CHAN 7.750 .250 7.500 .0500 7.450 11/01/2012
600129077 CHARLES E FLEMING JR 7.250 .250 7.000 .0500 6.950 02/01/2013
600129078 JOSEPH FICI 7.875 .250 7.625 .0500 7.575 02/01/2013
600129079 VIRGINIA PALUMBO 7.375 .250 7.125 .0500 7.075 01/01/2013
600129080 KWANG NAE CHO 7.750 .250 7.500 .0500 7.450 12/01/2012
600129081 BENSON JARRELL 7.500 .250 7.250 .0500 7.200 02/01/2013
600129082 PRISCILLA A HOLST 7.500 .250 7.250 .0500 7.200 01/01/2013
600129083 SUSAN J DANIELS 7.250 .250 7.000 .0500 6.950 02/01/2013
600129084 IDA RUTH LUNDSTEN 7.500 .250 7.250 .0500 7.200 10/01/2012
600129085 JOHN F BERGSTRAZER 7.250 .250 7.000 .0500 6.950 02/01/2013
600129086 RICHARD M PERKINS 7.625 .250 7.375 .0500 7.325 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129072 JOHN D COLLIER 1263385 $732.34 12 03/01/1998 180
600129074 A THOMAS THORSON 1600580 $1,876.66 03/01/1998 180
600129075 MI SEON YOO JANG 1601083 $1,659.79 03/01/1998 180
600129076 NELSON CHAN 1601458 $1,976.68 03/01/1998 180
600129077 CHARLES E FLEMING JR 1609910 $1,278.01 03/01/1998 180
600129078 JOSEPH FICI 1615134 $2,489.68 03/01/1998 180
600129079 VIRGINIA PALUMBO 1616066 $1,333.89 03/01/1998 180
600129080 KWANG NAE CHO 1616600 $1,482.51 03/01/1998 180
600129081 BENSON JARRELL 1793369 $326.77 03/01/1998 180
600129082 PRISCILLA A HOLST 1802568 $917.74 03/01/1998 180
600129083 SUSAN J DANIELS 2134851 $967.63 03/01/1998 180
600129084 IDA RUTH LUNDSTEN 2146128 $1,460.04 03/01/1998 180
600129085 JOHN F BERGSTRAZER 2155928 $247.57 03/01/1998 180
600129086 RICHARD M PERKINS 2203719 $1,634.73 03/01/1998 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>
600129072 JOHN D COLLIER .00 .00 .00 .000 .250 .300 $95,000.00 N
600129074 A THOMAS THORSON .00 .00 .00 .000 .250 .300 $240,000.00 N
600129075 MI SEON YOO JANG .00 .00 .00 .000 .250 .300 $265,000.00 N
600129076 NELSON CHAN .00 .00 .00 .000 .250 .300 $280,000.00 N
600129077 CHARLES E FLEMING JR .00 .00 .00 .000 .250 .300 $175,000.00 N
600129078 JOSEPH FICI .00 .00 .00 .000 .250 .300 $350,000.00 N
600129079 VIRGINIA PALUMBO .00 .00 .00 .000 .250 .300 $225,000.00 N
600129080 KWANG NAE CHO .00 .00 .00 .000 .250 .300 $210,000.00 N
600129081 BENSON JARRELL .00 .00 .00 .000 .250 .300 $47,000.00 N
600129082 PRISCILLA A HOLST .00 .00 .00 .000 .250 .300 $180,000.00 N
600129083 SUSAN J DANIELS .00 .00 .00 .000 .250 .300 $315,000.00 N
600129084 IDA RUTH LUNDSTEN .00 .00 .00 .000 .250 .300 $210,000.00 N
600129085 JOHN F BERGSTRAZER .00 .00 .00 .000 .250 .300 $33,900.00 N
600129086 RICHARD M PERKINS .00 .00 .00 .000 .250 .300 $219,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 11
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129087 JOAN MARIE CLARK 54355 EISENHOWER DRIVE LA QUINTA CA 92253 $54,837.51
600129088 RONALD G RICHARDS 205 WILLARD AVENUE SOUTH KINGSTOWN RI 02879 $59,816.80
600129089 RICHARD SCOTT FISHER 2184 SOUTH 2100 EAST SALT LAKE CITY UT 84109 $95,697.12
600129090 MICHELE ANZALONE 3526 TURNBERRY DRIVE CHAMBERSBURG PA 17201 $99,591.31
600129091 ALBERT L PIERCE JR 15858-15860 EL ESTADO DRI DALLAS TX 75243 $121,674.42
600129092 DAVID L RUFFELL 1992A RIDGE ROAD ONTARIO NY 14519 $67,998.51
600129094 HECTOR F CLAROS 7721 34TH COURT EAST SARASOTA FL 34243 $69,331.96
600129096 HELENA BUSCH 1957 E 72ND PLACE CHICAGO IL 60649 $29,638.41
600129097 TERRY L GLOVER 2815 37TH STREET LUBBOCK TX 79413 $32,302.15
600129100 ELIE M KHATER 77 LOUIS STREET NEW BRUNSWICK NJ 08901 $154,081.16
600129101 ELIE KHATER 65-67 LOUIS STREET NEW BRUNSWICK NJ 08901 $187,680.80
600129102 ELIE M KHATER 57-59 LOUIS STREET NEW BRUNSWICK NJ 08901 $167,998.17
600129103 FRANK E CHO 5148 STANDISH TROY MI 48098 $174,600.08
600129105 CHARLES M PARSONS 657 E KELLY ST JACKSON WY 83001 $107,097.12
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129087 JOAN MARIE CLARK 7.750 .250 7.500 .0500 7.450 02/01/2013
600129088 RONALD G RICHARDS 7.375 .250 7.125 .0500 7.075 02/01/2013
600129089 RICHARD SCOTT FISHER 7.000 .250 6.750 .0500 6.700 02/01/2013
600129090 MICHELE ANZALONE 7.250 .250 7.000 .0500 6.950 02/01/2013
600129091 ALBERT L PIERCE JR 7.750 .250 7.500 .0500 7.450 01/01/2013
600129092 DAVID L RUFFELL 7.750 .250 7.500 .0500 7.450 02/01/2013
600129094 HECTOR F CLAROS 7.625 .250 7.375 .0500 7.325 01/01/2013
600129096 HELENA BUSCH 7.875 .250 7.625 .0500 7.575 01/01/2013
600129097 TERRY L GLOVER 7.500 .250 7.250 .0500 7.200 02/01/2013
600129100 ELIE M KHATER 7.750 .250 7.500 .0500 7.450 01/01/2013
600129101 ELIE KHATER 7.750 .250 7.500 .0500 7.450 01/01/2013
600129102 ELIE M KHATER 7.750 .250 7.500 .0500 7.450 01/01/2013
600129103 FRANK E CHO 7.125 .250 6.875 .0500 6.825 01/01/2013
600129105 CHARLES M PARSONS 7.500 .250 7.250 .0500 7.200 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129087 JOAN MARIE CLARK 2415765 $517.70 03/01/1998 180
600129088 RONALD G RICHARDS 2436192 $551.95 03/01/1998 180
600129089 RICHARD SCOTT FISHER 2502747 $862.88 03/01/1998 180
600129090 MICHELE ANZALONE 2605259 $912.86 03/01/1998 180
600129091 ALBERT L PIERCE JR 2660354 $1,152.12 18 03/01/1998 180
600129092 DAVID L RUFFELL 2694762 $641.95 03/01/1998 180
600129094 HECTOR F CLAROS 2724689 $651.56 03/01/1998 180
600129096 HELENA BUSCH 2764726 $284.53 03/01/1998 180
600129097 TERRY L GLOVER 2794008 $300.35 2 03/01/1998 180
600129100 ELIE M KHATER 2903640 $1,458.98 03/01/1998 180
600129101 ELIE KHATER 2903649 $1,777.13 03/01/1998 180
600129102 ELIE M KHATER 2903660 $1,590.76 03/01/1998 180
600129103 FRANK E CHO 2927855 $1,591.55 03/01/1998 180
600129105 CHARLES M PARSONS 4619361 $998.86 03/01/1998 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>
600129087 JOAN MARIE CLARK .00 .00 .00 .000 .250 .300 $135,000.00 N
600129088 RONALD G RICHARDS .00 .00 .00 .000 .250 .300 $101,000.00 N
600129089 RICHARD SCOTT FISHER .00 .00 .00 .000 .250 .300 $182,000.00 N
600129090 MICHELE ANZALONE .00 .00 .00 .000 .250 .300 $142,000.00 N
600129091 ALBERT L PIERCE JR .00 .00 .00 .000 .250 .300 $136,000.00 N
600129092 DAVID L RUFFELL .00 .00 .00 .000 .250 .300 $85,500.00 N
600129094 HECTOR F CLAROS .00 .00 .00 .000 .250 .300 $93,000.00 N
600129096 HELENA BUSCH .00 .00 .00 .000 .250 .300 $70,000.00 N
600129097 TERRY L GLOVER .00 .00 .00 .000 .250 .300 $36,000.00 N
600129100 ELIE M KHATER .00 .00 .00 .000 .250 .300 $210,000.00 N
600129101 ELIE KHATER .00 .00 .00 .000 .250 .300 $236,000.00 N
600129102 ELIE M KHATER .00 .00 .00 .000 .250 .300 $236,000.00 N
600129103 FRANK E CHO .00 .00 .00 .000 .250 .300 $251,000.00 N
600129105 CHARLES M PARSONS .00 .00 .00 .000 .250 .300 $225,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 12
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129106 DANIEL MARQUEZ 1105 REED AVENUE #B SUNNYVALE CA 94086 $136,730.49
600129107 JULIE K SCOTT MCGRATH 5265 SOUTH YOUNGFIELD COU LITTLETON CO 80127 $186,835.80
600129108 JERRY P SMITH 4844 PLEASANT GROVE ROAD LEXINGTON KY 40515 $213,285.45
600129110 MING C ISINHUE 802 LANCASTER DRIVE CLAREMONT CA 91711 $113,627.30
600129111 ALAN ONTIVEROS 2444 SIERRA DRIVE UPLAND CA 91784 $125,087.90
600129112 BRIAN R SCHAEFER 800 9TH AVENUE NORTH PRINCETON MN 55371 $129,815.63
600129113 DAVID R JAMISON 125 W 13TH EMPORIA KS 66801 $22,549.54
600129114 DAVID R JAMISON 1101 EXCHANGE EMPORIA KS 66801 $25,246.10
600129115 LAURA C MCGREW 3822 BUSHNELL ROAD UNIVERSITY HEIG OH 44118 $111,818.35
600129117 DENNIS PURAN 842 WEATHERSFIELD DR DUNEDIN FL 34698 $203,531.75
600129118 RICHARD A TOMMAN 2070 CRYSTAL LANE BELVIDERE IL 61008 $158,067.75
600129123 CRAIG M GASTWIRTH 6648 ALDERLEY WAY WEST BLOOMFIELD MI 48322 $167,891.41
600129124 JOHN A SCHOLL 711 SOUTH MCLEAN MEMPHIS TN 38104 $136,069.34
600129125 LUIS MEJIA 66 SPAR COURT PLEASANT HILL CA 94523 $175,358.68
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129106 DANIEL MARQUEZ 7.625 .250 7.375 .0500 7.325 11/01/2012
600129107 JULIE K SCOTT MCGRATH 7.250 .250 7.000 .0500 6.950 01/01/2013
600129108 JERRY P SMITH 7.375 .250 7.125 .0500 7.075 01/01/2013
600129110 MING C ISINHUE 7.500 .250 7.250 .0500 7.200 01/01/2013
600129111 ALAN ONTIVEROS 7.625 .250 7.375 .0500 7.325 01/01/2013
600129112 BRIAN R SCHAEFER 7.500 .250 7.250 .0500 7.200 02/01/2013
600129113 DAVID R JAMISON 7.500 .250 7.250 .0500 7.200 01/01/2013
600129114 DAVID R JAMISON 7.500 .250 7.250 .0500 7.200 01/01/2013
600129115 LAURA C MCGREW 7.500 .250 7.250 .0500 7.200 01/01/2013
600129117 DENNIS PURAN 7.250 .250 7.000 .0500 6.950 01/01/2013
600129118 RICHARD A TOMMAN 7.875 .250 7.625 .0500 7.575 01/01/2013
600129123 CRAIG M GASTWIRTH 7.500 .250 7.250 .0500 7.200 02/01/2013
600129124 JOHN A SCHOLL 7.000 .250 6.750 .0500 6.700 02/01/2013
600129125 LUIS MEJIA 6.750 .250 6.500 .0500 6.450 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129106 DANIEL MARQUEZ 4661478 $1,292.84 03/01/1998 180
600129107 JULIE K SCOTT MCGRATH 4697607 $1,716.18 03/01/1998 180
600129108 JERRY P SMITH 4698666 $1,974.16 03/01/1998 180
600129110 MING C ISINHUE 4757453 $1,059.77 03/01/1998 180
600129111 ALAN ONTIVEROS 4784699 $1,177.01 03/01/1998 180
600129112 BRIAN R SCHAEFER 4791237 $1,209.75 03/01/1998 180
600129113 DAVID R JAMISON 4792156 $210.31 03/01/1998 180
600129114 DAVID R JAMISON 4792192 $235.46 03/01/1998 180
600129115 LAURA C MCGREW 4793467 $1,042.89 1 03/01/1998 180
600129117 DENNIS PURAN 4834799 $1,869.54 03/01/1998 180
600129118 RICHARD A TOMMAN 4855803 $1,508.04 03/01/1998 180
600129123 CRAIG M GASTWIRTH 4958747 $1,561.09 03/01/1998 180
600129124 JOHN A SCHOLL 4959494 $1,226.91 03/01/1998 180
600129125 LUIS MEJIA 4963548 $1,561.87 03/01/1998 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>
600129106 DANIEL MARQUEZ .00 .00 .00 .000 .250 .300 $173,000.00 N
600129107 JULIE K SCOTT MCGRATH .00 .00 .00 .000 .250 .300 $300,000.00 N
600129108 JERRY P SMITH .00 .00 .00 .000 .250 .300 $335,000.00 N
600129110 MING C ISINHUE .00 .00 .00 .000 .250 .300 $143,000.00 N
600129111 ALAN ONTIVEROS .00 .00 .00 .000 .250 .300 $160,000.00 N
600129112 BRIAN R SCHAEFER .00 .00 .00 .000 .250 .300 $270,000.00 N
600129113 DAVID R JAMISON .00 .00 .00 .000 .250 .300 $31,500.00 N
600129114 DAVID R JAMISON .00 .00 .00 .000 .250 .300 $32,500.00 N
600129115 LAURA C MCGREW .00 .00 .00 .000 .250 .300 $125,000.00 N
600129117 DENNIS PURAN .00 .00 .00 .000 .250 .300 $256,000.00 N
600129118 RICHARD A TOMMAN .00 .00 .00 .000 .250 .300 $205,000.00 N
600129123 CRAIG M GASTWIRTH .00 .00 .00 .000 .250 .300 $223,000.00 N
600129124 JOHN A SCHOLL .00 .00 .00 .000 .250 .300 $220,000.00 N
600129125 LUIS MEJIA .00 .00 .00 .000 .250 .300 $239,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 13
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129126 DOYLE NIX 3703 CANON GATE CIRCLE CARROLLTON TX 75007 $123,215.28
600129127 EDWARD ESTRADA 14346 AVENUE 384 YETTEM CA 93670 $54,673.97
600129128 TERESA DAMIAN 3125 NORTH MONITOR AVENUE CHICAGO IL 60634 $133,188.07
600129130 VINO MITRA 28316 VIA ALFONSE LAGUNA NIGUEL CA 92677 $188,722.81
600129132 PATRICIA A RAYBON 4711 AFTONSHIRE #4 HOUSTON TX 77027 $24,646.42
600129133 KEITH S RAYBON 21602 SAN LUIS PASS ROAD GALVESTON TX 77554 $54,776.63
600129135 FRANCES WARD 20 SAILFISH DRIVE PONTE VEDRA BEA FL 32082 $80,768.35
600129136 JOHN MICALI 5640 SW 78TH STREET #124 MIAMI FL 33143 $39,880.52
600129137 ROBERT W LYSEK 13 GENEVA STREET BUFFALO NY 14212 $27,916.91
600129139 GEORGE W LYNCH 230 W FAIRWAY RD HENDERSON NV 89015 $116,291.09
600129141 JAY D STONER 636 BREWER STREET FORT COLLINS CO 80524 $89,472.33
600129142 JAY D STONER 654 BREWER STREET FORT COLLINS CO 80524 $84,004.56
600129143 JAY D STONER 660 BREWER STREET FORT COLLINS CO 80524 $84,004.56
600129144 JAY D STONER 672 BREWER STREET FORT COLLINS CO 80524 $100,407.83
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129126 DOYLE NIX 7.000 .250 6.750 .0500 6.700 01/01/2013
600129127 EDWARD ESTRADA 7.750 .250 7.500 .0500 7.450 01/01/2013
600129128 TERESA DAMIAN 7.500 .250 7.250 .0500 7.200 01/01/2013
600129130 VINO MITRA 7.250 .250 7.000 .0500 6.950 01/01/2013
600129132 PATRICIA A RAYBON 7.250 .250 7.000 .0500 6.950 01/01/2013
600129133 KEITH S RAYBON 7.000 .250 6.750 .0500 6.700 02/01/2013
600129135 FRANCES WARD 7.750 .250 7.500 .0500 7.450 01/01/2013
600129136 JOHN MICALI 7.625 .250 7.375 .0500 7.325 02/01/2013
600129137 ROBERT W LYSEK 7.750 .250 7.500 .0500 7.450 02/01/2013
600129139 GEORGE W LYNCH 7.500 .250 7.250 .0500 7.200 01/01/2013
600129141 JAY D STONER 7.875 .250 7.625 .0500 7.575 01/01/2013
600129142 JAY D STONER 7.875 .250 7.625 .0500 7.575 01/01/2013
600129143 JAY D STONER 7.875 .250 7.625 .0500 7.575 01/01/2013
600129144 JAY D STONER 7.875 .250 7.625 .0500 7.575 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129126 DOYLE NIX 5017319 $1,114.55 03/01/1998 180
600129127 EDWARD ESTRADA 5084261 $517.70 03/01/1998 180
600129128 TERESA DAMIAN 5087670 $1,242.20 03/01/1998 180
600129130 VINO MITRA 5118871 $1,734.44 03/01/1998 180
600129132 PATRICIA A RAYBON 5142721 $226.39 03/01/1998 180
600129133 KEITH S RAYBON 5143308 $493.91 03/01/1998 180
600129135 FRANCES WARD 5177431 $764.79 03/01/1998 180
600129136 JOHN MICALI 5206923 $373.65 03/01/1998 180
600129137 ROBERT W LYSEK 5214976 $263.56 03/01/1998 180
600129139 GEORGE W LYNCH 5250613 $1,084.60 03/01/1998 180
600129141 JAY D STONER 5330085 $853.60 03/01/1998 180
600129142 JAY D STONER 5330095 $801.44 03/01/1998 180
600129143 JAY D STONER 5330105 $801.44 03/01/1998 180
600129144 JAY D STONER 5330116 $957.93 03/01/1998 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>
600129126 DOYLE NIX .00 .00 .00 .000 .250 .300 $155,000.00 N
600129127 EDWARD ESTRADA .00 .00 .00 .000 .250 .300 $98,000.00 N
600129128 TERESA DAMIAN .00 .00 .00 .000 .250 .300 $169,000.00 N
600129130 VINO MITRA .00 .00 .00 .000 .250 .300 $255,000.00 N
600129132 PATRICIA A RAYBON .00 .00 .00 .000 .250 .300 $32,000.00 N
600129133 KEITH S RAYBON .00 .00 .00 .000 .250 .300 $78,866.00 N
600129135 FRANCES WARD .00 .00 .00 .000 .250 .300 $121,500.00 N
600129136 JOHN MICALI .00 .00 .00 .000 .250 .300 $70,000.00 N
600129137 ROBERT W LYSEK .00 .00 .00 .000 .250 .300 $35,000.00 N
600129139 GEORGE W LYNCH .00 .00 .00 .000 .250 .300 $192,000.00 N
600129141 JAY D STONER .00 .00 .00 .000 .250 .300 $150,000.00 N
600129142 JAY D STONER .00 .00 .00 .000 .250 .300 $150,000.00 N
600129143 JAY D STONER .00 .00 .00 .000 .250 .300 $155,000.00 N
600129144 JAY D STONER .00 .00 .00 .000 .250 .300 $156,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 14
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129145 DONALD L ARRITT 9 NOVATO TERRACE RANCHO MIRAGE CA 92270 $137,360.50
600129147 MICHAEL J BOUCHARD 100 PHILLIPS STREET FITCHBURG MA 01420 $105,291.44
600129148 FRANK C MESSINA SR 11 STONE GATE DRIVE COVENTRY RI 02816 $151,520.45
600129150 LARRY S GOLDSTEIN 6032 FRONTENAC STREET PHILA PA 19149 $43,718.52
600129151 JUNG R YOON 7412 RICHARDS RD MELROSE PARK PA 19027 $97,205.54
600129152 PEGGY A BARNEY 1067 SHERATON WAY ROCK HILL SC 29732 $71,324.27
600129154 KYONG H KIM 147-20 35TH AVENUE #2D FLUSHING NY 11354 $63,931.33
600129155 JAMES MARIS 609 NORTH GREENBUSH ROAD BLAUVELT NY 10913 $223,666.22
600129156 MICHAEL KELLY 93 KENTUCKY STREET LONG BEACH NY 11561 $122,495.01
600129158 NAHMEN REDLEFSEN 34 JACKSON STREET FARMINGDALE NY 11735 $69,575.86
600129159 JOYCE M SWITZER RR 1 BOX 383 COGAN STATION PA 17728 $80,367.07
600129160 SALLY J MCNUTT 5025 HILL STREET MINERAL CITY OH 44656 $67,003.64
600129161 DENISE KAY KEASLER 9836 ASPEN GROVE PLACE LAS VEGAS NV 89134 $109,105.16
600129162 FORREST S THOMPSON 2115 WYCHWOOD DRIVE AUSTIN TX 78746 $186,090.29
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129145 DONALD L ARRITT 6.875 .250 6.625 .0500 6.575 02/01/2013
600129147 MICHAEL J BOUCHARD 7.875 .250 7.625 .0500 7.575 02/01/2013
600129148 FRANK C MESSINA SR 7.000 .250 6.750 .0500 6.700 02/01/2013
600129150 LARRY S GOLDSTEIN 6.875 .250 6.625 .0500 6.575 01/01/2013
600129151 JUNG R YOON 7.500 .250 7.250 .0500 7.200 02/01/2013
600129152 PEGGY A BARNEY 7.000 .250 6.750 .0500 6.700 02/01/2013
600129154 KYONG H KIM 7.500 .250 7.250 .0500 7.200 02/01/2013
600129155 JAMES MARIS 7.750 .250 7.500 .0500 7.450 01/01/2013
600129156 MICHAEL KELLY 7.375 .250 7.125 .0500 7.075 01/01/2013
600129158 NAHMEN REDLEFSEN 7.500 .250 7.250 .0500 7.200 01/01/2013
600129159 JOYCE M SWITZER 8.000 .250 7.750 .0500 7.700 02/01/2013
600129160 SALLY J MCNUTT 7.875 .250 7.625 .0500 7.575 02/01/2013
600129161 DENISE KAY KEASLER 7.000 .250 6.750 .0500 6.700 01/01/2013
600129162 FORREST S THOMPSON 7.750 .250 7.500 .0500 7.450 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129145 DONALD L ARRITT 5335867 $1,228.98 03/01/1998 180
600129147 MICHAEL J BOUCHARD 5349883 $1,001.56 03/01/1998 180
600129148 FRANK C MESSINA SR 5349937 $1,366.22 03/01/1998 180
600129150 LARRY S GOLDSTEIN 5400220 $392.42 03/01/1998 180
600129151 JUNG R YOON 5401245 $903.84 03/01/1998 180
600129152 PEGGY A BARNEY 5404254 $643.11 03/01/1998 180
600129154 KYONG H KIM 5405148 $594.45 03/01/1998 180
600129155 JAMES MARIS 5405177 $2,117.87 03/01/1998 180
600129156 MICHAEL KELLY 5405773 $1,133.81 2 03/01/1998 180
600129158 NAHMEN REDLEFSEN 5406919 $648.91 03/01/1998 180
600129159 JOYCE M SWITZER 5408513 $770.26 03/01/1998 180
600129160 SALLY J MCNUTT 5423921 $637.36 03/01/1998 180
600129161 DENISE KAY KEASLER 5426940 $986.91 03/01/1998 180
600129162 FORREST S THOMPSON 5450184 $1,762.07 03/01/1998 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>
600129145 DONALD L ARRITT .00 .00 .00 .000 .250 .300 $180,000.00 N
600129147 MICHAEL J BOUCHARD .00 .00 .00 .000 .250 .300 $132,000.00 N
600129148 FRANK C MESSINA SR .00 .00 .00 .000 .250 .300 $190,000.00 N
600129150 LARRY S GOLDSTEIN .00 .00 .00 .000 .250 .300 $55,000.00 N
600129151 JUNG R YOON .00 .00 .00 .000 .250 .300 $133,000.00 N
600129152 PEGGY A BARNEY .00 .00 .00 .000 .250 .300 $101,000.00 N
600129154 KYONG H KIM .00 .00 .00 .000 .250 .300 $85,500.00 N
600129155 JAMES MARIS .00 .00 .00 .000 .250 .300 $370,000.00 N
600129156 MICHAEL KELLY .00 .00 .00 .000 .250 .300 $145,000.00 N
600129158 NAHMEN REDLEFSEN .00 .00 .00 .000 .250 .300 $142,000.00 N
600129159 JOYCE M SWITZER .00 .00 .00 .000 .250 .300 $136,000.00 N
600129160 SALLY J MCNUTT .00 .00 .00 .000 .250 .300 $96,000.00 N
600129161 DENISE KAY KEASLER .00 .00 .00 .000 .250 .300 $161,000.00 N
600129162 FORREST S THOMPSON .00 .00 .00 .000 .250 .300 $235,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 15
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129163 MARTIN R BOCK 1004 CRESTA ROAD COLORADO SPRING CO 80906 $147,537.00
600129164 BRIAN VALENCIA 609-611 WEST 8TH STREET PUEBLO CO 81003 $69,321.85
600129165 RONALD LEE MCGOWAN 1724 PARK STRRET ST HELENA CA 94574 $99,367.16
600129168 DEWAYNE DACE 719 EAST CENTRAL PRINCETON IL 61356 $59,824.68
600129170 ANTONIO DIAZ 10314 DUNCUM DRIVE HOUSTON TX 77013 $39,627.30
600129171 ALLEN M HARRELSON III 168 COTTON HOLLOW LANE GLENWOOD SPRING CO 81601 $219,305.91
600129172 GAY D DOMAN 5312 VALLEY STREET BOISE ID 83709 $19,938.94
600129173 ROBERT C JOHNSTON 1104 EAST JEFFERSON STREE BOISE ID 83712 $32,904.63
600129174 JUDITH M COOMES 940 EAST TAHNIA PARK CIRC SALT LAKE CITY UT 84121 $74,765.94
600129175 JOHN R KEENA 1852 JOHN STREET NEWAYGO MI 49337 $86,742.97
600129176 DONNA REESE-PATTERSON 501 CHICAGO PLACE SAVANNA IL 61074 $41,348.45
600129177 AUGUSTIN J ARTEAGA 49 LIPPINCOTT ROAD FOX LAKE IL 60020 $37,769.76
600129178 MARKO JAKOVLJEVIC 9106 NATIONAL AVENUE MORTON GROVE IL 60059 $114,652.69
600129179 TONY DINH 2408 HARPERS FERRY COURT MESQUITE TX 75181 $118,445.83
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129163 MARTIN R BOCK 7.500 .250 7.250 .0500 7.200 02/01/2013
600129164 BRIAN VALENCIA 7.875 .250 7.625 .0500 7.575 02/01/2013
600129165 RONALD LEE MCGOWAN 7.000 .250 6.750 .0500 6.700 01/01/2013
600129168 DEWAYNE DACE 7.875 .250 7.625 .0500 7.575 02/01/2013
600129170 ANTONIO DIAZ 7.250 .250 7.000 .0500 6.950 02/01/2013
600129171 ALLEN M HARRELSON III 7.000 .250 6.750 .0500 6.700 02/01/2013
600129172 GAY D DOMAN 7.375 .250 7.125 .0500 7.075 02/01/2013
600129173 ROBERT C JOHNSTON 8.000 .250 7.750 .0500 7.700 02/01/2013
600129174 JUDITH M COOMES 7.125 .250 6.875 .0500 6.825 02/01/2013
600129175 JOHN R KEENA 7.750 .250 7.500 .0500 7.450 02/01/2013
600129176 DONNA REESE-PATTERSON 7.750 .250 7.500 .0500 7.450 01/01/2013
600129177 AUGUSTIN J ARTEAGA 7.500 .250 7.250 .0500 7.200 01/01/2013
600129178 MARKO JAKOVLJEVIC 7.500 .250 7.250 .0500 7.200 02/01/2013
600129179 TONY DINH 7.125 .250 6.875 .0500 6.825 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129163 MARTIN R BOCK 5452755 $1,390.52 03/01/1998 180
600129164 BRIAN VALENCIA 5453117 $659.41 3 03/01/1998 180
600129165 RONALD LEE MCGOWAN 5465787 $898.83 03/01/1998 180
600129168 DEWAYNE DACE 5478625 $569.07 03/01/1998 180
600129170 ANTONIO DIAZ 5553272 $362.86 03/01/1998 180
600129171 ALLEN M HARRELSON III 5562305 $1,977.42 03/01/1998 180
600129172 GAY D DOMAN 5568013 $183.98 03/01/1998 180
600129173 ROBERT C JOHNSTON 5568891 $315.37 03/01/1998 180
600129174 JUDITH M COOMES 5614027 $679.37 03/01/1998 180
600129175 JOHN R KEENA 5617475 $818.91 03/01/1998 180
600129176 DONNA REESE-PATTERSON 5621015 $395.34 03/01/1998 180
600129177 AUGUSTIN J ARTEAGA 5621708 $352.26 03/01/1998 180
600129178 MARKO JAKOVLJEVIC 5622013 $1,066.06 03/01/1998 180
600129179 TONY DINH 5631317 $1,079.68 03/01/1998 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>
600129163 MARTIN R BOCK .00 .00 .00 .000 .250 .300 $240,000.00 N
600129164 BRIAN VALENCIA .00 .00 .00 .000 .250 .300 $77,250.00 N
600129165 RONALD LEE MCGOWAN .00 .00 .00 .000 .250 .300 $240,000.00 N
600129168 DEWAYNE DACE .00 .00 .00 .000 .250 .300 $86,500.00 N
600129170 ANTONIO DIAZ .00 .00 .00 .000 .250 .300 $53,000.00 N
600129171 ALLEN M HARRELSON III .00 .00 .00 .000 .250 .300 $490,000.00 N
600129172 GAY D DOMAN .00 .00 .00 .000 .250 .300 $100,000.00 N
600129173 ROBERT C JOHNSTON .00 .00 .00 .000 .250 .300 $97,500.00 N
600129174 JUDITH M COOMES .00 .00 .00 .000 .250 .300 $240,000.00 N
600129175 JOHN R KEENA .00 .00 .00 .000 .250 .300 $116,000.00 N
600129176 DONNA REESE-PATTERSON .00 .00 .00 .000 .250 .300 $63,500.00 N
600129177 AUGUSTIN J ARTEAGA .00 .00 .00 .000 .250 .300 $160,000.00 N
600129178 MARKO JAKOVLJEVIC .00 .00 .00 .000 .250 .300 $202,000.00 N
600129179 TONY DINH .00 .00 .00 .000 .250 .300 $154,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 16
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129180 HIU LAM 2815 SPRINGVIEW LANE MESQUITE TX 75181 $80,760.70
600129181 KEN LYONS 5336 CAPULIN LANE AMARILLO TX 79110 $49,850.65
600129182 WINSTON C KENWORTHY 6902 COUNTY ROAD 567 BROWNWOOD TX 76801 $64,643.17
600129183 LARRY R JOHNSON 6900 MARINA SHORES CT ARLINGTON TX 76016 $183,438.17
600129185 JOSEPH J STACHNIAK 24 WINDSOR DR OAK BROOK IL 60523 $94,095.65
600129186 ANTHONY B BIZZARRI SR 31 HICKORY TRAIL FAIRFIELD PA 17320 $153,514.13
600129187 MARGARET E LEMERY 1013 OLYMPIC AVENUE NORTH RENTON WA 98056 $93,181.97
600129188 DONALD BALDWIN 50 NORTH MCCALL ROAD ENGLEWOOD FL 34223 $67,104.24
600129189 CATHERINE A CICCOLELLA 1319 TUTTLE AVENUE SARASOTA FL 34239 $40,679.46
600129191 DAN N PADILLA 2908 ALISO DRIVE NE ALBUQUERQUE NM 87110 $50,101.54
600129192 KATHRYN E GEORGI 1326 QUARTZ DRIVE SW ALBUQUERQUE NM 87121 $94,008.24
600129194 NICHOLAS CHRIS GUTSUE 3201 BENEDICT CANYON DRIV LOS ANGELES (BE CA 90210 $206,873.33
600129196 YONG J KO 915 DIAMOND STREET NO1 REDONDO BEACH CA 90277 $184,428.91
600129197 ANTHONY J DECINTIO 60 WINTERHILL ROAD TUCKAHOE NY 10707 $122,628.52
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129180 HIU LAM 7.750 .250 7.500 .0500 7.450 02/01/2013
600129181 KEN LYONS 7.625 .250 7.375 .0500 7.325 02/01/2013
600129182 WINSTON C KENWORTHY 6.875 .250 6.625 .0500 6.575 02/01/2013
600129183 LARRY R JOHNSON 7.375 .250 7.125 .0500 7.075 02/01/2013
600129185 JOSEPH J STACHNIAK 6.750 .250 6.500 .0500 6.450 02/01/2013
600129186 ANTHONY B BIZZARRI SR 7.000 .250 6.750 .0500 6.700 02/01/2013
600129187 MARGARET E LEMERY 7.500 .250 7.250 .0500 7.200 01/01/2013
600129188 DONALD BALDWIN 7.875 .250 7.625 .0500 7.575 01/01/2013
600129189 CATHERINE A CICCOLELLA 7.750 .250 7.500 .0500 7.450 02/01/2013
600129191 DAN N PADILLA 7.750 .250 7.500 .0500 7.450 02/01/2013
600129192 KATHRYN E GEORGI 7.375 .250 7.125 .0500 7.075 01/01/2013
600129194 NICHOLAS CHRIS GUTSUE 7.500 .250 7.250 .0500 7.200 02/01/2013
600129196 YONG J KO 7.250 .250 7.000 .0500 6.950 02/01/2013
600129197 ANTHONY J DECINTIO 7.500 .250 7.250 .0500 7.200 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129180 HIU LAM 5631547 $762.43 03/01/1998 180
600129181 KEN LYONS 5632040 $467.06 03/01/1998 180
600129182 WINSTON C KENWORTHY 5632062 $578.37 03/01/1998 180
600129183 LARRY R JOHNSON 5632338 $1,692.66 03/01/1998 180
600129185 JOSEPH J STACHNIAK 5654472 $835.35 03/01/1998 180
600129186 ANTHONY B BIZZARRI SR 5658063 $1,384.20 03/01/1998 180
600129187 MARGARET E LEMERY 5669829 $869.07 03/01/1998 180
600129188 DONALD BALDWIN 5760271 $640.20 03/01/1998 180
600129189 CATHERINE A CICCOLELLA 5761215 $384.04 18 03/01/1998 180
600129191 DAN N PADILLA 5795446 $472.99 03/01/1998 180
600129192 KATHRYN E GEORGI 5796184 $879.45 03/01/1998 180
600129194 NICHOLAS CHRIS GUTSUE 5805165 $1,923.55 03/01/1998 180
600129196 YONG J KO 5807245 $1,688.80 03/01/1998 180
600129197 ANTHONY J DECINTIO 5814145 $1,140.23 03/01/1998 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>
600129180 HIU LAM .00 .00 .00 .000 .250 .300 $120,000.00 N
600129181 KEN LYONS .00 .00 .00 .000 .250 .300 $68,000.00 N
600129182 WINSTON C KENWORTHY .00 .00 .00 .000 .250 .300 $86,500.00 N
600129183 LARRY R JOHNSON .00 .00 .00 .000 .250 .300 $235,000.00 N
600129185 JOSEPH J STACHNIAK .00 .00 .00 .000 .250 .300 $515,000.00 N
600129186 ANTHONY B BIZZARRI SR .00 .00 .00 .000 .250 .300 $225,000.00 N
600129187 MARGARET E LEMERY .00 .00 .00 .000 .250 .300 $127,000.00 N
600129188 DONALD BALDWIN .00 .00 .00 .000 .250 .300 $90,000.00 N
600129189 CATHERINE A CICCOLELLA .00 .00 .00 .000 .250 .300 $48,000.00 N
600129191 DAN N PADILLA .00 .00 .00 .000 .250 .300 $67,000.00 N
600129192 KATHRYN E GEORGI .00 .00 .00 .000 .250 .300 $120,000.00 N
600129194 NICHOLAS CHRIS GUTSUE .00 .00 .00 .000 .250 .300 $660,000.00 N
600129196 YONG J KO .00 .00 .00 .000 .250 .300 $285,000.00 N
600129197 ANTHONY J DECINTIO .00 .00 .00 .000 .250 .300 $214,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 17
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129198 FRANK CATALDI SR 1575 KEARSLEY ROAD GLOUCESTER TOWN NJ 08030 $39,875.17
600129199 FRANK L LUJAN 1407 WEST BEHREND DRIVE PHOENIX AZ 85027 $43,173.48
600129200 SUBHASH K BHARDWAJ 459 ENGLE DRIVE TUCKER GA 30084 $62,103.45
600129201 SUBHASH K BHARDWAJ 6328 DELNORTE COURT NORCROSS GA 30093 $51,437.20
600129202 SUBHASH K BHARDWAJ 5430 ROBIN HILL COURT NORCROSS GA 30093 $55,324.90
600129203 RENEE L JUELFS 848 BITTERBRUSH LANE FORT COLLINS CO 80526 $86,238.73
600129204 ADNEY MELVYN PICHANICK 15 RUTGERS PLACE HOUSTON TX 77005 $143,108.27
600129205 SALVADOR NINO 5811 BURLINGHALL DRIVE HOUSTON TX 77035 $44,865.58
600129206 NERGISH H DAVIER 4198 GREYSTONE WAY SUGAR LAND TX 77479 $64,803.69
600129209 WAYNE CHARLE WOOD 2308 MAYWOOD AVENUE SAN JOSE CA 95128 $173,973.94
600129210 MILTON R KREB NW CRN CARPENTER ST & 1ST CARMEL CA 93921 $208,755.13
600129211 CHARLES J ZANOLIO JR 21 EUCLID AVENUE LOS GATOS CA 95030 $74,550.50
600129213 TERESA L STEVENSON 307 EASTSIDE DRIVE DENTON NC 27239 $73,856.21
600129214 JOHN E MAIN 107 W NORRIS LA MONTE MO 65337 $17,894.47
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129198 FRANK CATALDI SR 7.125 .250 6.875 .0500 6.825 02/01/2013
600129199 FRANK L LUJAN 7.875 .250 7.625 .0500 7.575 02/01/2013
600129200 SUBHASH K BHARDWAJ 7.000 .250 6.750 .0500 6.700 02/01/2013
600129201 SUBHASH K BHARDWAJ 7.000 .250 6.750 .0500 6.700 02/01/2013
600129202 SUBHASH K BHARDWAJ 7.000 .250 6.750 .0500 6.700 02/01/2013
600129203 RENEE L JUELFS 6.750 .250 6.500 .0500 6.450 01/01/2013
600129204 ADNEY MELVYN PICHANICK 7.250 .250 7.000 .0500 6.950 01/01/2013
600129205 SALVADOR NINO 7.625 .250 7.375 .0500 7.325 02/01/2013
600129206 NERGISH H DAVIER 7.500 .250 7.250 .0500 7.200 02/01/2013
600129209 WAYNE CHARLE WOOD 7.875 .250 7.625 .0500 7.575 01/01/2013
600129210 MILTON R KREB 7.750 .250 7.500 .0500 7.450 01/01/2013
600129211 CHARLES J ZANOLIO JR 7.625 .250 7.375 .0500 7.325 01/01/2013
600129213 TERESA L STEVENSON 7.500 .250 7.250 .0500 7.200 02/01/2013
600129214 JOHN E MAIN 7.875 .250 7.625 .0500 7.575 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129198 FRANK CATALDI SR 5814477 $362.33 03/01/1998 180
600129199 FRANK L LUJAN 5829495 $410.68 03/01/1998 180
600129200 SUBHASH K BHARDWAJ 5843931 $559.97 03/01/1998 180
600129201 SUBHASH K BHARDWAJ 5843941 $463.80 03/01/1998 180
600129202 SUBHASH K BHARDWAJ 5843951 $498.85 03/01/1998 180
600129203 RENEE L JUELFS 5854227 $768.10 03/01/1998 180
600129204 ADNEY MELVYN PICHANICK 5855402 $1,314.52 03/01/1998 180
600129205 SALVADOR NINO 5855606 $420.36 03/01/1998 180
600129206 NERGISH H DAVIER 5856784 $602.56 03/01/1998 180
600129209 WAYNE CHARLE WOOD 5877243 $1,659.79 03/01/1998 180
600129210 MILTON R KREB 5878640 $1,976.68 03/01/1998 180
600129211 CHARLES J ZANOLIO JR 5878657 $700.60 03/01/1998 180
600129213 TERESA L STEVENSON 5882428 $686.92 7 03/01/1998 180
600129214 JOHN E MAIN 5888639 $170.72 18 03/01/1998 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>
600129198 FRANK CATALDI SR .00 .00 .00 .000 .250 .300 $115,000.00 N
600129199 FRANK L LUJAN .00 .00 .00 .000 .250 .300 $72,000.00 N
600129200 SUBHASH K BHARDWAJ .00 .00 .00 .000 .250 .300 $89,000.00 N
600129201 SUBHASH K BHARDWAJ .00 .00 .00 .000 .250 .300 $86,000.00 N
600129202 SUBHASH K BHARDWAJ .00 .00 .00 .000 .250 .300 $95,000.00 N
600129203 RENEE L JUELFS .00 .00 .00 .000 .250 .300 $122,000.00 N
600129204 ADNEY MELVYN PICHANICK .00 .00 .00 .000 .250 .300 $181,000.00 N
600129205 SALVADOR NINO .00 .00 .00 .000 .250 .300 $80,000.00 N
600129206 NERGISH H DAVIER .00 .00 .00 .000 .250 .300 $148,000.00 N
600129209 WAYNE CHARLE WOOD .00 .00 .00 .000 .250 .300 $277,500.00 N
600129210 MILTON R KREB .00 .00 .00 .000 .250 .300 $305,000.00 N
600129211 CHARLES J ZANOLIO JR .00 .00 .00 .000 .250 .300 $530,000.00 N
600129213 TERESA L STEVENSON .00 .00 .00 .000 .250 .300 $78,000.00 N
600129214 JOHN E MAIN .00 .00 .00 .000 .250 .300 $20,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 18
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129215 TAE S CHO 29732 ESSEX COURT FARMINGTON HILL MI 48331 $134,173.04
600129216 AUGUSTO M MARTINEZ 2096 MORRIS LINCOLN PARK MI 48146 $35,893.64
600129217 AUGUSTO M MARTINEZ 2135 MORRIS LINCOLN PARK MI 48146 $44,119.27
600129219 KWI OK KIM 8650 SW LAUREL LEAF LANE PORTLAND OR 97225 $177,854.93
600129223 BRIAN K NEWMAN 3641 VIRGINIA DARE TRAIL NAGS HEAD NC 27959 $204,374.06
600129224 BRIAN K NEWMAN 4021 CREEK ROAD KITTY HAWK NC 27949 $150,538.94
600129226 MEHRI ZOOALNOOR 20753 DOLOROSA STREET WOODLAND HILLS CA 91367 $139,548.63
600129227 KRISHNA M LAL 1009 LOGVIEW DRIVE DIAMOND BAR CA 91765 $198,613.75
600129230 TSUONG K CHEN 9529 EAST KNOLL CIRCLE MESA AZ 85207 $160,503.00
600129231 MICHAEL A O'DONNELL 821 EAST JOAN DE ARC AVEN PHOENIX AZ 85022 $50,244.42
600129233 AUGUSTO M VIGANO 17631 WELLINGTON AVENUE TUSTIN CA 92780 $106,164.00
600129234 VICTOR P GENNETTE 1354 KELLER LANE PARADISE CA 95969 $149,542.00
600129235 CONNIE J SAJWAJ 216 WOODLAND CIRCLE OCEAN SPRINGS MS 39564 $39,663.48
600129236 MYONG HUI KIM STANO 5757 PASTEUR BLVD NEW ORLEANS LA 70122 $36,090.67
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129215 TAE S CHO 7.375 .250 7.125 .0500 7.075 01/01/2013
600129216 AUGUSTO M MARTINEZ 7.750 .250 7.500 .0500 7.450 02/01/2013
600129217 AUGUSTO M MARTINEZ 7.750 .250 7.500 .0500 7.450 02/01/2013
600129219 KWI OK KIM 6.875 .250 6.625 .0500 6.575 01/01/2013
600129223 BRIAN K NEWMAN 7.375 .250 7.125 .0500 7.075 02/01/2013
600129224 BRIAN K NEWMAN 7.375 .250 7.125 .0500 7.075 02/01/2013
600129226 MEHRI ZOOALNOOR 6.750 .250 6.500 .0500 6.450 02/01/2013
600129227 KRISHNA M LAL 7.375 .250 7.125 .0500 7.075 01/01/2013
600129230 TSUONG K CHEN 7.250 .250 7.000 .0500 6.950 02/01/2013
600129231 MICHAEL A O'DONNELL 7.250 .250 7.000 .0500 6.950 02/01/2013
600129233 AUGUSTO M VIGANO 7.000 .250 6.750 .0500 6.700 02/01/2013
600129234 VICTOR P GENNETTE 7.375 .250 7.125 .0500 7.075 02/01/2013
600129235 CONNIE J SAJWAJ 7.750 .250 7.500 .0500 7.450 01/01/2013
600129236 MYONG HUI KIM STANO 7.500 .250 7.250 .0500 7.200 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129215 TAE S CHO 5891825 $1,241.90 03/01/1998 180
600129216 AUGUSTO M MARTINEZ 5892918 $338.86 03/01/1998 180
600129217 AUGUSTO M MARTINEZ 5892928 $416.51 03/01/1998 180
600129219 KWI OK KIM 5917584 $1,596.42 03/01/1998 180
600129223 BRIAN K NEWMAN 5922553 $1,885.84 03/01/1998 180
600129224 BRIAN K NEWMAN 5922586 $1,389.08 03/01/1998 180
600129226 MEHRI ZOOALNOOR 5941014 $1,238.87 03/01/1998 180
600129227 KRISHNA M LAL 5942873 $1,839.85 03/01/1998 180
600129230 TSUONG K CHEN 5945832 $1,469.71 03/01/1998 180
600129231 MICHAEL A O'DONNELL 5945992 $460.08 03/01/1998 180
600129233 AUGUSTO M VIGANO 5972880 $957.25 03/01/1998 180
600129234 VICTOR P GENNETTE 5974729 $1,379.88 03/01/1998 180
600129235 CONNIE J SAJWAJ 5978788 $375.57 03/01/1998 180
600129236 MYONG HUI KIM STANO 5979615 $335.58 03/01/1998 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>
600129215 TAE S CHO .00 .00 .00 .000 .250 .300 $250,000.00 N
600129216 AUGUSTO M MARTINEZ .00 .00 .00 .000 .250 .300 $48,000.00 N
600129217 AUGUSTO M MARTINEZ .00 .00 .00 .000 .250 .300 $59,000.00 N
600129219 KWI OK KIM .00 .00 .00 .000 .250 .300 $325,000.00 N
600129223 BRIAN K NEWMAN .00 .00 .00 .000 .250 .300 $470,000.00 N
600129224 BRIAN K NEWMAN .00 .00 .00 .000 .250 .300 $360,000.00 N
600129226 MEHRI ZOOALNOOR .00 .00 .00 .000 .250 .300 $220,000.00 N
600129227 KRISHNA M LAL .00 .00 .00 .000 .250 .300 $300,000.00 N
600129230 TSUONG K CHEN .00 .00 .00 .000 .250 .300 $230,000.00 N
600129231 MICHAEL A O'DONNELL .00 .00 .00 .000 .250 .300 $64,000.00 N
600129233 AUGUSTO M VIGANO .00 .00 .00 .000 .250 .300 $285,000.00 N
600129234 VICTOR P GENNETTE .00 .00 .00 .000 .250 .300 $410,000.00 N
600129235 CONNIE J SAJWAJ .00 .00 .00 .000 .250 .300 $57,000.00 N
600129236 MYONG HUI KIM STANO .00 .00 .00 .000 .250 .300 $69,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 19
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129237 ALFRED G MALATESTA JR 43 SUNRISE DRIVE MOULTONBORO NH 03254 $54,678.33
600129238 ROBERT M BRUMBY JR 2027 THICKET TRAIL DR SAN ANTONIO TX 78248 $112,053.02
600129239 W L LAMOUREAUX 8806-8808 MEADOW RANGE SAN ANTONIO TX 78250 $47,563.68
600129241 JUDITH WILKIE 300 MAIN ROAD RUIDOSO NM 88345 $215,660.96
600129242 JOEL R ADELSTONE 5420 VISTA SANDIA NE ALBUQUERQUE NM 87111 $153,519.40
600129243 JANET TESSIER 3800 LOST TREE ROAD SE RIO RANCHO NM 87124 $88,223.81
600129244 RUSSELL G WATKINS 117 CARTER STREET CRESTON OH 44217 $101,354.52
600129245 JAMES B WOODS 163 CROWNHILL AVENUE AMHERST OH 44001 $54,885.56
600129246 JUDITH A WOODS 8140 PYLE ROAD AMHERST OH 44001 $61,814.80
600129247 JUDITH A WOODS 8160 PYLE ROAD AMHERST OH 44001 $75,568.55
600129248 WESLEY R WIGHTMAN JR 217 EAST FOURTH STREET PORT CLINTON OH 43452 $88,974.49
600129249 ROBERT A FORBES 2212 MCARTHUR AVENUE COLORADO SPRING CO 80909 $106,918.92
600129250 PEDRO DIAZ 12730 COOLGREEN STREET HOUSTON TX 77013 $63,401.52
600129251 TODD MITCHELL 18 CINCINNATI ST AUGUSTINE FL 32084 $122,715.83
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129237 ALFRED G MALATESTA JR 7.000 .250 6.750 .0500 6.700 02/01/2013
600129238 ROBERT M BRUMBY JR 7.250 .250 7.000 .0500 6.950 02/01/2013
600129239 W L LAMOUREAUX 8.125 .250 7.875 .0500 7.825 02/01/2013
600129241 JUDITH WILKIE 7.750 .250 7.500 .0500 7.450 02/01/2013
600129242 JOEL R ADELSTONE 7.125 .250 6.875 .0500 6.825 02/01/2013
600129243 JANET TESSIER 7.125 .250 6.875 .0500 6.825 02/01/2013
600129244 RUSSELL G WATKINS 7.000 .250 6.750 .0500 6.700 01/01/2013
600129245 JAMES B WOODS 7.625 .250 7.375 .0500 7.325 02/01/2013
600129246 JUDITH A WOODS 7.625 .250 7.375 .0500 7.325 02/01/2013
600129247 JUDITH A WOODS 7.375 .250 7.125 .0500 7.075 02/01/2013
600129248 WESLEY R WIGHTMAN JR 7.250 .250 7.000 .0500 6.950 02/01/2013
600129249 ROBERT A FORBES 7.250 .250 7.000 .0500 6.950 02/01/2013
600129250 PEDRO DIAZ 7.125 .250 6.875 .0500 6.825 02/01/2013
600129251 TODD MITCHELL 7.125 .250 6.875 .0500 6.825 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129237 ALFRED G MALATESTA JR 5982660 $494.36 03/01/1998 180
600129238 ROBERT M BRUMBY JR 6005434 $1,026.06 03/01/1998 180
600129239 W L LAMOUREAUX 6005686 $459.29 03/01/1998 180
600129241 JUDITH WILKIE 6006619 $2,035.98 03/01/1998 180
600129242 JOEL R ADELSTONE 6007236 $1,394.98 03/01/1998 180
600129243 JANET TESSIER 6008787 $801.66 03/01/1998 180
600129244 RUSSELL G WATKINS 6032847 $916.80 18 03/01/1998 180
600129245 JAMES B WOODS 6034530 $514.24 03/01/1998 180
600129246 JUDITH A WOODS 6034542 $579.16 03/01/1998 180
600129247 JUDITH A WOODS 6034564 $697.30 03/01/1998 180
600129248 WESLEY R WIGHTMAN JR 6034660 $814.73 3 03/01/1998 180
600129249 ROBERT A FORBES 6038151 $979.05 3 03/01/1998 180
600129250 PEDRO DIAZ 6059995 $576.11 03/01/1998 180
600129251 TODD MITCHELL 6064002 $1,115.08 03/01/1998 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>
600129237 ALFRED G MALATESTA JR .00 .00 .00 .000 .250 .300 $84,000.00 N
600129238 ROBERT M BRUMBY JR .00 .00 .00 .000 .250 .300 $141,000.00 N
600129239 W L LAMOUREAUX .00 .00 .00 .000 .250 .300 $80,000.00 N
600129241 JUDITH WILKIE .00 .00 .00 .000 .250 .300 $300,000.00 N
600129242 JOEL R ADELSTONE .00 .00 .00 .000 .250 .300 $192,500.00 N
600129243 JANET TESSIER .00 .00 .00 .000 .250 .300 $118,000.00 N
600129244 RUSSELL G WATKINS .00 .00 .00 .000 .250 .300 $120,000.00 N
600129245 JAMES B WOODS .00 .00 .00 .000 .250 .300 $99,000.00 N
600129246 JUDITH A WOODS .00 .00 .00 .000 .250 .300 $110,000.00 N
600129247 JUDITH A WOODS .00 .00 .00 .000 .250 .300 $120,000.00 N
600129248 WESLEY R WIGHTMAN JR .00 .00 .00 .000 .250 .300 $105,000.00 N
600129249 ROBERT A FORBES .00 .00 .00 .000 .250 .300 $127,000.00 N
600129250 PEDRO DIAZ .00 .00 .00 .000 .250 .300 $80,000.00 N
600129251 TODD MITCHELL .00 .00 .00 .000 .250 .300 $231,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 20
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129255 MARK MCFEE 804 EAST ASPEN AVENUE FRUITA CO 81521 $71,737.43
600129256 ELI CHEN 2832 LAS PIEDRAS DRIVE BURLINGAME CA 94010 $199,395.98
600129257 WILLIE LEE SMOOT 1106 EAST 126TH STREET LOS ANGELES CA 90059 $104,665.11
600129258 WILLIE LEE SMOOT 615 EAST 122ND STREET LOS ANGELES CA 90059 $100,927.08
600129260 MIRIAM SELIN REITER 251 NELSON AVENUE PACIFICA CA 94044 $139,558.31
600129261 LARRY TUCKER 559 CENTER ROAD CARTERSVILLE GA 30120 $32,210.03
600129262 DARRYL F CECIL 525-527 6TH STREET TRAFFORD PA 15065 $35,792.76
600129263 WILLIAM K TAYLOR JR 42 BRISTOL LN NEWARK DE 19711 $168,167.76
600129265 THOMAS W CHAMBERS 3811 HALIFAX COURT ARLINGTON TX 76013 $39,746.67
600129266 RONALD JOSEP PAXTON 24670 HIGHWAY 22 MAUREPAS LA 70449 $48,358.28
600129267 TEJINDER S GREWAL 3126 W FARGO AVENUE CHICAGO IL 60645 $87,717.56
600129268 RICHARD PERRY 2824 ALHAMBRA CIRCLE NASHVILLE TN 37207 $70,279.98
600129269 CHAO SU CHEN 10 SANTA VICTORIA AISLE IRVINE CA 92606 $112,145.07
600129270 SHERYL B EINSMAN 478 WILSON WINONA MN 55987 $59,518.64
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129255 MARK MCFEE 7.750 .250 7.500 .0500 7.450 02/01/2013
600129256 ELI CHEN 7.500 .250 7.250 .0500 7.200 02/01/2013
600129257 WILLIE LEE SMOOT 6.875 .250 6.625 .0500 6.575 02/01/2013
600129258 WILLIE LEE SMOOT 6.875 .250 6.625 .0500 6.575 02/01/2013
600129260 MIRIAM SELIN REITER 7.000 .250 6.750 .0500 6.700 02/01/2013
600129261 LARRY TUCKER 7.875 .250 7.625 .0500 7.575 01/01/2013
600129262 DARRYL F CECIL 7.625 .250 7.375 .0500 7.325 02/01/2013
600129263 WILLIAM K TAYLOR JR 7.000 .250 6.750 .0500 6.700 02/01/2013
600129265 THOMAS W CHAMBERS 7.250 .250 7.000 .0500 6.950 02/01/2013
600129266 RONALD JOSEP PAXTON 7.875 .250 7.625 .0500 7.575 02/01/2013
600129267 TEJINDER S GREWAL 7.125 .250 6.875 .0500 6.825 02/01/2013
600129268 RICHARD PERRY 7.125 .250 6.875 .0500 6.825 02/01/2013
600129269 CHAO SU CHEN 7.000 .250 6.750 .0500 6.700 02/01/2013
600129270 SHERYL B EINSMAN 7.750 .250 7.500 .0500 7.450 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129255 MARK MCFEE 6081187 $677.25 12 03/01/1998 180
600129256 ELI CHEN 6087034 $1,854.02 03/01/1998 180
600129257 WILLIE LEE SMOOT 6087361 $936.45 03/01/1998 180
600129258 WILLIE LEE SMOOT 6101916 $903.00 03/01/1998 180
600129260 MIRIAM SELIN REITER 6118329 $1,258.36 03/01/1998 180
600129261 LARRY TUCKER 6121492 $307.30 18 03/01/1998 180
600129262 DARRYL F CECIL 6124971 $335.35 2 03/01/1998 180
600129263 WILLIAM K TAYLOR JR 6126673 $1,516.32 03/01/1998 180
600129265 THOMAS W CHAMBERS 6131122 $365.15 03/01/1998 180
600129266 RONALD JOSEP PAXTON 6139861 $460.00 03/01/1998 180
600129267 TEJINDER S GREWAL 6147751 $819.78 03/01/1998 180
600129268 RICHARD PERRY 6162850 $638.61 03/01/1998 180
600129269 CHAO SU CHEN 6181669 $1,011.18 03/01/1998 180
600129270 SHERYL B EINSMAN 6185740 $561.89 12 03/01/1998 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>
600129255 MARK MCFEE .00 .00 .00 .000 .250 .300 $79,999.00 N
600129256 ELI CHEN .00 .00 .00 .000 .250 .300 $565,000.00 N
600129257 WILLIE LEE SMOOT .00 .00 .00 .000 .250 .300 $140,000.00 N
600129258 WILLIE LEE SMOOT .00 .00 .00 .000 .250 .300 $135,000.00 N
600129260 MIRIAM SELIN REITER .00 .00 .00 .000 .250 .300 $281,000.00 N
600129261 LARRY TUCKER .00 .00 .00 .000 .250 .300 $36,000.00 N
600129262 DARRYL F CECIL .00 .00 .00 .000 .250 .300 $39,900.00 N
600129263 WILLIAM K TAYLOR JR .00 .00 .00 .000 .250 .300 $272,000.00 N
600129265 THOMAS W CHAMBERS .00 .00 .00 .000 .250 .300 $80,000.00 N
600129266 RONALD JOSEP PAXTON .00 .00 .00 .000 .250 .300 $112,000.00 N
600129267 TEJINDER S GREWAL .00 .00 .00 .000 .250 .300 $182,000.00 N
600129268 RICHARD PERRY .00 .00 .00 .000 .250 .300 $98,000.00 N
600129269 CHAO SU CHEN .00 .00 .00 .000 .250 .300 $250,900.00 N
600129270 SHERYL B EINSMAN .00 .00 .00 .000 .250 .300 $72,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 21
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129271 ROBERT E NELSON 2604 LOOP ROAD BURNSVILLE MN 55306 $128,732.33
600129272 H KEITH HUNT 10738-B PARK VILLAGE PLAC DALLAS TX 75320 $39,370.36
600129273 ALBERT L PIERCE 15845 & 15849 EL ESTADO D DALLAS TX 75248 $109,026.93
600129275 LLOYD BRUCE HINTON 118 CAMILLA LANE GARLAND TX 75040 $71,784.93
600129276 RAYMOND C PASTL 926 SW 34TH COURT BOYNTON FL 33435 $36,887.03
600129277 KATHLEEN M PEARAGE 433 THORNHURST ROAD GOULDSBORO PA 18424 $39,879.20
600129278 WAYNE T FAVERIO 900 SUGAR PINE DRIVE BEAR DE 19701 $129,091.44
600129279 MING Q WANG 311 PEBBLE VALLEY PLACE DOVER DE 19904 $170,489.20
600129280 CLEMENCE E CROUCH 330 COTTONWOOD DR LANGHORNE PA 19047 $180,422.72
600129281 ROLANDO E LOPEZ 4616 STORMY HILLS DRIVE LAS VEGAS NV 89130 $110,102.00
600129284 SONIA ROSEN 1521 WINDHAVEN CIRCLE LAS VEGAS NV 89102 $139,458.62
600129285 PHILIP K RHYU 33659 7TH COURT SOUTHWEST FEDERAL WAY WA 98023 $225,712.52
600129286 RICHARD L KAAS 3530 200TH PLACE SW LYNNWOOD WA 98036 $56,973.58
600129288 GLENN W PEW 13254 SW FIELDING ROAD LAKE OSWEGO OR 97034 $201,881.69
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129271 ROBERT E NELSON 7.750 .250 7.500 .0500 7.450 01/01/2013
600129272 H KEITH HUNT 8.000 .250 7.750 .0500 7.700 01/01/2013
600129273 ALBERT L PIERCE 7.750 .250 7.500 .0500 7.450 02/01/2013
600129275 LLOYD BRUCE HINTON 7.625 .250 7.375 .0500 7.325 02/01/2013
600129276 RAYMOND C PASTL 7.375 .250 7.125 .0500 7.075 02/01/2013
600129277 KATHLEEN M PEARAGE 7.500 .250 7.250 .0500 7.200 02/01/2013
600129278 WAYNE T FAVERIO 7.000 .250 6.750 .0500 6.700 02/01/2013
600129279 MING Q WANG 7.625 .250 7.375 .0500 7.325 02/01/2013
600129280 CLEMENCE E CROUCH 6.875 .250 6.625 .0500 6.575 02/01/2013
600129281 ROLANDO E LOPEZ 7.000 .250 6.750 .0500 6.700 02/01/2013
600129284 SONIA ROSEN 7.000 .250 6.750 .0500 6.700 02/01/2013
600129285 PHILIP K RHYU 7.000 .250 6.750 .0500 6.700 01/01/2013
600129286 RICHARD L KAAS 7.250 .250 7.000 .0500 6.950 02/01/2013
600129288 GLENN W PEW 7.375 .250 7.125 .0500 7.075 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129271 ROBERT E NELSON 6186333 $1,218.95 03/01/1998 180
600129272 H KEITH HUNT 6189771 $378.44 03/01/1998 180
600129273 ALBERT L PIERCE 6189963 $1,029.29 7 03/01/1998 180
600129275 LLOYD BRUCE HINTON 6190846 $672.57 18 03/01/1998 180
600129276 RAYMOND C PASTL 6199174 $340.37 03/01/1998 180
600129277 KATHLEEN M PEARAGE 6227140 $370.80 03/01/1998 180
600129278 WAYNE T FAVERIO 6227967 $1,163.98 18 03/01/1998 180
600129279 MING Q WANG 6228109 $1,597.36 03/01/1998 180
600129280 CLEMENCE E CROUCH 6228481 $1,614.26 03/01/1998 180
600129281 ROLANDO E LOPEZ 6246196 $993.21 12 03/01/1998 180
600129284 SONIA ROSEN 6247684 $1,257.46 03/01/1998 180
600129285 PHILIP K RHYU 6248413 $2,041.69 03/01/1998 180
600129286 RICHARD L KAAS 6249028 $521.70 03/01/1998 180
600129288 GLENN W PEW 6251235 $1,862.84 03/01/1998 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>
600129271 ROBERT E NELSON .00 .00 .00 .000 .250 .300 $175,000.00 N
600129272 H KEITH HUNT .00 .00 .00 .000 .250 .300 $50,000.00 N
600129273 ALBERT L PIERCE .00 .00 .00 .000 .250 .300 $121,500.00 N
600129275 LLOYD BRUCE HINTON .00 .00 .00 .000 .250 .300 $80,000.00 N
600129276 RAYMOND C PASTL .00 .00 .00 .000 .250 .300 $233,000.00 N
600129277 KATHLEEN M PEARAGE .00 .00 .00 .000 .250 .300 $60,000.00 N
600129278 WAYNE T FAVERIO .00 .00 .00 .000 .250 .300 $156,000.00 N
600129279 MING Q WANG .00 .00 .00 .000 .250 .300 $228,100.00 N
600129280 CLEMENCE E CROUCH .00 .00 .00 .000 .250 .300 $333,500.00 N
600129281 ROLANDO E LOPEZ .00 .00 .00 .000 .250 .300 $133,000.00 N
600129284 SONIA ROSEN .00 .00 .00 .000 .250 .300 $340,000.00 N
600129285 PHILIP K RHYU .00 .00 .00 .000 .250 .300 $325,000.00 N
600129286 RICHARD L KAAS .00 .00 .00 .000 .250 .300 $200,000.00 N
600129288 GLENN W PEW .00 .00 .00 .000 .250 .300 $285,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 22
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129289 GLENN BRANFIELD 8510 NW 6TH AVENUE VANCOUVER WA 98665 $100,196.48
600129290 DANIEL J PHILLIPS 8450 SOLLIE SMITH ROAD TILLAMOOK OR 97141 $169,451.90
600129291 ENGLISH EUGENE NYE 3214 BANYAN DRIVE HARLINGEN TX 78550 $84,740.47
600129292 FRANK R KELLER 8500 LYNDON LANE AUSTIN TX 78729 $138,330.96
600129294 ROBERT A SKJONSBERG GREEN GATE ROAD #81 PALMVIEW TX 78572 $61,210.46
600129297 FREDRICK BUCH 984 G KIELY BLVD SANTA CLARA CA 95051 $98,298.94
600129300 CLARENCE L PARSONS 40532 RIVER ROAD DADE CITY FL 33525 $52,311.72
600129301 CHRISTINE A LOWE 3 DANFORTH DRIVE NORTHBOROUGH MA 01532 $131,579.00
600129303 HOWARD NGUYEN 3065 NUMANA ROAD HONOLULU HI 96819 $164,485.07
600129305 MASATO OGAWA 2040 SUTTER STREET #201 SAN FRANCISCO CA 94115 $181,425.80
600129307 GAYNE R THORNE 3123 SUNNYDALE DRIVE NAPA CA 94558 $153,508.83
600129308 BHIKHU S PATEL 963 SUMMIT AVENUE JERSEY CITY NJ 07307 $59,810.70
600129309 IOANNIS VLACHOS 247 OVERPECK AVENUE RIDGEFIELD PARK NJ 07660 $87,952.07
600129310 KIM CHANG 147 HICKORY ROAD FRANKLIN TOWNSH NJ 08873 $99,697.99
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129289 GLENN BRANFIELD 7.500 .250 7.250 .0500 7.200 02/01/2013
600129290 DANIEL J PHILLIPS 6.750 .250 6.500 .0500 6.450 02/01/2013
600129291 ENGLISH EUGENE NYE 7.375 .250 7.125 .0500 7.075 02/01/2013
600129292 FRANK R KELLER 7.500 .250 7.250 .0500 7.200 02/01/2013
600129294 ROBERT A SKJONSBERG 7.250 .250 7.000 .0500 6.950 02/01/2013
600129297 FREDRICK BUCH 7.375 .250 7.125 .0500 7.075 02/01/2013
600129300 CLARENCE L PARSONS 7.125 .250 6.875 .0500 6.825 02/01/2013
600129301 CHRISTINE A LOWE 6.875 .250 6.625 .0500 6.575 02/01/2013
600129303 HOWARD NGUYEN 7.125 .250 6.875 .0500 6.825 02/01/2013
600129305 MASATO OGAWA 7.000 .250 6.750 .0500 6.700 02/01/2013
600129307 GAYNE R THORNE 6.875 .250 6.625 .0500 6.575 02/01/2013
600129308 BHIKHU S PATEL 7.000 .250 6.750 .0500 6.700 02/01/2013
600129309 IOANNIS VLACHOS 7.625 .250 7.375 .0500 7.325 02/01/2013
600129310 KIM CHANG 7.500 .250 7.250 .0500 7.200 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129289 GLENN BRANFIELD 6251281 $931.65 03/01/1998 180
600129290 DANIEL J PHILLIPS 6252382 $1,504.35 03/01/1998 180
600129291 ENGLISH EUGENE NYE 6254439 $781.93 03/01/1998 180
600129292 FRANK R KELLER 6256360 $1,286.23 03/01/1998 180
600129294 ROBERT A SKJONSBERG 6256993 $560.50 03/01/1998 180
600129297 FREDRICK BUCH 6290967 $907.04 03/01/1998 180
600129300 CLARENCE L PARSONS 6296125 $475.56 03/01/1998 180
600129301 CHRISTINE A LOWE 6297351 $1,177.25 03/01/1998 180
600129303 HOWARD NGUYEN 6317238 $1,494.62 03/01/1998 180
600129305 MASATO OGAWA 6319824 $1,635.87 03/01/1998 180
600129307 GAYNE R THORNE 6320907 $1,373.46 03/01/1998 180
600129308 BHIKHU S PATEL 6328927 $539.30 03/01/1998 180
600129309 IOANNIS VLACHOS 6328993 $831.38 03/01/1998 180
600129310 KIM CHANG 6329019 $927.01 03/01/1998 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>
600129289 GLENN BRANFIELD .00 .00 .00 .000 .250 .300 $147,500.00 N
600129290 DANIEL J PHILLIPS .00 .00 .00 .000 .250 .300 $383,000.00 N
600129291 ENGLISH EUGENE NYE .00 .00 .00 .000 .250 .300 $235,000.00 N
600129292 FRANK R KELLER .00 .00 .00 .000 .250 .300 $185,000.00 N
600129294 ROBERT A SKJONSBERG .00 .00 .00 .000 .250 .300 $80,200.00 N
600129297 FREDRICK BUCH .00 .00 .00 .000 .250 .300 $131,500.00 N
600129300 CLARENCE L PARSONS .00 .00 .00 .000 .250 .300 $220,000.00 N
600129301 CHRISTINE A LOWE .00 .00 .00 .000 .250 .300 $193,000.00 N
600129303 HOWARD NGUYEN .00 .00 .00 .000 .250 .300 $310,000.00 N
600129305 MASATO OGAWA .00 .00 .00 .000 .250 .300 $325,000.00 N
600129307 GAYNE R THORNE .00 .00 .00 .000 .250 .300 $380,000.00 N
600129308 BHIKHU S PATEL .00 .00 .00 .000 .250 .300 $123,000.00 N
600129309 IOANNIS VLACHOS .00 .00 .00 .000 .250 .300 $176,000.00 N
600129310 KIM CHANG .00 .00 .00 .000 .250 .300 $220,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 23
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129311 JAGDISH J PATEL 20 SILVER HOLLOW DRIVE NORTH BRUNSWICK NJ 08902 $149,556.84
600129313 LARRY S FRANCIS 507 OCCONEECHEE DRIVE FUQUAY-VARINA NC 27526 $121,276.79
600129314 LYNN INGRAM 103 NORTH EAST 9TH STREET LONG BEACH NC 28465 $41,377.39
600129315 GAYLE HARSHMAN 8951 WEST 163RD STREET ORLAND PARK IL 60462 $51,746.37
600129316 A CLAUDE WESLEY 1804 W 107TH STREET CHICAGO IL 60643 $135,304.05
600129317 DANIEL H HALFMANN 240 WEST VERNON ROAD ROSEBUSH MI 48878 $52,843.41
600129318 JAMES K CLARK JR 9010 NESBIT FERRY ROAD #4 ALPHARETTA GA 30022 $99,608.09
600129319 SI KOL JUNG 3833 S GIBRALTAR ST AURORA CO 80013 $121,108.28
600129323 SYLVESTER WILSON 620 AMANDA PLACE WINSTON-SALEM NC 27101 $50,849.33
600129324 CAROL ANN WINTER 131 HILLSIDE STREET ASHEVILLE NC 28801 $54,835.71
600129325 IRA ZIMMERMAN 349 OBSIDIAN STREET LAS VEGAS NV 89128 $98,208.44
600129326 ANABEL CAMPBELL 7811 OAKPOINT LANE LAS VEGAS NV 89128 $23,927.52
600129327 NIMROD R MCDADE 230 COUNTY ROAD 597 HANCEVILLE AL 35077 $97,690.82
600129328 JERRY LYNN THOMAS 12185 WEST WISCONSIN DRIV LAKEWOOD CO 80228 $127,114.94
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129311 JAGDISH J PATEL 7.750 .250 7.500 .0500 7.450 02/01/2013
600129313 LARRY S FRANCIS 7.750 .250 7.500 .0500 7.450 01/01/2013
600129314 LYNN INGRAM 7.750 .250 7.500 .0500 7.450 02/01/2013
600129315 GAYLE HARSHMAN 7.750 .250 7.500 .0500 7.450 02/01/2013
600129316 A CLAUDE WESLEY 7.375 .250 7.125 .0500 7.075 02/01/2013
600129317 DANIEL H HALFMANN 7.750 .250 7.500 .0500 7.450 02/01/2013
600129318 JAMES K CLARK JR 7.875 .250 7.625 .0500 7.575 02/01/2013
600129319 SI KOL JUNG 6.750 .250 6.500 .0500 6.450 02/01/2013
600129323 SYLVESTER WILSON 7.750 .250 7.500 .0500 7.450 02/01/2013
600129324 CAROL ANN WINTER 7.625 .250 7.375 .0500 7.325 02/01/2013
600129325 IRA ZIMMERMAN 7.375 .250 7.125 .0500 7.075 02/01/2013
600129326 ANABEL CAMPBELL 7.500 .250 7.250 .0500 7.200 02/01/2013
600129327 NIMROD R MCDADE 7.000 .250 6.750 .0500 6.700 02/01/2013
600129328 JERRY LYNN THOMAS 7.500 .250 7.250 .0500 7.200 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129311 JAGDISH J PATEL 6330787 $1,411.91 03/01/1998 180
600129313 LARRY S FRANCIS 6335019 $1,148.36 03/01/1998 180
600129314 LYNN INGRAM 6335892 $390.63 03/01/1998 180
600129315 GAYLE HARSHMAN 6346275 $489.46 03/01/1998 180
600129316 A CLAUDE WESLEY 6347500 $1,267.19 03/01/1998 180
600129317 DANIEL H HALFMANN 6370098 $498.88 03/01/1998 180
600129318 JAMES K CLARK JR 6376386 $947.50 03/01/1998 180
600129319 SI KOL JUNG 6377458 $1,075.16 03/01/1998 180
600129323 SYLVESTER WILSON 6400078 $480.05 7 03/01/1998 180
600129324 CAROL ANN WINTER 6401658 $513.77 03/01/1998 180
600129325 IRA ZIMMERMAN 6419790 $910.72 03/01/1998 180
600129326 ANABEL CAMPBELL 6420934 $222.48 03/01/1998 180
600129327 NIMROD R MCDADE 6432805 $880.85 03/01/1998 180
600129328 JERRY LYNN THOMAS 6433521 $1,181.94 12 03/01/1998 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>
600129311 JAGDISH J PATEL .00 .00 .00 .000 .250 .300 $282,000.00 N
600129313 LARRY S FRANCIS .00 .00 .00 .000 .250 .300 $152,500.00 N
600129314 LYNN INGRAM .00 .00 .00 .000 .250 .300 $83,200.00 N
600129315 GAYLE HARSHMAN .00 .00 .00 .000 .250 .300 $139,000.00 N
600129316 A CLAUDE WESLEY .00 .00 .00 .000 .250 .300 $185,000.00 N
600129317 DANIEL H HALFMANN .00 .00 .00 .000 .250 .300 $89,000.00 N
600129318 JAMES K CLARK JR .00 .00 .00 .000 .250 .300 $125,500.00 N
600129319 SI KOL JUNG .00 .00 .00 .000 .250 .300 $162,000.00 N
600129323 SYLVESTER WILSON .00 .00 .00 .000 .250 .300 $60,000.00 N
600129324 CAROL ANN WINTER .00 .00 .00 .000 .250 .300 $80,500.00 N
600129325 IRA ZIMMERMAN .00 .00 .00 .000 .250 .300 $154,000.00 N
600129326 ANABEL CAMPBELL .00 .00 .00 .000 .250 .300 $100,000.00 N
600129327 NIMROD R MCDADE .00 .00 .00 .000 .250 .300 $140,000.00 N
600129328 JERRY LYNN THOMAS .00 .00 .00 .000 .250 .300 $150,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 24
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129329 ROBERT J JENSEN 8878 EAST HENDRICKS COUNT PLAINFIELD IN 46168 $157,512.26
600129330 JEFFERY E HOHREITER 6703 EVANSTON STREET INDIANAPOLIS IN 46220 $32,204.57
600129331 PHILIP H BALCOM 965 ELM DRIVE EAGLE RIVER WI 54521 $133,853.37
600129335 JOHN W GILL JR 10309 GREENWOOD DRIVE SPOTSYLVANIA VA 22553 $177,450.52
600129336 TERRY DIANE CLINGAN 8204 OLD LINE DR FREDERICK MD 21701 $57,817.01
600129338 DAVID W FULKERSON 389 EXPEDITION DRIVE EVANSTON WY 82930 $82,742.65
600129339 LOUISE B VAUGHAN 3501 CHESTNUT HILL COURT JACKSONVILLE FL 32223 $42,150.11
600129340 CYNTHIA D FLECK 10759 YUKON STREET BROOMFIELD CO 80021 $199,382.60
600129343 DAVID BRYANT 1680 NORTH HIGHWAY 101 #2 ENCINITAS CA 92024 $130,790.55
600129344 CHARLES A LYFORD IV 10230 NE 110TH STREET KIRKLAND WA 98033 $78,498.83
600129346 MARY A OLIVER 3202 NW DIVISION STREET GRESHAM OR 97030 $72,779.53
600129349 MANXIA LIN 3170 HONEYSUCKLE ROAD LARGO FL 33770 $65,802.85
600129350 J THOMAS STACY 9684 122ND WAY NORTH SEMINOLE FL 34642 $114,663.97
600129351 GARY D MEYER 5803 TOLMAN COURT TAMPA FL 33647 $179,462.32
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129329 ROBERT J JENSEN 7.250 .250 7.000 .0500 6.950 02/01/2013
600129330 JEFFERY E HOHREITER 7.750 .250 7.500 .0500 7.450 02/01/2013
600129331 PHILIP H BALCOM 7.750 .250 7.500 .0500 7.450 02/01/2013
600129335 JOHN W GILL JR 7.250 .250 7.000 .0500 6.950 02/01/2013
600129336 TERRY DIANE CLINGAN 7.000 .250 6.750 .0500 6.700 02/01/2013
600129338 DAVID W FULKERSON 7.500 .250 7.250 .0500 7.200 02/01/2013
600129339 LOUISE B VAUGHAN 7.750 .250 7.500 .0500 7.450 02/01/2013
600129340 CYNTHIA D FLECK 7.250 .250 7.000 .0500 6.950 02/01/2013
600129343 DAVID BRYANT 7.125 .250 6.875 .0500 6.825 02/01/2013
600129344 CHARLES A LYFORD IV 6.875 .250 6.625 .0500 6.575 02/01/2013
600129346 MARY A OLIVER 7.500 .250 7.250 .0500 7.200 02/01/2013
600129349 MANXIA LIN 7.625 .250 7.375 .0500 7.325 02/01/2013
600129350 J THOMAS STACY 7.875 .250 7.625 .0500 7.575 02/01/2013
600129351 GARY D MEYER 7.625 .250 7.375 .0500 7.325 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129329 ROBERT J JENSEN 6441972 $1,442.32 03/01/1998 180
600129330 JEFFERY E HOHREITER 6443232 $304.03 03/01/1998 180
600129331 PHILIP H BALCOM 6462796 $1,263.66 03/01/1998 180
600129335 JOHN W GILL JR 6481059 $1,624.90 14 03/01/1998 180
600129336 TERRY DIANE CLINGAN 6483388 $521.32 03/01/1998 180
600129338 DAVID W FULKERSON 6504034 $787.96 03/01/1998 180
600129339 LOUISE B VAUGHAN 6525705 $397.92 03/01/1998 180
600129340 CYNTHIA D FLECK 6553860 $1,825.73 03/01/1998 180
600129343 DAVID BRYANT 6558291 $1,188.45 03/01/1998 180
600129344 CHARLES A LYFORD IV 6576619 $702.34 03/01/1998 180
600129346 MARY A OLIVER 6580351 $676.72 03/01/1998 180
600129349 MANXIA LIN 6585024 $616.53 03/01/1998 180
600129350 J THOMAS STACY 6585109 $1,090.72 03/01/1998 180
600129351 GARY D MEYER 6586422 $1,681.43 03/01/1998 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>
600129329 ROBERT J JENSEN .00 .00 .00 .000 .250 .300 $222,000.00 N
600129330 JEFFERY E HOHREITER .00 .00 .00 .000 .250 .300 $92,000.00 N
600129331 PHILIP H BALCOM .00 .00 .00 .000 .250 .300 $180,000.00 N
600129335 JOHN W GILL JR .00 .00 .00 .000 .250 .300 $203,000.00 N
600129336 TERRY DIANE CLINGAN .00 .00 .00 .000 .250 .300 $212,000.00 N
600129338 DAVID W FULKERSON .00 .00 .00 .000 .250 .300 $165,000.00 N
600129339 LOUISE B VAUGHAN .00 .00 .00 .000 .250 .300 $95,000.00 N
600129340 CYNTHIA D FLECK .00 .00 .00 .000 .250 .300 $257,000.00 N
600129343 DAVID BRYANT .00 .00 .00 .000 .250 .300 $165,000.00 N
600129344 CHARLES A LYFORD IV .00 .00 .00 .000 .250 .300 $175,000.00 N
600129346 MARY A OLIVER .00 .00 .00 .000 .250 .300 $139,000.00 N
600129349 MANXIA LIN .00 .00 .00 .000 .250 .300 $136,000.00 N
600129350 J THOMAS STACY .00 .00 .00 .000 .250 .300 $165,000.00 N
600129351 GARY D MEYER .00 .00 .00 .000 .250 .300 $240,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 25
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129352 ROSEANNE ASPRINIO 5313 LAUREL POINTE DRIVE VALRICO FL 33594 $135,684.43
600129353 LUCY STELLA CINTRON 15821 GLENARN DRIVE TAMPA FL 33618 $87,731.30
600129354 BRIAN J MCGRATH 7506 WOODRIDGE PLACE HOUSTON TX 77055 $198,877.40
600129355 YOUNG KIL KANG 18566 COUNTY ROAD 1286 FLINT TX 75762 $100,947.55
600129356 HUNG THAI 3407 SHADOW BAYOU COURT HOUSTON TX 77082 $174,447.88
600129357 GLENN DALE SMITH 400 SYLVANIA DRIVE PITTSBURGH PA 15229 $102,685.50
600129358 PASQUALE SCIARRA 8281 AKRON-CANFIELD ROAD CANFIELD OH 44406 $94,021.40
600129359 JOHN P FRANKLIN HC 62 BOX 467 SMITH HILL HONESDALE PA 18431 $119,247.33
600129360 LONNIE K SIMCOE 11462 SOUTH HIDDEN VALLEY SANDY UT 84092 $112,455.58
600129361 EARL JENKINS 2250 SCRANTON ROAD NORWALK OH 44857 $36,884.53
600129362 JOSEPH J CECCHINI 2281 PICCARDO CIRCLE STOCKTON CA 95207 $124,614.13
600129365 RONALD L SEUBERT 3904 N 46TH AVE ROBBINSDALE MN 55422 $94,962.33
600129366 HARRY M MURRAY JR 8610 BIG BEND BLVD WEBSTER GROVES MO 63119 $44,861.09
600129367 KAP JIN MYUNG 1603 SOUTH 24TH STREET EL CENTRO CA 92243 $159,500.67
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129352 ROSEANNE ASPRINIO 7.375 .250 7.125 .0500 7.075 02/01/2013
600129353 LUCY STELLA CINTRON 7.375 .250 7.125 .0500 7.075 02/01/2013
600129354 BRIAN J MCGRATH 7.125 .250 6.875 .0500 6.825 02/01/2013
600129355 YOUNG KIL KANG 7.625 .250 7.375 .0500 7.325 02/01/2013
600129356 HUNG THAI 7.000 .250 6.750 .0500 6.700 02/01/2013
600129357 GLENN DALE SMITH 7.375 .250 7.125 .0500 7.075 02/01/2013
600129358 PASQUALE SCIARRA 7.750 .250 7.500 .0500 7.450 02/01/2013
600129359 JOHN P FRANKLIN 8.000 .250 7.750 .0500 7.700 02/01/2013
600129360 LONNIE K SIMCOE 7.375 .250 7.125 .0500 7.075 02/01/2013
600129361 EARL JENKINS 7.125 .250 6.875 .0500 6.825 02/01/2013
600129362 JOSEPH J CECCHINI 7.250 .250 7.000 .0500 6.950 02/01/2013
600129365 RONALD L SEUBERT 7.500 .250 7.250 .0500 7.200 02/01/2013
600129366 HARRY M MURRAY JR 7.250 .250 7.000 .0500 6.950 02/01/2013
600129367 KAP JIN MYUNG 7.125 .250 6.875 .0500 6.825 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129352 ROSEANNE ASPRINIO 6586612 $1,252.02 03/01/1998 180
600129353 LUCY STELLA CINTRON 6587067 $809.53 03/01/1998 180
600129354 BRIAN J MCGRATH 6596202 $1,807.13 03/01/1998 180
600129355 YOUNG KIL KANG 6596490 $945.81 03/01/1998 180
600129356 HUNG THAI 6597247 $1,572.95 03/01/1998 180
600129357 GLENN DALE SMITH 6601986 $947.52 03/01/1998 180
600129358 PASQUALE SCIARRA 6602071 $887.62 03/01/1998 180
600129359 JOHN P FRANKLIN 6605203 $1,142.96 03/01/1998 180
600129360 LONNIE K SIMCOE 6612396 $1,037.67 03/01/1998 180
600129361 EARL JENKINS 6622936 $335.16 03/01/1998 180
600129362 JOSEPH J CECCHINI 6627216 $1,141.08 03/01/1998 180
600129365 RONALD L SEUBERT 6697369 $882.98 03/01/1998 180
600129366 HARRY M MURRAY JR 6724212 $410.79 03/01/1998 180
600129367 KAP JIN MYUNG 6766249 $1,449.33 03/01/1998 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>
600129352 ROSEANNE ASPRINIO .00 .00 .00 .000 .250 .300 $234,000.00 N
600129353 LUCY STELLA CINTRON .00 .00 .00 .000 .250 .300 $150,000.00 N
600129354 BRIAN J MCGRATH .00 .00 .00 .000 .250 .300 $250,000.00 N
600129355 YOUNG KIL KANG .00 .00 .00 .000 .250 .300 $138,000.00 N
600129356 HUNG THAI .00 .00 .00 .000 .250 .300 $230,000.00 N
600129357 GLENN DALE SMITH .00 .00 .00 .000 .250 .300 $140,000.00 N
600129358 PASQUALE SCIARRA .00 .00 .00 .000 .250 .300 $165,500.00 N
600129359 JOHN P FRANKLIN .00 .00 .00 .000 .250 .300 $238,000.00 N
600129360 LONNIE K SIMCOE .00 .00 .00 .000 .250 .300 $210,000.00 N
600129361 EARL JENKINS .00 .00 .00 .000 .250 .300 $67,000.00 N
600129362 JOSEPH J CECCHINI .00 .00 .00 .000 .250 .300 $257,500.00 N
600129365 RONALD L SEUBERT .00 .00 .00 .000 .250 .300 $129,000.00 N
600129366 HARRY M MURRAY JR .00 .00 .00 .000 .250 .300 $82,000.00 N
600129367 KAP JIN MYUNG .00 .00 .00 .000 .250 .300 $200,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 26
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129368 HAGOOD MORRISON 824 CREEKSIDE DRIVE MT PLEASANT SC 29464 $199,369.01
600129369 FRANCIS J CYR 380 MEADOWRUE LANE BATAVIA IL 60510 $53,833.30
600129370 LESLIE J ROSTOSKY 198 ELLWOOD AVENUE SATELLITE BEACH FL 32937 $119,625.50
600129371 FREDERICK A PEONI 5133 SUNNYDALE CIRCLE SARASOTA FL 34233 $164,473.75
600129372 GAIL CARDAROPOLI 1041 CRINELLA DRIVE PETALUMA CA 94954 $134,564.75
600129373 MARGARET ADAM 76 MARYLAND AVENUE BERKELEY CA 94707 $129,598.70
600129374 RONALD B ARENSON 2227 CLAIRMONT ROAD ATLANTA GA 30329 $151,550.93
600129375 JUAN DE LA TORRE 9731 CAMFIELD WAY FRISCO TX 75034 $32,800.64
600129377 CARMELO PALAZZOLO 406-408 MARTELO AVENUE PASADENA CA 91107 $71,777.74
600129378 EDMOND A ADAIMY 212 SOUTH GRAMERCY PLACE LOS ANGELES CA 91740 $149,542.00
600129379 MAJ-BRITT S PETERSON 942 EMERSON STREET THOUSAND OAKS CA 91362 $211,316.49
600129380 LEWIS PETERS JR 1648 SW 28 AVENUE FORT LAUDERDALE FL 33312 $56,835.28
600129384 MARIA SEIGHMAN 13 SCAMMELL DRIVE LOWER MAKEFIELD PA 19067 $90,000.00
600129385 BENJA L GOOD 3516 SEVENTH STREET SOUTH CANTON OH 44710 $65,304.34
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129368 HAGOOD MORRISON 7.000 .250 6.750 .0500 6.700 02/01/2013
600129369 FRANCIS J CYR 7.250 .250 7.000 .0500 6.950 02/01/2013
600129370 LESLIE J ROSTOSKY 7.125 .250 6.875 .0500 6.825 02/01/2013
600129371 FREDERICK A PEONI 6.875 .250 6.625 .0500 6.575 02/01/2013
600129372 GAIL CARDAROPOLI 6.750 .250 6.500 .0500 6.450 02/01/2013
600129373 MARGARET ADAM 7.250 .250 7.000 .0500 6.950 02/01/2013
600129374 RONALD B ARENSON 7.750 .250 7.500 .0500 7.450 02/01/2013
600129375 JUAN DE LA TORRE 7.500 .250 7.250 .0500 7.200 02/01/2013
600129377 CARMELO PALAZZOLO 7.250 .250 7.000 .0500 6.950 02/01/2013
600129378 EDMOND A ADAIMY 7.375 .250 7.125 .0500 7.075 02/01/2013
600129379 MAJ-BRITT S PETERSON 6.750 .250 6.500 .0500 6.450 02/01/2013
600129380 LEWIS PETERS JR 8.000 .250 7.750 .0500 7.700 02/01/2013
600129384 MARIA SEIGHMAN 7.375 .250 7.125 .0500 7.075 03/01/2013
600129385 BENJA L GOOD 7.625 .250 7.375 .0500 7.325 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129368 HAGOOD MORRISON 6773608 $1,797.66 03/01/1998 180
