<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 December, 1998
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES: 1998-8
(Exact name of the registrant as specified in charter)
Delaware 333-50053 36-4253765
(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 December, 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 December 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: January 05, 1999
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
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 6.9873
- ----------------------------------------------------------------------------------------
<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: 565 $206,669,084.99
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $145,671.41
Unscheduled Principal Collection/Reversals $19,891.37
Liquidations-in-full 14 $5,085,646.54
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,251,209.32 -$5,251,209.32
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 551 $201,417,875.67
SCHEDULED INTEREST AT MORTGAGE RATE: $1,361,581.56
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals -$79.86
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 -$79.86
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: $157,345.00
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals -$5.20
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 -$5.20
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,455,371.22
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 6.9873
- ----------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
<S> <C>
0 $0.00
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$5,251,209.32 $1,204,236.56 -$74.66 $1,204,161.90 $0.00 $6,455,371.22
<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>
10 $4,092,862.13 1 $247,736.56 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and
the Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by
the Credit Enhancements even if the Mortgage Loans in the other Loan Group
or Loan Groups have not sustained any losses. The Class I-AM Certificates
provide, to the limited extent described in the Prospectus Supplement, credit
support, as well as special hazard, bankruptcy, and fraud coverage, to certain
classes of the 1998-8 group I Certificates (the "Certificates").
The Class Principal Balance of Class I-AM Certificates after the
Distribution Date immediately preceding the date of this report are as
follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
I-AM $14,045,193.77
</TABLE>
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.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $7,107,399.00,
$241,787.00, $.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF November 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 $201,417,875.67** $4,340,598.69*** $4,092,862.13***
NUMBER 551 11 10
% OF POOL
(DOLLARS) 100.00% 2.16% 2.03%
% OF POOL
(NO. OF LOANS) 100.00% 2.00% 1.81%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $247,736.56*** $0.00*** $0.00***
NUMBER 1 0 0
% OF POOL
(DOLLARS) 0.12% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.18% 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 December 01, 1998 scheduled payments and November 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
November 30, 1998.
Trading Factor, calculated as of distribution date : 0.96596942.
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 December 01, 1998, and
unscheduled prepayments in months prior to December ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1312
- ----------------------------------------------------------------------------------------
<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: 2771 $328,820,877.15
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $227,606.43
Unscheduled Principal Collection/Reversals $103,592.59
Liquidations-in-full 32 $4,408,100.52
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,739,299.54 -$4,739,299.54
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2739 $324,081,577.61
SCHEDULED INTEREST AT MORTGAGE RATE: $2,199,315.94
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $690.55
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 $690.55
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: $245,023.00
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $84.28
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 $84.28
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,694,198.75
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1312
- ----------------------------------------------------------------------------------------
<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>
$4,739,299.54 $1,954,292.94 $606.27 $1,954,899.21 $0.00 $6,694,198.75
<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>
57 $6,272,107.74 24 $2,850,742.46 1 $105,939.45
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and
the Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans
in any particular Loan Group or Loan Groups may exhaust the coverage
provided by the Credit Enhancements even if the Mortgage Loans in the
other Loan Group or Loan Groups have not sustained any losses.
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.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $7,107,399.00,
$241,787.00, $.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF November 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 $324,081,577.61** $9,228,789.65*** $6,272,107.74***
NUMBER 2739 82 57
% OF POOL
(DOLLARS) 100.00% 2.85% 1.94%
% OF POOL
(NO. OF LOANS) 100.00% 2.99% 2.08%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $2,850,742.46*** $105,939.45*** $0.00***
NUMBER 24 1 0
% OF POOL
(DOLLARS) 0.88% 0.03% 0.00%
% OF POOL
(NO. OF LOANS) 0.88% 0.04% 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 December 01, 1998 scheduled payments and November 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
November 30, 1998.
Trading Factor, calculated as of distribution date : 0.97780167.
