<PAGE>
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, DC 20549
------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Month of October, 1998
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1998-8
(Exact name of the registrant as specified in charter)
Delaware 333-50053 T/B/D
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
Incorporation) Number)
75 NORTH FAIRWAY DRIVE
VERNON HILLS, IL 60061
(Address of principal executive offices)
Registrant's telephone number, including area code:
(847) 549-6500
<PAGE>
ITEM 5.
See Exhibit A, the Distribution Report for the Month of October, 1998,
attached hereto.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS:
EXHIBITS:
A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates,
SERIES: 1998-8, Monthly Distribution Report for October 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 10,1998
PNC MORTGAGE SECURITIES CORP.
(Registrant)
By: /s/ (RICHIE MOORE)
------------------
RICHIE MOORE
SECOND VICE PRESIDENT
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 6.9939
- --------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 09/30/1998
CERTIFICATE BALANCE AT ISSUE: $208,513,719.00
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 570 $208,513,719.86
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $144,476.48
Unscheduled Principal Collection/Reversals $25,251.10
Liquidations-in-full 0 $0.00
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $169,727.58 -$169,727.58
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 570 $208,343,992.28
SCHEDULED INTEREST AT MORTGAGE RATE: $1,374,085.74
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals -$13.79
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed -$13.79
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $158,824.87
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals -$0.94
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed -$0.94
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,384,975.60
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 6.9939
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$169,727.58 $1,215,260.87 -$12.85 $1,215,248.02 $0.00 $1,384,975.60
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY BOND
SINGLE -UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
Subject to certain limitations, coverage for losses on the Mortgage Loans
because of defaults by the Mortgagors, to the extent such losses are not
covered by any Primary Insurance Policies, are covered by a Mortgage Pool
Insurance Policy issued by United Guaranty Residential Insurance Company
("United Guaranty"), as described in the Prospectus Supplement (as defined
below). United Guaranty has agreed to waive, to the extent described in the
Prospectus Supplement, its right to deny a claim or rescind coverage under
the Mortgage Pool Insurance Policy for losses sustained by reason of a
default arising from fraud, dishonesty or misrepresentation in connection
with a Mortgage Loan. Certain losses on the Mortgage Loans not covered
by Standard Hazard Insurance Policies are covered by a Special Hazard
Insurance Policy issued by Travelers Casualty and Surety Company. Losses
arising out of certain Mortgagor bankruptcies and extraordinary special hazard
events will be covered by the Bankruptcy and Extraordinary Hazard Expense
Reserve Fund.
Capitalized terms used but not defined herein will have the meanings ascribed
to them in the Prospectus Supplement. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated September 26, 1998, to that certain
Prospectus, dated June 24,1998, delivered in connection with the offering
of the PNC Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through
Certificates.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF September 30, 1998):
SERIES: 1998-8
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $208,343,992.28** $0.00*** $0.00***
NUMBER 570 0 0
% OF POOL
(DOLLARS) 100.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 100.00% 0.00% 0.00%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all October 01, 1998 scheduled payments and September 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
September 30, 1998.
Trading Factor, calculated as of distribution date October 26, 1998: 0.99624742.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including October 01, 1998, and
unscheduled prepayments in months prior to October ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1322
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 09/30/1998
CERTIFICATE BALANCE AT ISSUE: $331,438,969.00
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2791 $331,438,969.56
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $225,009.21
Unscheduled Principal Collection/Reversals $48,270.07
Liquidations-in-full 9 $1,005,356.55
Principal Balance Sales Adjustments -$176.28
Net Principal Distributed $1,278,459.55 -$1,278,459.55
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2782 $330,160,510.01
SCHEDULED INTEREST AT MORTGAGE RATE: $2,216,492.92
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals -$26.21
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed -$26.21
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $247,131.21
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals -$0.38
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed -$0.38
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,247,795.43
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1322
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,278,459.55 $1,969,361.71 -$25.83 $1,969,335.88 $0.00 $3,247,795.43
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY BOND
SINGLE -UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
2 $87,738.94 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
Subject to certain limitations, coverage for losses on the Mortgage Loans
because of defaults by the Mortgagors, to the extent such losses are not
covered by any Primary Insurance Policies, are covered by a Mortgage Pool
Insurance Policy issued by United Guaranty Residential Insurance Company
("United Guaranty"), as described in the Prospectus Supplement (as defined
below). United Guaranty has agreed to waive, to the extent described in the
Prospectus Supplement, its right to deny a claim or rescind coverage under
the Mortgage Pool Insurance Policy for losses sustained by reason of a
default arising from fraud, dishonesty or misrepresentation in connection
with a Mortgage Loan. Certain losses on the Mortgage Loans not covered
by Standard Hazard Insurance Policies are covered by a Special Hazard
Insurance Policy issued by Travelers Casualty and Surety Company. Losses
arising out of certain Mortgagor bankruptcies and extraordinary special hazard
events will be covered by the Bankruptcy and Extraordinary Hazard Expense
Reserve Fund.