600129369 FRANCIS J CYR 6781203 $492.95 03/01/1998 180
600129370 LESLIE J ROSTOSKY 6800218 $1,087.00 03/01/1998 180
600129371 FREDERICK A PEONI 6803305 $1,471.56 03/01/1998 180
600129372 GAIL CARDAROPOLI 6816469 $1,194.63 03/01/1998 180
600129373 MARGARET ADAM 6817512 $1,186.72 03/01/1998 180
600129374 RONALD B ARENSON 6818782 $1,430.74 03/01/1998 180
600129375 JUAN DE LA TORRE 6826137 $304.99 03/01/1998 180
600129377 CARMELO PALAZZOLO 6903675 $657.26 03/01/1998 180
600129378 EDMOND A ADAIMY 6905632 $1,379.88 03/01/1998 180
600129379 MAJ-BRITT S PETERSON 6906018 $1,876.01 03/01/1998 180
600129380 LEWIS PETERS JR 6915433 $544.72 03/01/1998 180
600129384 MARIA SEIGHMAN 6922602 $827.93 03/01/1998 180
600129385 BENJA L GOOD 6960844 $611.86 03/01/1998 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>
600129368 HAGOOD MORRISON .00 .00 .00 .000 .250 .300 $255,000.00 N
600129369 FRANCIS J CYR .00 .00 .00 .000 .250 .300 $185,000.00 N
600129370 LESLIE J ROSTOSKY .00 .00 .00 .000 .250 .300 $165,000.00 N
600129371 FREDERICK A PEONI .00 .00 .00 .000 .250 .300 $220,000.00 N
600129372 GAIL CARDAROPOLI .00 .00 .00 .000 .250 .300 $180,000.00 N
600129373 MARGARET ADAM .00 .00 .00 .000 .250 .300 $400,000.00 N
600129374 RONALD B ARENSON .00 .00 .00 .000 .250 .300 $210,000.00 N
600129375 JUAN DE LA TORRE .00 .00 .00 .000 .250 .300 $89,000.00 N
600129377 CARMELO PALAZZOLO .00 .00 .00 .000 .250 .300 $175,000.00 N
600129378 EDMOND A ADAIMY .00 .00 .00 .000 .250 .300 $280,000.00 N
600129379 MAJ-BRITT S PETERSON .00 .00 .00 .000 .250 .300 $360,000.00 N
600129380 LEWIS PETERS JR .00 .00 .00 .000 .250 .300 $145,000.00 N
600129384 MARIA SEIGHMAN .00 .00 .00 .000 .250 .300 $168,000.00 N
600129385 BENJA L GOOD .00 .00 .00 .000 .250 .300 $83,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 27
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129388 CRAIG MICHAE HARLAN 6310 NORTH DOLORES AVENUE FRESNO CA 93711 $69,788.59
600129389 JAE Y KIM 3400 CHIPPENHAM CIRCLE BIRMINGHAM AL 35242 $192,884.78
600129390 DALE LINDBER BOUDREAUX 509 CLEARVIEW PARKWAY METAIRIE LA 70001 $49,742.56
600129391 WILBERT CHAR PITRE 3033 TORONTO DR BATON ROUGE LA 70819 $45,359.55
600129392 HENRIETTA E CARLTON 13814 SENCA PARK DRIVE HOUSTON TX 77077 $141,905.75
600129393 HARRY J CUMMINGS 742 MALONE DRIVE ORLANDO FL 32810 $68,589.92
600129394 LEON T BERRY 7300 17TH WAY NORTH ST PETERSBURG FL 33702 $46,644.36
600129395 ROBERT S DICK JR 3905 ELMWOOD DRIVE HOLIDAY FL 34691 $32,701.43
600129398 MICHAEL B FITZGIBBON 11 HILLARD WAY WASHINGTON TOWN NJ 08080 $112,322.76
600129399 KEITH S RAYBON 3224 TIMMONS #152 HOUSTON TX 77027 $23,724.91
600129400 JAMES PILEWSKI 1200 EASTON AVENUE FRANKLIN TOWNSH NJ 08873 $79,755.73
600129401 THOMAS CAPORASO 119 ORCHARD STREET SUMMIT NJ 07901 $137,329.40
600129402 GEORGE J SPELLMAN 541 N NEWTOWN STREET ROAD NEWTOWN SQUARE PA 19073 $124,605.63
600129403 EDWARD J CLARK 2453 WRENS DRIVE STOW OH 44224 $29,907.39
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129388 CRAIG MICHAE HARLAN 7.500 .250 7.250 .0500 7.200 02/01/2013
600129389 JAE Y KIM 7.000 .250 6.750 .0500 6.700 02/01/2013
600129390 DALE LINDBER BOUDREAUX 7.000 .250 6.750 .0500 6.700 02/01/2013
600129391 WILBERT CHAR PITRE 7.250 .250 7.000 .0500 6.950 02/01/2013
600129392 HENRIETTA E CARLTON 7.125 .250 6.875 .0500 6.825 02/01/2013
600129393 HARRY J CUMMINGS 7.375 .250 7.125 .0500 7.075 02/01/2013
600129394 LEON T BERRY 8.250 .250 8.000 .0500 7.950 02/01/2013
600129395 ROBERT S DICK JR 7.625 .250 7.375 .0500 7.325 02/01/2013
600129398 MICHAEL B FITZGIBBON 7.625 .250 7.375 .0500 7.325 01/01/2013
600129399 KEITH S RAYBON 7.000 .250 6.750 .0500 6.700 02/01/2013
600129400 JAMES PILEWSKI 7.375 .250 7.125 .0500 7.075 02/01/2013
600129401 THOMAS CAPORASO 7.375 .250 7.125 .0500 7.075 02/01/2013
600129402 GEORGE J SPELLMAN 7.000 .250 6.750 .0500 6.700 02/01/2013
600129403 EDWARD J CLARK 7.250 .250 7.000 .0500 6.950 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129388 CRAIG MICHAE HARLAN 7025886 $648.91 03/01/1998 180
600129389 JAE Y KIM 7069213 $1,752.72 03/01/1998 180
600129390 DALE LINDBER BOUDREAUX 7072833 $448.52 03/01/1998 180
600129391 WILBERT CHAR PITRE 7073446 $415.35 03/01/1998 180
600129392 HENRIETTA E CARLTON 7235476 $1,289.45 03/01/1998 180
600129393 HARRY J CUMMINGS 7323319 $632.91 03/01/1998 180
600129394 LEON T BERRY 7326220 $455.97 03/01/1998 180
600129395 ROBERT S DICK JR 7326859 $308.26 03/01/1998 180
600129398 MICHAEL B FITZGIBBON 8902269 $1,055.57 03/01/1998 180
600129399 KEITH S RAYBON 9625527 $213.92 03/01/1998 180
600129400 JAMES PILEWSKI 9740983 $735.94 03/01/1998 180
600129401 THOMAS CAPORASO 9741629 $1,267.19 03/01/1998 180
600129402 GEORGE J SPELLMAN 9786268 $1,123.54 03/01/1998 180
600129403 EDWARD J CLARK 9851084 $273.86 03/01/1998 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>
600129388 CRAIG MICHAE HARLAN .00 .00 .00 .000 .250 .300 $154,000.00 N
600129389 JAE Y KIM .00 .00 .00 .000 .250 .300 $310,000.00 N
600129390 DALE LINDBER BOUDREAUX .00 .00 .00 .000 .250 .300 $79,000.00 N
600129391 WILBERT CHAR PITRE .00 .00 .00 .000 .250 .300 $65,000.00 N
600129392 HENRIETTA E CARLTON .00 .00 .00 .000 .250 .300 $238,000.00 N
600129393 HARRY J CUMMINGS .00 .00 .00 .000 .250 .300 $90,000.00 N
600129394 LEON T BERRY .00 .00 .00 .000 .250 .300 $68,000.00 N
600129395 ROBERT S DICK JR .00 .00 .00 .000 .250 .300 $45,000.00 N
600129398 MICHAEL B FITZGIBBON .00 .00 .00 .000 .250 .300 $158,000.00 N
600129399 KEITH S RAYBON .00 .00 .00 .000 .250 .300 $34,000.00 N
600129400 JAMES PILEWSKI .00 .00 .00 .000 .250 .300 $115,000.00 N
600129401 THOMAS CAPORASO .00 .00 .00 .000 .250 .300 $190,000.00 N
600129402 GEORGE J SPELLMAN .00 .00 .00 .000 .250 .300 $200,000.00 N
600129403 EDWARD J CLARK .00 .00 .00 .000 .250 .300 $84,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 28
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129404 SHIAO CHREN YANG 2251 HITCHCOCK DRIVE ALHAMBRA CA 91803 $74,545.55
600129406 SCOTT T HUNTINGTON 410 SOUTH 35TH STREET TACOMA WA 98408 $34,096.71
600129762 OSBORNE 2285 BELFAST FLORISSANT MO 63031 $78,431.43
600129764 MOHAN 4905 MALPASO LANSING MI 48917 $225,609.48
600129766 JOSEPH 3610 SE 10TH AVE CAPE CORAL FL 33904 $59,041.80
600129767 HOLLKAMP 1011-13 BARRET AVENUE LOUISVILLE KY 40204 $108,423.97
600129770 ROZZI 164 BEECH ST BELMONT MA 02178 $143,706.51
600129773 VAN DER 112 E PECAN STREET HURST TX 76053 $118,836.03
600129774 YOUSEF-A 2439 BALMORAL W CHICAGO IL 60625 $64,130.07
600129775 SADAH 5100 MARINE DRIVE CHICAGO IL 60640 $84,955.07
600129776 CASSIDY 4328 TRINDEL WAY COLUMBUS OH 43231 $48,946.86
600129779 CHESNEY 11934 316TH AVE WILMOT WI 53192 $84,720.48
600129781 PAVLOTSK 100 ROSEMARY WAY NEEDHAM MA 02194 $116,336.36
600129782 MOORE 4495 DORSETT SHOALS RUN DOUGLASVILLE GA 30135 $76,808.64
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129404 SHIAO CHREN YANG 7.500 .250 7.250 .0500 7.200 01/01/2013
600129406 SCOTT T HUNTINGTON 7.500 .250 7.250 .0500 7.200 02/01/2013
600129762 OSBORNE 8.750 .250 8.500 .0500 8.450 07/01/2012
600129764 MOHAN 7.375 .250 7.125 .0500 7.075 01/01/2013
600129766 JOSEPH 8.250 .250 8.000 .0500 7.950 10/01/2012
600129767 HOLLKAMP 8.250 .250 8.000 .0500 7.950 10/01/2012
600129770 ROZZI 7.750 .250 7.500 .0500 7.450 12/01/2012
600129773 VAN DER 7.375 .250 7.125 .0500 7.075 02/01/2013
600129774 YOUSEF-A 8.125 .250 7.875 .0500 7.825 01/01/2013
600129775 SADAH 8.125 .250 7.875 .0500 7.825 01/01/2013
600129776 CASSIDY 8.500 .250 8.250 .0500 8.200 11/01/2012
600129779 CHESNEY 7.500 .250 7.250 .0500 7.200 12/01/2012
600129781 PAVLOTSK 8.250 .250 8.000 .0500 7.950 01/01/2013
600129782 MOORE 7.750 .250 7.500 .0500 7.450 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129404 SHIAO CHREN YANG 9925417 $695.26 03/01/1998 180
600129406 SCOTT T HUNTINGTON 9955592 $317.04 03/01/1998 180
600129762 OSBORNE 0932952 $808.56 12 03/01/1998 180
600129764 MOHAN 0944720 $2,088.23 03/01/1998 180
600129766 JOSEPH 0949908 $581.11 03/01/1998 180
600129767 HOLLKAMP 0950053 $1,067.15 03/01/1998 180
600129770 ROZZI 0951803 $1,364.85 03/01/1998 180
600129773 VAN DER 0953913 $1,096.55 03/01/1998 180
600129774 YOUSEF-A 0954587 $621.06 03/01/1998 180
600129775 SADAH 0954608 $823.26 03/01/1998 180
600129776 CASSIDY 0955559 $487.45 03/01/1998 180
600129779 CHESNEY 0956353 $792.60 03/01/1998 180
600129781 PAVLOTSK 0957670 $1,135.06 03/01/1998 180
600129782 MOORE 0957679 $729.49 03/01/1998 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>
600129404 SHIAO CHREN YANG .00 .00 .00 .000 .250 .300 $213,000.00 N
600129406 SCOTT T HUNTINGTON .00 .00 .00 .000 .250 .300 $55,000.00 N
600129762 OSBORNE .00 .00 .00 .000 .250 .300 $90,000.00 N
600129764 MOHAN .00 .00 .00 .000 .250 .300 $320,000.00 N
600129766 JOSEPH .00 .00 .00 .000 .250 .300 $80,000.00 N
600129767 HOLLKAMP .00 .00 .00 .000 .250 .300 $152,000.00 N
600129770 ROZZI .00 .00 .00 .000 .250 .300 $292,000.00 N
600129773 VAN DER .00 .00 .00 .000 .250 .300 $165,000.00 N
600129774 YOUSEF-A .00 .00 .00 .000 .250 .300 $89,000.00 N
600129775 SADAH .00 .00 .00 .000 .250 .300 $114,000.00 N
600129776 CASSIDY .00 .00 .00 .000 .250 .300 $79,000.00 N
600129779 CHESNEY .00 .00 .00 .000 .250 .300 $170,000.00 N
600129781 PAVLOTSK .00 .00 .00 .000 .250 .300 $180,000.00 N
600129782 MOORE .00 .00 .00 .000 .250 .300 $107,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 29
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129783 MUXLOW 3293 OREGON RD LAPEER MI 48446 $125,236.46
600129784 SKINNER 488 SARDINIA ST ST AUGUSTINE FL 32086 $68,368.59
600129785 OWENS 32945 SIBLEY RD ROMULUS MI 48174 $83,893.50
600129786 KREFT 4605 SELLMAN BELTSVILLE MD 20705 $94,455.14
600129787 HEFFERNA 55 ACORN ROAD WRENTHAM MA 02093 $49,716.39
600129788 JACALONE 211 ORCHIS ROAD STAUGUSTINE FL 32086 $70,519.27
600129789 BAKER 3240 NORTH 5TH STREET NILES MI 49120 $75,753.22
600129790 ROBALIN 440 CHANNING ST SAN ANTONIO TX 78210 $24,851.80
600129791 BLAKELY 600 WELSTON OLATHE KS 66061 $44,744.74
600129792 SIMMONS 2411 WEST KNOX STREET DURHAM NC 27705 $62,634.67
600129793 STRECKFU 22B CARILLON DRIVE ROCKY HILL CT 06067 $38,480.49
600129794 FLORIDA 1517 BERRYWOOD FLINT MI 48507 $41,241.79
600129795 CHIN 41 STANLEY ROAD NEWTON MA 02168 $148,574.16
600129796 GILSTRAP 5164 WILD SMITH ROAD GAINESVILLE GA 30506 $76,558.20
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129783 MUXLOW 8.000 .250 7.750 .0500 7.700 12/01/2012
600129784 SKINNER 8.500 .250 8.250 .0500 8.200 01/01/2013
600129785 OWENS 7.750 .250 7.500 .0500 7.450 01/01/2013
600129786 KREFT 8.125 .250 7.875 .0500 7.825 01/01/2013
600129787 HEFFERNA 8.250 .250 8.000 .0500 7.950 01/01/2013
600129788 JACALONE 8.750 .250 8.500 .0500 8.450 12/01/2012
600129789 BAKER 7.875 .250 7.625 .0500 7.575 01/01/2013
600129790 ROBALIN 7.750 .250 7.500 .0500 7.450 01/01/2013
600129791 BLAKELY 8.250 .250 8.000 .0500 7.950 01/01/2013
600129792 SIMMONS 8.000 .250 7.750 .0500 7.700 01/01/2013
600129793 STRECKFU 8.250 .250 8.000 .0500 7.950 01/01/2013
600129794 FLORIDA 8.125 .250 7.875 .0500 7.825 02/01/2013
600129795 CHIN 8.125 .250 7.875 .0500 7.825 02/01/2013
600129796 GILSTRAP 8.250 .250 8.000 .0500 7.950 01/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129783 MUXLOW 0957762 $1,207.94 03/01/1998 180
600129784 SKINNER 0958600 $677.01 03/01/1998 180
600129785 OWENS 0959260 $796.32 03/01/1998 180
600129786 KREFT 0959272 $914.74 03/01/1998 180
600129787 HEFFERNA 0960565 $485.07 03/01/1998 180
600129788 JACALONE 0960711 $710.61 19 03/01/1998 180
600129789 BAKER 0961275 $722.72 03/01/1998 180
600129790 ROBALIN 0961356 $235.32 03/01/1998 180
600129791 BLAKELY 0961956 $436.57 03/01/1998 180
600129792 SIMMONS 0962582 $602.06 12 03/01/1998 180
600129793 STRECKFU 0963192 $375.44 2 03/01/1998 180
600129794 FLORIDA 0963403 $398.25 03/01/1998 180
600129795 CHIN 0963636 $1,434.69 03/01/1998 180
600129796 GILSTRAP 0963992 $747.01 03/01/1998 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>
600129783 MUXLOW .00 .00 .00 .000 .250 .300 $160,000.00 N
600129784 SKINNER .00 .00 .00 .000 .250 .300 $100,000.00 N
600129785 OWENS .00 .00 .00 .000 .250 .300 $190,000.00 N
600129786 KREFT .00 .00 .00 .000 .250 .300 $142,000.00 N
600129787 HEFFERNA .00 .00 .00 .000 .250 .300 $165,000.00 N
600129788 JACALONE .00 .00 .00 .000 .250 .300 $79,000.00 N
600129789 BAKER .00 .00 .00 .000 .250 .300 $120,000.00 N
600129790 ROBALIN .00 .00 .00 .000 .250 .300 $58,000.00 N
600129791 BLAKELY .00 .00 .00 .000 .250 .300 $65,000.00 N
600129792 SIMMONS .00 .00 .00 .000 .250 .300 $84,500.00 N
600129793 STRECKFU .00 .00 .00 .000 .250 .300 $43,000.00 N
600129794 FLORIDA .00 .00 .00 .000 .250 .300 $58,000.00 N
600129795 CHIN .00 .00 .00 .000 .250 .300 $365,000.00 N
600129796 GILSTRAP .00 .00 .00 .000 .250 .300 $107,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 30
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129797 BANNOURA 11721 ALOIS LIVONIA MI 48150 $111,121.88
600129798 ATKINSON RT3 BOX 61246 MELON DR LOS FRESNOS TX 78566 $119,224.40
600129799 SHAH 10738 NORTH BELMONT COUR HOUSTON TX 77065 $89,024.14
600129801 LIPMAN 5738 CORDELIA STREET CORPUS CHRISTI TX 78412 $45,189.32
600129804 SORRENTI 1598 NAVIGATOR ROAD PUNTA GORDA FL 33983 $89,731.16
600129805 SAXER 111 LAWRENCE AVE SWANTON OH 43558 $44,736.16
600129806 BOKOS 11215 SAGERIVER DRIVE HOUSTON TX 77089 $51,705.05
600129807 KONCUL 1603 FOX HALL RD SAVANNAH GA 31406 $134,199.73
600129808 TONDRE 122 HIGHVIEW DRIVE SAN ANTONIO TX 78228 $71,549.27
600129809 DOUGLAS 1712 ST JOSEPH ST TAMPA FL 33607 $54,688.03
600129810 FLETCHER 8180 MANITOBA STREET LOS ANGELES CA 90293 $153,165.22
600129812 MARTIN 10685 E ESCALANTE RD TUCSON AZ 85730 $198,303.85
600129813 ORR 824 STAR DUST DR LAKESIDE AZ 85929 $69,991.75
600129814 MACIAS 91 WEST MCFARLANE DRIVE VENTURA CA 93001 $79,331.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129797 BANNOURA 7.500 .250 7.250 .0500 7.200 01/01/2013
600129798 ATKINSON 7.625 .250 7.375 .0500 7.325 01/01/2013
600129799 SHAH 7.375 .250 7.125 .0500 7.075 01/01/2013
600129801 LIPMAN 8.125 .250 7.875 .0500 7.825 01/01/2013
600129804 SORRENTI 7.625 .250 7.375 .0500 7.325 02/01/2013
600129805 SAXER 7.875 .250 7.625 .0500 7.575 01/01/2013
600129806 BOKOS 8.250 .250 8.000 .0500 7.950 01/01/2013
600129807 KONCUL 7.750 .250 7.500 .0500 7.450 01/01/2013
600129808 TONDRE 7.125 .250 6.875 .0500 6.825 01/01/2013
600129809 DOUGLAS 8.250 .250 8.000 .0500 7.950 01/01/2013
600129810 FLETCHER 8.000 .250 7.750 .0500 7.700 11/01/2012
600129812 MARTIN 7.750 .250 7.500 .0500 7.450 01/01/2013
600129813 ORR 8.000 .250 7.750 .0500 7.700 01/01/2013
600129814 MACIAS 8.500 .250 8.250 .0500 8.200 12/01/2012
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129797 BANNOURA 0964428 $1,038.25 03/01/1998 180
600129798 ATKINSON 0964527 $1,120.96 03/01/1998 180
600129799 SHAH 0964653 $919.92 03/01/1998 180
600129801 LIPMAN 0964772 $437.63 12 03/01/1998 180
600129804 SORRENTI 0965951 $840.72 03/01/1998 180
600129805 SAXER 0966417 $426.80 03/01/1998 180
600129806 BOKOS 0966716 $504.47 03/01/1998 180
600129807 KONCUL 0967440 $1,270.72 03/01/1998 180
600129808 TONDRE 0967558 $652.20 03/01/1998 180
600129809 DOUGLAS 0967700 $533.58 03/01/1998 180
600129810 FLETCHER 6217393 $1,490.82 03/01/1998 180
600129812 MARTIN 6221234 $1,877.85 03/01/1998 180
600129813 ORR 6221560 $672.78 03/01/1998 180
600129814 MACIAS 6222873 $787.80 03/01/1998 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>
600129797 BANNOURA .00 .00 .00 .000 .250 .300 $200,000.00 N
600129798 ATKINSON .00 .00 .00 .000 .250 .300 $220,000.00 N
600129799 SHAH .00 .00 .00 .000 .250 .300 $164,000.00 N
600129801 LIPMAN .00 .00 .00 .000 .250 .300 $59,000.00 N
600129804 SORRENTI .00 .00 .00 .000 .250 .300 $125,000.00 N
600129805 SAXER .00 .00 .00 .000 .250 .300 $67,000.00 N
600129806 BOKOS .00 .00 .00 .000 .250 .300 $70,000.00 N
600129807 KONCUL .00 .00 .00 .000 .250 .300 $185,000.00 N
600129808 TONDRE .00 .00 .00 .000 .250 .300 $92,000.00 N
600129809 DOUGLAS .00 .00 .00 .000 .250 .300 $79,000.00 N
600129810 FLETCHER .00 .00 .00 .000 .250 .300 $200,000.00 N
600129812 MARTIN .00 .00 .00 .000 .250 .300 $285,000.00 N
600129813 ORR .00 .00 .00 .000 .250 .300 $91,300.00 N
600129814 MACIAS .00 .00 .00 .000 .250 .300 $115,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 31
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129818 PANG 120 VALLEY VIEW DR JOHN DAY OR 97845 $52,884.63
600129819 SUNG 21165 NORTH 74TH PLACE SCOTTSDALE AZ 85255 $195,505.00
600129821 JEON 1151 NORTH FULLER AVENUE WEST HOLLYWOOD CA 90046 $104,109.10
600129822 HOUSLEY 11432 NORTH 2250 EAST RICHMOND UT 84333 $147,160.50
600129823 EDWARDS 904 906 WEST 400 NORTH OREM UT 84057 $64,627.21
600130215 JACKSON 600 SOUTH COLLEGE STREET METTER GA 30439 $73,224.70
600130216 HANSON 901 EAST SHERIDAN DRIVE OLATHE KS 66061 $52,839.93
600130218 SNOOK 3231 SUNSET GRAZE DRIVE RICHFIELD WI 53076 $141,957.45
600130219 OGRADY 340 ADMIRAL AVENUE PORTAGE MI 49002 $118,069.06
600130221 FOX 141 OKEMOS RD MASON MI 48854 $37,492.54
600130222 HALLAK 7235 HARTWELL DEARBORN MI 48126 $96,443.66
600130223 AILABOUN 1924 LONG LAKE ROAD NEW BRIGHTON MN 55112 $101,698.65
600130225 KING 1039 MARLEIGH CIRCLE TOWSON MD 21204 $115,898.91
600130228 NELSON 22 DEEP FOREST RD DAWSONVILLE GA 30534 $69,496.34
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129818 PANG 7.750 .250 7.500 .0500 7.450 01/01/2013
600129819 SUNG 7.000 .250 6.750 .0500 6.700 08/01/2012
600129821 JEON 7.500 .250 7.250 .0500 7.200 01/01/2013
600129822 HOUSLEY 8.250 .250 8.000 .0500 7.950 01/01/2013
600129823 EDWARDS 8.125 .250 7.875 .0500 7.825 01/01/2013
600130215 JACKSON 7.500 .250 7.250 .0500 7.200 12/01/2012
600130216 HANSON 7.500 .250 7.250 .0500 7.200 02/01/2013
600130218 SNOOK 7.500 .250 7.250 .0500 7.200 01/01/2013
600130219 OGRADY 8.375 .250 8.125 .0500 8.075 02/01/2013
600130221 FOX 8.125 .250 7.875 .0500 7.825 02/01/2013
600130222 HALLAK 8.125 .250 7.875 .0500 7.825 01/01/2013
600130223 AILABOUN 7.750 .250 7.500 .0500 7.450 02/01/2013
600130225 KING 7.500 .250 7.250 .0500 7.200 02/01/2013
600130228 NELSON 7.875 .250 7.625 .0500 7.575 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129818 PANG 6311334 $500.76 03/01/1998 180
600129819 SUNG 6312025 $1,797.66 03/01/1998 180
600129821 JEON 6322695 $973.37 03/01/1998 180
600129822 HOUSLEY 7277523 $1,435.81 03/01/1998 180
600129823 EDWARDS 7419618 $625.87 03/01/1998 180
600130215 JACKSON 0951850 $685.99 03/01/1998 180
600130216 HANSON 0958066 $491.32 03/01/1998 180
600130218 SNOOK 0959527 $1,325.63 03/01/1998 180
600130219 OGRADY 0961528 $1,157.27 03/01/1998 180
600130221 FOX 0961692 $362.04 03/01/1998 180
600130222 HALLAK 0961746 $934.00 03/01/1998 180
600130223 AILABOUN 0961979 $960.10 03/01/1998 180
600130225 KING 0963248 $1,077.65 03/01/1998 180
600130228 NELSON 0963942 $661.07 03/01/1998 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>
600129818 PANG .00 .00 .00 .000 .250 .300 $118,000.00 N
600129819 SUNG .00 .00 .00 .000 .250 .300 $338,000.00 N
600129821 JEON .00 .00 .00 .000 .250 .300 $165,000.00 N
600129822 HOUSLEY .00 .00 .00 .000 .250 .300 $255,000.00 N
600129823 EDWARDS .00 .00 .00 .000 .250 .300 $122,000.00 N
600130215 JACKSON .00 .00 .00 .000 .250 .300 $132,000.00 N
600130216 HANSON .00 .00 .00 .000 .250 .300 $102,000.00 N
600130218 SNOOK .00 .00 .00 .000 .250 .300 $196,000.00 N
600130219 OGRADY .00 .00 .00 .000 .250 .300 $150,000.00 N
600130221 FOX .00 .00 .00 .000 .250 .300 $47,000.00 N
600130222 HALLAK .00 .00 .00 .000 .250 .300 $136,000.00 N
600130223 AILABOUN .00 .00 .00 .000 .250 .300 $138,000.00 N
600130225 KING .00 .00 .00 .000 .250 .300 $155,000.00 N
600130228 NELSON .00 .00 .00 .000 .250 .300 $90,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 32
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130230 POTTER ROUTE 2 BOX 603 GREENVILLE VA 24440 $58,594.93
600130231 MARSH 105 PINE STREET DURAND MI 48429 $42,282.80
600130233 RAHIMIAN 2914 DAWSON AVE WHEATON MD 20902 $94,214.60
600130234 YUNIS 52 CRESTVIEW DRIVE MALDEN MA 02148 $91,737.07
600130235 PIETRZYK 4634 NORTH KENNICOTT CHICAGO IL 60630 $105,301.53
600130236 HELPINGS 1307 E EAST 52ND STREET SAVANNAH GA 31404 $51,047.06
600130239 LEPORE 4930 14TH AVENUE SOUTH GULFPORT FL 33707 $42,625.09
600130242 BARTHOLO 127 TYRONE AVENUE NW ALBUQUERQUE NM 87107 $100,067.85
600130249 NAVARRO 2112 WESTMORA AVENUE STOCKTON CA 95210 $53,113.72
600130252 GILBERT 622 NORTH 400 WEST CASTLE DALE UT 84513 $104,410.97
600130254 KANG 6208 OAK PARK AVENUE LAS VEGAS NV 89118 $195,913.02
600130468 JAMES E PERCY RT 2 BOX 4800 182 SEAGROVE BEACH FL 32459 $63,700.00
600130469 RANDY P VALENCE 1413 CENTRAL AVENUE WESTWEGO LA 70094 $83,447.22
600130470 LUIS FELIPE MOSQUERA 6033-35 MAGAZINE STREET NEW ORLEANS LA 70118 $71,780.15
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130230 POTTER 7.625 .250 7.375 .0500 7.325 01/01/2013
600130231 MARSH 8.500 .250 8.250 .0500 8.200 02/01/2013
600130233 RAHIMIAN 7.500 .250 7.250 .0500 7.200 02/01/2013
600130234 YUNIS 8.125 .250 7.875 .0500 7.825 02/01/2013
600130235 PIETRZYK 8.250 .250 8.000 .0500 7.950 02/01/2013
600130236 HELPINGS 7.625 .250 7.375 .0500 7.325 02/01/2013
600130239 LEPORE 7.875 .250 7.625 .0500 7.575 02/01/2013
600130242 BARTHOLO 8.000 .250 7.750 .0500 7.700 11/01/2012
600130249 NAVARRO 7.125 .250 6.875 .0500 6.825 02/01/2013
600130252 GILBERT 8.375 .250 8.125 .0500 8.075 01/01/2013
600130254 KANG 7.625 .250 7.375 .0500 7.325 02/01/2013
600130468 JAMES E PERCY 6.750 .250 6.500 .0500 6.450 03/01/2013
600130469 RANDY P VALENCE 7.500 .250 7.250 .0500 7.200 02/01/2013
600130470 LUIS FELIPE MOSQUERA 7.375 .250 7.125 .0500 7.075 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130230 POTTER 0965169 $551.14 03/01/1998 180
600130231 MARSH 0965447 $417.53 03/01/1998 180
600130233 RAHIMIAN 0965734 $876.03 03/01/1998 180
600130234 YUNIS 0966082 $885.85 03/01/1998 180
600130235 PIETRZYK 0966636 $1,024.47 03/01/1998 180
600130236 HELPINGS 0967466 $478.27 12 03/01/1998 180
600130239 LEPORE 0969673 $405.46 03/01/1998 180
600130242 BARTHOLO 6212876 $967.60 03/01/1998 180
600130249 NAVARRO 6284895 $482.63 03/01/1998 180
600130252 GILBERT 7188588 $1,026.30 03/01/1998 180
600130254 KANG 7474420 $1,835.57 03/01/1998 180
600130468 JAMES E PERCY 2423190 $563.69 03/01/1998 180
600130469 RANDY P VALENCE 2960737 $775.91 2 03/01/1998 180
600130470 LUIS FELIPE MOSQUERA 4936030 $662.35 03/01/1998 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>
600130230 POTTER .00 .00 .00 .000 .250 .300 $85,500.00 N
600130231 MARSH .00 .00 .00 .000 .250 .300 $62,000.00 N
600130233 RAHIMIAN .00 .00 .00 .000 .250 .300 $140,000.00 N
600130234 YUNIS .00 .00 .00 .000 .250 .300 $115,000.00 N
600130235 PIETRZYK .00 .00 .00 .000 .250 .300 $132,000.00 N
600130236 HELPINGS .00 .00 .00 .000 .250 .300 $56,900.00 N
600130239 LEPORE .00 .00 .00 .000 .250 .300 $57,000.00 N
600130242 BARTHOLO .00 .00 .00 .000 .250 .300 $135,000.00 N
600130249 NAVARRO .00 .00 .00 .000 .250 .300 $72,000.00 N
600130252 GILBERT .00 .00 .00 .000 .250 .300 $140,000.00 N
600130254 KANG .00 .00 .00 .000 .250 .300 $262,000.00 N
600130468 JAMES E PERCY .00 .00 .00 .000 .250 .300 $91,000.00 N
600130469 RANDY P VALENCE .00 .00 .00 .000 .250 .300 $93,000.00 N
600130470 LUIS FELIPE MOSQUERA .00 .00 .00 .000 .250 .300 $92,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 33
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130471 ROBERT S BAKER 2953 BRETTON WOODS DRIVE COLUMBUS OH 43231 $99,464.91
600130472 FREDDIE A GILLILAND,SR 713 LURAY TERRACE CHESAPEAKE VA 23320 $122,611.94
600130473 RAMAN M PATEL 105 BARROWS LANE DE SOTO TX 75115 $51,447.55
600130474 BRIAN A PONIKVAR 231 & 233 WEST LEE TUCSON AZ 85705 $44,066.51
600130475 JACOB D FLORA 1251 LANCASTER AVE REYNOLDSBURG OH 43068 $52,876.72
600130476 RONNY D WOOD 10646 HAZELHURST DRIVE HOUSTON TX 77043 $21,336.78
600130477 RONNY D WOOD 10636 HAZELHURST DRIVE HOUSTON TX 77043 $21,336.78
600130478 ROBERT RAMIREZ 1935 COLEEN AVENUE LAS CRUCES NM 88001 $61,178.47
600130479 DANIEL J NAVONE 2404 E. CHEROKEE STOCKTON CA 95205 $55,834.56
600130480 IVEY FAGAN 1738 37 STREET WEST PALM BEACH FL 33407 $74,758.20
600130481 JAMES B CROSSEN 9409 RUIDOSA TRAIL DALLAS TX 75063 $115,850.00
600130482 DON D MOTTINGER,JR 19311 14TH AVENUE COVINGTON LA 70433 $39,877.86
600130483 GARY LEE DEAVER 1400 GREY HUNTER DRIVE NORTH LAS VEGAS NV 89031 $135,589.26
600130484 DENNIS W CARVER 3301 & 3301 1/2 M STREET VANCOUVER WA 98663 $93,476.06
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130471 ROBERT S BAKER 8.125 .250 7.875 .0500 7.825 02/01/2013
600130472 FREDDIE A GILLILAND,SR 7.000 .250 6.750 .0500 6.700 02/01/2013
600130473 RAMAN M PATEL 7.750 .250 7.500 .0500 7.450 02/01/2013
600130474 BRIAN A PONIKVAR 7.500 .250 7.250 .0500 7.200 02/01/2013
600130475 JACOB D FLORA 7.000 .250 6.750 .0500 6.700 02/01/2013
600130476 RONNY D WOOD 7.750 .250 7.500 .0500 7.450 02/01/2013
600130477 RONNY D WOOD 7.750 .250 7.500 .0500 7.450 02/01/2013
600130478 ROBERT RAMIREZ 7.125 .250 6.875 .0500 6.825 02/01/2013
600130479 DANIEL J NAVONE 7.750 .250 7.500 .0500 7.450 02/01/2013
600130480 IVEY FAGAN 6.750 .250 6.500 .0500 6.450 02/01/2013
600130481 JAMES B CROSSEN 7.625 .250 7.375 .0500 7.325 03/01/2013
600130482 DON D MOTTINGER,JR 7.375 .250 7.125 .0500 7.075 02/01/2013
600130483 GARY LEE DEAVER 7.500 .250 7.250 .0500 7.200 02/01/2013
600130484 DENNIS W CARVER 7.875 .250 7.625 .0500 7.575 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130471 ROBERT S BAKER 5325885 $960.48 18 03/01/1998 180
600130472 FREDDIE A GILLILAND,SR 5619699 $1,105.56 14 03/01/1998 180
600130473 RAMAN M PATEL 5631117 $485.70 03/01/1998 180
600130474 BRIAN A PONIKVAR 5764486 $409.74 03/01/1998 180
600130475 JACOB D FLORA 5826921 $477.39 03/01/1998 180
600130476 RONNY D WOOD 5856270 $201.43 03/01/1998 180
600130477 RONNY D WOOD 5856292 $201.43 03/01/1998 180
600130478 ROBERT RAMIREZ 6007612 $555.91 1 03/01/1998 180
600130479 DANIEL J NAVONE 6021058 $527.11 03/01/1998 180
600130480 IVEY FAGAN 6077785 $663.68 03/01/1998 180
600130481 JAMES B CROSSEN 6190134 $1,082.19 03/01/1998 180
600130482 DON D MOTTINGER,JR 6244162 $367.97 03/01/1998 180
600130483 GARY LEE DEAVER 6247357 $1,260.74 03/01/1998 180
600130484 DENNIS W CARVER 6253572 $889.17 03/01/1998 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>
600130471 ROBERT S BAKER .00 .00 .00 .000 .250 .300 $105,000.00 N
600130472 FREDDIE A GILLILAND,SR .00 .00 .00 .000 .250 .300 $130,000.00 N
600130473 RAMAN M PATEL .00 .00 .00 .000 .250 .300 $70,450.00 N
600130474 BRIAN A PONIKVAR .00 .00 .00 .000 .250 .300 $68,000.00 N
600130475 JACOB D FLORA .00 .00 .00 .000 .250 .300 $75,500.00 N
600130476 RONNY D WOOD .00 .00 .00 .000 .250 .300 $28,000.00 N
600130477 RONNY D WOOD .00 .00 .00 .000 .250 .300 $28,000.00 N
600130478 ROBERT RAMIREZ .00 .00 .00 .000 .250 .300 $72,200.00 N
600130479 DANIEL J NAVONE .00 .00 .00 .000 .250 .300 $91,000.00 N
600130480 IVEY FAGAN .00 .00 .00 .000 .250 .300 $101,000.00 N
600130481 JAMES B CROSSEN .00 .00 .00 .000 .250 .300 $154,500.00 N
600130482 DON D MOTTINGER,JR .00 .00 .00 .000 .250 .300 $50,000.00 N
600130483 GARY LEE DEAVER .00 .00 .00 .000 .250 .300 $170,000.00 N
600130484 DENNIS W CARVER .00 .00 .00 .000 .250 .300 $125,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 34
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130485 DENNIS W CARVER 209 WEST 39TH STREET VANCOUVER WA 98660 $91,980.45
600130486 E ERNESTO HEREDIA 79 NOTTINGHAM AVENUE RDWOOD CITY CA 94063 $124,630.70
600130487 ROSE L HEDRICK 4613 CAROL DRIVE GREAT FALLS MT 59405 $58,829.50
600130488 JOHN E BAKER 2097-2099 LAKE AVENUE ROCHESTER NY 14615 $67,298.37
600130489 THOMAS D FEIGHT 1000 DALLAS DRIVE JEANNETTE PA 15644 $110,649.80
600130490 BOB T DAWSON 4317-19 COLERIDGE STREET PITTSBURGH PA 15201 $39,972.11
600130491 THOMAS A ADAMS 3120 5TH AVENUE SOUTH MINNEAPOLIS MN 55408 $78,514.76
600130492 VAN N TRAN 2760 WATER OAK DRIVE GRAND PRAIRIE TX 75052 $109,600.00
600130493 STEVEN D GUNDERSON 1409 NW 93RD STREET VANCOUVER WA 98665 $135,561.52
600130494 TERRY L NICOL 110 LINDEN STREET MARYSVILLE OH 43040 $57,820.96
600130495 SHIRLEY J KNAPP 3760-3762 59TH WAY NORTH ST. PETERSBURG FL 33710 $69,394.37
600130496 MICHAEL P KLEINHOLZ 13099 ALCOTT PLACE BROOMFIELD CO 80020 $149,600.00
600130497 DAVID W NECAISE 19237 PINEVILLE ROAD LONG BEACH MS 39560 $53,667.24
600130498 JAMES FRANKLIN 6054 INGRAM DRIVE BATON ROUGE LA 70812 $57,621.58
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130485 DENNIS W CARVER 7.875 .250 7.625 .0500 7.575 02/01/2013
600130486 E ERNESTO HEREDIA 7.750 .250 7.500 .0500 7.450 02/01/2013
600130487 ROSE L HEDRICK 8.000 .250 7.750 .0500 7.700 02/01/2013
600130488 JOHN E BAKER 7.625 .250 7.375 .0500 7.325 02/01/2013
600130489 THOMAS D FEIGHT 7.000 .250 6.750 .0500 6.700 02/01/2013
600130490 BOB T DAWSON 6.875 .250 6.625 .0500 6.575 02/01/2013
600130491 THOMAS A ADAMS 7.625 .250 7.375 .0500 7.325 02/01/2013
600130492 VAN N TRAN 7.000 .250 6.750 .0500 6.700 03/01/2013
600130493 STEVEN D GUNDERSON 6.750 .250 6.500 .0500 6.450 02/01/2013
600130494 TERRY L NICOL 7.250 .250 7.000 .0500 6.950 02/01/2013
600130495 SHIRLEY J KNAPP 7.750 .250 7.500 .0500 7.450 02/01/2013
600130496 MICHAEL P KLEINHOLZ 7.750 .250 7.500 .0500 7.450 03/01/2013
600130497 DAVID W NECAISE 7.000 .250 6.750 .0500 6.700 02/01/2008
600130498 JAMES FRANKLIN 7.250 .250 7.000 .0500 6.950 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130485 DENNIS W CARVER 6253608 $874.94 03/01/1998 180
600130486 E ERNESTO HEREDIA 6319218 $1,176.59 03/01/1998 180
600130487 ROSE L HEDRICK 6322398 $563.83 03/01/1998 180
600130488 JOHN E BAKER 6524337 $630.54 03/01/1998 180
600130489 THOMAS D FEIGHT 6604116 $997.70 2 03/01/1998 180
600130490 BOB T DAWSON 6604833 $357.63 03/01/1998 180
600130491 THOMAS A ADAMS 6697540 $735.63 03/01/1998 180
600130492 VAN N TRAN 6767437 $985.12 03/01/1998 180
600130493 STEVEN D GUNDERSON 6906666 $1,203.48 3 03/01/1998 180
600130494 TERRY L NICOL 6960517 $529.46 18 03/01/1998 180
600130495 SHIRLEY J KNAPP 6965275 $655.13 03/01/1998 180
600130496 MICHAEL P KLEINHOLZ 7065306 $1,408.15 03/01/1998 180
600130497 DAVID W NECAISE 7069129 $626.99 2 03/01/1998 120
600130498 JAMES FRANKLIN 7072917 $527.63 2 03/01/1998 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>
600130485 DENNIS W CARVER .00 .00 .00 .000 .250 .300 $123,000.00 N
600130486 E ERNESTO HEREDIA .00 .00 .00 .000 .250 .300 $280,000.00 N
600130487 ROSE L HEDRICK .00 .00 .00 .000 .250 .300 $84,000.00 N
600130488 JOHN E BAKER .00 .00 .00 .000 .250 .300 $90,000.00 N
600130489 THOMAS D FEIGHT .00 .00 .00 .000 .250 .300 $132,500.00 N
600130490 BOB T DAWSON .00 .00 .00 .000 .250 .300 $53,500.00 N
600130491 THOMAS A ADAMS .00 .00 .00 .000 .250 .300 $105,000.00 N
600130492 VAN N TRAN .00 .00 .00 .000 .250 .300 $145,000.00 N
600130493 STEVEN D GUNDERSON .00 .00 .00 .000 .250 .300 $160,000.00 N
600130494 TERRY L NICOL .00 .00 .00 .000 .250 .300 $62,000.00 N
600130495 SHIRLEY J KNAPP .00 .00 .00 .000 .250 .300 $88,000.00 N
600130496 MICHAEL P KLEINHOLZ .00 .00 .00 .000 .250 .300 $187,000.00 N
600130497 DAVID W NECAISE .00 .00 .00 .000 .250 .300 $60,000.00 N
600130498 JAMES FRANKLIN .00 .00 .00 .000 .250 .300 $68,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 35
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130499 DONALD F ARNOLD 4 LAW STREET BATAVIA NY 14620 $41,400.00
600130500 KEVIN A RUFFIN 140 BALL STREET IRVINGTON NJ 07111 $139,572.53
600131912 THANE,JOHN 1320 PARKWAY DRIVE ROHNERT PARK CA 94928 $71,000.00
600131913 HOLM,ARLIE,LYNNE 688 NORTHEAST 9TH STREET BEND OR 97701 $35,000.00
600131915 DANIELL,DONLEY 14787 HIGHWAY 234 GOLD HILL OR 97525 $70,000.00
600131917 QUINONEZ,CRUZ,CLEOFAS 2204 LYNWOOD STREET BAKERSFIELD CA 93306 $49,700.00
600131919 BROUKHIM,FARIBORZ 2202 FLORIDA STREET HUNTINGTON BEAC CA 92648 $180,000.00
600131921 TRAN,LARRY,REBECCA 6582 GINGER LANE, A,B,C A WESTMINSTER CA 92683 $208,600.00
600131923 CHEN,DORA 11812 SOUTHWEST MORNING H TIGARD OR 97223 $95,000.00
600131924 SANDERSFELD,SCOTT,SUSAN 511 MONTEZUMA STREET ONTARIO CA 91762 $100,000.00
600131925 BLACKER,GARY,KARMA 268 EAST 3100 NORTH NORTH OGDEN UT 84414 $73,000.00
600131926 CLARK,GLEN,SARAH 1033, 1035 & 1037 STEVENS MEDFORD OR 97504 $116,400.00
600131927 WARD,MARK C 816 SOUTH KING STREET SEASIDE OR 97138 $62,500.00
600131928 JENSEN,DARLENE,ALAN 9191 SOUTH NICHOLE DRIVE SANDY UT 84093 $92,314.15
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130499 DONALD F ARNOLD 7.375 .250 7.125 .0500 7.075 03/01/2013
600130500 KEVIN A RUFFIN 7.375 .250 7.125 .0500 7.075 02/01/2013
600131912 THANE,JOHN 6.875 .750 6.125 .0400 6.085 03/01/2013
600131913 HOLM,ARLIE,LYNNE 6.875 .750 6.125 .0400 6.085 03/01/2013
600131915 DANIELL,DONLEY 7.000 .750 6.250 .0400 6.210 03/01/2013
600131917 QUINONEZ,CRUZ,CLEOFAS 7.000 .750 6.250 .0400 6.210 03/01/2013
600131919 BROUKHIM,FARIBORZ 7.000 .750 6.250 .0400 6.210 03/01/2013
600131921 TRAN,LARRY,REBECCA 7.125 .750 6.375 .0400 6.335 03/01/2013
600131923 CHEN,DORA 7.125 .750 6.375 .0400 6.335 03/01/2013
600131924 SANDERSFELD,SCOTT,SUSAN 7.125 .750 6.375 .0400 6.335 03/01/2013
600131925 BLACKER,GARY,KARMA 7.250 .750 6.500 .0400 6.460 03/01/2013
600131926 CLARK,GLEN,SARAH 7.250 .750 6.500 .0400 6.460 03/01/2013
600131927 WARD,MARK C 7.250 .750 6.500 .0400 6.460 03/01/2013
600131928 JENSEN,DARLENE,ALAN 7.250 .750 6.500 .0400 6.460 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130499 DONALD F ARNOLD 9762862 $380.85 2 03/01/1998 180
600130500 KEVIN A RUFFIN 9981375 $1,287.89 03/01/1998 180
600131912 THANE,JOHN 550879 $633.22 03/01/1998 180
600131913 HOLM,ARLIE,LYNNE 565488 $312.15 03/01/1998 180
600131915 DANIELL,DONLEY 522848 $629.18 03/01/1998 180
600131917 QUINONEZ,CRUZ,CLEOFAS 562469 $446.72 03/01/1998 180
600131919 BROUKHIM,FARIBORZ 569465 $1,617.89 03/01/1998 180
600131921 TRAN,LARRY,REBECCA 560829 $1,889.56 03/01/1998 180
600131923 CHEN,DORA 565428 $860.54 03/01/1998 180
600131924 SANDERSFELD,SCOTT,SUSAN 570617 $905.83 03/01/1998 180
600131925 BLACKER,GARY,KARMA 519478 $666.39 03/01/1998 180
600131926 CLARK,GLEN,SARAH 522883 $1,062.57 03/01/1998 180
600131927 WARD,MARK C 544640 $570.54 03/01/1998 180
600131928 JENSEN,DARLENE,ALAN 553580 $845.31 03/01/1998 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>
600130499 DONALD F ARNOLD .00 .00 .00 .000 .250 .300 $46,000.00 N
600130500 KEVIN A RUFFIN .00 .00 .00 .000 .250 .300 $175,000.00 N
600131912 THANE,JOHN $105,000.00 N
600131913 HOLM,ARLIE,LYNNE $75,000.00 N
600131915 DANIELL,DONLEY $105,000.00 N
600131917 QUINONEZ,CRUZ,CLEOFAS $71,000.00 N
600131919 BROUKHIM,FARIBORZ $300,000.00 N
600131921 TRAN,LARRY,REBECCA $298,000.00 N
600131923 CHEN,DORA $146,000.00 N
600131924 SANDERSFELD,SCOTT,SUSAN $130,000.00 N
600131925 BLACKER,GARY,KARMA $120,000.00 N
600131926 CLARK,GLEN,SARAH $194,000.00 N
600131927 WARD,MARK C $92,000.00 N
600131928 JENSEN,DARLENE,ALAN $169,700.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 36
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131929 GIBSON,ROBERT,MARGARET 8410 CHANCELLOR DRIVE COLORADO SPRING CO 80920 $133,000.00
600131941 GOOLD,BRENT, BECKY 2220 EAST MURRAY HOLLADAY SALT LAKE CITY UT 84107 $60,000.00
600131943 MERCER,KENNETH 1826 PARK STREET LIVERMORE CA 94550 $75,000.00
600131945 JACOBS,BUSHMAN,ANDREW,MAR 14150 SUNSET AVENUE GUERNEVILLE CA 95446 $110,500.00
600131949 THORSEN/ATTERBU,SUZANNE/D 1573 EVE DRIVE CONCORD CA 94521 $147,750.00
600131953 REABOLD,MATTHEW,SHARON 441 SOUTH SIERRA AVENUE SOLANA BEACH CA 92075 $190,000.00
600131959 DEL BIAGGIO,DEANNA 700 WEST FIRST STREET PHOENIX OR 97535 $62,000.00
600131960 OV/LY,TECK, HOLLY 1990 OLIVE AVENUE/808 20T LONG BEACH CA 90806 $98,780.59
600131964 MCKENZIE,TERI,GEORGE 1524 WEST LEMON AVENUE LOMPOC CA 93436 $78,000.00
600131972 JOHNSON,STANLEY,PEGGY 350 DELBERT DRIVE IDAHO FALLS ID 83401 $100,000.00
600131982 LAPES,CHAD,CHRISTA 25765 AVENIDA PEDREGAL SAN JUAN CAPIST CA 92675 $116,250.00
600131983 CHOI,RONALD,HEKYUNG 4133 STONE MOUNTAIN DRIVE CHINO HILLS CA 91709 $122,800.00
600131988 BODE,WILLIAM,MABEL 4161 TAKILMA ROAD CAVE JUNCTION OR 97523 $164,000.00
600131992 KNECHT,SCOTT,HEATHER 198-200 EAST JULIE ANNA D SANDY UT 84070 $115,200.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131929 GIBSON,ROBERT,MARGARET 7.250 .750 6.500 .0400 6.460 03/01/2013
600131941 GOOLD,BRENT, BECKY 7.375 .750 6.625 .0400 6.585 03/01/2013
600131943 MERCER,KENNETH 7.375 .750 6.625 .0400 6.585 03/01/2013
600131945 JACOBS,BUSHMAN,ANDREW,MAR 7.375 .750 6.625 .0400 6.585 03/01/2013
600131949 THORSEN/ATTERBU,SUZANNE/D 7.375 .750 6.625 .0400 6.585 03/01/2013
600131953 REABOLD,MATTHEW,SHARON 7.375 .750 6.625 .0400 6.585 03/01/2013
600131959 DEL BIAGGIO,DEANNA 7.500 .750 6.750 .0400 6.710 03/01/2013
600131960 OV/LY,TECK, HOLLY 7.500 .750 6.750 .0400 6.710 11/01/2012
600131964 MCKENZIE,TERI,GEORGE 7.500 .750 6.750 .0400 6.710 03/01/2013
600131972 JOHNSON,STANLEY,PEGGY 7.500 .750 6.750 .0400 6.710 03/01/2013
600131982 LAPES,CHAD,CHRISTA 7.500 .750 6.750 .0400 6.710 03/01/2013
600131983 CHOI,RONALD,HEKYUNG 7.500 .750 6.750 .0400 6.710 03/01/2013
600131988 BODE,WILLIAM,MABEL 7.625 .750 6.875 .0400 6.835 03/01/2013
600131992 KNECHT,SCOTT,HEATHER 7.625 .750 6.875 .0400 6.835 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131929 GIBSON,ROBERT,MARGARET 553686 $1,214.11 03/01/1998 180
600131941 GOOLD,BRENT, BECKY 553832 $551.95 03/01/1998 180
600131943 MERCER,KENNETH 563832 $689.94 03/01/1998 180
600131945 JACOBS,BUSHMAN,ANDREW,MAR 564197 $1,016.52 03/01/1998 180
600131949 THORSEN/ATTERBU,SUZANNE/D 568653 $1,020.47 03/01/1998 180
600131953 REABOLD,MATTHEW,SHARON 570886 $1,312.28 03/01/1998 180
600131959 DEL BIAGGIO,DEANNA 522881 $574.75 03/01/1998 180
600131960 OV/LY,TECK, HOLLY 538521 $927.01 03/01/1998 180
600131964 MCKENZIE,TERI,GEORGE 562446 $723.07 03/01/1998 180
600131972 JOHNSON,STANLEY,PEGGY 568554 $699.21 03/01/1998 180
600131982 LAPES,CHAD,CHRISTA 575455 $812.84 03/01/1998 180
600131983 CHOI,RONALD,HEKYUNG 575464 $1,138.37 03/01/1998 180
600131988 BODE,WILLIAM,MABEL 522819 $1,160.78 03/01/1998 180
600131992 KNECHT,SCOTT,HEATHER 553260 $815.38 03/01/1998 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>
600131929 GIBSON,ROBERT,MARGARET $192,000.00 N
600131941 GOOLD,BRENT, BECKY $94,000.00 N
600131943 MERCER,KENNETH $207,000.00 N
600131945 JACOBS,BUSHMAN,ANDREW,MAR $170,000.00 N
600131949 THORSEN/ATTERBU,SUZANNE/D $197,000.00 N
600131953 REABOLD,MATTHEW,SHARON $250,000.00 N
600131959 DEL BIAGGIO,DEANNA $105,000.00 N
600131960 OV/LY,TECK, HOLLY $155,000.00 N
600131964 MCKENZIE,TERI,GEORGE $120,000.00 N
600131972 JOHNSON,STANLEY,PEGGY $125,000.00 N
600131982 LAPES,CHAD,CHRISTA $155,000.00 N
600131983 CHOI,RONALD,HEKYUNG $175,440.00 N
600131988 BODE,WILLIAM,MABEL $205,000.00 N
600131992 KNECHT,SCOTT,HEATHER $144,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 37
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131994 HOWARD,CYNTHIA 355 LODGEWOOD LANE LAFAYETTE CO 80026 $155,000.00
600131995 CARTER,BROCK, HOLLY 2787 WEST 5200 SOUTH ROY UT 84067 $116,000.00
600131996 MORTON,HENRY,KAREN 42331 NORTH 3RD STREET PHOENIX AZ 85027 $50,000.00
600132004 STROM,JANE 2340 NOTRE DAME BOULEVARD CHICO CA 95928 $19,000.00
600132015 NICKLOS,NICHOLAS D. 23530 NORTHEAST HOLLADAY WOOD VILLAGE OR 97060 $204,000.00
600132030 PETERSON,MARK,STACY 18509 BALDWIN ROAD BOTHELL WA 98012 $163,000.00
600132032 DRAMOV,ROBERT,BIRENNA 8009 NORTHEAST 142ND PLAC KIRKLAND WA 98034 $124,400.00
600132033 AVERILL,RICHARD 15836 123RD AVENUE SOUTHE YELM WA 98597 $110,400.00
600132035 FRIDMAN,ALEX,IRINA 39993 FREMONT BOULEVARD # FREMONT CA 94538 $117,000.00
600132043 GARDNER,JOHN 559 EAST 6TH AVENUE DURANGO CO 81301 $80,000.00
600132044 TEEGARDEN-BOGGS,JANE 33488 NORTH 55TH STREET CAVE CREEK AZ 85331 $203,000.00
600132059 NAVARRO,MANUEL, CINDY 4318 264TH AVENUE NORTHEA REDMOND WA 98053 $181,871.55
600132071 ROSE,MARIE 6210 WESTWOOD DRIVE ROCKLIN CA 95677 $50,000.00
600132078 O'DONNELL,KATHRINE 443 MONROE STREET EUGENE OR 97402 $96,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131994 HOWARD,CYNTHIA 7.625 .750 6.875 .0400 6.835 03/01/2013
600131995 CARTER,BROCK, HOLLY 7.625 .750 6.875 .0400 6.835 03/01/2013
600131996 MORTON,HENRY,KAREN 7.625 .750 6.875 .0400 6.835 03/01/2013
600132004 STROM,JANE 7.625 .750 6.875 .0400 6.835 03/01/2013
600132015 NICKLOS,NICHOLAS D. 7.625 .750 6.875 .0400 6.835 03/01/2013
600132030 PETERSON,MARK,STACY 7.625 .750 6.875 .0400 6.835 03/01/2013
600132032 DRAMOV,ROBERT,BIRENNA 7.625 .750 6.875 .0400 6.835 03/01/2013
600132033 AVERILL,RICHARD 7.625 .750 6.875 .0400 6.835 03/01/2013
600132035 FRIDMAN,ALEX,IRINA 7.625 .750 6.875 .0400 6.835 03/01/2013
600132043 GARDNER,JOHN 7.750 .750 7.000 .0400 6.960 03/01/2013
600132044 TEEGARDEN-BOGGS,JANE 7.750 .750 7.000 .0400 6.960 03/01/2013
600132059 NAVARRO,MANUEL, CINDY 7.750 .750 7.000 .0400 6.960 02/01/2013
600132071 ROSE,MARIE 7.750 .750 7.000 .0400 6.960 03/01/2013
600132078 O'DONNELL,KATHRINE 7.750 .750 7.000 .0400 6.960 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131994 HOWARD,CYNTHIA 553816 $1,097.08 03/01/1998 180
600131995 CARTER,BROCK, HOLLY 553831 $821.04 03/01/1998 180
600131996 MORTON,HENRY,KAREN 554482 $353.90 03/01/1998 180
600132004 STROM,JANE 562533 $177.48 03/01/1998 180
600132015 NICKLOS,NICHOLAS D. 565479 $1,443.90 03/01/1998 180
600132030 PETERSON,MARK,STACY 572458 $1,153.70 03/01/1998 180
600132032 DRAMOV,ROBERT,BIRENNA 572743 $880.50 03/01/1998 180
600132033 AVERILL,RICHARD 573278 $1,031.28 03/01/1998 180
600132035 FRIDMAN,ALEX,IRINA 573736 $828.12 03/01/1998 180
600132043 GARDNER,JOHN 530822 $573.13 03/01/1998 180
600132044 TEEGARDEN-BOGGS,JANE 537752 $1,454.32 03/01/1998 180
600132059 NAVARRO,MANUEL, CINDY 561384 $1,303.87 03/01/1998 180
600132071 ROSE,MARIE 563531 $470.64 03/01/1998 180
600132078 O'DONNELL,KATHRINE 565211 $687.76 03/01/1998 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>
600131994 HOWARD,CYNTHIA $198,500.00 N
600131995 CARTER,BROCK, HOLLY $147,000.00 N
600131996 MORTON,HENRY,KAREN $159,000.00 N
600132004 STROM,JANE $44,000.00 N
600132015 NICKLOS,NICHOLAS D. $255,000.00 N
600132030 PETERSON,MARK,STACY $305,000.00 N
600132032 DRAMOV,ROBERT,BIRENNA $155,500.00 N
600132033 AVERILL,RICHARD $140,000.00 N
600132035 FRIDMAN,ALEX,IRINA $156,000.00 N
600132043 GARDNER,JOHN $165,000.00 N
600132044 TEEGARDEN-BOGGS,JANE $275,000.00 N
600132059 NAVARRO,MANUEL, CINDY $246,000.00 N
600132071 ROSE,MARIE $114,500.00 N
600132078 O'DONNELL,KATHRINE $120,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 38
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132081 HULICK,KIRK S. 980 EAST BRYAN AVENUE SALT LAKE CITY UT 84105 $108,500.00
600132088 WEIMER,ROD/LAURAINE 1967 EAST ROSS LANE LITTLETON CO 80126 $154,390.95
600132096 ROMAN,DEBRA 4118 VIA CANDIDIZ SAN DIEGO CA 92130 $145,500.00
600132106 MOONEY,DIANNE M. 242 AUDREY LANE NEWPORT WA 99156 $79,650.00
600132107 LUNDVALL,CHRIS M. 413 AVENUE F SNOHOMISH WA 98290 $106,000.00
600132119 WATSON,BRUCE,SUSAN 10282 SOUTH 2840 WEST SOUTH JORDAN UT 84095 $191,200.00
600132123 JENNINGS,ROBERT,STACEY 513 SOUTH JEANINE STREET ANAHEIM CA 92806 $140,000.00
600132124 MOORE,CHARESSE 3950 HIGHWAY 200 EAST SANDPOINT ID 83864 $202,000.00
600132125 REICHERT,GERHARD,FRANCES 3305 LEONARD ROAD GRANTS PASS OR 97527 $128,700.00
600132137 DAHL,KIPP,MICHELLE 482 NORTH 5000 WEST WEST POINT UT 84015 $127,000.00
600132139 BURNHAM,ROBERT,ANN 1326 EAST 1ST PLACE MESA AZ 85203 $110,400.00
600132142 MCCREERY,STEVEN,JOYCE 29143 NORTH 68TH WAY SCOTTSDALE AZ 85331 $163,000.00
600132144 VILLALPANDO,GUSTAVO,MARTH 704-704 1/2 SOUTH MACDONA MESA AZ 85202 $72,400.00
600132148 FILICE,JAMES/CHERYL 875 SOUTHWOOD BOULEVARD # INCLINE VILLAGE NV 89451 $168,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132081 HULICK,KIRK S. 7.750 .750 7.000 .0400 6.960 03/01/2013
600132088 WEIMER,ROD/LAURAINE 7.750 .750 7.000 .0400 6.960 02/01/2013
600132096 ROMAN,DEBRA 7.750 .750 7.000 .0400 6.960 03/01/2013
600132106 MOONEY,DIANNE M. 7.750 .750 7.000 .0400 6.960 03/01/2013
600132107 LUNDVALL,CHRIS M. 7.750 .750 7.000 .0400 6.960 03/01/2013
600132119 WATSON,BRUCE,SUSAN 7.750 .750 7.000 .0400 6.960 03/01/2013
600132123 JENNINGS,ROBERT,STACEY 7.875 .750 7.125 .0400 7.085 03/01/2013
600132124 MOORE,CHARESSE 7.875 .750 7.125 .0400 7.085 03/01/2013
600132125 REICHERT,GERHARD,FRANCES 7.875 .750 7.125 .0400 7.085 03/01/2013
600132137 DAHL,KIPP,MICHELLE 7.875 .750 7.125 .0400 7.085 03/01/2013
600132139 BURNHAM,ROBERT,ANN 7.875 .750 7.125 .0400 7.085 03/01/2013
600132142 MCCREERY,STEVEN,JOYCE 7.875 .750 7.125 .0400 7.085 03/01/2013
600132144 VILLALPANDO,GUSTAVO,MARTH 7.875 .750 7.125 .0400 7.085 03/01/2013
600132148 FILICE,JAMES/CHERYL 7.875 .750 7.125 .0400 7.085 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132081 HULICK,KIRK S. 565332 $777.31 03/01/1998 180
600132088 WEIMER,ROD/LAURAINE 568058 $1,106.86 03/01/1998 180
600132096 ROMAN,DEBRA 570872 $1,042.38 03/01/1998 180
600132106 MOONEY,DIANNE M. 572566 $570.62 03/01/1998 180
600132107 LUNDVALL,CHRIS M. 572577 $759.40 03/01/1998 180
600132119 WATSON,BRUCE,SUSAN 577529 $1,369.78 03/01/1998 180
600132123 JENNINGS,ROBERT,STACEY 519665 $1,015.10 03/01/1998 180
600132124 MOORE,CHARESSE 519682 $1,464.64 03/01/1998 180
600132125 REICHERT,GERHARD,FRANCES 522652 $933.16 2 03/01/1998 180
600132137 DAHL,KIPP,MICHELLE 553874 $920.84 03/01/1998 180
600132139 BURNHAM,ROBERT,ANN 554436 $800.48 03/01/1998 180
600132142 MCCREERY,STEVEN,JOYCE 554541 $1,181.86 03/01/1998 180
600132144 VILLALPANDO,GUSTAVO,MARTH 554544 $524.95 03/01/1998 180
600132148 FILICE,JAMES/CHERYL 559783 $1,218.12 03/01/1998 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>
600132081 HULICK,KIRK S. $150,000.00 N
600132088 WEIMER,ROD/LAURAINE $215,000.00 N
600132096 ROMAN,DEBRA $181,900.00 N
600132106 MOONEY,DIANNE M. $135,000.00 N
600132107 LUNDVALL,CHRIS M. $145,000.00 N
600132119 WATSON,BRUCE,SUSAN $239,000.00 N
600132123 JENNINGS,ROBERT,STACEY $177,900.00 N
600132124 MOORE,CHARESSE $285,000.00 N
600132125 REICHERT,GERHARD,FRANCES $143,000.00 N
600132137 DAHL,KIPP,MICHELLE $165,000.00 N
600132139 BURNHAM,ROBERT,ANN $139,000.00 N
600132142 MCCREERY,STEVEN,JOYCE $350,000.00 N
600132144 VILLALPANDO,GUSTAVO,MARTH $90,500.00 N
600132148 FILICE,JAMES/CHERYL $210,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 39
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132155 HERING/BELMONT,JOHN/TERES 7330 SAINT JOHN WAY ORANGEVALE CA 95662 $66,400.00
600132159 LOAYZA,EDMUNDO 684 ALBION DRIVE SAN JOSE CA 95136 $191,250.00
600132168 TRUONG,HIEP N 7111 SE TERRACE TRAILS DR PORTLAND OR 97266 $176,000.00
600132173 KAPLAN,STEVEN 31 KENNETH STREET PLAINVIEW NY 11803 $92,800.00
600132180 FOSS,RENEE NOREEN 7764 SOUTH GAYLORD WAY LITTLETON CO 80122 $109,424.64
600132183 LESLIE,LISA 1175 MERCED AVENUE SANTA ROSA CA 95407 $183,873.37
600132201 BAROS,JOSEPH,JULIANA 166 SIESTA AVENUE THOUSAND OAKS CA 91360 $201,200.00
600132211 LEE,FRANKLIN,TOMOMI 10685 EGLANTINE COURT SAN DIEGO CA 92131 $176,000.00
600132214 HWANGPO,JEONG HO,HYEONM 12011 NORTHEAST 100TH STR KIRKLAND WA 98033 $195,150.00
600132226 JUSSEN,RONALD,CRISTINA 4159 MOUNTCASTLE WAY SAN JOSE CA 95136 $216,850.66
600132237 ROZEK/THOMAS,ARTHUR/MELAN 1315 EAST 6TH STREET NEWBERG OR 97132 $91,000.00
600132238 WILKINSON,CLAYTON,BARBARA 749 EAST 300 NORTH MORGAN UT 84050 $97,000.00
600132239 CRAIK,TEELA 471 SOUTH KALISPELL WAY AURORA CO 80017 $57,600.00
600132240 MURRAY,WARREN,MARY 100 GOLD CREEK ROAD SANDPOINT ID 83864 $220,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132155 HERING/BELMONT,JOHN/TERES 7.875 .750 7.125 .0400 7.085 03/01/2013
600132159 LOAYZA,EDMUNDO 7.875 .750 7.125 .0400 7.085 03/01/2013
600132168 TRUONG,HIEP N 7.875 .750 7.125 .0400 7.085 03/01/2013
600132173 KAPLAN,STEVEN 7.875 .750 7.125 .0400 7.085 03/01/2013
600132180 FOSS,RENEE NOREEN 7.875 .750 7.125 .0400 7.085 02/01/2013
600132183 LESLIE,LISA 7.875 .750 7.125 .0400 7.085 02/01/2013
600132201 BAROS,JOSEPH,JULIANA 7.875 .750 7.125 .0400 7.085 03/01/2013
600132211 LEE,FRANKLIN,TOMOMI 7.875 .750 7.125 .0400 7.085 03/01/2013
600132214 HWANGPO,JEONG HO,HYEONM 7.875 .750 7.125 .0400 7.085 03/01/2013
600132226 JUSSEN,RONALD,CRISTINA 7.875 .750 7.125 .0400 7.085 02/01/2013
600132237 ROZEK/THOMAS,ARTHUR/MELAN 7.875 .750 7.125 .0400 7.085 03/01/2013
600132238 WILKINSON,CLAYTON,BARBARA 7.875 .750 7.125 .0400 7.085 03/01/2013
600132239 CRAIK,TEELA 7.875 .750 7.125 .0400 7.085 03/01/2013
600132240 MURRAY,WARREN,MARY 8.000 .750 7.250 .0400 7.210 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132155 HERING/BELMONT,JOHN/TERES 562320 $629.77 03/01/1998 180
600132159 LOAYZA,EDMUNDO 564069 $1,386.70 03/01/1998 180
600132168 TRUONG,HIEP N 565407 $1,276.12 03/01/1998 180
600132173 KAPLAN,STEVEN 567453 $880.16 03/01/1998 180
600132180 FOSS,RENEE NOREEN 568179 $793.95 03/01/1998 180
600132183 LESLIE,LISA 568222 $1,334.13 03/01/1998 180
600132201 BAROS,JOSEPH,JULIANA 570255 $1,908.28 03/01/1998 180
600132211 LEE,FRANKLIN,TOMOMI 571240 $1,276.12 03/01/1998 180
600132214 HWANGPO,JEONG HO,HYEONM 573284 $1,414.97 03/01/1998 180
600132226 JUSSEN,RONALD,CRISTINA 574442 $1,573.40 03/01/1998 180
600132237 ROZEK/THOMAS,ARTHUR/MELAN 576645 $659.81 03/01/1998 180
600132238 WILKINSON,CLAYTON,BARBARA 577494 $920.00 03/01/1998 180
600132239 CRAIK,TEELA 577515 $417.64 03/01/1998 180
600132240 MURRAY,WARREN,MARY 496310 $1,614.28 03/01/1998 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>
600132155 HERING/BELMONT,JOHN/TERES $83,000.00 N
600132159 LOAYZA,EDMUNDO $255,000.00 N
600132168 TRUONG,HIEP N $220,000.00 N
600132173 KAPLAN,STEVEN $164,000.00 N
600132180 FOSS,RENEE NOREEN $140,000.00 N
600132183 LESLIE,LISA $230,000.00 N
600132201 BAROS,JOSEPH,JULIANA $332,000.00 N
600132211 LEE,FRANKLIN,TOMOMI $220,000.00 N
600132214 HWANGPO,JEONG HO,HYEONM $243,950.00 N
600132226 JUSSEN,RONALD,CRISTINA $272,000.00 N
600132237 ROZEK/THOMAS,ARTHUR/MELAN $118,500.00 N
600132238 WILKINSON,CLAYTON,BARBARA $146,000.00 N
600132239 CRAIK,TEELA $75,000.00 N
600132240 MURRAY,WARREN,MARY $320,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 40
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132241 DION/WHITTEMORE,DENNIS/MA 1287 ECHO WIND AVENUE HENDERSON NV 89012 $99,932.91
600132247 COBLE,MARCIA 548 MAPLE STREET ROSEBURG OR 97470 $96,300.00
600132249 WICKS,TONY,ANNE 396 WEST CHICAGO STREET CHANDLER AZ 85224 $110,800.00
600132254 MARTY,MARGARET 380 WEST 200 SOUTH SALT LAKE CITY UT 84101 $68,000.00
600132255 HUMPHREYS,JOANN 5165 SOUTH 1950 WEST TAYLORSVILLE UT 84118 $49,500.00
600132257 JOSLIN,DAVID 0698 VAIL CIRCLE DILLON CO 80435 $140,000.00
600132258 BURLINGAME,LARRY 1585 WEST SPRINGWATER DRI OREM UT 84058 $110,000.00
600132259 ANDERSON,KAREN,RUDY 670 SOUTH 150 EAST SALEM UT 84653 $87,000.00
600132262 PATTERSON,JEFFREY 6626 EAST BELLEVIEW STREE SCOTTSDALE AZ 85257 $96,000.00
600132263 WILSON,JERALD,SUSAN 1441 WEST VISTA ALESHA TUCSON AZ 85704 $184,000.00
600132293 OSMANI,AZIZULLAH,TURPA 8581 FAIRFAX STREET MANASSAS VA 20110 $111,676.34
600132297 STRESHLY,DAVID,KATHLEEN 6415 CAYENNE LANE CARLSBAD CA 92009 $210,400.00
600132307 RACOMA/HOSHINO,RICHARD/GE 1595 ALPINE HILLS AVENUE HENDERSON NV 89104 $101,800.00
600132309 CHEN/TSUI,WILLIAM/SHUI 5851 SOLEDAD MOUNTAIN ROA SAN DIEGO CA 92037 $225,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132241 DION/WHITTEMORE,DENNIS/MA 8.000 .750 7.250 .0400 7.210 02/01/2013
600132247 COBLE,MARCIA 8.000 .750 7.250 .0400 7.210 03/01/2013
600132249 WICKS,TONY,ANNE 8.000 .750 7.250 .0400 7.210 03/01/2013
600132254 MARTY,MARGARET 8.000 .750 7.250 .0400 7.210 03/01/2013
600132255 HUMPHREYS,JOANN 8.000 .750 7.250 .0400 7.210 03/01/2013
600132257 JOSLIN,DAVID 8.000 .750 7.250 .0400 7.210 03/01/2013
600132258 BURLINGAME,LARRY 8.000 .750 7.250 .0400 7.210 03/01/2013
600132259 ANDERSON,KAREN,RUDY 8.000 .750 7.250 .0400 7.210 03/01/2013
600132262 PATTERSON,JEFFREY 8.000 .750 7.250 .0400 7.210 03/01/2013
600132263 WILSON,JERALD,SUSAN 8.000 .750 7.250 .0400 7.210 03/01/2013
600132293 OSMANI,AZIZULLAH,TURPA 8.000 .750 7.250 .0400 7.210 02/01/2013
600132297 STRESHLY,DAVID,KATHLEEN 8.000 .750 7.250 .0400 7.210 03/01/2013
600132307 RACOMA/HOSHINO,RICHARD/GE 8.000 .750 7.250 .0400 7.210 03/01/2013
600132309 CHEN/TSUI,WILLIAM/SHUI 8.000 .750 7.250 .0400 7.210 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132241 DION/WHITTEMORE,DENNIS/MA 519466 $733.76 03/01/1998 180
600132247 COBLE,MARCIA 522879 $706.62 2 03/01/1998 180
600132249 WICKS,TONY,ANNE 537747 $813.01 03/01/1998 180
600132254 MARTY,MARGARET 553625 $498.96 03/01/1998 180
600132255 HUMPHREYS,JOANN 553670 $363.21 03/01/1998 180
600132257 JOSLIN,DAVID 553803 $1,027.27 03/01/1998 180
600132258 BURLINGAME,LARRY 553837 $807.14 03/01/1998 180
600132259 ANDERSON,KAREN,RUDY 553838 $831.42 03/01/1998 180
600132262 PATTERSON,JEFFREY 554302 $704.41 03/01/1998 180
600132263 WILSON,JERALD,SUSAN 554336 $1,350.13 03/01/1998 180
600132293 OSMANI,AZIZULLAH,TURPA 568261 $1,070.33 03/01/1998 180
600132297 STRESHLY,DAVID,KATHLEEN 568788 $1,543.84 03/01/1998 180
600132307 RACOMA/HOSHINO,RICHARD/GE 570884 $746.97 03/01/1998 180
600132309 CHEN/TSUI,WILLIAM/SHUI 571046 $1,650.97 03/01/1998 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>
600132241 DION/WHITTEMORE,DENNIS/MA $240,000.00 N
600132247 COBLE,MARCIA $107,000.00 N
600132249 WICKS,TONY,ANNE $138,500.00 N
600132254 MARTY,MARGARET $85,000.00 N
600132255 HUMPHREYS,JOANN $106,000.00 N
600132257 JOSLIN,DAVID $190,000.00 N
600132258 BURLINGAME,LARRY $138,000.00 N
600132259 ANDERSON,KAREN,RUDY $116,000.00 N
600132262 PATTERSON,JEFFREY $120,000.00 N
600132263 WILSON,JERALD,SUSAN $230,000.00 N
600132293 OSMANI,AZIZULLAH,TURPA $140,000.00 N
600132297 STRESHLY,DAVID,KATHLEEN $263,000.00 N
600132307 RACOMA/HOSHINO,RICHARD/GE $150,085.00 N
600132309 CHEN/TSUI,WILLIAM/SHUI $300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 41
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132316 MAYFIELD,SUSAN 237 WILSHIRE STREET NORTH EAST WENATCHEE WA 98802 $73,500.00
600132318 STUTZMAN,MARK,PAMELA 646 PEACH STREET NOVATO CA 94945 $189,600.00
600132321 WERFHORST/DUMAN,DARIAN/DA 614 PERALTA AVENUE SAN FRANCISCO CA 94110 $188,800.00
600132323 LEWIS,ROBERT 4257 FAIRWAY DRIVE SOQUEL CA 95073 $212,000.00
600132329 PRICE,DWIGHT 1500 MAPLE WAY ROAD YAKIMA WA 98908 $217,000.00
600132330 MINER,WILLIAM,BRYNN 577 SOLITUDE LANE GRANTS PASS OR 97527 $204,250.00
600132341 STECHMAN,DANIEL 1139 MAC LEAN STREET DACONO CO 80514 $47,100.00
600132342 TERRILL,ROBERT,DAWNETTA 423 NEW BEDFORD DRIVE CHEYENNE WY 82009 $97,750.00
600132343 SNOW,EDWARD,LYDIA 4940 WANDERING CIRCLE COLORADO SPRING CO 80917 $113,000.00
600132346 HUDSON,GARY,MONIQUE 595 SOUTH 800 EAST FILLMORE UT 84631 $45,000.00
600132348 MENGHRAJANI,ASHA 1951 EAST JANICE WAY PHOENIX AZ 85022 $117,200.00
600132350 MCCREA,MARTIN 13061 NORTH UPPER LOMA LI MT. LEMMON AZ 85619 $53,000.00
600132351 PORTER,TIMOTHY,LYNN 27 LEGACY WAY LAS FLORES AREA CA 92688 $190,900.00
600132354 TAYLOR,SANDIE 42963 VIA ALHAMA TEMECULA CA 92592 $172,200.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132316 MAYFIELD,SUSAN 8.000 .750 7.250 .0400 7.210 03/01/2013
600132318 STUTZMAN,MARK,PAMELA 8.000 .750 7.250 .0400 7.210 03/01/2013
600132321 WERFHORST/DUMAN,DARIAN/DA 8.000 .750 7.250 .0400 7.210 03/01/2013
600132323 LEWIS,ROBERT 8.000 .750 7.250 .0400 7.210 03/01/2013
600132329 PRICE,DWIGHT 8.125 .750 7.375 .0400 7.335 03/01/2013
600132330 MINER,WILLIAM,BRYNN 8.125 .750 7.375 .0400 7.335 03/01/2013
600132341 STECHMAN,DANIEL 8.125 .750 7.375 .0400 7.335 03/01/2013
600132342 TERRILL,ROBERT,DAWNETTA 8.125 .750 7.375 .0400 7.335 03/01/2013
600132343 SNOW,EDWARD,LYDIA 8.125 .750 7.375 .0400 7.335 03/01/2013
600132346 HUDSON,GARY,MONIQUE 8.125 .750 7.375 .0400 7.335 03/01/2013
600132348 MENGHRAJANI,ASHA 8.125 .750 7.375 .0400 7.335 03/01/2013
600132350 MCCREA,MARTIN 8.125 .750 7.375 .0400 7.335 03/01/2013
600132351 PORTER,TIMOTHY,LYNN 8.125 .750 7.375 .0400 7.335 03/01/2013
600132354 TAYLOR,SANDIE 8.125 .750 7.375 .0400 7.335 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132316 MAYFIELD,SUSAN 572542 $539.32 03/01/1998 180
600132318 STUTZMAN,MARK,PAMELA 573497 $1,391.22 03/01/1998 180
600132321 WERFHORST/DUMAN,DARIAN/DA 573680 $1,385.35 03/01/1998 180
600132323 LEWIS,ROBERT 574327 $1,555.58 03/01/1998 180
600132329 PRICE,DWIGHT 519605 $1,611.22 03/01/1998 180
600132330 MINER,WILLIAM,BRYNN 522794 $1,516.55 2 03/01/1998 180
600132341 STECHMAN,DANIEL 553488 $349.72 03/01/1998 180
600132342 TERRILL,ROBERT,DAWNETTA 553561 $725.79 50 03/01/1998 180
600132343 SNOW,EDWARD,LYDIA 553566 $839.02 03/01/1998 180
600132346 HUDSON,GARY,MONIQUE 553681 $334.12 03/01/1998 180
600132348 MENGHRAJANI,ASHA 554236 $870.21 03/01/1998 180
600132350 MCCREA,MARTIN 554559 $510.33 03/01/1998 180
600132351 PORTER,TIMOTHY,LYNN 556677 $1,417.43 03/01/1998 180
600132354 TAYLOR,SANDIE 558543 $1,278.58 2 03/01/1998 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>
600132316 MAYFIELD,SUSAN $126,000.00 N
600132318 STUTZMAN,MARK,PAMELA $237,000.00 N
600132321 WERFHORST/DUMAN,DARIAN/DA $236,000.00 N
600132323 LEWIS,ROBERT $268,000.00 N
600132329 PRICE,DWIGHT $300,000.00 N
600132330 MINER,WILLIAM,BRYNN $215,000.00 N
600132341 STECHMAN,DANIEL $63,500.00 N
600132342 TERRILL,ROBERT,DAWNETTA $115,000.00 N
600132343 SNOW,EDWARD,LYDIA $142,000.00 N
600132346 HUDSON,GARY,MONIQUE $150,000.00 N
600132348 MENGHRAJANI,ASHA $146,500.00 N
600132350 MCCREA,MARTIN $135,000.00 N
600132351 PORTER,TIMOTHY,LYNN $238,689.00 N
600132354 TAYLOR,SANDIE $181,314.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 42
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132366 PURKETT/GIBBS,CAROLYN/GAR 5 TWIN CREEKS CIRCLE PETALUMA CA 94952 $179,200.00
600132380 LE,THUY THU 534 ARCH STREET SAN FRANCISCO CA 94132 $195,439.83
600132400 ALABA,ROBINSON,NORMA 9145 THREE SEASONS ROAD SAN DIEGO CA 92126 $110,400.00
600132403 JOHNSON,PATRICIA G. 10623 GLEN ACRES DRIVE SO SEATTLE WA 98168 $78,000.00
600132406 BRANT,TIMOTHY, SUSAN 493 FISH HATCHERY ROAD HAMILTON MT 59840 $60,000.00
600132412 HAYES/NICHOLL,JOHN/STACEY 22023 1ST PLACE WEST BOTHELL WA 98021 $162,800.00
600132414 SANFILIPPO,MICHAEL 333 CEDAR STREET MILLBRAE CA 94030 $218,000.00
600132422 ROBERTSON,CARROLL BERT 25700 NORTH 11000 EAST FAIRVIEW UT 84629 $112,000.00
600132424 STEDMAN,ADAM 12648 SOUTH 900 EAST DRAPER UT 84020 $50,000.00
600132425 TORKE,LYNDA 9604 WEST MILCLAY STREET BOISE ID 83704 $94,800.00
600132430 BRYAN,BRENT,PAT 365 SOUTH 100 WEST PAYSON UT 84651 $76,500.00
600132433 PARKER,GLORIA 3017 EAST SIESTA LANE PHOENIX AZ 85024 $82,400.00
600132438 HARRIS,RONALD/PATRICIA 6004 CARLISLE ROAD WALDORF MD 20601 $156,650.05
600132449 SARDELLA,JOANNE 110 WEST CANTERBURY LANE PHOENIX AZ 85023 $135,950.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132366 PURKETT/GIBBS,CAROLYN/GAR 8.125 .750 7.375 .0400 7.335 03/01/2013
600132380 LE,THUY THU 8.125 .750 7.375 .0400 7.335 02/01/2013
600132400 ALABA,ROBINSON,NORMA 8.125 .750 7.375 .0400 7.335 03/01/2013
600132403 JOHNSON,PATRICIA G. 8.125 .750 7.375 .0400 7.335 03/01/2013
600132406 BRANT,TIMOTHY, SUSAN 8.125 .750 7.375 .0400 7.335 03/01/2013
600132412 HAYES/NICHOLL,JOHN/STACEY 8.125 .750 7.375 .0400 7.335 03/01/2013
600132414 SANFILIPPO,MICHAEL 8.125 .750 7.375 .0400 7.335 03/01/2013
600132422 ROBERTSON,CARROLL BERT 8.125 .750 7.375 .0400 7.335 03/01/2013
600132424 STEDMAN,ADAM 8.125 .750 7.375 .0400 7.335 03/01/2013
600132425 TORKE,LYNDA 8.250 .750 7.500 .0400 7.460 03/01/2013
600132430 BRYAN,BRENT,PAT 8.250 .750 7.500 .0400 7.460 03/01/2013
600132433 PARKER,GLORIA 8.250 .750 7.500 .0400 7.460 03/01/2013
600132438 HARRIS,RONALD/PATRICIA 8.250 .750 7.500 .0400 7.460 02/01/2013
600132449 SARDELLA,JOANNE 8.250 .750 7.500 .0400 7.460 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132366 PURKETT/GIBBS,CAROLYN/GAR 563140 $1,330.55 03/01/1998 180
600132380 LE,THUY THU 568289 $1,887.25 03/01/1998 180
600132400 ALABA,ROBINSON,NORMA 571297 $819.72 03/01/1998 180
600132403 JOHNSON,PATRICIA G. 572405 $751.05 03/01/1998 180
600132406 BRANT,TIMOTHY, SUSAN 572493 $577.73 03/01/1998 180
600132412 HAYES/NICHOLL,JOHN/STACEY 572814 $1,208.79 03/01/1998 180
600132414 SANFILIPPO,MICHAEL 573470 $1,618.64 03/01/1998 180
600132422 ROBERTSON,CARROLL BERT 577426 $831.60 03/01/1998 180
600132424 STEDMAN,ADAM 577517 $371.25 03/01/1998 180
600132425 TORKE,LYNDA 519606 $712.20 03/01/1998 180
600132430 BRYAN,BRENT,PAT 530362 $742.16 50 03/01/1998 180
600132433 PARKER,GLORIA 537792 $619.04 03/01/1998 180
600132438 HARRIS,RONALD/PATRICIA 551575 $1,177.61 2 03/01/1998 180
600132449 SARDELLA,JOANNE 554490 $1,021.35 03/01/1998 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>
600132366 PURKETT/GIBBS,CAROLYN/GAR $224,000.00 N
600132380 LE,THUY THU $280,000.00 N
600132400 ALABA,ROBINSON,NORMA $138,000.00 N
600132403 JOHNSON,PATRICIA G. $97,500.00 N
600132406 BRANT,TIMOTHY, SUSAN $225,000.00 N
600132412 HAYES/NICHOLL,JOHN/STACEY $203,500.00 N
600132414 SANFILIPPO,MICHAEL $273,000.00 N
600132422 ROBERTSON,CARROLL BERT $152,000.00 N
600132424 STEDMAN,ADAM $250,000.00 N
600132425 TORKE,LYNDA $126,500.00 N
600132430 BRYAN,BRENT,PAT $90,000.00 N
600132433 PARKER,GLORIA $103,000.00 N
600132438 HARRIS,RONALD/PATRICIA $165,000.00 N
600132449 SARDELLA,JOANNE $179,999.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 43
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132450 JEKEL/TATE,LOUIS/HOLLY 5754 EAST GLADE AVENUE MESA AZ 85206 $96,400.00
600132451 WEIS,JUDY 17054 EAST CALLE DE ORO FOUNTAIN HILLS AZ 85268 $56,250.00
600132455 MASK,KAREN J. 16863 NORTHEAST 14TH PLAC BELLEVUE WA 98008 $136,000.00
600132457 ALDDAHER,MOHAMMED 2952 O STREET SOUTHEAST AUBURN WA 98002 $146,400.00
600132458 MONTAGUE,ROBERT,CHERYL 820 INDEX COURT NORTHEAST RENTON WA 98056 $161,900.00
600132471 FRIESEN,CHARLES,JUDITH 2202 EAST MCLOUGHLIN BOUL VANCOUVER WA 98661 $46,400.00
600132472 ARBUCKLE,ERNEST,MARY ELL 1433 EAST 31ST AVENUE EUGENE OR 97405 $114,000.00
600132474 ASQUITH,ANTHONY 224-226 CERVANTES LAKE OSWEGO OR 97035 $200,000.00
600132477 SCHWARTZ,DENA 9260 TOWNE CENTRE DRIVE SAN DIEGO CA 92121 $78,650.00
600132483 YEH,KANG-CHIAN 3128 KERMATH DRIVE SAN JOSE CA 95132 $149,904.35
600132491 KISSER,EFROSSINI L 13433 OCEAN GATEWAY WYE MILLS MD 21679 $119,660.83
600132509 ALEXANDER/TRANI,DAVID/SHA 53-305 AVENIDA RUBIO LA QUINTA CA 92253 $68,000.00
600132510 ALEXANDER/TRANI,DAVID, SH 54-725 AVENIDA RAMIREZ LA QUINTA CA 92253 $68,000.00
600132512 ANDERSON,JEFFERY 3317 URIBE STREET LAS VEGAS NV 89129 $147,250.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132450 JEKEL/TATE,LOUIS/HOLLY 8.250 .750 7.500 .0400 7.460 03/01/2013
600132451 WEIS,JUDY 8.250 .750 7.500 .0400 7.460 03/01/2013
600132455 MASK,KAREN J. 8.250 .750 7.500 .0400 7.460 03/01/2013
600132457 ALDDAHER,MOHAMMED 8.250 .750 7.500 .0400 7.460 03/01/2013
600132458 MONTAGUE,ROBERT,CHERYL 8.250 .750 7.500 .0400 7.460 03/01/2013
600132471 FRIESEN,CHARLES,JUDITH 8.250 .750 7.500 .0400 7.460 03/01/2013
600132472 ARBUCKLE,ERNEST,MARY ELL 8.250 .750 7.500 .0400 7.460 03/01/2013
600132474 ASQUITH,ANTHONY 8.250 .750 7.500 .0400 7.460 03/01/2013
600132477 SCHWARTZ,DENA 8.250 .750 7.500 .0400 7.460 03/01/2013
600132483 YEH,KANG-CHIAN 8.250 .750 7.500 .0400 7.460 02/01/2013
600132491 KISSER,EFROSSINI L 8.250 .750 7.500 .0400 7.460 02/01/2013
600132509 ALEXANDER/TRANI,DAVID/SHA 8.250 .750 7.500 .0400 7.460 03/01/2013
600132510 ALEXANDER/TRANI,DAVID, SH 8.250 .750 7.500 .0400 7.460 03/01/2013
600132512 ANDERSON,JEFFERY 8.250 .750 7.500 .0400 7.460 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132450 JEKEL/TATE,LOUIS/HOLLY 554528 $724.22 03/01/1998 180
600132451 WEIS,JUDY 554532 $422.59 03/01/1998 180
600132455 MASK,KAREN J. 561378 $1,021.72 03/01/1998 180
600132457 ALDDAHER,MOHAMMED 561590 $1,099.85 03/01/1998 180
600132458 MONTAGUE,ROBERT,CHERYL 561596 $1,216.30 2 03/01/1998 180
600132471 FRIESEN,CHARLES,JUDITH 564906 $348.59 03/01/1998 180
600132472 ARBUCKLE,ERNEST,MARY ELL 565161 $856.44 03/01/1998 180
600132474 ASQUITH,ANTHONY 565368 $1,502.53 03/01/1998 180
600132477 SCHWARTZ,DENA 566358 $590.87 03/01/1998 180
600132483 YEH,KANG-CHIAN 567524 $1,126.90 03/01/1998 180
600132491 KISSER,EFROSSINI L 568254 $1,164.17 03/01/1998 180
600132509 ALEXANDER/TRANI,DAVID/SHA 570369 $659.70 03/01/1998 180
600132510 ALEXANDER/TRANI,DAVID, SH 570370 $659.70 03/01/1998 180
600132512 ANDERSON,JEFFERY 570694 $1,106.24 2 03/01/1998 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>
