RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Company
RESIDENTIAL FUNDING CORPORATION
Master Servicer
Mortgage Pass-Through Certificates
Series 1999-S12
$16,431,900 6.50% Class M-1 Certificates
$5,868,600 6.50% Class M-2 Certificates
$3,521,200 6.50% Class M-3 Certificates
Supplement dated May 26, 1999
to
Prospectus Supplement dated May 20, 1999
to
Prospectus dated July 23, 1998
Capitalized terms used herein and not otherwise defined herein have the meanings
assigned in the Prospectus Supplement dated May 20, 1999.
The Class M underwriter will offer to the public the Class M-1, Class
M-2 and Class M-3 Certificates, directly or through dealers, at varying prices
to be determined at the time of sale. The Class M underwriter's commission will
be the difference between the price it pays to the depositor for the Class M
Certificates and the amount it receives from the sale of the Class M-1, Class
M-2 and Class M-3 Certificates to the public. The proceeds to the depositor from
the sale of the Class M-1, Class M-2 and Class M-3 Certificates to the Class M
underwriter, before deducting expenses payable by the depositor, will be
approximately 94.26% of the aggregate Certificate Principal Balance of the Class
M-1, Class M-2 and Class M-3 Certificates plus accrued interest thereon from May
1, 1999.
The Class M-1, Class M-2 and Class M-3 Certificates will be offered
pursuant to a Class M underwriting agreement among the depositor, the master
servicer and the Class M underwriter. The Class M underwriter and any dealers
that may participate with the Class M underwriter in the resale of the Class
M-1, Class M-2 and Class M-3 Certificates may receive compensation from the
depositor in the form of discounts or commissions or, in the case of dealers,
compensation from the Class M underwriter in the form of discounts, concessions
or commissions. The Class M underwriting agreement provides that the depositor
will indemnify the Class M underwriter against certain civil liabilities under
the Securities Act of 1933, as amended, or contribute to payments required to be
made in respect thereof. There is currently no secondary market for the Class
M-1, Class M-2 and Class M-3 Certificates. There can be no assurance that an
active secondary market will develop, or if it does develop, that it will
continue.
Salomon Smith Barney
Class M Underwriter
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This supplement may be used to offer or sell the certificates offered
hereby only if accompanied by the prospectus supplement and prospectus.
Dealers will be required to deliver a supplement, prospectus supplement
and prospectus when acting as underwriters of the certificates offered hereby
and with respect to their unsold allotments or subscriptions. In addition, all
dealers selling the Class M-1, Class M-2 and Class M-3 Certificates, whether or
not participating in this offering, may be required to deliver a supplement,
prospectus supplement and prospectus until August 25, 1999.
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