SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
/ x /ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
/ /TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File No.: 33-72966
The Prudential Home Mortgage Securities Company, Inc.
(Exact name of registrant as specified in its charter)
Delaware 43-1490160
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
7470 New Technology Way
Frederick, Maryland 21701
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (301) 846-8326
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No__
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.
NOT APPLICABLE
State the aggregate market value of the voting stock held by non-
affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of a specified date within
60 days prior to the date of filing. (See definition of affiliate in
Rule 405, 17 C.F.R. 230.405).
NOT APPLICABLE
Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable date.
NOT APPLICABLE
PART I
Item 1. Business.
Omitted pursuant to the no action letter to the registrant from
the Office of Chief Counsel of the Division of Corporation
Finance, Securities and Exchange Commission dated June 17, 1988
(the "No Action Letter") with respect to series of mortgage
pass-through certificates (collectively, the "Mortgage Pass-
Through Certificates"), each series being issued pursuant to a
Pooling and Servicing Agreement (collectively, the "Pooling and
Servicing Agreements") between the registrant, a servicer (the
"Servicer") and a trustee (the "Trustee").
Item 2. Properties.
In lieu of information required by Item 102 of Regulation S-K,
the annual statements as to the compliance by the Servicer with
respect to the Servicer's activities under the Pooling and
Servicing Agreements during 1995 (collectively, the "Annual
Statements of Compliance") are attached hereto as Exhibit 99.2
in accordance with the No Action Letter and are incorporated by
reference herein.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings
involving the trusts created under the Pooling and Servicing
Agreement (the "Trusts"), the Trustee, the Servicer or the
registrant with respect to the Trusts other than routine
litigation incidental to the duties of the respective parties
under the Pooling and Servicing Agreements.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters.
(a) There is no established public trading market for the
Mortgage Pass-Through Certificates.
(b) As of December 31, 1995, the total number of holders of
the publicly-offered Mortgage Pass-Through Certificates for all
classes within each series of Mortgage Pass-Through
Certificates sold during 1995 was as follows:
Series Number of Holders
1995-1 56
1995-2 21
1995-3 13
1995-4 20
1995-5 21
1995-6 38
1995-7 21
(c) Omitted pursuant to the No Action Letter.
Item 6. Selected Financial Data.
Omitted pursuant to the No Action Letter.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Omitted pursuant to the No Action Letter.
Item 8. Financial Statements and Supplementary Data.
In lieu of the information required by Item 8, the annual
reports prepared by a firm of independent public accountants
(collectively the "Annual Independent Accountants' Servicing
Reports") with respect to the Servicer's activities under the
Pooling and Servicing Agreements during 1995 and the Annual
Statements of Compliance are attached hereto as Exhibits 99.1
and 99.2, respectively, in accordance with the No Action Letter
and are incorporated by reference herein.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Omitted pursuant to the No Action Letter.
Item 11. Executive Compensation.
Omitted pursuant to the No Action Letter.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Omitted pursuant to the No Action Letter.
Item 13. Certain Relationships and Related Transactions.
Omitted pursuant to the No Action Letter.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
99.1 Annual Independent Accountants' Servicing Reports
concerning servicing activities under the Pooling and
Servicing Agreements for the year ended December 31, 1995,
in accordance with the No Action Letter.
99.2 Annual Statements of Compliance under the Pooling and
Servicing Agreements for the year ended December 31, 1995,
in accordance with the No Action Letter.
(b) On February 13, 1995, report on Form 8-K was filed in
order to provide the Pooling and Servicing Agreement for
Mortgage Pass-Through Certificates of Series 1995-01.
On June 26, 1995, reports on Form 8-K were filed in order
to provide the Pooling and Servicing Agreements for Mortgage
Pass-Through Certificates of Series 1995-02 and 1995-03.
On August 11, 1995, report on Form 8-K was filed in order
to provide the Pooling and Servicing Agreement for Mortgage
Pass-Through Certificates of Series 1995-04.
On August 21, 1995, report on Form 8-K was filed in order
to provide the Pooling and Servicing Agreement for Mortgage
Pass-Through Certificates of Series 1995-06.
On October 2, 1995, report on Form 8-K was filed in order
to provide the Pooling and Servicing Agreement for Mortgage
Pass-Through Certificates of Series 1995-07.