600132450 JEKEL/TATE,LOUIS/HOLLY $128,564.00 N
600132451 WEIS,JUDY $75,000.00 N
600132455 MASK,KAREN J. $170,000.00 N
600132457 ALDDAHER,MOHAMMED $183,000.00 N
600132458 MONTAGUE,ROBERT,CHERYL $179,900.00 N
600132471 FRIESEN,CHARLES,JUDITH $58,000.00 N
600132472 ARBUCKLE,ERNEST,MARY ELL $152,000.00 N
600132474 ASQUITH,ANTHONY $250,000.00 N
600132477 SCHWARTZ,DENA $98,500.00 N
600132483 YEH,KANG-CHIAN $260,000.00 N
600132491 KISSER,EFROSSINI L $150,000.00 N
600132509 ALEXANDER/TRANI,DAVID/SHA $85,000.00 N
600132510 ALEXANDER/TRANI,DAVID, SH $85,000.00 N
600132512 ANDERSON,JEFFERY $155,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 44
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132519 ANKENY,JOHNATH, R. 3104 EAST CAREY AVENUE NORTH LAS VEGAS NV 89030 $112,000.00
600132520 ANKENY,JOHNATH, R. 3108 EAST CAREY AVENUE NORTH LAS VEGAS NV 89030 $110,400.00
600132526 BROWN,KIRK, LISA 1706 FRONT AVENUE COEUR D'ALENE ID 83814 $43,200.00
600132539 AMARO,ROBERT,CHI LING 12815 CASWELL AVENUE LOS ANGELES CA 90066 $109,200.00
600132547 MILLER,MATTHEW,ANGELES 1270 EAST 2000 NORTH PROVO UT 84604 $175,000.00
600132553 GRANDE,JACQUELINE 12410 RUETTE ALLIANTE SAN DIEGO CA 92130 $178,400.00
600132556 YUSUF,ASLAM 3712 NORTHEAST 163RD AVEN VANCOUVER WA 98682 $117,850.00
600132558 JONES,BRIAN, KRISTINA 411 NORTH 5TH AVENUE YAKIMA WA 98902 $68,000.00
600132560 RAMBO,PAUL 19 BROOKSTONE COURT WILMINGTON DE 19804 $104,934.73
600132562 FISHER,BRUCE,CINDY 5635 WEST WALNUT RIDGE CI SALT LAKE CITY UT 84118 $91,942.81
600132566 WILLIAMS,KEITH, CHARLOTT 556 EAST 350 SOUTH CLEARFIELD UT 84015 $80,800.00
600132567 CORCORAN,MACHELLE 14608 NORTH WINTSON LANE FOUNTAIN HILLS AZ 85268 $175,500.00
600132569 GRIFFITH,ESTELLE 136 SOUTH COBBLESTONE DRI GILBERT AZ 85296 $95,000.00
600132570 ZUMBRUNNEN/MASH,DEBORAH/C 14657 SOUTH OAKMONT DRIVE ARIZONA CITY AZ 85223 $84,800.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132519 ANKENY,JOHNATH, R. 8.250 .750 7.500 .0400 7.460 03/01/2013
600132520 ANKENY,JOHNATH, R. 8.250 .750 7.500 .0400 7.460 03/01/2013
600132526 BROWN,KIRK, LISA 8.250 .750 7.500 .0400 7.460 03/01/2013
600132539 AMARO,ROBERT,CHI LING 8.250 .750 7.500 .0400 7.460 03/01/2013
600132547 MILLER,MATTHEW,ANGELES 8.250 .750 7.500 .0400 7.460 03/01/2013
600132553 GRANDE,JACQUELINE 8.250 .750 7.500 .0400 7.460 03/01/2013
600132556 YUSUF,ASLAM 8.375 .750 7.625 .0400 7.585 03/01/2013
600132558 JONES,BRIAN, KRISTINA 8.375 .750 7.625 .0400 7.585 03/01/2013
600132560 RAMBO,PAUL 8.375 .750 7.625 .0400 7.585 02/01/2013
600132562 FISHER,BRUCE,CINDY 8.375 .750 7.625 .0400 7.585 02/01/2013
600132566 WILLIAMS,KEITH, CHARLOTT 8.375 .750 7.625 .0400 7.585 03/01/2013
600132567 CORCORAN,MACHELLE 8.375 .750 7.625 .0400 7.585 03/01/2013
600132569 GRIFFITH,ESTELLE 8.375 .750 7.625 .0400 7.585 03/01/2013
600132570 ZUMBRUNNEN/MASH,DEBORAH/C 8.375 .750 7.625 .0400 7.585 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132519 ANKENY,JOHNATH, R. 571370 $841.42 03/01/1998 180
600132520 ANKENY,JOHNATH, R. 571371 $829.40 03/01/1998 180
600132526 BROWN,KIRK, LISA 572706 $324.55 2 03/01/1998 180
600132539 AMARO,ROBERT,CHI LING 575437 $820.38 03/01/1998 180
600132547 MILLER,MATTHEW,ANGELES 577430 $1,314.72 03/01/1998 180
600132553 GRANDE,JACQUELINE 579632 $1,340.26 03/01/1998 180
600132556 YUSUF,ASLAM 526701 $895.75 03/01/1998 180
600132558 JONES,BRIAN, KRISTINA 535826 $664.65 03/01/1998 180
600132560 RAMBO,PAUL 551604 $798.08 03/01/1998 180
600132562 FISHER,BRUCE,CINDY 553367 $699.27 12 03/01/1998 180
600132566 WILLIAMS,KEITH, CHARLOTT 553834 $614.14 03/01/1998 180
600132567 CORCORAN,MACHELLE 554318 $1,333.93 2 03/01/1998 180
600132569 GRIFFITH,ESTELLE 554356 $722.07 03/01/1998 180
600132570 ZUMBRUNNEN/MASH,DEBORAH/C 554392 $644.54 03/01/1998 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>
600132519 ANKENY,JOHNATH, R. $140,000.00 N
600132520 ANKENY,JOHNATH, R. $138,000.00 N
600132526 BROWN,KIRK, LISA $48,000.00 N
600132539 AMARO,ROBERT,CHI LING $136,500.00 N
600132547 MILLER,MATTHEW,ANGELES $250,000.00 N
600132553 GRANDE,JACQUELINE $223,000.00 N
600132556 YUSUF,ASLAM $157,135.08 N
600132558 JONES,BRIAN, KRISTINA $85,000.00 N
600132560 RAMBO,PAUL $140,000.00 N
600132562 FISHER,BRUCE,CINDY $115,000.00 N
600132566 WILLIAMS,KEITH, CHARLOTT $101,000.00 N
600132567 CORCORAN,MACHELLE $184,800.00 N
600132569 GRIFFITH,ESTELLE $120,000.00 N
600132570 ZUMBRUNNEN/MASH,DEBORAH/C $106,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 45
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132574 GIBSON,LINDA 677 WEST 5TH AVENUE APACHE JUNCTION AZ 85220 $73,800.00
600132575 JEWEL,BREVEN 5171 VIA MINDANAO OCEANSIDE CA 92057 $133,700.00
600132576 EKLUND,JAMES 4231 WEST 179TH STREET TORRANCE CA 90504 $159,200.00
600132587 CONRAD,PHYLLIS O. 575 NORTHEAST FIRST STREE SHERWOOD OR 97140 $216,000.00
600132589 WILDER,JOHN,LA CRISHA 9279 ADLAI ROAD LAKESIDE CA 92040 $136,500.00
600132591 MANUEL,WAYNE 4831 ELIZABETH STREET WEST PALM BEACH FL 33415 $68,157.61
600132594 BANKS/BANKS,THOMAS/CHARLI 1292 LA JOLLA AVENUE SEASIDE CA 93955 $137,814.29
600132598 VANBERKEL,MARIA 1585 BAY DRIVE MIAMI BEACH FL 33141 $149,906.77
600132599 RETHMEIER,KENNETH,JUDY 0620 BILLS RANCH ROAD FRISCO CO 80443 $74,506.95
600132608 TRAN,THU 951 FOLSOM AVE HAYWARD CA 94544 $156,616.47
600132615 LEE,CHOONG,KYUNG 750 SOUTH SPAULDING AVENU LOS ANGELES CA 90036 $150,300.00
600132623 PUDER,DEBORAH 11878 SIENA COURT MOORPARK CA 93021 $168,800.00
600132626 COULSON,CRAIG, PEGGY 7216 NORTHEAST 165TH COUR BOTHELL WA 98011 $195,200.00
600132627 KIM,DONG,KYONG 9911 21ST AVENUE SOUTHEAS EVERETT WA 98208 $127,950.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132574 GIBSON,LINDA 8.375 .750 7.625 .0400 7.585 03/01/2013
600132575 JEWEL,BREVEN 8.375 .750 7.625 .0400 7.585 03/01/2013
600132576 EKLUND,JAMES 8.375 .750 7.625 .0400 7.585 03/01/2013
600132587 CONRAD,PHYLLIS O. 8.375 .750 7.625 .0400 7.585 03/01/2013
600132589 WILDER,JOHN,LA CRISHA 8.375 .750 7.625 .0400 7.585 03/01/2013
600132591 MANUEL,WAYNE 8.375 .750 7.625 .0400 7.585 02/01/2013
600132594 BANKS/BANKS,THOMAS/CHARLI 8.375 .750 7.625 .0400 7.585 02/01/2013
600132598 VANBERKEL,MARIA 8.375 .750 7.625 .0400 7.585 02/01/2013
600132599 RETHMEIER,KENNETH,JUDY 8.375 .750 7.625 .0400 7.585 01/01/2013
600132608 TRAN,THU 8.375 .750 7.625 .0400 7.585 01/01/2013
600132615 LEE,CHOONG,KYUNG 8.375 .750 7.625 .0400 7.585 03/01/2013
600132623 PUDER,DEBORAH 8.375 .750 7.625 .0400 7.585 03/01/2013
600132626 COULSON,CRAIG, PEGGY 8.375 .750 7.625 .0400 7.585 03/01/2013
600132627 KIM,DONG,KYONG 8.375 .750 7.625 .0400 7.585 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132574 GIBSON,LINDA 554463 $560.93 2 03/01/1998 180
600132575 JEWEL,BREVEN 558425 $1,016.22 03/01/1998 180
600132576 EKLUND,JAMES 558735 $1,210.04 03/01/1998 180
600132587 CONRAD,PHYLLIS O. 565442 $1,641.76 03/01/1998 180
600132589 WILDER,JOHN,LA CRISHA 566581 $1,037.50 03/01/1998 180
600132591 MANUEL,WAYNE 567501 $518.37 03/01/1998 180
600132594 BANKS/BANKS,THOMAS/CHARLI 567641 $1,048.14 03/01/1998 180
600132598 VANBERKEL,MARIA 568038 $1,140.11 03/01/1998 180
600132599 RETHMEIER,KENNETH,JUDY 568081 $567.01 03/01/1998 180
600132608 TRAN,THU 568299 $1,539.45 03/01/1998 180
600132615 LEE,CHOONG,KYUNG 570393 $1,142.39 2 03/01/1998 180
600132623 PUDER,DEBORAH 571237 $1,283.00 03/01/1998 180
600132626 COULSON,CRAIG, PEGGY 572474 $1,483.66 03/01/1998 180
600132627 KIM,DONG,KYONG 572515 $972.51 03/01/1998 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>
600132574 GIBSON,LINDA $77,725.00 N
600132575 JEWEL,BREVEN $191,000.00 N
600132576 EKLUND,JAMES $199,000.00 N
600132587 CONRAD,PHYLLIS O. $270,000.00 N
600132589 WILDER,JOHN,LA CRISHA $195,000.00 N
600132591 MANUEL,WAYNE $92,800.00 N
600132594 BANKS/BANKS,THOMAS/CHARLI $197,000.00 N
600132598 VANBERKEL,MARIA $205,000.00 N
600132599 RETHMEIER,KENNETH,JUDY $120,000.00 N
600132608 TRAN,THU $225,000.00 N
600132615 LEE,CHOONG,KYUNG $167,000.00 N
600132623 PUDER,DEBORAH $211,049.00 N
600132626 COULSON,CRAIG, PEGGY $244,000.00 N
600132627 KIM,DONG,KYONG $159,950.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 46
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132628 KENT,CONNIE L. 13825 SOUTHEAST FAIRWOOD RENTON WA 98058 $101,500.00
600132644 EMMONS,JEFFERY 5784 SOUTH HERZMAN DRIVE EVERGREEN CO 80439 $110,000.00
600132647 WILLIAMS,JAMES,CAROL 703 SOUTHEAST 8TH STREET GRANTS PASS OR 97526 $86,000.00
600132652 MACCALMAN/BIEBE,CATHERINE 1600 WEST PINEBROOK BOULE PARK CITY UT 84098 $122,950.33
600132655 WORKMAN,WILLIAM,FLORA 185 WEST 895 SOUTH CEDAR CITY UT 84720 $117,500.00
600132658 CRANE,COLLEEN 940 SOUTH WALDEN WAY AURORA CO 80017 $30,000.00
600132659 ANDERSON,BRIAN 1155 SOUTH DENVER STREET SALT LAKE CITY UT 84111 $130,000.00
600132660 FINCHER,KIMBERLY 3828 WEST KRALL STREET PHOENIX AZ 85019 $69,350.00
600132661 NOLAN,MARJORIE 16034 SOUTH 11TH PLACE PHOENIX AZ 85048 $132,600.00
600132663 HUFF,DOUGLAS 8055 EAST THOMAS ROAD SCOTTSDALE AZ 85251 $49,750.00
600132664 COLLINS,KENNETH 8405 WEST GRANADA ROAD PHOENIX AZ 85037 $62,300.00
600132667 HITT,GEORGE,SHARON 8868 ARIZONA PARK PLACE SCOTTSDALE AZ 85260 $155,200.00
600132673 SMITH,JAMES 1103 EAST GROVE CREEK DRI PLEASANT GROVE UT 84062 $82,042.31
600132679 CAMPBELL,MITCH 326 7TH AVENUE WEST JEROME ID 83338 $48,864.56
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132628 KENT,CONNIE L. 8.375 .750 7.625 .0400 7.585 03/01/2013
600132644 EMMONS,JEFFERY 8.375 .750 7.625 .0400 7.585 03/01/2013
600132647 WILLIAMS,JAMES,CAROL 8.500 .750 7.750 .0400 7.710 03/01/2013
600132652 MACCALMAN/BIEBE,CATHERINE 8.500 .750 7.750 .0400 7.710 01/01/2013
600132655 WORKMAN,WILLIAM,FLORA 8.500 .750 7.750 .0400 7.710 03/01/2013
600132658 CRANE,COLLEEN 8.500 .750 7.750 .0400 7.710 03/01/2013
600132659 ANDERSON,BRIAN 8.500 .750 7.750 .0400 7.710 03/01/2013
600132660 FINCHER,KIMBERLY 8.500 .750 7.750 .0400 7.710 03/01/2013
600132661 NOLAN,MARJORIE 8.500 .750 7.750 .0400 7.710 03/01/2013
600132663 HUFF,DOUGLAS 8.500 .750 7.750 .0400 7.710 03/01/2013
600132664 COLLINS,KENNETH 8.500 .750 7.750 .0400 7.710 03/01/2013
600132667 HITT,GEORGE,SHARON 8.500 .750 7.750 .0400 7.710 03/01/2013
600132673 SMITH,JAMES 8.500 .750 7.750 .0400 7.710 01/01/2013
600132679 CAMPBELL,MITCH 8.500 .750 7.750 .0400 7.710 02/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132628 KENT,CONNIE L. 572576 $771.47 03/01/1998 180
600132644 EMMONS,JEFFERY 577489 $836.08 03/01/1998 180
600132647 WILLIAMS,JAMES,CAROL 522830 $661.27 03/01/1998 180
600132652 MACCALMAN/BIEBE,CATHERINE 543756 $946.53 03/01/1998 180
600132655 WORKMAN,WILLIAM,FLORA 553360 $903.47 03/01/1998 180
600132658 CRANE,COLLEEN 553641 $230.67 03/01/1998 180
600132659 ANDERSON,BRIAN 553841 $999.59 03/01/1998 180
600132660 FINCHER,KIMBERLY 554024 $533.24 2 03/01/1998 180
600132661 NOLAN,MARJORIE 554053 $1,019.58 50 03/01/1998 180
600132663 HUFF,DOUGLAS 554242 $382.53 03/01/1998 180
600132664 COLLINS,KENNETH 554244 $479.03 03/01/1998 180
600132667 HITT,GEORGE,SHARON 554467 $1,193.35 2 03/01/1998 180
600132673 SMITH,JAMES 557806 $812.41 03/01/1998 180
600132679 CAMPBELL,MITCH 561834 $482.52 03/01/1998 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>
600132628 KENT,CONNIE L. $145,000.00 N
600132644 EMMONS,JEFFERY $170,000.00 N
600132647 WILLIAMS,JAMES,CAROL $110,000.00 N
600132652 MACCALMAN/BIEBE,CATHERINE $153,900.00 N
600132655 WORKMAN,WILLIAM,FLORA $173,000.00 N
600132658 CRANE,COLLEEN $46,000.00 N
600132659 ANDERSON,BRIAN $202,500.00 N
600132660 FINCHER,KIMBERLY $73,500.00 N
600132661 NOLAN,MARJORIE $156,000.00 N
600132663 HUFF,DOUGLAS $66,500.00 N
600132664 COLLINS,KENNETH $77,920.00 N
600132667 HITT,GEORGE,SHARON $163,384.00 N
600132673 SMITH,JAMES $150,000.00 N
600132679 CAMPBELL,MITCH $70,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 47
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132691 BUSH,BARRIE, CHRISTI CAMINO RINCON PECOS NM 87552 $125,923.67
600132693 CHERSICLA,EDWARD,CHRISTIN 28-30 NORTH STREET WASHINGTONVILLE NY 10992 $168,532.87
600132694 SWEETING,ADRIANA 6261 SW 58TH COURT MIAMI FL 33143 $24,930.90
600132698 CLARK,JANET #25 ROAD 1444 CHIMAYO NM 87522 $25,000.00
600132708 WATERS,ROBERT 10410 NORTH CAVE CREEK RO PHOENIX AZ 85020 $78,602.35
600132710 LUNA,LEONARD,CECELIA 1541, 1541 1/2 & 1541 3/4 LOS ANGELES CA 90019 $185,500.00
600132715 ROZENBLYUM,SOFIA 5260 SARA LEE CIRCLE LAS VEGAS NV 89119 $106,200.00
600132722 CURCI,WILLIAM,ZITA 946 CARRICK BEND CIRCLE # NAPLES FL 34110 $120,000.00
600132725 ZOURBAKHSH,REZA 82 DEODAR DRIVE PACHECO CA 94553 $169,000.00
600132729 VAN VALIN/GVILD,WADE/KELL 639 SHOTWELL STREET SAN FRANCISCO CA 94110 $171,098.92
600132730 BEELER,ANDREW,ELLEN 100 FAIR STREET PETALUMA CA 94952 $169,400.00
600132736 GARCIA,NOVAR 425 22ND STREET GREELEY CO 80631 $150,000.00
600132737 DEBACKER,EDWARD 1122 HARRISON STREET DENVER CO 80206 $156,000.00
600132740 IUELE/PONTON,FRANCO,ELISA 10410 NORTH CAVE CREEK RO PHOENIX AZ 85020 $78,650.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132691 BUSH,BARRIE, CHRISTI 8.500 .750 7.750 .0400 7.710 02/01/2013
600132693 CHERSICLA,EDWARD,CHRISTIN 8.500 .750 7.750 .0400 7.710 02/01/2013
600132694 SWEETING,ADRIANA 8.500 .750 7.750 .0400 7.710 02/01/2013
600132698 CLARK,JANET 8.500 .750 7.750 .0400 7.710 03/01/2013
600132708 WATERS,ROBERT 8.500 .750 7.750 .0400 7.710 02/01/2013
600132710 LUNA,LEONARD,CECELIA 8.500 .750 7.750 .0400 7.710 03/01/2013
600132715 ROZENBLYUM,SOFIA 8.500 .750 7.750 .0400 7.710 03/01/2013
600132722 CURCI,WILLIAM,ZITA 8.500 .750 7.750 .0400 7.710 03/01/2013
600132725 ZOURBAKHSH,REZA 8.500 .750 7.750 .0400 7.710 03/01/2013
600132729 VAN VALIN/GVILD,WADE/KELL 8.625 .750 7.875 .0400 7.835 02/01/2013
600132730 BEELER,ANDREW,ELLEN 8.625 .750 7.875 .0400 7.835 03/01/2013
600132736 GARCIA,NOVAR 8.625 .750 7.875 .0400 7.835 03/01/2013
600132737 DEBACKER,EDWARD 8.625 .750 7.875 .0400 7.835 03/01/2013
600132740 IUELE/PONTON,FRANCO,ELISA 8.625 .750 7.875 .0400 7.835 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132691 BUSH,BARRIE, CHRISTI 567443 $968.83 03/01/1998 180
600132693 CHERSICLA,EDWARD,CHRISTIN 567653 $1,664.21 03/01/1998 180
600132694 SWEETING,ADRIANA 567728 $246.18 03/01/1998 180
600132698 CLARK,JANET 568136 $192.23 03/01/1998 180
600132708 WATERS,ROBERT 568546 $604.75 03/01/1998 180
600132710 LUNA,LEONARD,CECELIA 569620 $1,426.33 03/01/1998 180
600132715 ROZENBLYUM,SOFIA 570695 $816.59 2 03/01/1998 180
600132722 CURCI,WILLIAM,ZITA 573511 $922.70 03/01/1998 180
600132725 ZOURBAKHSH,REZA 573842 $1,299.46 03/01/1998 180
600132729 VAN VALIN/GVILD,WADE/KELL 519580 $1,331.58 03/01/1998 180
600132730 BEELER,ANDREW,ELLEN 519709 $1,317.58 03/01/1998 180
600132736 GARCIA,NOVAR 553503 $1,166.68 03/01/1998 180
600132737 DEBACKER,EDWARD 553525 $1,213.35 03/01/1998 180
600132740 IUELE/PONTON,FRANCO,ELISA 554172 $611.73 03/01/1998 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>
600132691 BUSH,BARRIE, CHRISTI $180,000.00 N
600132693 CHERSICLA,EDWARD,CHRISTIN $241,500.00 N
600132694 SWEETING,ADRIANA $86,000.00 N
600132698 CLARK,JANET $61,400.00 N
600132708 WATERS,ROBERT $104,900.00 N
600132710 LUNA,LEONARD,CECELIA $265,000.00 N
600132715 ROZENBLYUM,SOFIA $118,000.00 N
600132722 CURCI,WILLIAM,ZITA $193,000.00 N
600132725 ZOURBAKHSH,REZA $212,000.00 N
600132729 VAN VALIN/GVILD,WADE/KELL $214,000.00 N
600132730 BEELER,ANDREW,ELLEN $242,000.00 N
600132736 GARCIA,NOVAR $200,000.00 N
600132737 DEBACKER,EDWARD $195,000.00 N
600132740 IUELE/PONTON,FRANCO,ELISA $104,900.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 48
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132741 MCKINNON,STEVEN,CHRISTIN 637 SOUTH STAPLEY DRIVE MESA AZ 85204 $52,900.00
600132746 FITZGERALD,JEAN 161 WEST PACIFIC DRIVE AMERICAN FORK UT 84003 $60,000.00
600132757 AMINIAN,BEHROUZ 645 W. 8TH STREET #E MESA AZ 85204 $130,872.68
600132758 AMINIAN,BEHROUZ 645 W. 8TH STREET #F MESA AZ 85204 $130,872.68
600132763 PRYSTAWIK,FRAUKE 10410 NORTH CAVE CREEK RO PHOENIX AZ 85020 $78,650.00
600132770 BOGAR,KIMBERLY 8378 SAN RAMON DRIVE LAS VEGAS NV 89117 $149,800.00
600132772 GOREGEN,LINDA 3040 BRIGANTINE WAY LAS VEGAS NV 89128 $92,000.00
600132774 CANO,BRIDGET 753 MARIGOLD WAY SAN MARCOS CA 92069 $179,900.00
600132783 TAPPEN,FRANK 1190 COTTAGE STREET NORTH SALEM OR 97301 $65,200.00
600132829 LOYLESS,BOBBY, DEBBIE 2904 S ROOSEVELT AMARILLO TX 79103 $24,617.22
600132836 WINKLEMAN,DOROTHY 819 AND 819 1/2 AVALON CO SAN DIEGO CA 92109 $150,000.00
600132847 SHAVER,JAK,BEVERLY 2611 ADAMS AVENUE OGDEN UT 84401 $77,300.00
600132859 HUHTA,MICHAEL,DARLENE 11414 STATE ROUTE 530 NOR ARLINGTON WA 98223 $203,000.00
600132862 ALVAREZ,PATRICIO/LOURDE 8018 DIVING CLIFF LANE SPRINGFIELD VA 22153 $217,550.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132741 MCKINNON,STEVEN,CHRISTIN 8.625 .750 7.875 .0400 7.835 03/01/2013
600132746 FITZGERALD,JEAN 8.625 .750 7.875 .0400 7.835 03/01/2013
600132757 AMINIAN,BEHROUZ 8.625 .750 7.875 .0400 7.835 02/01/2013
600132758 AMINIAN,BEHROUZ 8.625 .750 7.875 .0400 7.835 02/01/2013
600132763 PRYSTAWIK,FRAUKE 8.625 .750 7.875 .0400 7.835 03/01/2013
600132770 BOGAR,KIMBERLY 8.625 .750 7.875 .0400 7.835 03/01/2013
600132772 GOREGEN,LINDA 8.625 .750 7.875 .0400 7.835 03/01/2013
600132774 CANO,BRIDGET 8.625 .750 7.875 .0400 7.835 03/01/2013
600132783 TAPPEN,FRANK 8.625 .750 7.875 .0400 7.835 03/01/2013
600132829 LOYLESS,BOBBY, DEBBIE 8.875 .750 8.125 .0400 8.085 01/01/2013
600132836 WINKLEMAN,DOROTHY 8.875 .750 8.125 .0400 8.085 03/01/2013
600132847 SHAVER,JAK,BEVERLY 9.125 .750 8.375 .0400 8.335 03/01/2013
600132859 HUHTA,MICHAEL,DARLENE 9.875 1.370 8.505 .0400 8.465 03/01/2013
600132862 ALVAREZ,PATRICIO/LOURDE 10.125 1.730 8.395 .0400 8.355 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132741 MCKINNON,STEVEN,CHRISTIN 554413 $411.45 03/01/1998 180
600132746 FITZGERALD,JEAN 559793 $466.67 03/01/1998 180
600132757 AMINIAN,BEHROUZ 567801 $1,018.52 7 03/01/1998 180
600132758 AMINIAN,BEHROUZ 567802 $1,018.52 7 03/01/1998 180
600132763 PRYSTAWIK,FRAUKE 568601 $611.73 03/01/1998 180
600132770 BOGAR,KIMBERLY 570807 $1,165.13 7 03/01/1998 180
600132772 GOREGEN,LINDA 571087 $715.57 03/01/1998 180
600132774 CANO,BRIDGET 571137 $1,399.24 03/01/1998 180
600132783 TAPPEN,FRANK 576614 $507.12 03/01/1998 180
600132829 LOYLESS,BOBBY, DEBBIE 567416 $249.19 19 03/01/1998 180
600132836 WINKLEMAN,DOROTHY 571279 $1,193.47 03/01/1998 180
600132847 SHAVER,JAK,BEVERLY 553610 $628.94 03/01/1998 180
600132859 HUHTA,MICHAEL,DARLENE 572524 $1,762.75 12 03/01/1998 180
600132862 ALVAREZ,PATRICIO/LOURDE 551605 $1,929.28 12 03/01/1998 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>
600132741 MCKINNON,STEVEN,CHRISTIN $70,000.00 N
600132746 FITZGERALD,JEAN $95,000.00 N
600132757 AMINIAN,BEHROUZ $145,500.00 N
600132758 AMINIAN,BEHROUZ $145,500.00 N
600132763 PRYSTAWIK,FRAUKE $104,900.00 N
600132770 BOGAR,KIMBERLY $176,250.00 N
600132772 GOREGEN,LINDA $115,000.00 N
600132774 CANO,BRIDGET $224,900.00 N
600132783 TAPPEN,FRANK $81,500.00 N
600132829 LOYLESS,BOBBY, DEBBIE $27,500.00 N
600132836 WINKLEMAN,DOROTHY $270,000.00 N
600132847 SHAVER,JAK,BEVERLY $97,000.00 N
600132859 HUHTA,MICHAEL,DARLENE $230,000.00 N
600132862 ALVAREZ,PATRICIO/LOURDE $229,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 49
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: Group I
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132870 NEWBANKS,JOHN,CHERYL 2039 NORTH 197TH AVENUE BUCKEYE AZ 85326 $111,500.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132870 NEWBANKS,JOHN,CHERYL 10.875 1.950 8.925 .0400 8.885 03/01/2013
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132870 NEWBANKS,JOHN,CHERYL 554291 $1,051.32 12 03/01/1998 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>
600132870 NEWBANKS,JOHN,CHERYL $129,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 50
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 09:35:28 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1437 POOL NAME: 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 673 0 69,261,646.67 107,952,424.25 69,564,822.00 613,916.08
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 1
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500066241 LIM,MAY 242-09 54TH AVENUE DOUGLASTON NY 11362 $271,574.47
500066401 THOMPSON,GARY 15145 LA ROCCA COURT MORGAN HILL CA 95037 $291,595.25
500066594 WHITE,DOUGLAS P 11691 W. 5 MILE RD. RAYMOND WI 53126 $259,201.31
500066627 FRANK,DANIEL S 3261 LAUREL CANYON BOULEV LOS ANGELES CA 91604 $295,384.12
500066702 SHELTON,RON S 1817 W. MEADOW GRASS DRIV LAKE VILLAGE IL 60046 $244,941.12
500066820 SPARKS,STEPHEN G 636 WINTERGREEN LANE BOZEMAN MT 59715 $269,395.10
500066851 NUSBAUM,WILLIAM T&SUSAN M 2150 GREENLEAF ROAD DE PERE WI 54115 $470,316.15
500066858 SCHECK,LEONARD M 263 LELY BEACH BOULEVARD BONITA SPRINGS FL 34134 $648,281.89
500066863 GRAY,LAWRENCE K 184 C STILLSON ROAD FAIRFIELD CT 06430 $214,541.81
500066871 SMITH,SUSAN L 7003 FOXFIRE DRIVE CRYSTAL LAKE IL 60014 $230,456.12
500066876 FRAZIER,LARRY E 906 GREENWAY CIRCLE DUNCANVILLE TX 75137 $221,115.77
500066903 KHURANA,MANMOHAN LALL 1416 VIA DAVALOS PALOS VERDES ES CA 90274 $933,662.10
500066931 SHELL,MARLA P 15 NORBERT DRIVE HAWTHORNE WOODS IL 60047 $304,851.63
500066953 BOGDAN,JON A 653 5TH STREET TOWN OF SECAUCU NJ 07094 $255,628.26
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500066241 LIM,MAY 8.125 .150 7.975 .1000 7.875 10/01/2022
500066401 THOMPSON,GARY 7.625 .150 7.475 .1000 7.375 11/01/2027
500066594 WHITE,DOUGLAS P 7.375 .150 7.225 .1000 7.125 11/01/2027
500066627 FRANK,DANIEL S 7.625 .250 7.375 .0500 7.325 11/01/2027
500066702 SHELTON,RON S 7.375 .150 7.225 .1000 7.125 12/01/2027
500066820 SPARKS,STEPHEN G 7.500 .150 7.350 .1000 7.250 12/01/2027
500066851 NUSBAUM,WILLIAM T&SUSAN M 7.750 .250 7.500 .0500 7.450 01/01/2028
500066858 SCHECK,LEONARD M 8.125 .250 7.875 .0500 7.825 11/01/2027
500066863 GRAY,LAWRENCE K 7.750 .150 7.600 .1000 7.500 12/01/2027
500066871 SMITH,SUSAN L 7.250 .150 7.100 .1000 7.000 12/01/2027
500066876 FRAZIER,LARRY E 7.625 .150 7.475 .1000 7.375 12/01/2027
500066903 KHURANA,MANMOHAN LALL 8.000 .250 7.750 .0500 7.700 11/01/2027
500066931 SHELL,MARLA P 7.000 .150 6.850 .1000 6.750 01/01/2028
500066953 BOGDAN,JON A 7.625 .150 7.475 .1000 7.375 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500066241 LIM,MAY 092453172 $2,129.71 03/01/1998 300
500066401 THOMPSON,GARY 092458182 $2,069.94 2 03/01/1998 360
500066594 WHITE,DOUGLAS P 092464432 $1,795.76 03/01/1998 360
500066627 FRANK,DANIEL S 092457785 $2,096.84 03/01/1998 360
500066702 SHELTON,RON S 092462440 $1,695.64 33 03/01/1998 360
500066820 SPARKS,STEPHEN G 092468698 $1,887.88 03/01/1998 360
500066851 NUSBAUM,WILLIAM T&SUSAN M 2021350 $3,385.05 03/01/1998 360
500066858 SCHECK,LEONARD M 092461135 $4,826.23 03/01/1998 360
500066863 GRAY,LAWRENCE K 092463359 $1,540.29 03/01/1998 360
500066871 SMITH,SUSAN L 092465167 $1,575.83 03/01/1998 360
500066876 FRAZIER,LARRY E 092468144 $1,568.47 03/01/1998 360
500066903 KHURANA,MANMOHAN LALL 092460141 $6,869.50 03/01/1998 360
500066931 SHELL,MARLA P 092464421 $2,033.16 03/01/1998 360
500066953 BOGDAN,JON A 091897272 $1,811.95 03/01/1998 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>
500066241 LIM,MAY .00 .00 .00 .000 .150 .250 $377,000.00 N
500066401 THOMPSON,GARY .00 .00 .00 .000 .150 .250 $324,950.00 N
500066594 WHITE,DOUGLAS P .00 .00 .00 .000 .150 .250 $325,000.00 N
500066627 FRANK,DANIEL S .00 .00 .00 .000 .250 .300 $395,000.00 N
500066702 SHELTON,RON S .00 .00 .00 .000 .150 .250 $273,895.00 N
500066820 SPARKS,STEPHEN G .00 .00 .00 .000 .150 .250 $475,000.00 N
500066851 NUSBAUM,WILLIAM T&SUSAN M .00 .00 .00 .000 .250 .300 $630,000.00 N
500066858 SCHECK,LEONARD M .00 .00 .00 .000 .250 .300 $900,000.00 N
500066863 GRAY,LAWRENCE K .00 .00 .00 .000 .150 .250 $435,000.00 N
500066871 SMITH,SUSAN L .00 .00 .00 .000 .150 .250 $289,900.00 N
500066876 FRAZIER,LARRY E .00 .00 .00 .000 .150 .250 $277,000.00 N
500066903 KHURANA,MANMOHAN LALL .00 .00 .00 .000 .250 .300 $1,345,000.00 N
500066931 SHELL,MARLA P .00 .00 .00 .000 .150 .250 $382,000.00 N
500066953 BOGDAN,JON A .00 .00 .00 .000 .150 .250 $320,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 2
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500066970 MALTER,MICHAEL 77 GABLES COURT SAN RAFAEL CA 94903 $235,690.21
500066974 FAZELPOOR,ILKHAN 238 MEDJAY LANE DOVER TOWNSHIP NJ 08754 $223,690.67
500066987 PEREIRA,JOSE M 1140 CHERRY ROAD EADS TN 38028 $217,658.86
500067002 PORTNOY,EVAN S 36 FARMINGTON LANE MELVILLE NY 11747 $278,344.77
500067007 DONNELLY,JEFFREY M 398 FAIRVILLE RD TOWNSHIP OF PEN PA 19317 $269,556.07
500067043 COATS,ANNA R 839 LAKE FOREST PARKWAY LOUISVILLE KY 40245 $249,228.36
500067069 FARNSWORTH,LLOYD EARL 74 TETON PINES DRIVE HENDERSON NV 89014 $280,062.72
500067089 HETZEL,KENNETH J 11439 CLAYTON ROAD SAN JOSE CA 95127 $249,374.23
500067393 NICKEL,TODD W 2534 BREAUX TRACE SEABROOK TX 77586 $249,328.22
500067404 JACKSON,MICHAEL G 6 COBURN DRIVE ASHLAND MA 01721 $284,356.78
500067406 ENGLEFIELD,FW IV LOT 8 RUBY OXBOW RANCH SHERIDAN MT 59749 $299,553.33
500067408 MESSANO,RICHARD 9 WOLF RUN LONG VALLEY NJ 07083 $279,603.49
500067409 GRUENDEL,F HERBERT 28 JUNIPER POINT BRANFORD CT 06405 $359,463.99
500067419 DURDALL,EUGENIA 1812 EDGEWOOD LANE MENLO PARK CA 94025 $339,493.76
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500066970 MALTER,MICHAEL 8.125 .250 7.875 .0500 7.825 01/01/2028
500066974 FAZELPOOR,ILKHAN 7.875 .150 7.725 .1000 7.625 01/01/2028
500066987 PEREIRA,JOSE M 7.250 .150 7.100 .1000 7.000 01/01/2028
500067002 PORTNOY,EVAN S 7.500 .150 7.350 .1000 7.250 01/01/2028
500067007 DONNELLY,JEFFREY M 7.000 .150 6.850 .1000 6.750 01/01/2028
500067043 COATS,ANNA R 7.500 .150 7.350 .1000 7.250 01/01/2028
500067069 FARNSWORTH,LLOYD EARL 7.875 .150 7.725 .1000 7.625 01/01/2028
500067089 HETZEL,KENNETH J 7.500 .150 7.350 .1000 7.250 01/01/2028
500067393 NICKEL,TODD W 7.500 .150 7.350 .1000 7.250 01/01/2028
500067404 JACKSON,MICHAEL G 7.875 .150 7.725 .1000 7.625 01/01/2028
500067406 ENGLEFIELD,FW IV 7.500 .150 7.350 .1000 7.250 01/01/2028
500067408 MESSANO,RICHARD 7.750 .150 7.600 .1000 7.500 01/01/2028
500067409 GRUENDEL,F HERBERT 7.500 .150 7.350 .1000 7.250 01/01/2028
500067419 DURDALL,EUGENIA 7.500 .250 7.250 .0500 7.200 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500066970 MALTER,MICHAEL 092472248 $1,752.29 03/01/1998 360
500066974 FAZELPOOR,ILKHAN 092411166 $1,624.16 03/01/1998 360
500066987 PEREIRA,JOSE M 092468137 $1,487.14 3 03/01/1998 360
500067002 PORTNOY,EVAN S 092444010 $1,957.80 03/01/1998 360
500067007 DONNELLY,JEFFREY M 092465228 $1,796.32 12 03/01/1998 360
500067043 COATS,ANNA R 092472214 $1,745.24 03/01/1998 360
500067069 FARNSWORTH,LLOYD EARL 092422317 $2,033.46 03/01/1998 360
500067089 HETZEL,KENNETH J 092473483 $1,748.04 03/01/1998 360
500067393 NICKEL,TODD W 600000084 $1,745.94 33 03/01/1998 360
500067404 JACKSON,MICHAEL G 092414218 $2,064.64 03/01/1998 360
500067406 ENGLEFIELD,FW IV 092421839 $2,097.64 03/01/1998 360
500067408 MESSANO,RICHARD 092435001 $2,005.95 03/01/1998 360
500067409 GRUENDEL,F HERBERT 092435049 $2,517.17 03/01/1998 360
500067419 DURDALL,EUGENIA 092470215 $2,377.33 03/01/1998 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>
500066970 MALTER,MICHAEL .00 .00 .00 .000 .250 .300 $320,000.00 N
500066974 FAZELPOOR,ILKHAN .00 .00 .00 .000 .150 .250 $329,000.00 N
500066987 PEREIRA,JOSE M .00 .00 .00 .000 .150 .250 $268,000.00 N
500067002 PORTNOY,EVAN S .00 .00 .00 .000 .150 .250 $374,000.00 N
500067007 DONNELLY,JEFFREY M .00 .00 .00 .000 .150 .250 $300,000.00 N
500067043 COATS,ANNA R .00 .00 .00 .000 .150 .250 $312,000.00 N
500067069 FARNSWORTH,LLOYD EARL .00 .00 .00 .000 .150 .250 $350,578.77 N
500067089 HETZEL,KENNETH J .00 .00 .00 .000 .150 .250 $350,000.00 N
500067393 NICKEL,TODD W .00 .00 .00 .000 .150 .250 $262,900.00 N
500067404 JACKSON,MICHAEL G .00 .00 .00 .000 .150 .250 $356,677.00 N
500067406 ENGLEFIELD,FW IV .00 .00 .00 .000 .150 .250 $380,000.00 N
500067408 MESSANO,RICHARD .00 .00 .00 .000 .150 .250 $390,000.00 N
500067409 GRUENDEL,F HERBERT .00 .00 .00 .000 .150 .250 $880,000.00 N
500067419 DURDALL,EUGENIA .00 .00 .00 .000 .250 .300 $860,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 3
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067455 BARBER,BRIAN P 1080 WEKIVA AVE CAMPBELL CA 95008 $269,228.81
500067457 DEMAY,MARK WILLIAM 570 ROCKROSE COURT INCLINE VILLAGE NV 89451 $294,571.62
500067458 PESCATORE,HENRY C 9 BISHOPS WAY NORTH READING MA 01864 $319,546.84
500067460 WEAVER,ROBERT A 16299 ORCHARD SPRINGS ROA GRASS VALLEY CA 95945 $387,436.57
500067464 SKINNER,DAVID C 13410 QUEENSBURY HOUSTON TX 77079 $259,802.16
500067468 ELGIN,ERNEST A III 585 FARMDALE ROAD FRANKLIN LAKES NJ 07417 $374,721.70
500067469 TURNER,SCOTT 15 CAUMSETT FARMS LANE WOODBURY (OYSTE NY 11797 $519,263.59
500067471 BARRY,JOSEPH 1464 PASEO DE ORO LOS ANGELES (PA CA 90272 $467,675.82
500067472 DAVIDSON,WILLIAM F JR 75 NOD ROAD RIDGEFIELD CT 06877 $487,129.05
500067473 CAMAZINE,SCOTT M 310 WEST MAIN STREET BOALSBURG PA 16827 $329,532.68
500067474 ADELMANN,BARON W 12748 N. 78TH STREET SCOTTSDALE AZ 85260 $275,795.17
500067475 VINCETT,WILLIAM K 935 RED OAK DRIVE PITTSBURGH PA 15238 $310,780.50
500067476 LAMARRE,MARK C 50 SOUTH MAIN STREET KENNEBUNKPORT ME 04046 $304,784.73
500067478 HENDERSON,LLOYD L JR 7564 EICHER DRIVE SHAWNEE KS 66217 $265,807.48
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067455 BARBER,BRIAN P 7.625 .150 7.475 .1000 7.375 01/01/2028
500067457 DEMAY,MARK WILLIAM 7.625 .150 7.475 .1000 7.375 01/01/2028
500067458 PESCATORE,HENRY C 7.750 .250 7.500 .0500 7.450 01/01/2028
500067460 WEAVER,ROBERT A 7.625 .150 7.475 .1000 7.375 01/01/2028
500067464 SKINNER,DAVID C 7.375 .150 7.225 .1000 7.125 02/01/2028
500067468 ELGIN,ERNEST A III 7.500 .150 7.350 .1000 7.250 02/01/2028
500067469 TURNER,SCOTT 7.750 .250 7.500 .0500 7.450 01/01/2028
500067471 BARRY,JOSEPH 7.625 .250 7.375 .0500 7.325 12/01/2027
500067472 DAVIDSON,WILLIAM F JR 7.375 .150 7.225 .1000 7.125 02/01/2028
500067473 CAMAZINE,SCOTT M 7.750 .150 7.600 .1000 7.500 01/01/2028
500067474 ADELMANN,BARON W 7.500 .150 7.350 .1000 7.250 02/01/2028
500067475 VINCETT,WILLIAM K 7.750 .150 7.600 .1000 7.500 02/01/2028
500067476 LAMARRE,MARK C 7.750 .150 7.600 .1000 7.500 02/01/2028
500067478 HENDERSON,LLOYD L JR 7.625 .150 7.475 .1000 7.375 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067455 BARBER,BRIAN P 092469974 $1,911.04 03/01/1998 360
500067457 DEMAY,MARK WILLIAM 092471753 $2,087.99 2 03/01/1998 360
500067458 PESCATORE,HENRY C 092471798 $2,292.52 03/01/1998 360
500067460 WEAVER,ROBERT A 092472814 $2,746.24 03/01/1998 360
500067464 SKINNER,DAVID C 600000028 $1,795.76 03/01/1998 360
500067468 ELGIN,ERNEST A III 092446260 $2,622.05 03/01/1998 360
500067469 TURNER,SCOTT 092459283 $3,725.35 03/01/1998 360
500067471 BARRY,JOSEPH 092467941 $3,317.43 03/01/1998 360
500067472 DAVIDSON,WILLIAM F JR 092468391 $3,367.04 03/01/1998 360
500067473 CAMAZINE,SCOTT M 092468440 $2,364.16 03/01/1998 360
500067474 ADELMANN,BARON W 092471076 $1,929.83 03/01/1998 360
500067475 VINCETT,WILLIAM K 092471285 $2,228.04 03/01/1998 360
500067476 LAMARRE,MARK C 092473675 $2,185.06 03/01/1998 360
500067478 HENDERSON,LLOYD L JR 092476155 $1,882.73 12 03/01/1998 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>
500067455 BARBER,BRIAN P .00 .00 .00 .000 .150 .250 $450,000.00 N
500067457 DEMAY,MARK WILLIAM .00 .00 .00 .000 .150 .250 $353,000.00 N
500067458 PESCATORE,HENRY C .00 .00 .00 .000 .250 .300 $450,000.00 N
500067460 WEAVER,ROBERT A .00 .00 .00 .000 .150 .250 $510,000.00 N
500067464 SKINNER,DAVID C .00 .00 .00 .000 .150 .250 $347,000.00 N
500067468 ELGIN,ERNEST A III .00 .00 .00 .000 .150 .250 $525,000.00 N
500067469 TURNER,SCOTT .00 .00 .00 .000 .250 .300 $650,000.00 N
500067471 BARRY,JOSEPH .00 .00 .00 .000 .250 .300 $715,000.00 N
500067472 DAVIDSON,WILLIAM F JR .00 .00 .00 .000 .150 .250 $650,000.00 N
500067473 CAMAZINE,SCOTT M .00 .00 .00 .000 .150 .250 $440,000.00 N
500067474 ADELMANN,BARON W .00 .00 .00 .000 .150 .250 $375,000.00 N
500067475 VINCETT,WILLIAM K .00 .00 .00 .000 .150 .250 $389,000.00 N
500067476 LAMARRE,MARK C .00 .00 .00 .000 .150 .250 $475,000.00 N
500067478 HENDERSON,LLOYD L JR .00 .00 .00 .000 .150 .250 $280,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 4
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067479 ERWAY,PAUL S 2330 VILLA PLACE SANTA CLARA CA 95054 $264,862.93
500067488 SMITH,KIMBERLY R 233 SAYRE DRIVE PRINCETON NJ 08540 $257,009.12
500067489 RUBIN,RONALD B 24 LEICESTER ROAD MARBLEHEAD MA 01945 $239,668.58
500067493 BACKMAN,PAUL A 405 HOUTZ LANE PORT MATILDA PA 16870 $263,808.92
500067509 BROCK,RUSSELL 79 E. VINEDO LANE TEMPE AZ 85284 $247,220.27
500067510 PHAIR,THOMAS J 1 THORNTON DRIVE BURLINGTON MA 01803 $241,411.53
500067514 CALL,REVIS S 834 DELAWARE ROAD BURBANK CA 91504 $281,590.50
500067517 BARKER,SANDRA L 8046 CHESTERSHIRE DRIVE CINCINNATI OH 45241 $272,812.12
500067519 HENDERSON,MICHAEL A 4904 CLEARWATER LANE NAPERVILLE IL 60564 $248,529.40
500067528 ZIEGLER,DEBORAH M 23 SMITH STREET WESTBOROUGH MA 00000 $362,512.43
500067531 MANDESE,JOSEPH 1109 BROOKSIDE DRIVE FAIRFIELD CT 06430 $242,841.04
500067532 BAUER,JEFFREY F 36 PYE BROOK LANE BOXFORD MA 01921 $282,028.13
500067534 WECKENBROCK,GREGORY PAUL 683 CANTERBURY LANE EDGEWOOD KY 41017 $396,451.77
500067536 SINGER,DAVID M 53 FIELDSTONE DR. MORRIS TOWNSHIP NJ 07960 $281,391.01
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067479 ERWAY,PAUL S 7.750 .150 7.600 .1000 7.500 02/01/2028
500067488 SMITH,KIMBERLY R 7.500 .150 7.350 .1000 7.250 02/01/2028
500067489 RUBIN,RONALD B 7.875 .250 7.625 .0500 7.575 01/01/2028
500067493 BACKMAN,PAUL A 7.625 .150 7.475 .1000 7.375 02/01/2028
500067509 BROCK,RUSSELL 7.500 .150 7.350 .1000 7.250 02/01/2028
500067510 PHAIR,THOMAS J 7.250 .150 7.100 .1000 7.000 02/01/2028
500067514 CALL,REVIS S 7.625 .250 7.375 .0500 7.325 01/01/2028
500067517 BARKER,SANDRA L 7.875 .150 7.725 .1000 7.625 02/01/2028
500067519 HENDERSON,MICHAEL A 7.500 .250 7.250 .0500 7.200 01/01/2028
500067528 ZIEGLER,DEBORAH M 7.625 .150 7.475 .1000 7.375 02/01/2028
500067531 MANDESE,JOSEPH 8.125 .150 7.975 .1000 7.875 02/01/2028
500067532 BAUER,JEFFREY F 7.875 .250 7.625 .0500 7.575 01/01/2028
500067534 WECKENBROCK,GREGORY PAUL 7.875 .250 7.625 .0500 7.575 01/01/2028
500067536 SINGER,DAVID M 7.500 .150 7.350 .1000 7.250 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067479 ERWAY,PAUL S 092476161 $1,898.85 2 03/01/1998 360
500067488 SMITH,KIMBERLY R 092467136 $1,798.38 03/01/1998 360
500067489 RUBIN,RONALD B 092471730 $1,740.17 03/01/1998 360
500067493 BACKMAN,PAUL A 092475828 $1,868.58 03/01/1998 360
500067509 BROCK,RUSSELL 092457357 $1,730.91 03/01/1998 360
500067510 PHAIR,THOMAS J 092462855 $1,648.14 03/01/1998 360
500067514 CALL,REVIS S 092473605 $1,995.98 03/01/1998 360
500067517 BARKER,SANDRA L 092477946 $1,979.44 03/01/1998 360
500067519 HENDERSON,MICHAEL A 092479412 $1,740.35 14 03/01/1998 360
500067528 ZIEGLER,DEBORAH M 092435099 $2,567.70 03/01/1998 360
500067531 MANDESE,JOSEPH 092470530 $1,804.27 03/01/1998 360
500067532 BAUER,JEFFREY F 092471779 $2,048.33 03/01/1998 360
500067534 WECKENBROCK,GREGORY PAUL 092472858 $2,878.53 03/01/1998 360
500067536 SINGER,DAVID M 092474088 $1,968.99 03/01/1998 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>
500067479 ERWAY,PAUL S .00 .00 .00 .000 .150 .250 $279,000.00 N
500067488 SMITH,KIMBERLY R .00 .00 .00 .000 .150 .250 $321,500.00 N
500067489 RUBIN,RONALD B .00 .00 .00 .000 .250 .300 $300,000.00 N
500067493 BACKMAN,PAUL A .00 .00 .00 .000 .150 .250 $330,000.00 N
500067509 BROCK,RUSSELL .00 .00 .00 .000 .150 .250 $309,454.00 N
500067510 PHAIR,THOMAS J .00 .00 .00 .000 .150 .250 $302,000.00 N
500067514 CALL,REVIS S .00 .00 .00 .000 .250 .300 $360,000.00 N
500067517 BARKER,SANDRA L .00 .00 .00 .000 .150 .250 $364,000.00 N
500067519 HENDERSON,MICHAEL A .00 .00 .00 .000 .250 .300 $262,000.00 N
500067528 ZIEGLER,DEBORAH M .00 .00 .00 .000 .150 .250 $453,469.00 N
500067531 MANDESE,JOSEPH .00 .00 .00 .000 .150 .250 $350,000.00 N
500067532 BAUER,JEFFREY F .00 .00 .00 .000 .250 .300 $373,000.00 N
500067534 WECKENBROCK,GREGORY PAUL .00 .00 .00 .000 .250 .300 $500,000.00 N
500067536 SINGER,DAVID M .00 .00 .00 .000 .150 .250 $352,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 5
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067539 KEANEHAJDAROVIC,MARGARET 6 PALMER COURT RIDGEFIELD CT 06877 $424,684.59
500067542 WILLIAMS,KEVIN R 419 TIMBER RIDGE DRIVE BARTLETT IL 60103 $292,782.55
500067549 MAIR,BRIAN 11025 WHITEHAWK STREET PLANTATION FL 33324 $399,724.72
500067550 GEORGE,DONALD W 4 AUSTIN DRIVE BASKING RIDGE NJ 07920 $390,624.10
500067552 BARBER,ANTHONY RODMAN 1016 CREST DRIVE SANTA ROSA CA 95404 $231,529.88
500067556 MCNELLY,CHARLES H 3508 RUSSELL THOMAS LANE DAVIDSONVILLE MD 21035 $273,801.68
500067557 BOTTONI,CRAIG 2801 PASS A GRILLE WAY ST. PETE BEACH FL 33706 $335,762.85
500067564 LANDI,JON R HARRISONVILLE ROAD HARRISON TOWNSH NJ 08062 $343,663.33
500067566 LITTLE,GLEN D 24 EUGENE CIRCLE LINCOLN PARK BO NJ 07035 $328,273.93
500067567 HABER,ROBERT 44 BREWSTER ROAD SCARSDALE NY 10583 $635,551.12
500067568 GUZMAN,SYLVIA M 14640 CUTSTONE WAY SILVER SPRING MD 20905 $302,775.13
500067569 LANDAU,ELIAS B 820 ROSCOMMON ROAD LOWER MERION TO PA 19010 $723,489.01
500067571 LINCOLN,JEFFREY S 1128 WINDING DRIVE CHERRY HILL NJ 08003 $305,772.90
500067575 MASON,BARRY S 481 WEST CLARK STREET UPLAND CA 91784 $315,759.55
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067539 KEANEHAJDAROVIC,MARGARET 7.500 .150 7.350 .1000 7.250 02/01/2028
500067542 WILLIAMS,KEVIN R 7.500 .150 7.350 .1000 7.250 02/01/2028
500067549 MAIR,BRIAN 7.875 .150 7.725 .1000 7.625 02/01/2028
500067550 GEORGE,DONALD W 7.750 .150 7.600 .1000 7.500 02/01/2028
500067552 BARBER,ANTHONY RODMAN 8.000 .250 7.750 .0500 7.700 12/01/2027
500067556 MCNELLY,CHARLES H 7.625 .150 7.475 .1000 7.375 02/01/2028
500067557 BOTTONI,CRAIG 7.750 .150 7.600 .1000 7.500 02/01/2028
500067564 LANDI,JON R 7.875 .150 7.725 .1000 7.625 02/01/2028
500067566 LITTLE,GLEN D 7.875 .150 7.725 .1000 7.625 02/01/2028
500067567 HABER,ROBERT 7.750 .150 7.600 .1000 7.500 02/01/2028
500067568 GUZMAN,SYLVIA M 7.500 .150 7.350 .1000 7.250 02/01/2028
500067569 LANDAU,ELIAS B 7.750 .150 7.600 .1000 7.500 02/01/2028
500067571 LINCOLN,JEFFREY S 7.500 .150 7.350 .1000 7.250 02/01/2028
500067575 MASON,BARRY S 7.375 .150 7.225 .1000 7.125 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067539 KEANEHAJDAROVIC,MARGARET 092475943 $2,971.66 03/01/1998 360
500067542 WILLIAMS,KEVIN R 092477842 $2,048.70 03/01/1998 360
500067549 MAIR,BRIAN 092425445 $2,900.28 3 03/01/1998 360
500067550 GEORGE,DONALD W 092446610 $2,800.46 3 03/01/1998 360
500067552 BARBER,ANTHONY RODMAN 092467360 $1,702.33 03/01/1998 360
500067556 MCNELLY,CHARLES H 092477158 $1,939.36 03/01/1998 360
500067557 BOTTONI,CRAIG 600000080 $2,407.15 03/01/1998 360
500067564 LANDI,JON R 092430762 $2,493.51 12 03/01/1998 360
500067566 LITTLE,GLEN D 092468696 $2,381.85 3 03/01/1998 360
500067567 HABER,ROBERT 092469017 $4,556.38 03/01/1998 360
500067568 GUZMAN,SYLVIA M 092473012 $2,118.62 03/01/1998 360
500067569 LANDAU,ELIAS B 092473983 $5,186.82 03/01/1998 360
500067571 LINCOLN,JEFFREY S 092477175 $2,139.60 12 03/01/1998 360
500067575 MASON,BARRY S 092478100 $2,182.53 03/01/1998 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>
500067539 KEANEHAJDAROVIC,MARGARET .00 .00 .00 .000 .150 .250 $541,000.00 N
500067542 WILLIAMS,KEVIN R .00 .00 .00 .000 .150 .250 $425,000.00 N
500067549 MAIR,BRIAN .00 .00 .00 .000 .150 .250 $446,192.66 N
500067550 GEORGE,DONALD W .00 .00 .00 .000 .150 .250 $435,000.00 N
500067552 BARBER,ANTHONY RODMAN .00 .00 .00 .000 .250 .300 $295,000.00 N
500067556 MCNELLY,CHARLES H .00 .00 .00 .000 .150 .250 $418,000.00 N
500067557 BOTTONI,CRAIG .00 .00 .00 .000 .150 .250 $420,000.00 N
500067564 LANDI,JON R .00 .00 .00 .000 .150 .250 $362,000.00 N
500067566 LITTLE,GLEN D .00 .00 .00 .000 .150 .250 $365,000.00 N
500067567 HABER,ROBERT .00 .00 .00 .000 .150 .250 $840,000.00 N
500067568 GUZMAN,SYLVIA M .00 .00 .00 .000 .150 .250 $450,000.00 N
500067569 LANDAU,ELIAS B .00 .00 .00 .000 .150 .250 $905,000.00 N
500067571 LINCOLN,JEFFREY S .00 .00 .00 .000 .150 .250 $340,000.00 N
500067575 MASON,BARRY S .00 .00 .00 .000 .150 .250 $450,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 6
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067577 TAYLOR,LEIGHTON R JR 1677 SAGE CANYON ROAD ST. HELENA CA 94574 $669,502.76
500067579 CARR,CHRISTOPHER W 15107 W ROUTE 176 WOODSTOCK IL 60098 $259,531.94
500067581 STEINER,NORMAN F 11820 NIWOT ROAD LONGMONT CO 80501 $599,554.71
500067582 PATRIZIO,MARK 40 CYPRESS HOLLOW DRIVE MILL VALLEY CA 94941 $589,539.74
500067605 BISHOP,MICHAEL J 3608 EDGEWATER DR. HAZEL CREST IL 60429 $250,977.16
500067609 NEISS,MICHAEL 43 LAKEVIEW DRIVE OLD TAPPAN NJ 07675 $327,768.18
500067610 THOMSON,MARK A 427 SOUTH THURLOW HINSDALE IL 60521 $499,628.93
500067612 HUMMEL,DENNIS L 16314 CHAMPION DRIVE CHESTERFIELD MO 63005 $475,628.67
500067613 TERRY,THOMAS D JR 1857 LONG RIDGE ROAD STAMFORD CT 06903 $368,719.22
500067616 KONDON,CHRISTOPHER J 161 SOUTH VISTA STREET LOS ANGELES CA 90036 $336,737.11
500067617 TINSLEY,KENNETH M 2167 N. PIERCE ST. ARLINGTON VA 22209 $319,768.39
500067618 SCHNEEMAN,YOLANDE T 10 MT. FORAKER COURT SAN RAFAEL CA 94903 $339,747.67
500067619 CALADO,BRIAN A 13508 NE 29TH PL BELLEVUE WA 98005 $267,920.98
500067620 DEAN,ALEXANDER L JR 2841 FILBERT STREET SAN FRANCISCO CA 94123 $1,099,183.64
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067577 TAYLOR,LEIGHTON R JR 7.500 .150 7.350 .1000 7.250 02/01/2028
500067579 CARR,CHRISTOPHER W 7.750 .250 7.500 .0500 7.450 01/01/2028
500067581 STEINER,NORMAN F 7.500 .150 7.350 .1000 7.250 02/01/2028
500067582 PATRIZIO,MARK 7.250 .150 7.100 .1000 7.000 02/01/2028
500067605 BISHOP,MICHAEL J 7.875 .150 7.725 .1000 7.625 02/01/2028
500067609 NEISS,MICHAEL 7.750 .150 7.600 .1000 7.500 02/01/2028
500067610 THOMSON,MARK A 7.500 .150 7.350 .1000 7.250 02/01/2028
500067612 HUMMEL,DENNIS L 7.250 .150 7.100 .1000 7.000 02/01/2028
500067613 TERRY,THOMAS D JR 7.375 .150 7.225 .1000 7.125 02/01/2028
500067616 KONDON,CHRISTOPHER J 7.250 .150 7.100 .1000 7.000 02/01/2028
500067617 TINSLEY,KENNETH M 7.625 .150 7.475 .1000 7.375 02/01/2028
500067618 SCHNEEMAN,YOLANDE T 7.500 .150 7.350 .1000 7.250 02/01/2028
500067619 CALADO,BRIAN A 7.375 .150 7.225 .1000 7.125 02/01/2028
500067620 DEAN,ALEXANDER L JR 7.500 .150 7.350 .1000 7.250 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067577 TAYLOR,LEIGHTON R JR 092478534 $4,684.74 03/01/1998 360
500067579 CARR,CHRISTOPHER W 092479410 $1,861.96 14 03/01/1998 360
500067581 STEINER,NORMAN F 092480026 $4,195.29 03/01/1998 360
500067582 PATRIZIO,MARK 092481367 $4,024.84 03/01/1998 360
500067605 BISHOP,MICHAEL J 092448893 $1,821.01 12 03/01/1998 360
500067609 NEISS,MICHAEL 092475350 $2,349.83 03/01/1998 360
500067610 THOMSON,MARK A 092475501 $3,496.07 03/01/1998 360
500067612 HUMMEL,DENNIS L 092478838 $3,247.16 3 03/01/1998 360
500067613 TERRY,THOMAS D JR 092478848 $2,548.59 3 03/01/1998 360
500067616 KONDON,CHRISTOPHER J 092479493 $2,298.93 03/01/1998 360
500067617 TINSLEY,KENNETH M 092480191 $2,264.94 03/01/1998 360
500067618 SCHNEEMAN,YOLANDE T 092481240 $2,377.33 03/01/1998 360
500067619 CALADO,BRIAN A 092481411 $1,851.87 03/01/1998 360
500067620 DEAN,ALEXANDER L JR 092482439 $7,691.36 03/01/1998 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>
500067577 TAYLOR,LEIGHTON R JR .00 .00 .00 .000 .150 .250 $2,350,000.00 N
500067579 CARR,CHRISTOPHER W .00 .00 .00 .000 .250 .300 $273,600.00 N
500067581 STEINER,NORMAN F .00 .00 .00 .000 .150 .250 $850,000.00 N
500067582 PATRIZIO,MARK .00 .00 .00 .000 .150 .250 $900,000.00 N
500067605 BISHOP,MICHAEL J .00 .00 .00 .000 .150 .250 $279,106.20 N
500067609 NEISS,MICHAEL .00 .00 .00 .000 .150 .250 $410,000.00 N
500067610 THOMSON,MARK A .00 .00 .00 .000 .150 .250 $724,000.00 N
500067612 HUMMEL,DENNIS L .00 .00 .00 .000 .150 .250 $560,000.00 N
500067613 TERRY,THOMAS D JR .00 .00 .00 .000 .150 .250 $410,000.00 N
500067616 KONDON,CHRISTOPHER J .00 .00 .00 .000 .150 .250 $424,000.00 N
500067617 TINSLEY,KENNETH M .00 .00 .00 .000 .150 .250 $400,000.00 N
500067618 SCHNEEMAN,YOLANDE T .00 .00 .00 .000 .150 .250 $425,000.00 N
500067619 CALADO,BRIAN A .00 .00 .00 .000 .150 .250 $357,500.00 N
500067620 DEAN,ALEXANDER L JR .00 .00 .00 .000 .150 .250 $1,460,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 7
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067623 BURT,NANCY B 507 GARDEN ST SACRAMENTO CA 95815 $296,468.54
500067647 NESTER,BRIAN A 819 DRESHER WAY WAYNE PA 19087 $605,163.18
500067650 COUGHLIN,ROBERT J 1432 APPLE HILL ROAD CINCINNATI OH 45230 $319,546.83
500067652 MORRISON,ROBERT M 13 BROWNHOUSE ROAD OLD GREENWICH CT 06870 $664,000.00
500067653 FITZPATRICK,TAM 12613 APPLETON WAY LOS ANGELES CA 90066 $259,612.87
500067654 BILBO,JAMES T 31 AVONDALE LANE BEAVER CREEK CO 81620 $386,465.58
500067660 NALBACH,ROBERT D 5204 CLAYTON COURT LA VERNE CA 91750 $723,236.11
500067662 THORNTON,KENT A 2840 LINKS DRIVE BOULDER CO 80301 $425,000.00
500067678 RUGGERI,FRANCESCO 105 ROCKRIDGE LANE SANTA CRUZ CA 95060 $397,304.92
500067679 MORRIS,TIMOTHY 3132 HACKNEY LANE WALNUT CREEK CA 94598 $238,500.00
500067680 BAIRD,GARY ROGER 856 TYNE BOULEVARD NASHVILLE TN 37220 $580,818.63
500067681 PROUT,RANDALL S 651 WEST 9TH STREET CLAREMONT CA 91711 $370,000.00
500067682 BLOISO,GLENN T 1 WHITE PINE DRIVE MONTOURSVILLE PA 17754 $359,745.92
500067707 REMY,MICHAEL C 121 KISSAM LANE GLENWOOD LANDIN NY 11547 $286,200.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067623 BURT,NANCY B 7.250 .150 7.100 .1000 7.000 02/01/2028
500067647 NESTER,BRIAN A 7.875 .250 7.625 .0500 7.575 01/01/2028
500067650 COUGHLIN,ROBERT J 7.750 .250 7.500 .0500 7.450 01/01/2028
500067652 MORRISON,ROBERT M 7.250 .150 7.100 .1000 7.000 03/01/2028
500067653 FITZPATRICK,TAM 7.500 .250 7.250 .0500 7.200 01/01/2028
500067654 BILBO,JAMES T 7.875 .250 7.625 .0500 7.575 01/01/2028
500067660 NALBACH,ROBERT D 7.750 .150 7.600 .1000 7.500 02/01/2028
500067662 THORNTON,KENT A 7.250 .150 7.100 .1000 7.000 03/01/2028
500067678 RUGGERI,FRANCESCO 7.500 .250 7.250 .0500 7.200 02/01/2028
500067679 MORRIS,TIMOTHY 7.250 .150 7.100 .1000 7.000 03/01/2028
500067680 BAIRD,GARY ROGER 7.500 .150 7.350 .1000 7.250 02/01/2028
500067681 PROUT,RANDALL S 7.625 .150 7.475 .1000 7.375 03/01/2028
500067682 BLOISO,GLENN T 7.750 .150 7.600 .1000 7.500 02/01/2028
500067707 REMY,MICHAEL C 7.875 .150 7.725 .1000 7.625 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067623 BURT,NANCY B 092484399 $2,024.02 03/01/1998 360
500067647 NESTER,BRIAN A 092465996 $4,393.92 03/01/1998 360
500067650 COUGHLIN,ROBERT J 092467367 $2,292.52 03/01/1998 360
500067652 MORRISON,ROBERT M 092473935 $4,529.65 03/01/1998 360
500067653 FITZPATRICK,TAM 092474446 $1,817.96 03/01/1998 360
500067654 BILBO,JAMES T 092475056 $2,806.02 03/01/1998 360
500067660 NALBACH,ROBERT D 092479822 $5,193.99 03/01/1998 360
500067662 THORNTON,KENT A 092480886 $2,899.25 03/01/1998 360
500067678 RUGGERI,FRANCESCO 092480763 $2,780.08 03/01/1998 360
500067679 MORRIS,TIMOTHY 092481088 $1,626.99 12 03/01/1998 360
500067680 BAIRD,GARY ROGER 092481236 $4,064.18 03/01/1998 360
500067681 PROUT,RANDALL S 092481870 $2,618.84 03/01/1998 360
500067682 BLOISO,GLENN T 092484464 $2,579.08 03/01/1998 360
500067707 REMY,MICHAEL C 092467428 $2,075.15 2 03/01/1998 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>
500067623 BURT,NANCY B .00 .00 .00 .000 .150 .250 $400,000.00 N
500067647 NESTER,BRIAN A .00 .00 .00 .000 .250 .300 $795,000.00 N
500067650 COUGHLIN,ROBERT J .00 .00 .00 .000 .250 .300 $400,000.00 N
500067652 MORRISON,ROBERT M .00 .00 .00 .000 .150 .250 $830,000.00 N
500067653 FITZPATRICK,TAM .00 .00 .00 .000 .250 .300 $364,500.00 N
500067654 BILBO,JAMES T .00 .00 .00 .000 .250 .300 $605,000.00 N
500067660 NALBACH,ROBERT D .00 .00 .00 .000 .150 .250 $1,190,000.00 N
500067662 THORNTON,KENT A .00 .00 .00 .000 .150 .250 $750,000.00 N
500067678 RUGGERI,FRANCESCO .00 .00 .00 .000 .250 .300 $497,000.00 N
500067679 MORRIS,TIMOTHY .00 .00 .00 .000 .150 .250 $270,000.00 N
500067680 BAIRD,GARY ROGER .00 .00 .00 .000 .150 .250 $805,000.00 N
500067681 PROUT,RANDALL S .00 .00 .00 .000 .150 .250 $465,000.00 N
500067682 BLOISO,GLENN T .00 .00 .00 .000 .150 .250 $500,000.00 N
500067707 REMY,MICHAEL C .00 .00 .00 .000 .150 .250 $318,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 8
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067708 MCCORMICK,DENNIS 3609 MELISSA DRIVE SPRINGFIELD IL 62707 $553,195.50
500067712 COMPTON,ROGER H 38 GREENWOOD SHOALS GRASONVILLE MD 21638 $253,500.00
500067713 PASQUITO,DAVID S 2 ASHWOOD COURT TOWNSHIP OF LAW NJ 08648 $288,000.00
500067716 NEMEROW,JONATHAN T 6 OAK BEND ROAD TOWN OF WEST OR NJ 07052 $368,000.00
500067718 ROSS,SHERI E 1660 ROSCOMARE ROAD LOS ANGELES CA 90077 $342,000.00
500067721 OSHRY,ELLIOTT S 1222 BELLEROCK STREET PITTSBURGH PA 15217 $249,000.00
500067740 SOIBELMAN,ISRAEL 9 COOLIDGE ROAD NEWTON MA 02158 $278,443.33
500067742 ULEP,HOWARD G 928 MELVIN RD ANNAPOLIS MD 21403 $260,000.00
500067748 PALASKI,JOHN WILLIAM 2850 ANTIGUA DRIVE BURBANK CA 91504 $289,600.00
500067749 KHARILEH,ROMEO 27201 WESTRIDGE LANE LAGUNA HILLS CA 92653 $429,326.05
500067763 GLOSSON,RICHARD W 05N035 HUNTERS LANE SAINT CHARLES IL 60175 $244,653.03
500067765 ABRAMS,JAMES S III 285 FARNAM ROAD LAKEVILLE CT 06039 $250,000.00
500067767 WHITMORE,CORALIE G 65 MONADNOCK DRIVE WESTFORD MA 01886 $243,200.00
500067768 BRAREN,H VICTOR 6132 HILLSBORO ROAD NASHVILLE TN 37205 $493,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067708 MCCORMICK,DENNIS 7.625 .250 7.375 .0500 7.325 01/01/2028
500067712 COMPTON,ROGER H 7.625 .150 7.475 .1000 7.375 03/01/2028
500067713 PASQUITO,DAVID S 7.875 .150 7.725 .1000 7.625 03/01/2028
500067716 NEMEROW,JONATHAN T 7.500 .150 7.350 .1000 7.250 03/01/2028
500067718 ROSS,SHERI E 7.250 .150 7.100 .1000 7.000 03/01/2028
500067721 OSHRY,ELLIOTT S 7.625 .150 7.475 .1000 7.375 03/01/2028
500067740 SOIBELMAN,ISRAEL 7.750 .250 7.500 .0500 7.450 02/01/2028
500067742 ULEP,HOWARD G 7.250 .150 7.100 .1000 7.000 03/01/2028
500067748 PALASKI,JOHN WILLIAM 7.250 .150 7.100 .1000 7.000 03/01/2028
500067749 KHARILEH,ROMEO 8.250 .250 8.000 .0500 7.950 02/01/2028
500067763 GLOSSON,RICHARD W 7.750 .250 7.500 .0500 7.450 01/01/2028
500067765 ABRAMS,JAMES S III 7.875 .150 7.725 .1000 7.625 03/01/2028
500067767 WHITMORE,CORALIE G 7.500 .150 7.350 .1000 7.250 03/01/2028
500067768 BRAREN,H VICTOR 7.500 .150 7.350 .1000 7.250 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067708 MCCORMICK,DENNIS 092473586 $3,921.18 03/01/1998 360
500067712 COMPTON,ROGER H 092479017 $1,794.26 03/01/1998 360
500067713 PASQUITO,DAVID S 092479060 $2,088.20 12 03/01/1998 360
500067716 NEMEROW,JONATHAN T 092479605 $2,573.11 03/01/1998 360
500067718 ROSS,SHERI E 092481872 $2,333.04 03/01/1998 360
500067721 OSHRY,ELLIOTT S 092482822 $1,762.41 03/01/1998 360
500067740 SOIBELMAN,ISRAEL 092472021 $1,996.22 03/01/1998 360
500067742 ULEP,HOWARD G 092479285 $1,773.66 03/01/1998 360
500067748 PALASKI,JOHN WILLIAM 092486129 $1,975.58 03/01/1998 360
500067749 KHARILEH,ROMEO 092486973 $3,227.45 03/01/1998 360
500067763 GLOSSON,RICHARD W 092468065 $1,755.21 03/01/1998 360
500067765 ABRAMS,JAMES S III 092478363 $1,812.67 03/01/1998 360
500067767 WHITMORE,CORALIE G 092479674 $1,700.49 1 03/01/1998 360
500067768 BRAREN,H VICTOR 092480307 $3,447.13 12 03/01/1998 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>
500067708 MCCORMICK,DENNIS .00 .00 .00 .000 .250 .300 $695,000.00 N
500067712 COMPTON,ROGER H .00 .00 .00 .000 .150 .250 $325,000.00 N
500067713 PASQUITO,DAVID S .00 .00 .00 .000 .150 .250 $320,000.00 N
500067716 NEMEROW,JONATHAN T .00 .00 .00 .000 .150 .250 $460,000.00 N
500067718 ROSS,SHERI E .00 .00 .00 .000 .150 .250 $480,000.00 N
500067721 OSHRY,ELLIOTT S .00 .00 .00 .000 .150 .250 $340,000.00 N
500067740 SOIBELMAN,ISRAEL .00 .00 .00 .000 .250 .300 $348,300.00 N
500067742 ULEP,HOWARD G .00 .00 .00 .000 .150 .250 $380,000.00 N
500067748 PALASKI,JOHN WILLIAM .00 .00 .00 .000 .150 .250 $380,000.00 N
500067749 KHARILEH,ROMEO .00 .00 .00 .000 .250 .300 $660,000.00 N
500067763 GLOSSON,RICHARD W .00 .00 .00 .000 .250 .300 $310,000.00 N
500067765 ABRAMS,JAMES S III .00 .00 .00 .000 .150 .250 $810,000.00 N
500067767 WHITMORE,CORALIE G .00 .00 .00 .000 .150 .250 $256,000.00 N
500067768 BRAREN,H VICTOR .00 .00 .00 .000 .150 .250 $580,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 9
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067773 EVANS,SHARON P 1400 109TH AVE SE BELLEVUE WA 98004 $242,500.00
500067774 WOODROW,GERALD P 6341 E. ALTA HACIENDA SCOTTSDALE AZ 85251 $304,000.00
500067778 STADLER,JOSEPH P 4 ROWAYTON COURT ROWAYTON CT 06853 $314,330.31
500067779 ALEXANDER,SAMUEL J 900 WILLIAM MEADE COURT DAVIDSONVILLE MD 21035 $274,231.00
500067795 LORAND,ANDREW C 5191 HALL ROAD SANTA ROSA CA 95401 $380,000.00
500067796 MERCED,WANDA I 284 CHIMNEY SWEEP HILL GLASTONBURY CT 06033 $345,000.00
500067816 BARTON,JOHN O II 164 BAYPOINT DRIVE SAN RAFAEL CA 94901 $305,000.00
500067817 DOAN,THIEN TRONG 641 TRAIL VIEW CT. UPLAND CA 91784 $271,690.00
500067818 SWARTLEY,JOHN S 555 OLD DAM ROAD FAIRFIELD CT 06430 $333,752.12
500067819 JACOBSEN,PAUL F 1201 NORTH CYPRESS STREET LA HABRA HEIGHT CA 90632 $644,021.69
500067821 BISHOP,HERBERT B. 11 4717 POE AVENUE LOS ANGELES (WO CA 91364 $435,684.44
500067834 DUCAYET,WALLACE A 2918 PLUMB ST. HOUSTON TX 77005 $280,000.00
500067844 BRENNEMAN,TIMOTHY L 58 GOULD STREET E. HAMPTON NY 11937 $254,812.00
500067845 VOLONINO,PETER J 9 ROLLING GREEN LANE CHELMSFORD MA 01824 $317,560.88
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067773 EVANS,SHARON P 7.250 .150 7.100 .1000 7.000 03/01/2028
500067774 WOODROW,GERALD P 7.500 .150 7.350 .1000 7.250 03/01/2028
500067778 STADLER,JOSEPH P 7.250 .150 7.100 .1000 7.000 03/01/2028
500067779 ALEXANDER,SAMUEL J 7.250 .150 7.100 .1000 7.000 03/01/2028
500067795 LORAND,ANDREW C 7.375 .150 7.225 .1000 7.125 03/01/2028
500067796 MERCED,WANDA I 7.500 .150 7.350 .1000 7.250 03/01/2028
500067816 BARTON,JOHN O II 7.750 .150 7.600 .1000 7.500 03/01/2028
500067817 DOAN,THIEN TRONG 7.625 .150 7.475 .1000 7.375 03/01/2028
500067818 SWARTLEY,JOHN S 7.500 .250 7.250 .0500 7.200 02/01/2028
500067819 JACOBSEN,PAUL F 7.500 .250 7.250 .0500 7.200 02/01/2028
500067821 BISHOP,HERBERT B. 11 7.625 .250 7.375 .0500 7.325 02/01/2028
500067834 DUCAYET,WALLACE A 7.625 .150 7.475 .1000 7.375 03/01/2028
500067844 BRENNEMAN,TIMOTHY L 7.750 .150 7.600 .1000 7.500 03/01/2028
500067845 VOLONINO,PETER J 7.875 .250 7.625 .0500 7.575 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067773 EVANS,SHARON P 092484743 $1,654.28 03/01/1998 360
500067774 WOODROW,GERALD P 092484989 $2,125.61 03/01/1998 360
500067778 STADLER,JOSEPH P 092485827 $2,155.68 03/01/1998 360
500067779 ALEXANDER,SAMUEL J 092487487 $1,870.74 03/01/1998 360
500067795 LORAND,ANDREW C 092486712 $2,624.57 03/01/1998 360
500067796 MERCED,WANDA I 092486852 $2,412.29 12 03/01/1998 360
500067816 BARTON,JOHN O II 092475887 $2,185.06 03/01/1998 360
500067817 DOAN,THIEN TRONG 092479551 $1,923.00 03/01/1998 360
500067818 SWARTLEY,JOHN S 092480577 $2,335.38 03/01/1998 360
500067819 JACOBSEN,PAUL F 092482165 $4,506.44 03/01/1998 360
500067821 BISHOP,HERBERT B. 11 092482517 $3,085.98 03/01/1998 360
500067834 DUCAYET,WALLACE A 092488168 $1,981.82 03/01/1998 360
500067844 BRENNEMAN,TIMOTHY L 092465055 $1,825.50 03/01/1998 360
500067845 VOLONINO,PETER J 092470644 $2,305.72 03/01/1998 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>
500067773 EVANS,SHARON P .00 .00 .00 .000 .150 .250 $305,000.00 N
500067774 WOODROW,GERALD P .00 .00 .00 .000 .150 .250 $390,000.00 N
500067778 STADLER,JOSEPH P .00 .00 .00 .000 .150 .250 $405,000.00 N
500067779 ALEXANDER,SAMUEL J .00 .00 .00 .000 .150 .250 $360,000.00 N
500067795 LORAND,ANDREW C .00 .00 .00 .000 .150 .250 $475,000.00 N
500067796 MERCED,WANDA I .00 .00 .00 .000 .150 .250 $397,000.00 N
500067816 BARTON,JOHN O II .00 .00 .00 .000 .150 .250 $465,000.00 N
500067817 DOAN,THIEN TRONG .00 .00 .00 .000 .150 .250 $358,000.00 N
500067818 SWARTLEY,JOHN S .00 .00 .00 .000 .250 .300 $417,500.00 N
500067819 JACOBSEN,PAUL F .00 .00 .00 .000 .250 .300 $925,000.00 N
500067821 BISHOP,HERBERT B. 11 .00 .00 .00 .000 .250 .300 $610,000.00 N
500067834 DUCAYET,WALLACE A .00 .00 .00 .000 .150 .250 $495,000.00 N
500067844 BRENNEMAN,TIMOTHY L .00 .00 .00 .000 .150 .250 $380,000.00 N
500067845 VOLONINO,PETER J .00 .00 .00 .000 .250 .300 $401,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 10
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067846 MEADOR,JOHN B JR 42 HILL FARM ROAD PEMBROKE MA 02359 $231,040.89
500067847 SPINNEY,STEPHEN A 27 VILLAGE VIEW ROAD WESTFORD MA 01886 $249,836.47
500067848 FITZPATRICK,MARK J 48 HARRISON STREET NEWTON MA 02161 $299,782.86
500067849 HEIFETZ,DAVID A 2854 MISTY MORNING ROAD TORRANCE CA 90505 $341,015.15
500067853 LABOMBARD,JEFFREY L 29 THOMPSON AVENUE HINGHAM MA 02043 $260,000.00
500067856 FOGARTY,JOHN P 13 YACHT HAVEN DRIVE SHELBURNE VT 05482 $335,000.00
500067857 SARVAK,PHYLLIS A 29141 BOBOLINK DRIVE LAGUNA NIGUEL CA 92677 $245,500.00
500067858 HOFFMAN,GLENN E 201 SOUTH OLD BRIDGE ROAD ANAHEIM CA 92808 $291,500.00
500067862 KOPELMAN,RENA M 921 HONEYSUCKLE LANE WYNNWOOD PA 19096 $358,700.00
500067864 FOSTER,JOHN CURTIS 2172 RIDGEMONT DRIVE LOS ANGELES CA 90046 $349,200.00
500067866 KLERX,MARY ANNE 913 BARNVIEW LANE BREINIGSVILLE PA 18344 $100,700.00
500067869 SCHOENBERGER,DAVID P 7 WILLOUGHBY PLACE PITTSFORD NY 14534 $240,000.00
500067891 SMITH,CARNELL 3611 RIVER ROAD HAZEL CREST IL 60429 $255,100.00
500067899 MANDEL,DENISE 9104 LARKE ELLEN CIRCLE LOS ANGELES CA 90035 $303,785.44
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067846 MEADOR,JOHN B JR 7.875 .250 7.625 .0500 7.575 02/01/2028
500067847 SPINNEY,STEPHEN A 8.125 .250 7.875 .0500 7.825 02/01/2028
500067848 FITZPATRICK,MARK J 7.625 .250 7.375 .0500 7.325 02/01/2028
500067849 HEIFETZ,DAVID A 7.875 .250 7.625 .0500 7.575 02/01/2028
500067853 LABOMBARD,JEFFREY L 7.625 .150 7.475 .1000 7.375 03/01/2028
500067856 FOGARTY,JOHN P 7.375 .250 7.125 .0500 7.075 03/01/2028
500067857 SARVAK,PHYLLIS A 7.250 .250 7.000 .0500 6.950 03/01/2028
500067858 HOFFMAN,GLENN E 7.250 .250 7.000 .0500 6.950 03/01/2028
500067862 KOPELMAN,RENA M 7.625 .150 7.475 .1000 7.375 03/01/2028
500067864 FOSTER,JOHN CURTIS 7.750 .250 7.500 .0500 7.450 03/01/2028
500067866 KLERX,MARY ANNE 7.500 .150 7.350 .1000 7.250 03/01/2028
500067869 SCHOENBERGER,DAVID P 7.500 .150 7.350 .1000 7.250 03/01/2028
500067891 SMITH,CARNELL 7.875 .150 7.725 .1000 7.625 03/01/2028
500067899 MANDEL,DENISE 7.750 .250 7.500 .0500 7.450 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067846 MEADOR,JOHN B JR 092474124 $1,676.37 12 03/01/1998 360
500067847 SPINNEY,STEPHEN A 092474743 $1,856.24 03/01/1998 360
500067848 FITZPATRICK,MARK J 092476943 $2,123.39 03/01/1998 360
500067849 HEIFETZ,DAVID A 092479127 $2,474.30 03/01/1998 360
500067853 LABOMBARD,JEFFREY L 092482258 $1,840.26 03/01/1998 360
500067856 FOGARTY,JOHN P 092483290 $2,313.77 2 03/01/1998 360
500067857 SARVAK,PHYLLIS A 092483292 $1,674.74 03/01/1998 360
500067858 HOFFMAN,GLENN E 092483306 $1,988.54 03/01/1998 360
500067862 KOPELMAN,RENA M 092485081 $2,538.86 03/01/1998 360
500067864 FOSTER,JOHN CURTIS 092487933 $2,501.71 03/01/1998 360
500067866 KLERX,MARY ANNE 092488375 $704.11 03/01/1998 360
500067869 SCHOENBERGER,DAVID P 092490613 $1,678.11 03/01/1998 360
500067891 SMITH,CARNELL 092463999 $1,849.65 03/01/1998 360
500067899 MANDEL,DENISE 092481031 $2,177.89 03/01/1998 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>
500067846 MEADOR,JOHN B JR .00 .00 .00 .000 .250 .300 $272,000.00 N
500067847 SPINNEY,STEPHEN A .00 .00 .00 .000 .250 .300 $314,000.00 N
500067848 FITZPATRICK,MARK J .00 .00 .00 .000 .250 .300 $437,500.00 N
500067849 HEIFETZ,DAVID A .00 .00 .00 .000 .250 .300 $455,000.00 N
500067853 LABOMBARD,JEFFREY L .00 .00 .00 .000 .150 .250 $340,000.00 N
500067856 FOGARTY,JOHN P .00 .00 .00 .000 .250 .300 $410,000.00 N
500067857 SARVAK,PHYLLIS A .00 .00 .00 .000 .250 .300 $400,000.00 N
500067858 HOFFMAN,GLENN E .00 .00 .00 .000 .250 .300 $710,000.00 N
500067862 KOPELMAN,RENA M .00 .00 .00 .000 .150 .250 $460,000.00 N
500067864 FOSTER,JOHN CURTIS .00 .00 .00 .000 .250 .300 $453,000.00 N
500067866 KLERX,MARY ANNE .00 .00 .00 .000 .150 .250 $125,900.00 N
500067869 SCHOENBERGER,DAVID P .00 .00 .00 .000 .150 .250 $301,000.00 N
500067891 SMITH,CARNELL .00 .00 .00 .000 .150 .250 $318,877.00 N
500067899 MANDEL,DENISE .00 .00 .00 .000 .250 .300 $435,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 11
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067900 NAVAS SACASA,JUAN R 2 HATHAWAY ROAD MARBLEHEAD MA 01945 $328,000.00
500067904 SIEGEL,POLLY S K 852 MADONNA WAY LOS ALTOS CA 94024 $569,576.98
500067905 MACLEAN,SUSAN D. 554 LOS NINOS WAY LOS ALTOS CA 94022 $551,000.00
500067906 EYRE,JOSEPH M 390 E. EDITH AVENUE LOS ALTOS CA 94022 $519,614.08
500067907 CORRALES,EUGENIA M. 1444 ARBOR AVENUE LOS ALTOS CA 94024 $528,000.00
500067908 BYERS,DAVID F. 30 VIEJO VISTA ALAMO CA 94507 $409,500.00
500067909 PARSONS,JON R 1545 EDGEWOOD DRIVE PALO ALTO CA 94303 $763,000.00
500067912 RADACK,STEPHEN T III 5908 BEACON HILL LANE ERIE PA 16509 $236,400.00
500067919 MOHONEY,JAMES A 56 KNOLLWOOD DRIVE NEW PROVIDENCE NJ 07974 $264,000.00
500067950 PASSAS,ARETE 15 HOMESTEAD ROAD DARIEN CT 06820 $290,000.00
600070241 DALE B GOLDFARB 3801 E WOODBINE RD ORANGE CA 92667 $710,450.36
600070354 JAMES P MULKEEN 1360 WEYMOUTH LANE VENTURA CA 93001 $572,431.46
600070429 JEFFREY A EVANS 21242 HILLSDALE LANE HUNTINGTON BEAC CA 92646 $576,330.43
600103126 BROOKS GREGORY 4635 92ND AVENUE NORTHEAS BELLEVUE WA 98004 $802,895.14
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067900 NAVAS SACASA,JUAN R 7.500 .250 7.250 .0500 7.200 03/01/2028
500067904 SIEGEL,POLLY S K 7.500 .250 7.250 .0500 7.200 02/01/2028
500067905 MACLEAN,SUSAN D. 7.500 .250 7.250 .0500 7.200 03/01/2028
500067906 EYRE,JOSEPH M 7.500 .250 7.250 .0500 7.200 02/01/2028
500067907 CORRALES,EUGENIA M. 7.500 .250 7.250 .0500 7.200 03/01/2028
500067908 BYERS,DAVID F. 7.375 .250 7.125 .0500 7.075 03/01/2028
500067909 PARSONS,JON R 7.375 .250 7.125 .0500 7.075 03/01/2028
500067912 RADACK,STEPHEN T III 7.625 .150 7.475 .1000 7.375 03/01/2028
500067919 MOHONEY,JAMES A 7.625 .150 7.475 .1000 7.375 03/01/2028
500067950 PASSAS,ARETE 7.250 .150 7.100 .1000 7.000 03/01/2028
600070241 DALE B GOLDFARB 9.490 .250 9.240 .0350 9.205 12/01/2021
600070354 JAMES P MULKEEN 9.625 .250 9.375 .0350 9.340 06/01/2020
600070429 JEFFREY A EVANS 8.750 .250 8.500 .0350 8.465 02/01/2022
600103126 BROOKS GREGORY 7.500 .250 7.250 .0500 7.200 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>
500067900 NAVAS SACASA,JUAN R 092481065 $2,293.43 03/01/1998 360
500067904 SIEGEL,POLLY S K 092483140 $3,985.52 03/01/1998 360
500067905 MACLEAN,SUSAN D. 092483142 $3,852.67 03/01/1998 360
500067906 EYRE,JOSEPH M 092483145 $3,635.92 03/01/1998 360
500067907 CORRALES,EUGENIA M. 092483185 $3,691.85 03/01/1998 360
500067908 BYERS,DAVID F. 092483346 $2,828.31 03/01/1998 360
500067909 PARSONS,JON R 092483430 $5,269.85 03/01/1998 360
500067912 RADACK,STEPHEN T III 092484617 $1,673.22 03/01/1998 360
500067919 MOHONEY,JAMES A 092491195 $1,868.58 2 03/01/1998 360
500067950 PASSAS,ARETE 092498297 $1,978.31 03/01/1998 360
600070241 DALE B GOLDFARB 092458833 $6,284.13 03/01/1998 360
600070354 JAMES P MULKEEN 092458594 $5,208.48 03/01/1998 360
600070429 JEFFREY A EVANS 092458980 $4,798.87 03/01/1998 360
600103126 BROOKS GREGORY 450475371 $5,703.85 03/01/1998 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>
500067900 NAVAS SACASA,JUAN R .00 .00 .00 .000 .250 .300 $516,000.00 N
500067904 SIEGEL,POLLY S K .00 .00 .00 .000 .250 .300 $1,021,000.00 N
500067905 MACLEAN,SUSAN D. .00 .00 .00 .000 .250 .300 $720,000.00 N
500067906 EYRE,JOSEPH M .00 .00 .00 .000 .250 .300 $825,000.00 N
500067907 CORRALES,EUGENIA M. .00 .00 .00 .000 .250 .300 $696,000.00 N
500067908 BYERS,DAVID F. .00 .00 .00 .000 .250 .300 $625,000.00 N
500067909 PARSONS,JON R .00 .00 .00 .000 .250 .300 $1,340,000.00 N
