RESIDENTIAL FUNDING MORTGAGE SECURITIES I INC
8-K, 1999-06-24
ASSET-BACKED SECURITIES
Previous: DIGITAL COURIER TECHNOLOGIES INC, SC 13G, 1999-06-24
Next: RES CARE INC /KY/, S-8, 1999-06-24



                                    -1-


                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934


Date of Report: June 23, 1999
(Date of earliest event reported)



                Residential Funding Mortgage Securities I, Inc.
            (Exact name of registrant as specified in its charter)


Delaware                           333-57481                      75-2006294
(State or Other Juris-            (Commission                 (I.R.S. Employer
diction of Incorporation)        File Number)              Identification No.)


         8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota   55437
                    (Address of Principal Executive Office)         (Zip Code)


       Registrant's telephone number, including area code:(612) 832-7000






<PAGE>


                                    -2-

Item 5Other Events.

            On June 29, 1999, the Registrant will cause the issuance and sale of
      approximately   $281,473,925   initial   principal   amount  of   Mortgage
      Pass-Through  Certificates,  Series 1999- S15, Class A-1, Class A-2, Class
      A-3, Class A-P, Class A-V, Class R, Class M-1, Class M-2, Class M-3, Class
      B-1,  Class B-2 and Class B-3 (the  "Certificates")  pursuant to a Pooling
      and  Servicing  Agreement  to be  dated  as of June  1,  1999,  among  the
      Registrant,  Residential Funding Corporation,  as Master Servicer, and The
      First National Bank of Chicago, as Trustee.

          In  connection  with the sale of Series  1999-S15,  Class A-1  through
     Class A-3, Class R Certificates, other than a de minimis portion of each of
     the Class R  Certificates,  (the  "Underwritten  Certificates")  to Merrill
     Lynch,   Pierce,   Fenner   &   Smith   Incorporated   ("Merrill"   or  the
     "Underwriter"), the Registrant has been advised by the Underwriter that the
     Underwriter has furnished to prospective investors certain yield tables and
     other computational materials (the "Computational  Materials") with respect
     to  the   Underwritten   Certificates   following  the  effective  date  of
     Registration  Statement No. 333-57481,  which  Computational  Materials are
     being filed manually as exhibits to this report.

            The  Computational  Materials have been provided by the Underwriter.
      The information in the  Computational  Materials is preliminary and may be
      superseded by the Prospectus  Supplement  relating to the Certificates and
      by any  other  information  subsequently  filed  with the  Securities  and
      Exchange Commission.

            The Computational Materials consist of the pages (the "Computational
      Materials")  that appear after the Form SE cover sheet and the page headed
      "NOTICE".   The  Underwriter  has  advised  the  Registrant  that  certain
      information  in  the  Computational  Materials  may  have  been  based  on
      assumptions that differed from the final pool information.

            The Computational  Materials were prepared by the Underwriter at the
      request of certain prospective  investors,  based on assumptions  provided
      by,  and  satisfying  the  special   requirements   of,  such  prospective
      investors.  The  Computational  Materials may be based on assumptions that
      differ from the  assumptions set forth in the Prospectus  Supplement.  The
      Computational  Materials  may not include,  and do not purport to include,
      information  based on assumptions  representing a complete set of possible
      scenarios. Accordingly, the Computational Materials may not be relevant to
      or  appropriate  for investors  other than those  specifically  requesting
      them.

            In  addition,  the actual  characteristics  and  performance  of the
      mortgage loans  underlying the  Underwritten  Certificates  (the "Mortgage
      Loans")  may  differ  from  the  assumptions  used  in  the  Computational
      Materials, which are hypothetical in nature and


<PAGE>


                                    -3-

      which were provided to certain  investors  only to give a general sense of
      how the yield,  average life, duration,  expected maturity,  interest rate
      sensitivity  and  cash  flow  characteristics  of a  particular  class  of
      Underwritten  Certificates  might vary under varying  prepayment and other
      scenarios.   Any  difference  between  such  assumptions  and  the  actual
      characteristics  and  performance  of the  Mortgage  Loans will affect the
      actual yield,  average life,  duration,  expected maturity,  interest rate
      sensitivity  and  cash  flow  characteristics  of a  particular  class  of
      Underwritten Certificates.


Item 7.     Financial Statements, Pro Forma Financial Information and Exhibits


      (a)   Financial Statements.

            Not applicable.

      (b)   Pro Forma Financial Information.

            Not applicable.

      (c)   Exhibits



                       Item 601(a) of
                       Regulation S-K
Exhibit No.            Exhibit No.            Description

          1                      99           Computational Materials



<PAGE>


                                    -4-

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.


                                          RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC.

                                          By:
                                          Name:       Randal L. Van Zee
                                          Title:      Vice President




Dated:  June 23, 1999


<PAGE>


                                    -5-

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.


                                          RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC.

                                          By:         /s/ Randal L. Van Zee
                                          Name:       Randal L. Van Zee
                                          Title:      Vice President




Dated: June 24, 1999


<PAGE>


                                    -6-

                                 EXHIBIT INDEX


                        Item 601 (a) of    Sequentially
      Exhibit           Regulation S-K     Numbered
      Number            Exhibit No.        Description            Page

      1                      99     Computational Materials       Filed Manually


<PAGE>


                                    -7-



                                   EXHIBIT


<PAGE>





© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission