PNC MORTGAGE SECURITIES CORP
8-K, 2000-01-31
ASSET-BACKED SECURITIES
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                       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

                                January 31, 2000
                        (date of earliest event reported)

                          PNC MORTGAGE SECURITIES CORP.
                    as Depositor and Master Servicer under a
                         Pooling and Servicing Agreement
                           dated as of January 1, 2000
                          providing for the issuance of

                                  $408,550,525

                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 2000-1

          Delaware               333-72879             94-2528990

      (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




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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.

The tables and materials filed separately, under cover of Form SE in accordance
with Rule 202 of Regulation S-T pursuant to a continuing hardship exemption,
were prepared by Donaldson, Lufkin & Jenrette Securities Corporation (the
"Underwriter") at the request of certain prospective investors, based on
assumptions provided by, and satisfying the special requirements of, such
prospective investors. Such tables and assumptions may be based on assumptions
that differ from the Structuring Assumptions. Accordingly, such tables and other
materials may not be relevant to or appropriate for investors other than those
specifically requesting them.

Item 6. Resignation of Registrant's Directors. Not applicable.

Item 7. Financial Statements and Exhibits.

The following Exhibit is filed separately, under cover of Form SE (filed January
27, 2000 under CIK #0000314643) in accordance with Rule 202 of Regulation S-T
pursuant to a continuing hardship exemption.

99.1 Certain Computational Materials prepared by the Underwriter in connection
with PNC Mortgage Securities Corp. Mortgage Pass-Through Certificates, Series
2000-1.

Capitalized terms used herein and not otherwise defined shall have the meanings
assigned to them in the Prospectus and Prospectus Supplement of PNC Mortgage
Securities Corp. relating to its Mortgage Pass-Through Certificates, Series
2000-1.

Item 8. Change in Fiscal Year. Not applicable.


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Item 9. Sales of Equity Securities Pursuant to Regulation S.
Not applicable.


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                                   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: January 31, 2000.

                                    PNC MORTGAGE SECURITIES CORP.
                                    (Registrant)

                                    By: /s/ Richard Careaga
                                    -----------------------------------
                                    Richard Careaga
                                    Second Vice President
                                    (Authorized Officer)


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