500067912 RADACK,STEPHEN T III .00 .00 .00 .000 .150 .250 $315,000.00 N
500067919 MOHONEY,JAMES A .00 .00 .00 .000 .150 .250 $320,000.00 N
500067950 PASSAS,ARETE .00 .00 .00 .000 .150 .250 $470,000.00 N
600070241 DALE B GOLDFARB .00 .00 .00 .000 .250 .285 $1,100,000.00 N
600070354 JAMES P MULKEEN .00 .00 .00 .000 .250 .285 $775,000.00 N
600070429 JEFFREY A EVANS .00 .00 .00 .000 .250 .285 $766,000.00 N
600103126 BROOKS GREGORY .00 .00 .00 .000 .250 .300 $1,202,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 12
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600103166 DAGGETT CHRISTINE 3334 COUNTRY ROSE CIRCLE ENCINITAS CA 92024 $652,162.30
600103282 WITZ DAVID 1251 9TH ST MANHATTAN B CA 90266 $624,494.65
600103332 JEFFRESS STEVEN 2060 TWIN SISTERS ROAD SUISUN CA 94585 $607,171.74
600105197 McInnis David 609 College Avenue Kentfield CA 94904 $772,619.33
600105227 Azroy MOHD AYOB 717 Moaniala Street Honolulu HI 96821 $472,428.61
600105261 Cherng Andrew Jih 2040 Ashbourne Drive South Pasadena CA 91030 $947,291.90
600105342 Kallet Mitchel E 800 Canterbury Road San Marino CA 91108 $877,336.70
600107449 ROSEN KEVIN S 812 9TH ST MANHATTAN BEACH CA 90266 $648,052.28
600107481 WERTHEIM MARK 5106 BLACKHAWK DRIVE DANVILLE CA 94506 $646,544.31
600107537 TAYLOR CRAIG V 22502 S SUMMIT RIDGE C CHATSWORTH CA 91311 $648,003.29
600107544 THOMAS JOHN C 2281 FEATHERHILL ROAD SANTA BARBARA CA 93108 $933,684.50
600107555 BAYLEY CHRISTOPHER T 3702 EAST PROSPECT ST SEATTLE WA 98112 $648,052.28
600107557 HANLEY DAVID 2926 THURMAN ROAD LEANDER TX 78645 $638,527.69
600107570 KOCLANES PETER J 21411 WELD COUNTY RD 3 BERTHOUD CO 80513 $471,084.14
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600103166 DAGGETT CHRISTINE 7.375 .250 7.125 .0500 7.075 09/01/2027
600103282 WITZ DAVID 7.500 .250 7.250 .0500 7.200 10/01/2027
600103332 JEFFRESS STEVEN 7.375 .250 7.125 .0500 7.075 11/01/2027
600105197 McInnis David 7.375 .250 7.125 .0500 7.075 11/01/2027
600105227 Azroy MOHD AYOB 8.750 .250 8.500 .0500 8.450 10/01/2027
600105261 Cherng Andrew Jih 7.750 .250 7.500 .0500 7.450 12/01/2027
600105342 Kallet Mitchel E 7.450 .250 7.200 .0500 7.150 11/01/2027
600107449 ROSEN KEVIN S 7.500 .250 7.250 .0500 7.200 11/01/2027
600107481 WERTHEIM MARK 7.500 .250 7.250 .0500 7.200 11/01/2027
600107537 TAYLOR CRAIG V 7.375 .250 7.125 .0500 7.075 11/01/2027
600107544 THOMAS JOHN C 7.500 .250 7.250 .0500 7.200 11/01/2027
600107555 BAYLEY CHRISTOPHER T 7.500 .250 7.250 .0500 7.200 11/01/2027
600107557 HANLEY DAVID 7.250 .250 7.000 .0500 6.950 11/01/2027
600107570 KOCLANES PETER J 7.500 .250 7.250 .0500 7.200 11/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600103166 DAGGETT CHRISTINE 450811732 $4,525.31 03/01/1998 360
600103282 WITZ DAVID 450869094 $4,383.03 03/01/1998 360
600103332 JEFFRESS STEVEN 450883046 $4,213.12 03/01/1998 360
600105197 McInnis David 225800 $5,352.73 03/01/1998 360
600105227 Azroy MOHD AYOB 266703 $3,728.96 03/01/1998 360
600105261 Cherng Andrew Jih 273448 $6,805.92 03/01/1998 360
600105342 Kallet Mitchel E 281300 $6,122.99 03/01/1998 360
600107449 ROSEN KEVIN S 1233020484 $4,544.89 03/01/1998 360
600107481 WERTHEIM MARK 1561374414 $4,544.90 03/01/1998 360
600107537 TAYLOR CRAIG V 1246004425 $4,489.39 03/01/1998 360
600107544 THOMAS JOHN C 1484008639 $6,555.14 03/01/1998 360
600107555 BAYLEY CHRISTOPHER T 1513197282 $4,544.89 03/01/1998 360
600107557 HANLEY DAVID 1520014713 $4,371.39 03/01/1998 360
600107570 KOCLANES PETER J 1579063651 $3,303.79 03/01/1998 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>
600103166 DAGGETT CHRISTINE .00 .00 .00 .000 .250 .300 $819,000.00 N
600103282 WITZ DAVID .00 .00 .00 .000 .250 .300 $830,000.00 N
600103332 JEFFRESS STEVEN .00 .00 .00 .000 .250 .300 $800,000.00 N
600105197 McInnis David .00 .00 .00 .000 .250 .300 $975,000.00 N
600105227 Azroy MOHD AYOB .00 .00 .00 .000 .250 .300 $790,000.00 N
600105261 Cherng Andrew Jih .00 .00 .00 .000 .250 .300 $2,400,000.00 N
600105342 Kallet Mitchel E $1,100,000.00 N
600107449 ROSEN KEVIN S .00 .00 .00 .000 .250 .300 $1,125,000.00 N
600107481 WERTHEIM MARK .00 .00 .00 .000 .250 .300 $830,000.00 N
600107537 TAYLOR CRAIG V .00 .00 .00 .000 .250 .300 $1,030,000.00 N
600107544 THOMAS JOHN C .00 .00 .00 .000 .250 .300 $1,250,000.00 N
600107555 BAYLEY CHRISTOPHER T .00 .00 .00 .000 .250 .300 $875,000.00 N
600107557 HANLEY DAVID .00 .00 .00 .000 .250 .300 $820,000.00 N
600107570 KOCLANES PETER J .00 .00 .00 .000 .250 .300 $680,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 13
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600107606 EFIRA EDOUARD 27870 BAKER LANE LOS ALTOS HILLS CA 94022 $814,577.59
600107630 ELLIS KAREN 500 ALLVIEW TERRACE LAGUNA BEACH CA 92651 $757,283.09
600107669 GOHARI AVI EBRAHIM 31 REMSEN RD KINGS POINT NY 11024 $877,431.30
600107721 NORBY KRISTIN C 1280 CAPRI DR LOS ANGELES CA 90272 $648,075.54
600107722 MOUW JACQUES 9756 SUFFOLK DR BEVERLY HILLS CA 90210 $951,597.22
600107725 TUN ROBERT C 1628 VIA MARGARITA PALOS VERDES ES CA 90274 $647,407.67
600107901 NIEVA GEORGE H 2132 GREENWAYS DRIVE WOODSIDE CA 94062 $648,100.18
600107943 CATLIN CHRISTOPHER S 23673 MALIBU COLONY RD MALIBU CA 90265 $648,579.66
600107945 SARKOWSKY MARK 16096 VALLEY MEADOW PL ENCINO CA 91436 $648,543.77
600107952 ZIVIN JUSTIN ALLEN 17878 CIRCA ORIENTE RANCHO SANTA FE CA 92067 $917,938.83
600109457 BERMAN 7420 OLD MAPLE SQUARE MCLEAN VA 22102 $582,953.71
600120947 SHELBY,PHILIP 11132 W SUNSET BLVD LOS ANGELES CA 90049 $598,752.59
600120988 CRADDOCK,ANTHONY 151 LA JOLLA DRIVE SANTA BARBARA CA 93109 $817,210.38
600121065 ELLOWAY,NORMAN 1970 INDIAN VALLEY RD NOVATO CA 94947 $648,100.18
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600107606 EFIRA EDOUARD 7.750 .250 7.500 .0500 7.450 10/01/2027
600107630 ELLIS KAREN 7.750 .250 7.500 .0500 7.450 10/01/2027
600107669 GOHARI AVI EBRAHIM 8.750 .250 8.500 .0500 8.450 10/01/2027
600107721 NORBY KRISTIN C 7.625 .250 7.375 .0500 7.325 11/01/2027
600107722 MOUW JACQUES 7.875 .250 7.625 .0500 7.575 11/01/2027
600107725 TUN ROBERT C 7.750 .250 7.500 .0500 7.450 11/01/2027
600107901 NIEVA GEORGE H 7.625 .250 7.375 .0500 7.325 11/01/2027
600107943 CATLIN CHRISTOPHER S 7.625 .250 7.375 .0500 7.325 12/01/2027
600107945 SARKOWSKY MARK 7.500 .250 7.250 .0500 7.200 12/01/2027
600107952 ZIVIN JUSTIN ALLEN 7.500 .250 7.250 .0500 7.200 12/01/2027
600109457 BERMAN 7.375 .250 7.125 .0500 7.075 11/01/2027
600120947 SHELBY,PHILIP 7.875 .250 7.625 .0500 7.575 12/01/2027
600120988 CRADDOCK,ANTHONY 7.625 .250 7.375 .0500 7.325 12/01/2027
600121065 ELLOWAY,NORMAN 7.625 .250 7.375 .0500 7.325 11/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600107606 EFIRA EDOUARD 1489008170 $5,856.67 03/01/1998 360
600107630 ELLIS KAREN 1595049163 $5,444.74 03/01/1998 360
600107669 GOHARI AVI EBRAHIM 1111130749 $6,922.97 03/01/1998 360
600107721 NORBY KRISTIN C 1230014962 $4,600.66 03/01/1998 360
600107722 MOUW JACQUES 1230015433 $6,918.97 03/01/1998 360
600107725 TUN ROBERT C 1233020940 $4,656.68 03/01/1998 360
600107901 NIEVA GEORGE H 1596048280 $4,600.66 03/01/1998 360
600107943 CATLIN CHRISTOPHER S 1230015739 $4,600.66 03/01/1998 360
600107945 SARKOWSKY MARK 1246004469 $4,544.89 03/01/1998 360
600107952 ZIVIN JUSTIN ALLEN 1567201259 $6,432.78 03/01/1998 360
600109457 BERMAN 0947477 $4,038.73 03/01/1998 360
600120947 SHELBY,PHILIP 5961056 $4,350.42 03/01/1998 360
600120988 CRADDOCK,ANTHONY 5961666 $5,796.83 03/01/1998 360
600121065 ELLOWAY,NORMAN 5962356 $4,600.66 03/01/1998 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>
600107606 EFIRA EDOUARD .00 .00 .00 .000 .250 .300 $1,090,000.00 N
600107630 ELLIS KAREN .00 .00 .00 .000 .250 .300 $1,025,000.00 N
600107669 GOHARI AVI EBRAHIM .00 .00 .00 .000 .250 .300 $1,600,000.00 N
600107721 NORBY KRISTIN C .00 .00 .00 .000 .250 .300 $1,200,000.00 N
600107722 MOUW JACQUES .00 .00 .00 .000 .250 .300 $1,735,000.00 N
600107725 TUN ROBERT C .00 .00 .00 .000 .250 .300 $1,160,000.00 N
600107901 NIEVA GEORGE H .00 .00 .00 .000 .250 .300 $815,000.00 N
600107943 CATLIN CHRISTOPHER S .00 .00 .00 .000 .250 .300 $1,000,000.00 N
600107945 SARKOWSKY MARK .00 .00 .00 .000 .250 .300 $1,425,000.00 N
600107952 ZIVIN JUSTIN ALLEN .00 .00 .00 .000 .250 .300 $1,270,000.00 N
600109457 BERMAN .00 .00 .00 .000 .250 .300 $730,963.00 N
600120947 SHELBY,PHILIP .00 .00 .00 .000 .250 .300 $750,000.00 N
600120988 CRADDOCK,ANTHONY .00 .00 .00 .000 .250 .300 $1,100,000.00 N
600121065 ELLOWAY,NORMAN .00 .00 .00 .000 .250 .300 $855,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 14
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600121188 SALOMON,GARY 5410 HARBOR TOWN DR DALLAS TX 75287 $648,052.24
600121281 TANNENBAUM,MARK 600 LARCH LANE SACRAMENTO CA 95864 $573,743.56
600121297 MUNSHI,ASHFAQ 27835 BLACK MOUNTAIN R LOS ALTOS HILLS CA 94022 $785,080.91
600121337 JUSTER,JEFFREY 4815 ROYAL LANE DALLAS TX 75229 $648,507.06
600121377 GAIN,WILLIAM 2451 53RD AVE SW SEATTLE WA 98116 $636,106.96
600121398 LAIDLAW,VICTOR 217 MARIGOLD AVE COR NEWPORT BEACH CA 92625 $648,543.74
600121670 BIEDERMAN,LEON 10408 W SUNSET BLVD LOS ANGELES CA 90077 $798,295.14
600121671 PLUMMER,MARK 2417 NOTTINGHAM AVE LOS ANGELES CA 90027 $800,789.80
600121887 HURST,CHARLES 1912 PORT BRISTOL CIR NEWPORT BEACH CA 92660 $563,021.53
600122011 KUSHNER,ROBERT 30422 MARBELLA VISTA SAN JUAN CAPIST CA 92675 $648,507.06
600122226 BIRNBAUM,JERRY 978 E 8TH STREET BROOKLYN NY 11230 $493,023.97
600122282 UZELAC,KATINA 2095 BRIGHTON RD GENOA TOWNSHIP MI 48843 $448,840.31
600126454 LUCAS,VICKI 1553 ANDORRE GLEN ESCONDIDO CA 92029 $349,174.92
600126459 NAKAMURA,DARYL 2610 SOUTH BUFFALO DRIVE LAS VEGAS NV 89117 $364,520.87
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600121188 SALOMON,GARY 7.500 .250 7.250 .0500 7.200 11/01/2027
600121281 TANNENBAUM,MARK 7.625 .250 7.375 .0500 7.325 12/01/2027
600121297 MUNSHI,ASHFAQ 7.375 .250 7.125 .0500 7.075 11/01/2027
600121337 JUSTER,JEFFREY 7.375 .250 7.125 .0500 7.075 12/01/2027
600121377 GAIN,WILLIAM 7.625 .250 7.375 .0500 7.325 12/01/2027
600121398 LAIDLAW,VICTOR 7.500 .250 7.250 .0500 7.200 12/01/2027
600121670 BIEDERMAN,LEON 7.750 .250 7.500 .0500 7.450 12/01/2027
600121671 PLUMMER,MARK 7.750 .250 7.500 .0500 7.450 12/01/2027
600121887 HURST,CHARLES 7.250 .250 7.000 .0500 6.950 11/01/2027
600122011 KUSHNER,ROBERT 7.375 .250 7.125 .0500 7.075 12/01/2027
600122226 BIRNBAUM,JERRY 8.125 .250 7.875 .0500 7.825 12/01/2027
600122282 UZELAC,KATINA 8.250 .250 8.000 .0500 7.950 11/01/2027
600126454 LUCAS,VICKI 8.500 .250 8.250 .0400 8.210 01/01/2028
600126459 NAKAMURA,DARYL 8.125 .250 7.875 .0400 7.835 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600121188 SALOMON,GARY 5964246 $4,544.90 03/01/1998 360
600121281 TANNENBAUM,MARK 5965906 $4,069.81 03/01/1998 360
600121297 MUNSHI,ASHFAQ 5966116 $5,439.07 03/01/1998 360
600121337 JUSTER,JEFFREY 5966666 $4,489.39 03/01/1998 360
600121377 GAIN,WILLIAM 5967216 $4,512.19 03/01/1998 360
600121398 LAIDLAW,VICTOR 5967616 $4,544.90 03/01/1998 360
600121670 BIEDERMAN,LEON 5971266 $5,731.30 03/01/1998 360
600121671 PLUMMER,MARK 5971276 $5,749.21 03/01/1998 360
600121887 HURST,CHARLES 5964816 $3,852.94 03/01/1998 360
600122011 KUSHNER,ROBERT 5970916 $4,489.39 03/01/1998 360
600122226 BIRNBAUM,JERRY 1111132686 $3,667.94 03/01/1998 360
600122282 UZELAC,KATINA 5969026 $3,380.70 03/01/1998 360
600126454 LUCAS,VICKI 565935 $2,688.12 03/01/1998 360
600126459 NAKAMURA,DARYL 565997 $2,710.11 03/01/1998 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>
600121188 SALOMON,GARY .00 .00 .00 .000 .250 .300 $825,000.00 N
600121281 TANNENBAUM,MARK .00 .00 .00 .000 .250 .300 $750,000.00 N
600121297 MUNSHI,ASHFAQ .00 .00 .00 .000 .250 .300 $1,050,000.00 N
600121337 JUSTER,JEFFREY .00 .00 .00 .000 .250 .300 $895,000.00 N
600121377 GAIN,WILLIAM .00 .00 .00 .000 .250 .300 $850,000.00 N
600121398 LAIDLAW,VICTOR .00 .00 .00 .000 .250 .300 $880,000.00 N
600121670 BIEDERMAN,LEON .00 .00 .00 .000 .250 .300 $1,350,000.00 N
600121671 PLUMMER,MARK .00 .00 .00 .000 .250 .300 $1,070,000.00 N
600121887 HURST,CHARLES .00 .00 .00 .000 .250 .300 $706,000.00 N
600122011 KUSHNER,ROBERT .00 .00 .00 .000 .250 .300 $950,000.00 N
600122226 BIRNBAUM,JERRY .00 .00 .00 .000 .250 .300 $760,000.00 N
600122282 UZELAC,KATINA .00 .00 .00 .000 .250 .300 $820,000.00 N
600126454 LUCAS,VICKI .00 .00 .00 .000 .250 .290 $437,000.00 N
600126459 NAKAMURA,DARYL .00 .00 .00 .000 .250 .290 $465,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 15
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129408 SEHEULT 1205 W CRESCENT AVE REDLANDS CA 92373 $1,542,705.34
600129409 LOSTOCCO 775 RILEY PLACE ATLANTA GA 30327 $1,913,682.11
600129421 COLE,PETER 5540 ARUNDEL ATLANTA GA 30327 $499,655.90
600129520 ANNIS,KENNETH 9200 STAPLEFORD HALL PL POTOMAC MD 20854 $381,694.52
600129523 WILSON,JOSEPH 8209 STRATHMORE LN ROANOKE VA 24019 $267,050.00
600129545 LORENZ,STEPHEN 528 RIVERSIDE DR ROSSFORD OH 43460 $588,000.00
600129713 TAM 340 HILLSBOROUGH BOULEVAR HILLSBOROUG CA 94010 $1,224,178.05
600129714 SMITH 6207 GLYNMOOR LAKES DRIVE CHARLOTTE NC 28277 $1,159,201.70
600129715 LEE, JR 27 BARBARA LANE MILTON MA 2181 $786,439.68
600129716 CASTILLA 7680 SOUTH POLO RIDGE DRI LITTLETON CO 80123 $1,319,044.62
600129717 RONALD CHUPICK 7030 DEERHILL DR CLARKSTON MI 48346 $274,586.42
600129718 BRIAN S BOOGAARD 255 LINCOLN LAKE AVE LOWELL MI 49331 $260,460.30
600129719 BRIAN J KILBANE 2178 20TH ST HOPKINS MI 49328 $259,642.76
600129720 JOSEPH D SPIVAK 1504 DARIEN CLUB DR DARIEN IL 60561 $442,084.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129408 SEHEULT 7.750 .200 7.550 .0500 7.500 12/01/2027
600129409 LOSTOCCO 7.875 .200 7.675 .0500 7.625 02/01/2028
600129421 COLE,PETER 7.875 .250 7.625 .0500 7.575 02/01/2028
600129520 ANNIS,KENNETH 7.125 .250 6.875 .0500 6.825 02/01/2028
600129523 WILSON,JOSEPH 7.875 .250 7.625 .0500 7.575 03/01/2028
600129545 LORENZ,STEPHEN 7.750 .250 7.500 .0500 7.450 03/01/2028
600129713 TAM 8.000 .200 7.800 .0500 7.750 02/01/2028
600129714 SMITH 7.875 .200 7.675 .0500 7.625 02/01/2028
600129715 LEE, JR 8.000 .200 7.800 .0500 7.750 01/01/2028
600129716 CASTILLA 7.625 .200 7.425 .0500 7.375 02/01/2028
600129717 RONALD CHUPICK 7.450 .250 7.200 .0500 7.150 01/01/2028
600129718 BRIAN S BOOGAARD 7.900 .250 7.650 .0500 7.600 12/01/2027
600129719 BRIAN J KILBANE 7.900 .250 7.650 .0500 7.600 01/01/2028
600129720 JOSEPH D SPIVAK 7.900 .250 7.650 .0500 7.600 12/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129408 SEHEULT 6297089 ********* 03/01/1998 360
600129409 LOSTOCCO 6586374 ********* 03/01/1998 360
600129421 COLE,PETER 956256 $3,625.35 03/01/1998 360
600129520 ANNIS,KENNETH 8575541 $2,573.61 03/01/1998 360
600129523 WILSON,JOSEPH 8583439 $1,936.30 03/01/1998 360
600129545 LORENZ,STEPHEN 8683157 $4,212.51 03/01/1998 360
600129713 TAM 6373963 $8,988.62 03/01/1998 360
600129714 SMITH 6415947 $8,410.80 03/01/1998 360
600129715 LEE, JR 6336978 $5,778.40 03/01/1998 360
600129716 CASTILLA 6740757 $9,342.88 03/01/1998 360
600129717 RONALD CHUPICK 3376563 $1,913.44 03/01/1998 360
600129718 BRIAN S BOOGAARD 3419769 $1,896.97 12 03/01/1998 360
600129719 BRIAN J KILBANE 3423647 $1,889.70 03/01/1998 360
600129720 JOSEPH D SPIVAK 3424058 $3,219.75 03/01/1998 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>
600129408 SEHEULT .00 .00 .00 .000 .200 .250 $2,445,000.00 N
600129409 LOSTOCCO .00 .00 .00 .000 .200 .250 $3,000,000.00 N
600129421 COLE,PETER .00 .00 .00 .000 .250 .300 $645,000.00 N
600129520 ANNIS,KENNETH .00 .00 .00 .000 .250 .300 $925,000.00 N
600129523 WILSON,JOSEPH .00 .00 .00 .000 .250 .300 $336,000.00 N
600129545 LORENZ,STEPHEN .00 .00 .00 .000 .250 .300 $865,000.00 N
600129713 TAM .00 .00 .00 .000 .200 .250 $1,750,000.00 N
600129714 SMITH .00 .00 .00 .000 .200 .250 $1,660,000.00 N
600129715 LEE, JR .00 .00 .00 .000 .200 .250 $1,050,000.00 N
600129716 CASTILLA .00 .00 .00 .000 .200 .250 $1,650,000.00 N
600129717 RONALD CHUPICK $400,000.00 N
600129718 BRIAN S BOOGAARD $290,000.00 N
600129719 BRIAN J KILBANE $350,000.00 N
600129720 JOSEPH D SPIVAK $560,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 16
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129721 EVELYN LEWIS 1395 MONTGOMERY DR DEERFIELD IL 60015 $239,508.72
600129722 KENNETH STERN 1900 LARRABEE ST CHICAGO IL 60614 $249,432.35
600129723 MARK A THIROS 287 TURNBERRY CT VALPARAISO IN 46383 $386,478.93
600129724 N ROBERT UTECHT 11681 SHAG BARK LANE BURR RIDGE IL 60525 $459,355.09
600129725 JAMES L PATTERSON 5410 BRIGHT CREEK CT FLUSHING MI 48433 $238,615.46
600129726 JOHN R CURTIN 1315 FAIRFAX BLOOMFIELD HILL MI 48302 $270,900.61
600129727 MICHAEL C STRENING 1103 SUNSET ROAD WINNETKA IL 60093 $309,789.87
600129728 BRUCE W DOUGHTY 2869 SHANNON CT NORTHBROOK IL 60062 $309,560.99
600129729 JOHN ABUNASSAR 25730 LOCHMOOR LANE NOVI MI 48374 $256,418.43
600129730 ROBERT M KATZMAN 2350 N M 66 EVELINE MI 49727 $284,616.27
600129731 WAYNE L ALLEN 10405 GOLFVIEW CT DAVISON MI 48423 $337,847.31
600129732 GARY R CHAPMAN 2869 AMBERLY LANE TROY MI 48084 $310,572.69
600129733 GREGORY A KALIN 5225 GALLAGHER BLVD WHITMORE LAKE MI 48189 $297,400.31
600129734 JAMES M HASSELLE III 12975 TOWERING OAKS SHELBY MI 48315 $318,515.80
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129721 EVELYN LEWIS 7.950 .250 7.700 .0500 7.650 12/01/2027
600129722 KENNETH STERN 8.000 .250 7.750 .0500 7.700 01/01/2028
600129723 MARK A THIROS 8.000 .250 7.750 .0500 7.700 01/01/2028
600129724 N ROBERT UTECHT 7.800 .250 7.550 .0500 7.500 01/01/2028
600129725 JAMES L PATTERSON 8.000 .250 7.750 .0500 7.700 12/01/2027
600129726 JOHN R CURTIN 8.100 .250 7.850 .0500 7.800 12/01/2027
600129727 MICHAEL C STRENING 7.950 .250 7.700 .0500 7.650 02/01/2028
600129728 BRUCE W DOUGHTY 7.750 .250 7.500 .0500 7.450 01/01/2028
600129729 JOHN ABUNASSAR 7.450 .250 7.200 .0500 7.150 12/01/2027
600129730 ROBERT M KATZMAN 8.000 .250 7.750 .0500 7.700 01/01/2028
600129731 WAYNE L ALLEN 7.950 .250 7.700 .0500 7.650 01/01/2028
600129732 GARY R CHAPMAN 7.900 .250 7.650 .0500 7.600 01/01/2028
600129733 GREGORY A KALIN 8.000 .250 7.750 .0500 7.700 02/01/2028
600129734 JAMES M HASSELLE III 7.550 .250 7.300 .0500 7.250 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129721 EVELYN LEWIS 3434925 $1,752.68 03/01/1998 360
600129722 KENNETH STERN 3437613 $1,834.42 03/01/1998 360
600129723 MARK A THIROS 3473477 $2,839.67 03/01/1998 360
600129724 N ROBERT UTECHT 3473964 $3,311.41 03/01/1998 360
600129725 JAMES L PATTERSON 3475431 $1,754.44 03/01/1998 360
600129726 JOHN R CURTIN 3475480 $2,014.84 03/01/1998 360
600129727 MICHAEL C STRENING 3484177 $2,263.88 03/01/1998 360
600129728 BRUCE W DOUGHTY 3485802 $2,220.88 03/01/1998 360
600129729 JOHN ABUNASSAR 3496916 $1,788.20 03/01/1998 360
600129730 ROBERT M KATZMAN 3499498 $2,091.23 03/01/1998 360
600129731 WAYNE L ALLEN 3514577 $2,490.27 03/01/1998 360
600129732 GARY R CHAPMAN 3559622 $2,260.37 03/01/1998 360
600129733 GREGORY A KALIN 5524129 $2,183.69 03/01/1998 360
600129734 JAMES M HASSELLE III 5540232 $2,239.67 03/01/1998 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>
600129721 EVELYN LEWIS $300,000.00 N
600129722 KENNETH STERN $385,000.00 N
600129723 MARK A THIROS $483,810.00 N
600129724 N ROBERT UTECHT $745,000.00 N
600129725 JAMES L PATTERSON $298,900.00 N
600129726 JOHN R CURTIN $375,000.00 N
600129727 MICHAEL C STRENING $625,000.00 N
600129728 BRUCE W DOUGHTY $410,000.00 N
600129729 JOHN ABUNASSAR $327,000.00 N
600129730 ROBERT M KATZMAN $382,000.00 N
600129731 WAYNE L ALLEN $440,000.00 N
600129732 GARY R CHAPMAN $389,000.00 N
600129733 GREGORY A KALIN $478,000.00 N
600129734 JAMES M HASSELLE III $425,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 17
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129735 KENNETH E COCHRUM 1625 BEARD DR S E GRAND RAPIDS MI 49546 $256,782.52
600129736 MICHAEL R DOCTOR 4 TRAVERSE HGTS PETOSKEY MI 49770 $295,589.16
600129737 HARVEY DAY 2501 IROQUOIS AVE DETROIT MI 48214 $247,156.48
600129738 MICHAEL S SURIN 52 ROBERTA LEMONT IL 60439 $264,812.96
600129739 JOSEPH A FEHRENBACKER 1831 SCHENK RD EVANSVILLE IN 47720 $269,206.83
600129826 WILLIAMS 4155 NE FIRE RIDGE DRIVE GRAND RAPIDS MI 49525 $438,429.53
600129830 LUDLOW 4957 GLEN OAKS STREET ROCKFORD MI 49341 $234,336.82
600129831 WITUCKI 227 RIVER PINE DR LOWELL MI 49331 $279,558.83
600129834 LEHMANN 1050 RICELAND COURT ROSWELL GA 30075 $249,585.96
600129835 SMITH 4 TOWER DRIVE DOVER MA 02030 $347,531.44
600129839 KOHNEN 67 POINTER LANE STREET ST LOUIS MO 63124 $248,297.61
600129840 GRIGSBY 1517 DANWOOD LANE MITCHVILLE MD 20721 $242,923.41
600129842 ARCHER S 6727 LEBANON PIKE SPRINGBORO OH 45066 $253,065.76
600129843 SHADE 1280 E CHOCTAW DRIVE LONDON OH 43140 $300,151.37
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129735 KENNETH E COCHRUM 7.850 .250 7.600 .0500 7.550 02/01/2028
600129736 MICHAEL R DOCTOR 7.850 .250 7.600 .0500 7.550 01/01/2028
600129737 HARVEY DAY 7.850 .250 7.600 .0500 7.550 01/01/2028
600129738 MICHAEL S SURIN 7.750 .250 7.500 .0500 7.450 02/01/2028
600129739 JOSEPH A FEHRENBACKER 7.600 .250 7.350 .0500 7.300 02/01/2028
600129826 WILLIAMS 7.750 .250 7.500 .0500 7.450 11/01/2027
600129830 LUDLOW 8.500 .250 8.250 .0500 8.200 11/01/2027
600129831 WITUCKI 8.500 .250 8.250 .0500 8.200 01/01/2028
600129834 LEHMANN 7.875 .250 7.625 .0500 7.575 07/01/2027
600129835 SMITH 8.000 .250 7.750 .0500 7.700 01/01/2028
600129839 KOHNEN 7.875 .250 7.625 .0500 7.575 09/01/2027
600129840 GRIGSBY 7.625 .250 7.375 .0500 7.325 09/01/2027
600129842 ARCHER S 7.750 .250 7.500 .0500 7.450 10/01/2027
600129843 SHADE 7.625 .250 7.375 .0500 7.325 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129735 KENNETH E COCHRUM 5542097 $1,860.42 03/01/1998 360
600129736 MICHAEL R DOCTOR 5550421 $2,141.08 03/01/1998 360
600129737 HARVEY DAY 5551163 $1,790.26 03/01/1998 360
600129738 MICHAEL S SURIN 5566476 $1,898.50 12 03/01/1998 360
600129739 JOSEPH A FEHRENBACKER 5570379 $1,902.88 03/01/1998 360
600129826 WILLIAMS 0904028 $3,295.50 03/01/1998 360
600129830 LUDLOW 0919534 $1,806.95 03/01/1998 360
600129831 WITUCKI 0919791 $2,152.96 03/01/1998 360
600129834 LEHMANN 0928868 $1,819.92 03/01/1998 360
600129835 SMITH 0931024 $2,553.50 03/01/1998 360
600129839 KOHNEN 0937694 $1,819.92 03/01/1998 360
600129840 GRIGSBY 0937842 $1,727.02 2 03/01/1998 360
600129842 ARCHER S 0943374 $1,862.67 03/01/1998 360
600129843 SHADE 0944516 $2,127.63 19 03/01/1998 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>
600129735 KENNETH E COCHRUM $525,000.00 N
600129736 MICHAEL R DOCTOR $370,000.00 N
600129737 HARVEY DAY $330,000.00 N
600129738 MICHAEL S SURIN $280,000.00 N
600129739 JOSEPH A FEHRENBACKER $531,000.00 N
600129826 WILLIAMS .00 .00 .00 .000 .250 .300 $655,000.00 N
600129830 LUDLOW .00 .00 .00 .000 .250 .300 $326,500.00 N
600129831 WITUCKI .00 .00 .00 .000 .250 .300 $350,000.00 N
600129834 LEHMANN .00 .00 .00 .000 .250 .300 $316,000.00 N
600129835 SMITH .00 .00 .00 .000 .250 .300 $525,000.00 N
600129839 KOHNEN .00 .00 .00 .000 .250 .300 $438,000.00 N
600129840 GRIGSBY .00 .00 .00 .000 .250 .300 $276,000.00 N
600129842 ARCHER S .00 .00 .00 .000 .250 .300 $325,000.00 N
600129843 SHADE .00 .00 .00 .000 .250 .300 $334,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 18
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129844 STONE 13904 LITTLE TREE COURT ROCKVILLE MD 20850 $324,516.09
600129845 BRADLEY 7059 LEORIE DR TRAVERSE CITY MI 49684 $228,746.55
600129846 SUTTON 2263 WAYSIDE DRIVE ATLANTA GA 30319 $231,398.78
600129847 GUTIERRE 1548 OLD FORGE RD BARTLETT IL 60103 $255,329.61
600129848 BRADLEY 1757 W SCHOOL STREET CHICAGO IL 60657 $305,148.33
600129849 MCCUNE 843 PRAIRIE LAWN ROAD GLENVIEW IL 60025 $329,956.72
600129855 BRESSLER 20 SKYLER DRIVE SOUTHBOROUGH MA 01772 $259,459.68
600129857 CUNNINGH 1940 LAKE DRIVE SE EAST GRAND RAPI MI 49506 $439,689.46
600129860 GREEN II 202 SKYVIEW DRIVE ADKINS TX 78101 $275,609.13
600129881 BOSQUE J 8710 FERGUSON AVE SAVANNAH GA 31406 $269,587.85
600129882 CORVINO 5913 TARLETON DRIVE OAK RIDGE NC 27310 $264,493.51
600129883 BRUNDAGE 1838 ARGENTINA DR SE EAST GRAND RAPI MI 49506 $379,044.89
600129884 GURDEN 416 N SCHOOL HILL COURT SUTTONS BAY MI 49682 $253,571.94
600129885 BIZZIGOT 1126 SUNNYSIDE DRIVE CADILLAC MI 49601 $295,591.24
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129844 STONE 7.500 .250 7.250 .0500 7.200 01/01/2028
600129845 BRADLEY 8.125 .250 7.875 .0500 7.825 10/01/2027
600129846 SUTTON 7.625 .250 7.375 .0500 7.325 10/01/2027
600129847 GUTIERRE 7.750 .250 7.500 .0500 7.450 12/01/2027
600129848 BRADLEY 7.875 .250 7.625 .0500 7.575 11/01/2027
600129849 MCCUNE 7.750 .250 7.500 .0500 7.450 11/01/2027
600129855 BRESSLER 7.875 .250 7.625 .0500 7.575 12/01/2027
600129857 CUNNINGH 7.750 .250 7.500 .0500 7.450 02/01/2028
600129860 GREEN II 7.750 .250 7.500 .0500 7.450 01/01/2028
600129881 BOSQUE J 7.375 .250 7.125 .0500 7.075 01/01/2028
600129882 CORVINO 7.250 .250 7.000 .0500 6.950 02/01/2028
600129883 BRUNDAGE 7.625 .250 7.375 .0500 7.325 01/01/2028
600129884 GURDEN 7.875 .250 7.625 .0500 7.575 12/01/2027
600129885 BIZZIGOT 7.875 .250 7.625 .0500 7.575 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129844 STONE 0946776 $2,272.45 03/01/1998 360
600129845 BRADLEY 0947327 $1,711.46 03/01/1998 360
600129846 SUTTON 0948264 $1,643.85 03/01/1998 360
600129847 GUTIERRE 0948784 $1,835.45 03/01/1998 360
600129848 BRADLEY 0948905 $2,218.71 03/01/1998 360
600129849 MCCUNE 0948918 $2,370.61 03/01/1998 360
600129855 BRESSLER 0951726 $1,885.18 03/01/1998 360
600129857 CUNNINGH 0953074 $3,152.21 03/01/1998 360
600129860 GREEN II 0953977 $1,977.30 03/01/1998 360
600129881 BOSQUE J 0957143 $1,864.82 03/01/1998 360
600129882 CORVINO 0957376 $1,805.72 03/01/1998 360
600129883 BRUNDAGE 0957479 $2,689.62 03/01/1998 360
600129884 GURDEN 0957499 $1,842.40 03/01/1998 360
600129885 BIZZIGOT 0957592 $2,146.21 03/01/1998 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>
600129844 STONE .00 .00 .00 .000 .250 .300 $437,000.00 N
600129845 BRADLEY .00 .00 .00 .000 .250 .300 $307,400.00 N
600129846 SUTTON .00 .00 .00 .000 .250 .300 $290,500.00 N
600129847 GUTIERRE .00 .00 .00 .000 .250 .300 $322,000.00 N
600129848 BRADLEY .00 .00 .00 .000 .250 .300 $436,000.00 N
600129849 MCCUNE .00 .00 .00 .000 .250 .300 $500,000.00 N
600129855 BRESSLER .00 .00 .00 .000 .250 .300 $325,000.00 N
600129857 CUNNINGH .00 .00 .00 .000 .250 .300 $550,000.00 N
600129860 GREEN II .00 .00 .00 .000 .250 .300 $390,000.00 N
600129881 BOSQUE J .00 .00 .00 .000 .250 .300 $380,000.00 N
600129882 CORVINO .00 .00 .00 .000 .250 .300 $333,000.00 N
600129883 BRUNDAGE .00 .00 .00 .000 .250 .300 $475,000.00 N
600129884 GURDEN .00 .00 .00 .000 .250 .300 $373,500.00 N
600129885 BIZZIGOT .00 .00 .00 .000 .250 .300 $378,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 19
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129886 STOUT 8407 FERNWOOD DRIVE AUGUSTA MI 49012 $289,168.80
600129890 SMYTHE 915 LAKE STREET NORTH MUSKEGON MI 49445 $231,679.63
600129930 POWELL J 3321 CRANMORE CHASE MARIETTA GA 30066 $284,343.08
600129936 YOUNG 223 WINCHESTER BEACH DR ANNAPOLIS MD 21401 $405,364.64
600129945 JOUBRAN 8132 UNDERWOOD RIDGE TRAVERSE CITY MI 49684 $318,847.84
600129947 MORRISSE 33 LAFAYETTE AVENUE HINGHAM MA 02043 $249,814.46
600129951 LEBAN 758 CHELSEA PARK LANE NE MARIETTA GA 30068 $283,547.46
600129952 JONES 3539 KINGSHILL ROAD BIRMINGHAM AL 35223 $305,732.57
600129953 SVENSSON 37 SQUIRE ROAD MONROE CT 06468 $299,564.36
600130015 ASENCE 331 NORTH SARA JANE LANE PLACENTIA CA 92870 $245,668.78
600130016 SANCHEZ 23204 WEST SORREL COURT VALENCIA CA 91354 $322,124.38
600130017 CAREY 1731 TULAROSA RD LOMPOC CA 93436 $396,247.45
600130018 KLENOV 11781 DAVENPORT ROAD LOS ALAMITOS CA 90720 $251,489.34
600130026 RAO 3138 HAWKCREST CIRCLE SAN JOSE CA 95135 $355,354.50
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129886 STOUT 7.500 .250 7.250 .0500 7.200 01/01/2028
600129890 SMYTHE 7.875 .250 7.625 .0500 7.575 01/01/2028
600129930 POWELL J 7.375 .250 7.125 .0500 7.075 12/01/2027
600129936 YOUNG 7.250 .250 7.000 .0500 6.950 01/01/2028
600129945 JOUBRAN 7.750 .250 7.500 .0500 7.450 01/01/2028
600129947 MORRISSE 7.500 .250 7.250 .0500 7.200 02/01/2028
600129951 LEBAN 7.875 .250 7.625 .0500 7.575 01/01/2028
600129952 JONES 7.375 .250 7.125 .0500 7.075 01/01/2028
600129953 SVENSSON 7.625 .250 7.375 .0500 7.325 01/01/2028
600130015 ASENCE 8.000 .250 7.750 .0500 7.700 01/01/2028
600130016 SANCHEZ 8.000 .250 7.750 .0500 7.700 11/01/2027
600130017 CAREY 8.000 .250 7.750 .0500 7.700 12/01/2027
600130018 KLENOV 8.000 .250 7.750 .0500 7.700 12/01/2027
600130026 RAO 8.375 .250 8.125 .0500 8.075 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129886 STOUT 0957596 $2,024.93 03/01/1998 360
600129890 SMYTHE 0957977 $1,682.16 03/01/1998 360
600129930 POWELL J 0962418 $1,969.81 03/01/1998 360
600129936 YOUNG 0962788 $2,769.64 03/01/1998 360
600129945 JOUBRAN 0963486 $2,287.50 03/01/1998 360
600129947 MORRISSE 0963685 $1,748.04 03/01/1998 360
600129951 LEBAN 0963764 $2,059.20 03/01/1998 360
600129952 JONES 0963767 $2,114.85 03/01/1998 360
600129953 SVENSSON 0963783 $2,123.38 2 03/01/1998 360
600130015 ASENCE 6213571 $1,805.06 2 03/01/1998 360
600130016 SANCHEZ 6214303 $2,370.06 12 03/01/1998 360
600130017 CAREY 6214374 $2,935.06 03/01/1998 360
600130018 KLENOV 6214377 $1,849.09 03/01/1998 360
600130026 RAO 6216476 $2,705.86 03/01/1998 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>
600129886 STOUT .00 .00 .00 .000 .250 .300 $378,000.00 N
600129890 SMYTHE .00 .00 .00 .000 .250 .300 $293,500.00 N
600129930 POWELL J .00 .00 .00 .000 .250 .300 $360,000.00 N
600129936 YOUNG .00 .00 .00 .000 .250 .300 $670,000.00 N
600129945 JOUBRAN .00 .00 .00 .000 .250 .300 $480,000.00 N
600129947 MORRISSE .00 .00 .00 .000 .250 .300 $360,000.00 N
600129951 LEBAN .00 .00 .00 .000 .250 .300 $360,000.00 N
600129952 JONES .00 .00 .00 .000 .250 .300 $403,000.00 N
600129953 SVENSSON .00 .00 .00 .000 .250 .300 $318,000.00 N
600130015 ASENCE .00 .00 .00 .000 .250 .300 $261,000.00 N
600130016 SANCHEZ .00 .00 .00 .000 .250 .300 $340,027.00 N
600130017 CAREY .00 .00 .00 .000 .250 .300 $500,000.00 N
600130018 KLENOV .00 .00 .00 .000 .250 .300 $315,000.00 N
600130026 RAO .00 .00 .00 .000 .250 .300 $445,350.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 20
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130027 MODI 5910 GOLD CREEK DR CASTRO VALLEY CA 94552 $281,997.77
600130028 NATESAN 1215 STAFFORD DRIVE CUPERTINO CA 95014 $437,818.13
600130029 DEEN 1265 INVERNESS CT FREMONT CA 94539 $247,990.26
600130031 PADMANAB 1225 ST. JOSEPH AVE LOS ALTOS CA 94024 $534,269.52
600130033 RAMOS 3078 RASMUS CIR SAN JOSE CA 95148 $268,664.43
600130037 COLLINS 10701 CREBS AVE LOS ANGELES CA 91326 $251,489.34
600130058 CHAPAS 4954 E LAFAYETTE BLVD PHOENIX AZ 85018 $237,146.37
600130069 STORACE 22284 BUENAVENTURA STREE LOS ANGELES CA 91364 $286,221.96
600130071 SPAULDIN 2580 WILLO LN COSTA MESA CA 92627 $267,443.04
600130078 MUNKRES 3215 THISTLEWOOD ST THOUSAND OAKS CA 91360 $251,660.69
600130085 LAMBERTY 373 WARWICK AVENUE OAKLAND CA 94610 $295,601.44
600130086 PROCTOR 420 10TH ST MANHATTAN BEACH CA 90266 $539,169.13
600130089 JAMISON 13312 EAST COOUNTRY SHAD CHANDLER AZ 85249 $259,289.33
600130090 HECHT 12010 N COPELAND LN FLAGSTAFF AZ 86004 $264,166.25
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130027 MODI 8.375 .250 8.125 .0500 8.075 01/01/2028
600130028 NATESAN 8.375 .250 8.125 .0500 8.075 01/01/2028
600130029 DEEN 8.375 .250 8.125 .0500 8.075 01/01/2028
600130031 PADMANAB 8.125 .250 7.875 .0500 7.825 01/01/2028
600130033 RAMOS 8.375 .250 8.125 .0500 8.075 01/01/2028
600130037 COLLINS 8.000 .250 7.750 .0500 7.700 12/01/2027
600130058 CHAPAS 7.500 .250 7.250 .0500 7.200 01/01/2028
600130069 STORACE 8.000 .250 7.750 .0500 7.700 11/01/2027
600130071 SPAULDIN 7.875 .250 7.625 .0500 7.575 12/01/2027
600130078 MUNKRES 8.000 .250 7.750 .0500 7.700 01/01/2028
600130085 LAMBERTY 8.000 .250 7.750 .0500 7.700 01/01/2028
600130086 PROCTOR 7.875 .250 7.625 .0500 7.575 01/01/2028
600130089 JAMISON 7.875 .250 7.625 .0500 7.575 09/01/2027
600130090 HECHT 7.625 .250 7.375 .0500 7.325 11/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130027 MODI 6216478 $2,146.07 03/01/1998 360
600130028 NATESAN 6216492 $3,334.44 03/01/1998 360
600130029 DEEN 6216504 $1,887.26 03/01/1998 360
600130031 PADMANAB 6216560 $3,972.36 03/01/1998 360
600130033 RAMOS 6216571 $2,044.60 03/01/1998 360
600130037 COLLINS 6217717 $1,849.09 03/01/1998 360
600130058 CHAPAS 6221517 $1,660.64 03/01/1998 360
600130069 STORACE 6222011 $2,105.91 03/01/1998 360
600130071 SPAULDIN 6222861 $1,943.19 03/01/1998 360
600130078 MUNKRES 6228197 $1,849.09 03/01/1998 360
600130085 LAMBERTY 6228444 $2,171.95 12 03/01/1998 360
600130086 PROCTOR 6228503 $3,915.38 03/01/1998 360
600130089 JAMISON 6235712 $1,908.39 03/01/1998 360
600130090 HECHT 6262790 $1,875.66 03/01/1998 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>
600130027 MODI .00 .00 .00 .000 .250 .300 $365,000.00 N
600130028 NATESAN .00 .00 .00 .000 .250 .300 $600,000.00 N
600130029 DEEN .00 .00 .00 .000 .250 .300 $425,000.00 N
600130031 PADMANAB .00 .00 .00 .000 .250 .300 $726,000.00 N
600130033 RAMOS .00 .00 .00 .000 .250 .300 $338,000.00 N
600130037 COLLINS .00 .00 .00 .000 .250 .300 $360,000.00 N
600130058 CHAPAS .00 .00 .00 .000 .250 .300 $390,000.00 N
600130069 STORACE .00 .00 .00 .000 .250 .300 $580,000.00 N
600130071 SPAULDIN .00 .00 .00 .000 .250 .300 $335,000.00 N
600130078 MUNKRES .00 .00 .00 .000 .250 .300 $315,000.00 N
600130085 LAMBERTY .00 .00 .00 .000 .250 .300 $345,000.00 N
600130086 PROCTOR .00 .00 .00 .000 .250 .300 $800,000.00 N
600130089 JAMISON .00 .00 .00 .000 .250 .300 $330,000.00 N
600130090 HECHT .00 .00 .00 .000 .250 .300 $476,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 21
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130101 RALPH 413 E COTTAM PL PLACENTIA CA 92870 $255,904.96
600130111 SANDOVAL 443 E COLEMAN PL PLACENTIA CA 92870 $259,232.36
600130113 PETERS 373 E HILLCREST AVE FRESNO CA 93720 $282,910.82
600130117 RENKEN 2742 FELTON STREET SAN DIEGO CA 92104 $234,174.50
600130122 ROSSALL 832 CALLE TALENTIA ESCONDIDO CA 92025 $239,668.58
600130129 BINMOELL 4926 SHENANDOAH AVE LADERA HEIGHTS CA 90056 $398,476.24
600130132 FISHERBA 2 CECELIA LANE NOVATO CA 94947 $270,135.77
600130256 STIEFERM 345 N CANAL CHICAGO IL 60606 $272,722.89
600130259 PLEASANT 3946 SW 98TH DRIVE GAINESVILLE FL 32608 $241,829.20
600130262 TREMBATH 62 BONNIE LANE CLARENDON HILLS IL 60514 $314,777.68
600130275 KERL 9703 SEEMAN ROAD UNION IL 60180 $256,323.48
600130277 DEMOURA 47 LEXINGTON AVE GLOUCESTER MA 01930 $290,983.89
600130279 STACEY 2843 N LINCOLN AVE CHICAGO IL 60657 $265,623.30
600130294 LEFAVE 147 JOHNNY CAKE STREET NORTH ANDOVER MA 01845 $259,640.97
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130101 RALPH 8.000 .250 7.750 .0500 7.700 01/01/2028
600130111 SANDOVAL 7.750 .250 7.500 .0500 7.450 01/01/2028
600130113 PETERS 7.875 .250 7.625 .0500 7.575 12/01/2027
600130117 RENKEN 8.000 .250 7.750 .0500 7.700 12/01/2027
600130122 ROSSALL 7.875 .250 7.625 .0500 7.575 01/01/2028
600130129 BINMOELL 8.125 .250 7.875 .0500 7.825 01/01/2028
600130132 FISHERBA 8.000 .250 7.750 .0500 7.700 01/01/2028
600130256 STIEFERM 7.875 .250 7.625 .0500 7.575 01/01/2028
600130259 PLEASANT 7.750 .250 7.500 .0500 7.450 02/01/2028
600130262 TREMBATH 7.750 .250 7.500 .0500 7.450 02/01/2028
600130275 KERL 7.875 .250 7.625 .0500 7.575 02/01/2028
600130277 DEMOURA 7.500 .250 7.250 .0500 7.200 02/01/2028
600130279 STACEY 7.750 .250 7.500 .0500 7.450 01/01/2028
600130294 LEFAVE 7.875 .250 7.625 .0500 7.575 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130101 RALPH 6275908 $1,880.28 12 03/01/1998 360
600130111 SANDOVAL 6313486 $1,859.81 03/01/1998 360
600130113 PETERS 6314157 $2,055.58 7 03/01/1998 360
600130117 RENKEN 6324032 $1,721.78 2 03/01/1998 360
600130122 ROSSALL 6324197 $1,740.17 03/01/1998 360
600130129 BINMOELL 6330061 $2,962.56 1 03/01/1998 360
600130132 FISHERBA 6396407 $1,984.84 03/01/1998 360
600130256 STIEFERM 0920178 $1,980.16 12 03/01/1998 360
600130259 PLEASANT 0930382 $1,733.72 2 03/01/1998 360
600130262 TREMBATH 0932221 $2,256.70 03/01/1998 360
600130275 KERL 0958057 $1,859.80 12 03/01/1998 360
600130277 DEMOURA 0958529 $2,036.11 03/01/1998 360
600130279 STACEY 0958789 $1,905.66 12 03/01/1998 360
600130294 LEFAVE 0962375 $1,885.18 03/01/1998 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>
600130101 RALPH .00 .00 .00 .000 .250 .300 $270,000.00 Y
600130111 SANDOVAL .00 .00 .00 .000 .250 .300 $324,500.00 N
600130113 PETERS .00 .00 .00 .000 .250 .300 $315,000.00 N
600130117 RENKEN .00 .00 .00 .000 .250 .300 $259,000.00 N
600130122 ROSSALL .00 .00 .00 .000 .250 .300 $318,000.00 N
600130129 BINMOELL .00 .00 .00 .000 .250 .300 $470,000.00 N
600130132 FISHERBA .00 .00 .00 .000 .250 .300 $380,000.00 N
600130256 STIEFERM .00 .00 .00 .000 .250 .300 $310,500.00 N
600130259 PLEASANT .00 .00 .00 .000 .250 .300 $269,000.00 N
600130262 TREMBATH .00 .00 .00 .000 .250 .300 $500,000.00 N
600130275 KERL .00 .00 .00 .000 .250 .300 $280,000.00 N
600130277 DEMOURA .00 .00 .00 .000 .250 .300 $366,000.00 N
600130279 STACEY .00 .00 .00 .000 .250 .300 $296,000.00 N
600130294 LEFAVE .00 .00 .00 .000 .250 .300 $383,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 22
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130296 MILO JR 23192 L'ERMITAGE BOCA RATON FL 33433 $298,797.16
600130375 CHANDRA 1554 MISSION SPRINGS CIR SAN JOSE CA 95131 $333,792.40
600130376 PILLALAM 1144 CHANNING AVENUE PALO ALTO CA 94301 $599,627.07
600130378 AZARNOUS 32 ARDOR DRIVE ORINDA CA 94563 $279,825.97
600130379 ZARRINGH 303 STARFISH LN REDWOOD CITY CA 94065 $288,820.37
600130380 NARASIMH 43050 SABERCAT PL FREMONT CA 94539 $616,616.51
600130389 GANESAN 20470 WILLIAMS AVE SARATOGA CA 95070 $423,729.63
600130390 SUD 55 E LAS PALMAS AVENUE FREMONT CA 94539 $502,917.89
600130391 CWIK 3711 S DOLPHIN STREET LOS ANGELES CA 90731 $236,588.69
600130392 VIDA 3092 BOSTONIAN DR LOS ALAMITOS AR CA 90720 $268,288.95
600130393 GRECO 8745 E EAST RUNNING SPRIN ANAHEIM CA 92808 $257,068.68
600130402 MEYER 16208 SOUTH 1ST STREET PHOENIX AZ 85048 $229,705.65
600130404 FIRESTON 12129 NORTH 114TH WAY SCOTTSDALE AZ 85259 $349,771.05
600130420 DEGRUCCI 39 RAVEN LANE ALISO VIEJO CA 90011 $246,068.23
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130296 MILO JR 8.000 .250 7.750 .0500 7.700 01/01/2028
600130375 CHANDRA 8.375 .250 8.125 .0500 8.075 02/01/2028
600130376 PILLALAM 8.375 .250 8.125 .0500 8.075 02/01/2028
600130378 AZARNOUS 8.375 .250 8.125 .0500 8.075 02/01/2028
600130379 ZARRINGH 8.375 .250 8.125 .0500 8.075 02/01/2028
600130380 NARASIMH 8.375 .250 8.125 .0500 8.075 02/01/2028
600130389 GANESAN 8.250 .250 8.000 .0500 7.950 02/01/2028
600130390 SUD 8.875 .250 8.625 .0500 8.575 02/01/2028
600130391 CWIK 8.250 .250 8.000 .0500 7.950 11/01/2027
600130392 VIDA 8.125 .250 7.875 .0500 7.825 11/01/2027
600130393 GRECO 8.125 .250 7.875 .0500 7.825 11/01/2027
600130402 MEYER 8.250 .250 8.000 .0500 7.950 01/01/2028
600130404 FIRESTON 8.125 .250 7.875 .0500 7.825 02/01/2028
600130420 DEGRUCCI 8.000 .250 7.750 .0500 7.700 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130296 MILO JR 0962583 $2,195.42 03/01/1998 360
600130375 CHANDRA 6216396 $2,538.64 1 03/01/1998 360
600130376 PILLALAM 6216475 $4,560.43 03/01/1998 360
600130378 AZARNOUS 6216498 $2,128.20 03/01/1998 360
600130379 ZARRINGH 6216500 $2,196.61 03/01/1998 360
600130380 NARASIMH 6216508 $4,689.64 03/01/1998 360
600130389 GANESAN 6216663 $3,185.37 03/01/1998 360
600130390 SUD 6216670 $4,003.69 03/01/1998 360
600130391 CWIK 6217142 $1,782.01 03/01/1998 360
600130392 VIDA 6217146 $1,997.32 03/01/1998 360
600130393 GRECO 6217910 $1,913.79 03/01/1998 360
600130402 MEYER 6221469 $1,727.92 03/01/1998 360
600130404 FIRESTON 6221576 $2,598.74 03/01/1998 360
600130420 DEGRUCCI 6228496 $1,808.00 03/01/1998 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>
600130296 MILO JR .00 .00 .00 .000 .250 .300 $375,000.00 N
600130375 CHANDRA .00 .00 .00 .000 .250 .300 $372,000.00 N
600130376 PILLALAM .00 .00 .00 .000 .250 .300 $800,000.00 N
600130378 AZARNOUS .00 .00 .00 .000 .250 .300 $350,000.00 N
600130379 ZARRINGH .00 .00 .00 .000 .250 .300 $425,000.00 N
600130380 NARASIMH .00 .00 .00 .000 .250 .300 $980,000.00 N
600130389 GANESAN .00 .00 .00 .000 .250 .300 $550,000.00 N
600130390 SUD .00 .00 .00 .000 .250 .300 $750,000.00 N
600130391 CWIK .00 .00 .00 .000 .250 .300 $300,000.00 N
600130392 VIDA .00 .00 .00 .000 .250 .300 $360,000.00 N
600130393 GRECO .00 .00 .00 .000 .250 .300 $323,000.00 N
600130402 MEYER .00 .00 .00 .000 .250 .300 $311,000.00 N
600130404 FIRESTON .00 .00 .00 .000 .250 .300 $800,000.00 N
600130420 DEGRUCCI .00 .00 .00 .000 .250 .300 $308,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 23
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130421 LERNER 29027 OLD CARRIAGE CT AGOURA HILLS CA 91301 $286,623.25
600130422 BEANE 2350 VINA DEL MAR OXNARD CA 93035 $290,809.64
600130424 CAGAN 8614 SKYLINE DR LOS ANGELES CA 90046 $378,289.97
600130425 DAVIS 20355 BICKFORD DR WALNUT CA 91789 $399,751.38
600130440 MCFADDEN 2360 W KILTIE LN FLAGSTAFF AZ 86001 $332,892.70
600130446 HARRIS 13740 QUINTON RD SAN DIEGO CA 92129 $282,718.82
600130450 GOLDEN 2272 CAMINITO CALA SAN DIEGO CA 92014 $264,831.02
600130941 GONZALE 4541 TORREY PINES DR CHINO HILLS CA 91709 $264,489.67
600130944 HESSAR-AMIRI,EHSANOLLAH 2226 TRICKLNG CRK DR LA VERNE CA 91750 $239,199.64
600130945 ROY,H 6868 COYOTE CANYON SOMIS CA 93066 $788,499.84
600130946 MARKS,EVA 8401 NATALIE LN W HILLS CA 91304 $166,785.98
600130947 LICHT,CHRISTA 9617 ORCHARD HILL CIR DALLAS TX 75243 $35,177.47
600130948 CRESSY,JEFFREY 7960 E 7TH ST DOWNEY CA 90241 $218,796.51
600130949 CARTER,RONNIE 1646 WITT HILL DR SPRING HILL TN 37174 $103,268.42
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130421 LERNER 8.125 .250 7.875 .0500 7.825 01/01/2028
600130422 BEANE 8.125 .250 7.875 .0500 7.825 02/01/2028
600130424 CAGAN 8.000 .250 7.750 .0500 7.700 01/01/2028
600130425 DAVIS 8.375 .250 8.125 .0500 8.075 02/01/2028
600130440 MCFADDEN 8.125 .250 7.875 .0500 7.825 10/01/2027
600130446 HARRIS 8.000 .250 7.750 .0500 7.700 01/01/2028
600130450 GOLDEN 8.250 .250 8.000 .0500 7.950 02/01/2028
600130941 GONZALE 8.500 .250 8.250 .0500 8.200 02/01/2028
600130944 HESSAR-AMIRI,EHSANOLLAH 8.500 .250 8.250 .0500 8.200 01/01/2023
600130945 ROY,H 8.150 .250 7.900 .0500 7.850 03/01/2023
600130946 MARKS,EVA 8.875 .250 8.625 .0500 8.575 07/01/2023
600130947 LICHT,CHRISTA 8.250 .250 8.000 .0500 7.950 04/01/2024
600130948 CRESSY,JEFFREY 8.835 .250 8.585 .0500 8.535 05/01/2024
600130949 CARTER,RONNIE 8.125 .250 7.875 .0500 7.825 07/01/2024
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130421 LERNER 6228504 $2,130.97 03/01/1998 360
600130422 BEANE 6228565 $2,160.67 03/01/1998 360
600130424 CAGAN 6228791 $2,779.50 03/01/1998 360
600130425 DAVIS 6230193 $3,040.29 03/01/1998 360
600130440 MCFADDEN 6312235 $2,479.94 03/01/1998 360
600130446 HARRIS 6324236 $2,077.29 2 03/01/1998 360
600130450 GOLDEN 6324346 $1,990.86 03/01/1998 360
600130941 GONZALE 6230304 $2,034.93 12 03/01/1998 360
600130944 HESSAR-AMIRI,EHSANOLLAH 9109273855 $1,929.89 1 03/01/1998 360
600130945 ROY,H 9109274903 $6,176.77 03/01/1998 360
600130946 MARKS,EVA 9109277658 $1,410.10 03/01/1998 360
600130947 LICHT,CHRISTA 9109326752 $273.93 03/01/1998 360
600130948 CRESSY,JEFFREY 9109328139 $1,791.48 03/01/1998 360
600130949 CARTER,RONNIE 9109338047 $795.95 03/01/1998 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>
600130421 LERNER .00 .00 .00 .000 .250 .300 $385,000.00 N
600130422 BEANE .00 .00 .00 .000 .250 .300 $375,000.00 N
600130424 CAGAN .00 .00 .00 .000 .250 .300 $590,000.00 N
600130425 DAVIS .00 .00 .00 .000 .250 .300 $500,000.00 N
600130440 MCFADDEN .00 .00 .00 .000 .250 .300 $450,000.00 N
600130446 HARRIS .00 .00 .00 .000 .250 .300 $305,000.00 N
600130450 GOLDEN .00 .00 .00 .000 .250 .300 $365,000.00 N
600130941 GONZALE .00 .00 .00 .000 .250 .300 $278,627.00 N
600130944 HESSAR-AMIRI,EHSANOLLAH $318,000.00 N
600130945 ROY,H $1,200,000.00 N
600130946 MARKS,EVA $275,000.00 N
600130947 LICHT,CHRISTA $104,250.00 N
600130948 CRESSY,JEFFREY $285,000.00 N
600130949 CARTER,RONNIE $134,900.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 24
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130950 STEIDELE,MONICA 539 W COULTER JACKSON WY 83001 $100,749.16
600130951 SYWYK,KEVIN 11182 W HILL RD SWARTZ CREEK MI 48473 $93,770.35
600130952 MAGGIO,ELIZABETH 4020 NEW YORK AVE SEAFORD NY 11783 $112,283.63
600130953 CARVER,JEFFREY 120 CAS HILLS DR SAN ANTONIO TX 78213 $239,073.00
600130954 STEWART,MICHAEL 357 LAKE MEADE DR EAST BERLIN PA 17316 $113,129.79
600130955 RZASA,JANICE 27 CARRIAGE HOUSE RD SPARTA NJ 07871 $96,421.62
600130956 KALOGEROPOULOS,P 7785 LEE RD HAMBURG TOWNSHI MI 48139 $300,935.41
600130957 SAWYER,WILLIAM 343 LOWER RD DURANGO CO 81301 $145,615.45
600130959 VRATARIC,NICHOLAS 3832 BERRYMAN AVE LOS ANGELES CA 90024 $237,344.63
600130961 CASILLAS,TERESA 149 S EDINBURGH AVE LOS ANGELES CA 90048 $247,824.96
600130965 CHRISLOCK,JAMES 3960 EMPIRE GRADE SANTA CRUZ CA 95060 $274,795.91
600130966 KOEHLER,PATRICIA 2461 GRIZZLEY RD RENO NV 89511 $69,950.59
600130967 MARTOCCHIO,TONEATA 11930 HORSESHOE RD OAKDALE CA 95361 $249,819.05
600130968 GLADSTONE,GARRY 2 SITGES LAGUNA NIGUEL CA 92677 $413,692.75
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130950 STEIDELE,MONICA 8.375 .250 8.125 .0500 8.075 07/01/2024
600130951 SYWYK,KEVIN 8.125 .250 7.875 .0500 7.825 09/01/2024
600130952 MAGGIO,ELIZABETH 8.375 .250 8.125 .0500 8.075 10/01/2024
600130953 CARVER,JEFFREY 8.125 .250 7.875 .0500 7.825 09/01/2024
600130954 STEWART,MICHAEL 8.125 .250 7.875 .0500 7.825 09/01/2024
600130955 RZASA,JANICE 8.250 .250 8.000 .0500 7.950 11/01/2024
600130956 KALOGEROPOULOS,P 8.500 .250 8.250 .0500 8.200 06/01/2025
600130957 SAWYER,WILLIAM 8.155 .250 7.905 .0500 7.855 06/01/2025
600130959 VRATARIC,NICHOLAS 8.125 .250 7.875 .0500 7.825 02/01/2028
600130961 CASILLAS,TERESA 7.750 .250 7.500 .0500 7.450 02/01/2028
600130965 CHRISLOCK,JAMES 7.500 .250 7.250 .0500 7.200 02/01/2028
600130966 KOEHLER,PATRICIA 7.750 .250 7.500 .0500 7.450 02/01/2028
600130967 MARTOCCHIO,TONEATA 7.625 .250 7.375 .0500 7.325 02/01/2028
600130968 GLADSTONE,GARRY 7.500 .250 7.250 .0500 7.200 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130950 STEIDELE,MONICA 9109338070 $790.99 03/01/1998 360
600130951 SYWYK,KEVIN 9109346206 $723.82 03/01/1998 360
600130952 MAGGIO,ELIZABETH 9109346495 $903.95 03/01/1998 360
600130953 CARVER,JEFFREY 9109346602 $1,833.64 03/01/1998 360
600130954 STEWART,MICHAEL 9109346685 $867.75 2 03/01/1998 360
600130955 RZASA,JANICE 9109349663 $747.44 03/01/1998 360
600130956 KALOGEROPOULOS,P 9109360371 $2,367.03 12 03/01/1998 360
600130957 SAWYER,WILLIAM 9109362104 $1,112.91 03/01/1998 360
600130959 VRATARIC,NICHOLAS 9159908152 $1,763.44 1 03/01/1998 360
600130961 CASILLAS,TERESA 9159922690 $1,776.71 03/01/1998 360
600130965 CHRISLOCK,JAMES 9159940189 $1,922.84 03/01/1998 360
600130966 KOEHLER,PATRICIA 9159962431 $501.49 03/01/1998 360
600130967 MARTOCCHIO,TONEATA 9159966465 $1,769.49 03/01/1998 360
600130968 GLADSTONE,GARRY 9159982520 $2,894.75 12 03/01/1998 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>
600130950 STEIDELE,MONICA $137,000.00 N
600130951 SYWYK,KEVIN $146,000.00 N
600130952 MAGGIO,ELIZABETH $173,000.00 N
600130953 CARVER,JEFFREY $330,000.00 N
600130954 STEWART,MICHAEL $125,000.00 N
600130955 RZASA,JANICE $292,000.00 N
600130956 KALOGEROPOULOS,P $343,000.00 N
600130957 SAWYER,WILLIAM $350,000.00 N
600130959 VRATARIC,NICHOLAS $250,000.00 N
600130961 CASILLAS,TERESA $310,000.00 N
600130965 CHRISLOCK,JAMES $404,000.00 N
600130966 KOEHLER,PATRICIA $150,000.00 N
600130967 MARTOCCHIO,TONEATA $460,000.00 N
600130968 GLADSTONE,GARRY $460,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 25
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130972 FORREST,GREGORY 33751 ROSSCOMMON LN SN JUN CPSTRN CA 92675 $854,161.76
600130973 PIERINI,JEFFRY 31241 PASEO MIRALOMA SN JUN CPSTRN CA 92675 $319,762.51
600130974 MCCLURE,MARIENNE 4393 TERRABELLA WAY OAKLAND CA 94619 $239,821.88
600130978 SHEN,ALEXANDER 2775 ASHWOOD CIR FULLERTON CA 92835 $299,782.86
600130979 SEDGHI,RAY 179 WINDJAMMER CT HENDERSON NV 89014 $239,821.88
600130980 WONG,KAM 920 LA SENDA RD HILLSBOROUGH CA 94010 $569,555.34
600130981 KOENIG JR,RICHARD 1391 CLAREMONT DR SAN BRUNO CA 94066 $247,806.53
600130983 EZRAN,ELIAHU 462 S WETHERLY DR BEVERLY HILLS CA 90211 $307,758.83
600130985 BARRETT,LEE 147 LOUISE LN SAN MATEO CA 94403 $312,955.67
600130986 GUERRERO,MAURA 1121 FAIRMONT DR SAN BRUNO CA 94066 $273,486.48
600130987 ALAMEDDINE,HISHAM 15 IRIS LN SAN CARLOS CA 94070 $384,707.05
600130988 EWING,HARRY 2888 HILLSIDE DR BURLINGAME CA 94010 $314,754.27
600130989 AMIDHOZOUR,RAHIM 214 ELEANOR DR WOODSIDE CA 94062 $649,541.24
600130993 SIFF,FREDERICK 121 BAYONA DR SANTA CRUZ CA 95060 $300,792.85
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130972 FORREST,GREGORY 7.875 .250 7.625 .0500 7.575 02/01/2028
600130973 PIERINI,JEFFRY 7.500 .250 7.250 .0500 7.200 02/01/2028
600130974 MCCLURE,MARIENNE 7.500 .250 7.250 .0500 7.200 02/01/2028
600130978 SHEN,ALEXANDER 7.625 .250 7.375 .0500 7.325 02/01/2028
600130979 SEDGHI,RAY 7.500 .250 7.250 .0500 7.200 02/01/2028
600130980 WONG,KAM 7.250 .250 7.000 .0500 6.950 02/01/2028
600130981 KOENIG JR,RICHARD 7.250 .250 7.000 .0500 6.950 02/01/2028
600130983 EZRAN,ELIAHU 7.250 .250 7.000 .0500 6.950 02/01/2028
600130985 BARRETT,LEE 7.250 .250 7.000 .0500 6.950 02/01/2028
600130986 GUERRERO,MAURA 7.250 .250 7.000 .0500 6.950 02/01/2028
600130987 ALAMEDDINE,HISHAM 7.375 .250 7.125 .0500 7.075 02/01/2028
600130988 EWING,HARRY 7.250 .250 7.000 .0500 6.950 02/01/2028
600130989 AMIDHOZOUR,RAHIM 7.750 .250 7.500 .0500 7.450 02/01/2028
600130993 SIFF,FREDERICK 7.875 .250 7.625 .0500 7.575 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130972 FORREST,GREGORY 9159983825 $6,197.54 03/01/1998 360
600130973 PIERINI,JEFFRY 9159983957 $2,237.49 03/01/1998 360
600130974 MCCLURE,MARIENNE 9159992834 $1,678.12 03/01/1998 360
600130978 SHEN,ALEXANDER 9169178309 $2,123.39 03/01/1998 360
600130979 SEDGHI,RAY 9169185817 $1,678.12 03/01/1998 360
600130980 WONG,KAM 9179153383 $3,888.41 03/01/1998 360
600130981 KOENIG JR,RICHARD 9179156154 $1,691.80 03/01/1998 360
600130983 EZRAN,ELIAHU 9179156501 $2,101.11 03/01/1998 360
600130985 BARRETT,LEE 9179772794 $2,136.58 03/01/1998 360
600130986 GUERRERO,MAURA 9179773206 $1,867.12 2 03/01/1998 360
600130987 ALAMEDDINE,HISHAM 9179773354 $2,659.10 03/01/1998 360
600130988 EWING,HARRY 9179773503 $2,148.86 03/01/1998 360
600130989 AMIDHOZOUR,RAHIM 9179773552 $4,656.68 03/01/1998 360
600130993 SIFF,FREDERICK 9179797874 $2,182.46 03/01/1998 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>
600130972 FORREST,GREGORY $1,325,000.00 N
600130973 PIERINI,JEFFRY $455,000.00 N
600130974 MCCLURE,MARIENNE $300,000.00 N
600130978 SHEN,ALEXANDER $380,000.00 N
600130979 SEDGHI,RAY $320,000.00 N
600130980 WONG,KAM $900,000.00 N
600130981 KOENIG JR,RICHARD $330,000.00 N
600130983 EZRAN,ELIAHU $490,000.00 N
600130985 BARRETT,LEE $435,000.00 N
600130986 GUERRERO,MAURA $322,000.00 N
600130987 ALAMEDDINE,HISHAM $575,000.00 N
600130988 EWING,HARRY $720,000.00 N
600130989 AMIDHOZOUR,RAHIM $1,600,000.00 N
600130993 SIFF,FREDERICK $480,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 26
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130994 GRABLE,TRUDY 14531 OAK ST UNIT A SARATOGA CA 95070 $322,260.66
600130995 ROBINSON,SCOTT 445 W MAPLE WAY REDWOOD CITY CA 94062 $808,443.24
600130996 DORSEL,ANDREAS 140 SANTA MARGARITA AVE MENLO PARK CA 94025 $419,680.41
600130997 BULINSKI,RAYNOLD 1171 LA ROCHELLE TERRACE SUNNYVALE CA 94089 $257,817.90
600130998 HANAMOTO,MARK 3303 HASKINS DR BELMONT CA 94002 $329,367.37
600130999 ZHELEZNYAK,ALEXANDER 26 LENNOX RD KENSINGTON CA 94707 $312,284.93
600131000 KIELY,MICHAEL 831 REGULUS ST FOSTER CITY CA 94404 $335,768.76
600131002 VO,HUNG 1838 TAMBOUR WAY SAN JOSE CA 95131 $251,633.96
600131003 HUBBACK,PETER 3381 ALLRED LN SOQUEL CA 95073 $274,795.91
600131004 HAGEN,LARS 1711 ROBIN WHIPPLE WAY BELMONT CA 94002 $349,746.68
600131005 GEVA,OFER 1757 HERON AVE SUNNYVALE CA 94087 $276,799.51
600131006 HOSSEINI,MOHSEN 1258 COBBLE STONE DR CAMPBELL CA 95008 $375,234.97
600131007 NEWMAN,KEITH 1028 HAVRE CT SUNNYVALE CA 94087 $399,724.72
600131011 SASAO,MARK 2378 APSIS CT SAN JOSE CA 95124 $240,825.56
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130994 GRABLE,TRUDY 7.500 .250 7.250 .0500 7.200 02/01/2028
600130995 ROBINSON,SCOTT 7.875 .250 7.625 .0500 7.575 02/01/2028
600130996 DORSEL,ANDREAS 7.375 .250 7.125 .0500 7.075 02/01/2028
600130997 BULINSKI,RAYNOLD 7.750 .250 7.500 .0500 7.450 02/01/2028
600130998 HANAMOTO,MARK 7.750 .250 7.500 .0500 7.450 02/01/2028
600130999 ZHELEZNYAK,ALEXANDER 7.875 .250 7.625 .0500 7.575 02/01/2028
600131000 KIELY,MICHAEL 7.875 .250 7.625 .0500 7.575 02/01/2028
600131002 VO,HUNG 7.750 .250 7.500 .0500 7.450 02/01/2028
600131003 HUBBACK,PETER 7.500 .250 7.250 .0500 7.200 02/01/2028
600131004 HAGEN,LARS 7.625 .250 7.375 .0500 7.325 02/01/2028
600131005 GEVA,OFER 7.625 .250 7.375 .0500 7.325 02/01/2028
600131006 HOSSEINI,MOHSEN 7.750 .250 7.500 .0500 7.450 02/01/2028
600131007 NEWMAN,KEITH 7.875 .250 7.625 .0500 7.575 02/01/2028
600131011 SASAO,MARK 7.625 .250 7.375 .0500 7.325 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130994 GRABLE,TRUDY 9179798179 $2,254.97 03/01/1998 360
600130995 ROBINSON,SCOTT 9179798468 $5,865.82 03/01/1998 360
600130996 DORSEL,ANDREAS 9179798476 $2,900.84 03/01/1998 360
600130997 BULINSKI,RAYNOLD 9179798500 $1,848.35 03/01/1998 360
600130998 HANAMOTO,MARK 9179798591 $2,361.30 03/01/1998 360
600130999 ZHELEZNYAK,ALEXANDER 9179798864 $2,265.85 03/01/1998 360
600131000 KIELY,MICHAEL 9179799078 $2,436.24 03/01/1998 360
600131002 VO,HUNG 9179799300 $1,812.53 03/01/1998 360
600131003 HUBBACK,PETER 9179799334 $1,922.84 03/01/1998 360
600131004 HAGEN,LARS 9179799359 $2,477.28 03/01/1998 360
600131005 GEVA,OFER 9179799367 $1,960.59 03/01/1998 360
600131006 HOSSEINI,MOHSEN 9179799375 $2,690.13 03/01/1998 360
600131007 NEWMAN,KEITH 9179799789 $2,900.28 03/01/1998 360
600131011 SASAO,MARK 9179801387 $1,705.79 03/01/1998 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>
600130994 GRABLE,TRUDY $430,000.00 N
600130995 ROBINSON,SCOTT $1,200,000.00 N
600130996 DORSEL,ANDREAS $525,000.00 N
600130997 BULINSKI,RAYNOLD $345,000.00 N
600130998 HANAMOTO,MARK $592,000.00 N
600130999 ZHELEZNYAK,ALEXANDER $395,000.00 N
600131000 KIELY,MICHAEL $470,000.00 N
600131002 VO,HUNG $400,000.00 N
600131003 HUBBACK,PETER $890,000.00 N
600131004 HAGEN,LARS $440,000.00 N
600131005 GEVA,OFER $435,000.00 N
600131006 HOSSEINI,MOHSEN $475,000.00 N
600131007 NEWMAN,KEITH $600,000.00 N
600131011 SASAO,MARK $400,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 27
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131012 LEAHY,SCOTT 1664 VALLEY OAKS DR GILROY CA 95020 $294,786.48
600131013 NGUYEN,TRONG 20091 PIERCE CT SARATOGA CA 95070 $403,700.17
600131014 ZIELINSKI,DAVID 5163 VICENZA WAY SAN JOSE CA 95138 $628,644.67
600131015 LU,JANE 309 LOS PINOS WAY SAN JOSE CA 95119 $258,812.54
600131016 JU,PETER 19288 KERWIN RANCH CT SARATOGA CA 95070 $699,493.36
600131017 TZYY,JAMES 859 QUINTINIA DR SUNNYVALE CA 94086 $299,788.26
600131019 OTTENWELLER,WILLIAM 26 TRILLIUM LN SAN CARLOS CA 94070 $277,199.23
600131021 SIMPSON,OLIVER 4263 CAMBRIDGE WAY UNION CITY CA 94587 $301,786.85
600131022 HALL,DEBORAH 2381 ROSEWOOD DR SAN BRUNO CA 94066 $275,805.20
600131023 YI,RON 1942 CAPE HILDA PL SAN JOSE CA 95133 $251,803.41
600131024 SILVERBERG,SCOTT 554 3RD AVE SAN FRANCISCO CA 94118 $322,266.58
600131025 HO,CHEONG 105 CORONA ST SAN FRANCISCO CA 94127 $329,761.16
600131026 GACAYAN,JOSELITO 2941 MAYGLEN WAY SAN JOSE CA 95133 $251,817.60
600131027 CABANA JR,AMANTE 3632 SYDNEY DR SAN JOSE CA 95132 $245,821.95
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131012 LEAHY,SCOTT 7.625 .250 7.375 .0500 7.325 02/01/2028
600131013 NGUYEN,TRONG 7.500 .250 7.250 .0500 7.200 02/01/2028
600131014 ZIELINSKI,DAVID 7.625 .250 7.375 .0500 7.325 02/01/2028
600131015 LU,JANE 7.625 .250 7.375 .0500 7.325 02/01/2028
600131016 JU,PETER 7.625 .250 7.375 .0500 7.325 02/01/2028
600131017 TZYY,JAMES 7.750 .250 7.500 .0500 7.450 02/01/2028
600131019 OTTENWELLER,WILLIAM 7.625 .250 7.375 .0500 7.325 02/01/2028
600131021 SIMPSON,OLIVER 7.750 .250 7.500 .0500 7.450 02/01/2028
600131022 HALL,DEBORAH 7.750 .250 7.500 .0500 7.450 02/01/2028
600131023 YI,RON 7.250 .250 7.000 .0500 6.950 02/01/2028
600131024 SILVERBERG,SCOTT 7.625 .250 7.375 .0500 7.325 02/01/2028
600131025 HO,CHEONG 7.625 .250 7.375 .0500 7.325 02/01/2028
600131026 GACAYAN,JOSELITO 7.625 .250 7.375 .0500 7.325 02/01/2028
600131027 CABANA JR,AMANTE 7.625 .250 7.375 .0500 7.325 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131012 LEAHY,SCOTT 9179801486 $2,088.00 03/01/1998 360
600131013 NGUYEN,TRONG 9179801809 $2,824.83 03/01/1998 360
600131014 ZIELINSKI,DAVID 9179801858 $4,452.74 03/01/1998 360
600131015 LU,JANE 9179802294 $1,833.19 03/01/1998 360
600131016 JU,PETER 9179802666 $4,954.56 03/01/1998 360
600131017 TZYY,JAMES 9179803011 $2,149.24 03/01/1998 360
600131019 OTTENWELLER,WILLIAM 9179804605 $1,963.42 03/01/1998 360
600131021 SIMPSON,OLIVER 9179804951 $2,163.57 1 03/01/1998 360
600131022 HALL,DEBORAH 9179805040 $1,977.30 03/01/1998 360
600131023 YI,RON 9179805248 $1,719.09 03/01/1998 360
600131024 SILVERBERG,SCOTT 9179805297 $2,282.64 03/01/1998 360
600131025 HO,CHEONG 9179805578 $2,335.72 03/01/1998 360
600131026 GACAYAN,JOSELITO 9179806303 $1,783.65 03/01/1998 360
600131027 CABANA JR,AMANTE 9179806402 $1,741.18 03/01/1998 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>
600131012 LEAHY,SCOTT $377,129.00 N
600131013 NGUYEN,TRONG $770,000.00 N
600131014 ZIELINSKI,DAVID $900,000.00 N
600131015 LU,JANE $325,000.00 N
600131016 JU,PETER $1,260,000.00 N
600131017 TZYY,JAMES $443,000.00 N
600131019 OTTENWELLER,WILLIAM $390,000.00 N
600131021 SIMPSON,OLIVER $318,265.00 N
600131022 HALL,DEBORAH $345,000.00 N
600131023 YI,RON $315,000.00 N
600131024 SILVERBERG,SCOTT $430,000.00 N
600131025 HO,CHEONG $501,000.00 N
600131026 GACAYAN,JOSELITO $320,000.00 N
600131027 CABANA JR,AMANTE $308,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 28
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131028 LEE,WILLIS 43412 LAUREL GLEN COMMON FREMONT CA 94539 $404,684.06
600131033 ROSEN,DAVID 20 PRESHER WAY LAFAYETTE CA 94549 $499,609.94
600131035 CHOWDHURY,JASPAL 4517 MAUREEN CIR LIVERMORE CA 94550 $262,814.37
600131036 MCCLAIN,STUART 4150 17TH ST SAN FRANCISCO CA 94114 $331,753.60
600131039 CHONG,YEE 480 ARBOL VIA WALNUT CREEK CA 94598 $438,932.08
600131042 WEISS,RICHARD 15 SANTA RAY AVE OAKLAND CA 94610 $243,827.78
600131043 THOMPSON,TOLLEF 71 CAROLYN CT LAFAYETTE CA 94549 $259,816.49
600131044 ALAVI,FREYDOUN 8644 DON CAROL DR EL CERRITO CA 94530 $384,735.04
600131045 KWOK,JAMES 2366 BROADWAY ST SAN FRANCISCO CA 94115 $317,763.99
600131046 FAHERTY,RONALD 39000 CALLE BANDIDO MURRIETA CA 92563 $229,338.02
600131047 BAILEY,MICHAEL 823 SAN LUIS REY AVE CORONADO CA 92118 $439,665.19
600131048 MAGAUDDA,PAUL 6485 AVENIDA CRESTA LA JOLLA CA 92037 $443,678.64
600131049 BAME,DAVID 2554 N HOLLISTON AVE ALTADENA CA 91001 $251,068.14
600131050 ELARIO,DAVID 4150 ROCK MOUNTAIN RD FALLBROOK CA 92028 $349,740.24
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131028 LEE,WILLIS 7.250 .250 7.000 .0500 6.950 02/01/2028
600131033 ROSEN,DAVID 7.250 .250 7.000 .0500 6.950 02/01/2028
600131035 CHOWDHURY,JASPAL 7.750 .250 7.500 .0500 7.450 02/01/2028
600131036 MCCLAIN,STUART 7.500 .250 7.250 .0500 7.200 02/01/2028
600131039 CHONG,YEE 7.625 .250 7.375 .0500 7.325 02/01/2028
600131042 WEISS,RICHARD 7.750 .250 7.500 .0500 7.450 02/01/2028
600131043 THOMPSON,TOLLEF 7.750 .250 7.500 .0500 7.450 02/01/2028
600131044 ALAVI,FREYDOUN 7.875 .250 7.625 .0500 7.575 02/01/2028
600131045 KWOK,JAMES 7.500 .250 7.250 .0500 7.200 02/01/2028
600131046 FAHERTY,RONALD 7.750 .250 7.500 .0500 7.450 02/01/2028
600131047 BAILEY,MICHAEL 7.375 .250 7.125 .0500 7.075 02/01/2028
600131048 MAGAUDDA,PAUL 7.625 .250 7.375 .0500 7.325 02/01/2028
600131049 BAME,DAVID 7.625 .250 7.375 .0500 7.325 02/01/2028
600131050 ELARIO,DAVID 7.500 .250 7.250 .0500 7.200 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131028 LEE,WILLIS 9179808515 $2,762.82 03/01/1998 360
600131033 ROSEN,DAVID 9190019795 $3,410.89 03/01/1998 360
600131035 CHOWDHURY,JASPAL 9190020801 $1,884.17 19 03/01/1998 360
600131036 MCCLAIN,STUART 9190020918 $2,321.40 03/01/1998 360
600131039 CHONG,YEE 9190030537 $3,108.99 03/01/1998 360
600131042 WEISS,RICHARD 9190033697 $1,748.05 03/01/1998 360
600131043 THOMPSON,TOLLEF 9190034406 $1,862.68 03/01/1998 360
600131044 ALAVI,FREYDOUN 9190034414 $2,791.52 03/01/1998 360
600131045 KWOK,JAMES 9190034646 $2,223.51 03/01/1998 360
600131046 FAHERTY,RONALD 9190036591 $1,644.17 03/01/1998 360
600131047 BAILEY,MICHAEL 9190037060 $3,038.98 03/01/1998 360
600131048 MAGAUDDA,PAUL 9190037235 $3,142.61 03/01/1998 360
600131049 BAME,DAVID 9190037532 $1,778.34 03/01/1998 360
600131050 ELARIO,DAVID 9190037771 $2,447.26 03/01/1998 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>
600131028 LEE,WILLIS $605,875.00 N
600131033 ROSEN,DAVID $700,000.00 N
600131035 CHOWDHURY,JASPAL $320,000.00 N
600131036 MCCLAIN,STUART $415,000.00 N
600131039 CHONG,YEE $575,000.00 N
600131042 WEISS,RICHARD $305,000.00 N
600131043 THOMPSON,TOLLEF $370,000.00 N
600131044 ALAVI,FREYDOUN $550,000.00 N
600131045 KWOK,JAMES $1,525,000.00 N
600131046 FAHERTY,RONALD $450,000.00 N
600131047 BAILEY,MICHAEL $550,000.00 N
600131048 MAGAUDDA,PAUL $575,000.00 N
600131049 BAME,DAVID $335,000.00 N
600131050 ELARIO,DAVID $500,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 29
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131051 KITA,MARK 940 CHERRYSTONE DR LOS GATOS CA 95032 $524,610.37
600131052 YOUNG,MICHAEL 1261 BIG TALK CT SAN JOSE CA 95120 $374,707.46
600131053 LUBACZEWSKI,THOMAS 3203 HEATHERGLOW ST THOUSAND OAKS CA 91360 $259,802.16
600131054 KLEINROCK,IRA 9029 CRESTA DR LOS ANGELES CA 90035 $353,231.01
600131055 BRITTEN,LARY 8915 YUBA RIVER AVE FOUNTAIN VALLEY CA 92708 $249,259.94
600131056 POLANCO,CESAR 6547 ABASCAL DR HACIENDA HEIGHT CA 91745 $206,846.37
600131057 BAKER,JOE 901 COAST VIEW DR LAGUNA BEACH CA 92651 $339,766.01
600131060 ROSENE,DENNIS 440 CABRILLO TERRACE NEWPORT BEACH CA 92625 $359,726.06
600131061 LIONETTI,VINCENT 24653 FARROW DR SANTA CLARITA CA 91355 $290,463.35
600131064 VOGEL,LORING 475 BELVEDERE ST SAN FRANCISCO CA 94117 $449,359.38
600131065 LIVIZ,FELIX 1161 BLYTHE ST FOSTER CITY CA 94404 $366,740.97
600131066 HENRY,KATHY 1621 CEDAR ST SAN CARLOS CA 94070 $349,759.13
600131068 ARMOUR,AIMEE 113545 FARLIN ST LOS ANGELES CA 90049 $405,706.14
600131069 WONG,CHATMAN 1274 GREEN OAK LN LOS ALTOS CA 94024 $394,721.21
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131051 KITA,MARK 7.500 .250 7.250 .0500 7.200 02/01/2028
600131052 YOUNG,MICHAEL 7.250 .250 7.000 .0500 6.950 02/01/2028
600131053 LUBACZEWSKI,THOMAS 7.375 .250 7.125 .0500 7.075 02/01/2028
600131054 KLEINROCK,IRA 7.375 .250 7.125 .0500 7.075 02/01/2028
600131055 BRITTEN,LARY 7.750 .250 7.500 .0500 7.450 02/01/2028
600131056 POLANCO,CESAR 7.500 .250 7.250 .0500 7.200 02/01/2028
600131057 BAKER,JOE 7.875 .250 7.625 .0500 7.575 02/01/2028
600131060 ROSENE,DENNIS 7.375 .250 7.125 .0500 7.075 02/01/2028
600131061 LIONETTI,VINCENT 7.250 .250 7.000 .0500 6.950 02/01/2028
600131064 VOGEL,LORING 7.625 .250 7.375 .0500 7.325 02/01/2028
600131065 LIVIZ,FELIX 7.750 .250 7.500 .0500 7.450 02/01/2028
600131066 HENRY,KATHY 7.875 .250 7.625 .0500 7.575 02/01/2028
600131068 ARMOUR,AIMEE 7.625 .250 7.375 .0500 7.325 02/01/2028
600131069 WONG,CHATMAN 7.750 .250 7.500 .0500 7.450 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131051 KITA,MARK 9190040692 $3,670.88 03/01/1998 360
600131052 YOUNG,MICHAEL 9190041849 $2,558.17 03/01/1998 360
600131053 LUBACZEWSKI,THOMAS 9190060039 $1,795.76 03/01/1998 360
600131054 KLEINROCK,IRA 9190060104 $2,441.54 03/01/1998 360