Capitalized terms used but not defined herein will have the meanings ascribed
to them in the Prospectus Supplement. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated September 26, 1998, to that certain
Prospectus, dated June 24,1998, delivered in connection with the offering
of the PNC Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through
Certificates.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF September 30, 1998):
SERIES: 1998-8
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $330,160,510.01** $87,738.94*** $87,738.94***
NUMBER 2782 2 2
% OF POOL
(DOLLARS) 100.00% 0.03% 0.03%
% OF POOL
(NO. OF LOANS) 100.00% 0.07% 0.07%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all October 01, 1998 scheduled payments and September 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
September 30, 1998.
Trading Factor, calculated as of distribution date October 26, 1998: 0.99624742.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including October 01, 1998, and
unscheduled prepayments in months prior to October ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1597
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 09/30/1998
CERTIFICATE BALANCE AT ISSUE: $90,516,273.00
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 792 $90,516,273.00
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $152,632.05
Unscheduled Principal Collection/Reversals $46,699.87
Liquidations-in-full 8 $902,940.12
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,102,272.04 -$1,102,272.04
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 784 $89,414,000.96
SCHEDULED INTEREST AT MORTGAGE RATE: $604,138.23
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $19.56
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $19.56
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $64,003.68
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $1.08
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $1.08
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,642,425.07
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1597
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,102,272.04 $540,134.55 $18.48 $540,153.03 $0.00 $1,642,425.07
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY BOND
SINGLE -UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
4 $507,134.55 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
Subject to certain limitations, coverage for losses on the Mortgage Loans
because of defaults by the Mortgagors, to the extent such losses are not
covered by any Primary Insurance Policies, are covered by a Mortgage Pool
Insurance Policy issued by United Guaranty Residential Insurance Company
("United Guaranty"), as described in the Prospectus Supplement (as defined
below). United Guaranty has agreed to waive, to the extent described in the
Prospectus Supplement, its right to deny a claim or rescind coverage under
the Mortgage Pool Insurance Policy for losses sustained by reason of a
default arising from fraud, dishonesty or misrepresentation in connection
with a Mortgage Loan. Certain losses on the Mortgage Loans not covered
by Standard Hazard Insurance Policies are covered by a Special Hazard
Insurance Policy issued by Travelers Casualty and Surety Company. Losses
arising out of certain Mortgagor bankruptcies and extraordinary special hazard
events will be covered by the Bankruptcy and Extraordinary Hazard Expense
Reserve Fund.
Capitalized terms used but not defined herein will have the meanings ascribed
to them in the Prospectus Supplement. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated September 26, 1998, to that certain
Prospectus, dated June 24,1998, delivered in connection with the offering
of the PNC Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through
Certificates.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF September 30, 1998):
SERIES: 1998-8
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $89,414,000.96** $507,134.55*** $507,134.55***
NUMBER 2782 4 4
% OF POOL
(DOLLARS) 100.00% 0.57% 0.57%
% OF POOL
(NO. OF LOANS) 100.00% 0.51% 0.51%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all October 01, 1998 scheduled payments and September 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
September 30, 1998.