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 December 01, 1998, and
unscheduled prepayments in months prior to December ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1574
- ----------------------------------------------------------------------------------------
<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: 775 $87,870,252.96
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $153,068.18
Unscheduled Principal Collection/Reversals $20,918.81
Liquidations-in-full 8 $1,182,576.40
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,356,563.39 -$1,356,563.39
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 767 $86,513,689.57
SCHEDULED INTEREST AT MORTGAGE RATE: $586,103.98
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals -$0.27
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 -$0.27
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: $61,975.96
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals -$0.01
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 -$0.01
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,880,691.15
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.1574
- ----------------------------------------------------------------------------------------
<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>
$1,356,563.39 $524,128.02 -$0.26 $524,127.76 $0.00 $1,880,691.15
<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>
11 $1,282,279.49 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
1 $50,211.76 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and
the Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any Losses.
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.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $7,107,399.00,
$241,787.00, $.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF November 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 $86,513,689.57** $1,332,491.25*** $1,282,279.49***
NUMBER 767 12 11
% OF POOL
(DOLLARS) 100.00% 1.54% 1.48%
% OF POOL
(NO. OF LOANS) 100.00% 1.56% 1.43%
<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*** $50,211.76***
NUMBER 0 0 1
% OF POOL
(DOLLARS) 0.00% 0.00% 0.06%
% OF POOL
(NO. OF LOANS) 0.00% 0.00% 0.13%
<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 December 01, 1998 scheduled payments and November 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
November 30, 1998.
Trading Factor, calculated as of distribution date : 0.95578051.
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 December 01, 1998, and
unscheduled prepayments in months prior to December ) can be calculated.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.0444
- ----------------------------------------------------------------------------------------
<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: 196 $68,080,636.63
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $75,158.57
Unscheduled Principal Collection/Reversals $8,029.63
Liquidations-in-full 4 $1,261,820.72
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,345,008.92 -$1,345,008.92
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 192 $66,735,627.71
SCHEDULED INTEREST AT MORTGAGE RATE: $451,442.54
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: $52,063.32
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,744,388.14
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
12/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 11/1998
SERIES: 1998-8 WEIGHTED AVERAGE PC RATE: 7.0444
- ----------------------------------------------------------------------------------------
<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>
$1,345,008.92 $399,379.22 $0.00 $399,379.22 $0.00 $1,744,388.14
<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>
6 $2,439,377.65 1 $490,666.25 0 $0.00
IN FORECLOSURE ACQUIRED
----------------------- ----------------------
COUNT PRIN BALANCE COUNT PRIN BALANCE
----------------------- ----------------------
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and
the Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses
on Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by
the Credit Enhancements even if the Mortgage Loans in the other Loan Group
or Loan Groups have not sustained any losses. The Class IV-AM Certificates
provide, to the limited extent described in the Prospectus Supplement, credit
support, as well as special hazard, bankruptcy, and fraud coverage, to
certain classes of the 1998-8 group IV Certificates (the "Certificates").
The Class Principal Balance of Class IV-AM Certificates after the
Distribution Date immediately preceding the date of this report are as
follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class Class Principal Balance
IV-AM $5,499,356.19
</TABLE>
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.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $7,107,399.00,
$241,787.00, $.00 respectively.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
DELINQUENT* MORTGAGE LOANS (AS OF November 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 $66,735,627.71** $2,930,043.90*** $2,439,377.65***
NUMBER 192 7 6
% OF POOL
(DOLLARS) 100.00% 4.39% 3.66%
% OF POOL
(NO. OF LOANS) 100.00% 3.65% 3.13%
<CAPTION>
IV V VI
LOANS DELINQUENT LOANS DELINQUENT LOANS IN
2 MONTH 3 MONTH FORECLOSURE
-------------------------------------------------------
<S> <C> <C> <C>
DOLLAR AMOUNT $490,666.25*** $0.00*** $0.00***
NUMBER 1 0 0
% OF POOL
(DOLLARS) 0.74% 0.00% 0.00%
% OF POOL
(NO. OF LOANS) 0.52% 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 December 01, 1998 scheduled payments and November 01, 1998
unscheduled payments on the mortgage loans.
*** Reflects outstanding principal balance of delinquent mortgage loans as of
November 30, 1998.
Trading Factor, calculated as of distribution date : 0.93739149.
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 December 01, 1998, and
unscheduled prepayments in months prior to December ) can be calculated.
</TABLE>