600131055 BRITTEN,LARY 9190060187 $1,787.00 03/01/1998 360
600131056 POLANCO,CESAR 9190060674 $1,447.38 03/01/1998 360
600131057 BAKER,JOE 9190060690 $2,465.24 03/01/1998 360
600131060 ROSENE,DENNIS 9190063082 $2,486.44 03/01/1998 360
600131061 LIONETTI,VINCENT 9190115940 $1,985.14 2 03/01/1998 360
600131064 VOGEL,LORING 9190126269 $3,185.08 03/01/1998 360
600131065 LIVIZ,FELIX 9190126459 $2,629.24 03/01/1998 360
600131066 HENRY,KATHY 9190126590 $2,537.75 03/01/1998 360
600131068 ARMOUR,AIMEE 9190127333 $2,873.65 03/01/1998 360
600131069 WONG,CHATMAN 9190127960 $2,829.83 03/01/1998 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>
600131051 KITA,MARK $700,000.00 N
600131052 YOUNG,MICHAEL $505,000.00 N
600131053 LUBACZEWSKI,THOMAS $335,000.00 N
600131054 KLEINROCK,IRA $505,000.00 N
600131055 BRITTEN,LARY $367,000.00 N
600131056 POLANCO,CESAR $276,000.00 N
600131057 BAKER,JOE $690,000.00 N
600131060 ROSENE,DENNIS $535,000.00 N
600131061 LIONETTI,VINCENT $330,000.00 N
600131064 VOGEL,LORING $650,000.00 N
600131065 LIVIZ,FELIX $525,000.00 N
600131066 HENRY,KATHY $448,000.00 N
600131068 ARMOUR,AIMEE $580,000.00 N
600131069 WONG,CHATMAN $800,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 30
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131070 METZ I,ARTHUR 6292 SIERRA SIENA RD IRVINE CA 92612 $336,500.08
600131073 SCUDAMORE,RICHARD 601 VISTA BONITA NEWPORT BEACH CA 92660 $231,028.41
600131074 YOUSEFIZADEH,HOMAYOON 14 POSADA IRVINE CA 92614 $310,263.73
600131075 LEVIN,BOB 7081 TATLER RD CARLSBAD CA 92009 $255,480.45
600131076 VENCIL,JON 4319 SANTA CRUZ AVE SAN DIEGO CA 92107 $269,394.85
600131077 GLINER,RAMON 4744 KESWICK CT SAN DIEGO CA 92130 $487,646.79
600131079 WAGGONER,WILLIAM 185 CAMINO AL BARRANCO LA SELVA BEACH CA 95076 $297,784.31
600131084 BLOM,MICHEL 981 FREDENSBORG CANYON R SOLVANG CA 93463 $424,684.58
600131085 ZAJIC,LARRY 4637 VISTA BUENA RD SANTA BARBARA CA 93110 $228,596.53
600131089 MARTINEZ,ALEX 10856 ROCHESTER AVE LOS ANGELES CA 90024 $299,765.97
600131090 FOSTER,TODD 4765 BOXWOOD WAY DUBLIN CA 94568 $247,811.29
600131091 CONTEY,F 840 11TH ST BOULDER CO 80302 $251,812.97
600131094 SHIFRIN,BRIAN 717 GRANT PL BOULDER CO 80302 $299,771.72
600131096 WOLF,MORRIS 2565 EARLY RIVERS CT UNION CITY CA 94587 $229,833.53
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131070 METZ I,ARTHUR 7.500 .250 7.250 .0500 7.200 02/01/2028
600131073 SCUDAMORE,RICHARD 7.500 .250 7.250 .0500 7.200 02/01/2028
600131074 YOUSEFIZADEH,HOMAYOON 7.375 .250 7.125 .0500 7.075 02/01/2028
600131075 LEVIN,BOB 7.375 .250 7.125 .0500 7.075 02/01/2028
600131076 VENCIL,JON 7.375 .250 7.125 .0500 7.075 02/01/2028
600131077 GLINER,RAMON 7.625 .250 7.375 .0500 7.325 02/01/2028
600131079 WAGGONER,WILLIAM 7.625 .250 7.375 .0500 7.325 02/01/2028
600131084 BLOM,MICHEL 7.500 .250 7.250 .0500 7.200 02/01/2028
600131085 ZAJIC,LARRY 7.250 .250 7.000 .0500 6.950 02/01/2028
600131089 MARTINEZ,ALEX 7.250 .250 7.000 .0500 6.950 02/01/2028
600131090 FOSTER,TODD 7.375 .250 7.125 .0500 7.075 02/01/2028
600131091 CONTEY,F 7.500 .250 7.250 .0500 7.200 02/01/2028
600131094 SHIFRIN,BRIAN 7.375 .250 7.125 .0500 7.075 02/01/2028
600131096 WOLF,MORRIS 7.625 .250 7.375 .0500 7.325 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131070 METZ I,ARTHUR 9190128638 $2,354.61 03/01/1998 360
600131073 SCUDAMORE,RICHARD 9199184335 $1,616.59 03/01/1998 360
600131074 YOUSEFIZADEH,HOMAYOON 9199184475 $2,144.55 12 03/01/1998 360
600131075 LEVIN,BOB 9199184731 $1,765.89 03/01/1998 360
600131076 VENCIL,JON 9199546517 $1,862.07 03/01/1998 360
600131077 GLINER,RAMON 9199547556 $3,454.04 03/01/1998 360
600131079 WAGGONER,WILLIAM 9199564619 $2,109.23 03/01/1998 360
600131084 BLOM,MICHEL 9199694085 $2,971.67 03/01/1998 360
600131085 ZAJIC,LARRY 9199695629 $1,560.65 03/01/1998 360
600131089 MARTINEZ,ALEX 9199794919 $2,046.53 03/01/1998 360
600131090 FOSTER,TODD 9199838138 $1,712.88 03/01/1998 360
600131091 CONTEY,F 9199845877 $1,762.03 03/01/1998 360
600131094 SHIFRIN,BRIAN 9199850208 $2,072.03 03/01/1998 360
600131096 WOLF,MORRIS 9199873028 $1,627.93 03/01/1998 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>
600131070 METZ I,ARTHUR $449,000.00 N
600131073 SCUDAMORE,RICHARD $289,000.00 N
600131074 YOUSEFIZADEH,HOMAYOON $345,000.00 N
600131075 LEVIN,BOB $340,900.00 N
600131076 VENCIL,JON $337,000.00 N
600131077 GLINER,RAMON $640,000.00 N
600131079 WAGGONER,WILLIAM $405,000.00 N
600131084 BLOM,MICHEL $545,000.00 N
600131085 ZAJIC,LARRY $360,000.00 N
600131089 MARTINEZ,ALEX $470,000.00 N
600131090 FOSTER,TODD $310,000.00 N
600131091 CONTEY,F $324,000.00 N
600131094 SHIFRIN,BRIAN $400,000.00 N
600131096 WOLF,MORRIS $288,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 31
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131099 LIU,DONALD 13951 UMBRIA WAY POWAY CA 92064 $250,818.33
600131101 KORDESCH,ALBERT 6887 GOLDPINE CT SAN JOSE CA 95120 $423,677.36
600131104 MATTES,MELVIN 3977 ALADDIN DR HUNTINGTON BEAC CA 92649 $235,775.00
600131105 GOLDSTEIN,LARRY 26419 ASHFORK PL RANCHO PALAS VE CA 90275 $274,795.91
600131106 MANN,STUART 3921 ARUBA CIR HUNTINGTON BEAC CA 92649 $299,765.97
600131107 SIREK,RALPH 18575 GARNET LN HUNTINGTON BEAC CA 92064 $297,837.44
600131109 HENKEL,RICHARD 500 VIA LA SELVA REDONDO BEACH CA 90277 $367,227.26
600131110 GHABY,RAMZI 509 CAMINO DE ENCANTO TORRANCE CA 90277 $347,735.20
600131111 CHAMBERS,ROYCE 990 G LA MESA TERRACE SUNNYVALE CA 94086 $233,668.61
600131112 SCHOENDUVE,JAMES 18857 CABERNET DR SARATOGA CA 95020 $639,088.52
600131113 SALVADOR,DIANE 421 E ESTHER PL PLACENTIA CA 92870 $242,217.10
600131116 GONZALEZ,PEDRO 1740 S ALMONDWOOD ST LA HABRA CA 90631 $287,769.69
600131117 PONCE,PAULA 9370 GALLATIN RD DOWNEY CA 90240 $384,714.27
600131118 MURPHY,JOHN 19 LAKESIDE DR CORTE MADERA CA 94925 $280,851.71
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131099 LIU,DONALD 7.625 .250 7.375 .0500 7.325 02/01/2028
600131101 KORDESCH,ALBERT 7.375 .250 7.125 .0500 7.075 02/01/2028
600131104 MATTES,MELVIN 7.500 .250 7.250 .0500 7.200 02/01/2028
600131105 GOLDSTEIN,LARRY 7.500 .250 7.250 .0500 7.200 02/01/2028
600131106 MANN,STUART 7.250 .250 7.000 .0500 6.950 02/01/2028
600131107 SIREK,RALPH 7.125 .250 6.875 .0500 6.825 02/01/2028
600131109 HENKEL,RICHARD 7.500 .250 7.250 .0500 7.200 02/01/2028
600131110 GHABY,RAMZI 7.375 .250 7.125 .0500 7.075 02/01/2028
600131111 CHAMBERS,ROYCE 7.750 .250 7.500 .0500 7.450 01/01/2028
600131112 SCHOENDUVE,JAMES 7.125 .250 6.875 .0500 6.825 02/01/2028
600131113 SALVADOR,DIANE 7.500 .250 7.250 .0500 7.200 02/01/2028
600131116 GONZALEZ,PEDRO 7.125 .250 6.875 .0500 6.825 02/01/2028
600131117 PONCE,PAULA 7.500 .250 7.250 .0500 7.200 02/01/2028
600131118 MURPHY,JOHN 7.750 .250 7.500 .0500 7.450 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131099 LIU,DONALD 9199924599 $1,776.57 03/01/1998 360
600131101 KORDESCH,ALBERT 9199933061 $2,928.47 03/01/1998 360
600131104 MATTES,MELVIN 9199944936 $1,650.15 03/01/1998 360
600131105 GOLDSTEIN,LARRY 9199945529 $1,922.84 03/01/1998 360
600131106 MANN,STUART 9199945693 $2,046.53 03/01/1998 360
600131107 SIREK,RALPH 9199945818 $2,009.82 03/01/1998 360
600131109 HENKEL,RICHARD 9199956716 $2,569.62 03/01/1998 360
600131110 GHABY,RAMZI 9199957276 $2,403.55 03/01/1998 360
600131111 CHAMBERS,ROYCE 9199966780 $1,676.41 03/01/1998 360
600131112 SCHOENDUVE,JAMES 9199967135 $4,309.11 03/01/1998 360
600131113 SALVADOR,DIANE 9199976847 $1,694.88 2 03/01/1998 360
600131116 GONZALEZ,PEDRO 9199979809 $1,940.31 03/01/1998 360
600131117 PONCE,PAULA 9199987349 $2,691.98 03/01/1998 360
600131118 MURPHY,JOHN 9199994329 $2,014.91 03/01/1998 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>
600131099 LIU,DONALD $650,000.00 N
600131101 KORDESCH,ALBERT $642,000.00 N
600131104 MATTES,MELVIN $295,000.00 N
600131105 GOLDSTEIN,LARRY $419,000.00 N
600131106 MANN,STUART $557,000.00 N
600131107 SIREK,RALPH $372,896.00 N
600131109 HENKEL,RICHARD $490,000.00 N
600131110 GHABY,RAMZI $465,000.00 N
600131111 CHAMBERS,ROYCE $325,000.00 N
600131112 SCHOENDUVE,JAMES $799,500.00 N
600131113 SALVADOR,DIANE $269,331.00 N
600131116 GONZALEZ,PEDRO $360,000.00 N
600131117 PONCE,PAULA $565,000.00 N
600131118 MURPHY,JOHN $375,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 32
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131120 DELGRANDE,DOMINICK 55 SPENCER ROAD BASKING RIDGE NJ 07920 $239,945.83
600131121 THOMAS,WILLIAM A 1949 WOOD ROAD SCOTCH PLAINS NJ 07076 $270,857.62
600131122 MCPARTLAN,JOHN P 14 FIELDS LANE SCOTCH PLAINS NJ 07076 $245,013.20
600131124 WALKER,WENDY S 482 FAIRMOUNT AVENUE CHATHAM NJ 07928 $279,024.55
600131126 PASQUALE,KENNETH 224 WOODLAND AVENUE SUMMIT NJ 07901 $281,027.89
600131132 TURNER,CAREN Z 16 WILLOW LANE TENAFLY NJ 07670 $231,583.57
600131135 COHEN,BARRY A 56 MANDEVILLE DRIVE WAYNE NJ 07470 $246,401.97
600131136 WENNING,MICHAEL 557 WESTWOOD AVENUE RIVER VALE NJ 07675 $234,866.65
600131139 GUPTA,NEENA 236 KENT PLACE BLVD SUMMIT NJ 07901 $295,481.00
600131142 DURSKI,ROBERT T 10 TWIN LAKES DRIVE COLTS NECK NJ 07722 $249,801.21
600131143 IVEY,WILLIAM H 7 HORSESHOE COURT PRINCETON NJ 08540 $278,189.68
600131144 MIKHAILIOUK,STANISLAV 124 13TH STREET CRESSKILL NJ 07626 $261,482.85
600131147 TRIPATHI,MAHESH 15 BENNETT ROAD MATAWAN NJ 07747 $239,169.33
600131149 LUI,RANDALL J 60 HUNTINGTON ROAD BASKING RIDGE NJ 07920 $237,732.08
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131120 DELGRANDE,DOMINICK 8.500 .250 8.250 .0500 8.200 05/01/2025
600131121 THOMAS,WILLIAM A 7.750 .250 7.500 .0500 7.450 08/01/2025
600131122 MCPARTLAN,JOHN P 7.750 .250 7.500 .0500 7.450 08/01/2025
600131124 WALKER,WENDY S 7.875 .250 7.625 .0500 7.575 09/01/2025
600131126 PASQUALE,KENNETH 8.000 .250 7.750 .0500 7.700 09/01/2025
600131132 TURNER,CAREN Z 7.875 .250 7.625 .0500 7.575 09/01/2025
600131135 COHEN,BARRY A 8.000 .250 7.750 .0500 7.700 09/01/2025
600131136 WENNING,MICHAEL 8.000 .250 7.750 .0500 7.700 10/01/2025
600131139 GUPTA,NEENA 7.750 .250 7.500 .0500 7.450 11/01/2025
600131142 DURSKI,ROBERT T 8.250 .250 8.000 .0500 7.950 10/01/2025
600131143 IVEY,WILLIAM H 8.375 .250 8.125 .0500 8.075 09/01/2025
600131144 MIKHAILIOUK,STANISLAV 8.375 .250 8.125 .0500 8.075 09/01/2025
600131147 TRIPATHI,MAHESH 8.000 .250 7.750 .0500 7.700 12/01/2025
600131149 LUI,RANDALL J 8.125 .250 7.875 .0500 7.825 09/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131120 DELGRANDE,DOMINICK 1105254070 $1,889.22 12 03/01/1998 360
600131121 THOMAS,WILLIAM A 1105255671 $1,998.79 2 03/01/1998 360
600131122 MCPARTLAN,JOHN P 1105256091 $1,805.36 03/01/1998 360
600131124 WALKER,WENDY S 1105256927 $2,088.20 2 03/01/1998 360
600131126 PASQUALE,KENNETH 1105257586 $2,127.92 03/01/1998 360
600131132 TURNER,CAREN Z 1105258014 $1,740.17 03/01/1998 360
600131135 COHEN,BARRY A 1105258402 $1,849.09 03/01/1998 360
600131136 WENNING,MICHAEL 1105258428 $1,761.04 03/01/1998 360
600131139 GUPTA,NEENA 1105258733 $2,163.57 03/01/1998 360
600131142 DURSKI,ROBERT T 1105259293 $1,915.73 03/01/1998 360
600131143 IVEY,WILLIAM H 1105259418 $2,158.61 03/01/1998 360
600131144 MIKHAILIOUK,STANISLAV 1105259426 $2,029.40 1 03/01/1998 360
600131147 TRIPATHI,MAHESH 1105259681 $1,790.39 03/01/1998 360
600131149 LUI,RANDALL J 1105259715 $1,804.27 1 03/01/1998 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>
600131120 DELGRANDE,DOMINICK $273,000.00 N
600131121 THOMAS,WILLIAM A $310,000.00 N
600131122 MCPARTLAN,JOHN P $315,000.00 N
600131124 WALKER,WENDY S $320,000.00 N
600131126 PASQUALE,KENNETH $380,000.00 N
600131132 TURNER,CAREN Z $300,000.00 N
600131135 COHEN,BARRY A $390,000.00 N
600131136 WENNING,MICHAEL $300,000.00 N
600131139 GUPTA,NEENA $377,500.00 N
600131142 DURSKI,ROBERT T $477,750.00 N
600131143 IVEY,WILLIAM H $355,000.00 N
600131144 MIKHAILIOUK,STANISLAV $317,000.00 N
600131147 TRIPATHI,MAHESH $305,000.00 N
600131149 LUI,RANDALL J $270,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 33
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131150 MONTANO,JOHN A 46 AVALON DRIVE MONTVILLE NJ 07045 $254,459.13
600131151 PUGEL,THOMAS A 110 LORRAINE AVENUE MONTCLAIR NJ 07043 $293,922.98
600131153 HARDY,DAVID M 21 MASON AVENUE EAST BRUNSWICK NJ 08816 $236,468.74
600131155 WILDER,GERARD C 7 YELLOWSTONE DRIVE WEST WINDSOR NJ 08648 $262,418.22
600131157 BURN,ELLIOT R 300 TILLOU ROAD SOUTH ORANGE NJ 07079 $230,124.71
600131162 EHRICH,ELLIOT W 31 INWOOD RD CHATHAM NJ 07928 $252,356.19
600131167 BRONANDER,WILHELM 55 BURMA ROAD WYCKOFF NJ 07481 $286,675.40
600131171 CHARMONT,THOMAS C 77 HILLSIDE ROAD CHESTER NJ 07930 $239,943.17
600131175 HULING,STEPHEN F 3 DELAWARE ROAD MORRISTOWN NJ 07960 $227,591.66
600131176 WEINSTEIN,DAVID M 26 JAROMBEK DRIVE TOWACO NJ 07080 $250,443.83
600131179 GETRAJDMAN,SERGIO R 9 ARROWHEAD ROAD OLD TAPPAN NJ 07675 $259,546.89
600131181 UNGER,MARC A 1 BEAR BROOK COURT LIVINGSTON NJ 07039 $254,320.16
600131182 LUHRS,RICHARD V 109 CLAIRMONT DRIVE WOODCLIFF LAKE NJ 07675 $229,749.78
600131183 NEWMAN,ROBIN A 10 SPENSER DRIVE SHORT HILLS NJ 07078 $230,431.18
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131150 MONTANO,JOHN A 7.750 .250 7.500 .0500 7.450 12/01/2025
600131151 PUGEL,THOMAS A 7.875 .250 7.625 .0500 7.575 12/01/2025
600131153 HARDY,DAVID M 8.250 .250 8.000 .0500 7.950 11/01/2025
600131155 WILDER,GERARD C 8.000 .250 7.750 .0500 7.700 11/01/2025
600131157 BURN,ELLIOT R 7.750 .250 7.500 .0500 7.450 12/01/2025
600131162 EHRICH,ELLIOT W 7.750 .250 7.500 .0500 7.450 01/01/2026
600131167 BRONANDER,WILHELM 7.750 .250 7.500 .0500 7.450 11/01/2025
600131171 CHARMONT,THOMAS C 7.875 .250 7.625 .0500 7.575 12/01/2025
600131175 HULING,STEPHEN F 8.000 .250 7.750 .0500 7.700 11/01/2025
600131176 WEINSTEIN,DAVID M 7.875 .250 7.625 .0500 7.575 01/01/2026
600131179 GETRAJDMAN,SERGIO R 7.750 .250 7.500 .0500 7.450 12/01/2025
600131181 UNGER,MARC A 7.750 .250 7.500 .0500 7.450 11/01/2025
600131182 LUHRS,RICHARD V 7.875 .250 7.625 .0500 7.575 12/01/2025
600131183 NEWMAN,ROBIN A 7.875 .250 7.625 .0500 7.575 01/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131150 MONTANO,JOHN A 1105259772 $1,861.60 03/01/1998 360
600131151 PUGEL,THOMAS A 1105259822 $2,175.21 03/01/1998 360
600131153 HARDY,DAVID M 1105259897 $1,812.06 14 03/01/1998 360
600131155 WILDER,GERARD C 1105259913 $1,970.90 03/01/1998 360
600131157 BURN,ELLIOT R 1105260077 $1,683.57 03/01/1998 360
600131162 EHRICH,ELLIOT W 1105260432 $1,877.00 03/01/1998 360
600131167 BRONANDER,WILHELM 1105261034 $2,099.09 03/01/1998 360
600131171 CHARMONT,THOMAS C 1105261372 $1,794.55 19 03/01/1998 360
600131175 HULING,STEPHEN F 1105261570 $1,705.27 03/01/1998 360
600131176 WEINSTEIN,DAVID M 1105261588 $1,964.94 03/01/1998 360
600131179 GETRAJDMAN,SERGIO R 1105261653 $1,934.32 03/01/1998 360
600131181 UNGER,MARC A 1105261752 $1,862.68 03/01/1998 360
600131182 LUHRS,RICHARD V 1105262214 $1,700.29 03/01/1998 360
600131183 NEWMAN,ROBIN A 1105262230 $1,703.92 03/01/1998 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>
600131150 MONTANO,JOHN A $385,000.00 N
600131151 PUGEL,THOMAS A $380,000.00 N
600131153 HARDY,DAVID M $268,000.00 N
600131155 WILDER,GERARD C $335,754.00 N
600131157 BURN,ELLIOT R $315,000.00 N
600131162 EHRICH,ELLIOT W $327,500.00 N
600131167 BRONANDER,WILHELM $400,000.00 N
600131171 CHARMONT,THOMAS C $277,500.00 N
600131175 HULING,STEPHEN F $290,500.00 N
600131176 WEINSTEIN,DAVID M $445,000.00 N
600131179 GETRAJDMAN,SERGIO R $375,000.00 N
600131181 UNGER,MARC A $325,000.00 N
600131182 LUHRS,RICHARD V $335,000.00 N
600131183 NEWMAN,ROBIN A $425,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 34
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131184 HOCHHAUSER,DAVID J 300 BROOK STREET HARRINGTON PARK NJ 07640 $276,126.47
600131186 KONTOS,STEVEN S 27 THEYKEN PLACE RIDGEWOOD NJ 07450 $294,026.48
600131187 KALISH,MICHAEL 421 COLONIAL ROAD RIDGEWOOD NJ 07450 $292,796.78
600131188 DOMB,HARRY 8 MAGNOLIA COURT MORRISTOWN NJ 07960 $242,900.59
600131189 O'CONNELL,TIMOTHY P 412 CHESTNUT STREET WASHINGTON NJ 07675 $233,229.96
600131190 PELLEGRINO,JOHN M 1743 BAY ISLE DRIVE PT PLEASANT NJ 08742 $240,604.76
600131196 MADURA,KIRAN 16 TIMBERLINE DRIVE BRIDGEWATER NJ 08807 $273,704.38
600131197 KOHN,KENNETH 43 WALNUT DRIVE TENAFLY NJ 07670 $254,088.26
600131199 OGLE,WILLIAM L 150 FOOTHILL ROAD FLEMINGTON NJ 08822 $245,877.66
600131200 PELLICANE,STEVEN N 15 COLLINS DRIVE BELLE MEAD NJ 08502 $294,167.71
600131201 GOLDING,ROBERT M 21 OAKMONT LANE FAR HILLS NJ 07931 $293,249.98
600131206 LAGSTEIN,MARVIN A 677 RAMAPO VALLEY ROAD OAKLAND NJ 07463 $267,693.41
600131208 LASKY,DAVID C 23 ANDREANN DRIVE ANNANDALE NJ 08801 $255,677.00
600131209 MYCKA,JACK M 270 FOREST AVENUE GLEN RIDGE NJ 07028 $278,008.23
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131184 HOCHHAUSER,DAVID J 7.875 .250 7.625 .0500 7.575 01/01/2026
600131186 KONTOS,STEVEN S 7.750 .250 7.500 .0500 7.450 01/01/2026
600131187 KALISH,MICHAEL 7.750 .250 7.500 .0500 7.450 12/01/2025
600131188 DOMB,HARRY 7.750 .250 7.500 .0500 7.450 01/01/2026
600131189 O'CONNELL,TIMOTHY P 7.875 .250 7.625 .0500 7.575 12/01/2025
600131190 PELLEGRINO,JOHN M 7.875 .250 7.625 .0500 7.575 01/01/2026
600131196 MADURA,KIRAN 8.000 .250 7.750 .0500 7.700 01/01/2026
600131197 KOHN,KENNETH 7.875 .250 7.625 .0500 7.575 09/01/2025
600131199 OGLE,WILLIAM L 7.750 .250 7.500 .0500 7.450 04/01/2026
600131200 PELLICANE,STEVEN N 7.875 .250 7.625 .0500 7.575 01/01/2026
600131201 GOLDING,ROBERT M 7.875 .250 7.625 .0500 7.575 12/01/2025
600131206 LAGSTEIN,MARVIN A 8.250 .250 8.000 .0500 7.950 04/01/2026
600131208 LASKY,DAVID C 7.750 .250 7.500 .0500 7.450 05/01/2026
600131209 MYCKA,JACK M 7.750 .250 7.500 .0500 7.450 06/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131184 HOCHHAUSER,DAVID J 1105262248 $2,088.20 03/01/1998 360
600131186 KONTOS,STEVEN S 1105262313 $2,149.24 03/01/1998 360
600131187 KALISH,MICHAEL 1105262321 $2,142.08 03/01/1998 360
600131188 DOMB,HARRY 1105262339 $1,776.71 03/01/1998 360
600131189 O'CONNELL,TIMOTHY P 1105262412 $1,740.17 03/01/1998 360
600131190 PELLEGRINO,JOHN M 1105262560 $1,827.18 03/01/1998 360
600131196 MADURA,KIRAN 1105263311 $2,047.21 12 03/01/1998 360
600131197 KOHN,KENNETH 1105263378 $1,885.19 1 03/01/1998 360
600131199 OGLE,WILLIAM L 1105263402 $1,834.02 2 03/01/1998 360
600131200 PELLICANE,STEVEN N 1105263683 $2,175.21 1 03/01/1998 360
600131201 GOLDING,ROBERT M 1105263782 $2,175.21 03/01/1998 360
600131206 LAGSTEIN,MARVIN A 1105265191 $2,043.45 2 03/01/1998 360
600131208 LASKY,DAVID C 1105265274 $1,862.67 03/01/1998 360
600131209 MYCKA,JACK M 1105266132 $2,034.61 03/01/1998 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>
600131184 HOCHHAUSER,DAVID J $360,000.00 N
600131186 KONTOS,STEVEN S $442,000.00 N
600131187 KALISH,MICHAEL $499,000.00 N
600131188 DOMB,HARRY $435,000.00 N
600131189 O'CONNELL,TIMOTHY P $300,000.00 N
600131190 PELLEGRINO,JOHN M $335,000.00 N
600131196 MADURA,KIRAN $310,000.00 N
600131197 KOHN,KENNETH $300,000.00 N
600131199 OGLE,WILLIAM L $285,000.00 N
600131200 PELLICANE,STEVEN N $333,400.00 N
600131201 GOLDING,ROBERT M $735,555.00 N
600131206 LAGSTEIN,MARVIN A $320,000.00 N
600131208 LASKY,DAVID C $410,000.00 N
600131209 MYCKA,JACK M $355,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 35
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131210 TWARONITE,JOSEPH W 62 HARVARD ROAD FOUR HAVEN NJ 07704 $277,387.65
600131212 LARSON,ROBERT W PO BOX 100 SEA GIRT NJ 08750 $277,305.33
600131213 BARGETZI III,FRED 534 SUMMIT AVE ORADELL NJ 07649 $237,056.50
600131214 CLARK,ROBERT H 107 GREEN AVENUE MADISON NJ 07940 $262,240.57
600131215 MARINO,PETER 17 WAGON TRAIL MAHWAH NJ 07430 $262,972.75
600131216 BROWER,KENNETH L 214 HIGHLAND AVE UPPER MONTCLAIR NJ 07043 $288,419.45
600131218 POLLERA,DANIEL E 1 ASPEN COURT WARREN NJ 07059 $278,458.23
600131220 VAUGHN,CHARLES R 15 STORY COURT FREEHOLD NJ 07728 $236,739.36
600131222 VESPASIANO,MICHAEL 57 YALE STREET CHATHAM NJ 07928 $228,575.52
600131223 INWENTARZ,SY 426 MOUNTAIN WAY MORRIS PLAINS NJ 07950 $246,039.23
600131224 MELNICK,ROBERT J 57 HUNTINGTON ROAD BASKING RIDGE NJ 07920 $245,692.83
600131226 FRANK,MICHAEL A 17 BERKELEY PL MONTCLAIR NJ 07042 $228,613.50
600131227 FRIEDIN,MICHAEL 151 NORTH MOUNTIAN AVE MONTCLAIR NJ 07042 $242,356.69
600131228 MACCIA,GREGORY C 1 ASCOT LANE MORRISTOWN NJ 07960 $245,964.11
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131210 TWARONITE,JOSEPH W 7.750 .250 7.500 .0500 7.450 06/01/2026
600131212 LARSON,ROBERT W 8.375 .250 8.125 .0500 8.075 05/01/2026
600131213 BARGETZI III,FRED 8.000 .250 7.750 .0500 7.700 06/01/2026
600131214 CLARK,ROBERT H 7.875 .250 7.625 .0500 7.575 03/01/2026
600131215 MARINO,PETER 7.750 .250 7.500 .0500 7.450 05/01/2026
600131216 BROWER,KENNETH L 8.000 .250 7.750 .0500 7.700 07/01/2026
600131218 POLLERA,DANIEL E 7.750 .250 7.500 .0500 7.450 06/01/2026
600131220 VAUGHN,CHARLES R 8.250 .250 8.000 .0500 7.950 01/01/2026
600131222 VESPASIANO,MICHAEL 7.875 .250 7.625 .0500 7.575 05/01/2026
600131223 INWENTARZ,SY 8.000 .250 7.750 .0500 7.700 05/01/2026
600131224 MELNICK,ROBERT J 7.875 .250 7.625 .0500 7.575 04/01/2026
600131226 FRANK,MICHAEL A 8.250 .250 8.000 .0500 7.950 08/01/2026
600131227 FRIEDIN,MICHAEL 8.250 .250 8.000 .0500 7.950 08/01/2026
600131228 MACCIA,GREGORY C 8.250 .250 8.000 .0500 7.950 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131210 TWARONITE,JOSEPH W 1105266140 $2,031.03 12 03/01/1998 360
600131212 LARSON,ROBERT W 1105266835 $2,139.22 03/01/1998 360
600131213 BARGETZI III,FRED 1105266900 $1,766.54 12 03/01/1998 360
600131214 CLARK,ROBERT H 1105267064 $1,935.94 03/01/1998 360
600131215 MARINO,PETER 1105267171 $1,998.80 03/01/1998 360
600131216 BROWER,KENNETH L 1105267577 $2,164.61 12 03/01/1998 360
600131218 POLLERA,DANIEL E 1105268104 $2,077.60 03/01/1998 360
600131220 VAUGHN,CHARLES R 1105268435 $1,811.31 2 03/01/1998 360
600131222 VESPASIANO,MICHAEL 1105268724 $1,703.92 1 03/01/1998 360
600131223 INWENTARZ,SY 1105268732 $1,834.42 03/01/1998 360
600131224 MELNICK,ROBERT J 1105268740 $1,812.68 03/01/1998 360
600131226 FRANK,MICHAEL A 1105268922 $1,739.93 03/01/1998 360
600131227 FRIEDIN,MICHAEL 1105268948 $1,857.13 03/01/1998 360
600131228 MACCIA,GREGORY C 1105269045 $1,878.17 03/01/1998 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>
600131210 TWARONITE,JOSEPH W $315,000.00 N
600131212 LARSON,ROBERT W $351,830.00 N
600131213 BARGETZI III,FRED $267,500.00 N
600131214 CLARK,ROBERT H $360,000.00 N
600131215 MARINO,PETER $368,000.00 N
600131216 BROWER,KENNETH L $328,000.00 N
600131218 POLLERA,DANIEL E $550,000.00 N
600131220 VAUGHN,CHARLES R $267,900.00 N
600131222 VESPASIANO,MICHAEL $264,000.00 N
600131223 INWENTARZ,SY $390,000.00 N
600131224 MELNICK,ROBERT J $358,000.00 N
600131226 FRANK,MICHAEL A $290,000.00 N
600131227 FRIEDIN,MICHAEL $310,000.00 N
600131228 MACCIA,GREGORY C $850,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 36
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131230 HRENIUK,DAVID 211 GROSS DRIVE GLEN GARDNER NJ 08826 $258,517.75
600131231 GADOL,CHARLES L 18 RUNNYMEADE ROAD BERKELEY HEIGHT NJ 07922 $239,413.15
600131234 MUSCARELLA,JOSEPH G 32 SOUTHSIDE AVENUE ATLANTIC HIGHLA NJ 07716 $295,895.01
600131235 YOUNGHANS,DONALD P 519 ALOSIO DRIVE RIVER VALE NJ 07675 $234,826.97
600131236 CHIARELLO,STEPHEN A 146 CLINTON AVE HILLSDALE NJ 07642 $247,861.98
600131237 SHEFTIC,JEFFREY 398 NORMA STREET WYCKOFF NJ 07481 $260,612.65
600131239 CAVALLUZZO,ALBERT R 142 ROSS AVENUE EMERSON NJ 07630 $241,479.97
600131242 HARRIS,WILLIAM 332 VOORHIS AVENUE WYCKOFF NJ 07481 $230,985.80
600131244 RICHARDS,ADAM S 16 MADISON DRIVE PLAINSBORO NJ 08536 $233,920.48
600131246 JENNINGS,JOHN F 14 ARCHER LANE BERKELEY HEIGHT NJ 07922 $265,711.91
600131248 ENGELHART,JOHN F 1450 WHIPPOORWILL WAY MOUNTAINSIDE NJ 07092 $233,197.58
600131251 DONSKY,DMITRY 11 RAMILE COURT PARAMUS NJ 07652 $286,430.08
600131253 NIELSEN,PETER 9 FRED JAHN DRIVE FREEHOLD NJ 07728 $246,916.55
600131256 SMITH,KEVIN C 111 LINCOLN AVE FLORHAM PARK NJ 07932 $276,870.35
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131230 HRENIUK,DAVID 8.375 .250 8.125 .0500 8.075 07/01/2026
600131231 GADOL,CHARLES L 7.875 .250 7.625 .0500 7.575 05/01/2026
600131234 MUSCARELLA,JOSEPH G 8.500 .250 8.250 .0500 8.200 06/01/2026
600131235 YOUNGHANS,DONALD P 7.875 .250 7.625 .0500 7.575 03/01/2026
600131236 CHIARELLO,STEPHEN A 8.250 .250 8.000 .0500 7.950 08/01/2026
600131237 SHEFTIC,JEFFREY 7.875 .250 7.625 .0500 7.575 08/01/2026
600131239 CAVALLUZZO,ALBERT R 8.500 .250 8.250 .0500 8.200 05/01/2026
600131242 HARRIS,WILLIAM 8.500 .250 8.250 .0500 8.200 06/01/2026
600131244 RICHARDS,ADAM S 8.000 .250 7.750 .0500 7.700 06/01/2026
600131246 JENNINGS,JOHN F 8.125 .250 7.875 .0500 7.825 05/01/2026
600131248 ENGELHART,JOHN F 8.500 .250 8.250 .0500 8.200 08/01/2026
600131251 DONSKY,DMITRY 8.250 .250 8.000 .0500 7.950 10/01/2026
600131253 NIELSEN,PETER 7.875 .250 7.625 .0500 7.575 10/01/2026
600131256 SMITH,KEVIN C 8.375 .250 8.125 .0500 8.075 10/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131230 HRENIUK,DAVID 1105269193 $1,991.39 03/01/1998 360
600131231 GADOL,CHARLES L 1105269219 $1,812.68 03/01/1998 360
600131234 MUSCARELLA,JOSEPH G 1105269532 $2,306.74 03/01/1998 360
600131235 YOUNGHANS,DONALD P 1105269557 $1,740.17 03/01/1998 360
600131236 CHIARELLO,STEPHEN A 1105269573 $1,886.43 12 03/01/1998 360
600131237 SHEFTIC,JEFFREY 1105269581 $1,921.43 03/01/1998 360
600131239 CAVALLUZZO,ALBERT R 1105270233 $1,883.84 03/01/1998 360
600131242 HARRIS,WILLIAM 1105270357 $1,830.92 03/01/1998 360
600131244 RICHARDS,ADAM S 1105270605 $1,742.70 12 03/01/1998 360
600131246 JENNINGS,JOHN F 1105270985 $2,004.75 03/01/1998 360
600131248 ENGELHART,JOHN F 1105271405 $1,860.77 12 03/01/1998 360
600131251 DONSKY,DMITRY 1105271702 $2,176.80 12 03/01/1998 360
600131253 NIELSEN,PETER 1105271975 $1,812.67 2 03/01/1998 360
600131256 SMITH,KEVIN C 1105272528 $2,128.20 2 03/01/1998 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>
600131230 HRENIUK,DAVID $350,000.00 N
600131231 GADOL,CHARLES L $375,000.00 N
600131234 MUSCARELLA,JOSEPH G $385,000.00 N
600131235 YOUNGHANS,DONALD P $308,400.00 N
600131236 CHIARELLO,STEPHEN A $279,000.00 N
600131237 SHEFTIC,JEFFREY $345,000.00 N
600131239 CAVALLUZZO,ALBERT R $330,500.00 N
600131242 HARRIS,WILLIAM $298,000.00 N
600131244 RICHARDS,ADAM S $263,911.00 N
600131246 JENNINGS,JOHN F $340,000.00 N
600131248 ENGELHART,JOHN F $272,000.00 N
600131251 DONSKY,DMITRY $305,000.00 N
600131253 NIELSEN,PETER $279,900.00 N
600131256 SMITH,KEVIN C $320,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 37
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131258 DIPIPPO,RONALD J 16 CHERRY PLACE HILLSDALE NJ 07642 $230,965.65
600131259 RUSSO,ANN A 6 WHEATFIELD ROAD FLEMINGTON NJ 08889 $255,820.88
600131260 NELSON JR,PETER A 26 RANDALL ROAD HOLMDEL NJ 07733 $291,910.21
600131261 WHALEY,MICHAEL J 5 TERRILL DRIVE TEWSKBURY NJ 07830 $234,262.10
600131263 MEANY,MONICA T 629 FAIRMOUNT AVENUE CHATHAM NJ 07928 $239,689.90
600131264 BARRAL,JOSEPH A 47 BURLINGTON STREET NORWOOD NJ 07648 $259,446.11
600131265 AHEARN,ROBERT P 11 MOUNTAINVIEW COURT DEMAREST NJ 07627 $235,329.65
600131266 DELUCA,ANTHONY J 1627 GLENDOLA ROAD WALL NJ 07719 $247,379.16
600131268 PEARLSON,ALAN ROSS 5 BEAR BROOK COURT LIVINGSTON NJ 07039 $287,454.66
600131269 AVALLONE,CHRISTOPHER J 359 RIDGEWOOD AVENUE GLEN RIDGE NJ 07028 $247,805.78
600131270 WERNER,STUART 21 MORNINGSIDE DRIVE LIVINGSTON NJ 07039 $294,988.03
600131271 FRIEDLAND,KENNETH L 36 SPRINGBROOK ROAD LIVINGSTON NJ 07039 $237,819.72
600131274 SENIF II,THOMAS S 16 KNOLL PLACE WEST CALDWELL NJ 07006 $235,191.29
600131275 LePORE,ROBERT M 549 WINDING RIVER COURT BRICK NJ 08724 $247,513.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131258 DIPIPPO,RONALD J 8.500 .250 8.250 .0500 8.200 07/01/2026
600131259 RUSSO,ANN A 8.500 .250 8.250 .0500 8.200 08/01/2026
600131260 NELSON JR,PETER A 8.125 .250 7.875 .0500 7.825 10/01/2026
600131261 WHALEY,MICHAEL J 8.000 .250 7.750 .0500 7.700 11/01/2026
600131263 MEANY,MONICA T 8.250 .250 8.000 .0500 7.950 07/01/2026
600131264 BARRAL,JOSEPH A 8.500 .250 8.250 .0500 8.200 07/01/2026
600131265 AHEARN,ROBERT P 8.500 .250 8.250 .0500 8.200 10/01/2026
600131266 DELUCA,ANTHONY J 8.375 .250 8.125 .0500 8.075 11/01/2026
600131268 PEARLSON,ALAN ROSS 7.750 .250 7.500 .0500 7.450 03/01/2027
600131269 AVALLONE,CHRISTOPHER J 7.750 .250 7.500 .0500 7.450 03/01/2027
600131270 WERNER,STUART 7.750 .250 7.500 .0500 7.450 03/01/2027
600131271 FRIEDLAND,KENNETH L 7.750 .250 7.500 .0500 7.450 03/01/2027
600131274 SENIF II,THOMAS S 8.000 .250 7.750 .0500 7.700 04/01/2027
600131275 LePORE,ROBERT M 8.000 .250 7.750 .0500 7.700 05/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131258 DIPIPPO,RONALD J 1105272866 $1,799.26 03/01/1998 360
600131259 RUSSO,ANN A 1105273567 $1,991.49 03/01/1998 360
600131260 NELSON JR,PETER A 1105273740 $2,215.61 03/01/1998 360
600131261 WHALEY,MICHAEL J 1105273864 $1,739.02 03/01/1998 360
600131263 MEANY,MONICA T 1105274763 $1,825.58 03/01/1998 360
600131264 BARRAL,JOSEPH A 1105275117 $2,037.63 03/01/1998 360
600131265 AHEARN,ROBERT P 1105276248 $1,868.46 12 03/01/1998 360
600131266 DELUCA,ANTHONY J 1105277436 $1,900.19 03/01/1998 360
600131268 PEARLSON,ALAN ROSS 1105280737 $2,077.60 03/01/1998 360
600131269 AVALLONE,CHRISTOPHER J 1105280927 $1,791.03 03/01/1998 360
600131270 WERNER,STUART 1105280943 $2,132.04 03/01/1998 360
600131271 FRIEDLAND,KENNETH L 1105281479 $1,719.39 03/01/1998 360
600131274 SENIF II,THOMAS S 1105283566 $1,739.02 2 03/01/1998 360
600131275 LePORE,ROBERT M 1105284200 $1,834.41 03/01/1998 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>
600131258 DIPIPPO,RONALD J $292,500.00 N
600131259 RUSSO,ANN A $370,000.00 N
600131260 NELSON JR,PETER A $375,000.00 N
600131261 WHALEY,MICHAEL J $391,736.00 N
600131263 MEANY,MONICA T $329,000.00 N
600131264 BARRAL,JOSEPH A $410,000.00 N
600131265 AHEARN,ROBERT P $270,000.00 N
600131266 DELUCA,ANTHONY J $365,000.00 N
600131268 PEARLSON,ALAN ROSS $372,000.00 N
600131269 AVALLONE,CHRISTOPHER J $375,000.00 N
600131270 WERNER,STUART $372,000.00 N
600131271 FRIEDLAND,KENNETH L $315,000.00 N
600131274 SENIF II,THOMAS S $267,000.00 N
600131275 LePORE,ROBERT M $325,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 38
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131276 SULLIVAN,JAMES S 39 SYMMES DRIVE MANALAPAN NJ 07726 $259,421.14
600131277 BERRY,IVER J 221 BENNINGTON ROAD FREEHOLD NJ 07728 $288,782.74
600131279 FREEMAN,THOMAS 29 VALLEY FORGE DRIVE WHIPPANY NJ 07981 $237,355.95
600131283 LOPRESTI,GASPARE 17 OLD QUARRY RD CEDAR GROVE NJ 07009 $254,898.22
600131285 MALNEEDI,HARISH 37 WADDINGTON AVENUE WEST ORANGE NJ 07052 $236,650.97
600131286 VERMA,MADHURENDRA K 24 HAWTHORNE AVENUE HOLMDEL NJ 07733 $231,714.83
600131287 LIEBES,DAVID R 41 DALEWOOOD ROAD WEST CALDWELL NJ 07006 $258,112.01
600131288 KOCH JR,ROBERT W 36 RIDEVIEW DRIVE BERNARDS TWP. NJ 07920 $248,950.59
600131289 BOWEN,SCOTT S 30 WILLIAM PENN RD WARREN NJ 07059 $249,149.98
600131290 WEGRZYNOWICZ,CAROL 29 TAKOLUSA DR HOLMDEL NJ 07733 $295,463.77
600131291 GALASSO,CARL J 32 BEECHWOOD LANE EAST HANOVER NJ 07936 $263,327.21
600131294 SILK,DONALD H 80 VICTORIA DRIVE BASKING RIDGE NJ 07920 $292,848.76
600131296 LATINO,JOHN J 28 RED ROAD CHATHAM NJ 07928 $276,987.58
600131300 ALEXANDER,BENJAMIN 109 EDGEMONT PLACE TEANECK NJ 07666 $273,502.35
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131276 SULLIVAN,JAMES S 8.125 .250 7.875 .0500 7.825 06/01/2027
600131277 BERRY,IVER J 7.875 .250 7.625 .0500 7.575 09/01/2027
600131279 FREEMAN,THOMAS 7.750 .250 7.500 .0500 7.450 09/01/2027
600131283 LOPRESTI,GASPARE 7.750 .250 7.500 .0500 7.450 09/01/2027
600131285 MALNEEDI,HARISH 7.750 .250 7.500 .0500 7.450 10/01/2027
600131286 VERMA,MADHURENDRA K 7.750 .250 7.500 .0500 7.450 10/01/2027
600131287 LIEBES,DAVID R 7.875 .250 7.625 .0500 7.575 09/01/2027
600131288 KOCH JR,ROBERT W 7.875 .250 7.625 .0500 7.575 09/01/2027
600131289 BOWEN,SCOTT S 8.000 .250 7.750 .0500 7.700 10/01/2027
600131290 WEGRZYNOWICZ,CAROL 7.625 .250 7.375 .0500 7.325 05/01/2024
600131291 GALASSO,CARL J 7.625 .250 7.375 .0500 7.325 08/01/2025
600131294 SILK,DONALD H 7.625 .250 7.375 .0500 7.325 09/01/2025
600131296 LATINO,JOHN J 7.625 .250 7.375 .0500 7.325 12/01/2025
600131300 ALEXANDER,BENJAMIN 7.625 .250 7.375 .0500 7.325 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131276 SULLIVAN,JAMES S 1105285520 $1,937.92 2 03/01/1998 360
600131277 BERRY,IVER J 1105288920 $2,102.70 03/01/1998 360
600131279 FREEMAN,THOMAS 1105289043 $1,712.23 03/01/1998 360
600131283 LOPRESTI,GASPARE 1105290017 $1,834.02 03/01/1998 360
600131285 MALNEEDI,HARISH 1105290884 $1,701.48 2 03/01/1998 360
600131286 VERMA,MADHURENDRA K 1105290892 $1,667.45 12 03/01/1998 360
600131287 LIEBES,DAVID R 1105293466 $1,879.38 12 03/01/1998 360
600131288 KOCH JR,ROBERT W 1105293474 $1,812.68 03/01/1998 360
600131289 BOWEN,SCOTT S 1105293979 $1,834.42 03/01/1998 360
600131290 WEGRZYNOWICZ,CAROL 1105248189 $2,180.00 03/01/1998 360
600131291 GALASSO,CARL J 1105255655 $1,911.04 03/01/1998 360
600131294 SILK,DONALD H 1105256299 $2,123.38 03/01/1998 360
600131296 LATINO,JOHN J 1105259889 $2,003.06 03/01/1998 360
600131300 ALEXANDER,BENJAMIN 1105262909 $1,981.83 03/01/1998 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>
600131276 SULLIVAN,JAMES S $290,000.00 N
600131277 BERRY,IVER J $405,000.00 N
600131279 FREEMAN,THOMAS $299,000.00 N
600131283 LOPRESTI,GASPARE $320,000.00 N
600131285 MALNEEDI,HARISH $250,000.00 N
600131286 VERMA,MADHURENDRA K $245,000.00 N
600131287 LIEBES,DAVID R $288,000.00 N
600131288 KOCH JR,ROBERT W $950,000.00 N
600131289 BOWEN,SCOTT S $490,000.00 N
600131290 WEGRZYNOWICZ,CAROL $615,000.00 N
600131291 GALASSO,CARL J $397,000.00 N
600131294 SILK,DONALD H $464,500.00 N
600131296 LATINO,JOHN J $355,000.00 N
600131300 ALEXANDER,BENJAMIN $350,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 39
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132114 BARUTH,DORON,JUTTA 763-765 CAPP STREET SAN FRANCISCO CA 94110 $240,000.00
600132187 FEUNG,SHU CHU 16022 SAYBROOK DRIVE N.E. WOODINVILLE WA 98072 $333,620.25
600132191 TALL,DAVID,SAMMI 7665 NORTH WHILEAWAY ROAD PARK CITY UT 84098 $244,000.00
600132193 BARTHOLOW/BARTH,ROGER,VIC 43 GRASSY KNOLL LANE LAS FLORES AREA CA 92688 $233,500.00
600132194 ROOFIAN,RAMIN/NILOOFAR 834 GLENMERE WAY LOS ANGELES CA 90049 $570,000.00
600132199 SANFORD,DAVID,CARMELLA 711 SUSSEX PLACE MILPITAS CA 95035 $356,000.00
600132210 BARTON,JON,EMILY 925 EAST CHASE AVENUE EL CAJON CA 92020 $326,000.00
600132217 HUDSON,JAMES,ELLEN 1724 NAVAJO COURT OLYMPIC VALLEY CA 95125 $285,000.00
600132218 SATTELMAYER,FRITZ/BRANKA 104 E STREET REDWOOD CITY CA 94063 $237,000.00
600132224 PONS,LUIS,SANDRA 514 SOUTH EL DORADO STREE SAN MATEO CA 94402 $359,000.00
600132227 RAUH,RICHARD M. 25 HURRICANE STREET MARINA DEL REY, CA 90292 $298,500.00
600132283 LAKER,ROBERT,HEATHER 42092 MIRANDA STREET FREMONT CA 94539 $260,000.00
600132296 NOLAN,ROBERT,STACY 1663 HAUSER CIRCLE THOUSAND OAKS CA 91362 $326,780.59
600132298 BITHELL,GORDON,CAROLYN 1664 AVENIDA VERDE VISTA SAN DIMAS CA 91773 $256,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132114 BARUTH,DORON,JUTTA 7.750 .750 7.000 .0400 6.960 03/01/2028
600132187 FEUNG,SHU CHU 7.875 .750 7.125 .0400 7.085 02/01/2028
600132191 TALL,DAVID,SAMMI 7.875 .750 7.125 .0400 7.085 03/01/2028
600132193 BARTHOLOW/BARTH,ROGER,VIC 7.875 .750 7.125 .0400 7.085 03/01/2028
600132194 ROOFIAN,RAMIN/NILOOFAR 7.875 .750 7.125 .0400 7.085 03/01/2028
600132199 SANFORD,DAVID,CARMELLA 7.875 .750 7.125 .0400 7.085 03/01/2028
600132210 BARTON,JON,EMILY 7.875 .750 7.125 .0400 7.085 03/01/2028
600132217 HUDSON,JAMES,ELLEN 7.875 .750 7.125 .0400 7.085 03/01/2028
600132218 SATTELMAYER,FRITZ/BRANKA 7.875 .750 7.125 .0400 7.085 03/01/2028
600132224 PONS,LUIS,SANDRA 7.875 .750 7.125 .0400 7.085 03/01/2028
600132227 RAUH,RICHARD M. 7.875 .750 7.125 .0400 7.085 03/01/2028
600132283 LAKER,ROBERT,HEATHER 8.000 .750 7.250 .0400 7.210 03/01/2028
600132296 NOLAN,ROBERT,STACY 8.000 .750 7.250 .0400 7.210 02/01/2028
600132298 BITHELL,GORDON,CAROLYN 8.000 .750 7.250 .0400 7.210 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132114 BARUTH,DORON,JUTTA 574368 $1,719.39 03/01/1998 360
600132187 FEUNG,SHU CHU 568248 $2,420.64 03/01/1998 360
600132191 TALL,DAVID,SAMMI 568831 $1,769.17 03/01/1998 360
600132193 BARTHOLOW/BARTH,ROGER,VIC 569657 $1,693.04 03/01/1998 360
600132194 ROOFIAN,RAMIN/NILOOFAR 569994 $4,132.90 03/01/1998 360
600132199 SANFORD,DAVID,CARMELLA 570112 $2,581.25 03/01/1998 360
600132210 BARTON,JON,EMILY 571227 $2,363.73 03/01/1998 360
600132217 HUDSON,JAMES,ELLEN 573484 $2,066.45 03/01/1998 360
600132218 SATTELMAYER,FRITZ/BRANKA 573596 $1,718.41 03/01/1998 360
600132224 PONS,LUIS,SANDRA 574384 $2,603.00 03/01/1998 360
600132227 RAUH,RICHARD M. 574541 $2,164.33 7 03/01/1998 360
600132283 LAKER,ROBERT,HEATHER 564798 $1,907.79 03/01/1998 360
600132296 NOLAN,ROBERT,STACY 568293 $2,399.41 03/01/1998 360
600132298 BITHELL,GORDON,CAROLYN 569689 $1,878.44 03/01/1998 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>
600132114 BARUTH,DORON,JUTTA $405,000.00 N
600132187 FEUNG,SHU CHU $459,000.00 N
600132191 TALL,DAVID,SAMMI $315,000.00 N
600132193 BARTHOLOW/BARTH,ROGER,VIC $291,990.00 N
600132194 ROOFIAN,RAMIN/NILOOFAR $765,000.00 N
600132199 SANFORD,DAVID,CARMELLA $475,000.00 N
600132210 BARTON,JON,EMILY $425,000.00 N
600132217 HUDSON,JAMES,ELLEN $380,000.00 N
600132218 SATTELMAYER,FRITZ/BRANKA $335,000.00 N
600132224 PONS,LUIS,SANDRA $489,000.00 N
600132227 RAUH,RICHARD M. $332,000.00 N
600132283 LAKER,ROBERT,HEATHER $325,000.00 N
600132296 NOLAN,ROBERT,STACY $415,000.00 N
600132298 BITHELL,GORDON,CAROLYN $320,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 40
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132299 BUTLER,JOHN 2320 2ND AVENUE NEWPORT BEACH CA 92625 $262,500.00
600132300 SORGEN,JEFFREY 2347 31ST STREET SANTA MONICA CA 90405 $308,000.00
600132312 NOEL,LONNIE,ANNA 362 CALLE BONITA ESCONDIDO CA 92029 $268,000.00
600132324 KURATA,REIRI 1902 GRANVILLE AVENUE LOS ANGELES CA 90025 $245,000.00
600132368 DAILEY,VINCENT,SANDRA 2533 GALLUP DRIVE SANTA CLARA CA 95051 $305,600.00
600132373 CRAWFORD,RICHARD,CONNY 5018 SOLEDAD ROAD SAN DIEGO CA 92109 $562,132.04
600132374 SPECKMAN,GAYLE 951 OLIVER AVENUE SAN DIEGO CA 92109 $255,200.00
600132387 DESTEFANO,MICHAEL 24306 BELLERIVE CIRCLE LAGUNA NIGUEL CA 92677 $292,800.00
600132389 ROBBINS,BETH-LYNNE 10347 MCCORMICK STREET LOS ANGELES CA 91601 $340,000.00
600132394 BURNS,DAVID, DELLA 11738 LAKE GROVE COURT SAN DIEGO CA 92131 $243,500.00
600132395 DESAI,PRANAU 5291 EAST RURAL RIDGE CIR ANAHEIM CA 92807 $286,000.00
600132397 LIVINGSTON,DAVID,DANA 2368 HIGHVIEW TRAIL VISTA CA 92084 $396,900.00
600132398 HAMILTON,JOZEF 1049 MARION WAY PALM SPRINGS CA 92264 $262,000.00
600132401 SCIBELLI,RICHARD,ELANE 32319 CAHUKA COURT SAN DIEGO CA 92061 $280,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132299 BUTLER,JOHN 8.000 .750 7.250 .0400 7.210 03/01/2028
600132300 SORGEN,JEFFREY 8.000 .750 7.250 .0400 7.210 03/01/2028
600132312 NOEL,LONNIE,ANNA 8.000 .750 7.250 .0400 7.210 03/01/2028
600132324 KURATA,REIRI 8.000 .750 7.250 .0400 7.210 03/01/2028
600132368 DAILEY,VINCENT,SANDRA 8.125 .750 7.375 .0400 7.335 03/01/2028
600132373 CRAWFORD,RICHARD,CONNY 8.125 .750 7.375 .0400 7.335 02/01/2028
600132374 SPECKMAN,GAYLE 8.125 .750 7.375 .0400 7.335 03/01/2028
600132387 DESTEFANO,MICHAEL 8.125 .750 7.375 .0400 7.335 03/01/2028
600132389 ROBBINS,BETH-LYNNE 8.125 .750 7.375 .0400 7.335 03/01/2028
600132394 BURNS,DAVID, DELLA 8.125 .750 7.375 .0400 7.335 03/01/2028
600132395 DESAI,PRANAU 8.125 .750 7.375 .0400 7.335 03/01/2028
600132397 LIVINGSTON,DAVID,DANA 8.125 .750 7.375 .0400 7.335 03/01/2028
600132398 HAMILTON,JOZEF 8.125 .750 7.375 .0400 7.335 03/01/2028
600132401 SCIBELLI,RICHARD,ELANE 8.125 .750 7.375 .0400 7.335 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132299 BUTLER,JOHN 569915 $1,926.13 03/01/1998 360
600132300 SORGEN,JEFFREY 569932 $2,259.99 03/01/1998 360
600132312 NOEL,LONNIE,ANNA 571135 $1,966.49 03/01/1998 360
600132324 KURATA,REIRI 575435 $1,797.72 03/01/1998 360
600132368 DAILEY,VINCENT,SANDRA 564279 $2,269.07 03/01/1998 360
600132373 CRAWFORD,RICHARD,CONNY 566019 $4,176.55 03/01/1998 360
600132374 SPECKMAN,GAYLE 566205 $1,894.85 03/01/1998 360
600132387 DESTEFANO,MICHAEL 569847 $2,174.03 03/01/1998 360
600132389 ROBBINS,BETH-LYNNE 569981 $2,524.49 03/01/1998 360
600132394 BURNS,DAVID, DELLA 570809 $1,807.98 03/01/1998 360
600132395 DESAI,PRANAU 570831 $2,123.54 03/01/1998 360
600132397 LIVINGSTON,DAVID,DANA 570863 $2,946.97 03/01/1998 360
600132398 HAMILTON,JOZEF 571013 $1,945.34 03/01/1998 360
600132401 SCIBELLI,RICHARD,ELANE 571305 $2,078.99 03/01/1998 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>
600132299 BUTLER,JOHN $350,000.00 N
600132300 SORGEN,JEFFREY $385,000.00 N
600132312 NOEL,LONNIE,ANNA $335,000.00 N
600132324 KURATA,REIRI $415,000.00 N
600132368 DAILEY,VINCENT,SANDRA $382,000.00 N
600132373 CRAWFORD,RICHARD,CONNY $720,000.00 N
600132374 SPECKMAN,GAYLE $319,000.00 N
600132387 DESTEFANO,MICHAEL $366,000.00 N
600132389 ROBBINS,BETH-LYNNE $425,000.00 N
600132394 BURNS,DAVID, DELLA $310,000.00 N
600132395 DESAI,PRANAU $360,000.00 N
600132397 LIVINGSTON,DAVID,DANA $580,000.00 N
600132398 HAMILTON,JOZEF $327,500.00 N
600132401 SCIBELLI,RICHARD,ELANE $400,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 41
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132402 SCHOEFFEL,BERNARD,ELIZABE 3188 C STREET SAN DIEGO CA 92102 $268,000.00
600132408 GILLIAM,JERRY,JUDITH 592 DAVIDSON LANE CORVALLIS MT 59828 $385,000.00
600132415 KEARNS,TIMOTHY,ANITA 1477 9TH AVENUE SAN FRANCISCO CA 94122 $273,500.00
600132418 BROWN,SUSANA 9469 GALLATIN ROAD DOWNEY CA 90240 $268,000.00
600132470 DITLEFSEN,GARY 4074 NORTON AVENUE OAKLAND CA 94602 $248,000.00
600132496 BITTERMAN,HENRY, OLGA 122-124 N. MANSFIELD AVEN LOS ANGELES CA 90036 $384,754.50
600132497 GRANDY,LEANA 643 ARLINGTON ROAD REDWOOD CITY CA 94062 $299,808.70
600132498 KHLONGKARNKHIAN,ONGARJ 1815 ARLINGTON BLVD EL CERRITO CA 94530 $299,808.70
600132499 LISTOE,LINDA, JORDEAN 8439 BEACH CIRCLE CYPRESS CA 90630 $325,083.46
600132503 JOHNSON,BRUCE,PILAR 23832 KENSINGTON COURT LOS ANGELES CA 91307 $332,900.00
600132508 CLARK,JEFFERY 319 UNIVERSITY DRIVE COSTA MESA CA 92627 $300,000.00
600132515 VALDECANTOS,SUSAN,MELCOHR 8900 RAINBOW RIDGE DRIVE LAS VEGAS NV 89117 $384,000.00
600132521 SKINNER,ALVIE,JACQUELIN 4916 185TH AVENUE COURT K VAUGHN WA 98394 $285,000.00
600132523 ROCK,EMOKE 1531 10TH PLACE NORTH EDMONDS WA 98020 $231,600.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132402 SCHOEFFEL,BERNARD,ELIZABE 8.125 .750 7.375 .0400 7.335 03/01/2028
600132408 GILLIAM,JERRY,JUDITH 8.125 .750 7.375 .0400 7.335 03/01/2028
600132415 KEARNS,TIMOTHY,ANITA 8.125 .750 7.375 .0400 7.335 03/01/2028
600132418 BROWN,SUSANA 8.125 .750 7.375 .0400 7.335 03/01/2028
600132470 DITLEFSEN,GARY 8.250 .750 7.500 .0400 7.460 03/01/2028
600132496 BITTERMAN,HENRY, OLGA 8.250 .750 7.500 .0400 7.460 02/01/2028
600132497 GRANDY,LEANA 8.250 .750 7.500 .0400 7.460 02/01/2028
600132498 KHLONGKARNKHIAN,ONGARJ 8.250 .750 7.500 .0400 7.460 02/01/2028
600132499 LISTOE,LINDA, JORDEAN 8.250 .750 7.500 .0400 7.460 01/01/2028
600132503 JOHNSON,BRUCE,PILAR 8.250 .750 7.500 .0400 7.460 03/01/2028
600132508 CLARK,JEFFERY 8.250 .750 7.500 .0400 7.460 03/01/2028
600132515 VALDECANTOS,SUSAN,MELCOHR 8.250 .750 7.500 .0400 7.460 03/01/2028
600132521 SKINNER,ALVIE,JACQUELIN 8.250 .750 7.500 .0400 7.460 03/01/2028
600132523 ROCK,EMOKE 8.250 .750 7.500 .0400 7.460 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132402 SCHOEFFEL,BERNARD,ELIZABE 571375 $1,989.89 03/01/1998 360
600132408 GILLIAM,JERRY,JUDITH 572503 $2,858.61 03/01/1998 360
600132415 KEARNS,TIMOTHY,ANITA 573838 $2,030.73 03/01/1998 360
600132418 BROWN,SUSANA 575467 $1,989.89 03/01/1998 360
600132470 DITLEFSEN,GARY 564897 $1,863.14 03/01/1998 360
600132496 BITTERMAN,HENRY, OLGA 568280 $2,892.38 03/01/1998 360
600132497 GRANDY,LEANA 568286 $2,253.80 03/01/1998 360
600132498 KHLONGKARNKHIAN,ONGARJ 568288 $2,253.80 03/01/1998 360
600132499 LISTOE,LINDA, JORDEAN 568290 $2,445.37 03/01/1998 360
600132503 JOHNSON,BRUCE,PILAR 569840 $2,500.97 03/01/1998 360
600132508 CLARK,JEFFERY 570199 $2,253.80 03/01/1998 360
600132515 VALDECANTOS,SUSAN,MELCOHR 570990 $2,884.86 03/01/1998 360
600132521 SKINNER,ALVIE,JACQUELIN 572447 $2,141.11 03/01/1998 360
600132523 ROCK,EMOKE 572594 $1,739.93 03/01/1998 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>
600132402 SCHOEFFEL,BERNARD,ELIZABE $340,000.00 N
600132408 GILLIAM,JERRY,JUDITH $530,000.00 N
600132415 KEARNS,TIMOTHY,ANITA $382,000.00 N
600132418 BROWN,SUSANA $335,000.00 N
600132470 DITLEFSEN,GARY $320,000.00 N
600132496 BITTERMAN,HENRY, OLGA $500,000.00 N
600132497 GRANDY,LEANA $495,000.00 N
600132498 KHLONGKARNKHIAN,ONGARJ $400,000.00 N
600132499 LISTOE,LINDA, JORDEAN $440,000.00 N
600132503 JOHNSON,BRUCE,PILAR $417,353.00 N
600132508 CLARK,JEFFERY $375,000.00 N
600132515 VALDECANTOS,SUSAN,MELCOHR $480,000.00 N
600132521 SKINNER,ALVIE,JACQUELIN $451,000.00 N
600132523 ROCK,EMOKE $289,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 42
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132530 KARCH,SUSANNE 295 LOS ANGELES BOULEVARD SAN ANSELMO CA 94960 $267,829.11
600132534 CASSIDY,SHARON 3435-3439 26TH STREET SAN FRANCISCO CA 94110 $320,000.00
600132535 TANG/TIEU,DUC/VAN 3166 SALEM DRIVE SAN JOSE CA 95127 $304,000.00
600132536 HWANG/CHIANG,TA/LISA 4710 WILLIAMS ROAD SAN JOSE CA 95129 $252,800.00
600132537 CROSSFIELD,AINSWORTH 2848 COWPER STREET PALO ALTO CA 94306 $372,000.00
600132538 LEVIN,SANDRA 366 CLAREMONT BOULEVARD SAN FRANCISCO CA 94127 $308,000.00
600132542 GUSTAVE,STEPHANIE 5626,5626 1/2,5628,5628 1 TEMPLE CITY CA 91780 $300,000.00
600132549 MULLIN/HARTLEY,MICHAEL/CL 31 CURTIS AVENUE SAN RAFAEL CA 94901 $244,000.00
600132585 RAMOS,JOSEPH,MARIA 1906 REINELT AVENUE SANTA CRUZ CA 95062 $249,600.00
600132613 SATTIN,ROBERTO, LESLEY 36 REDWOOD TREE LANE IRVINE CA 92612 $237,200.00
600132619 SOVA,GERALD 1501 NEPTUNE AVENUE ENCINITAS CA 92024 $351,000.00
600132635 ARALAR/HSU,ANDRAS/ANGELA 1154 HUNTINGDON DRIVE SAN JOSE CA 95129 $250,000.00
600132636 FISHER,KIMBERLEY 1871-1875 MCALLISTER STRE SAN FRANCISCO CA 94115 $307,000.00
600132637 PROCTOR,MICHAEL W. 326 NORTH HARPER AVENUE LOS ANGELES CA 90048 $385,800.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132530 KARCH,SUSANNE 8.250 .750 7.500 .0400 7.460 02/01/2028
600132534 CASSIDY,SHARON 8.250 .750 7.500 .0400 7.460 03/01/2028
600132535 TANG/TIEU,DUC/VAN 8.250 .750 7.500 .0400 7.460 03/01/2028
600132536 HWANG/CHIANG,TA/LISA 8.250 .750 7.500 .0400 7.460 03/01/2028
600132537 CROSSFIELD,AINSWORTH 8.250 .750 7.500 .0400 7.460 03/01/2028
600132538 LEVIN,SANDRA 8.250 .750 7.500 .0400 7.460 03/01/2028
600132542 GUSTAVE,STEPHANIE 8.250 .750 7.500 .0400 7.460 03/01/2028
600132549 MULLIN/HARTLEY,MICHAEL/CL 8.250 .750 7.500 .0400 7.460 03/01/2028
600132585 RAMOS,JOSEPH,MARIA 8.375 .750 7.625 .0400 7.585 03/01/2028
600132613 SATTIN,ROBERTO, LESLEY 8.375 .750 7.625 .0400 7.585 03/01/2028
600132619 SOVA,GERALD 8.375 .750 7.625 .0400 7.585 03/01/2028
600132635 ARALAR/HSU,ANDRAS/ANGELA 8.375 .750 7.625 .0400 7.585 03/01/2028
600132636 FISHER,KIMBERLEY 8.375 .750 7.625 .0400 7.585 03/01/2028
600132637 PROCTOR,MICHAEL W. 8.375 .750 7.625 .0400 7.585 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132530 KARCH,SUSANNE 573500 $2,013.39 03/01/1998 360
600132534 CASSIDY,SHARON 573798 $2,404.05 03/01/1998 360
600132535 TANG/TIEU,DUC/VAN 573834 $2,283.85 03/01/1998 360
600132536 HWANG/CHIANG,TA/LISA 573879 $1,899.20 03/01/1998 360
600132537 CROSSFIELD,AINSWORTH 573909 $2,794.71 03/01/1998 360
600132538 LEVIN,SANDRA 573997 $2,313.90 03/01/1998 360
600132542 GUSTAVE,STEPHANIE 575723 $2,253.80 03/01/1998 360
600132549 MULLIN/HARTLEY,MICHAEL/CL 578479 $1,833.09 03/01/1998 360
600132585 RAMOS,JOSEPH,MARIA 564333 $1,897.14 03/01/1998 360
600132613 SATTIN,ROBERTO, LESLEY 570078 $1,802.89 03/01/1998 360
600132619 SOVA,GERALD 570684 $2,667.85 03/01/1998 360
600132635 ARALAR/HSU,ANDRAS/ANGELA 573686 $1,900.18 03/01/1998 360
600132636 FISHER,KIMBERLEY 573854 $2,333.42 03/01/1998 360
600132637 PROCTOR,MICHAEL W. 574531 $2,932.36 03/01/1998 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>
600132530 KARCH,SUSANNE $335,000.00 N
600132534 CASSIDY,SHARON $400,000.00 N
600132535 TANG/TIEU,DUC/VAN $380,000.00 N
600132536 HWANG/CHIANG,TA/LISA $316,000.00 N
600132537 CROSSFIELD,AINSWORTH $465,000.00 N
600132538 LEVIN,SANDRA $385,000.00 N
600132542 GUSTAVE,STEPHANIE $375,000.00 N
600132549 MULLIN/HARTLEY,MICHAEL/CL $305,000.00 N
600132585 RAMOS,JOSEPH,MARIA $312,000.00 N
600132613 SATTIN,ROBERTO, LESLEY $296,500.00 N
600132619 SOVA,GERALD $450,000.00 N
600132635 ARALAR/HSU,ANDRAS/ANGELA $420,000.00 N
600132636 FISHER,KIMBERLEY $420,000.00 N
600132637 PROCTOR,MICHAEL W. $482,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 43
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132690 DINOFIA,MATHEW 7420-7422 CUVIER STREET SAN DIEGO CA 92037 $399,757.68
600132706 ZAKWIN,RENEE 11352-11354 11356 ELDERWO LOS ANGELES CA 90049 $397,758.89
600132712 WILLIAMS/RATZLA,JALI/VERO 1218 SOUTH RIDGELEY DRIVE LOS ANGELES CA 90019 $264,000.00
600132714 LEE,KAREN 4014, 4016, 4016 1/2 SHAS SAN DIEGO CA 92109 $258,000.00
600132724 WONG,VERLAINE 348 19TH AVENUE SAN FRANCISCO CA 94121 $335,000.00
600132780 CLARK,NONA 18450 VASQUEZ CANYON ROAD SANTA CLARITA CA 91350 $280,000.00
600132846 PAULSEN,WILLIAM, MARSHA 531 AVENUE F REDONDO BEACH CA 90277 $236,000.00
600133875 ADAMS,JOHN 1023 BOB O LINK RD HIGHLAND PARK IL 60035 $252,200.00
600133879 REELING,SCOTT 4579 WESLEY CR MASON OH 45040 $260,000.00
600133883 WHEELER,GRAYDON 11142 W COOPER DR LITTLETON CO 80127 $271,000.00
600133887 SOUSA,GEORGE 22 ENOS CR READING MA 01867 $245,000.00
600133900 TUMAS,THOMAS 41232 N CANYON SPRINGS DR CAVE CREEK AZ 85331 $254,500.00
600133903 MATTSON,TIMOTHY 16969 W 68TH PL ARVADA CO 80007 $251,313.35
600133911 PUISZIS,STEVEN 521 N LINDEN AVE OAK PARK IL 60302 $275,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132690 DINOFIA,MATHEW 8.500 .750 7.750 .0400 7.710 02/01/2028
600132706 ZAKWIN,RENEE 8.500 .750 7.750 .0400 7.710 02/01/2028
600132712 WILLIAMS/RATZLA,JALI/VERO 8.500 .750 7.750 .0400 7.710 03/01/2028
600132714 LEE,KAREN 8.500 .750 7.750 .0400 7.710 03/01/2028
600132724 WONG,VERLAINE 8.500 .750 7.750 .0400 7.710 03/01/2028
600132780 CLARK,NONA 8.625 .750 7.875 .0400 7.835 03/01/2028
600132846 PAULSEN,WILLIAM, MARSHA 9.000 .750 8.250 .0400 8.210 03/01/2028
600133875 ADAMS,JOHN 7.625 .250 7.375 .0500 7.325 03/01/2028
600133879 REELING,SCOTT 7.625 .250 7.375 .0500 7.325 03/01/2028
600133883 WHEELER,GRAYDON 7.625 .250 7.375 .0500 7.325 03/01/2028
600133887 SOUSA,GEORGE 7.500 .250 7.250 .0500 7.200 03/01/2028
600133900 TUMAS,THOMAS 7.375 .250 7.125 .0500 7.075 03/01/2028
600133903 MATTSON,TIMOTHY 7.500 .250 7.250 .0500 7.200 02/01/2028
600133911 PUISZIS,STEVEN 7.500 .250 7.250 .0500 7.200 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132690 DINOFIA,MATHEW 566125 $3,075.65 03/01/1998 360
600132706 ZAKWIN,RENEE 568302 $3,060.28 03/01/1998 360
600132712 WILLIAMS/RATZLA,JALI/VERO 570106 $2,029.93 03/01/1998 360
600132714 LEE,KAREN 570416 $1,983.80 03/01/1998 360
600132724 WONG,VERLAINE 573808 $2,575.86 03/01/1998 360
600132780 CLARK,NONA 575560 $2,177.81 03/01/1998 360
600132846 PAULSEN,WILLIAM, MARSHA 576305 $1,898.91 03/01/1998 360
600133875 ADAMS,JOHN 957755 $1,785.06 03/01/1998 360
600133879 REELING,SCOTT 958677 $1,840.27 03/01/1998 360
600133883 WHEELER,GRAYDON 959256 $1,918.13 03/01/1998 360
600133887 SOUSA,GEORGE 959448 $1,713.08 03/01/1998 360
600133900 TUMAS,THOMAS 959816 $1,757.77 03/01/1998 360
600133903 MATTSON,TIMOTHY 959972 $1,758.53 03/01/1998 360
600133911 PUISZIS,STEVEN 960116 $1,922.85 03/01/1998 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>
600132690 DINOFIA,MATHEW $503,000.00 N
600132706 ZAKWIN,RENEE $640,000.00 N
600132712 WILLIAMS/RATZLA,JALI/VERO $330,000.00 N
600132714 LEE,KAREN $375,000.00 N
600132724 WONG,VERLAINE $710,000.00 N
600132780 CLARK,NONA $350,000.00 N
600132846 PAULSEN,WILLIAM, MARSHA $295,000.00 N
600133875 ADAMS,JOHN $318,000.00 N
600133879 REELING,SCOTT $332,000.00 N
600133883 WHEELER,GRAYDON $355,000.00 N
600133887 SOUSA,GEORGE $378,000.00 N
600133900 TUMAS,THOMAS $325,000.00 N
600133903 MATTSON,TIMOTHY $320,000.00 N
600133911 PUISZIS,STEVEN $550,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 44
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600133922 ABRAMCZYK,WILLIAM 38 OLD MILL RD EAST SANDWICH MA 02537 $240,000.00
600133923 KEATING,MONICA 13420 WOOD RED RD REDMOND WA 98052 $243,500.00
600133935 ROBERTS,DANIEL 3471 PLANTATION PL BEAVERCREEK OH 45430 $246,500.00
600133936 PIOCH,PAUL 466 N BROCKWAY ST PALATINE IL 60067 $257,000.00
600133942 PODNAR,JAMES 15350 W WOODVIEW NEW BERLIN WI 53151 $245,500.00
600133943 WARREN,TODD 601 WARBLER CT HIGHLAND PARK IL 60035 $270,000.00
600133946 RAVI,V 15509 HITCHCOCK RD CHESTERFIELD MO 63017 $251,000.00
600133950 YOUNGER,JOHN 2 WYNKOOP CT BETHESDA MD 20817 $270,000.00
600133951 JAKIMOW,JAMES 3770 VERSAILLES HOFFMAN ESTATES IL 60195 $250,000.00
600133954 SWITZER,WESLEY 4509 STARVIEW DR ST LOUIS MO 63128 $247,000.00
600133955 MAY,CHRISTOPHER 12801 N 65TH PL SCOTTSDALE AZ 85254 $135,000.00
600133957 KOVACH,RONALD 405 WILSHIRE CT VALPARAISO IN 46835 $235,000.00
600133958 McCLINTOCK,ROGER 10 BRIARWOOD LN ROCHESTER IL 62563 $246,000.00
600133970 STEVENS,DREW 20 TAMAR CT LAWRENCEVILLE NJ 08648 $255,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600133922 ABRAMCZYK,WILLIAM 7.625 .250 7.375 .0500 7.325 03/01/2028
600133923 KEATING,MONICA 7.500 .250 7.250 .0500 7.200 03/01/2028
600133935 ROBERTS,DANIEL 7.375 .250 7.125 .0500 7.075 03/01/2028
600133936 PIOCH,PAUL 7.375 .250 7.125 .0500 7.075 03/01/2028
600133942 PODNAR,JAMES 7.500 .250 7.250 .0500 7.200 03/01/2028
600133943 WARREN,TODD 7.500 .250 7.250 .0500 7.200 03/01/2028
600133946 RAVI,V 7.375 .250 7.125 .0500 7.075 03/01/2028
600133950 YOUNGER,JOHN 7.500 .250 7.250 .0500 7.200 03/01/2028
600133951 JAKIMOW,JAMES 7.375 .250 7.125 .0500 7.075 03/01/2028
600133954 SWITZER,WESLEY 7.375 .250 7.125 .0500 7.075 03/01/2028
600133955 MAY,CHRISTOPHER 7.500 .250 7.250 .0500 7.200 03/01/2028
600133957 KOVACH,RONALD 7.250 .250 7.000 .0500 6.950 03/01/2028
600133958 McCLINTOCK,ROGER 7.250 .250 7.000 .0500 6.950 03/01/2028
600133970 STEVENS,DREW 7.875 .250 7.625 .0500 7.575 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600133922 ABRAMCZYK,WILLIAM 960269 $1,698.71 03/01/1998 360
600133923 KEATING,MONICA 960287 $1,702.59 03/01/1998 360
600133935 ROBERTS,DANIEL 960497 $1,702.52 03/01/1998 360
600133936 PIOCH,PAUL 960499 $1,775.04 03/01/1998 360
600133942 PODNAR,JAMES 960524 $1,716.57 03/01/1998 360
600133943 WARREN,TODD 960525 $1,887.88 03/01/1998 360
600133946 RAVI,V 960563 $1,733.60 03/01/1998 360
600133950 YOUNGER,JOHN 960714 $1,887.88 03/01/1998 360
600133951 JAKIMOW,JAMES 960717 $1,726.69 03/01/1998 360
600133954 SWITZER,WESLEY 960737 $1,705.97 03/01/1998 360
600133955 MAY,CHRISTOPHER 960768 $943.94 03/01/1998 360
600133957 KOVACH,RONALD 960798 $1,603.12 03/01/1998 360
600133958 McCLINTOCK,ROGER 960800 $1,678.16 03/01/1998 360
600133970 STEVENS,DREW 960949 $1,848.93 03/01/1998 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>
600133922 ABRAMCZYK,WILLIAM $370,000.00 N
600133923 KEATING,MONICA $450,000.00 N
600133935 ROBERTS,DANIEL $370,000.00 N
600133936 PIOCH,PAUL $325,000.00 N
600133942 PODNAR,JAMES $310,000.00 N
600133943 WARREN,TODD $420,000.00 N
600133946 RAVI,V $320,000.00 N
600133950 YOUNGER,JOHN $385,000.00 N
600133951 JAKIMOW,JAMES $325,000.00 N
600133954 SWITZER,WESLEY $338,000.00 N
600133955 MAY,CHRISTOPHER $205,000.00 N
600133957 KOVACH,RONALD $310,000.00 N
600133958 McCLINTOCK,ROGER $320,000.00 N
600133970 STEVENS,DREW $320,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 45
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600133971 SRIVASTAVA,PREM 8217 GALLERY CT GAITHERBURGH MD 20879 $246,812.05
600133981 MATTHEWS,C 2311 RICHBOROUGH RD CHESTERFIELD MO 63017 $240,750.00
600133984 STRONG,PAUL 4607 W WAGON TR LITTLETON CO 80123 $247,600.00
600133990 STONE,NATHAN 1420 S PITKIN AVE SUPERIOR CO 80027 $249,555.17
600134011 FALOON,STEPHEN 18 LOPEZ KEY BELLEVUE WA 98006 $255,810.01
600134013 BORAKS,RONA 752 TERRELL CROSSING MARIETTA GA 30067 $279,000.00
600134017 PIATKOWSKI,ROBERT 1970 RICHTON DR WHEATON IL 60197 $246,000.00
600134018 DRELLING,JOSEPH 203 CASEY CT STEILACOOM WA 98388 $233,939.00
600134019 JOHNSON,MICHAEL 8N065 SECRETARIAT CT ST CHARLES IL 60175 $245,000.00
600134025 LOWERY,DANIEL 2945 PARFET DR LAKEWOOD CO 80215 $233,000.00
600134028 ZIMECKI,ALFONS 6710 W FLOYD LAKEWOOD CO 80227 $237,000.00
600134032 NGO,MEIN 6507 W VASSAR VISALIA CA 93277 $211,521.97
600134042 TULLI,MICHAEL 6408 DUBLIN RD HARRISBURG PA 17111 $150,000.00
600134043 SEALANDER,JOHN RT 1 BOX 218 ORANGE VA 22960 $278,767.52
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600133971 SRIVASTAVA,PREM 7.375 .250 7.125 .0500 7.075 02/01/2028
600133981 MATTHEWS,C 7.375 .250 7.125 .0500 7.075 03/01/2028
600133984 STRONG,PAUL 7.375 .250 7.125 .0500 7.075 03/01/2028
600133990 STONE,NATHAN 7.250 .250 7.000 .0500 6.950 02/01/2028
600134011 FALOON,STEPHEN 7.500 .250 7.250 .0500 7.200 02/01/2028
600134013 BORAKS,RONA 7.750 .250 7.500 .0500 7.450 03/01/2028
600134017 PIATKOWSKI,ROBERT 7.375 .250 7.125 .0500 7.075 03/01/2028
600134018 DRELLING,JOSEPH 7.750 .250 7.500 .0500 7.450 03/01/2028
600134019 JOHNSON,MICHAEL 7.250 .250 7.000 .0500 6.950 03/01/2028
600134025 LOWERY,DANIEL 7.375 .250 7.125 .0500 7.075 03/01/2028
600134028 ZIMECKI,ALFONS 7.125 .250 6.875 .0500 6.825 03/01/2028
600134032 NGO,MEIN 8.625 .250 8.375 .0500 8.325 12/01/2027
600134042 TULLI,MICHAEL 7.875 .250 7.625 .0500 7.575 03/01/2028
600134043 SEALANDER,JOHN 8.125 .250 7.875 .0500 7.825 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600133971 SRIVASTAVA,PREM 960958 $1,705.97 03/01/1998 360
600133981 MATTHEWS,C 961170 $1,662.81 03/01/1998 360
600133984 STRONG,PAUL 961191 $1,710.12 03/01/1998 360
600133990 STONE,NATHAN 961390 $1,703.74 03/01/1998 360
600134011 FALOON,STEPHEN 962439 $1,789.99 03/01/1998 360
600134013 BORAKS,RONA 962642 $1,998.80 03/01/1998 360
600134017 PIATKOWSKI,ROBERT 963124 $1,699.07 03/01/1998 360
600134018 DRELLING,JOSEPH 963176 $1,675.97 03/01/1998 360
600134019 JOHNSON,MICHAEL 963447 $1,671.34 03/01/1998 360
600134025 LOWERY,DANIEL 963931 $1,609.28 12 03/01/1998 360
600134028 ZIMECKI,ALFONS 964741 $1,596.72 03/01/1998 360
600134032 NGO,MEIN 8360272 $1,648.14 03/01/1998 360
600134042 TULLI,MICHAEL 8597179 $1,087.61 03/01/1998 360
600134043 SEALANDER,JOHN 8597912 $2,071.20 14 03/01/1998 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>
600133971 SRIVASTAVA,PREM $317,000.00 N
600133981 MATTHEWS,C $321,000.00 N
600133984 STRONG,PAUL $370,000.00 N
600133990 STONE,NATHAN $333,000.00 N
600134011 FALOON,STEPHEN $580,000.00 N
600134013 BORAKS,RONA $449,000.00 N
600134017 PIATKOWSKI,ROBERT $315,000.00 N
600134018 DRELLING,JOSEPH $325,000.00 N
600134019 JOHNSON,MICHAEL $320,000.00 N
600134025 LOWERY,DANIEL $285,000.00 N
600134028 ZIMECKI,ALFONS $305,000.00 N
600134032 NGO,MEIN $264,900.00 N
600134042 TULLI,MICHAEL $259,000.00 N
600134043 SEALANDER,JOHN $326,097.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 46
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: Group II
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600134044 FRANCIS,JOSEPH 1209 WESTERHAM DR WAKE FOREST NC 27587 $243,523.61
600134047 CALARCO,VINCENT 132 SURFSIDE RD NANTUCKET MA 02554 $234,821.18
600134059 VAN ANTWERP,DAN 575 SNEATH WAY ALPINE CA 91901 $240,000.00
600134061 HOLDEN,JAMES 1102 CREEKWOOD PL GARLAND TX 75044 $279,300.00
600134062 COX,MICHAEL 503 BROAD LEAF LN MCKINNEY TX 75070 $285,000.00
600134063 MASCOLO,BRUNO 5613 BANISTER CT PLANO TX 75093 $911,600.00
600134064 GREER,LOWELL 8695 HAWICK CT N DUBLIN OH 43017 $269,000.00
600134098 FOLEY,THOMAS 6124 E MORNING VISTA LN CAVE CREEK AZ 85331 $248,792.05
600134101 HALL,SEAN 125 HARDWOOD CT FAIRBURN GA 30213 $260,929.07
600134107 CLIFFORD, WILLIAM J 6 DAVID PLACE MT OLIVE NJ 07836 $242,108.25
600134109 VERSI, IBRAHIM 11 COTTONWOOD ROAD MORRIS TWP NJ 07960 $232,936.30
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600134044 FRANCIS,JOSEPH 7.625 .250 7.375 .0500 7.325 02/01/2028
600134047 CALARCO,VINCENT 7.375 .250 7.125 .0500 7.075 02/01/2028
600134059 VAN ANTWERP,DAN 7.750 .250 7.500 .0500 7.450 03/01/2028
600134061 HOLDEN,JAMES 7.875 .250 7.625 .0500 7.575 03/01/2028
600134062 COX,MICHAEL 7.375 .250 7.125 .0500 7.075 03/01/2028
600134063 MASCOLO,BRUNO 7.625 .250 7.375 .0500 7.325 03/01/2028
600134064 GREER,LOWELL 7.750 .250 7.500 .0500 7.450 03/01/2028
600134098 FOLEY,THOMAS 7.500 .250 7.250 .0500 7.200 02/01/2028
600134101 HALL,SEAN 8.000 .250 7.750 .0500 7.700 02/01/2028
600134107 CLIFFORD, WILLIAM J 7.750 .250 7.500 .0500 7.450 06/01/2026
600134109 VERSI, IBRAHIM 7.750 .250 7.500 .0500 7.450 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>
600134044 FRANCIS,JOSEPH 8619427 $1,724.90 03/01/1998 360
600134047 CALARCO,VINCENT 8636763 $1,623.09 03/01/1998 360
600134059 VAN ANTWERP,DAN 8654621 $1,719.39 03/01/1998 360
600134061 HOLDEN,JAMES 8673786 $2,025.12 1 03/01/1998 360
600134062 COX,MICHAEL 8673796 $1,968.43 1 03/01/1998 360
600134063 MASCOLO,BRUNO 8673853 $6,452.25 03/01/1998 360
600134064 GREER,LOWELL 8682338 $1,927.15 03/01/1998 360
600134098 FOLEY,THOMAS 8754583 $1,741.75 03/01/1998 360
600134101 HALL,SEAN 8755869 $1,916.60 14 03/01/1998 360
600134107 CLIFFORD, WILLIAM J 1105269656 $1,762.37 03/01/1998 360
600134109 VERSI, IBRAHIM 1105276925 $1,791.04 03/01/1998 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>
600134044 FRANCIS,JOSEPH $304,675.00 N
600134047 CALARCO,VINCENT $318,000.00 N
600134059 VAN ANTWERP,DAN $320,000.00 N
600134061 HOLDEN,JAMES $294,000.00 N
600134062 COX,MICHAEL $300,000.00 N
600134063 MASCOLO,BRUNO $1,300,000.00 N
600134064 GREER,LOWELL $430,000.00 N
600134098 FOLEY,THOMAS $340,000.00 N
600134101 HALL,SEAN $275,000.00 N
600134107 CLIFFORD, WILLIAM J $315,400.00 N
600134109 VERSI, IBRAHIM $316,015.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 47
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 10:40:08 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1438 POOL NAME: 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 641 1 220,967,478.99 313,510,988.63 222,094,612.14 1,595,125.08
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 1
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500066146 TWERSKY,HOWARD B 20 ADIRONDACK TRAIL EASTON CT 06612 $398,459.34
500066246 GROSSMAN,GLORIA 1641 NORTH CRESCENT HEIGH LOS ANGELES CA 90069 $437,181.54
500066322 KATZ,DONALD L 820 SOUTH GRETNA GREEN WA LOS ANGELES CA 90049 $487,891.18
500066363 GREGORY,EILEEN 5701 GREEN OAK DRIVE LOS ANGELES CA 90068 $435,077.84
500066396 GADLIAUSKAS,INA E 16933 LIVORNO DRIVE PACIFIC PALISAD CA 90272 $342,271.98
500066467 PETERS,ALFRED 634 MONTEREY BOULEVARD HERMOSA BEACH CA 90254 $341,700.79
500066588 ROSS,CHARLES D 4214 OAK TREE CI. ROCHESTER MI 48306 $318,426.40
500066625 ADDISON,LARRY 7532 VISTA DEL MAR LOS ANGELES (PL CA 90293 $391,729.61
500066859 RYDER,THOMAS B 1264 LA MIRADA STREET LAGUNA BEACH CA 92651 $393,593.92
500066862 TRENT,BERTHAL W III 6380 SNOWBERRY CT GILROY CA 95020 $232,886.60
500066955 DAVIS,CECIL D 19421 MACGREGOR CIRCLE HUNTINGTON BEAC CA 92647 $326,751.76
500066961 POINTER,ANITA MARIE 12060 CREST COURT LOS ANGELES CA 90210 $953,962.70
500066964 BECKER,SUSAN M 27862 COLONIAL MISSION VIEJO CA 92691 $239,206.05
500066977 BROSTROM,KENT D 8039 QUARRY RIDGE WAY BETHESDA MD 20817 $299,435.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500066146 TWERSKY,HOWARD B 7.375 .150 7.225 .1000 7.125 10/01/2027
500066246 GROSSMAN,GLORIA 7.750 .250 7.500 .0500 7.450 10/01/2027
500066322 KATZ,DONALD L 7.750 .250 7.500 .0500 7.450 09/01/2027
500066363 GREGORY,EILEEN 7.875 .250 7.625 .0500 7.575 10/01/2027
500066396 GADLIAUSKAS,INA E 7.875 .250 7.625 .0500 7.575 10/01/2027
500066467 PETERS,ALFRED 8.000 .250 7.750 .0500 7.700 10/01/2027
500066588 ROSS,CHARLES D 7.000 .150 6.850 .1000 6.750 11/01/2027
500066625 ADDISON,LARRY 8.250 .250 8.000 .0500 7.950 10/01/2027