Trading Factor, calculated as of distribution date October 26, 1998: 0.99624742.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including October 01, 1998, and
unscheduled prepayments in months prior to October ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.0365
- ----------------------------------------------------------------------------------------
<S> <C>
ISSUE DATE: 09/30/1998
CERTIFICATE BALANCE AT ISSUE: $71,192,910.00
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 203 $71,192,910.21
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $77,263.33
Unscheduled Principal Collection/Reversals $5,320.98
Liquidations-in-full 0 $0.00
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $82,584.31 -$82,584.31
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 203 $71,110,325.90
SCHEDULED INTEREST AT MORTGAGE RATE: $471,714.12
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $54,267.18
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $500,031.25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
10/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 09/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.0365
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$82,584.31 $417,446.94 $0.00 $417,446.94 $0.00 $500,031.25
<CAPTION>
INSURANCE RESERVES*
- -------------------
COVERAGE
INSURANCE TYPE ORIGINAL BALANCE CLAIMS IN PROGRESS CLAIMS PAID ADJUSTMENTS REMAINING
-------------- ---------------- ------------------ ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY BOND
SINGLE -UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE
REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------
ONE TWO THREE
----------------------- ---------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
2 $914,160.03
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
</TABLE>
Subject to certain limitations, coverage for losses on the Mortgage Loans
because of defaults by the Mortgagors, to the extent such losses are not
covered by any Primary Insurance Policies, are covered by a Mortgage Pool
Insurance Policy issued by United Guaranty Residential Insurance Company
("United Guaranty"), as described in the Prospectus Supplement (as defined
below). United Guaranty has agreed to waive, to the extent described in the
Prospectus Supplement, its right to deny a claim or rescind coverage under
the Mortgage Pool Insurance Policy for losses sustained by reason of a
default arising from fraud, dishonesty or misrepresentation in connection
with a Mortgage Loan. Certain losses on the Mortgage Loans not covered
by Standard Hazard Insurance Policies are covered by a Special Hazard
Insurance Policy issued by Travelers Casualty and Surety Company. Losses
arising out of certain Mortgagor bankruptcies and extraordinary special hazard
events will be covered by the Bankruptcy and Extraordinary Hazard Expense
Reserve Fund.
Capitalized terms used but not defined herein will have the meanings ascribed
to them in the Prospectus Supplement. The "Prospectus Supplement" is that
certain Prospectus Supplement, dated September 26, 1998, to that certain
Prospectus, dated June 24,1998, delivered in connection with the offering
of the PNC Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through
Certificates.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF September 30, 1998):
SERIES: 1998-8
I II III
TOTAL LOANS TOTAL
IN DELINQ. LOANS DELINQUENT
MORTGAGE POOL LOANS 1 MONTH
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $71,110,325.90** $914,160.03*** $914,160.03***
NUMBER 203 2 2
% OF POOL
(DOLLARS) 100.00% 1.29% 1.29%
% OF POOL
(NO. OF LOANS) 100.00% 0.99% 0.99%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $0.00*** $0.00*** $0.00***
NUMBER 0 0 0
% OF POOL
(DOLLARS) 0.00% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.00%
<CAPTION>
VII
LOANS
ACQUIRED
------------------
<S> <C>
DOLLAR AMOUNT $0.00***
NUMBER 0
% OF POOL
(DOLLARS) 0.00%
% OF POOL
(NO. OF LOANS) 0.00%
* A Mortgage Loan is considered delinquent in a given month when a payment
due on the first day of the prior month has not been made on or before the
first day of such prior month.
** Reflects the outstanding principal balance of the Mortgage Pool after the
application of all October 01, 1998 scheduled payments and September 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
September 30, 1998.
Trading Factor, calculated as of distribution date October 26, 1998: 0.99624742.
By multiplying this factor by the original balance of the Mortgage Pool as of
the Cut-Off Date, current outstanding balance of the Mortgage Pool (after
application of scheduled payments up to and including October 01, 1998, and
unscheduled prepayments in months prior to October ) can be calculated.
</TABLE>