500066859 RYDER,THOMAS B 7.375 .250 7.125 .0500 7.075 12/01/2027
500066862 TRENT,BERTHAL W III 7.125 .150 6.975 .1000 6.875 12/01/2027
500066955 DAVIS,CECIL D 7.625 .150 7.475 .1000 7.375 11/01/2027
500066961 POINTER,ANITA MARIE 7.750 .250 7.500 .0500 7.450 12/01/2027
500066964 BECKER,SUSAN M 7.000 .150 6.850 .1000 6.750 01/01/2028
500066977 BROSTROM,KENT D 6.875 .150 6.725 .1000 6.625 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500066146 TWERSKY,HOWARD B 092455290 $2,762.70 03/01/1998 360
500066246 GROSSMAN,GLORIA 092458230 $3,143.26 03/01/1998 360
500066322 KATZ,DONALD L 092449191 $3,510.42 03/01/1998 360
500066363 GREGORY,EILEEN 092457048 $3,165.65 03/01/1998 360
500066396 GADLIAUSKAS,INA E 092453180 $2,501.49 03/01/1998 360
500066467 PETERS,ALFRED 092460208 $2,518.28 03/01/1998 360
500066588 ROSS,CHARLES D 092462603 $2,128.97 03/01/1998 360
500066625 ADDISON,LARRY 092455088 $2,952.48 03/01/1998 360
500066859 RYDER,THOMAS B 092461176 $2,724.71 03/01/1998 360
500066862 TRENT,BERTHAL W III 092462445 $1,572.80 03/01/1998 360
500066955 DAVIS,CECIL D 092461474 $2,319.79 12 03/01/1998 360
500066961 POINTER,ANITA MARIE 092467942 $6,848.90 03/01/1998 360
500066964 BECKER,SUSAN M 092469490 $1,594.06 03/01/1998 360
500066977 BROSTROM,KENT D 092462222 $1,970.79 03/01/1998 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>
500066146 TWERSKY,HOWARD B .00 .00 .00 .000 .150 .250 $690,000.00 N
500066246 GROSSMAN,GLORIA .00 .00 .00 .000 .250 .300 $585,000.00 N
500066322 KATZ,DONALD L .00 .00 .00 .000 .250 .300 $675,000.00 N
500066363 GREGORY,EILEEN .00 .00 .00 .000 .250 .300 $582,500.00 N
500066396 GADLIAUSKAS,INA E .00 .00 .00 .000 .250 .300 $530,000.00 N
500066467 PETERS,ALFRED .00 .00 .00 .000 .250 .300 $480,000.00 N
500066588 ROSS,CHARLES D .00 .00 .00 .000 .150 .250 $470,000.00 N
500066625 ADDISON,LARRY .00 .00 .00 .000 .250 .300 $535,000.00 N
500066859 RYDER,THOMAS B .00 .00 .00 .000 .250 .300 $526,000.00 N
500066862 TRENT,BERTHAL W III .00 .00 .00 .000 .150 .250 $313,366.00 N
500066955 DAVIS,CECIL D .00 .00 .00 .000 .150 .250 $345,000.00 N
500066961 POINTER,ANITA MARIE .00 .00 .00 .000 .250 .300 $1,400,000.00 N
500066964 BECKER,SUSAN M .00 .00 .00 .000 .150 .250 $299,500.00 N
500066977 BROSTROM,KENT D .00 .00 .00 .000 .150 .250 $419,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 2
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500066989 MUELLER,RICHARD A 3469 COLONEL VANDERHORST MT PLEASANT SC 29464 $256,098.61
500067044 MARINO,ANTHONY V JR 25152 N. CAYUGA TRAIL LAKE BARRINGTON IL 60010 $379,375.22
500067430 PRIETO,VINCENT J JR 2036 HAWTHORNE PLACE PAOLI PA 19031 $239,615.02
500067432 CENTER,BRAD 7412 RENEE STREET ALEXANDRIA VA 22315 $251,096.57
500067437 MCINERNEY,THOMAS M 50 NOKOMIS AVENUE SAN ANSELMO CA 94960 $487,255.07
500067447 CANASA,WILFREDO N. 9560 EAGLE VIEW WAY GILROY CA 95020 $243,080.85
500067448 RUGGIER,FRANK 21842 BASS LAKE CIRCLE LAKE FOREST CA 92630 $248,358.31
500067449 FONG,THEODORE S 910 FLINTRIDGE AVENUE LA CANADA FLINT CA 91011 $692,521.04
500067451 NUNZIATI,JAMES R 2227 RUHLAND AVENUE UNIT REDONDO BEACH CA 90278 $257,490.26
500067452 SWEDELSON,DAVID C 16874 CALLEDE SARAH LOS ANGELES CA 90272 $873,135.31
500067470 DONER,CHRIS 20 ASTER COURT KIRKWOOD CA 95646 $480,660.52
500067486 GABBERT,LLOYD DEAN 429 WYNGATE ROAD SACRAMENTO CA 95864 $287,786.26
500067487 ODOM,RONALD C. 6360 RASPBERRY COURT GILROY CA 95020 $304,599.47
500067490 HOSEA,TIMOTHY M 711 CHERRY VALLEY ROAD MONTGOMERY TOWN NJ 08540 $634,516.81
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500066989 MUELLER,RICHARD A 7.250 .150 7.100 .1000 7.000 01/01/2028
500067044 MARINO,ANTHONY V JR 7.000 .150 6.850 .1000 6.750 01/01/2028
500067430 PRIETO,VINCENT J JR 7.125 .150 6.975 .1000 6.875 01/01/2028
500067432 CENTER,BRAD 7.125 .150 6.975 .1000 6.875 01/01/2028
500067437 MCINERNEY,THOMAS M 7.375 .150 7.225 .1000 7.125 01/01/2028
500067447 CANASA,WILFREDO N. 7.750 .250 7.500 .0500 7.450 12/01/2027
500067448 RUGGIER,FRANK 8.250 .250 8.000 .0500 7.950 11/01/2027
500067449 FONG,THEODORE S 7.750 .250 7.500 .0500 7.450 12/01/2027
500067451 NUNZIATI,JAMES R 8.125 .250 7.875 .0500 7.825 12/01/2027
500067452 SWEDELSON,DAVID C 7.750 .250 7.500 .0500 7.450 12/01/2027
500067470 DONER,CHRIS 7.750 .150 7.600 .1000 7.500 02/01/2028
500067486 GABBERT,LLOYD DEAN 7.500 .150 7.350 .1000 7.250 02/01/2028
500067487 ODOM,RONALD C. 7.750 .250 7.500 .0500 7.450 12/01/2027
500067490 HOSEA,TIMOTHY M 7.375 .150 7.225 .1000 7.125 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500066989 MUELLER,RICHARD A 092468788 $1,749.78 12 03/01/1998 360
500067044 MARINO,ANTHONY V JR 092472764 $2,528.15 03/01/1998 360
500067430 PRIETO,VINCENT J JR 092474121 $1,616.92 03/01/1998 360
500067432 CENTER,BRAD 092475193 $1,694.40 12 03/01/1998 360
500067437 MCINERNEY,THOMAS M 092477402 $3,370.49 03/01/1998 360
500067447 CANASA,WILFREDO N. 092446413 $1,745.19 7 03/01/1998 360
500067448 RUGGIER,FRANK 092461298 $1,870.65 03/01/1998 360
500067449 FONG,THEODORE S 092462117 $4,971.90 03/01/1998 360
500067451 NUNZIATI,JAMES R 092464160 $1,915.64 12 03/01/1998 360
500067452 SWEDELSON,DAVID C 092467933 $6,268.61 03/01/1998 360
500067470 DONER,CHRIS 092466777 $3,445.94 03/01/1998 360
500067486 GABBERT,LLOYD DEAN 092460376 $2,013.74 2 03/01/1998 360
500067487 ODOM,RONALD C. 092461067 $2,186.85 14 03/01/1998 360
500067490 HOSEA,TIMOTHY M 092472419 $4,385.79 03/01/1998 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>
500066989 MUELLER,RICHARD A .00 .00 .00 .000 .150 .250 $285,000.00 N
500067044 MARINO,ANTHONY V JR .00 .00 .00 .000 .150 .250 $535,000.00 N
500067430 PRIETO,VINCENT J JR .00 .00 .00 .000 .150 .250 $308,000.00 N
500067432 CENTER,BRAD .00 .00 .00 .000 .150 .250 $279,000.00 N
500067437 MCINERNEY,THOMAS M .00 .00 .00 .000 .150 .250 $610,000.00 N
500067447 CANASA,WILFREDO N. .00 .00 .00 .000 .250 .300 $270,676.00 N
500067448 RUGGIER,FRANK .00 .00 .00 .000 .250 .300 $332,000.00 N
500067449 FONG,THEODORE S .00 .00 .00 .000 .250 .300 $1,275,000.00 N
500067451 NUNZIATI,JAMES R .00 .00 .00 .000 .250 .300 $310,000.00 N
500067452 SWEDELSON,DAVID C .00 .00 .00 .000 .250 .300 $1,300,000.00 N
500067470 DONER,CHRIS .00 .00 .00 .000 .150 .250 $601,623.00 N
500067486 GABBERT,LLOYD DEAN .00 .00 .00 .000 .150 .250 $320,000.00 N
500067487 ODOM,RONALD C. .00 .00 .00 .000 .250 .300 $339,177.00 N
500067490 HOSEA,TIMOTHY M .00 .00 .00 .000 .150 .250 $1,776,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 3
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067492 WATSON,JOHNNY W 15 EVERGREEN WAY SLEEPY HOLLOW NY 10591 $350,732.92
500067494 WHITTEMORE,JERRY A 3300 SHELBY DRIVE LOS ANGELES CA 90034 $319,756.51
500067508 WOHLGEMUTH,DUANE A 2722 HARVARD DRIVE TOWNSHIP OF WAR PA 18976 $254,691.06
500067512 ZDON,RUSSELL R 804 CARDIFF NAPERVILLE IL 60546 $237,600.05
500067518 PITTS,GREGORY A 879 COACHWAY ANNAPOLIS MD 21401 $299,754.09
500067520 JOHNSON,DAVID A 19 SCOTTSDALE WICHITA KS 67230 $299,754.09
500067529 BOUCHER,WHITNEY S 2 SHERMAN WAY HINGHAM MA 02043 $357,613.79
500067530 CHAMPION,GEORGE W. 308 PIPER CUB COURT SCOTTS VALLEY CA 95066 $259,210.18
500067533 CHOPRA,RAHUL 1515 GILMORE STREET MOUNTAIN VIEW CA 93307 $348,734.44
500067535 RICHARDS,STEPHEN H 5 WOODS END NEEDHAM MA 02192 $499,590.16
500067537 GARRETT,JEFFREY S 1728 BEECHWOOD BLVD PITTSBURGH PA 15217 $356,700.07
500067538 WARREN,A CHANDLER JR 1325 NORTH ORANGE GROVE A LOS ANGELES CA 90046 $322,754.22
500067540 BATTERMAN,HOLLIS J 110 TOYON DRIVE FAIRFAX CA 94930 $283,783.90
500067541 ZEUCH,CAROLYN M 45 STRATFORD COURT CARMEL IN 46033 $239,817.38
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067492 WATSON,JOHNNY W 7.375 .150 7.225 .1000 7.125 02/01/2028
500067494 WHITTEMORE,JERRY A 7.375 .150 7.225 .1000 7.125 02/01/2028
500067508 WOHLGEMUTH,DUANE A 7.000 .150 6.850 .1000 6.750 02/01/2028
500067512 ZDON,RUSSELL R 6.875 .150 6.725 .1000 6.625 02/01/2028
500067518 PITTS,GREGORY A 7.000 .150 6.850 .1000 6.750 02/01/2028
500067520 JOHNSON,DAVID A 7.000 .150 6.850 .1000 6.750 02/01/2028
500067529 BOUCHER,WHITNEY S 7.125 .150 6.975 .1000 6.875 02/01/2028
500067530 CHAMPION,GEORGE W. 7.875 .250 7.625 .0500 7.575 12/01/2027
500067533 CHOPRA,RAHUL 7.375 .150 7.225 .1000 7.125 02/01/2028
500067535 RICHARDS,STEPHEN H 7.000 .150 6.850 .1000 6.750 02/01/2028
500067537 GARRETT,JEFFREY S 6.875 .150 6.725 .1000 6.625 02/01/2028
500067538 WARREN,A CHANDLER JR 7.375 .150 7.225 .1000 7.125 02/01/2028
500067540 BATTERMAN,HOLLIS J 7.375 .150 7.225 .1000 7.125 02/01/2028
500067541 ZEUCH,CAROLYN M 7.375 .150 7.225 .1000 7.125 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067492 WATSON,JOHNNY W 092472926 $2,424.27 33 03/01/1998 360
500067494 WHITTEMORE,JERRY A 092478747 $2,210.16 03/01/1998 360
500067508 WOHLGEMUTH,DUANE A 092449989 $1,695.86 03/01/1998 360
500067512 ZDON,RUSSELL R 092471914 $1,563.49 03/01/1998 360
500067518 PITTS,GREGORY A 092478440 $1,995.91 03/01/1998 360
500067520 JOHNSON,DAVID A 092480049 $1,995.91 03/01/1998 360
500067529 BOUCHER,WHITNEY S 092440812 $2,411.24 03/01/1998 360
500067530 CHAMPION,GEORGE W. 092465251 $1,883.37 7 03/01/1998 360
500067533 CHOPRA,RAHUL 092472551 $2,410.46 03/01/1998 360
500067535 RICHARDS,STEPHEN H 092474006 $3,326.51 03/01/1998 360
500067537 GARRETT,JEFFREY S 092474095 $2,345.24 03/01/1998 360
500067538 WARREN,A CHANDLER JR 092474744 $2,230.88 03/01/1998 360
500067540 BATTERMAN,HOLLIS J 092476849 $1,961.52 03/01/1998 360
500067541 ZEUCH,CAROLYN M 092477755 $1,657.62 03/01/1998 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>
500067492 WATSON,JOHNNY W .00 .00 .00 .000 .150 .250 $390,000.00 N
500067494 WHITTEMORE,JERRY A .00 .00 .00 .000 .150 .250 $475,000.00 N
500067508 WOHLGEMUTH,DUANE A .00 .00 .00 .000 .150 .250 $318,635.00 N
500067512 ZDON,RUSSELL R .00 .00 .00 .000 .150 .250 $355,000.00 N
500067518 PITTS,GREGORY A .00 .00 .00 .000 .150 .250 $380,000.00 N
500067520 JOHNSON,DAVID A .00 .00 .00 .000 .150 .250 $435,000.00 N
500067529 BOUCHER,WHITNEY S .00 .00 .00 .000 .150 .250 $447,390.00 N
500067530 CHAMPION,GEORGE W. .00 .00 .00 .000 .250 .300 $273,435.00 N
500067533 CHOPRA,RAHUL .00 .00 .00 .000 .150 .250 $450,000.00 N
500067535 RICHARDS,STEPHEN H .00 .00 .00 .000 .150 .250 $750,000.00 N
500067537 GARRETT,JEFFREY S .00 .00 .00 .000 .150 .250 $550,000.00 N
500067538 WARREN,A CHANDLER JR .00 .00 .00 .000 .150 .250 $500,000.00 N
500067540 BATTERMAN,HOLLIS J .00 .00 .00 .000 .150 .250 $355,000.00 N
500067541 ZEUCH,CAROLYN M .00 .00 .00 .000 .150 .250 $300,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 4
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067543 RICHARDSON,JAMES D 115 PARKHAVEN DRIVE DANVILLE CA 94506 $370,895.73
500067544 BRADLEE,BENJAMIN C JR 7 MERCER CIRCLE CAMBRIDGE MA 02138 $374,677.14
500067555 BOHN,RAY G JR 20396 ALERION PLACE LOS ANGELES (WO CA 91364 $386,705.53
500067565 WARE,MICHAEL 1811 HILL STREET SANTA MONICA CA 90405 $623,023.50
500067573 PLANTE,ROBERT A 101 KENILWORTH ROAD MOUNTAIN LAKES NJ 07046 $315,740.97
500067574 GOODSPEED,NORWICK B.H. 450 SANTA RITA AVENUE PALO ALTO CA 94301 $699,467.35
500067576 LEE,RONALD 35 WAMPUM HILL ROAD WESTON CT 06883 $534,561.46
500067578 SCHWARZ,CAROLE ANN 3848 ALTA MESA DRIVE STUDIO CITY CA 91604 $352,324.63
500067583 HARRIS,KATHLEEN J 1526 DELLA DR. HOFFMAN ESTATES IL 60195 $247,801.68
500067606 DAVIDSEN,DWIGHT M 78 PENNOCK ROAD ASHLAND MA 01721 $277,123.97
500067607 HANDOWSKI,DAVID J 204 HILLTOP LANE SLEEPY HOLLOW IL 60118 $239,798.37
500067608 NIEMEYER,ROBERT MICHAEL 3060 FRIARS LANE EDGEWOOD KY 41017 $242,832.77
500067614 SMITH,JEFFREY J 1557 CENTENNIAL CIRCLE CALISTOGA CA 94515 $283,772.89
500067615 BRYAN,RAYMOND CH 5 GOLF VIEW DRIVE EASTON CT 06612 $437,583.38
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067543 RICHARDSON,JAMES D 7.000 .150 6.850 .1000 6.750 02/01/2028
500067544 BRADLEE,BENJAMIN C JR 6.750 .150 6.600 .1000 6.500 02/01/2028
500067555 BOHN,RAY G JR 7.375 .250 7.125 .0500 7.075 02/01/2028
500067565 WARE,MICHAEL 7.250 .250 7.000 .0500 6.950 01/01/2028
500067573 PLANTE,ROBERT A 7.000 .150 6.850 .1000 6.750 02/01/2028
500067574 GOODSPEED,NORWICK B.H. 7.375 .250 7.125 .0500 7.075 02/01/2028
500067576 LEE,RONALD 7.000 .150 6.850 .1000 6.750 02/01/2028
500067578 SCHWARZ,CAROLE ANN 7.250 .150 7.100 .1000 7.000 02/01/2028
500067583 HARRIS,KATHLEEN J 7.125 .150 6.975 .1000 6.875 02/01/2028
500067606 DAVIDSEN,DWIGHT M 7.375 .150 7.225 .1000 7.125 02/01/2028
500067607 HANDOWSKI,DAVID J 6.875 .150 6.725 .1000 6.625 02/01/2028
500067608 NIEMEYER,ROBERT MICHAEL 7.875 .250 7.625 .0500 7.575 02/01/2028
500067614 SMITH,JEFFREY J 7.125 .150 6.975 .1000 6.875 02/01/2028
500067615 BRYAN,RAYMOND CH 7.250 .150 7.100 .1000 7.000 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067543 RICHARDSON,JAMES D 092478921 $2,469.60 03/01/1998 360
500067544 BRADLEE,BENJAMIN C JR 092480714 $2,432.24 03/01/1998 360
500067555 BOHN,RAY G JR 092475969 $2,672.91 03/01/1998 360
500067565 WARE,MICHAEL 092461322 $4,256.78 03/01/1998 360
500067573 PLANTE,ROBERT A 092477279 $2,102.36 03/01/1998 360
500067574 GOODSPEED,NORWICK B.H. 092477906 $4,834.73 03/01/1998 360
500067576 LEE,RONALD 092478374 $3,559.37 03/01/1998 360
500067578 SCHWARZ,CAROLE ANN 092479310 $2,408.08 03/01/1998 360
500067583 HARRIS,KATHLEEN J 092482931 $1,670.82 03/01/1998 360
500067606 DAVIDSEN,DWIGHT M 092457795 $1,915.48 2 03/01/1998 360
500067607 HANDOWSKI,DAVID J 092474152 $1,576.63 03/01/1998 360
500067608 NIEMEYER,ROBERT MICHAEL 092474388 $1,761.92 03/01/1998 360
500067614 SMITH,JEFFREY J 092479025 $1,913.36 03/01/1998 360
500067615 BRYAN,RAYMOND CH 092479389 $2,987.42 03/01/1998 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>
500067543 RICHARDSON,JAMES D .00 .00 .00 .000 .150 .250 $464,000.00 N
500067544 BRADLEE,BENJAMIN C JR .00 .00 .00 .000 .150 .250 $975,000.00 N
500067555 BOHN,RAY G JR .00 .00 .00 .000 .250 .300 $539,000.00 N
500067565 WARE,MICHAEL .00 .00 .00 .000 .250 .300 $780,000.00 N
500067573 PLANTE,ROBERT A .00 .00 .00 .000 .150 .250 $420,000.00 N
500067574 GOODSPEED,NORWICK B.H. .00 .00 .00 .000 .250 .300 $2,032,000.00 N
500067576 LEE,RONALD .00 .00 .00 .000 .150 .250 $795,000.00 N
500067578 SCHWARZ,CAROLE ANN .00 .00 .00 .000 .150 .250 $475,000.00 N
500067583 HARRIS,KATHLEEN J .00 .00 .00 .000 .150 .250 $310,000.00 N
500067606 DAVIDSEN,DWIGHT M .00 .00 .00 .000 .150 .250 $308,150.00 N
500067607 HANDOWSKI,DAVID J .00 .00 .00 .000 .150 .250 $320,000.00 N
500067608 NIEMEYER,ROBERT MICHAEL .00 .00 .00 .000 .250 .300 $650,000.00 N
500067614 SMITH,JEFFREY J .00 .00 .00 .000 .150 .250 $355,000.00 N
500067615 BRYAN,RAYMOND CH .00 .00 .00 .000 .150 .250 $583,900.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 5
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067621 WATSON,MARK A 653 WYNGATE DR. ROCHESTER MI 48307 $299,728.80
500067622 HOLTHOFER,HARRY ROBERT JR 122 MEADOWLAKE DRIVE HENDERSONVILLE TN 37075 $242,897.98
500067649 WITTNER,SUZANNE R 265 PECK DRIVE BEVERLY HILLS CA 90210 $606,288.31
500067651 BURZINSKI,EDWARD M. II 21967 PACIFIC COAST HWY MALIBU CA 90265 $648,982.81
500067656 DIAL,NEIL 1822 N. MAPLE CIRCLE MESA AZ 85205 $355,729.12
500067658 CORBIN,BRIAN J 6577 OAKMEADOW DRIVE RIVERSIDE CA 92056 $301,270.58
500067661 MANNING,KEVIN B 3 CROSS BROOK COURT TOWNSHIP OF HOL NJ 07733 $247,920.00
500067663 ITO,FRANCINE 2412 VIA SONOMA PALOS VERDE EST CA 90274 $649,480.21
500067710 SHIEBER,STUART M 31 GIBBS STREET BROOKLINE MA 02146 $300,000.00
500067724 SMITH,DAVID V 15 SONNEBORN LANE SEVERNA PARK MD 21146 $291,301.11
500067741 POWERS,JOHN P. 3955 ELLENITA AVENUE LOS ANGELES (TA CA 91356 $511,490.56
500067743 ABRAHAMS,PAUL C 30 SCODON DRIVE RIDGEFIELD CT 06877 $278,400.00
500067744 PERRINO,KENNETH J 104 JONATHAN RD NEW CANAAN CT 06840 $550,000.00
500067745 MCGREW,WAYNE DALE III 2385 CHRISTOPHERS WALK ATLANTA GA 30327 $260,650.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067621 WATSON,MARK A 6.500 .150 6.350 .1000 6.250 02/01/2028
500067622 HOLTHOFER,HARRY ROBERT JR 7.125 .150 6.975 .1000 6.875 02/01/2028
500067649 WITTNER,SUZANNE R 7.375 .150 7.225 .1000 7.125 02/01/2028
500067651 BURZINSKI,EDWARD M. II 7.250 .250 7.000 .0500 6.950 01/01/2028
500067656 DIAL,NEIL 7.375 .150 7.225 .1000 7.125 02/01/2028
500067658 CORBIN,BRIAN J 7.375 .150 7.225 .1000 7.125 02/01/2028
500067661 MANNING,KEVIN B 6.875 .150 6.725 .1000 6.625 03/01/2028
500067663 ITO,FRANCINE 7.125 .250 6.875 .0500 6.825 02/01/2028
500067710 SHIEBER,STUART M 7.000 .150 6.850 .1000 6.750 03/01/2028
500067724 SMITH,DAVID V 6.750 .150 6.600 .1000 6.500 03/01/2028
500067741 POWERS,JOHN P. 7.125 .250 6.875 .0500 6.825 02/01/2028
500067743 ABRAHAMS,PAUL C 7.000 .150 6.850 .1000 6.750 03/01/2028
500067744 PERRINO,KENNETH J 6.750 .150 6.600 .1000 6.500 03/01/2028
500067745 MCGREW,WAYNE DALE III 7.000 .150 6.850 .1000 6.750 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067621 WATSON,MARK A 092483747 $1,896.20 2 03/01/1998 360
500067622 HOLTHOFER,HARRY ROBERT JR 092484332 $1,638.48 03/01/1998 360
500067649 WITTNER,SUZANNE R 092467229 $4,190.67 03/01/1998 360
500067651 BURZINSKI,EDWARD M. II 092469538 $4,434.15 03/01/1998 360
500067656 DIAL,NEIL 092476609 $2,458.80 03/01/1998 360
500067658 CORBIN,BRIAN J 092476944 $2,082.39 12 03/01/1998 360
500067661 MANNING,KEVIN B 092479903 $1,628.66 03/01/1998 360
500067663 ITO,FRANCINE 092481185 $4,379.17 03/01/1998 360
500067710 SHIEBER,STUART M 092478375 $1,995.91 03/01/1998 360
500067724 SMITH,DAVID V 092483883 $1,892.72 03/01/1998 360
500067741 POWERS,JOHN P. 092475964 $3,449.44 03/01/1998 360
500067743 ABRAHAMS,PAUL C 092482431 $1,852.20 12 03/01/1998 360
500067744 PERRINO,KENNETH J 092483693 $3,567.29 03/01/1998 360
500067745 MCGREW,WAYNE DALE III 092484608 $1,734.11 03/01/1998 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>
500067621 WATSON,MARK A .00 .00 .00 .000 .150 .250 $327,945.00 N
500067622 HOLTHOFER,HARRY ROBERT JR .00 .00 .00 .000 .150 .250 $375,000.00 N
500067649 WITTNER,SUZANNE R .00 .00 .00 .000 .150 .250 $1,150,000.00 N
500067651 BURZINSKI,EDWARD M. II .00 .00 .00 .000 .250 .300 $950,000.00 N
500067656 DIAL,NEIL .00 .00 .00 .000 .150 .250 $445,000.00 N
500067658 CORBIN,BRIAN J .00 .00 .00 .000 .150 .250 $335,000.00 N
500067661 MANNING,KEVIN B .00 .00 .00 .000 .150 .250 $358,000.00 N
500067663 ITO,FRANCINE .00 .00 .00 .000 .250 .300 $835,000.00 N
500067710 SHIEBER,STUART M .00 .00 .00 .000 .150 .250 $490,000.00 N
500067724 SMITH,DAVID V .00 .00 .00 .000 .150 .250 $440,000.00 N
500067741 POWERS,JOHN P. .00 .00 .00 .000 .250 .300 $640,000.00 N
500067743 ABRAHAMS,PAUL C .00 .00 .00 .000 .150 .250 $320,000.00 N
500067744 PERRINO,KENNETH J .00 .00 .00 .000 .150 .250 $900,000.00 N
500067745 MCGREW,WAYNE DALE III .00 .00 .00 .000 .150 .250 $427,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 6
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067746 HEAD,BOBBIE 50 MATHER ROAD SAN ANSELMO CA 94960 $768,000.00
500067764 STANMAN,CRAIG 18125 COASTLINE DRIVE #E MALIBU CA 90265 $321,000.00
500067766 MURPHY,THOMAS K 1128 GINGER LANE SAN JOSE CA 95128 $298,000.00
500067771 CROSS,MARY M 633 POST OAK DR. BRENTWOOD TN 37035 $350,000.00
500067776 ARNAL,ALVARO F 110 ASHBURY DRIVE CLARKS SUMMIT PA 18411 $261,834.06
500067780 ROBERTS,THOMAS J 10601 SOUTH LOUISVILLE AV TULSA OK 74137 $448,000.00
500067781 KALLET,ANDREW J 311 REED BLVD MILL VALLEY CA 94941 $420,000.00
500067788 WAHL,STEPHEN F 17 BEECH HILL ROAD LLOYD HARBOR NY 11743 $648,000.00
500067792 FETTIG,MARTIN J 25 SCOTTSDALE DRIVE WICHITA KS 67230 $316,000.00
500067794 COOK,GARY W 6223 LOCH RAVEN DRIVE MCLEAN VA 22101 $272,000.00
500067797 FONG,KATHILEE L 1340 CLAY STREET #503 SAN FRANCISCO CA 94109 $397,751.60
500067798 NUNEZ,ROBERTO J 649 RIDGEVIEW COURT UPLAND CA 91784 $292,500.00
500067799 HARNEY,CHRISTOPHER 80 REEDLAND WOODS WAY TIBURON CA 94920 $777,000.00
500067800 LOVING,DEONNA 6533 HIDDEN CREEK COURT PLANO TX 75023 $612,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067746 HEAD,BOBBIE 7.000 .150 6.850 .1000 6.750 03/01/2028
500067764 STANMAN,CRAIG 7.375 .150 7.225 .1000 7.125 03/01/2028
500067766 MURPHY,THOMAS K 7.250 .150 7.100 .1000 7.000 03/01/2028
500067771 CROSS,MARY M 6.875 .150 6.725 .1000 6.625 03/01/2028
500067776 ARNAL,ALVARO F 6.750 .150 6.600 .1000 6.500 03/01/2028
500067780 ROBERTS,THOMAS J 7.375 .150 7.225 .1000 7.125 03/01/2028
500067781 KALLET,ANDREW J 7.250 .150 7.100 .1000 7.000 03/01/2028
500067788 WAHL,STEPHEN F 6.750 .150 6.600 .1000 6.500 03/01/2028
500067792 FETTIG,MARTIN J 6.750 .150 6.600 .1000 6.500 03/01/2028
500067794 COOK,GARY W 7.000 .150 6.850 .1000 6.750 03/01/2028
500067797 FONG,KATHILEE L 7.375 .150 7.225 .1000 7.125 03/01/2028
500067798 NUNEZ,ROBERTO J 7.250 .150 7.100 .1000 7.000 03/01/2028
500067799 HARNEY,CHRISTOPHER 7.250 .150 7.100 .1000 7.000 03/01/2028
500067800 LOVING,DEONNA 7.250 .150 7.100 .1000 7.000 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067746 HEAD,BOBBIE 092484623 $5,109.52 03/01/1998 360
500067764 STANMAN,CRAIG 092472490 $2,217.07 03/01/1998 360
500067766 MURPHY,THOMAS K 092478445 $2,032.89 03/01/1998 360
500067771 CROSS,MARY M 092483212 $2,299.25 03/01/1998 360
500067776 ARNAL,ALVARO F 092485674 $1,705.81 03/01/1998 360
500067780 ROBERTS,THOMAS J 092488392 $3,094.22 03/01/1998 360
500067781 KALLET,ANDREW J 092489916 $2,865.14 03/01/1998 360
500067788 WAHL,STEPHEN F 092431849 $4,202.92 03/01/1998 360
500067792 FETTIG,MARTIN J 092485776 $2,049.57 03/01/1998 360
500067794 COOK,GARY W 092486664 $1,809.62 03/01/1998 360
500067797 FONG,KATHILEE L 092487418 $2,762.70 03/01/1998 360
500067798 NUNEZ,ROBERTO J 092487440 $1,995.37 12 03/01/1998 360
500067799 HARNEY,CHRISTOPHER 092488377 $5,300.51 03/01/1998 360
500067800 LOVING,DEONNA 600000363 $4,174.92 03/01/1998 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>
500067746 HEAD,BOBBIE .00 .00 .00 .000 .150 .250 $1,100,000.00 N
500067764 STANMAN,CRAIG .00 .00 .00 .000 .150 .250 $545,000.00 N
500067766 MURPHY,THOMAS K .00 .00 .00 .000 .150 .250 $380,000.00 N
500067771 CROSS,MARY M .00 .00 .00 .000 .150 .250 $472,000.00 N
500067776 ARNAL,ALVARO F .00 .00 .00 .000 .150 .250 $339,000.00 N
500067780 ROBERTS,THOMAS J .00 .00 .00 .000 .150 .250 $560,000.00 N
500067781 KALLET,ANDREW J .00 .00 .00 .000 .150 .250 $765,000.00 N
500067788 WAHL,STEPHEN F .00 .00 .00 .000 .150 .250 $810,000.00 N
500067792 FETTIG,MARTIN J .00 .00 .00 .000 .150 .250 $395,000.00 N
500067794 COOK,GARY W .00 .00 .00 .000 .150 .250 $350,000.00 N
500067797 FONG,KATHILEE L .00 .00 .00 .000 .150 .250 $700,000.00 N
500067798 NUNEZ,ROBERTO J .00 .00 .00 .000 .150 .250 $325,000.00 N
500067799 HARNEY,CHRISTOPHER .00 .00 .00 .000 .150 .250 $1,200,000.00 N
500067800 LOVING,DEONNA .00 .00 .00 .000 .150 .250 $765,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 7
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067823 PUCKETT,ROBERT L 5365 SOUTH MONACO STREET GREENWOOD VILLA CO 80111 $482,000.00
500067826 WILLIAMS,DONALD L 628 GUNBY ROAD MARIETTA GA 30067 $300,000.00
500067827 MORRILL,WILLIAM KELSO III 51 LOGAN ROAD NEW CANAAN CT 06840 $568,000.00
500067830 RIZZO,JEANNE M 4930 PARADISE DRIVE TIBURON CA 94920 $358,042.63
500067833 PELAVIN,ALVIN H 828 AUGUSTA CIRCLE NAPA CA 94558 $369,000.00
500067835 GILLESPIE,JOHN H 831 TYNE BOULEVARD NASHVILLE TN 37220 $395,100.00
500067850 WILEY,JAMES 1849 DANFIELD DRIVE NORMAN OK 73072 $254,000.00
500067854 FRAZETTI,JAMES L SR 1203 SHELBY DALE LANE CROWNSVILLE MD 21032 $402,400.00
500067865 DIGIOVANNI,ALPHONSE J 4 MARTINS RUN MEDIA PA 19063 $295,000.00
500067868 SOUCY,GERALD M 78 WOODBRIDGE DR. EAST LONGMEADOW MA 01028 $268,000.00
500067871 DAIKER,BARBARA L 1741 WARREN HOLLOW ROAD NOLENSVILLE TN 37135 $240,000.00
500067872 PENINGER,KEVIN 240 CANYON OAKS DRIVE ARGYLE TX 76226 $245,200.00
500067889 ALLEN,GARY R 3571 HABERSHAM ROAD NW ATLANTA GA 30305 $256,000.00
500067892 MARKARIAN,HARRY H 16133 ROYAL MOUNT DRIVE LOS ANGELES (EN CA 91436 $424,684.59
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067823 PUCKETT,ROBERT L 7.125 .150 6.975 .1000 6.875 03/01/2028
500067826 WILLIAMS,DONALD L 7.250 .150 7.100 .1000 7.000 03/01/2028
500067827 MORRILL,WILLIAM KELSO III 6.875 .150 6.725 .1000 6.625 03/01/2028
500067830 RIZZO,JEANNE M 7.125 .150 6.975 .1000 6.875 03/01/2028
500067833 PELAVIN,ALVIN H 7.125 .150 6.975 .1000 6.875 03/01/2028
500067835 GILLESPIE,JOHN H 7.250 .150 7.100 .1000 7.000 03/01/2028
500067850 WILEY,JAMES 7.125 .150 6.975 .1000 6.875 03/01/2028
500067854 FRAZETTI,JAMES L SR 6.750 .150 6.600 .1000 6.500 03/01/2028
500067865 DIGIOVANNI,ALPHONSE J 6.750 .150 6.600 .1000 6.500 03/01/2028
500067868 SOUCY,GERALD M 7.000 .150 6.850 .1000 6.750 03/01/2028
500067871 DAIKER,BARBARA L 6.875 .150 6.725 .1000 6.625 03/01/2028
500067872 PENINGER,KEVIN 7.375 .150 7.225 .1000 7.125 03/01/2028
500067889 ALLEN,GARY R 7.250 .150 7.100 .1000 7.000 03/01/2028
500067892 MARKARIAN,HARRY H 7.500 .250 7.250 .0500 7.200 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067823 PUCKETT,ROBERT L 092483653 $3,247.32 03/01/1998 360
500067826 WILLIAMS,DONALD L 092484005 $2,046.53 03/01/1998 360
500067827 MORRILL,WILLIAM KELSO III 092485760 $3,731.36 03/01/1998 360
500067830 RIZZO,JEANNE M 092486700 $2,576.97 03/01/1998 360
500067833 PELAVIN,ALVIN H 092487738 $2,486.02 1 03/01/1998 360
500067835 GILLESPIE,JOHN H 092489150 $2,695.28 03/01/1998 360
500067850 WILEY,JAMES 092479666 $1,711.25 03/01/1998 360
500067854 FRAZETTI,JAMES L SR 092482546 $2,609.96 03/01/1998 360
500067865 DIGIOVANNI,ALPHONSE J 092488355 $1,913.36 03/01/1998 360
500067868 SOUCY,GERALD M 092489791 $1,783.01 03/01/1998 360
500067871 DAIKER,BARBARA L 092492925 $1,576.63 03/01/1998 360
500067872 PENINGER,KEVIN 500000102 $1,693.54 03/01/1998 360
500067889 ALLEN,GARY R 092449219 $1,746.37 03/01/1998 360
500067892 MARKARIAN,HARRY H 092468694 $2,971.66 03/01/1998 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>
500067823 PUCKETT,ROBERT L .00 .00 .00 .000 .150 .250 $675,000.00 N
500067826 WILLIAMS,DONALD L .00 .00 .00 .000 .150 .250 $384,000.00 N
500067827 MORRILL,WILLIAM KELSO III .00 .00 .00 .000 .150 .250 $867,000.00 N
500067830 RIZZO,JEANNE M .00 .00 .00 .000 .150 .250 $575,000.00 N
500067833 PELAVIN,ALVIN H .00 .00 .00 .000 .150 .250 $410,000.00 N
500067835 GILLESPIE,JOHN H .00 .00 .00 .000 .150 .250 $785,000.00 N
500067850 WILEY,JAMES .00 .00 .00 .000 .150 .250 $389,000.00 N
500067854 FRAZETTI,JAMES L SR .00 .00 .00 .000 .150 .250 $503,000.00 N
500067865 DIGIOVANNI,ALPHONSE J .00 .00 .00 .000 .150 .250 $430,000.00 N
500067868 SOUCY,GERALD M .00 .00 .00 .000 .150 .250 $335,000.00 N
500067871 DAIKER,BARBARA L .00 .00 .00 .000 .150 .250 $300,000.00 N
500067872 PENINGER,KEVIN .00 .00 .00 .000 .150 .250 $306,500.00 N
500067889 ALLEN,GARY R .00 .00 .00 .000 .150 .250 $320,000.00 N
500067892 MARKARIAN,HARRY H .00 .00 .00 .000 .250 .300 $935,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 8
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500067895 SELL,DANIEL W. 5520 BURNET AVENUE LOS ANGELES (SH CA 91411 $238,268.56
500067910 LEEDS,ALAN J 45913 HIDDEN VALLEY TERRA FREMONT CA 94539 $719,923.82
500067911 HAWKINS,WILLIAM L JR 5006 PRINCE CASPIAN LANE BURKE VA 22015 $232,000.00
500067917 COHEN,CHESTER 1280 WEST SADDLEHORN DRIV TUCSON AZ 85737 $270,000.00
500067921 PLANT,PHILIP M 75 WOODWARD AVENUE SAUSALITO CA 94965 $700,000.00
600085894 KIANG, EUGENE 48372 AVALON HEIGHTS T FREMONT CA 94539 $492,567.90
600085934 MILLER, JAMES A 3401 TANGLEY AVENUE HOUSTON TX 77005 $504,124.98
600086049 CHEN, WEILING LINDA 1560 MATHEWS AVENUE MANHATTAN BEACH CA 90266 $447,550.26
600103127 ONODA JOHN 2835 CHESTNUT RUN DR. BLOOMFIELD MI 48302 $661,479.03
600103381 GIACOMIN ANTHONY 39 ROCKINGHORSE ROAD RANCHO PALO CA 90275 $614,107.73
600105300 McCracken John 2811 Jackson Street San Francisco CA 94115 $871,777.03
600105358 GREENSLADE,JAMES E 29 The Point Coronado CA 92118 $871,345.62
600107426 PFEIFFER JR ALFRED 129 BONITA AVENUE PIEDMONT CA 94611 $647,902.22
600115640 BABITSKAYA, ALINA 13523 CHANDLER SHERMAN OAKS CA 91401 $354,333.39
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500067895 SELL,DANIEL W. 7.375 .250 7.125 .0500 7.075 02/01/2028
500067910 LEEDS,ALAN J 7.125 .250 6.875 .0500 6.825 02/01/2028
500067911 HAWKINS,WILLIAM L JR 6.625 .150 6.475 .1000 6.375 03/01/2028
500067917 COHEN,CHESTER 6.875 .150 6.725 .1000 6.625 03/01/2028
500067921 PLANT,PHILIP M 7.250 .150 7.100 .1000 7.000 03/01/2028
600085894 KIANG, EUGENE 7.875 .250 7.625 .0500 7.575 08/01/2027
600085934 MILLER, JAMES A 7.875 .250 7.625 .0500 7.575 09/01/2027
600086049 CHEN, WEILING LINDA 7.875 .250 7.625 .0500 7.575 08/01/2027
600103127 ONODA JOHN 7.250 .250 7.000 .0500 6.950 08/01/2026
600103381 GIACOMIN ANTHONY 7.375 .250 7.125 .0500 7.075 11/01/2027
600105300 McCracken John 7.600 .250 7.350 .0500 7.300 10/01/2027
600105358 GREENSLADE,JAMES E 7.450 .250 7.200 .0500 7.150 11/01/2027
600107426 PFEIFFER JR ALFRED 7.125 .250 6.875 .0500 6.825 11/01/2027
600115640 BABITSKAYA, ALINA 8.375 .250 8.125 .0500 8.075 12/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
500067895 SELL,DANIEL W. 092474944 $1,646.91 12 03/01/1998 360
500067910 LEEDS,ALAN J 092483901 $4,854.14 03/01/1998 360
500067911 HAWKINS,WILLIAM L JR 092484202 $1,485.52 03/01/1998 360
500067917 COHEN,CHESTER 092487980 $1,773.71 03/01/1998 360
500067921 PLANT,PHILIP M 092499974 $4,775.23 03/01/1998 360
600085894 KIANG, EUGENE 1561361853 $3,589.10 03/01/1998 360
600085934 MILLER, JAMES A 1563163125 $3,670.67 03/01/1998 360
600086049 CHEN, WEILING LINDA 1595048546 $3,262.82 03/01/1998 360
600103127 ONODA JOHN 450486840 $4,584.23 03/01/1998 360
600103381 GIACOMIN ANTHONY 450901020 $4,254.56 03/01/1998 360
600105300 McCracken John 277309 $6,178.15 03/01/1998 360
600105358 GREENSLADE,JAMES E 283242 $6,088.20 03/01/1998 360
600107426 PFEIFFER JR ALFRED 1494004226 $4,379.17 03/01/1998 360
600115640 BABITSKAYA, ALINA 1236496 $2,698.26 03/01/1998 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>
500067895 SELL,DANIEL W. .00 .00 .00 .000 .250 .300 $251,000.00 N
500067910 LEEDS,ALAN J .00 .00 .00 .000 .250 .300 $1,300,000.00 N
500067911 HAWKINS,WILLIAM L JR .00 .00 .00 .000 .150 .250 $290,000.00 N
500067917 COHEN,CHESTER .00 .00 .00 .000 .150 .250 $338,000.00 N
500067921 PLANT,PHILIP M .00 .00 .00 .000 .150 .250 $935,000.00 N
600085894 KIANG, EUGENE .00 .00 .00 .000 .250 .300 $660,000.00 N
600085934 MILLER, JAMES A .00 .00 .00 .000 .250 .300 $675,000.00 N
600086049 CHEN, WEILING LINDA .00 .00 .00 .000 .250 .300 $630,000.00 N
600103127 ONODA JOHN .00 .00 .00 .000 .250 .300 $960,000.00 N
600103381 GIACOMIN ANTHONY .00 .00 .00 .000 .250 .300 $770,000.00 N
600105300 McCracken John $1,250,000.00 N
600105358 GREENSLADE,JAMES E $1,250,000.00 N
600107426 PFEIFFER JR ALFRED .00 .00 .00 .000 .250 .300 $880,000.00 N
600115640 BABITSKAYA, ALINA .00 .00 .00 .000 .250 .300 $475,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 9
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600115653 GANDHI, INDRA 24346 JOHNETTA WOODLAND HILLS CA 91367 $389,168.87
600115679 AUSTIN, JOHN 4345 CHAUCER CO LIVERMORE CA 94550 $360,247.20
600115681 RUTSHAW, ARTHUR 2645 SEVADA LAN ARROYO GRANDE CA 93420 $344,300.89
600115685 SNICKLES, PATRICK 4602 ALCORN DRI LA CANADA-FLINT CA 91011 $379,210.31
600115698 NGUYEN, THOMAS 16695 WEST BAYA GOLDEN CO 80401 $366,645.54
600115778 HICKS, PATRICK 7000 SHEPARD ME CAPINTERIA CA 93013 $864,402.01
600115779 ROTTERMANN, ISRAEL 18 KINGSPORT DR NEWPORT COAST A CA 92657 $997,422.90
600115780 FRENCH, MICHAEL 3265 PADARO LAN CARPINTERIA CA 93013 $997,289.11
600115781 SETO, BRADLEY 423 ARBRAMAR AV PACIFIC PALISAD CA 90272 $721,987.30
600115782 MELE, ARTHUR 74305 QUAIL LAK INDIAN WELLS CA 92210 $1,347,194.48
600115783 CAFIERO, JOSEPH 10 PACKSADDLE R ROLLING HILLS CA 90274 $943,970.75
600117437 DURYEA, D. CHRIST 28850 RABBIT RU STEAMBOAT SPRIN CO 80477 $349,235.20
600117470 LAVELLE, JOHN 37189 THOROUGHB WADSWORTH IL 60083 $349,254.14
600117477 DAVIS, JR, JOHN 1802 FONTAINE C AUSTIN TX 78734 $385,197.83
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600115653 GANDHI, INDRA 7.750 .250 7.500 .0500 7.450 12/01/2027
600115679 AUSTIN, JOHN 8.125 .250 7.875 .0500 7.825 12/01/2027
600115681 RUTSHAW, ARTHUR 8.000 .250 7.750 .0500 7.700 12/01/2027
600115685 SNICKLES, PATRICK 7.875 .250 7.625 .0500 7.575 12/01/2027
600115698 NGUYEN, THOMAS 7.500 .250 7.250 .0500 7.200 12/01/2027
600115778 HICKS, PATRICK 7.500 .250 7.250 .0500 7.200 11/01/2027
600115779 ROTTERMANN, ISRAEL 8.250 .250 8.000 .0500 7.950 11/01/2027
600115780 FRENCH, MICHAEL 8.000 .250 7.750 .0500 7.700 11/01/2027
600115781 SETO, BRADLEY 7.875 .250 7.625 .0500 7.575 11/01/2027
600115782 MELE, ARTHUR 7.875 .250 7.625 .0500 7.575 12/01/2027
600115783 CAFIERO, JOSEPH 8.375 .250 8.125 .0500 8.075 12/01/2027
600117437 DURYEA, D. CHRIST 7.625 .250 7.375 .0500 7.325 12/01/2027
600117470 LAVELLE, JOHN 7.750 .250 7.500 .0500 7.450 12/01/2027
600117477 DAVIS, JR, JOHN 7.875 .250 7.625 .0500 7.575 12/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600115653 GANDHI, INDRA 1259183 $2,794.01 03/01/1998 360
600115679 AUSTIN, JOHN 1269687 $2,680.41 03/01/1998 360
600115681 RUTSHAW, ARTHUR 1270214 $2,531.49 03/01/1998 360
600115685 SNICKLES, PATRICK 1270842 $2,755.26 03/01/1998 360
600115698 NGUYEN, THOMAS 1272939 $2,569.61 03/01/1998 360
600115778 HICKS, PATRICK 1233451 $6,062.19 03/01/1998 360
600115779 ROTTERMANN, ISRAEL 1235381 $7,512.67 03/01/1998 360
600115780 FRENCH, MICHAEL 1245448 $7,337.65 03/01/1998 360
600115781 SETO, BRADLEY 1254770 $5,249.50 03/01/1998 360
600115782 MELE, ARTHUR 1258433 $9,788.44 03/01/1998 360
600115783 CAFIERO, JOSEPH 1268267 $7,224.49 03/01/1998 360
600117437 DURYEA, D. CHRIST 1278589 $2,477.28 03/01/1998 360
600117470 LAVELLE, JOHN 1281385 $2,507.44 03/01/1998 360
600117477 DAVIS, JR, JOHN 1272616 $2,798.77 03/01/1998 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>
600115653 GANDHI, INDRA .00 .00 .00 .000 .250 .300 $520,000.00 N
600115679 AUSTIN, JOHN .00 .00 .00 .000 .250 .300 $460,000.00 N
600115681 RUTSHAW, ARTHUR .00 .00 .00 .000 .250 .300 $460,000.00 N
600115685 SNICKLES, PATRICK .00 .00 .00 .000 .250 .300 $475,000.00 N
600115698 NGUYEN, THOMAS .00 .00 .00 .000 .250 .300 $490,000.00 N
600115778 HICKS, PATRICK .00 .00 .00 .000 .250 .300 $1,250,000.00 N
600115779 ROTTERMANN, ISRAEL .00 .00 .00 .000 .250 .300 $1,670,000.00 N
600115780 FRENCH, MICHAEL .00 .00 .00 .000 .250 .300 $2,000,000.00 N
600115781 SETO, BRADLEY .00 .00 .00 .000 .250 .300 $1,036,000.00 N
600115782 MELE, ARTHUR .00 .00 .00 .000 .250 .300 $3,080,000.00 N
600115783 CAFIERO, JOSEPH .00 .00 .00 .000 .250 .300 $1,475,000.00 N
600117437 DURYEA, D. CHRIST .00 .00 .00 .000 .250 .300 $520,000.00 N
600117470 LAVELLE, JOHN .00 .00 .00 .000 .250 .300 $500,000.00 N
600117477 DAVIS, JR, JOHN .00 .00 .00 .000 .250 .300 $520,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 10
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600117481 HAMMAR, PAUL 7166 EAST BERNE PARADISE VALLEY AZ 85253 $502,505.22
600118185 SELL,CHARLES,JOAN 5240 FARTHING DRIVE COLORADO SPRING CO 80906 $349,209.58
600118328 SOWRAY,GWENDOLINE 5115 HOUSTON DRIVE NORTHW OLYMPIA WA 98502 $349,164.51
600118448 STEHURA,DANIEL, THERESA 2800 GLENOAKS CANYON DRIV GLENDALE CA 91206 $390,136.96
600118450 DEMARTINI,RICHARD, VERONI 154 WILD HORSE VALLEY DRI NOVATO CA 94947 $381,463.09
600118491 VISBAL,JOHN,PATRICIA 1051 UPPER HAPPY VALLEY R LAFAYETTE CA 94549 $398,887.99
600118527 MCLEAN,RICHARD 102 TOWER ROCK COURT FOLSOM CA 95630 $339,293.41
600118613 MILLER,MICHAELA 20383 SOUTHWEST TREMONT W BEAVERTON OR 97007 $359,341.09
600118666 LEE,DAVID D.,LINDA 16475 SOUTHWEST TURTLEDOV BEAVERTON OR 97007 $339,377.67
600118733 PARKER,JAMES,SUSAN 25 WINDWARD DRIVE CORTE MADERA CA 94925 $379,249.22
600118772 SHIRAI,MAYUMI 24 LYON NEWPORT COAST A CA 92657 $471,612.79
600118826 AGUIRRE,ANTHONY,DIANE 1246 PINE EDGE DRIVE LA HABRA HEIGHT CA 90631 $356,578.69
600118836 SECREST,BROOKS 2056 TORREY PINES ROAD LA JOLLA AREA CA 92037 $373,931.00
600119100 BRANDSTETTER,HYMIE,EILEN 977 CRANE AVENUE FOSTER CITY CA 94404 $374,520.11
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600117481 HAMMAR, PAUL 8.125 .250 7.875 .0500 7.825 12/01/2027
600118185 SELL,CHARLES,JOAN 7.875 .250 7.625 .0400 7.585 12/01/2027
600118328 SOWRAY,GWENDOLINE 8.625 .250 8.375 .0400 8.335 11/01/2027
600118448 STEHURA,DANIEL, THERESA 8.875 .250 8.625 .0400 8.585 10/01/2027
600118450 DEMARTINI,RICHARD, VERONI 8.000 .250 7.750 .0400 7.710 11/01/2027
600118491 VISBAL,JOHN,PATRICIA 7.875 .250 7.625 .0400 7.585 11/01/2027
600118527 MCLEAN,RICHARD 7.875 .250 7.625 .0400 7.585 12/01/2027
600118613 MILLER,MICHAELA 8.500 .250 8.250 .0400 8.210 12/01/2027
600118666 LEE,DAVID D.,LINDA 8.500 .250 8.250 .0400 8.210 12/01/2027
600118733 PARKER,JAMES,SUSAN 8.125 .250 7.875 .0400 7.835 12/01/2027
600118772 SHIRAI,MAYUMI 8.375 .250 8.125 .0400 8.085 12/01/2027
600118826 AGUIRRE,ANTHONY,DIANE 8.250 .250 8.000 .0400 7.960 11/01/2027
600118836 SECREST,BROOKS 7.750 .250 7.500 .0400 7.460 11/01/2027
600119100 BRANDSTETTER,HYMIE,EILEN 8.250 .250 8.000 .0400 7.960 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600117481 HAMMAR, PAUL 1277383 $3,738.47 03/01/1998 360
600118185 SELL,CHARLES,JOAN 496173 $2,537.74 03/01/1998 360
600118328 SOWRAY,GWENDOLINE 535396 $2,722.26 03/01/1998 360
600118448 STEHURA,DANIEL, THERESA 538459 $3,112.96 03/01/1998 360
600118450 DEMARTINI,RICHARD, VERONI 538469 $2,806.65 03/01/1998 360
600118491 VISBAL,JOHN,PATRICIA 540002 $2,900.28 03/01/1998 360
600118527 MCLEAN,RICHARD 540861 $2,465.24 03/01/1998 360
600118613 MILLER,MICHAELA 544123 $2,768.09 03/01/1998 360
600118666 LEE,DAVID D.,LINDA 544496 $2,614.31 03/01/1998 360
600118733 PARKER,JAMES,SUSAN 546701 $2,821.49 03/01/1998 360
600118772 SHIRAI,MAYUMI 548065 $3,591.34 03/01/1998 360
600118826 AGUIRRE,ANTHONY,DIANE 548674 $2,685.78 03/01/1998 360
600118836 SECREST,BROOKS 548788 $2,686.55 03/01/1998 360
600119100 BRANDSTETTER,HYMIE,EILEN 552350 $2,817.25 03/01/1998 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>
600117481 HAMMAR, PAUL .00 .00 .00 .000 .250 .300 $680,000.00 N
600118185 SELL,CHARLES,JOAN .00 .00 .00 .000 .250 .290 $448,000.00 N
600118328 SOWRAY,GWENDOLINE .00 .00 .00 .000 .250 .290 $515,000.00 N
600118448 STEHURA,DANIEL, THERESA .00 .00 .00 .000 .250 .290 $521,700.00 N
600118450 DEMARTINI,RICHARD, VERONI .00 .00 .00 .000 .250 .290 $510,000.00 N
600118491 VISBAL,JOHN,PATRICIA .00 .00 .00 .000 .250 .290 $535,000.00 N
600118527 MCLEAN,RICHARD .00 .00 .00 .000 .250 .290 $425,000.00 N
600118613 MILLER,MICHAELA .00 .00 .00 .000 .250 .290 $450,000.00 N
600118666 LEE,DAVID D.,LINDA .00 .00 .00 .000 .250 .290 $425,000.00 N
600118733 PARKER,JAMES,SUSAN .00 .00 .00 .000 .250 .290 $475,000.00 N
600118772 SHIRAI,MAYUMI .00 .00 .00 .000 .250 .290 $630,000.00 N
600118826 AGUIRRE,ANTHONY,DIANE .00 .00 .00 .000 .250 .290 $550,000.00 N
600118836 SECREST,BROOKS .00 .00 .00 .000 .250 .290 $500,000.00 N
600119100 BRANDSTETTER,HYMIE,EILEN .00 .00 .00 .000 .250 .290 $535,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 11
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600119154 ROBLIN-HALL,MONIQUE 40 PARK WAY SAN ANSELMO CA 94960 $363,058.36
600119179 TAMASES/JARMOLO,PETER/DIA 6008 RIDGEMONT DRIVE OAKLAND CA 94619 $358,490.31
600119189 PETSUCH,GARY,NANCY 38880 HONEY RUN LANE GUALALA CA 95445 $355,578.13
600119192 BURTON,JORY 9329 WARBLER WAY LOS ANGELES CA 90069 $359,270.51
600119204 BRIGHT/MATSON,LAREN/JIM 8381 AND 8383 4TH STREET LOS ANGELES CA 90048 $349,101.80
600119259 RODRIGUEZ,ROBIN 1322 SOUTH SOUTHWIND CIRC THOUSAND OAKS CA 91361 $449,176.36
600119285 ADAMS,GERALD,ENID 10511 WULFF DRIVE VILLA PARK CA 92861 $385,742.34
600119290 GHALCHI,SHAHRAM,FARIBA 20251 CHAPTER DRIVE LOS ANGELES CA 91364 $367,516.93
600119365 WARDAK,ABDUL 5308 NW 110 AVENUE CORAL SPRINGS FL 33076 $342,159.98
600119386 WILLIAMS,THEDORE G. 31452 HOLLY DRIVE LAGUNA BEACH CA 92677 $387,503.48
600119403 FISCHER,JOHN,MARGARET 1662 LITTLE GOPHER CANYON VISTA CA 92084 $381,744.28
600125392 FOX,CHARLES,SANDRA 335 EAST 830 SOUTH FARMINTON UT 84025 $349,574.43
600125407 DEVIVO,FRANKIE 1002 WEST HANO CIRCLE IVINS UT 84738 $359,550.92
600125532 GHOLIZADEH/TABA,BAHRAM/FA 1104 GRIMLEY LANE SAN JOSE CA 95120 $396,317.53
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600119154 ROBLIN-HALL,MONIQUE 8.375 .250 8.125 .0400 8.085 11/01/2027
600119179 TAMASES/JARMOLO,PETER/DIA 8.125 .250 7.875 .0400 7.835 12/01/2027
600119189 PETSUCH,GARY,NANCY 8.625 .250 8.375 .0400 8.335 01/01/2028
600119192 BURTON,JORY 8.000 .250 7.750 .0400 7.710 12/01/2027
600119204 BRIGHT/MATSON,LAREN/JIM 8.250 .250 8.000 .0400 7.960 12/01/2027
600119259 RODRIGUEZ,ROBIN 8.500 .250 8.250 .0400 8.210 12/01/2027
600119285 ADAMS,GERALD,ENID 8.625 .250 8.375 .0400 8.335 01/01/2028
600119290 GHALCHI,SHAHRAM,FARIBA 8.125 .250 7.875 .0400 7.835 01/01/2028
600119365 WARDAK,ABDUL 8.500 .250 8.250 .0400 8.210 11/01/2027
600119386 WILLIAMS,THEDORE G. 8.250 .250 8.000 .0400 7.960 01/01/2028
600119403 FISCHER,JOHN,MARGARET 8.125 .250 7.875 .0400 7.835 12/01/2027
600125392 FOX,CHARLES,SANDRA 8.500 .250 8.250 .0400 8.210 01/01/2028
600125407 DEVIVO,FRANKIE 8.375 .250 8.125 .0400 8.085 01/01/2028
600125532 GHOLIZADEH/TABA,BAHRAM/FA 8.500 .250 8.250 .0400 8.210 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600119154 ROBLIN-HALL,MONIQUE 555216 $2,766.66 03/01/1998 360
600119179 TAMASES/JARMOLO,PETER/DIA 555549 $2,667.05 03/01/1998 360
600119189 PETSUCH,GARY,NANCY 555787 $2,768.93 03/01/1998 360
600119192 BURTON,JORY 555939 $2,641.55 03/01/1998 360
600119204 BRIGHT/MATSON,LAREN/JIM 556013 $2,629.43 03/01/1998 360
600119259 RODRIGUEZ,ROBIN 556454 $3,460.11 03/01/1998 360
600119285 ADAMS,GERALD,ENID 556778 $3,003.82 03/01/1998 360
600119290 GHALCHI,SHAHRAM,FARIBA 556844 $2,732.39 03/01/1998 360
600119365 WARDAK,ABDUL 557773 $2,637.37 03/01/1998 360
600119386 WILLIAMS,THEDORE G. 557988 $2,914.91 03/01/1998 360
600119403 FISCHER,JOHN,MARGARET 558185 $2,840.05 03/01/1998 360
600125392 FOX,CHARLES,SANDRA 543645 $2,691.20 03/01/1998 360
600125407 DEVIVO,FRANKIE 543720 $2,736.26 03/01/1998 360
600125532 GHOLIZADEH/TABA,BAHRAM/FA 546106 $3,051.05 03/01/1998 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>
600119154 ROBLIN-HALL,MONIQUE .00 .00 .00 .000 .250 .290 $455,000.00 N
600119179 TAMASES/JARMOLO,PETER/DIA .00 .00 .00 .000 .250 .290 $449,000.00 N
600119189 PETSUCH,GARY,NANCY .00 .00 .00 .000 .250 .290 $445,000.00 N
600119192 BURTON,JORY .00 .00 .00 .000 .250 .290 $450,000.00 N
600119204 BRIGHT/MATSON,LAREN/JIM .00 .00 .00 .000 .250 .290 $475,000.00 N
600119259 RODRIGUEZ,ROBIN .00 .00 .00 .000 .250 .290 $600,000.00 N
600119285 ADAMS,GERALD,ENID .00 .00 .00 .000 .250 .290 $515,000.00 N
600119290 GHALCHI,SHAHRAM,FARIBA .00 .00 .00 .000 .250 .290 $460,000.00 N
600119365 WARDAK,ABDUL .00 .00 .00 .000 .250 .290 $460,000.00 N
600119386 WILLIAMS,THEDORE G. .00 .00 .00 .000 .250 .290 $625,000.00 N
600119403 FISCHER,JOHN,MARGARET .00 .00 .00 .000 .250 .290 $510,000.00 N
600125392 FOX,CHARLES,SANDRA .00 .00 .00 .000 .250 .290 $440,000.00 N
600125407 DEVIVO,FRANKIE .00 .00 .00 .000 .250 .290 $500,000.00 N
600125532 GHOLIZADEH/TABA,BAHRAM/FA .00 .00 .00 .000 .250 .290 $496,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 12
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600125546 SARTO,LOU 312-312A LOMBARD STREET SAN FRANCISCO CA 94133 $622,703.24
600125600 YATES,JOHN,CAROL 8461 CLIFFRIDGE LANE SAN DIEGO CA 92037 $359,502.87
600125814 SCHOLLE,DAVID,BARBARA 65 E. LOS ANGELES AVENUE AREA OF SOMIS CA 93066 $359,502.87
600126081 JONES,LEE, CONNIE 15861 TURNBRIDGE COURT FORT MYERS FL 33908 $542,356.52
600126112 SHOLAKH,MARWAN,KARIMAN 24962 CATHERINE WAY DANA POINT CA 92629 $383,201.98
600126152 FALKOSKY,JEROME,JOAN 16165 MARTINCOIT ROAD POWAY CA 92064 $393,208.89
600126290 SENDEROWICZ,KHOI,DANIEL 1276 LARCH AVENUE MORAGA CA 94556 $396,267.60
600126331 MILLER/BELMONTE,EDDIE/ANA 13489 CHELTENHAM DRIVE LOS ANGELES CA 91423 $367,552.56
600126369 MELFI,JOHN 743 NORTH ORLANDO AVENUE LOS ANGELES CA 90069 $383,493.35
600126872 SHUCK, LUTHER 1795 BRONZEWOOD THOUSAND OAKS CA 91320 $368,971.39
600126873 BUCARO, DIANE 251 LAGUNA STRE SAN FRANCISCO CA 94102 $469,350.97
600126874 LAMPKIN, SYBIL MARILYN 21507 PACIFIC C MALIBU CA 90265 $339,564.89
600126887 HART, CLARA 8225 SOUTHPORT DULUTH GA 30136 $624,881.56
600126897 SHWE, ROBERT 747 INVERNESS W SUNNYVALE CA 94087 $389,474.90
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600125546 SARTO,LOU 7.875 .250 7.625 .0400 7.585 12/01/2027
600125600 YATES,JOHN,CAROL 7.875 .250 7.625 .0400 7.585 01/01/2028
600125814 SCHOLLE,DAVID,BARBARA 7.875 .250 7.625 .0400 7.585 01/01/2028
600126081 JONES,LEE, CONNIE 8.625 .250 8.375 .0400 8.335 01/01/2028
600126112 SHOLAKH,MARWAN,KARIMAN 7.875 .250 7.625 .0400 7.585 12/01/2027
600126152 FALKOSKY,JEROME,JOAN 8.375 .250 8.125 .0400 8.085 01/01/2028
600126290 SENDEROWICZ,KHOI,DANIEL 8.500 .250 8.250 .0400 8.210 01/01/2028
600126331 MILLER/BELMONTE,EDDIE/ANA 8.500 .250 8.250 .0400 8.210 01/01/2028
600126369 MELFI,JOHN 8.250 .250 8.000 .0400 7.960 01/01/2028
600126872 SHUCK, LUTHER 7.875 .250 7.625 .0500 7.575 11/01/2027
600126873 BUCARO, DIANE 7.875 .250 7.625 .0500 7.575 01/01/2028
600126874 LAMPKIN, SYBIL MARILYN 8.250 .250 8.000 .0500 7.950 01/01/2028
600126887 HART, CLARA 7.625 .250 7.375 .0500 7.325 12/01/2027
600126897 SHWE, ROBERT 8.000 .250 7.750 .0500 7.700 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600125546 SARTO,LOU 546797 $4,524.43 03/01/1998 360
600125600 YATES,JOHN,CAROL 549192 $2,610.25 03/01/1998 360
600125814 SCHOLLE,DAVID,BARBARA 552688 $2,610.25 03/01/1998 360
600126081 JONES,LEE, CONNIE 557442 $4,223.40 03/01/1998 360
600126112 SHOLAKH,MARWAN,KARIMAN 557827 $2,784.27 03/01/1998 360
600126152 FALKOSKY,JEROME,JOAN 558100 $2,992.40 03/01/1998 360
600126290 SENDEROWICZ,KHOI,DANIEL 559544 $3,050.66 03/01/1998 360
600126331 MILLER/BELMONTE,EDDIE/ANA 560085 $2,829.60 03/01/1998 360
600126369 MELFI,JOHN 560536 $2,884.86 03/01/1998 360
600126872 SHUCK, LUTHER 1258466 $2,682.76 03/01/1998 360
600126873 BUCARO, DIANE 1265602 $3,407.83 03/01/1998 360
600126874 LAMPKIN, SYBIL MARILYN 1265875 $2,554.31 03/01/1998 360
600126887 HART, CLARA 1274901 $4,432.56 03/01/1998 360
600126897 SHWE, ROBERT 1277953 $2,861.68 03/01/1998 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>
600125546 SARTO,LOU .00 .00 .00 .000 .250 .290 $780,000.00 N
600125600 YATES,JOHN,CAROL .00 .00 .00 .000 .250 .290 $465,000.00 N
600125814 SCHOLLE,DAVID,BARBARA .00 .00 .00 .000 .250 .290 $450,000.00 N
600126081 JONES,LEE, CONNIE .00 .00 .00 .000 .250 .290 $750,000.00 N
600126112 SHOLAKH,MARWAN,KARIMAN .00 .00 .00 .000 .250 .290 $480,000.00 N
600126152 FALKOSKY,JEROME,JOAN .00 .00 .00 .000 .250 .290 $525,000.00 N
600126290 SENDEROWICZ,KHOI,DANIEL .00 .00 .00 .000 .250 .290 $529,000.00 N
600126331 MILLER/BELMONTE,EDDIE/ANA .00 .00 .00 .000 .250 .290 $460,000.00 N
600126369 MELFI,JOHN .00 .00 .00 .000 .250 .290 $480,000.00 N
600126872 SHUCK, LUTHER .00 .00 .00 .000 .250 .300 $463,000.00 N
600126873 BUCARO, DIANE .00 .00 .00 .000 .250 .300 $675,000.00 N
600126874 LAMPKIN, SYBIL MARILYN .00 .00 .00 .000 .250 .300 $450,000.00 N
600126887 HART, CLARA .00 .00 .00 .000 .250 .300 $835,000.00 N
600126897 SHWE, ROBERT .00 .00 .00 .000 .250 .300 $645,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 13
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600126906 SABA, LINDA 31573 SEA LEVEL MALIBU CA 90265 $631,127.27
600126921 LUBIN, ROBERT 640 CROFTON AVE HIGHLAND PARK IL 60035 $390,432.22
600126926 UFERT, TIMOTHY 5113 PASEO DE P TORRANCE CA 90505 $459,297.79
600126932 CUSUMANO, JOSEPH 28112 LAS BRISA SAN JUAN CAPIST CA 92675 $399,419.16
600126938 HALL, ROBIN 2874 BERNARD CO LAGUNA BEACH CA 92651 $367,465.61
600129415 SHERMAN,KATHRYN 5611 DUNMOYLE ST PITTSBURGH PA 15217 $299,747.96
600129486 MORKOC,HADIS 2403 LAKE LOREINE LN RICHMOND VA 23233 $455,616.90
600129516 SHARP GRACIA,LEEANNE 2208 WYOMING AVE NORTH WE WASHINGTON DC 20009 $473,282.22
600129519 BLACK,CHRISTOPHER 4204 NORBECK RD ROCKVILLE MD 20853 $365,714.48
600129549 JARRETT,JAMES 4875 DEER RIDGE DR SOUTH CARMEL IN 46032 $474,229.77
600129824 CORNISH 121 WIND RIDGE COVE GEORGETOWN TX 78628 $231,371.89
600129825 GARCIA 31120 POST OAK TRAIL FAIR OAKS RANCH TX 78015 $227,327.62
600129828 COZZENS 7816 S DUNNS FARM ROAD MAPLE CITY MI 49664 $289,795.32
600129838 MILLER 9229 POTOMAC SCHOOL DRIV POTOMAC MD 20854 $347,885.05
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600126906 SABA, LINDA 7.875 .250 7.625 .0500 7.575 01/01/2028
600126921 LUBIN, ROBERT 7.625 .250 7.375 .0500 7.325 01/01/2028
600126926 UFERT, TIMOTHY 7.375 .250 7.125 .0500 7.075 01/01/2028
600126932 CUSUMANO, JOSEPH 7.625 .250 7.375 .0500 7.325 01/01/2028
600126938 HALL, ROBIN 7.625 .250 7.375 .0500 7.325 01/01/2028
600129415 SHERMAN,KATHRYN 6.875 .250 6.625 .0500 6.575 02/01/2028
600129486 MORKOC,HADIS 6.875 .250 6.625 .0500 6.575 02/01/2028
600129516 SHARP GRACIA,LEEANNE 8.000 .250 7.750 .0500 7.700 02/01/2028
600129519 BLACK,CHRISTOPHER 7.250 .250 7.000 .0500 6.950 02/01/2028
600129549 JARRETT,JAMES 7.250 .250 7.000 .0500 6.950 02/01/2028
600129824 CORNISH 7.750 .250 7.500 .0500 7.450 01/01/2028
600129825 GARCIA 7.750 .250 7.500 .0500 7.450 01/01/2028
600129828 COZZENS 7.750 .250 7.500 .0500 7.450 02/01/2028
600129838 MILLER 7.125 .250 6.875 .0500 6.825 08/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600126906 SABA, LINDA 1282631 $4,582.44 03/01/1998 360
600126921 LUBIN, ROBERT 1290188 $2,767.47 03/01/1998 360
600126926 UFERT, TIMOTHY 1292077 $3,177.11 03/01/1998 360
600126932 CUSUMANO, JOSEPH 1296292 $2,831.17 03/01/1998 360
600126938 HALL, ROBIN 1302124 $2,604.68 03/01/1998 360
600129415 SHERMAN,KATHRYN 954362 $1,970.79 03/01/1998 360
600129486 MORKOC,HADIS 959854 $2,995.60 03/01/1998 360
600129516 SHARP GRACIA,LEEANNE 8575464 $3,475.11 03/01/1998 360
600129519 BLACK,CHRISTOPHER 8575512 $2,496.77 03/01/1998 360
600129549 JARRETT,JAMES 8725902 $3,237.61 03/01/1998 360
600129824 CORNISH 0903733 $1,659.93 03/01/1998 360
600129825 GARCIA 0903811 $1,630.91 12 03/01/1998 360
600129828 COZZENS 0909301 $2,077.60 03/01/1998 360
600129838 MILLER 0937602 $2,358.01 03/01/1998 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>
600126906 SABA, LINDA .00 .00 .00 .000 .250 .300 $875,000.00 N
600126921 LUBIN, ROBERT .00 .00 .00 .000 .250 .300 $610,000.00 N
600126926 UFERT, TIMOTHY .00 .00 .00 .000 .250 .300 $575,000.00 N
600126932 CUSUMANO, JOSEPH .00 .00 .00 .000 .250 .300 $514,990.00 N
600126938 HALL, ROBIN .00 .00 .00 .000 .250 .300 $460,000.00 N
600129415 SHERMAN,KATHRYN .00 .00 .00 .000 .250 .300 $550,000.00 N
600129486 MORKOC,HADIS .00 .00 .00 .000 .250 .300 $605,000.00 N
600129516 SHARP GRACIA,LEEANNE .00 .00 .00 .000 .250 .300 $617,000.00 N
600129519 BLACK,CHRISTOPHER .00 .00 .00 .000 .250 .300 $470,000.00 N
600129549 JARRETT,JAMES .00 .00 .00 .000 .250 .300 $650,000.00 N
600129824 CORNISH .00 .00 .00 .000 .250 .300 $290,000.00 N
600129825 GARCIA .00 .00 .00 .000 .250 .300 $297,000.00 N
600129828 COZZENS .00 .00 .00 .000 .250 .300 $600,000.00 N
600129838 MILLER .00 .00 .00 .000 .250 .300 $975,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 14
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129859 SANDERS 3118 FAIR OAKS AVENUE TAMPA FL 33611 $289,412.34
600129862 HAVEL 50 SPRING LAKE DRIVE OXFORD MI 48371 $371,728.56
600129863 MERCER 3767 SIMMERMAN CT CARMEL IN 46033 $234,523.80
600129865 SOTIRCHO 2801 MEADOWVIEW COURT GLENVIEW IL 60025 $259,640.97
600129866 GILLIS 1043 KEYSTONE AVENUE RIVER FOREST IL 60305 $339,530.48
600129867 VREDEVEL 2233 KNOLLPOINT NE ADA MI 49301 $331,405.84
600129869 KIIHNL 3020 SCHAEFFER DRIVE EADS TN 38028 $250,379.17
600129870 BOLLINGE 14190 MOFFETT DRIVE FENTON MI 48430 $359,490.20
600129871 ROCKHOLD 647 MELROSE AVE CHICAGO IL 60657 $473,894.83
600129873 KING 4016 MEANDERING CRYSTAL LAKE IL 60014 $259,472.35
600129878 HARMSEN 2029 IDLEWILD RICHLAND MI 49083 $361,899.56
600129879 LEWIS 11323 SKOGEN LANE GRAND HAVEN MI 49417 $315,563.63
600129880 SIEGAL 1971 SHERIDAN RD BUFFALO GROVE IL 60089 $237,912.61
600129887 ROSS 1903 DENTON WALK CT MARIETTA GA 30062 $247,713.52
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129859 SANDERS 8.000 .250 7.750 .0500 7.700 12/01/2027
600129862 HAVEL 8.250 .250 8.000 .0500 7.950 12/01/2027
600129863 MERCER 8.000 .250 7.750 .0500 7.700 12/01/2027
600129865 SOTIRCHO 7.875 .250 7.625 .0500 7.575 01/01/2028
600129866 GILLIS 7.875 .250 7.625 .0500 7.575 01/01/2028
600129867 VREDEVEL 8.000 .250 7.750 .0500 7.700 01/01/2028
600129869 KIIHNL 7.000 .250 6.750 .0500 6.700 12/01/2027
600129870 BOLLINGE 7.750 .250 7.500 .0500 7.450 01/01/2028
600129871 ROCKHOLD 8.750 .250 8.500 .0500 8.450 11/01/2027
600129873 KING 8.000 .250 7.750 .0500 7.700 12/01/2027
600129878 HARMSEN 7.875 .250 7.625 .0500 7.575 01/01/2028
600129879 LEWIS 7.875 .250 7.625 .0500 7.575 01/01/2028
600129880 SIEGAL 7.750 .250 7.500 .0500 7.450 01/01/2028
600129887 ROSS 7.375 .250 7.125 .0500 7.075 11/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129859 SANDERS 0953632 $2,127.92 03/01/1998 360
600129862 HAVEL 0954447 $2,800.35 03/01/1998 360
600129863 MERCER 0954464 $1,724.35 03/01/1998 360
600129865 SOTIRCHO 0954559 $1,885.18 03/01/1998 360
600129866 GILLIS 0954628 $2,465.24 03/01/1998 360
600129867 VREDEVEL 0954917 $2,436.10 03/01/1998 360
600129869 KIIHNL 0955370 $1,669.91 03/01/1998 360
600129870 BOLLINGE 0955922 $2,579.08 03/01/1998 360
600129871 ROCKHOLD 0956110 $3,736.83 03/01/1998 360
600129873 KING 0956308 $1,907.79 03/01/1998 360
600129878 HARMSEN 0956797 $2,627.65 03/01/1998 360
600129879 LEWIS 0956834 $2,291.22 03/01/1998 360
600129880 SIEGAL 0956862 $1,706.85 03/01/1998 360
600129887 ROSS 0957630 $1,726.69 03/01/1998 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>
600129859 SANDERS .00 .00 .00 .000 .250 .300 $395,000.00 N
600129862 HAVEL .00 .00 .00 .000 .250 .300 $466,000.00 N
600129863 MERCER .00 .00 .00 .000 .250 .300 $335,000.00 N
600129865 SOTIRCHO .00 .00 .00 .000 .250 .300 $460,000.00 N
600129866 GILLIS .00 .00 .00 .000 .250 .300 $426,500.00 N
600129867 VREDEVEL .00 .00 .00 .000 .250 .300 $450,000.00 N
600129869 KIIHNL .00 .00 .00 .000 .250 .300 $320,000.00 N
600129870 BOLLINGE .00 .00 .00 .000 .250 .300 $450,000.00 N
600129871 ROCKHOLD .00 .00 .00 .000 .250 .300 $650,000.00 N
600129873 KING .00 .00 .00 .000 .250 .300 $326,000.00 N
600129878 HARMSEN .00 .00 .00 .000 .250 .300 $453,000.00 N
600129879 LEWIS .00 .00 .00 .000 .250 .300 $420,000.00 N
600129880 SIEGAL .00 .00 .00 .000 .250 .300 $350,000.00 N
600129887 ROSS .00 .00 .00 .000 .250 .300 $391,499.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 15
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129889 MARSHALL 9225 WYATTWOOD ROAD MECHANICSVILLE VA 23116 $234,667.21
600129892 BOUCK 11820 WEMBLEY DRIVE MOKENA IL 60448 $269,663.18
600129894 LEWIS 6012 POINDEXTER LANE ROCKVILLE MD 20852 $260,665.99
600129898 GRAFT 123 WORTHINGTON HEIGHTS COLUMBUS OH 43235 $267,044.69
600129899 FORD JR 2541 HARRISON POINT DR CHARLES CITY VA 23030 $479,337.17
600129904 OZBEK 17321 KODIAK AVE LAKEVILLE MN 55044 $250,027.18
600129905 VAN DUSE 410 SPRING CRESS LANE WEST CHICAGO IL 60185 $234,036.31
600129908 WILLS 408 GATESHEAD NAPERVILLE IL 60565 $309,632.64
600129909 BOUCHARD 179 CAMPBELL ROAD BEDFORD NH 03110 $324,604.83
600129914 HERRICK 7 HIGH ST MARBLEHEAD MA 01945 $259,499.00
600129917 MEDICK 9212 GOLDEN EAGLE DR LAS VEGAS NV 89134 $504,284.86
600129922 GOGINENI 2401 CHAMBOURD DRIVE BUFFALO GROVE IL 60089 $313,128.49
600129948 RUNYON 2489 DUNHAVEN GLEN SNELLVILLE GA 30278 $234,874.82
600129954 LACASCIA 18 ERIKA DRIVE HOPKINTON MA 01748 $262,427.84
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129889 MARSHALL 7.750 .250 7.500 .0500 7.450 01/01/2028
600129892 BOUCK 8.375 .250 8.125 .0500 8.075 01/01/2028
600129894 LEWIS 8.250 .250 8.000 .0500 7.950 01/01/2028
600129898 GRAFT 8.375 .250 8.125 .0500 8.075 01/01/2028
600129899 FORD JR 7.875 .250 7.625 .0500 7.575 01/01/2028
600129904 OZBEK 7.500 .250 7.250 .0500 7.200 01/01/2028
600129905 VAN DUSE 8.875 .250 8.625 .0500 8.575 01/01/2028
600129908 WILLS 8.625 .250 8.375 .0500 8.325 01/01/2028
600129909 BOUCHARD 8.500 .250 8.250 .0500 8.200 01/01/2028
600129914 HERRICK 8.250 .250 8.000 .0500 7.950 12/01/2027
600129917 MEDICK 7.750 .250 7.500 .0500 7.450 01/01/2028
600129922 GOGINENI 8.625 .250 8.375 .0500 8.325 01/01/2028
600129948 RUNYON 7.875 .250 7.625 .0500 7.575 01/01/2028
600129954 LACASCIA 7.750 .250 7.500 .0500 7.450 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129889 MARSHALL 0957863 $1,683.57 03/01/1998 360
600129892 BOUCK 0958329 $2,052.20 03/01/1998 360
600129894 LEWIS 0958450 $1,960.81 03/01/1998 360
600129898 GRAFT 0958902 $2,033.04 03/01/1998 360
600129899 FORD JR 0958989 $3,480.33 03/01/1998 360
600129904 OZBEK 0959608 $1,750.83 03/01/1998 360
600129905 VAN DUSE 0959774 $1,864.20 03/01/1998 360
600129908 WILLS 0959961 $2,411.15 12 03/01/1998 360
600129909 BOUCHARD 0960439 $2,498.97 03/01/1998 360
600129914 HERRICK 0960718 $1,953.29 03/01/1998 360
600129917 MEDICK 0961205 $3,617.88 03/01/1998 360
600129922 GOGINENI 0961996 $2,438.37 12 03/01/1998 360
600129948 RUNYON 0963704 $1,705.36 03/01/1998 360
600129954 LACASCIA 0963784 $1,882.73 03/01/1998 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>
600129889 MARSHALL .00 .00 .00 .000 .250 .300 $318,000.00 N
600129892 BOUCK .00 .00 .00 .000 .250 .300 $360,000.00 N
600129894 LEWIS .00 .00 .00 .000 .250 .300 $355,000.00 N
600129898 GRAFT .00 .00 .00 .000 .250 .300 $360,000.00 N
600129899 FORD JR .00 .00 .00 .000 .250 .300 $726,000.00 N
600129904 OZBEK .00 .00 .00 .000 .250 .300 $315,000.00 N
600129905 VAN DUSE .00 .00 .00 .000 .250 .300 $298,000.00 N
600129908 WILLS .00 .00 .00 .000 .250 .300 $345,000.00 N
600129909 BOUCHARD .00 .00 .00 .000 .250 .300 $408,000.00 N
600129914 HERRICK .00 .00 .00 .000 .250 .300 $325,000.00 N
600129917 MEDICK .00 .00 .00 .000 .250 .300 $815,000.00 N
600129922 GOGINENI .00 .00 .00 .000 .250 .300 $360,500.00 N
600129948 RUNYON .00 .00 .00 .000 .250 .300 $295,000.00 N
600129954 LACASCIA .00 .00 .00 .000 .250 .300 $331,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 16
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129955 BELLAVAN 1 TONICKA STREET PEABODY MA 01960 $255,289.82
600129956 STATON 9210 APACHE TRAIL BRENTWOOD TN 37027 $275,618.87
600129958 LORENZ 19 BRIMMER STREET BOSTON MA 02108 $347,466.22
600129961 MILLER 10724 LADY SLIPPER TERR ROCKVILLE MD 20852 $379,475.26
600129963 BURDO 54 FOX POINT COURT ADA MI 49301 $251,517.82
600129964 SHAVER 16120 48TH AVENUE NORTH PLYMOUTH MN 55446 $260,681.31
600129972 PULVINO 565 HAWTHORN LN WINNETKA IL 60093 $327,084.72
600129978 SALIBA 229 SURREY LANE LINCOLNSHIRE IL 60069 $326,801.90
600129980 SCOTT 8306 HOLLY HAVEN LANE FAIRFOX STATION VA 22039 $237,871.06
600129981 MACDONAL 1058 PONTE VEDRA BLVD PONTE VEDRA BEA FL 32082 $393,192.40
600129983 HALL 4740 PIN TAIL HIGHLAND MI 48357 $337,775.70
600129985 TUNAC 5284 COLLINGTON DRIVE TROY MI 48098 $247,016.95
600129986 SCHNEIDE 7634 LAURELWOOD DRIVE CANAL WINCHESTE OH 43110 $271,812.81
600129987 HASNAIN 4533 BORLAND AVENUE W BLOOMFIELD MI 48323 $264,793.27
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129955 BELLAVAN 7.125 .250 6.875 .0500 6.825 01/01/2028
600129956 STATON 7.875 .250 7.625 .0500 7.575 01/01/2028
600129958 LORENZ 7.375 .250 7.125 .0500 7.075 01/01/2028
600129961 MILLER 7.875 .250 7.625 .0500 7.575 01/01/2028
600129963 BURDO 7.625 .250 7.375 .0500 7.325 02/01/2028
600129964 SHAVER 7.375 .250 7.125 .0500 7.075 01/01/2028
600129972 PULVINO 8.375 .250 8.125 .0500 8.075 01/01/2028
600129978 SALIBA 8.500 .250 8.250 .0500 8.200 02/01/2028
600129980 SCOTT 7.875 .250 7.625 .0500 7.575 01/01/2028
600129981 MACDONAL 7.750 .250 7.500 .0500 7.450 01/01/2028
600129983 HALL 8.750 .250 8.500 .0500 8.450 01/01/2028
600129985 TUNAC 8.000 .250 7.750 .0500 7.700 01/01/2028
600129986 SCHNEIDE 7.875 .250 7.625 .0500 7.575 02/01/2028
600129987 HASNAIN 7.250 .250 7.000 .0500 6.950 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129955 BELLAVAN 0963800 $1,722.70 03/01/1998 360
600129956 STATON 0963858 $2,001.19 19 03/01/1998 360
600129958 LORENZ 0963979 $2,403.55 03/01/1998 360
600129961 MILLER 0964170 $2,755.26 03/01/1998 360
600129963 BURDO 0964454 $1,781.52 03/01/1998 360
600129964 SHAVER 0964511 $1,803.35 03/01/1998 360
600129972 PULVINO 0964925 $2,493.04 03/01/1998 360
600129978 SALIBA 0964977 $2,514.35 03/01/1998 360
600129980 SCOTT 0965033 $1,727.12 03/01/1998 360
600129981 MACDONAL 0965070 $2,820.87 03/01/1998 360
600129983 HALL 0965100 $2,661.41 03/01/1998 360
600129985 TUNAC 0965155 $1,814.97 19 03/01/1998 360
600129986 SCHNEIDE 0965159 $1,972.19 19 03/01/1998 360
600129987 HASNAIN 0965178 $1,807.77 03/01/1998 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>
600129955 BELLAVAN .00 .00 .00 .000 .250 .300 $330,000.00 N
600129956 STATON .00 .00 .00 .000 .250 .300 $345,000.00 N
600129958 LORENZ .00 .00 .00 .000 .250 .300 $450,000.00 N
600129961 MILLER .00 .00 .00 .000 .250 .300 $475,000.00 N
600129963 BURDO .00 .00 .00 .000 .250 .300 $320,000.00 N
600129964 SHAVER .00 .00 .00 .000 .250 .300 $373,000.00 N
600129972 PULVINO .00 .00 .00 .000 .250 .300 $410,000.00 N
600129978 SALIBA .00 .00 .00 .000 .250 .300 $610,000.00 N
600129980 SCOTT .00 .00 .00 .000 .250 .300 $310,000.00 N
600129981 MACDONAL .00 .00 .00 .000 .250 .300 $530,000.00 N
600129983 HALL .00 .00 .00 .000 .250 .300 $500,000.00 N
600129985 TUNAC .00 .00 .00 .000 .250 .300 $291,000.00 N
600129986 SCHNEIDE .00 .00 .00 .000 .250 .300 $318,000.00 N
600129987 HASNAIN .00 .00 .00 .000 .250 .300 $335,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 17
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600129989 VINACKE 29 HOLYROOD MANOR OAKLAND CA 94611 $424,676.61
600129992 ROMANO J 3889 WALNUT HOLLOW MEDINA OH 44256 $299,777.36
600129995 SMITH JR 3552 COUNTY HIGHWAY 331 COLUMBIANA AL 35051 $449,666.03
600129996 BARON 47 FERN STREET LEXINGTON MA 02173 $297,064.37
600129997 DIAMOND 1969 BILTMORE STREET NW WASHINGTON DC 20009 $279,792.20
600129999 MAREK 37 W 285 RED GATE ROAD ST CHARLES IL 60175 $254,629.71
600130000 SKIBITSK 1357 BRIDGEWATER LONG GROVE IL 60047 $455,459.62
600130001 PASCAL 6237 CEDAR CREEK HOUSTON TX 77057 $265,560.91
600130004 WHITTEN 1889 WEST FARM ROAD ORONO MN 55356 $335,785.74
600130005 GILLOOLY 15380 GREEN WOODS LANE WALDORF MD 20601 $249,547.94
600130007 THOMPSON 185 POND STREET HOPKINTON MA 01748 $401,830.15
600130012 STEVENSO 120 RILEY RIDGE RD ATLANTA GA 30327 $649,552.68
600130014 LABARR 5218 E ROMA AVENUE PHOENIX AZ 85018 $251,281.65
600130022 KNARR 2665 CABALLO RANCHERO DR DIABLO CA 94528 $349,491.75
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600129989 VINACKE 7.375 .250 7.125 .0500 7.075 02/01/2028
600129992 ROMANO J 7.500 .250 7.250 .0500 7.200 02/01/2028
600129995 SMITH JR 7.500 .250 7.250 .0500 7.200 02/01/2028
600129996 BARON 7.500 .250 7.250 .0500 7.200 02/01/2028
600129997 DIAMOND 7.500 .250 7.250 .0500 7.200 02/01/2028
600129999 MAREK 7.625 .250 7.375 .0500 7.325 01/01/2028
600130000 SKIBITSK 8.625 .250 8.375 .0500 8.325 01/01/2028
600130001 PASCAL 7.875 .250 7.625 .0500 7.575 01/01/2028
600130004 WHITTEN 8.250 .250 8.000 .0500 7.950 02/01/2028
600130005 GILLOOLY 7.625 .250 7.375 .0500 7.325 01/01/2028
600130007 THOMPSON 7.750 .250 7.500 .0500 7.450 01/01/2028
600130012 STEVENSO 7.875 .250 7.625 .0500 7.575 02/01/2028
600130014 LABARR 7.750 .250 7.500 .0500 7.450 11/01/2027
600130022 KNARR 7.625 .250 7.375 .0500 7.325 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600129989 VINACKE 0965610 $2,935.37 03/01/1998 360
600129992 ROMANO J 0965862 $2,097.64 03/01/1998 360
600129995 SMITH JR 0966167 $3,146.47 03/01/1998 360
600129996 BARON 0966434 $2,078.66 03/01/1998 360
600129997 DIAMOND 0966437 $1,957.80 03/01/1998 360
600129999 MAREK 0966594 $1,804.87 03/01/1998 360
600130000 SKIBITSK 0966696 $3,546.72 03/01/1998 360
600130001 PASCAL 0966816 $1,928.68 03/01/1998 360
600130004 WHITTEN 0966993 $2,524.26 03/01/1998 360
600130005 GILLOOLY 0967399 $1,769.48 03/01/1998 360
600130007 THOMPSON 0967816 $2,882.84 2 03/01/1998 360
600130012 STEVENSO 0969653 $4,712.95 03/01/1998 360
600130014 LABARR 6212991 $1,805.36 03/01/1998 360
600130022 KNARR 6216291 $2,477.28 03/01/1998 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>
600129989 VINACKE .00 .00 .00 .000 .250 .300 $565,000.00 N
600129992 ROMANO J .00 .00 .00 .000 .250 .300 $400,000.00 N
600129995 SMITH JR .00 .00 .00 .000 .250 .300 $595,000.00 N
600129996 BARON .00 .00 .00 .000 .250 .300 $630,000.00 N
600129997 DIAMOND .00 .00 .00 .000 .250 .300 $415,000.00 N
600129999 MAREK .00 .00 .00 .000 .250 .300 $414,000.00 N
600130000 SKIBITSK .00 .00 .00 .000 .250 .300 $635,000.00 N
600130001 PASCAL .00 .00 .00 .000 .250 .300 $340,000.00 N
600130004 WHITTEN .00 .00 .00 .000 .250 .300 $420,000.00 N
600130005 GILLOOLY .00 .00 .00 .000 .250 .300 $335,000.00 N
600130007 THOMPSON .00 .00 .00 .000 .250 .300 $487,000.00 N
600130012 STEVENSO .00 .00 .00 .000 .250 .300 $873,750.00 N
600130014 LABARR .00 .00 .00 .000 .250 .300 $325,000.00 N
600130022 KNARR .00 .00 .00 .000 .250 .300 $475,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 18
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130030 WU 35 WENDY COURT NOVATO CA 94945 $369,426.43
600130032 RYAN 122 ELSIE STREET SAN FRANCISCO CA 94110 $291,451.46
600130034 SHAH 1092 THE DALLES AVENUE SUNNYVALE CA 94087 $313,954.77
600130036 MOBLEY 8209 PERSHING DRIVE LOS ANGELES CA 90293 $291,145.74
600130039 ANDERSON 4256 CLUBHOUSE DRIVE LAKEWOOD CA 90712 $341,440.85
600130040 MCELFRES 58030 TOKATEE LANE SUNRIVER OR 97707 $398,044.11
600130043 BAASCH 3856 SW BRIDLEMILE LN PORTLAND OR 97221 $250,795.66
600130060 PHILLIPS 11315 NORTH 104TH PLACE SCOTTSDALE AZ 85259 $289,009.04
600130070 GODIL 5435 LOS MONTEROS YORBA LINDA CA 92887 $349,254.14
600130072 ANDREWS 24652 VIA CARISSA LAGUNA NIGUEL CA 92677 $240,009.62
600130074 LIBBY 9750 OVIEDO STREET SAN DIEGO CA 92129 $238,144.15
600130080 JENSEN 3419 E WHITE SPRING LN ORANGE CA 92867 $228,426.04
600130093 PARK 15525 MORRISON STREET LOS ANGELES CA 91403 $350,406.88
600130094 DURKAN-S 518 11TH STREET HERMOSA BEACH CA 90254 $361,666.07
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130030 WU 7.750 .250 7.500 .0500 7.450 01/01/2028
600130032 RYAN 7.750 .250 7.500 .0500 7.450 01/01/2028
600130034 SHAH 7.750 .250 7.500 .0500 7.450 01/01/2028
600130036 MOBLEY 7.625 .250 7.375 .0500 7.325 11/01/2027
600130039 ANDERSON 7.500 .250 7.250 .0500 7.200 01/01/2028
600130040 MCELFRES 8.000 .250 7.750 .0500 7.700 12/01/2027
600130043 BAASCH 7.625 .250 7.375 .0500 7.325 01/01/2028
600130060 PHILLIPS 7.500 .250 7.250 .0500 7.200 01/01/2028
600130070 GODIL 7.750 .250 7.500 .0500 7.450 12/01/2027
600130072 ANDREWS 7.750 .250 7.500 .0500 7.450 01/01/2028
600130074 LIBBY 7.500 .250 7.250 .0500 7.200 01/01/2028
600130080 JENSEN 7.750 .250 7.500 .0500 7.450 01/01/2028
600130093 PARK 7.500 .250 7.250 .0500 7.200 09/01/2027
600130094 DURKAN-S 7.750 .250 7.500 .0500 7.450 11/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130030 WU 6216543 $2,650.73 03/01/1998 360
600130032 RYAN 6216562 $2,091.93 03/01/1998 360
600130034 SHAH 6216574 $2,252.40 03/01/1998 360
600130036 MOBLEY 6217521 $2,066.76 03/01/1998 360
600130039 ANDERSON 6218214 $2,390.97 12 03/01/1998 360
600130040 MCELFRES 6220161 $2,927.72 03/01/1998 360
600130043 BAASCH 6220261 $1,778.33 03/01/1998 360
600130060 PHILLIPS 6221535 $2,023.81 03/01/1998 360
600130070 GODIL 6222751 $2,507.44 03/01/1998 360
600130072 ANDREWS 6222875 $1,721.90 1 03/01/1998 360
600130074 LIBBY 6224187 $1,667.63 1 03/01/1998 360
600130080 JENSEN 6228267 $1,638.80 03/01/1998 360
600130093 PARK 6263073 $2,462.11 2 03/01/1998 360
600130094 DURKAN-S 6263125 $2,598.43 12 03/01/1998 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>
600130030 WU .00 .00 .00 .000 .250 .300 $525,500.00 N
600130032 RYAN .00 .00 .00 .000 .250 .300 $365,000.00 N
600130034 SHAH .00 .00 .00 .000 .250 .300 $400,000.00 N
600130036 MOBLEY .00 .00 .00 .000 .250 .300 $365,000.00 N
600130039 ANDERSON .00 .00 .00 .000 .250 .300 $380,000.00 N
600130040 MCELFRES .00 .00 .00 .000 .250 .300 $535,900.00 N
600130043 BAASCH .00 .00 .00 .000 .250 .300 $335,000.00 N
600130060 PHILLIPS .00 .00 .00 .000 .250 .300 $370,000.00 N
600130070 GODIL .00 .00 .00 .000 .250 .300 $445,000.00 N
600130072 ANDREWS .00 .00 .00 .000 .250 .300 $253,000.00 N
600130074 LIBBY .00 .00 .00 .000 .250 .300 $267,000.00 N
600130080 JENSEN .00 .00 .00 .000 .250 .300 $305,000.00 N
600130093 PARK .00 .00 .00 .000 .250 .300 $392,000.00 N
600130094 DURKAN-S .00 .00 .00 .000 .250 .300 $403,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 19
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130095 LAHAYE 3533 DEER TRAIL COURT SANTA ROSA CA 95404 $249,480.45
600130096 LEVIN 12664 SARAH ST LOS ANGELES CA 91604 $319,383.60
600130098 BLOOM 5043 MAMMOTH AVE LOS ANGELES CA 91423 $259,156.84
600130100 RITTER 7413 NORTH SIERRA VISTA FRESNO CA 93720 $264,357.34
600130105 BERLIN 10421 RUE FINISTERRE SAN DIEGO CA 92131 $259,631.81
600130112 ADOLPHS 13 PLAZA BAJA DEL SOL SAN JUAN CAPIST CA 92675 $261,510.04
600130114 MATSON 10182 N SPANISH BAY DRIV FRESNO CA 93720 $388,260.22
600130115 POONIA 7645 NORTH VAN NESS BLVD FRESNO CA 93711 $823,801.98
600130120 CHAFFIN 17015 BUTTERFIELD TRAIL POWAY CA 92064 $399,389.39
600130121 ANDERSON 2276 WOODWIND DR ENCINITAS CA 92024 $272,572.79
600130125 JERJEES 5068 VIA PAPEL SAN DIEGO CA 92122 $275,568.08
600130127 JIMNO 3778 WILDFLOWER LN FALLBROOK CA 92028 $278,450.80
600130130 MURRAY 771 AVENIDA SALVADOR SAN CLEMENTE CA 92672 $469,258.20
600130131 FRANCISC 3569 KIRKRIDGE ST SANTA ROSA CA 95403 $287,578.62
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130095 LAHAYE 7.875 .250 7.625 .0500 7.575 12/01/2027
600130096 LEVIN 8.250 .250 8.000 .0500 7.950 12/01/2027
600130098 BLOOM 7.875 .250 7.625 .0500 7.575 12/01/2027
600130100 RITTER 7.750 .250 7.500 .0500 7.450 09/01/2027
600130105 BERLIN 7.750 .250 7.500 .0500 7.450 01/01/2028
600130112 ADOLPHS 7.500 .250 7.250 .0500 7.200 01/01/2028
600130114 MATSON 7.500 .250 7.250 .0500 7.200 01/01/2028
600130115 POONIA 7.625 .250 7.375 .0500 7.325 01/01/2028
600130120 CHAFFIN 7.375 .250 7.125 .0500 7.075 01/01/2028
600130121 ANDERSON 7.250 .250 7.000 .0500 6.950 01/01/2028
600130125 JERJEES 7.250 .250 7.000 .0500 6.950 01/01/2028
600130127 JIMNO 7.625 .250 7.375 .0500 7.325 01/01/2028
600130130 MURRAY 7.875 .250 7.625 .0500 7.575 01/01/2028
600130131 FRANCISC 7.625 .250 7.375 .0500 7.325 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130095 LAHAYE 6264910 $1,812.68 03/01/1998 360
600130096 LEVIN 6274265 $2,404.06 03/01/1998 360
600130098 BLOOM 6274289 $1,885.91 03/01/1998 360
600130100 RITTER 6274687 $1,902.08 7 03/01/1998 360
600130105 BERLIN 6310393 $1,862.67 03/01/1998 360
600130112 ADOLPHS 6313584 $1,831.25 03/01/1998 360
600130114 MATSON 6314239 $2,726.94 03/01/1998 360
600130115 POONIA 6314249 $5,839.30 03/01/1998 360
600130120 CHAFFIN 6324176 $2,762.70 03/01/1998 360
600130121 ANDERSON 6324188 $1,862.34 03/01/1998 360
600130125 JERJEES 6324225 $1,882.81 03/01/1998 360
600130127 JIMNO 6324288 $1,974.75 03/01/1998 360
600130130 MURRAY 6330127 $3,407.83 03/01/1998 360
600130131 FRANCISC 6396399 $2,038.45 03/01/1998 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>
600130095 LAHAYE .00 .00 .00 .000 .250 .300 $755,000.00 N
600130096 LEVIN .00 .00 .00 .000 .250 .300 $401,000.00 N
600130098 BLOOM .00 .00 .00 .000 .250 .300 $328,000.00 N
600130100 RITTER .00 .00 .00 .000 .250 .300 $295,000.00 N
600130105 BERLIN .00 .00 .00 .000 .250 .300 $325,000.00 N
600130112 ADOLPHS .00 .00 .00 .000 .250 .300 $327,500.00 N
600130114 MATSON .00 .00 .00 .000 .250 .300 $625,000.00 N
600130115 POONIA .00 .00 .00 .000 .250 .300 $1,200,000.00 N
600130120 CHAFFIN .00 .00 .00 .000 .250 .300 $625,000.00 N
600130121 ANDERSON .00 .00 .00 .000 .250 .300 $353,000.00 N
600130125 JERJEES .00 .00 .00 .000 .250 .300 $362,000.00 N
600130127 JIMNO .00 .00 .00 .000 .250 .300 $400,000.00 N
600130130 MURRAY .00 .00 .00 .000 .250 .300 $655,000.00 N
600130131 FRANCISC .00 .00 .00 .000 .250 .300 $365,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 20
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130135 PATTERSO 2360 E FAUNHILL DRIVE EAGLE ID 83616 $246,542.84
600130137 SMITH II 3230 EAST BONVIEW DRIVE SALT LAKE CITY UT 84109 $269,719.57
600130143 SCHARFFS #5 KNOB HILL ROAD PARK CITY UT 84098 $454,402.72
600130148 PETERSON 1324 NORTH HIGHWAY 89 KAYSVILLE UT 84037 $249,636.97
600130153 CHURCH 284 HICKORY HOLLOW AVENU LAS VEGAS NV 89123 $377,713.42
600130154 SNYDER 620 SUMMER MESA DRIVE LAS VEGAS NV 89134 $312,848.50
600130155 PULLIAM- 1577 EAST TIMONEY ROAD DRAPER UT 84020 $336,816.08
600130156 MROWCZYN 10245 GLEN ORA AVENUE LAS VEGAS NV 89134 $257,815.56
600130159 LLOYD 510 NORTH PROBST WAY MIDWAY UT 84049 $274,590.54
600130255 LITERSKI 903 WEST GRAND RIVER HOWELL MI 48843 $249,823.55
600130257 DOUGHERT 3701 N 25TH STREET ARLINGTON VA 22207 $285,350.09
600130263 MCATEER 11451 QUAILWOOD MANOR DRI FAIRFAX VA 22039 $562,092.88
600130266 JACKSON 1102 RIDGEWAY ROCHESTER MI 48307 $403,477.04
600130272 CALFEE OLD WATSON ROAD RUTLEDGE TN 37861 $283,088.31
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130135 PATTERSO 7.625 .250 7.375 .0500 7.325 01/01/2028
600130137 SMITH II 7.750 .250 7.500 .0500 7.450 10/01/2027
600130143 SCHARFFS 8.125 .250 7.875 .0500 7.825 01/01/2028
600130148 PETERSON 7.625 .250 7.375 .0500 7.325 01/01/2028
600130153 CHURCH 7.875 .250 7.625 .0500 7.575 12/01/2027
600130154 SNYDER 7.875 .250 7.625 .0500 7.575 12/01/2027
600130155 PULLIAM- 8.000 .250 7.750 .0500 7.700 12/01/2027
600130156 MROWCZYN 7.500 .250 7.250 .0500 7.200 01/01/2028
600130159 LLOYD 7.500 .250 7.250 .0500 7.200 01/01/2028
600130255 LITERSKI 7.750 .250 7.500 .0500 7.450 02/01/2028
600130257 DOUGHERT 7.375 .250 7.125 .0500 7.075 05/01/2027
600130263 MCATEER 7.625 .250 7.375 .0500 7.325 02/01/2028
600130266 JACKSON 8.125 .250 7.875 .0500 7.825 10/01/2027
600130272 CALFEE 7.625 .250 7.375 .0500 7.325 01/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130135 PATTERSO 7068840 $1,771.11 2 03/01/1998 360
600130137 SMITH II 7141488 $1,939.69 03/01/1998 360
600130143 SCHARFFS 7189088 $3,378.36 03/01/1998 360
600130148 PETERSON 7212911 $1,769.48 03/01/1998 360
600130153 CHURCH 7472820 $2,744.39 03/01/1998 360
600130154 SNYDER 7475720 $2,273.09 2 03/01/1998 360
600130155 PULLIAM- 7501312 $2,476.46 14 03/01/1998 360
600130156 MROWCZYN 7517920 $1,805.37 12 03/01/1998 360
600130159 LLOYD 7906625 $1,922.84 03/01/1998 360
600130255 LITERSKI 0907201 $1,791.03 03/01/1998 360
600130257 DOUGHERT 0921451 $1,986.38 03/01/1998 360
600130263 MCATEER 0933719 $3,981.34 03/01/1998 360
600130266 JACKSON 0949015 $3,007.11 12 03/01/1998 360
600130272 CALFEE 0955315 $2,006.60 03/01/1998 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>
600130135 PATTERSO .00 .00 .00 .000 .250 .300 $280,000.00 N
600130137 SMITH II .00 .00 .00 .000 .250 .300 $361,000.00 N
600130143 SCHARFFS .00 .00 .00 .000 .250 .300 $700,000.00 N
600130148 PETERSON .00 .00 .00 .000 .250 .300 $1,100,000.00 N
600130153 CHURCH .00 .00 .00 .000 .250 .300 $475,000.00 N
600130154 SNYDER .00 .00 .00 .000 .250 .300 $330,000.00 N
600130155 PULLIAM- .00 .00 .00 .000 .250 .300 $375,000.00 N
600130156 MROWCZYN .00 .00 .00 .000 .250 .300 $287,000.00 N
600130159 LLOYD .00 .00 .00 .000 .250 .300 $460,000.00 N
600130255 LITERSKI .00 .00 .00 .000 .250 .300 $422,600.00 N
600130257 DOUGHERT .00 .00 .00 .000 .250 .300 $365,000.00 N
600130263 MCATEER .00 .00 .00 .000 .250 .300 $750,000.00 N
600130266 JACKSON .00 .00 .00 .000 .250 .300 $470,000.00 N
600130272 CALFEE .00 .00 .00 .000 .250 .300 $356,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 21
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130273 BEHAR 2531 WOODFERN CIRCLE BIRMINGHAM AL 35244 $284,586.15
600130281 BELOSI 56 MOORINGS DR LAKE ST LOUIS MO 63367 $299,585.73
600130285 MARESCA 11350 SEA GRASS CIRCLE BOGA RATON FL 33498 $294,186.93
600130291 HERSCKOW 215 FALLING LEAVES CT CREVE COEUR MO 63141 $290,819.13
600130298 MEYERS 6610 BELLE CHASE COURT GAITHERSBURG MD 20882 $299,553.31
600130299 DEVOS 910 CREEK DRIVE ANNAPOLIS MD 21043 $367,234.02
600130300 BATES JR 3648 DAY ROAD DARLINGTON MD 21034 $319,569.13
600130302 HODGES 5021 COURTNEY ROAD COLUMBIA SC 29206 $371,446.11
600130307 EMERSON 1040 GREYSTONE MANOR PKWY CHESTERFIELD MO 63005 $299,782.87
600130310 KARAKOST 2102 WARWICK LN GLENVIEW IL 60025 $342,657.98
600130313 GRAZIANO 2304 KALAMAZOO NAPERVILLE IL 60565 $263,644.54
600130331 WOODY 2052 DEAN DRIVE WASHINGTON TOWN MI 48094 $446,696.74
600130332 LACUSTA 69308 PINE RIVER DRIVE BRUCE TOWNSHIP MI 48317 $475,390.85
600130336 DOWDLE 200 LYONS PLAINS ROAD WESTON CT 06883 $532,133.54
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130273 BEHAR 7.625 .250 7.375 .0500 7.325 01/01/2028
600130281 BELOSI 7.875 .250 7.625 .0500 7.575 01/01/2028
600130285 MARESCA 7.625 .250 7.375 .0500 7.325 02/01/2028
600130291 HERSCKOW 8.375 .250 8.125 .0500 8.075 02/01/2028
600130298 MEYERS 7.500 .250 7.250 .0500 7.200 01/01/2028
600130299 DEVOS 7.625 .250 7.375 .0500 7.325 02/01/2028
600130300 BATES JR 8.000 .250 7.750 .0500 7.700 01/01/2028
600130302 HODGES 7.500 .250 7.250 .0500 7.200 01/01/2028
600130307 EMERSON 7.625 .250 7.375 .0500 7.325 02/01/2028
600130310 KARAKOST 7.750 .250 7.500 .0500 7.450 02/01/2028
600130313 GRAZIANO 8.000 .250 7.750 .0500 7.700 01/01/2028
600130331 WOODY 8.875 .250 8.625 .0500 8.575 01/01/2028
600130332 LACUSTA 8.250 .250 8.000 .0500 7.950 01/01/2028
600130336 DOWDLE 7.875 .250 7.625 .0500 7.575 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130273 BEHAR 0955424 $2,017.21 03/01/1998 360
600130281 BELOSI 0959812 $2,175.21 03/01/1998 360
600130285 MARESCA 0960575 $2,083.74 03/01/1998 360
600130291 HERSCKOW 0961943 $2,211.81 03/01/1998 360
600130298 MEYERS 0962832 $2,097.65 03/01/1998 360
600130299 DEVOS 0963521 $2,601.14 03/01/1998 360
600130300 BATES JR 0963556 $2,348.05 03/01/1998 360
600130302 HODGES 0963817 $2,601.08 03/01/1998 360
600130307 EMERSON 0964338 $2,123.38 03/01/1998 360
600130310 KARAKOST 0964557 $2,456.58 03/01/1998 360
600130313 GRAZIANO 0964640 $1,937.14 03/01/1998 360
600130331 WOODY 0965776 $3,558.12 03/01/1998 360
600130332 LACUSTA 0965829 $3,576.03 03/01/1998 360
600130336 DOWDLE 0966042 $3,860.99 03/01/1998 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>
600130273 BEHAR .00 .00 .00 .000 .250 .300 $415,000.00 N
600130281 BELOSI .00 .00 .00 .000 .250 .300 $390,000.00 N
600130285 MARESCA .00 .00 .00 .000 .250 .300 $368,000.00 N
600130291 HERSCKOW .00 .00 .00 .000 .250 .300 $510,000.00 N
600130298 MEYERS .00 .00 .00 .000 .250 .300 $407,000.00 N
600130299 DEVOS .00 .00 .00 .000 .250 .300 $490,000.00 N
600130300 BATES JR .00 .00 .00 .000 .250 .300 $402,000.00 N
600130302 HODGES .00 .00 .00 .000 .250 .300 $465,000.00 N
600130307 EMERSON .00 .00 .00 .000 .250 .300 $530,000.00 N
600130310 KARAKOST .00 .00 .00 .000 .250 .300 $510,000.00 N
600130313 GRAZIANO .00 .00 .00 .000 .250 .300 $330,000.00 N
600130331 WOODY .00 .00 .00 .000 .250 .300 $579,000.00 N
600130332 LACUSTA .00 .00 .00 .000 .250 .300 $750,000.00 N
600130336 DOWDLE .00 .00 .00 .000 .250 .300 $720,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 22
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130337 HALL SR 6 SEARS ROAD WAYLAND MA 01778 $237,840.31
600130343 JAEB 4348 DORCHESTER COURT EAGAN MN 55123 $251,013.57
600130346 DEBIASI 45750 WILLINGHAM DR. NOVI MI 48374 $258,343.40
600130350 BAKER 1627 N GREENBRIER ST ARLINGTON VA 22205 $303,556.31
600130352 BROCK 8865 SADDLE TRAIL BALLGROUND GA 30107 $296,229.89
600130355 GOLDSTEI 10464 PETERSBORO ROAD WOODSTOCK MD 21163 $274,361.05
600130358 TAYLOR M 200 WEST JONES STREET SAVANNAH GA 31401 $335,756.81
600130361 QUINTERO 2296 LAKE RIDGE TERRACE LAWRENCEVILLE GA 30245 $319,262.89
600130362 YARBROUG 4208 WOODBINE LANE BIRMINGHAM AL 35226 $275,784.69
600130364 WULFE 207 BOX OAK SAN ANTONIO TX 78230 $374,707.47
600130366 WYNER 60 MAPLE STREET LEXINGTON MA 02173 $390,709.82
600130367 BORRESON 2520 BETHANY CHURCH RD ALPHARETTA GA 30004 $391,736.97
600130369 SCHWARZ 1435 CRYSTAL AIR CT CALEDONIA MI 49316 $362,737.27
600130372 MANN 4871 BREWSTER DRIVE LOS ANGELES CA 91356 $572,463.01
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130337 HALL SR 8.000 .250 7.750 .0500 7.700 02/01/2028
600130343 JAEB 7.500 .250 7.250 .0500 7.200 02/01/2028
600130346 DEBIASI 8.500 .250 8.250 .0500 8.200 02/01/2028
600130350 BAKER 8.250 .250 8.000 .0500 7.950 02/01/2028
600130352 BROCK 7.750 .250 7.500 .0500 7.450 01/01/2028
600130355 GOLDSTEI 7.875 .250 7.625 .0500 7.575 02/01/2028
600130358 TAYLOR M 7.625 .250 7.375 .0500 7.325 02/01/2028
600130361 QUINTERO 7.500 .250 7.250 .0500 7.200 02/01/2028
600130362 YARBROUG 7.250 .250 7.000 .0500 6.950 02/01/2028
600130364 WULFE 7.250 .250 7.000 .0500 6.950 02/01/2028
600130366 WYNER 7.500 .250 7.250 .0500 7.200 02/01/2028
600130367 BORRESON 8.000 .250 7.750 .0500 7.700 02/01/2028
600130369 SCHWARZ 7.625 .250 7.375 .0500 7.325 02/01/2028
600130372 MANN 7.625 .250 7.375 .0500 7.325 09/01/2027
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130337 HALL SR 0966101 $1,746.36 03/01/1998 360
600130343 JAEB 0966871 $1,756.43 03/01/1998 360
600130346 DEBIASI 0967251 $1,987.64 03/01/1998 360
600130350 BAKER 0967381 $2,281.97 03/01/1998 360
600130352 BROCK 0967776 $2,125.24 12 03/01/1998 360
600130355 GOLDSTEI 0968014 $1,990.68 19 03/01/1998 360
600130358 TAYLOR M 0969464 $2,378.19 03/01/1998 360
600130361 QUINTERO 0969629 $2,233.99 03/01/1998 360
600130362 YARBROUG 0969646 $1,882.81 03/01/1998 360
600130364 WULFE 0970798 $2,558.16 03/01/1998 360
600130366 WYNER 0971330 $2,733.93 03/01/1998 360
600130367 BORRESON 0972803 $2,876.36 03/01/1998 360
600130369 SCHWARZ 0974657 $2,569.29 03/01/1998 360
600130372 MANN 6211857 $4,069.81 03/01/1998 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>
600130337 HALL SR .00 .00 .00 .000 .250 .300 $512,000.00 N
600130343 JAEB .00 .00 .00 .000 .250 .300 $315,000.00 N
600130346 DEBIASI .00 .00 .00 .000 .250 .300 $324,000.00 N
600130350 BAKER .00 .00 .00 .000 .250 .300 $405,000.00 N
600130352 BROCK .00 .00 .00 .000 .250 .300 $312,300.00 N
600130355 GOLDSTEI .00 .00 .00 .000 .250 .300 $323,000.00 N
600130358 TAYLOR M .00 .00 .00 .000 .250 .300 $425,000.00 N
600130361 QUINTERO .00 .00 .00 .000 .250 .300 $430,000.00 N
600130362 YARBROUG .00 .00 .00 .000 .250 .300 $345,000.00 N
600130364 WULFE .00 .00 .00 .000 .250 .300 $628,000.00 N
600130366 WYNER .00 .00 .00 .000 .250 .300 $520,000.00 N
600130367 BORRESON .00 .00 .00 .000 .250 .300 $490,000.00 N
600130369 SCHWARZ .00 .00 .00 .000 .250 .300 $455,000.00 N
600130372 MANN .00 .00 .00 .000 .250 .300 $790,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 23
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130373 WITKE 8800 E FOXHOLLOW DR ANAHEIM CA 92808 $241,166.35
600130377 WADE 4150 CADWALLADER AVE SAN JOSE CA 95121 $474,327.33
600130381 DIETRICH 5716 MORNINGSIDE DRIVE SAN JOSE CA 95138 $423,700.74
600130382 PETTIT 3488 LA MESA DR SAN CARLOS CA 94070 $494,850.50
600130383 RAGHUBIR 127 HODGES DR MORAGA CA 94556 $356,997.86
600130384 FOX 5573 ANDROMEDA CIRCLE FREMONT CA 94538 $246,821.23
600130385 OHEA 1288 ROSALIA AVENUE SAN JOSE CA 95117 $267,396.38
600130386 IMBRO 1839 VANCOUVER WAY LIVERMORE CA 94550 $227,031.38
600130387 TIEDEMAN 915 TALBOT AVE ALBANY CA 94706 $315,782.53
600130388 MUNSON 13455 SURREY LN SARATOGA CA 95070 $599,587.08
600130394 GUZMAN 6313 E VERA CREST DR LONG BEACH CA 90815 $428,697.22
600130397 JONES 13520 SW 129TH AVENUE TIGARD OR 97223 $251,798.48
600130415 COX 5840 VISTA DEL PASO CRESTON CA 93432 $315,291.49
600130416 JOHNSON 400 S ORANGE DR LOS ANGELES CA 90036 $299,771.72
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130373 WITKE 7.375 .250 7.125 .0500 7.075 02/01/2028
600130377 WADE 7.750 .250 7.500 .0500 7.450 01/01/2028
600130381 DIETRICH 7.750 .250 7.500 .0500 7.450 02/01/2028
600130382 PETTIT 7.750 .250 7.500 .0500 7.450 02/01/2028
600130383 RAGHUBIR 7.750 .250 7.500 .0500 7.450 02/01/2028
600130384 FOX 7.625 .250 7.375 .0500 7.325 02/01/2028
600130385 OHEA 7.375 .250 7.125 .0500 7.075 02/01/2028
600130386 IMBRO 7.500 .250 7.250 .0500 7.200 02/01/2028
600130387 TIEDEMAN 7.875 .250 7.625 .0500 7.575 02/01/2028
600130388 MUNSON 7.875 .250 7.625 .0500 7.575 02/01/2028
600130394 GUZMAN 7.750 .250 7.500 .0500 7.450 02/01/2028
600130397 JONES 7.125 .250 6.875 .0500 6.825 02/01/2028
600130415 COX 7.625 .250 7.375 .0500 7.325 01/01/2028
600130416 JOHNSON 7.375 .250 7.125 .0500 7.075 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130373 WITKE 6215060 $1,666.95 12 03/01/1998 360
600130377 WADE 6216493 $3,402.96 03/01/1998 360
600130381 DIETRICH 6216545 $3,037.59 03/01/1998 360
600130382 PETTIT 6216546 $3,547.67 03/01/1998 360
600130383 RAGHUBIR 6216587 $2,559.38 03/01/1998 360
600130384 FOX 6216593 $1,748.25 03/01/1998 360
600130385 OHEA 6216601 $1,848.25 03/01/1998 360
600130386 IMBRO 6216606 $1,588.62 03/01/1998 360
600130387 TIEDEMAN 6216617 $2,291.22 03/01/1998 360
600130388 MUNSON 6216626 $4,350.42 03/01/1998 360
600130394 GUZMAN 6218069 $3,073.41 12 03/01/1998 360
600130397 JONES 6220342 $1,697.77 12 03/01/1998 360
600130415 COX 6225081 $2,234.86 03/01/1998 360
600130416 JOHNSON 6225082 $2,072.03 03/01/1998 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>
600130373 WITKE .00 .00 .00 .000 .250 .300 $270,000.00 N
600130377 WADE .00 .00 .00 .000 .250 .300 $715,000.00 N
600130381 DIETRICH .00 .00 .00 .000 .250 .300 $670,000.00 N
600130382 PETTIT .00 .00 .00 .000 .250 .300 $620,000.00 N
600130383 RAGHUBIR .00 .00 .00 .000 .250 .300 $458,000.00 N
600130384 FOX .00 .00 .00 .000 .250 .300 $327,000.00 N
600130385 OHEA .00 .00 .00 .000 .250 .300 $335,000.00 N
600130386 IMBRO .00 .00 .00 .000 .250 .300 $284,000.00 N
600130387 TIEDEMAN .00 .00 .00 .000 .250 .300 $395,000.00 N
600130388 MUNSON .00 .00 .00 .000 .250 .300 $810,000.00 N
600130394 GUZMAN .00 .00 .00 .000 .250 .300 $505,000.00 N
600130397 JONES .00 .00 .00 .000 .250 .300 $288,000.00 N
600130415 COX .00 .00 .00 .000 .250 .300 $421,000.00 N
600130416 JOHNSON .00 .00 .00 .000 .250 .300 $401,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 24
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130417 ANDERSON 1230 HOLDER PARK LN NIPOMO CA 93444 $266,103.20
600130423 BIENEK 12 TESORO SAN CLEMENTE CA 92673 $449,362.75
600130429 GAGNEJA 10535 REMMET AVE LOS ANGELES CA 91311 $291,793.90
600130431 FEINSTEI 17118 POMARD COURT POWAY CA 92064 $263,799.12
600130434 PALOMINO 28077 KENTON LANE SANTA CLARITA CA 91350 $238,327.38
600130437 GANONG 409 CALLE NINA SAN CLEMENTE CA 92672 $298,583.74
600130438 BESQUIN 1418 COUNTRY VISTAS LN CHULA VISTA CA 91902 $343,285.11
600130447 ONDERDON 12041 NUGENT DR LOS ANGELES CA 91344 $282,345.50
600130448 WOHLFIEL 15983 S WOODSON DR RAMONA CA 92065 $291,076.70
600130449 AGRAWAL 14440 SILVER HEIGHTS ROAD POWAY CA 92064 $246,816.69
600130453 NORWOOD 469 NORTH CANYON BLVD MONROVIA CA 91016 $249,814.46
600130454 LAI 22726 FERN AVE TORRANCE CA 90505 $237,814.34
600130459 SHIRLEY 2328 N 1000 WEST REXBURG ID 83440 $248,508.03
600130958 ORTIZ,JESUS 3583 PLEASANT KNOLL DR SAN JOSE CA 95148 $307,254.09
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130417 ANDERSON 7.500 .250 7.250 .0500 7.200 01/01/2028
600130423 BIENEK 7.750 .250 7.500 .0500 7.450 01/01/2028
600130429 GAGNEJA 7.750 .250 7.500 .0500 7.450 02/01/2028
600130431 FEINSTEI 7.375 .250 7.125 .0500 7.075 02/01/2028
600130434 PALOMINO 7.625 .250 7.375 .0500 7.325 02/01/2028
600130437 GANONG 7.625 .250 7.375 .0500 7.325 02/01/2028
600130438 BESQUIN 7.875 .250 7.625 .0500 7.575 12/01/2027
600130447 ONDERDON 7.625 .250 7.375 .0500 7.325 02/01/2028
600130448 WOHLFIEL 7.625 .250 7.375 .0500 7.325 01/01/2028
600130449 AGRAWAL 7.500 .250 7.250 .0500 7.200 02/01/2028
600130453 NORWOOD 7.500 .250 7.250 .0500 7.200 02/01/2028
600130454 LAI 7.250 .250 7.000 .0500 6.950 02/01/2028
600130459 SHIRLEY 8.125 .250 7.875 .0500 7.825 12/01/2027
600130958 ORTIZ,JESUS 7.125 .250 6.875 .0500 6.825 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130417 ANDERSON 6226010 $1,863.41 03/01/1998 360
600130423 BIENEK 6228575 $3,223.85 03/01/1998 360
600130429 GAGNEJA 6230381 $2,091.93 03/01/1998 360
600130431 FEINSTEI 6262326 $1,823.38 03/01/1998 360
600130434 PALOMINO 6271471 $1,688.09 12 03/01/1998 360
600130437 GANONG 6299928 $2,114.89 03/01/1998 360
600130438 BESQUIN 6310751 $2,494.24 03/01/1998 360
600130447 ONDERDON 6324239 $1,999.87 03/01/1998 360
600130448 WOHLFIEL 6324252 $2,063.22 03/01/1998 360
600130449 AGRAWAL 6324293 $1,727.06 03/01/1998 360
600130453 NORWOOD 6330670 $1,748.04 03/01/1998 360
600130454 LAI 6330673 $1,623.58 03/01/1998 360
600130459 SHIRLEY 7207388 $1,848.82 12 03/01/1998 360
600130958 ORTIZ,JESUS 9159899021 $2,071.69 03/01/1998 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>
600130417 ANDERSON .00 .00 .00 .000 .250 .300 $375,000.00 N
600130423 BIENEK .00 .00 .00 .000 .250 .300 $605,000.00 N
600130429 GAGNEJA .00 .00 .00 .000 .250 .300 $375,000.00 N
600130431 FEINSTEI .00 .00 .00 .000 .250 .300 $330,000.00 N
600130434 PALOMINO .00 .00 .00 .000 .250 .300 $265,000.00 N
600130437 GANONG .00 .00 .00 .000 .250 .300 $375,000.00 N
600130438 BESQUIN .00 .00 .00 .000 .250 .300 $430,000.00 N
600130447 ONDERDON .00 .00 .00 .000 .250 .300 $365,000.00 N
600130448 WOHLFIEL .00 .00 .00 .000 .250 .300 $380,000.00 N
600130449 AGRAWAL .00 .00 .00 .000 .250 .300 $309,000.00 N
600130453 NORWOOD .00 .00 .00 .000 .250 .300 $335,000.00 N
600130454 LAI .00 .00 .00 .000 .250 .300 $310,000.00 N
600130459 SHIRLEY .00 .00 .00 .000 .250 .300 $271,000.00 N
600130958 ORTIZ,JESUS $410,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 25
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600130962 SUPNIK,PAUL 522 N ELM DR BEVERLY HILLS CA 90210 $559,552.17
600130964 DODD,JAMES 2324 SAN VICENTE BLVD SANTA MONICA CA 90402 $319,731.15
600130969 TITCOMB,THOMAS 45775 SUGARLOAF MOUNTAIN INDIAN WELLS CA 92210 $547,583.02
600130970 MCKEOWN,CLAYTON 26432 ESTEBAN MISSION VIEJO CA 92692 $270,988.43
600130971 JONES,SCOT 3850 CALLE DEL ESTABLO SAN CLEMENTE CA 92672 $614,532.03
600130975 JOHNSON,JEFFREY 20161 HIGH MEADOW DR SONORA CA 95370 $387,704.76
600130977 WRIGHT,PETER 3008 GLENAVEN AVE ALHAMBRA CA 91803 $231,623.61
600130990 SCHOFIELD,RICHARD 1546 ELM ST SAN CARLOS CA 94070 $269,784.09
600130992 ROSSI,ROBERT 429 GRAND ST REDWOOD CITY CA 94062 $315,740.97
600131029 TOLANI,ARUN 12750 LIKA CT SARATOGA CA 95070 $547,561.77
600131037 RADCLIFF,DALE 89 WOODLAND WAY PIEDMONT CA 94611 $400,171.71
600131038 RODRIGUES,CLAY 5873 DRY OAK DR SAN JOSE CA 95120 $411,670.52
600131040 WHITGOB,DAVID 18113 BANCROFT AVE MONTE SERENO CA 95030 $384,184.83
600131072 DOWDEN-ALLYN,FRANCINE 18910 PROSPECT DR SONOMA CA 95476 $283,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600130962 SUPNIK,PAUL 7.125 .250 6.875 .0500 6.825 02/01/2028
600130964 DODD,JAMES 6.875 .250 6.625 .0500 6.575 02/01/2028
600130969 TITCOMB,THOMAS 7.375 .250 7.125 .0500 7.075 02/01/2028
600130970 MCKEOWN,CLAYTON 7.250 .250 7.000 .0500 6.950 02/01/2028
600130971 JONES,SCOT 7.375 .250 7.125 .0500 7.075 02/01/2028
600130975 JOHNSON,JEFFREY 7.375 .250 7.125 .0500 7.075 02/01/2028
600130977 WRIGHT,PETER 7.375 .250 7.125 .0500 7.075 02/01/2028
600130990 SCHOFIELD,RICHARD 7.125 .250 6.875 .0500 6.825 02/01/2028
600130992 ROSSI,ROBERT 7.000 .250 6.750 .0500 6.700 02/01/2028
600131029 TOLANI,ARUN 7.125 .250 6.875 .0500 6.825 02/01/2028
600131037 RADCLIFF,DALE 7.000 .250 6.750 .0500 6.700 02/01/2028
600131038 RODRIGUES,CLAY 7.125 .250 6.875 .0500 6.825 02/01/2028
600131040 WHITGOB,DAVID 7.000 .250 6.750 .0500 6.700 02/01/2028
600131072 DOWDEN-ALLYN,FRANCINE 7.125 .250 6.875 .0500 6.825 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600130962 SUPNIK,PAUL 9159923102 $3,772.83 03/01/1998 360
600130964 DODD,JAMES 9159923581 $2,102.18 03/01/1998 360
600130969 TITCOMB,THOMAS 9159982751 $3,784.90 03/01/1998 360
600130970 MCKEOWN,CLAYTON 9159983395 $1,850.07 03/01/1998 360
600130971 JONES,SCOT 9159983437 $4,247.66 03/01/1998 360
600130975 JOHNSON,JEFFREY 9169125540 $2,679.82 03/01/1998 360
600130977 WRIGHT,PETER 9169176691 $1,600.99 2 03/01/1998 360
600130990 SCHOFIELD,RICHARD 9179773669 $1,819.04 03/01/1998 360
600130992 ROSSI,ROBERT 9179773834 $2,102.36 03/01/1998 360
600131029 TOLANI,ARUN 9179815866 $3,691.98 03/01/1998 360
600131037 RADCLIFF,DALE 9190030073 $2,664.54 03/01/1998 360
600131038 RODRIGUES,CLAY 9190030529 $2,775.73 03/01/1998 360
600131040 WHITGOB,DAVID 9190033473 $2,558.09 03/01/1998 360
600131072 DOWDEN-ALLYN,FRANCINE 9190150715 $1,906.63 03/01/1998 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>
600130962 SUPNIK,PAUL $1,250,000.00 N
600130964 DODD,JAMES $555,000.00 N
600130969 TITCOMB,THOMAS $700,000.00 N
600130970 MCKEOWN,CLAYTON $339,000.00 N
600130971 JONES,SCOT $820,000.00 N
600130975 JOHNSON,JEFFREY $575,000.00 N
600130977 WRIGHT,PETER $244,000.00 N
600130990 SCHOFIELD,RICHARD $445,000.00 N
600130992 ROSSI,ROBERT $430,000.00 N
600131029 TOLANI,ARUN $685,000.00 N
600131037 RADCLIFF,DALE $700,000.00 N
600131038 RODRIGUES,CLAY $515,000.00 N
600131040 WHITGOB,DAVID $805,000.00 N
600131072 DOWDEN-ALLYN,FRANCINE $432,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 26
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131081 BENJAMIN,ALAN 1486 PAINT MOUNTAIN RD ENCINITAS CA 92029 $456,616.06
600131086 FEIERABEND,PATRICK 215 VIA SEVILLA SANTA BARBARA CA 93109 $274,780.08
600131088 SCHLEGEL,GARY 979 CHELTENHAM RD SANTA BARBARA CA 93105 $284,766.38
600131095 LINDNER,MICHAEL 24230 MAZE STONE CT HEMET CA 92545 $239,058.67
600131097 BARLOW,BRAD 1284 CALLE ARROYO THOUSAND OAKS CA 91360 $311,750.49
600131098 CHU,NEAL 1347 SAVANNAH LN CARLSBAD CA 92009 $374,700.11
600131100 ENGLE,JOHN 11555 PETENWELL RD SAN DIEGO CA 92131 $259,802.16
600131103 WHITE,JOHN 6525 PAJARO WAY SAN JOSE CA 95124 $376,720.21
600131119 GIBLIN,PAUL J 238 FOREST AVE PARAMUS NJ 07652 $474,911.34
600131128 MARIANI,RICHARD C 16 LAURELWOOD DRIVE BERNARDSVILLE NJ 07924 $488,489.33
600131129 WOHLGEMUTH,JERROLD 2 NORTHRIDGE WAY WARREN NJ 07059 $317,694.12
600131130 SKARZYNSKI,JAMES A 15 SHERMAN AVENUE SUMMIT NJ 07901 $390,898.26
600131131 SATO,RICHARD S 3 MAHLON COURT MENDHAM NJ 07945 $320,267.76
600131133 NAHMIAS,NEIL J 1 VICTORIA LANE MAHWAH NJ 07430 $375,127.65
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131081 BENJAMIN,ALAN 6.875 .250 6.625 .0500 6.575 02/01/2028
600131086 FEIERABEND,PATRICK 7.125 .250 6.875 .0500 6.825 02/01/2028
600131088 SCHLEGEL,GARY 7.000 .250 6.750 .0500 6.700 02/01/2028
600131095 LINDNER,MICHAEL 7.125 .250 6.875 .0500 6.825 02/01/2028
600131097 BARLOW,BRAD 7.125 .250 6.875 .0500 6.825 02/01/2028
600131098 CHU,NEAL 7.125 .250 6.875 .0500 6.825 02/01/2028
600131100 ENGLE,JOHN 7.375 .250 7.125 .0500 7.075 02/01/2028
600131103 WHITE,JOHN 7.500 .250 7.250 .0500 7.200 02/01/2028
600131119 GIBLIN,PAUL J 8.125 .250 7.875 .0500 7.825 10/01/2024
600131128 MARIANI,RICHARD C 8.000 .250 7.750 .0500 7.700 08/01/2025
600131129 WOHLGEMUTH,JERROLD 8.125 .250 7.875 .0500 7.825 08/01/2025
600131130 SKARZYNSKI,JAMES A 7.875 .250 7.625 .0500 7.575 09/01/2025
600131131 SATO,RICHARD S 7.875 .250 7.625 .0500 7.575 08/01/2025
600131133 NAHMIAS,NEIL J 7.990 .250 7.740 .0500 7.690 11/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131081 BENJAMIN,ALAN 9199596348 $3,002.17 03/01/1998 360
600131086 FEIERABEND,PATRICK 9199695819 $1,852.73 03/01/1998 360
600131088 SCHLEGEL,GARY 9199699324 $1,896.12 03/01/1998 360
600131095 LINDNER,MICHAEL 9199858292 $1,611.88 03/01/1998 360
600131097 BARLOW,BRAD 9199917601 $2,102.01 2 03/01/1998 360
600131098 CHU,NEAL 9199924565 $2,526.45 03/01/1998 360
600131100 ENGLE,JOHN 9199924821 $1,795.76 03/01/1998 360
600131103 WHITE,JOHN 9199933962 $2,636.04 03/01/1998 360
600131119 GIBLIN,PAUL J 1105250243 $3,638.24 03/01/1998 360
600131128 MARIANI,RICHARD C 1105257818 $3,668.83 03/01/1998 360
600131129 WOHLGEMUTH,JERROLD 1105257891 $2,413.12 1 03/01/1998 360
600131130 SKARZYNSKI,JAMES A 1105257933 $2,900.28 03/01/1998 360
600131131 SATO,RICHARD S 1105257990 $2,378.23 03/01/1998 360
600131133 NAHMIAS,NEIL J 1105258097 $2,809.11 03/01/1998 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>
600131081 BENJAMIN,ALAN $670,000.00 N
600131086 FEIERABEND,PATRICK $345,000.00 N
600131088 SCHLEGEL,GARY $380,000.00 N
600131095 LINDNER,MICHAEL $319,000.00 N
600131097 BARLOW,BRAD $370,000.00 N
600131098 CHU,NEAL $500,000.00 N
600131100 ENGLE,JOHN $360,000.00 N
600131103 WHITE,JOHN $510,000.00 N
600131119 GIBLIN,PAUL J $725,000.00 N
600131128 MARIANI,RICHARD C $910,000.00 N
600131129 WOHLGEMUTH,JERROLD $375,000.00 N
600131130 SKARZYNSKI,JAMES A $646,380.00 N
600131131 SATO,RICHARD S $410,000.00 N
600131133 NAHMIAS,NEIL J $479,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 27
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131134 BURCIN,DOUGLAS M 122 LINDEN DRIVE BASKING RIDGE NJ 07920 $378,845.00
600131137 YEH,CHING MING 7 WILLIAM PENN ROAD WARREN NJ 07060 $439,768.47
600131138 BOSCO,CHRISTOPHER 4 WOODFIELD TRAIL WARREN NJ 07059 $341,703.33
600131140 PONTONE,JAMES G 38 ROCKLEIGH ROAD ROCKLEIGH NJ 07647 $383,583.74
600131141 SCHWARTZ,SANFORD 6 SUGARWOOD WAY WARREN NJ 07059 $312,302.40
600131145 HAQUE,SHAHID N 1605 OTTER DRIVE TOMS RIVER NJ 08753 $386,179.70
600131146 PEARSON,TIMOTHY J 78 GOVERNOR DRIVE BASKING RIDGE NJ 07920 $342,622.55
600131148 OWENS,ROBERT 151 LINDEN DRIVE BASKING RIDGE NJ 07920 $309,971.70
600131152 NORI,DOMINIC 8 SWEETWOOD DRIVE RANDOLPH NJ 07869 $303,617.07
600131154 WIENER,BARRY H 146 BERNARD DRIVE BASKING RIDGE NJ 07920 $364,342.86
600131156 SINHA,ASHOK 306 MOCKINGBIRD LANE MORGANVILLE NJ 07751 $439,079.60
600131159 CARY,LARRY L 850 SHACKAMAXON DRIVE WESTFIELD NJ 07090 $330,645.38
600131160 PEASE,JOHN J 160 KNOLLWOOD DRIVE WATCHUNG NJ 07060 $440,712.26
600131161 FREEDBERG,DAVID M 8 ROBIN RIDGE ROAD UPPER SADDLE RI NJ 07458 $455,418.28
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131134 BURCIN,DOUGLAS M 8.000 .250 7.750 .0500 7.700 09/01/2025
600131137 YEH,CHING MING 7.875 .250 7.625 .0500 7.575 09/01/2025
600131138 BOSCO,CHRISTOPHER 7.875 .250 7.625 .0500 7.575 09/01/2025
600131140 PONTONE,JAMES G 7.990 .250 7.740 .0500 7.690 11/01/2025
600131141 SCHWARTZ,SANFORD 7.750 .250 7.500 .0500 7.450 10/01/2025
600131145 HAQUE,SHAHID N 7.875 .250 7.625 .0500 7.575 11/01/2025
600131146 PEARSON,TIMOTHY J 7.875 .250 7.625 .0500 7.575 11/01/2025
600131148 OWENS,ROBERT 8.000 .250 7.750 .0500 7.700 10/01/2025
600131152 NORI,DOMINIC 8.000 .250 7.750 .0500 7.700 11/01/2025
600131154 WIENER,BARRY H 8.125 .250 7.875 .0500 7.825 11/01/2025
600131156 SINHA,ASHOK 7.750 .250 7.500 .0500 7.450 01/01/2026
600131159 CARY,LARRY L 7.875 .250 7.625 .0500 7.575 10/01/2025
600131160 PEASE,JOHN J 8.000 .250 7.750 .0500 7.700 11/01/2025
600131161 FREEDBERG,DAVID M 7.750 .250 7.500 .0500 7.450 01/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131134 BURCIN,DOUGLAS M 1105258311 $2,847.01 03/01/1998 360
600131137 YEH,CHING MING 1105258436 $3,262.82 03/01/1998 360
600131138 BOSCO,CHRISTOPHER 1105258691 $2,552.25 03/01/1998 360
600131140 PONTONE,JAMES G 1105258741 $2,932.27 2 03/01/1998 360
600131141 SCHWARTZ,SANFORD 1105259269 $2,328.34 03/01/1998 360
600131145 HAQUE,SHAHID N 1105259533 $3,016.29 03/01/1998 360
600131146 PEARSON,TIMOTHY J 1105259624 $2,537.75 03/01/1998 360
600131148 OWENS,ROBERT 1105259707 $2,641.56 03/01/1998 360
600131152 NORI,DOMINIC 1105259863 $2,274.68 03/01/1998 360
600131154 WIENER,BARRY H 1105259905 $2,762.09 03/01/1998 360
600131156 SINHA,ASHOK 1105260051 $3,209.53 03/01/1998 360
600131159 CARY,LARRY L 1105260127 $2,453.64 12 03/01/1998 360
600131160 PEASE,JOHN J 1105260135 $3,301.95 03/01/1998 360
600131161 FREEDBERG,DAVID M 1105260259 $3,496.09 03/01/1998 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>
600131134 BURCIN,DOUGLAS M $510,000.00 N
600131137 YEH,CHING MING $799,000.00 N
600131138 BOSCO,CHRISTOPHER $440,000.00 N
600131140 PONTONE,JAMES G $455,000.00 N
600131141 SCHWARTZ,SANFORD $415,000.00 N
600131145 HAQUE,SHAHID N $541,000.00 N
600131146 PEARSON,TIMOTHY J $524,000.00 N
600131148 OWENS,ROBERT $500,000.00 N
600131152 NORI,DOMINIC $388,000.00 N
600131154 WIENER,BARRY H $600,000.00 N
600131156 SINHA,ASHOK $585,000.00 N
600131159 CARY,LARRY L $376,000.00 N
600131160 PEASE,JOHN J $625,000.00 N
600131161 FREEDBERG,DAVID M $610,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 28
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131164 HAMILTON,BRANSON S 14 HICKORY DRIVE CHESTER NJ 07930 $389,028.96
600131166 LIFSON,ALBERT 910 SHENANDOAH DRIVE FORKED RIVER NJ 08731 $300,528.97
600131168 POIANI,GEORGE J 4 SUMMER LANE CALIFON NJ 07830 $308,612.61
600131169 VALLARIO,WILLIAM 111 HIGHVIEW AVENUE BERNARDSVILLE NJ 07924 $339,440.80
600131170 ROOP,GERALD 19 RAMAPO TRAIL CHATHAM NJ 07928 $372,612.29
600131172 WINTERMUTE,DAVID A 504 RIVER ROAD ANNANDALE NJ 08801 $574,161.01
600131173 HEALY,DONALD 22 COLT ROAD SUMMIT NJ 07901 $406,918.43
600131174 SALERNO,FRANK R 658 BRIARWOOD COURT ORADELL NJ 07649 $360,618.92
600131177 PRICE,D SCOTT 6 DRUID HILL ROAD SUMMIT NJ 07901 $583,926.86
600131178 RICCARDI,LOUIS M 4 WILDE HOLLOW MARTINSVILLE NJ 08836 $434,129.84
600131180 VANCHIERI,SAMUEL 131 SUTTON DRIVE BERKELEY HGTS NJ 07922 $298,762.94
600131185 MC GOVERN,KEVIN B 24 SHERBROOKE DRIVE FLORHAM PARK NJ 07932 $299,452.55
600131191 SOLOMON,BARRY 28 STONERIDGE ROAD NEW PROVIDENCE NJ 07901 $300,160.57
600131192 HALPERN,MARK 3 ASHWOOD LANE BASKING RIDGE NJ 07920 $337,842.50
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131164 HAMILTON,BRANSON S 7.875 .250 7.625 .0500 7.575 12/01/2025
600131166 LIFSON,ALBERT 7.875 .250 7.625 .0500 7.575 11/01/2025
600131168 POIANI,GEORGE J 7.875 .250 7.625 .0500 7.575 12/01/2025
600131169 VALLARIO,WILLIAM 7.875 .250 7.625 .0500 7.575 11/01/2025
600131170 ROOP,GERALD 7.875 .250 7.625 .0500 7.575 01/01/2026
600131172 WINTERMUTE,DAVID A 8.125 .250 7.875 .0500 7.825 01/01/2026
600131173 HEALY,DONALD 7.875 .250 7.625 .0500 7.575 01/01/2026
600131174 SALERNO,FRANK R 7.750 .250 7.500 .0500 7.450 01/01/2026
600131177 PRICE,D SCOTT 7.875 .250 7.625 .0500 7.575 12/01/2025
600131178 RICCARDI,LOUIS M 7.875 .250 7.625 .0500 7.575 12/01/2025
600131180 VANCHIERI,SAMUEL 8.000 .250 7.750 .0500 7.700 11/01/2025
600131185 MC GOVERN,KEVIN B 8.000 .250 7.750 .0500 7.700 02/01/2026
600131191 SOLOMON,BARRY 7.750 .250 7.500 .0500 7.450 02/01/2026
600131192 HALPERN,MARK 7.750 .250 7.500 .0500 7.450 12/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131164 HAMILTON,BRANSON S 1105260812 $3,045.30 03/01/1998 360
600131166 LIFSON,ALBERT 1105260879 $2,225.97 03/01/1998 360
600131168 POIANI,GEORGE J 1105261059 $2,283.97 03/01/1998 360
600131169 VALLARIO,WILLIAM 1105261158 $2,537.75 03/01/1998 360
600131170 ROOP,GERALD 1105261356 $2,755.27 03/01/1998 360
600131172 WINTERMUTE,DAVID A 1105261380 $4,343.61 03/01/1998 360
600131173 HEALY,DONALD 1105261398 $3,009.04 03/01/1998 360
600131174 SALERNO,FRANK R 1105261406 $2,643.57 03/01/1998 360
600131177 PRICE,D SCOTT 1105261596 $4,321.42 03/01/1998 360
600131178 RICCARDI,LOUIS M 1105261638 $3,262.82 03/01/1998 360
600131180 VANCHIERI,SAMUEL 1105261695 $2,260.00 03/01/1998 360
600131185 MC GOVERN,KEVIN B 1105262305 $2,237.99 2 03/01/1998 360
600131191 SOLOMON,BARRY 1105262586 $2,192.23 2 03/01/1998 360
600131192 HALPERN,MARK 1105262875 $2,471.63 03/01/1998 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>
600131164 HAMILTON,BRANSON S $525,826.00 N
600131166 LIFSON,ALBERT $386,000.00 N
600131168 POIANI,GEORGE J $400,000.00 N
600131169 VALLARIO,WILLIAM $493,000.00 N
600131170 ROOP,GERALD $500,000.00 N
600131172 WINTERMUTE,DAVID A $850,000.00 N
600131173 HEALY,DONALD $860,000.00 N
600131174 SALERNO,FRANK R $569,000.00 N
600131177 PRICE,D SCOTT $745,000.00 N
600131178 RICCARDI,LOUIS M $700,000.00 N
600131180 VANCHIERI,SAMUEL $385,000.00 N
600131185 MC GOVERN,KEVIN B $360,000.00 N
600131191 SOLOMON,BARRY $542,000.00 N
600131192 HALPERN,MARK $480,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 29
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131193 HWANG,GORDON 10 DOGWOOD LANE BOONTON NJ 07005 $310,631.90
600131194 EIDMAN,DAVID 99 EAST LINDEN AVE ENGLEWOOD NJ 07631 $315,005.57
600131198 BOLKA,DAVID F 25 OGDEN PLACE MORRISTOWN NJ 07960 $313,769.26
600131202 DOYLE,DENNIS A 4 BRANNICK DRIVE MADISON NJ 07940 $377,377.65
600131203 ROTHMAN,RICHARD P 40 LINCOLN STREET DEMAREST NJ 07627 $300,936.45
600131204 CONSOLAZIO,JOSEPH 10 BETRENS DRIVE HANOVER TWP NJ 07981 $330,676.97
600131205 GOPINATH,BHASKARPILLAI 118 REDMONT ROAD WATCHUNG NJ 07060 $346,401.93
600131207 TAKACS,GERALD J 18 INDEPENDECE WAY TITUSVILLE NJ 08560 $338,573.61
600131211 MILLER,DENISE 18 SALTER DRIVE MONTVILLE NJ 07045 $336,920.49
600131219 ALEXANDER,MICHAEL B 17 DOWNINGTOWN COURT WARREN NJ 07059 $589,535.67
600131225 FRITZ,ANNE B 18 BROOKSIDE GLADSTONE NJ 07934 $342,541.19
600131229 LIU,HUNG CHANG 35 BUCKINGHAM DRIVE BELLEMEAD NJ 08502 $337,950.40
600131232 YEN,LEE 8 JEAN DRIVE ENGLEWOOD NJ 07632 $325,153.57
600131238 TOY,WILLIAM W 4 PALM COURT EDISON NJ 08820 $493,286.90
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131193 HWANG,GORDON 7.875 .250 7.625 .0500 7.575 01/01/2026
600131194 EIDMAN,DAVID 7.875 .250 7.625 .0500 7.575 12/01/2025
600131198 BOLKA,DAVID F 7.875 .250 7.625 .0500 7.575 01/01/2026
600131202 DOYLE,DENNIS A 7.750 .250 7.500 .0500 7.450 02/01/2026
600131203 ROTHMAN,RICHARD P 7.875 .250 7.625 .0500 7.575 12/01/2025
600131204 CONSOLAZIO,JOSEPH 8.000 .250 7.750 .0500 7.700 05/01/2026
600131205 GOPINATH,BHASKARPILLAI 8.250 .250 8.000 .0500 7.950 04/01/2026
600131207 TAKACS,GERALD J 7.875 .250 7.625 .0500 7.575 02/01/2026
600131211 MILLER,DENISE 8.075 .250 7.825 .0500 7.775 06/01/2026
600131219 ALEXANDER,MICHAEL B 7.750 .250 7.500 .0500 7.450 04/01/2026
600131225 FRITZ,ANNE B 7.875 .250 7.625 .0500 7.575 05/01/2026
600131229 LIU,HUNG CHANG 7.875 .250 7.625 .0500 7.575 05/01/2026
600131232 YEN,LEE 8.250 .250 8.000 .0500 7.950 04/01/2026
600131238 TOY,WILLIAM W 7.750 .250 7.500 .0500 7.450 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>
600131193 HWANG,GORDON 1105262891 $2,320.23 03/01/1998 360
600131194 EIDMAN,DAVID 1105263030 $2,356.48 03/01/1998 360
600131198 BOLKA,DAVID F 1105263394 $2,320.23 03/01/1998 360
600131202 DOYLE,DENNIS A 1105263857 $2,865.65 03/01/1998 360
600131203 ROTHMAN,RICHARD P 1105263881 $2,244.82 12 03/01/1998 360
600131204 CONSOLAZIO,JOSEPH 1105264640 $2,465.45 03/01/1998 360
600131205 GOPINATH,BHASKARPILLAI 1105264863 $2,644.46 03/01/1998 360
600131207 TAKACS,GERALD J 1105265233 $2,501.49 03/01/1998 360
600131211 MILLER,DENISE 1105266793 $2,527.38 2 03/01/1998 360
600131219 ALEXANDER,MICHAEL B 1105268302 $4,298.48 03/01/1998 360
600131225 FRITZ,ANNE B 1105268757 $2,537.75 03/01/1998 360
600131229 LIU,HUNG CHANG 1105269078 $2,537.75 03/01/1998 360
600131232 YEN,LEE 1105269250 $2,494.21 03/01/1998 360
600131238 TOY,WILLIAM W 1105270191 $3,582.06 03/01/1998 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>
600131193 HWANG,GORDON $400,000.00 N
600131194 EIDMAN,DAVID $475,000.00 N
600131198 BOLKA,DAVID F $590,000.00 N
600131202 DOYLE,DENNIS A $685,000.00 N
600131203 ROTHMAN,RICHARD P $344,000.00 N
600131204 CONSOLAZIO,JOSEPH $420,000.00 N
600131205 GOPINATH,BHASKARPILLAI $440,000.00 N
600131207 TAKACS,GERALD J $510,000.00 N
600131211 MILLER,DENISE $380,000.00 N
600131219 ALEXANDER,MICHAEL B $760,000.00 N
600131225 FRITZ,ANNE B $515,000.00 N
600131229 LIU,HUNG CHANG $439,267.00 N
600131232 YEN,LEE $415,000.00 N
600131238 TOY,WILLIAM W $642,800.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 30
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131240 LINN,JAMES E 53 SPRING STREET HARRINGTON PARK NJ 07640 $304,746.39
600131241 MALACHOWSKI,WILLIAM J 141 BERKELEY PLACE GLEN ROCK NJ 07452 $307,521.70
600131254 STEFFENS SR,DAVID W J 22 ARVIDA DRIVE PENNINGTON NJ 08534 $372,417.83
600131255 FREDA,PETER J 2 ABBOTT HOLLOW COURT MARTINSVILLE NJ 08836 $303,675.41
600131257 WARSH,JEFF 626 ARLINGTON AVENUE WESTFIELD NJ 07090 $332,312.37
600131262 BLINDER,ALAN 30 OLD FARMSTEAD ROAD CHESTER NJ 07930 $395,249.14
600131272 BACHNER,MICHAEL 28 ASPEN DRIVE LIVINGSTON NJ 07039 $396,489.23
600131273 MARTURANA,ADAM 9 PACE FARM ROAD TEWKSBURY NJ 07830 $357,113.10
600131278 FIELDMAN,ROBERT J 60 BELLEVUE AVENUE MONTCLAIR NJ 07043 $577,565.46
600131280 ISRALOWITZ,JASON P 53 ELIZABETH COURT NEW PROVIDENCE NJ 07974 $298,802.45
600131284 LAWINSKI,ROBERT C 42 FOXBORO ROAD WAYNE NJ 07470 $313,677.77
600131292 HARMS,NANCY W 28 DARREN DRIVE MARTINSVILLE NJ 08836 $321,844.77
600131297 MILNE,WILLIAM M 30 CANTERBURY ROAD DENVILLE NJ 07834 $394,194.21
600131299 ALLISS,DAVID 6 PADDOCK COURT BRANCHBURG NJ 08876 $350,225.52
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131240 LINN,JAMES E 8.000 .250 7.750 .0500 7.700 05/01/2026
600131241 MALACHOWSKI,WILLIAM J 8.250 .250 8.000 .0500 7.950 06/01/2026
600131254 STEFFENS SR,DAVID W J 8.500 .250 8.250 .0500 8.200 06/01/2026
600131255 FREDA,PETER J 8.375 .250 8.125 .0500 8.075 08/01/2026
600131257 WARSH,JEFF 8.000 .250 7.750 .0500 7.700 07/01/2026
600131262 BLINDER,ALAN 8.375 .250 8.125 .0500 8.075 09/01/2026
600131272 BACHNER,MICHAEL 7.750 .250 7.500 .0500 7.450 03/01/2027
600131273 MARTURANA,ADAM 7.750 .250 7.500 .0500 7.450 04/01/2027
600131278 FIELDMAN,ROBERT J 7.875 .250 7.625 .0500 7.575 09/01/2027
600131280 ISRALOWITZ,JASON P 8.125 .250 7.875 .0500 7.825 09/01/2027
600131284 LAWINSKI,ROBERT C 7.875 .250 7.625 .0500 7.575 09/01/2027
600131292 HARMS,NANCY W 7.625 .250 7.375 .0500 7.325 08/01/2025
600131297 MILNE,WILLIAM M 7.625 .250 7.375 .0500 7.325 01/01/2026
600131299 ALLISS,DAVID 7.625 .250 7.375 .0500 7.325 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131240 LINN,JAMES E 1105270324 $2,284.95 1 03/01/1998 360
600131241 MALACHOWSKI,WILLIAM J 1105270332 $2,343.96 03/01/1998 360
600131254 STEFFENS SR,DAVID W J 1105272114 $2,906.49 12 03/01/1998 360
600131255 FREDA,PETER J 1105272122 $2,342.92 03/01/1998 360
600131257 WARSH,JEFF 1105272825 $2,476.46 2 03/01/1998 360
600131262 BLINDER,ALAN 1105274219 $3,040.29 03/01/1998 360
600131272 BACHNER,MICHAEL 1105281628 $2,865.65 03/01/1998 360
600131273 MARTURANA,ADAM 1105281834 $2,579.08 03/01/1998 360
600131278 FIELDMAN,ROBERT J 1105288979 $4,205.40 03/01/1998 360
600131280 ISRALOWITZ,JASON P 1105289225 $2,227.49 03/01/1998 360
600131284 LAWINSKI,ROBERT C 1105290025 $2,283.97 03/01/1998 360
600131292 HARMS,NANCY W 1105256158 $2,335.72 03/01/1998 360
600131297 MILNE,WILLIAM M 1105261646 $2,848.17 03/01/1998 360
600131299 ALLISS,DAVID 1105262115 $2,526.12 2 03/01/1998 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>
600131240 LINN,JAMES E $346,000.00 N
600131241 MALACHOWSKI,WILLIAM J $416,000.00 N
600131254 STEFFENS SR,DAVID W J $420,000.00 N
600131255 FREDA,PETER J $411,000.00 N
600131257 WARSH,JEFF $375,000.00 N
600131262 BLINDER,ALAN $600,000.00 N
600131272 BACHNER,MICHAEL $635,000.00 N
600131273 MARTURANA,ADAM $525,000.00 N
600131278 FIELDMAN,ROBERT J $745,000.00 N
600131280 ISRALOWITZ,JASON P $379,500.00 N
600131284 LAWINSKI,ROBERT C $405,000.00 N
600131292 HARMS,NANCY W $525,000.00 N
600131297 MILNE,WILLIAM M $503,000.00 N
600131299 ALLISS,DAVID $396,588.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 31
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600131312 YELLIN,STANLEY J 91 TAYLOR DRIVE CLOSTER NJ 07624 $343,094.39
600131315 HODGE,ROBERT P 5 FAWN HILL COURT RANDOLPH TWP NJ 07869 $334,490.30
600131323 KENNEDY,TIMOTHY J 315 KIMBALL AVENUE WESTFIELD NJ 07090 $332,950.05
600131325 KAY,HEATHER PITOCK 142 UPKIDES MILL ROAD MONTGOMERY TOWN NJ 08502 $341,783.49
600131918 FREIBURGHOUSE,KENT, KATHL 2220 PLANT AVENUE REDONDO BEACH CA 90278 $239,803.27
600131947 LUDD,THOMAS,WENDY 6260 ACACIA STREET LOS ANGELES CA 90056 $282,384.96
600131956 MYERS/RODENBERG,ANDREW/JO 3740 CAMEO LANE SAN DIEGO CA 92111 $242,100.00
600131962 HAMRE,ERIC,TAMARA 3429 179TH AVENUE EAST SUMNER WA 98390 $270,798.88
600131966 BARON,ZELMAN,LUDMILA 3325 ANZA STREET SAN FRANCISCO CA 94121 $351,300.00
600131999 GORE,JOHN, CYNTHIA 3412 FISHTRAP LOOP NORTHE OLYMPIA WA 98506 $270,000.00
600132000 HANKINS,KAREN,DOUGLAS 111 MARINA DRIVE PORT TOWNSEND WA 98368 $264,000.00
600132002 DEOCAMPO-VINCEN,JAMES,MEL 117 RAVENWOOD WAY SOUTH SAN FRANC CA 94080 $272,500.00
600132006 VAN DUSEN,STEVEN 928 CALLE VERDE MARTINEZ CA 94553 $324,800.00
600132013 HENSON,WAYNE/SHERRY 20228 SOUTH MATTOON ROAD ESTACADA OR 97023 $252,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600131312 YELLIN,STANLEY J 7.625 .250 7.375 .0500 7.325 02/01/2026
600131315 HODGE,ROBERT P 7.625 .250 7.375 .0500 7.325 06/01/2026
600131323 KENNEDY,TIMOTHY J 7.625 .250 7.375 .0500 7.325 05/01/2026
600131325 KAY,HEATHER PITOCK 7.625 .250 7.375 .0500 7.325 04/01/2026
600131918 FREIBURGHOUSE,KENT, KATHL 7.000 .750 6.250 .0400 6.210 02/01/2028
600131947 LUDD,THOMAS,WENDY 7.375 .750 6.625 .0400 6.585 02/01/2028
600131956 MYERS/RODENBERG,ANDREW/JO 7.375 .750 6.625 .0400 6.585 03/01/2028
600131962 HAMRE,ERIC,TAMARA 7.500 .750 6.750 .0400 6.710 02/01/2028
600131966 BARON,ZELMAN,LUDMILA 7.500 .750 6.750 .0400 6.710 03/01/2028
600131999 GORE,JOHN, CYNTHIA 7.625 .750 6.875 .0400 6.835 03/01/2028
600132000 HANKINS,KAREN,DOUGLAS 7.625 .750 6.875 .0400 6.835 03/01/2028
600132002 DEOCAMPO-VINCEN,JAMES,MEL 7.625 .750 6.875 .0400 6.835 03/01/2028
600132006 VAN DUSEN,STEVEN 7.625 .750 6.875 .0400 6.835 03/01/2028
600132013 HENSON,WAYNE/SHERRY 7.625 .750 6.875 .0400 6.835 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600131312 YELLIN,STANLEY J 1105264871 $2,477.28 03/01/1998 360
600131315 HODGE,ROBERT P 1105265829 $2,406.50 03/01/1998 360
600131323 KENNEDY,TIMOTHY J 1105267742 $2,398.72 12 03/01/1998 360
600131325 KAY,HEATHER PITOCK 1105268070 $2,463.12 03/01/1998 360
600131918 FREIBURGHOUSE,KENT, KATHL 568247 $1,596.73 03/01/1998 360
600131947 LUDD,THOMAS,WENDY 568256 $1,951.85 1 03/01/1998 360
600131956 MYERS/RODENBERG,ANDREW/JO 579626 $1,672.12 2 03/01/1998 360
600131962 HAMRE,ERIC,TAMARA 561263 $1,894.87 03/01/1998 360
600131966 BARON,ZELMAN,LUDMILA 564765 $2,456.34 03/01/1998 360
600131999 GORE,JOHN, CYNTHIA 561558 $1,911.04 03/01/1998 360
600132000 HANKINS,KAREN,DOUGLAS 561643 $1,868.58 03/01/1998 360
600132002 DEOCAMPO-VINCEN,JAMES,MEL 562239 $1,928.74 03/01/1998 360
600132006 VAN DUSEN,STEVEN 563889 $2,298.91 03/01/1998 360
600132013 HENSON,WAYNE/SHERRY 565228 $1,783.64 03/01/1998 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>
600131312 YELLIN,STANLEY J $465,000.00 N
600131315 HODGE,ROBERT P $475,000.00 N
600131323 KENNEDY,TIMOTHY J $390,000.00 N
600131325 KAY,HEATHER PITOCK $450,000.00 N
600131918 FREIBURGHOUSE,KENT, KATHL $310,000.00 N
600131947 LUDD,THOMAS,WENDY $314,000.00 N
600131956 MYERS/RODENBERG,ANDREW/JO $269,000.00 N
600131962 HAMRE,ERIC,TAMARA $390,000.00 N
600131966 BARON,ZELMAN,LUDMILA $705,000.00 N
600131999 GORE,JOHN, CYNTHIA $370,000.00 N
600132000 HANKINS,KAREN,DOUGLAS $330,000.00 N
600132002 DEOCAMPO-VINCEN,JAMES,MEL $350,000.00 N
600132006 VAN DUSEN,STEVEN $406,000.00 N
600132013 HENSON,WAYNE/SHERRY $315,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 32
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132020 SCHANTZ,KURT/JANET 7851 BERNER STREET LONG BEACH CA 90808 $266,057.30
600132034 MOXLEY,MICHAEL,LESLIE 32 CRAGS COURT SAN FRANCISCO CA 94131 $312,000.00
600132045 MCKINNEY,JAMES,JEAN 39795 NORTH OLD STAGE ROA CAVE CREEK AZ 85331 $323,000.00
600132046 ROBERTS,RICHARD,PATRICI 760 CAMELOT PARKWAY EL CAJON CA 92019 $262,500.00
600132056 SARKISSIAN,REUBEN,VERONIC 1016 HARLAN COURT SAN JOSE CA 95129 $240,000.00
600132080 NOREGAARD,RAY,JOAN 7505 SOUTHEAST ARNOLD WAY PORTLAND OR 97236 $228,000.00
600132089 ANGUS/FLACH,MARTHA/CHRIS 1740 FRANKLIN STREET UNIT SAN FRANCISCO CA 94109 $344,756.51
600132091 ARDI,RICHARD 18770 MAPLEWOOD LANE NORTHRIDGE CA 91326 $387,726.15
600132094 SLAUGHTER,MARION 8530 VINE VALLEY DRIVE LOS ANGELES CA 91352 $243,200.00
600132095 BARBOLAK,MARK, NICOLE 812 BARD STREET HERMOSA BEACH CA 90254 $272,000.00
600132100 TUTTLE/ZAFIRIS,STEPHANIE/ 1728 SUNSET AVENUE SANTA MONICA CA 90405 $290,000.00
600132111 BAKER,ROBERT,JANELLE 37303 PINEHURST TERRACE FREMONT CA 94536 $240,000.00
600132117 OKADA,KOICHI, IZUMI 1018 BELVEDERE LANE SAN JOSE CA 95129 $294,791.79
600132118 PINTER,KEITH,BARBARA 10 GOLF RIDGE DRIVE DOVE CANYON ARE CA 92679 $324,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132020 SCHANTZ,KURT/JANET 7.625 .750 6.875 .0400 6.835 02/01/2028
600132034 MOXLEY,MICHAEL,LESLIE 7.625 .750 6.875 .0400 6.835 03/01/2028
600132045 MCKINNEY,JAMES,JEAN 7.750 .750 7.000 .0400 6.960 03/01/2028
600132046 ROBERTS,RICHARD,PATRICI 7.750 .750 7.000 .0400 6.960 03/01/2028
600132056 SARKISSIAN,REUBEN,VERONIC 7.750 .750 7.000 .0400 6.960 03/01/2028
600132080 NOREGAARD,RAY,JOAN 7.750 .750 7.000 .0400 6.960 03/01/2028
600132089 ANGUS/FLACH,MARTHA/CHRIS 7.750 .750 7.000 .0400 6.960 02/01/2028
600132091 ARDI,RICHARD 7.750 .750 7.000 .0400 6.960 02/01/2028
600132094 SLAUGHTER,MARION 7.750 .750 7.000 .0400 6.960 03/01/2028
600132095 BARBOLAK,MARK, NICOLE 7.750 .750 7.000 .0400 6.960 03/01/2028
600132100 TUTTLE/ZAFIRIS,STEPHANIE/ 7.750 .750 7.000 .0400 6.960 03/01/2028
600132111 BAKER,ROBERT,JANELLE 7.750 .750 7.000 .0400 6.960 03/01/2028
600132117 OKADA,KOICHI, IZUMI 7.750 .750 7.000 .0400 6.960 02/01/2028
600132118 PINTER,KEITH,BARBARA 7.750 .750 7.000 .0400 6.960 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132020 SCHANTZ,KURT/JANET 568150 $1,884.50 03/01/1998 360
600132034 MOXLEY,MICHAEL,LESLIE 573730 $2,208.32 03/01/1998 360
600132045 MCKINNEY,JAMES,JEAN 537754 $2,314.01 03/01/1998 360
600132046 ROBERTS,RICHARD,PATRICI 549014 $1,880.58 03/01/1998 360
600132056 SARKISSIAN,REUBEN,VERONIC 555841 $1,719.39 03/01/1998 360
600132080 NOREGAARD,RAY,JOAN 565305 $1,633.42 03/01/1998 360
600132089 ANGUS/FLACH,MARTHA/CHRIS 568127 $2,471.62 03/01/1998 360
600132091 ARDI,RICHARD 568276 $2,779.68 03/01/1998 360
600132094 SLAUGHTER,MARION 570190 $1,742.31 03/01/1998 360
600132095 BARBOLAK,MARK, NICOLE 570365 $1,948.64 03/01/1998 360
600132100 TUTTLE/ZAFIRIS,STEPHANIE/ 571310 $2,077.60 03/01/1998 360
600132111 BAKER,ROBERT,JANELLE 573822 $1,719.39 03/01/1998 360
600132117 OKADA,KOICHI, IZUMI 574687 $2,113.42 03/01/1998 360
600132118 PINTER,KEITH,BARBARA 575785 $2,321.18 03/01/1998 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>
600132020 SCHANTZ,KURT/JANET $355,000.00 N
600132034 MOXLEY,MICHAEL,LESLIE $390,000.00 N
600132045 MCKINNEY,JAMES,JEAN $570,000.00 N
600132046 ROBERTS,RICHARD,PATRICI $350,000.00 N
600132056 SARKISSIAN,REUBEN,VERONIC $520,000.00 N
600132080 NOREGAARD,RAY,JOAN $285,000.00 N
600132089 ANGUS/FLACH,MARTHA/CHRIS $460,000.00 N
600132091 ARDI,RICHARD $485,600.00 N
600132094 SLAUGHTER,MARION $304,000.00 N
600132095 BARBOLAK,MARK, NICOLE $340,000.00 N
600132100 TUTTLE/ZAFIRIS,STEPHANIE/ $375,000.00 N
600132111 BAKER,ROBERT,JANELLE $300,646.00 N
600132117 OKADA,KOICHI, IZUMI $445,000.00 N
600132118 PINTER,KEITH,BARBARA $432,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 33
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132121 RATH,SHERRY A 130 TREASURE LANE BLAINE COUNTY ID 83333 $232,500.00
600132129 O'GRADY,CHRIS,TERRI 8 EISENHOWER LANE COTO DE CAZA AR CA 92679 $367,700.00
600132145 TYLER,ROY, PAULA 4502 GREENMEADOWS AVENUE TORRANCE CA 90505 $259,640.97
600132146 DENG,DANNY, CANDICE 1359 EDGEWOOD ROAD REDWOOD CITY CA 94062 $384,468.35
600132147 ALMAJDALANI/ALM,MOUHANNAD 17 BUENA VISTA ROAD SOUTH SAN FRANC CA 94080 $391,950.00
600132153 BOCK,DOROTHY Y. 1716 EDGEMOOR LANE EVERETT WA 98203 $280,000.00
600132158 RODGERS,LORI 267 SANTA ROSA AVENUE SAUSALITO CA 94965 $345,000.00
600132160 FAN,LI-PING 831 COLUMBA LANE FOSTER CITY CA 94404 $276,800.00
600132161 DUBER,RICHARD SCOTT 191 AVENIDA DRIVE BERKELEY CA 94708 $299,793.54
600132162 MALLARI,ROMEO,LOURDES 4023 AVIGNON LANE SAN JOSE CA 95135 $385,550.00
600132171 POLLETT,STEPHEN,LUCILLE 24006 VISTA VICENTE COURT RAMONA CA 92065 $239,834.83
600132175 SU,PAUL SZU YUAN 23 BRISTLECONE IRVINE CA 92620 $271,962.70
600132179 HOSKINS,PHILLIP/PATRICA 603 CALLE REAL SAN CLEMENTE CA 92673 $314,783.22
600132181 KIRSCH,DAVID, MAUREEN 7 LA SOLITA FOOTHILL RANCH CA 92610 $247,829.33
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132121 RATH,SHERRY A 7.875 .750 7.125 .0400 7.085 03/01/2028
600132129 O'GRADY,CHRIS,TERRI 7.875 .750 7.125 .0400 7.085 03/01/2028
600132145 TYLER,ROY, PAULA 7.875 .750 7.125 .0400 7.085 01/01/2028
600132146 DENG,DANNY, CANDICE 7.875 .750 7.125 .0400 7.085 01/01/2028
600132147 ALMAJDALANI/ALM,MOUHANNAD 7.875 .750 7.125 .0400 7.085 03/01/2028
600132153 BOCK,DOROTHY Y. 7.875 .750 7.125 .0400 7.085 03/01/2028
600132158 RODGERS,LORI 7.875 .750 7.125 .0400 7.085 03/01/2028
600132160 FAN,LI-PING 7.875 .750 7.125 .0400 7.085 03/01/2028
600132161 DUBER,RICHARD SCOTT 7.875 .750 7.125 .0400 7.085 02/01/2028
600132162 MALLARI,ROMEO,LOURDES 7.875 .750 7.125 .0400 7.085 03/01/2028
600132171 POLLETT,STEPHEN,LUCILLE 7.875 .750 7.125 .0400 7.085 02/01/2028
600132175 SU,PAUL SZU YUAN 7.875 .750 7.125 .0400 7.085 02/01/2028
600132179 HOSKINS,PHILLIP/PATRICA 7.875 .750 7.125 .0400 7.085 02/01/2028
600132181 KIRSCH,DAVID, MAUREEN 7.875 .750 7.125 .0400 7.085 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132121 RATH,SHERRY A 517767 $1,685.79 03/01/1998 360
600132129 O'GRADY,CHRIS,TERRI 548173 $2,666.08 03/01/1998 360
600132145 TYLER,ROY, PAULA 557580 $1,885.18 03/01/1998 360
600132146 DENG,DANNY, CANDICE 557604 $2,791.52 03/01/1998 360
600132147 ALMAJDALANI/ALM,MOUHANNAD 558951 $2,841.91 03/01/1998 360
600132153 BOCK,DOROTHY Y. 561582 $2,030.19 03/01/1998 360
600132158 RODGERS,LORI 563930 $2,501.49 03/01/1998 360
600132160 FAN,LI-PING 564112 $2,006.99 03/01/1998 360
600132161 DUBER,RICHARD SCOTT 564131 $2,175.21 03/01/1998 360
600132162 MALLARI,ROMEO,LOURDES 564165 $2,795.51 03/01/1998 360
600132171 POLLETT,STEPHEN,LUCILLE 566451 $1,740.17 03/01/1998 360
600132175 SU,PAUL SZU YUAN 567514 $1,973.28 03/01/1998 360
600132179 HOSKINS,PHILLIP/PATRICA 568174 $2,283.97 03/01/1998 360
600132181 KIRSCH,DAVID, MAUREEN 568203 $1,798.17 03/01/1998 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>
600132121 RATH,SHERRY A $310,000.00 N
600132129 O'GRADY,CHRIS,TERRI $459,660.00 N
600132145 TYLER,ROY, PAULA $380,000.00 N
600132146 DENG,DANNY, CANDICE $645,000.00 N
600132147 ALMAJDALANI/ALM,MOUHANNAD $490,000.00 N
600132153 BOCK,DOROTHY Y. $350,000.00 N
600132158 RODGERS,LORI $485,000.00 N
600132160 FAN,LI-PING $346,000.00 N
600132161 DUBER,RICHARD SCOTT $375,000.00 N
600132162 MALLARI,ROMEO,LOURDES $481,944.00 N
600132171 POLLETT,STEPHEN,LUCILLE $300,000.00 N
600132175 SU,PAUL SZU YUAN $362,900.00 N
600132179 HOSKINS,PHILLIP/PATRICA $410,000.00 N
600132181 KIRSCH,DAVID, MAUREEN $310,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 34
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132188 ARTHUR,BRUCE,JOAN 12690 ARABIAN LANE GALT CA 95632 $269,814.19
600132189 NGUYEN/HUYNH,TRI H / TRAM 3579 PLEASANT KNOLL DRIVE SAN JOSE CA 95148 $299,793.54
600132190 WOODS,STEVE,CAROL 2029 CORRAL CANYON ROAD MALIBU CA 90265 $288,000.00
600132192 DIETRICH,ROBERT,ALMA 2212 LAWTON DRIVE LEMON GROVE CA 91945 $230,400.00
600132202 HOUSMAN,RONALD 22457 DE KALB DRIVE CALABASAS CA 91302 $300,000.00
600132203 HOWSON,ROBERT 611 ST. ANNS DRIVE LAGUNA BEACH CA 92651 $228,000.00
600132205 WOODYARD,MARK,MICHELLE 8 LA PURISIMA RANCHO SANTA CA 92688 $230,000.00
600132206 VINCZE,JAMES 775 MIDWAY STREET SAN DIEGO CA 92037 $265,000.00
600132225 JENKINS,ROBERT, ADRIENN 26481 LOMA VERDE MISSION VIEJO CA 92691 $238,335.87
600132228 ABRAHAMI,GONEN,RENATA 13030 GREENLEAF STREET LOS ANGELES CA 91604 $356,000.00
600132229 JAHANGARD,ROY 7514 WEST 90TH STREET LOS ANGELES CA 90045 $232,000.00
600132231 SPAIN,DELBERT,JEANNE 3923 BLEDSOE AVENUE LOS ANGELES CA 90066 $288,000.00
600132234 SABZEROU,MICHAEL,SEPIDEH 9 ALEGRIA IRVINE CA 92620 $292,800.00
600132268 KHOURY,ELIAS,GLADYS 712 JUNIPERO SERRA BOULEV SAN FRANCISCO CA 94127 $397,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132188 ARTHUR,BRUCE,JOAN 7.875 .750 7.125 .0400 7.085 02/01/2028
600132189 NGUYEN/HUYNH,TRI H / TRAM 7.875 .750 7.125 .0400 7.085 02/01/2028
600132190 WOODS,STEVE,CAROL 7.875 .750 7.125 .0400 7.085 03/01/2028
600132192 DIETRICH,ROBERT,ALMA 7.875 .750 7.125 .0400 7.085 03/01/2028
600132202 HOUSMAN,RONALD 7.875 .750 7.125 .0400 7.085 03/01/2028
600132203 HOWSON,ROBERT 7.875 .750 7.125 .0400 7.085 03/01/2028
600132205 WOODYARD,MARK,MICHELLE 7.875 .750 7.125 .0400 7.085 03/01/2028
600132206 VINCZE,JAMES 7.875 .750 7.125 .0400 7.085 03/01/2028
600132225 JENKINS,ROBERT, ADRIENN 7.875 .750 7.125 .0400 7.085 02/01/2028
600132228 ABRAHAMI,GONEN,RENATA 7.875 .750 7.125 .0400 7.085 03/01/2028
600132229 JAHANGARD,ROY 7.875 .750 7.125 .0400 7.085 03/01/2028
600132231 SPAIN,DELBERT,JEANNE 7.875 .750 7.125 .0400 7.085 03/01/2028
600132234 SABZEROU,MICHAEL,SEPIDEH 7.875 .750 7.125 .0400 7.085 03/01/2028
600132268 KHOURY,ELIAS,GLADYS 8.000 .750 7.250 .0400 7.210 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132188 ARTHUR,BRUCE,JOAN 568277 $1,957.69 03/01/1998 360
600132189 NGUYEN/HUYNH,TRI H / TRAM 568292 $2,175.21 03/01/1998 360
600132190 WOODS,STEVE,CAROL 568336 $2,088.20 03/01/1998 360
600132192 DIETRICH,ROBERT,ALMA 568979 $1,670.56 03/01/1998 360
600132202 HOUSMAN,RONALD 570277 $2,175.21 03/01/1998 360
600132203 HOWSON,ROBERT 570284 $1,653.16 03/01/1998 360
600132205 WOODYARD,MARK,MICHELLE 570397 $1,667.66 03/01/1998 360
600132206 VINCZE,JAMES 570462 $1,921.43 03/01/1998 360
600132225 JENKINS,ROBERT, ADRIENN 574428 $1,729.29 03/01/1998 360
600132228 ABRAHAMI,GONEN,RENATA 575419 $2,581.25 03/01/1998 360
600132229 JAHANGARD,ROY 575520 $1,682.16 03/01/1998 360
600132231 SPAIN,DELBERT,JEANNE 575571 $2,088.20 03/01/1998 360
600132234 SABZEROU,MICHAEL,SEPIDEH 576324 $2,123.00 03/01/1998 360
600132268 KHOURY,ELIAS,GLADYS 560522 $2,913.05 03/01/1998 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>
600132188 ARTHUR,BRUCE,JOAN $360,000.00 N
600132189 NGUYEN/HUYNH,TRI H / TRAM $400,000.00 N
600132190 WOODS,STEVE,CAROL $360,000.00 N
600132192 DIETRICH,ROBERT,ALMA $288,000.00 N
600132202 HOUSMAN,RONALD $375,000.00 N
600132203 HOWSON,ROBERT $285,000.00 N
600132205 WOODYARD,MARK,MICHELLE $290,000.00 N
600132206 VINCZE,JAMES $360,000.00 N
600132225 JENKINS,ROBERT, ADRIENN $305,000.00 N
600132228 ABRAHAMI,GONEN,RENATA $445,000.00 N
600132229 JAHANGARD,ROY $290,000.00 N
600132231 SPAIN,DELBERT,JEANNE $360,000.00 N
600132234 SABZEROU,MICHAEL,SEPIDEH $366,000.00 N
600132268 KHOURY,ELIAS,GLADYS $560,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 35
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132278 ABEL,S. DAWN 2424 JEFFERSON AVENUE REDWOOD CITY CA 94062 $300,000.00
600132288 MCPETRIE,WENDY 2288 VIA APRILIA DEL MAR CA 92014 $265,000.00
600132302 NEVAREZ/CARRERA,JOEL,MARG 4551 WEST 173RD STREET LAWNDALE CA 90260 $292,500.00
600132340 NELSON,CLIFFORD,DEBORA 265 EAST SPYGLASS DRIVE STANSBURY PARK UT 84074 $252,000.00
600132344 RAIDERS/ZUNDEL,PAUL/CLAUD 8722 SOUTH AULT LANE MORRISON CO 80465 $298,500.00
600132365 BRANDT,KENT 544 BAYVIEW AVE MILLBRAE CA 94030 $250,000.00
600132377 DEL MARMOL,ADOLFO,ANA M. 4104 SW VENTURA AVENUE MIAMI FL 33133 $229,849.55
600132452 KUGLER,LINDA 3694 NORTH WOODHURST DRIV COVINA AREA CA 91724 $267,829.11
600132480 LOWE,RAYMOND,CHARLES 1450 GUERRERO STREET SAN FRANCISCO CA 94110 $374,719.86
600132484 LARIZADEH,PATRICIA 229 8TH STREET #3 SAN FRANCISCO CA 94103 $287,016.86
600132490 COLLEY,MARJORIE 14 GARDNER STREET NANTUCKET MA 02554 $306,804.24
600132493 YARED,BESHARA, DINDA 2006 GUNN ROAD CARMICHAEL CA 95608 $267,829.11
600132554 LONDON,ANDREW 3085 SAINT GEORGE STREET LOS ANGELES CA 90027 $329,000.00
600132563 ERICKSON,DEBORAH 390 SANDIA CIRCLE WESTCLIFFE CO 81252 $285,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132278 ABEL,S. DAWN 8.000 .750 7.250 .0400 7.210 03/01/2028
600132288 MCPETRIE,WENDY 8.000 .750 7.250 .0400 7.210 03/01/2028
600132302 NEVAREZ/CARRERA,JOEL,MARG 8.000 .750 7.250 .0400 7.210 03/01/2028
600132340 NELSON,CLIFFORD,DEBORA 8.125 .750 7.375 .0400 7.335 03/01/2028
600132344 RAIDERS/ZUNDEL,PAUL/CLAUD 8.125 .750 7.375 .0400 7.335 03/01/2028
600132365 BRANDT,KENT 8.125 .750 7.375 .0400 7.335 03/01/2028
600132377 DEL MARMOL,ADOLFO,ANA M. 8.125 .750 7.375 .0400 7.335 02/01/2028
600132452 KUGLER,LINDA 8.250 .750 7.500 .0400 7.460 02/01/2028
600132480 LOWE,RAYMOND,CHARLES 8.250 .750 7.500 .0400 7.460 01/01/2028
600132484 LARIZADEH,PATRICIA 8.250 .750 7.500 .0400 7.460 02/01/2028
600132490 COLLEY,MARJORIE 8.250 .750 7.500 .0400 7.460 02/01/2028
600132493 YARED,BESHARA, DINDA 8.250 .750 7.500 .0400 7.460 02/01/2028
600132554 LONDON,ANDREW 8.375 .750 7.625 .0400 7.585 03/01/2028
600132563 ERICKSON,DEBORAH 8.375 .750 7.625 .0400 7.585 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132278 ABEL,S. DAWN 563856 $2,201.29 03/01/1998 360
600132288 MCPETRIE,WENDY 566566 $1,944.48 03/01/1998 360
600132302 NEVAREZ/CARRERA,JOEL,MARG 570130 $2,146.26 12 03/01/1998 360
600132340 NELSON,CLIFFORD,DEBORA 553464 $1,871.09 03/01/1998 360
600132344 RAIDERS/ZUNDEL,PAUL/CLAUD 553583 $2,216.35 03/01/1998 360
600132365 BRANDT,KENT 562562 $1,856.24 03/01/1998 360
600132377 DEL MARMOL,ADOLFO,ANA M. 567588 $1,707.74 03/01/1998 360
600132452 KUGLER,LINDA 557483 $2,013.39 03/01/1998 360
600132480 LOWE,RAYMOND,CHARLES 567435 $2,818.75 50 03/01/1998 360
600132484 LARIZADEH,PATRICIA 567731 $2,157.64 03/01/1998 360
600132490 COLLEY,MARJORIE 568240 $2,306.39 03/01/1998 360
600132493 YARED,BESHARA, DINDA 568274 $2,013.39 03/01/1998 360
600132554 LONDON,ANDREW 519476 $2,500.64 03/01/1998 360
600132563 ERICKSON,DEBORAH 553467 $2,166.21 03/01/1998 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>
600132278 ABEL,S. DAWN $375,000.00 N
600132288 MCPETRIE,WENDY $345,000.00 N
600132302 NEVAREZ/CARRERA,JOEL,MARG $325,000.00 N
600132340 NELSON,CLIFFORD,DEBORA $315,000.00 N
600132344 RAIDERS/ZUNDEL,PAUL/CLAUD $415,000.00 N
600132365 BRANDT,KENT $313,000.00 N
600132377 DEL MARMOL,ADOLFO,ANA M. $380,000.00 N
600132452 KUGLER,LINDA $335,000.00 N
600132480 LOWE,RAYMOND,CHARLES $465,346.83 N
600132484 LARIZADEH,PATRICIA $359,000.00 N
600132490 COLLEY,MARJORIE $1,275,000.00 N
600132493 YARED,BESHARA, DINDA $335,000.00 N
600132554 LONDON,ANDREW $460,000.00 N
600132563 ERICKSON,DEBORAH $409,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 36
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600132580 SAYLES,JANET,GEORGE L. 10920 HOMESTEAD ROAD ARLINGTON WA 98223 $285,000.00
600132582 CARMICHAEL,JOHN 4799 COUGARCREEK TRAIL RENO NV 89509 $262,100.00
600132593 GLASSER,HARRY, GIO 348 ARIES STREET SAN RAFAEL CA 94903 $261,837.15
600132600 JOHNSON,DEANE 1047 13TH STREET BOULDER CO 00000 $315,000.00
600132601 NORRIS,ROGER/DONA 6031 IRONGATE CIRCLE HUNTINGTON BEAC CA 92648 $299,813.53
600132605 HJELT,JAMES, JULIE 968 FARM TO MARKET ROAD MOUNT VERNON WA 98273 $246,846.47
600132675 DONNELLY,ALICE 1914 & 1914A NELSON AVENU REDONDO BEACH CA 90278 $288,000.00
600132688 VENKATESH,LATCHMAN/SARASW 815 OPAL DRIVE SAN JOSE CA 95117 $375,000.00
600132798 DE NUCCIO,JAMES,ALISON 2811 FRANCIS LANE COSTA MESA CA 92626 $237,500.00
600132830 STEWART/MEDDING,MARSHALL/ 15515 HESBY STREET ENCINO AREA CA 91436 $310,325.93
600133871 SUVALLE,KAREN 984 HIGH ST WESTWOOD MA 02090 $239,224.91
600133872 MOUNTCASTLE,FRANK 9319 CHEROKEE RD RICHMOND VA 23235 $262,701.81
600133884 BURNHAM,DONALD 4185 W EAGLEROCK WENATCHEE WA 98801 $257,822.45
600133886 BLEASE,PAUL 6628 MYRTLE BEACH DR PLANO TX 75093 $283,092.76
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600132580 SAYLES,JANET,GEORGE L. 8.375 .750 7.625 .0400 7.585 03/01/2028
600132582 CARMICHAEL,JOHN 8.375 .750 7.625 .0400 7.585 03/01/2028
600132593 GLASSER,HARRY, GIO 8.375 .750 7.625 .0400 7.585 02/01/2028
600132600 JOHNSON,DEANE 8.375 .750 7.625 .0400 7.585 03/01/2028
600132601 NORRIS,ROGER/DONA 8.375 .750 7.625 .0400 7.585 02/01/2028
600132605 HJELT,JAMES, JULIE 8.375 .750 7.625 .0400 7.585 02/01/2028
600132675 DONNELLY,ALICE 8.500 .750 7.750 .0400 7.710 03/01/2028
600132688 VENKATESH,LATCHMAN/SARASW 8.500 .750 7.750 .0400 7.710 03/01/2028
600132798 DE NUCCIO,JAMES,ALISON 8.750 .750 8.000 .0400 7.960 03/01/2028
600132830 STEWART/MEDDING,MARSHALL/ 8.875 .750 8.125 .0400 8.085 02/01/2028
600133871 SUVALLE,KAREN 7.125 .250 6.875 .0500 6.825 11/01/2027
600133872 MOUNTCASTLE,FRANK 7.500 .250 7.250 .0500 7.200 01/01/2028
600133884 BURNHAM,DONALD 7.875 .250 7.625 .0500 7.575 03/01/2028
600133886 BLEASE,PAUL 7.000 .250 6.750 .0500 6.700 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600132580 SAYLES,JANET,GEORGE L. 561536 $2,166.21 03/01/1998 360
600132582 CARMICHAEL,JOHN 562796 $1,992.15 03/01/1998 360
600132593 GLASSER,HARRY, GIO 567574 $1,991.39 03/01/1998 360
600132600 JOHNSON,DEANE 568160 $2,394.23 03/01/1998 360
600132601 NORRIS,ROGER/DONA 568186 $2,280.22 03/01/1998 360
600132605 HJELT,JAMES, JULIE 568251 $1,877.38 03/01/1998 360
600132675 DONNELLY,ALICE 560125 $2,214.47 03/01/1998 360
600132688 VENKATESH,LATCHMAN/SARASW 563861 $2,883.43 03/01/1998 360
600132798 DE NUCCIO,JAMES,ALISON 558529 $1,868.41 2 03/01/1998 360
600132830 STEWART/MEDDING,MARSHALL/ 567569 $2,470.48 2 03/01/1998 360
600133871 SUVALLE,KAREN 948684 $1,616.93 03/01/1998 360
600133872 MOUNTCASTLE,FRANK 952559 $1,839.64 03/01/1998 360
600133884 BURNHAM,DONALD 959261 $1,870.68 03/01/1998 360
600133886 BLEASE,PAUL 959376 $1,884.97 12 03/01/1998 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>
600132580 SAYLES,JANET,GEORGE L. $420,000.00 N
600132582 CARMICHAEL,JOHN $327,638.00 N
600132593 GLASSER,HARRY, GIO $328,000.00 N
600132600 JOHNSON,DEANE $450,000.00 N
600132601 NORRIS,ROGER/DONA $395,000.00 N
600132605 HJELT,JAMES, JULIE $338,000.00 N
600132675 DONNELLY,ALICE $360,000.00 N
600132688 VENKATESH,LATCHMAN/SARASW $500,000.00 N
600132798 DE NUCCIO,JAMES,ALISON $250,000.00 N
600132830 STEWART/MEDDING,MARSHALL/ $345,000.00 N
600133871 SUVALLE,KAREN $300,000.00 N
600133872 MOUNTCASTLE,FRANK $328,910.00 N
600133884 BURNHAM,DONALD $380,000.00 N
600133886 BLEASE,PAUL $310,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 37
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600133889 DELANEY,ANN 21 WHITNEY AVE WESTWOOD MA 02090 $264,000.00
600133895 DOCHERTY,THOMAS 9147 HIGHLAND RIDGE WAY TAMPA FL 33647 $276,600.00
600133897 MATZ,ANTHONY 2156 CHURCHILL LN HIGHLAND PARK IL 60035 $265,000.00
600133901 HEMPEL,LOUIS 359 OLD IVY RD ATLANTA GA 30342 $276,000.09
600133905 LEVY,REBECCA 5309 BURCHETTE RD TAMPA FL 33647 $261,000.00
600133906 WILL,DOROTHY 30 FORSYTHIA DR WALPOLE MA 02081 $259,811.81
600133909 FAULKNER,LYNN 4593 WHITE BLOSSOM BLVD MASON OH 45040 $261,500.00
600133912 FERGUSON,JEFFREY 2100 S OCEAN LN FT LAUDERDALE FL 33316 $260,801.39
600133919 JORDAN,THOMAS 21 INWOOD LANE ANDOVER MA 01810 $275,000.00
600133920 FINZER,DAVID 1435 KAYWOOD LN GLENVIEW IL 60025 $440,000.00
600133926 BAKER,JOEL 7731 S HURON PL LITTLETON CO 80120 $279,792.19
600133930 VALAITIS,DAIVA 1413 ELMWOOD AVE EVANSTON IL 60201 $262,804.82
600133931 UTZ,WILLIAM 4276 RED ROCK DR LARKSPUR CO 80118 $264,788.09
600133932 HORWITZ,STEVEN 11322 HOLLOW STONE DR ROCKVILLE MD 20852 $260,800.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600133889 DELANEY,ANN 7.500 .250 7.250 .0500 7.200 03/01/2028
600133895 DOCHERTY,THOMAS 7.375 .250 7.125 .0500 7.075 03/01/2028
600133897 MATZ,ANTHONY 7.375 .250 7.125 .0500 7.075 03/01/2028
600133901 HEMPEL,LOUIS 7.625 .250 7.375 .0500 7.325 02/01/2028
600133905 LEVY,REBECCA 7.375 .250 7.125 .0500 7.075 03/01/2028
600133906 WILL,DOROTHY 7.625 .250 7.375 .0500 7.325 02/01/2028
600133909 FAULKNER,LYNN 7.375 .250 7.125 .0500 7.075 03/01/2028
600133912 FERGUSON,JEFFREY 7.375 .250 7.125 .0500 7.075 02/01/2028
600133919 JORDAN,THOMAS 7.375 .250 7.125 .0500 7.075 03/01/2028
600133920 FINZER,DAVID 7.375 .250 7.125 .0500 7.075 03/01/2028
600133926 BAKER,JOEL 7.500 .250 7.250 .0500 7.200 02/01/2028
600133930 VALAITIS,DAIVA 7.500 .250 7.250 .0500 7.200 02/01/2028
600133931 UTZ,WILLIAM 7.125 .250 6.875 .0500 6.825 02/01/2028
600133932 HORWITZ,STEVEN 7.375 .250 7.125 .0500 7.075 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600133889 DELANEY,ANN 959510 $1,845.93 03/01/1998 360
600133895 DOCHERTY,THOMAS 959746 $1,910.41 03/01/1998 360
600133897 MATZ,ANTHONY 959799 $1,830.29 03/01/1998 360
600133901 HEMPEL,LOUIS 959921 $1,954.93 03/01/1998 360
600133905 LEVY,REBECCA 960002 $1,802.66 7 03/01/1998 360
600133906 WILL,DOROTHY 960038 $1,840.27 12 03/01/1998 360
600133909 FAULKNER,LYNN 960083 $1,806.12 03/01/1998 360
600133912 FERGUSON,JEFFREY 960126 $1,802.67 12 03/01/1998 360
600133919 JORDAN,THOMAS 960235 $1,899.36 03/01/1998 360
600133920 FINZER,DAVID 960238 $3,038.98 03/01/1998 360
600133926 BAKER,JOEL 960318 $1,957.81 03/01/1998 360
600133930 VALAITIS,DAIVA 960396 $1,838.94 03/01/1998 360
600133931 UTZ,WILLIAM 960420 $1,785.35 12 03/01/1998 360
600133932 HORWITZ,STEVEN 960438 $1,801.29 03/01/1998 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>
600133889 DELANEY,ANN $390,000.00 N
600133895 DOCHERTY,THOMAS $345,797.00 N
600133897 MATZ,ANTHONY $500,000.00 N
600133901 HEMPEL,LOUIS $384,000.00 N
600133905 LEVY,REBECCA $290,000.00 N
600133906 WILL,DOROTHY $315,000.00 N
600133909 FAULKNER,LYNN $335,000.00 N
600133912 FERGUSON,JEFFREY $290,000.00 N
600133919 JORDAN,THOMAS $400,000.00 N
600133920 FINZER,DAVID $626,000.00 N
600133926 BAKER,JOEL $350,000.00 N
600133930 VALAITIS,DAIVA $340,000.00 N
600133931 UTZ,WILLIAM $300,000.00 N
600133932 HORWITZ,STEVEN $327,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 38
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600133934 LOTHIAN,SCOTT 2244 GLENVIEW RD GLENVIEW IL 60025 $264,000.00
600133937 KRIEG,JAMES 740 BONNIE BRAE DENVER CO 80209 $249,800.08
600133939 ABBOTT,RICHARD 12705 MILL GLEN CT CLIFTON VA 20124 $262,899.80
600133940 HAUSER,RAYMOND 3303 GREENWOOD LN SAINT CHARLES IL 60175 $258,000.00
600133941 MICHIE,JOHN 4123 N TERRANCE ARLINGTON HEIGH IL 60004 $265,000.00
600133948 BALISTRERI,JOSEPH 1030 E THORNE LN FOX POINT WI 53217 $273,291.89
600133949 DEMESTRE,EUGENE 3817 HOUNDSTOOTH CT RICHMOND VA 23233 $248,000.00
600133956 CATALA,EDGAR 57 FALCON CREST RD MIDDLEBURY CT 06762 $367,800.00
600133959 DEHART,NORMAN 521 VALLEY VIEW DR BOULDER CO 80304 $269,789.37
600133960 BODEMANN,TIMOTHY 4724 SHARPSTONE LN RALEIGH NC 27615 $269,778.68
600133961 KAPLAN,THOMAS 1791 MILBORO DR POTOMAC MD 20854 $264,400.00
600133963 VAN LEUVEN,MICHAEL 585 MILLS LN FRANKFORT KY 40601 $280,000.00
600133967 STRONCEK,DAVID 10309 CAVANAUGH CT ROCKVILLE MD 20850 $360,500.00
600133972 CURTI,THOMAS 6449 KATHERINE MANOR CT HAMILTON OH 45011 $245,400.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600133934 LOTHIAN,SCOTT 7.375 .250 7.125 .0500 7.075 03/01/2028
600133937 KRIEG,JAMES 7.125 .250 6.875 .0500 6.825 02/01/2028
600133939 ABBOTT,RICHARD 7.375 .250 7.125 .0500 7.075 02/01/2028
600133940 HAUSER,RAYMOND 7.500 .250 7.250 .0500 7.200 03/01/2028
600133941 MICHIE,JOHN 7.500 .250 7.250 .0500 7.200 03/01/2028
600133948 BALISTRERI,JOSEPH 7.375 .250 7.125 .0500 7.075 03/01/2028
600133949 DEMESTRE,EUGENE 6.875 .250 6.625 .0500 6.575 03/01/2028
600133956 CATALA,EDGAR 7.375 .250 7.125 .0500 7.075 03/01/2028
600133959 DEHART,NORMAN 7.250 .250 7.000 .0500 6.950 02/01/2028
600133960 BODEMANN,TIMOTHY 7.000 .250 6.750 .0500 6.700 02/01/2028
600133961 KAPLAN,THOMAS 7.375 .250 7.125 .0500 7.075 03/01/2028
600133963 VAN LEUVEN,MICHAEL 7.000 .250 6.750 .0500 6.700 03/01/2028
600133967 STRONCEK,DAVID 7.500 .250 7.250 .0500 7.200 03/01/2028
600133972 CURTI,THOMAS 7.250 .250 7.000 .0500 6.950 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600133934 LOTHIAN,SCOTT 960457 $1,823.39 03/01/1998 360
600133937 KRIEG,JAMES 960500 $1,684.30 03/01/1998 360
600133939 ABBOTT,RICHARD 960509 $1,817.17 03/01/1998 360
600133940 HAUSER,RAYMOND 960513 $1,803.98 03/01/1998 360
600133941 MICHIE,JOHN 960514 $1,852.92 03/01/1998 360
600133948 BALISTRERI,JOSEPH 960645 $1,889.00 03/01/1998 360
600133949 DEMESTRE,EUGENE 960704 $1,629.19 03/01/1998 360
600133956 CATALA,EDGAR 960777 $2,540.31 14 03/01/1998 360
600133959 DEHART,NORMAN 960806 $1,841.88 03/01/1998 360
600133960 BODEMANN,TIMOTHY 960828 $1,796.32 03/01/1998 360
600133961 KAPLAN,THOMAS 960863 $1,826.15 12 03/01/1998 360
600133963 VAN LEUVEN,MICHAEL 960877 $1,862.85 03/01/1998 360
600133967 STRONCEK,DAVID 960938 $2,520.67 03/01/1998 360
600133972 CURTI,THOMAS 960982 $1,674.07 03/01/1998 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>
600133934 LOTHIAN,SCOTT $330,000.00 N
600133937 KRIEG,JAMES $355,000.00 N
600133939 ABBOTT,RICHARD $376,000.00 N
600133940 HAUSER,RAYMOND $400,000.00 N
600133941 MICHIE,JOHN $365,000.00 N
600133948 BALISTRERI,JOSEPH $430,000.00 N
600133949 DEMESTRE,EUGENE $348,000.00 N
600133956 CATALA,EDGAR $425,000.00 N
600133959 DEHART,NORMAN $480,000.00 N
600133960 BODEMANN,TIMOTHY $441,404.00 N
600133961 KAPLAN,THOMAS $294,500.00 N
600133963 VAN LEUVEN,MICHAEL $350,000.00 N
600133967 STRONCEK,DAVID $494,000.00 N
600133972 CURTI,THOMAS $335,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 39
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600133977 VAGEAIS, 16017 AGINCOURT DRIVE HUNTERSVILLE NC 28078 $244,800.00
600133980 ODMAN,RALPH 4 N 754 W WOODS DR ST CHARLES IL 60175 $280,000.00
600133985 LOPITZ,PETER 930 11TH ST BOULDER CO 80302 $280,000.00
600133986 HOWELL,DAVID 1747 WASHINGTON AVE WILMETTE IL 60091 $300,000.00
600133991 HARDY,BRUCE 11022 E BELLA VISTA DR SCOTTSDALE AZ 85258 $287,286.64
600134001 CONDIT,WILLIAM 12165 E FT LOWELL TUCSON AZ 85749 $278,400.00
600134002 PETERSON,CHARLES 915 OAK BRANCH CT FORT WAYNE IN 46845 $275,795.16
600134010 FANSLER,GARY 2099 PRIMEROSE LANE NAPERVILLE IL 60565 $288,800.00
600134012 FISHER,DOUGLAS 27922 SW STRAWBERRY HILL HILLSBORO OR 97123 $283,000.00
600134014 JOHNSON,W.A. 1804 LARIMER PL DENVER CO 80202 $271,793.03
600134015 GOUDREAULT,PAUL D ON503 ARBOR COURT WINFIELD IL 60190 $298,700.00
600134021 MALESEVICH,FRED S110 W30520 YMCA CAMP RD MUKWONAGO WI 53149 $276,500.00
600134022 BABA,EDWARD 2114 LINDEN AVE HIGHLAND PARK IL 60035 $357,000.00
600134023 VAUGHT,ROBERT 306 C MCALPIN DR SAVANNAH GA 31406 $380,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600133977 VAGEAIS, 7.000 .250 6.750 .0500 6.700 03/01/2028
600133980 ODMAN,RALPH 7.250 .250 7.000 .0500 6.950 03/01/2028
600133985 LOPITZ,PETER 7.125 .250 6.875 .0500 6.825 03/01/2028
600133986 HOWELL,DAVID 7.250 .250 7.000 .0500 6.950 03/01/2028
600133991 HARDY,BRUCE 7.500 .250 7.250 .0500 7.200 02/01/2028
600134001 CONDIT,WILLIAM 7.000 .250 6.750 .0500 6.700 03/01/2028
600134002 PETERSON,CHARLES 7.500 .250 7.250 .0500 7.200 02/01/2028
600134010 FANSLER,GARY 7.500 .250 7.250 .0500 7.200 03/01/2028
600134012 FISHER,DOUGLAS 7.625 .250 7.375 .0500 7.325 03/01/2028
600134014 JOHNSON,W.A. 7.375 .250 7.125 .0500 7.075 02/01/2028
600134015 GOUDREAULT,PAUL D 7.375 .250 7.125 .0500 7.075 03/01/2028
600134021 MALESEVICH,FRED 7.625 .250 7.375 .0500 7.325 03/01/2028
600134022 BABA,EDWARD 7.625 .250 7.375 .0500 7.325 03/01/2028
600134023 VAUGHT,ROBERT 7.375 .250 7.125 .0500 7.075 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600133977 VAGEAIS, 961091 $1,880.78 03/01/1998 360
600133980 ODMAN,RALPH 961101 $1,910.10 03/01/1998 360
600133985 LOPITZ,PETER 961218 $1,886.41 03/01/1998 360
600133986 HOWELL,DAVID 961219 $2,046.53 03/01/1998 360
600133991 HARDY,BRUCE 961391 $2,010.25 03/01/1998 360
600134001 CONDIT,WILLIAM 961813 $1,852.20 03/01/1998 360
600134002 PETERSON,CHARLES 961850 $1,929.84 03/01/1998 360
600134010 FANSLER,GARY 962202 $2,019.34 12 03/01/1998 360
600134012 FISHER,DOUGLAS 962534 $2,003.06 03/01/1998 360
600134014 JOHNSON,W.A. 962715 $1,878.64 03/01/1998 360
600134015 GOUDREAULT,PAUL D 962754 $2,063.05 03/01/1998 360
600134021 MALESEVICH,FRED 963510 $1,957.05 03/01/1998 360
600134022 BABA,EDWARD 963534 $2,526.83 03/01/1998 360
600134023 VAUGHT,ROBERT 963882 $2,624.57 03/01/1998 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>
600133977 VAGEAIS, $306,044.00 N
600133980 ODMAN,RALPH $390,000.00 N
600133985 LOPITZ,PETER $350,000.00 N
600133986 HOWELL,DAVID $625,000.00 N
600133991 HARDY,BRUCE $430,000.00 N
600134001 CONDIT,WILLIAM $405,000.00 N
600134002 PETERSON,CHARLES $345,000.00 N
600134010 FANSLER,GARY $346,000.00 N
600134012 FISHER,DOUGLAS $400,000.00 N
600134014 JOHNSON,W.A. $340,000.00 N
600134015 GOUDREAULT,PAUL D $380,000.00 N
600134021 MALESEVICH,FRED $350,000.00 N
600134022 BABA,EDWARD $522,000.00 N
600134023 VAUGHT,ROBERT $550,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 40
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600134026 TROCHA II,CHESTER 5 ORIOLE CT HAWTHORN WOODS IL 60047 $295,000.00
600134031 LUO,QUIANG 13131 CURVED IRON RD HERNDON VA 22071 $272,000.00
600134036 PASCARELLA,DEBRA 6108 29TH ST NW WASHINGTON DC 20015 $281,000.00
600134037 KENNEY,DENNIS 3227 VOLTA PL NW WASHINGTON DC 20007 $340,000.00
600134039 KURTZ,DAVID 211 KILLINGSWORTH DR CARY NC 27511 $267,980.15
600134040 HOPKINS,ANDREW EAST OF EDEN LOT 13 BELLBROOK OH 45305 $295,236.16
600134041 BHAGAT,RAM 2302 OAK LEAF DR STATE COLLEGE PA 16803 $278,000.00
600134045 BEAUPRE,GEORGE 117 HURDS HILL RD WOODBURY CT 06798 $261,600.00
600134046 LINDSAY,PHILIP 3 FOOTHILL RD FRAMINGHAM MA 01701 $241,500.00
600134049 MESTRES,LEE 12 PINECREST DR MEDFORD NJ 08055 $322,500.00
600134052 KRAICHNAN,JOHN 15 CHOWDER KETTLE LN MENEMSHA MA 02552 $247,500.00
600134053 RIGGS,STEPHEN 1471 LONGMONT PL SANTA ANA CA 92705 $299,765.97
600134054 REEVES,JOHN 409 AVE E REDONDO BEACH CA 90277 $285,700.00
600134066 PETERS,JEFFREY 7378 BASIL WESTERN CANAL WINCHESTE OH 43110 $295,269.47
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600134026 TROCHA II,CHESTER 7.500 .250 7.250 .0500 7.200 03/01/2028
600134031 LUO,QUIANG 7.500 .250 7.250 .0500 7.200 03/01/2028
600134036 PASCARELLA,DEBRA 7.250 .250 7.000 .0500 6.950 03/01/2028
600134037 KENNEY,DENNIS 7.500 .250 7.250 .0500 7.200 03/01/2028
600134039 KURTZ,DAVID 7.000 .250 6.750 .0500 6.700 02/01/2028
600134040 HOPKINS,ANDREW 7.625 .250 7.375 .0500 7.325 02/01/2028
600134041 BHAGAT,RAM 6.625 .250 6.375 .0500 6.325 03/01/2028
600134045 BEAUPRE,GEORGE 6.750 .250 6.500 .0500 6.450 03/01/2028
600134046 LINDSAY,PHILIP 7.000 .250 6.750 .0500 6.700 03/01/2028
600134049 MESTRES,LEE 7.000 .250 6.750 .0500 6.700 03/01/2028
600134052 KRAICHNAN,JOHN 7.125 .250 6.875 .0500 6.825 03/01/2028
600134053 RIGGS,STEPHEN 7.250 .250 7.000 .0500 6.950 02/01/2028
600134054 REEVES,JOHN 7.125 .250 6.875 .0500 6.825 03/01/2028
600134066 PETERS,JEFFREY 7.250 .250 7.000 .0500 6.950 02/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600134026 TROCHA II,CHESTER 964454 $2,062.69 03/01/1998 360
600134031 LUO,QUIANG 8280027 $1,901.87 03/01/1998 360
600134036 PASCARELLA,DEBRA 8575553 $1,916.92 03/01/1998 360
600134037 KENNEY,DENNIS 8575555 $2,377.33 03/01/1998 360
600134039 KURTZ,DAVID 8576266 $1,784.35 14 03/01/1998 360
600134040 HOPKINS,ANDREW 8594227 $2,091.18 19 03/01/1998 360
600134041 BHAGAT,RAM 8596400 $1,780.07 03/01/1998 360
600134045 BEAUPRE,GEORGE 8635622 $1,696.74 03/01/1998 360
600134046 LINDSAY,PHILIP 8635951 $1,606.71 14 03/01/1998 360
600134049 MESTRES,LEE 8638079 $2,145.61 03/01/1998 360
600134052 KRAICHNAN,JOHN 8649582 $1,667.46 03/01/1998 360
600134053 RIGGS,STEPHEN 8653597 $2,046.53 03/01/1998 360
600134054 REEVES,JOHN 8653653 $1,924.82 03/01/1998 360
600134066 PETERS,JEFFREY 8683310 $2,015.84 03/01/1998 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>
600134026 TROCHA II,CHESTER $414,000.00 N
600134031 LUO,QUIANG $340,000.00 N
600134036 PASCARELLA,DEBRA $360,000.00 N
600134037 KENNEY,DENNIS $425,000.00 N
600134039 KURTZ,DAVID $298,000.00 N
600134040 HOPKINS,ANDREW $311,925.00 N
600134041 BHAGAT,RAM $352,000.00 N
600134045 BEAUPRE,GEORGE $327,000.00 N
600134046 LINDSAY,PHILIP $265,000.00 N
600134049 MESTRES,LEE $430,000.00 N
600134052 KRAICHNAN,JOHN $350,000.00 N
600134053 RIGGS,STEPHEN $375,000.00 N
600134054 REEVES,JOHN $380,000.00 N
600134066 PETERS,JEFFREY $375,500.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 41
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600134068 CAREY,JOHN 5409 FLANDERS RD TOLEDO OH 43623 $304,000.00
600134072 BIDGOOD,DAVID 14350 SHELBORNE RD WESTFIELD IN 46074 $396,000.00
600134074 FRIDENMAKER,GARY 1229 PEACHCREEK RD CENTERVILLE OH 45458 $233,642.45
600134077 BURKE,PAMELA 9621 HOBART RD WAITE HILL OH 44094 $373,000.00
600134078 SMITH,M 13 NATHAN CT HUDSON OH 44236 $274,785.47
600134079 MARTIN,ROBERT 1850 REEDS CT TRL WESTLAKE OH 44145 $259,764.95
600134083 WATSON,PETER 3713 WHITE CHAPEL WAY RALEIGH NC 27614 $288,000.00
600134084 BARTHOLD,H COUNTY RTE 26 OTSEGO NY 13337 $270,000.00
600134087 JEAN-BAPTISTE,JERRY 120 ALFRED RD MILTON MA 02186 $324,000.00
600134088 FLOWERS,JEFFREY 19 ELIZABETH RD HOPKINTON MA 01748 $550,000.00
600134090 KESSEL,DANIEL 1131 BANYAN RD BOCA RATON FL 33432 $264,000.00
600134093 BUTLER,TIMOTHY 11315 BODLEY DR LOUISVILLE KY 40223 $336,750.00
600134094 STUART,ROBERT 207 LA COSTA DR MONTGOMERY TX 77356 $245,100.00
600134097 BOWERS,JERRY 13144 EDGEMOUNT RD SMITHSBURG MD 21783 $258,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600134068 CAREY,JOHN 7.125 .250 6.875 .0500 6.825 03/01/2028
600134072 BIDGOOD,DAVID 7.250 .250 7.000 .0500 6.950 03/01/2028
600134074 FRIDENMAKER,GARY 7.250 .250 7.000 .0500 6.950 02/01/2028
600134077 BURKE,PAMELA 7.125 .250 6.875 .0500 6.825 03/01/2028
600134078 SMITH,M 7.250 .250 7.000 .0500 6.950 02/01/2028
600134079 MARTIN,ROBERT 6.500 .250 6.250 .0500 6.200 02/01/2028
600134083 WATSON,PETER 7.000 .250 6.750 .0500 6.700 03/01/2028
600134084 BARTHOLD,H 7.375 .250 7.125 .0500 7.075 03/01/2028
600134087 JEAN-BAPTISTE,JERRY 7.500 .250 7.250 .0500 7.200 03/01/2028
600134088 FLOWERS,JEFFREY 7.500 .250 7.250 .0500 7.200 03/01/2028
600134090 KESSEL,DANIEL 7.250 .250 7.000 .0500 6.950 03/01/2028
600134093 BUTLER,TIMOTHY 7.250 .250 7.000 .0500 6.950 03/01/2028
600134094 STUART,ROBERT 7.250 .250 7.000 .0500 6.950 03/01/2028
600134097 BOWERS,JERRY 7.875 .250 7.625 .0500 7.575 03/01/2028
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600134068 CAREY,JOHN 8683694 $2,048.11 03/01/1998 360
600134072 BIDGOOD,DAVID 8701380 $2,701.42 03/01/1998 360
600134074 FRIDENMAKER,GARY 8701475 $1,596.30 03/01/1998 360
600134077 BURKE,PAMELA 8721166 $2,512.98 03/01/1998 360
600134078 SMITH,M 8721202 $1,875.99 03/01/1998 360
600134079 MARTIN,ROBERT 8721236 $1,643.38 03/01/1998 360
600134083 WATSON,PETER 8726669 $1,916.08 03/01/1998 360
600134084 BARTHOLD,H 8728104 $1,864.83 12 03/01/1998 360
600134087 JEAN-BAPTISTE,JERRY 8732667 $2,265.46 03/01/1998 360
600134088 FLOWERS,JEFFREY 8732707 $3,845.69 03/01/1998 360
600134090 KESSEL,DANIEL 8743606 $1,800.95 03/01/1998 360
600134093 BUTLER,TIMOTHY 8746397 $2,297.23 03/01/1998 360
600134094 STUART,ROBERT 8749287 $1,672.02 03/01/1998 360
600134097 BOWERS,JERRY 8753363 $1,870.68 03/01/1998 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>
600134068 CAREY,JOHN $380,000.00 N
600134072 BIDGOOD,DAVID $640,000.00 N
600134074 FRIDENMAKER,GARY $296,000.00 N
600134077 BURKE,PAMELA $610,000.00 N
600134078 SMITH,M $350,000.00 N
600134079 MARTIN,ROBERT $325,000.00 N
600134083 WATSON,PETER $391,000.00 N
600134084 BARTHOLD,H $300,000.00 N
600134087 JEAN-BAPTISTE,JERRY $415,000.00 N
600134088 FLOWERS,JEFFREY $695,000.00 N
600134090 KESSEL,DANIEL $330,000.00 N
600134093 BUTLER,TIMOTHY $612,000.00 N
600134094 STUART,ROBERT $390,000.00 N
600134097 BOWERS,JERRY $375,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 42
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600134100 SKIBA,STEVEN 27609 N 156TH ST SCOTTSDALE AZ 85255 $298,000.00
600134104 DAVIS,GEORGE 1140 SEALE DR ALPHARETTA GA 30022 $284,000.00
600134105 HOUSTON,MARK 50 HOUSATONIC DR NEWTOWN CT 06482 $260,800.00
600134108 MURPHY, WILLIAM T 32 SOMERVILLE ROAD HEWITT NJ 07421 $354,832.92
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600134100 SKIBA,STEVEN 7.625 .250 7.375 .0500 7.325 03/01/2028
600134104 DAVIS,GEORGE 7.250 .250 7.000 .0500 6.950 03/01/2028
600134105 HOUSTON,MARK 7.250 .250 7.000 .0500 6.950 03/01/2028
600134108 MURPHY, WILLIAM T 8.250 .250 8.000 .0500 7.950 06/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600134100 SKIBA,STEVEN 8754672 $2,109.23 03/01/1998 360
600134104 DAVIS,GEORGE 8756990 $1,937.39 03/01/1998 360
600134105 HOUSTON,MARK 8760669 $1,779.12 03/01/1998 360
600134108 MURPHY, WILLIAM T 1105273260 $2,704.56 03/01/1998 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>
600134100 SKIBA,STEVEN $595,000.00 N
600134104 DAVIS,GEORGE $355,000.00 N
600134105 HOUSTON,MARK $326,000.00 N
600134108 MURPHY, WILLIAM T $460,000.00 N
</TABLE>
<PAGE>
<PAGE>
(vlegal.ace v1.4) Page 43
RUN DATE: 04/01/1998 PNC MORTGAGE SECURITIES CORP.
TIME: 12:29:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 04/01/1998
POOL NUMBER: 1439 POOL NAME: Group III
<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 578 0 202,739,362.13 285,042,711.83 203,640,932.00 1,448,024.58
</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 Buyers Selling Guide and the Buyers
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 pro-vided 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 Sellers 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 business-like manner. Seller shall promptly
notify Buyer in writing of any
E-1
<PAGE>
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 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 Sellers 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 Buyers intent to sell the mortgages to third parties in reliance
upon Sellers warranties, obligations and representation. The obligations of
Seller under this paragraph shall survive delivery and pay-ment 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 other-wise
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.
E-2
<PAGE>
10. SUBCONTRACTING OF SERVICING. Seller may not, without Buyers
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 Sellers 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. 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. ATTORNEYS 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
Buyers 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
E-3
<PAGE>
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 partys 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, bylaw, mortgage, indenture,
indebtedness, agreement, instrument, judgment, decree, order, statute, rule, or
regulation, and there is no such provision that adversely affects either partys
capacity to carry out any such obligation. Sellers and Buyers 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.
E-4
<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 authorized officer Date
Agreed to and accepted by PNC MORTGAGE SECURITIES CORP.
- --------------------------------------------------------------------------------
Typed name and title of authorized representative
- ------------------------------------------- -----------------------------------
Signature of authorized representative Date
E-5
<PAGE>
Exhibit F
FORM OF TRANSFEROR CERTIFICATE FOR
JUNIOR SUBORDINATE CERTIFICATES
[Date]
U.S. 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 1998-3, Class [ ] (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
JUNIOR SUBORDINATE CERTIFICATES
[Date]
U.S. 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 [ ]
Certificates evidencing an undivided interest in PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1998-3 (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 March 1, 1998 (the "Pooling Agreement"), by
and between PNC Mortgage Securities Corp. ("PNC") and U.S. Bank National
Association, as trustee (the "Trustee"), of the PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1998-3.
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 funds created pursuant
G-1
<PAGE>
to the Pooling Agreement (the "Trust Funds"), 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
(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
Funds are 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 Sections I and 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.
G-2
<PAGE>
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-3
<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 1998-3
(THE "TRUST") CLASS [ ] 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 Funds.
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 Funds 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 Sections I and 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:
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<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-5
<PAGE>
Exhibit H
FORM OF ADDITIONAL MATTER INCORPORATED INTO
THE FORM OF THE CERTIFICATES (OTHER THAN THE CLASS R-1 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 "REMIC II Trust Fund") whose
assets consist of interests in a trust fund (the "REMIC I 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 U.S. 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 REMIC II Available Distribution Amount
for such Distribution Date then distributable on the Certificates of this Class,
as specified in Section 4.04 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.
H-1
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
U.S. 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.
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:
---------------------------
Dated:
------------------------
H-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 REMIC II 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 funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Master Servicer 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 from time to time for purposes other than distributions to
Certificateholders, such purposes including reimbursement to the Master Servicer
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, the Master Servicer and the Trustee with the consent of
the Holders of the Certificates evidencing Percentage Interests aggregating not
less than 66% of the REMIC II 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
H-3
<PAGE>
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.
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 REMIC
II 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 REMIC II 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 REMIC I 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 Trustee 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 generally requires that the Trustee 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 REMIC I 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 five
percent (5%) of the aggregate unpaid Principal Balance of the Mortgage Loans as
of the Cut-Off Date.
H-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.
This Certificate does not represent an
obligation of or an 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.
H-5
<PAGE>
Exhibit I
TRANSFEROR CERTIFICATE
[Date]
U.S. 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 1998-3, CLASS [R-1] [R-2]
Ladies and Gentlemen:
This letter is delivered to you in connection with the sale from
____________ (the "Seller") to _________________ (the "Purchaser") of
$____________________ initial Certificate Principal Balance of Mortgage
Pass-Through Certificates, Series 1998-3, Class [R-1][R-2] (the "Certificate"),
pursuant to Section 5.01 of the Pooling and Servicing Agreement (the "Pooling
Agreement"), dated as of March 1, 1998 among PNC Mortgage Securities Corp., as
depositor and master servicer (the "Company") and U.S. 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-1][R-2] 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-1][R-2] Certificates, and (ii) is acquiring
the Class [R-1][R-2] 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-1][R-2] 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 middle-man) for a disqualified
organization, on the agent; (iii) that the person other-wise 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-1][R-2] 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-1][R-2] Certificates if at any time during the
taxable year of the pass-through entity a disqualified
J-1
<PAGE>
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-1][R-2] 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-1][R-2] Certificates and the provisions of Section 5.01 of
the Pooling Agreement under which the Class [R-1][R-2] Certificates were issued
(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-1][R-2] 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-1][R-2] 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-1][R-2] 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 REMIC I Trust Fund and the REMIC II Trust Fund (the "Trust
Funds").
15. The Owner hereby agrees that it will not take any action that
could endanger the REMIC status of the Trust Funds or result in the imposition
of tax on the Trust Funds unless counsel for,
J-2
<PAGE>
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-1][R-2] Certificates has
represented to their transferor that, if the Class [R-1][R-2] 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-1][R-2] Certificates as they become
due.
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 Certificate Insurance Policies
K-1
<PAGE>
Exhibit K
CERTIFICATE GUARANTY INSURANCE POLICY
OBLIGATIONS: $16,100,000 POLICY NUMBER: 26059
PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1998-3
Class II-A-3 Certificates
MBIA Insurance Corporation (the "Insurer"), in consideration of the payment
of the premium and subject to the terms of this Certificate Guaranty Insurance
Policy (this "Policy"), hereby unconditionally and irrevocably guarantees to any
Owner that an amount equal to each full and complete Insured Payment will be
received from the Insurer by U.S. Bank National Association, or its successor,
as trustee for the Owners (the "Trustee"), on behalf of the Owners, for
distribution by the Trustee to each Owner of each Owner's share of the Insured
Payment. The Insurer's obligations hereunder with respect to a particular
Insured Payment shall be discharged to the extent funds equal to the applicable
Insured Payment are received by the Trustee, whether or not such funds are
properly applied by the Trustee. Insured Payments shall be made only at the
time set forth in this Policy and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer. This Policy does not provide credit
enhancement for any Class of Certificates other than the Obligations
Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust, the REMIC or the
Trustee for withholding taxes, if any (including interest and penalties in
respect of any such liability).
The Insurer will pay any Insured Payment that is a Preference Amount on the
Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (i) a certified copy of the order requiring the return of a
preference payment, (ii) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (iii) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (iv) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon New York City time on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.
<PAGE>
The Insurer will pay any other amount payable hereunder no later than 12:00
noon New York City time on the later of the Distribution Date on which the
related distribution is due or the second Business Day following receipt in New
York, New York on a Business Day by State Street Bank and Trust Company, N.A.,
as Fiscal Agent for the Insurer or any successor fiscal agent appointed by the
Insurer (the "Fiscal Agent") of a Notice (as described below); provided that if
such Notice is received after 12:00 noon New York City time on such Business
Day, it will be deemed to be received on the following Business Day. If any
such Notice received by the Fiscal Agent is not in proper form or is otherwise
insufficient for the purpose of making claim hereunder it shall be deemed not to
have been received by the Fiscal Agent for purposes of this paragraph, and the
Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the
Trustee and the Trustee may submit an amended Notice.
Insured Payments due hereunder unless otherwise stated herein will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.
The Fiscal Agent is the agent of the Insurer only and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit or cause to be deposited, sufficient funds to
make payments due under this Policy.
As used herein, the following terms shall have the following meanings:
"AGREEMENT" means the Pooling and Servicing Agreement dated as of March 1,
1998 between PNC Mortgage Securities Corp., as depositor and master servicer,
and the Trustee, as trustee, without regard to any amendment or supplement
thereto unless approved in writing by the Certificate Insurer.
"BUSINESS DAY" means any day other than a Saturday, a Sunday or a day on
which the Insurer or banking institutions in New York City or in the city in
which the corporate trust office of the Trustee under the Agreement or the
Insurer is located are authorized or obligated by law or executive order to
close.
"DEFICIENCY AMOUNT" means, with respect to any Distribution Date, the sum
of (i) the amount, if any, by which the amount available to be paid as interest
to the Class II-A-3 Certificates, pursuant to the priority of payment set forth
in the Agreement, is less than (A) the product of (1) 1/12th of the Remittance
Rate applicable to the Class II-A-3 Certificates and (2) the Class II-A-3
Principal Balance as of such Distribution Date, minus (B) the sum of any
prepayment interest shortfalls relating to Payoffs or Curtailments allocable to
the Class II-A-3 Certificates and not due from the Master Servicer as
Compensating Interest and any interest shortfalls related to the Relief Act
allocable to the Class II-A-3 Certificates on such Distribution Date, (ii) the
principal portion of any Realized Losses allocated to the Class II-A-3
Certificates and (iii) to the extent unpaid on the Last Scheduled Distribution
Date, after payment of all other amounts due to the Class II-A-3 Certificates,
any remaining Class II-A-3 Principal Balance.
"INSURED PAYMENT" means (i) as of any Distribution Date any Deficiency
Amount and (ii) any Preference Amount.
2
<PAGE>
"NOTICE" means the telephonic or telegraphic notice, promptly confirmed in
writing by telecopy substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mail,
from the Trustee specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.
"OWNER" means each Holder (as defined in the Agreement) of an Obligation
who, on the applicable Distribution Date, is entitled under the terms of the
Obligations to payment thereunder.
"PREFERENCE AMOUNT" means any amount previously distributed to an owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.
"RELIEF ACT" means the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Agreement as of the date of execution
of this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.
Any notice hereunder or service of process on the Fiscal Agent may be made
at the address listed below for the Fiscal Agent or such other address as the
Insurer shall specify in writing to the Trustee.
The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006 Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.
This Policy is being issued under and pursuant to, and shall be construed
under, the laws of the State of New York, without giving effect to the conflict
of laws principles thereof.
The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.
This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason including payment, or provision being made for
payment, prior to maturity of the Obligations.
3
<PAGE>
IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed and
attested this 30th day of March 1998.
MBIA INSURANCE CORPORATION
------------------------------
President
Attest:
------------------------------
Assistant Secretary
4
<PAGE>
EXHIBIT A
TO CERTIFICATE GUARANTY INSURANCE POLICY
NUMBER: 26059
NOTICE UNDER CERTIFICATE GUARANTY
INSURANCE POLICY NUMBER: 26059
State Street Bank and Trust Company, N.A., as Fiscal Agent
for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY 10006
Attention: Municipal Registrar and
Paying Agency
MBIA Insurance Corporation
113 King Street
Armonk, NY 10504
The undersigned, a duly authorized officer of [NAME OF TRUSTEE], as trustee
(the "Trustee"), hereby certifies to State Street Bank and Trust Company, N.A.
(the "Fiscal Agent") and MBIA Insurance Corporation (the "Insurer"), with
reference to Certificate Guaranty Insurance Policy Number: 26059 (the "Policy")
issued by the Insurer in respect of the $16,100,000 PNC Mortgage Securities
Corp., Mortgage Pass-Through Certificates, Series 1998-3, Class II-A-3
Certificates (the Obligations"), that:
(i) the Trustee is the trustee under the Pooling and Servicing
Agreement dated as of March 1, 1998, between PNC Mortgage Securities
Corp., as depositor and master servicer, and the Trustee, as trustee for
the Owners;
(ii) the amount due under clause (i) of the definition of
Deficiency Amount for the Distribution Date occurring on [ ] (the
"Applicable Distribution Date") is $[ ];
(iii) the amount due under clause (ii) of the definition of
Deficiency Amount for the Applicable Distribution Date is $[ ];
(iv) the amount due under clause (iii) of the definition of
Deficiency Amount for the Applicable Distribution Date is $[ ];
<PAGE>
(v) the sum of the amounts listed in paragraphs (ii), (iii) and
(iv) above is $[ ] (the "Deficiency Amount");
(vi) the amount of previously distributed payments on the
Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in
accordance with a final nonappealable order of a court having competent
jurisdiction is $[ ] (the "Preference Amount");
(vii) the total Insured Payment due is $[ ], which amount
equals the sum of the Deficiency Amount and the Preference Amount;
(viii) the Trustee is making a claim under and pursuant to the terms
of the Policy for the dollar amount of the Insured Payment set forth in (v)
above to be applied to the payment of the Deficiency Amount for the
Applicable Distribution Date in accordance with the Agreement and for the
dollar amount of the Insured Payment set forth in (vi) above to be applied
to the payment of any Preference Amount; and
(ix) the Trustee directs that payment of the Insured Payment be
made to the following account by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy:
[TRUSTEE'S ACCOUNT NUMBER].
Any capitalized term used in this Notice and not otherwise defined herein
shall have the meaning assigned thereto in the Policy.
ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY
OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF
MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
under the Policy as of the [ ] day of [ ], [ ].
[NAME OF TRUSTEE], as Trustee
By
--------------------------------
Title
-----------------------------
A-2
<PAGE>
CERTIFICATE GUARANTY INSURANCE POLICY
OBLIGATIONS: $4,000,000 POLICY NUMBER: 26060
PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1998-3
Class III-A-6 Certificates
MBIA Insurance Corporation (the "Insurer"), in consideration of the payment
of the premium and subject to the terms of this Certificate Guaranty Insurance
Policy (this "Policy"), hereby unconditionally and irrevocably guarantees to any
Owner that an amount equal to each full and complete Insured Payment will be
received from the Insurer by U.S. Bank National Association, or its successor,
as trustee for the Owners (the "Trustee"), on behalf of the Owners, for
distribution by the Trustee to each Owner of each Owner's share of the Insured
Payment. The Insurer's obligations hereunder with respect to a particular
Insured Payment shall be discharged to the extent funds equal to the applicable
Insured Payment are received by the Trustee, whether or not such funds are
properly applied by the Trustee. Insured Payments shall be made only at the
time set forth in this Policy and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer. This Policy does not provide credit
enhancement for any Class of Certificates other than the Obligations
Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust, the REMIC or the
Trustee for withholding taxes, if any (including interest and penalties in
respect of any such liability).
The Insurer will pay any Insured Payment that is a Preference Amount on the
Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (i) a certified copy of the order requiring the return of a
preference payment, (ii) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (iii) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (iv) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon New York City time on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.
<PAGE>
The Insurer will pay any other amount payable hereunder no later than 12:00
noon New York City time on the later of the Distribution Date on which the
related distribution is due or the second Business Day following receipt in New
York, New York on a Business Day by State Street Bank and Trust Company, N.A.,
as Fiscal Agent for the Insurer or any successor fiscal agent appointed by the
Insurer (the "Fiscal Agent") of a Notice (as described below); provided that if
such Notice is received after 12:00 noon New York City time on such Business
Day, it will be deemed to be received on the following Business Day. If any
such Notice received by the Fiscal Agent is not in proper form or is otherwise
insufficient for the purpose of making claim hereunder it shall be deemed not to
have been received by the Fiscal Agent for purposes of this paragraph, and the
Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the
Trustee and the Trustee may submit an amended Notice.
Insured Payments due hereunder unless otherwise stated herein will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.
The Fiscal Agent is the agent of the Insurer only and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit or cause to be deposited, sufficient funds to
make payments due under this Policy.
As used herein, the following terms shall have the following meanings:
"AGREEMENT" means the Pooling and Servicing Agreement dated as of March 1,
1998 between PNC Mortgage Securities Corp., as depositor and master servicer,
and the Trustee, as trustee, without regard to any amendment or supplement
thereto unless approved in writing by the Certificate Insurer.
"BUSINESS DAY" means any day other than a Saturday, a Sunday or a day on
which the Insurer or banking institutions in New York City or in the city in
which the corporate trust office of the Trustee under the Agreement or the
Insurer is located are authorized or obligated by law or executive order to
close.
"DEFICIENCY AMOUNT" means, with respect to any Distribution Date, the sum
of (i) the amount, if any, by which the amount available to be paid as interest
to the Class III-A-6 Certificates, pursuant to the priority of payment set forth
in the Agreement, is less than (A) the product of (1) 1/12th of the Remittance
Rate applicable to the Class III-A-6 Certificates and (2) the Class III-A-6
Principal Balance as of such Distribution Date, minus (B) the sum of any
prepayment interest shortfalls relating to Payoffs or Curtailments allocable to
the Class III-A-6 Certificates and not due from the Master Servicer as
Compensating Interest and any interest shortfalls related to the Relief Act
allocable to the Class III-A-6 Certificates on such Distribution Date, (ii) the
principal portion of any Realized Losses allocated to the Class III-A-6
Certificates and (iii) to the extent unpaid on the Last Scheduled Distribution
Date, after payment of all other amounts due to the Class III-A-6 Certificates,
any remaining Class III-A-6 Principal Balance.
"INSURED PAYMENT" means (i) as of any Distribution Date any Deficiency
Amount and (ii) any Preference Amount.
2
<PAGE>
"NOTICE" means the telephonic or telegraphic notice, promptly confirmed in
writing by telecopy substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mail,
from the Trustee specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.
"OWNER" means each Holder (as defined in the Agreement) of an Obligation
who, on the applicable Distribution Date, is entitled under the terms of the
Obligations to payment thereunder.
"PREFERENCE AMOUNT" means any amount previously distributed to an owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.
"RELIEF ACT" means the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Agreement as of the date of execution
of this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.
Any notice hereunder or service of process on the Fiscal Agent may be made
at the address listed below for the Fiscal Agent or such other address as the
Insurer shall specify in writing to the Trustee.
The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New
York, New York 10006 Attention: Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.
This Policy is being issued under and pursuant to, and shall be construed
under, the laws of the State of New York, without giving effect to the conflict
of laws principles thereof.
The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.
This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason including payment, or provision being made for
payment, prior to maturity of the Obligations.
3
<PAGE>
IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed and
attested this 30th day of March 1998.
MBIA INSURANCE CORPORATION
------------------------------
President
Attest:
------------------------------
Assistant Secretary
4
<PAGE>
EXHIBIT A
TO CERTIFICATE GUARANTY INSURANCE POLICY
NUMBER: 26060
NOTICE UNDER CERTIFICATE GUARANTY
INSURANCE POLICY NUMBER: 26060
State Street Bank and Trust Company, N.A., as Fiscal Agent
for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY 10006
Attention: Municipal Registrar and
Paying Agency
MBIA Insurance Corporation
113 King Street
Armonk, NY 10504
The undersigned, a duly authorized officer of [NAME OF TRUSTEE], as
trustee (the "Trustee"), hereby certifies to State Street Bank and Trust
Company, N.A. (the "Fiscal Agent") and MBIA Insurance Corporation (the
"Insurer"), with reference to Certificate Guaranty Insurance Policy Number:
26060 (the "Policy") issued by the Insurer in respect of the $4,000,000 PNC
Mortgage Securities Corp., Mortgage Pass-Through Certificates, Series 1998-3,
Class III-A-6 Certificates (the Obligations"), that:
(i) the Trustee is the trustee under the Pooling and Servicing
Agreement dated as of March 1, 1998, between PNC Mortgage Securities
Corp., as depositor and master servicer, and the Trustee, as trustee for
the Owners;
(ii) the amount due under clause (i) of the definition of
Deficiency Amount for the Distribution Date occurring on [ ] (the
"Applicable Distribution Date") is $[ ];
(iii) the amount due under clause (ii) of the definition of
Deficiency Amount for the Applicable Distribution Date is $[ ];
(iv) the amount due under clause (iii) of the definition of
Deficiency Amount for the Applicable Distribution Date is $[ ];
<PAGE>
(v) the sum of the amounts listed in paragraphs (ii), (iii) and
(iv) above is $[ ] (the "Deficiency Amount");
(vi) the amount of previously distributed payments on the
Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in
accordance with a final nonappealable order of a court having competent
jurisdiction is $[ ] (the "Preference Amount");
(vii) the total Insured Payment due is $[ ], which amount
equals the sum of the Deficiency Amount and the Preference Amount;
(viii) the Trustee is making a claim under and pursuant to the terms
of the Policy for the dollar amount of the Insured Payment set forth in
(v) above to be applied to the payment of the Deficiency Amount for the
Applicable Distribution Date in accordance with the Agreement and for the
dollar amount of the Insured Payment set forth in (vi) above to be
applied to the payment of any Preference Amount; and
(ix) the Trustee directs that payment of the Insured Payment be
made to the following account by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy:
[TRUSTEE'S ACCOUNT NUMBER].
Any capitalized term used in this Notice and not otherwise defined herein
shall have the meaning assigned thereto in the Policy.
ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY
OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF
MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
under the Policy as of the [ ] day of [ ], [ ].
[NAME OF TRUSTEE], as Trustee
By
--------------------------------------
Title
-----------------------------------
A-2
<PAGE>
CERTIFICATE GUARANTY INSURANCE POLICY
OBLIGATIONS: $14,250,000 POLICY NUMBER: 26061
PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1998-3
Class III-A-7 Certificates
MBIA Insurance Corporation (the "Insurer"), in consideration of the payment
of the premium and subject to the terms of this Certificate Guaranty Insurance
Policy (this "Policy"), hereby unconditionally and irrevocably guarantees to any
Owner that an amount equal to each full and complete Insured Payment will be
received from the Insurer by U.S. Bank National Association, or its successor,
as trustee for the Owners (the "Trustee"), on behalf of the Owners, for
distribution by the Trustee to each Owner of each Owner's share of the Insured
Payment. The Insurer's obligations hereunder with respect to a particular
Insured Payment shall be discharged to the extent funds equal to the applicable
Insured Payment are received by the Trustee, whether or not such funds are
properly applied by the Trustee. Insured Payments shall be made only at the
time set forth in this Policy and no accelerated Insured Payments shall be made
regardless of any acceleration of the Obligations, unless such acceleration is
at the sole option of the Insurer. This Policy does not provide credit
enhancement for any Class of Certificates other than the Obligations
Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust, the REMIC or the
Trustee for withholding taxes, if any (including interest and penalties in
respect of any such liability).
The Insurer will pay any Insured Payment that is a Preference Amount on the
Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (i) a certified copy of the order requiring the return of a
preference payment, (ii) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (iii) an assignment in such form
as is reasonably required by the Insurer, irrevocably assigning to the Insurer
all rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (iv) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon New York City time on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.
<PAGE>
The Insurer will pay any other amount payable hereunder no later than
12:00 noon New York City time on the later of the Distribution Date on which the
related distribution is due or the second Business Day following receipt in New
York, New York on a Business Day by State Street Bank and Trust Company, N.A.,
as Fiscal Agent for the Insurer or any successor fiscal agent appointed by the
Insurer (the "Fiscal Agent") of a Notice (as described below); provided that if
such Notice is received after 12:00 noon New York City time on such Business
Day, it will be deemed to be received on the following Business Day. If any
such Notice received by the Fiscal Agent is not in proper form or is otherwise
insufficient for the purpose of making claim hereunder it shall be deemed not to
have been received by the Fiscal Agent for purposes of this paragraph, and the
Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the
Trustee and the Trustee may submit an amended Notice.
Insured Payments due hereunder unless otherwise stated herein will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.
The Fiscal Agent is the agent of the Insurer only and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit or cause to be deposited, sufficient funds to
make payments due under this Policy.
As used herein, the following terms shall have the following meanings:
"AGREEMENT" means the Pooling and Servicing Agreement dated as of March 1,
1998 between PNC Mortgage Securities Corp., as depositor and master servicer,
and the Trustee, as trustee, without regard to any amendment or supplement
thereto unless approved in writing by the Certificate Insurer.
"BUSINESS DAY" means any day other than a Saturday, a Sunday or a day on
which the Insurer or banking institutions in New York City or in the city in
which the corporate trust office of the Trustee under the Agreement or the
Insurer is located are authorized or obligated by law or executive order to
close.
"DEFICIENCY AMOUNT" means, with respect to any Distribution Date, the sum
of (i) the amount, if any, by which the amount available to be paid as interest
to the Class III-A-7 Certificates, pursuant to the priority of payment set forth
in the Agreement, is less than (A) the product of (1) 1/12th of the Remittance
Rate applicable to the Class III-A-7 Certificates and (2) the Class III-A-7
Principal Balance as of such Distribution Date, minus (B) the sum of any
prepayment interest shortfalls relating to Payoffs or Curtailments allocable to
the Class III-A-7 Certificates and not due from the Master Servicer as
Compensating Interest and any interest shortfalls related to the Relief Act
allocable to the Class III-A-7 Certificates on such Distribution Date, (ii) the
principal portion of any Realized Losses allocated to the Class III-A-7
Certificates and (iii) to the extent unpaid on the Last Scheduled Distribution
Date, after payment of all other amounts due to the Class III-A-7 Certificates,
any remaining Class III-A-7 Principal Balance.
"INSURED PAYMENT" means (i) as of any Distribution Date any Deficiency
Amount and (ii) any Preference Amount.
2
<PAGE>
"NOTICE" means the telephonic or telegraphic notice, promptly confirmed in
writing by telecopy substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mail,
from the Trustee specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.
"OWNER" means each Holder (as defined in the Agreement) of an Obligation
who, on the applicable Distribution Date, is entitled under the terms of the
Obligations to payment thereunder.
"PREFERENCE AMOUNT" means any amount previously distributed to an owner on
the Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.
"RELIEF ACT" means the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Agreement as of the date of execution
of this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.
Any notice hereunder or service of process on the Fiscal Agent may be made
at the address listed below for the Fiscal Agent or such other address as the
Insurer shall specify in writing to the Trustee.
The notice address of the Fiscal Agent is 15th Floor, 61 Broadway,
New York, New York 10006 Attention: Municipal Registrar and Paying Agency, or
such other address as the Fiscal Agent shall specify to the Trustee in writing.
This Policy is being issued under and pursuant to, and shall be construed
under, the laws of the State of New York, without giving effect to the conflict
of laws principles thereof.
The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the
New York Insurance Law.
This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason including payment, or provision being made for
payment, prior to maturity of the Obligations.
3
<PAGE>
IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed and
attested this 30th day of March 1998.
MBIA INSURANCE CORPORATION
------------------------------
President
Attest:
------------------------------
Assistant Secretary
4
<PAGE>
EXHIBIT A
TO CERTIFICATE GUARANTY INSURANCE POLICY
NUMBER: 26061
NOTICE UNDER CERTIFICATE GUARANTY
INSURANCE POLICY NUMBER: 26061
State Street Bank and Trust Company, N.A., as Fiscal Agent
for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY 10006
Attention: Municipal Registrar and
Paying Agency
MBIA Insurance Corporation
113 King Street
Armonk, NY 10504
The undersigned, a duly authorized officer of [NAME OF TRUSTEE], as
trustee (the "Trustee"), hereby certifies to State Street Bank and Trust
Company, N.A. (the "Fiscal Agent") and MBIA Insurance Corporation (the
"Insurer"), with reference to Certificate Guaranty Insurance Policy Number:
26061 (the "Policy") issued by the Insurer in respect of the $14,250,000 PNC
Mortgage Securities Corp., Mortgage Pass-Through Certificates, Series 1998-3,
Class III-A-7 Certificates (the Obligations"), that:
(i) the Trustee is the trustee under the Pooling and Servicing
Agreement dated as of March 1, 1998, between PNC Mortgage Securities
Corp., as depositor and master servicer, and the Trustee, as trustee for
the Owners;
(ii) the amount due under clause (i) of the definition of
Deficiency Amount for the Distribution Date occurring on [ ] (the
"Applicable Distribution Date") is $[ ];
(iii) the amount due under clause (ii) of the definition of
Deficiency Amount for the Applicable Distribution Date is $[ ];
(iv) the amount due under clause (iii) of the definition of
Deficiency Amount for the Applicable Distribution Date is $[ ];
<PAGE>
(v) the sum of the amounts listed in paragraphs (ii), (iii) and
(iv) above is $[ ] (the "Deficiency Amount");
(vi) the amount of previously distributed payments on the
Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in
accordance with a final nonappealable order of a court having competent
jurisdiction is $[ ] (the "Preference Amount");
(vii) the total Insured Payment due is $[ ], which amount
equals the sum of the Deficiency Amount and the Preference Amount;
(viii) the Trustee is making a claim under and pursuant to the terms
of the Policy for the dollar amount of the Insured Payment set forth in
(v) above to be applied to the payment of the Deficiency Amount for the
Applicable Distribution Date in accordance with the Agreement and for the
dollar amount of the Insured Payment set forth in (vi) above to be applied
to the payment of any Preference Amount; and
(ix) the Trustee directs that payment of the Insured Payment be
made to the following account by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy:
[TRUSTEE'S ACCOUNT NUMBER].
Any capitalized term used in this Notice and not otherwise defined herein
shall have the meaning assigned thereto in the Policy.
ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY
OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF
MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
under the Policy as of the [ ] day of [ ], [ ].
[NAME OF TRUSTEE], as Trustee
By
--------------------------------------
Title
-----------------------------------
A-2
<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 March 1, 1998 between PNC Mortgage
Securities Corp., as Depositor and Master Servicer and U.S. 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 March __, 1998 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.
L-1
<PAGE>
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 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 Subordinate Certificate] [3.
The Buyer warrants and represents to, and covenants with, the Trustee, 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 and
the Buyer has provided an Opinion of Counsel to such effect in accordance with
Section 5.01(d) of the Agreement or (3) 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 Sections I and III of PTCE 95-60.]
L-2
<PAGE>
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:
----------------- ----------
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.
- -------------------------
(1) Buyer must own and/or invest on a discretionary basis at lest $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>
___ 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.
___ 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.
L-1-2
<PAGE>
----- ----- 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.
----------------------------------
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
L-2-1
<PAGE>
Securities will constitute a reaffirmation of this certification by the
undersigned as of the date of such purchase.
----------------------------------
Print Name of Buyer
By:
-------------------------------
Name:
Title:
Date:
------------------------------
IF AN ADVISER:
----------------------------------
Print Name of Buyer
By:
-------------------------------
Name:
Title:
Date:
-----------------------------
(SEAL)
L-2-2
<PAGE>
Exhibit M
[Date]
[Company]
Re: Pooling and Servicing Agreement dated as of March 1, 1998 by and
between PNC Mortgage Securities Corp., as Depositor and Master
Servicer, and U.S. Bank National Association, as Trustee,
relating to PNC Mortgage Securities Corp. Mortgage Pass-Through
Certificates, Series 1998-3
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
[Reserved]
O-1
<PAGE>
EXHIBIT O
[Reserved]
O-1