On October 26, 1995, report on Form 8-K was filed in order
to provide the Pooling and Servicing Agreement for Mortgage
Pass-Through Certificates of Series 1995-05.
(c) Omitted pursuant to the No Action Letter.
(d) Omitted pursuant to the No Action Letter.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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:
THE PRUDENTIAL HOME MORTGAGE SECURITIES COMPANY, INC.
By: /s/ MARVIN I. MOSKOWITZ
Name: Marvin I. Moskowitz
Title: President, Chief Executive Officer and Director
Dated: March 27, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.
By: /s/ MARVIN I. MOSKOWITZ
Name: Marvin I. Moskowitz
Title: President, Chief Executive Officer & Director
Dated: March 25, 1996
By: /s/ JAMES B. SVINTH
Name: James B. Svinth
Title: Director
Dated: March 22, 1996
By: /s/ ROY J. KASMAR
Name: Roy J. Kasmar
Title: Director
Dated: March 25, 1996
By: /s/ JERRY L. HALBROOK
Name: Jerry L. Halbrook
Title: Controller / Comptroller
Dated: March 25, 1996
By: /s/ DANIEL H. ROSEN
Name: Daniel H. Rosen
Title: Treasurer & Principal Financial Officer
Dated: March 22, 1996
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT
(a)(1) No annual report is provided to the Certificateholders
other than with respect to aggregate principal and interest
distributions.
(a)(2) No proxy statement, form of proxy or other proxy
soliciting material has been sent to any Certificateholder with
respect to any annual or other meeting of Certificateholders.
EXHIBIT INDEX
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports
concerning servicing activities under the Pooling and Servicing
Agreements for the year ended December 31, 1995.
99.2 Annual Statements of Compliance under the Pooling and
Servicing Agreements for the year ended December 31, 1995.
Deloitte & Touche LLP (logo)
Two Hilton Court Telephone: (201) 631-7000
P.O. Box 319 Facsimile: (201) 631-7459
Parsippany, New Jersey 07054-0319
INDEPENDENT ACCOUNTANTS' REPORT ON THE UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
Board of Directors
The Prudential Home Mortgage Company, Inc.
Frederick, Maryland
We have examined management's assertion about compliance of The Prudential
Home Mortgage Company, Inc., and subsidiaries (the Company) with the minimum
servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as
of and for the year ended December 31, 1995, included in the accompanying
management assertion. Management is responsible for the Company's
compliance with those minimum servicing standards. Our responsibility is
to express an opinion on management's assertion about the entity's
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe
that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Compliance with
the minimum servicing standards.
In our opinion, management's assertion that The Prudential Home Mortgage
Company, Inc., and subsidiaries complied with the aforementioned minimum
servicing standards as of and for the year ended December 31, 1995, is
fairly stated, in all material respects.
March 22, 1996
The Prudential Home Mortgage Company, Inc.
7470 New Technology Way
Frederick, Maryland 21701
As of and for the year ended December 31, 1995, Prudential Home
Mortgage Company, Inc. had complied in all material respects with
the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for
Mortgage Bankers with respect to its mortgage servicing operations.
As of and for the same period, Prudential HomeMortgage Company, Inc.,
had in effect a fidelity bond and errors and omissions policy in the
amount of $178 Million.
/s/MARVIN I. MOSKOWITZ
Marvin I. Moskowitz
Chief Executive Officer and Director
/s/JERRY HALBROOK
Jerry Halbrook
Executive Vice President, Controller & Treasurer
/s/BRIAN BARTLETT
Brian Bartlett
Vice President
EXHIBIT 99.2
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-1
The undersigned Vice Presidents of The Prudential Home Mortgage
Company, Inc., the servicer (the "Servicer") under the Pooling and
Servicing Agreement for the Series 1995-1 Mortgage Pass-Through
Certificates (the "Agreement") entered into by and among The
Prudential Home Mortgage Securities Company, Inc., the Servicer,
and First Trust National Association, the trustee (the "Trustee"),
hereby certify to the Trustee that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given
to them in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-2
The undersigned Vice Presidents of The Prudential Home Mortgage
Company, Inc., the servicer (the "Servicer") under the Pooling and
Servicing Agreement for the Series 1995-2 Mortgage Pass-Through
Certificates (the "Agreement") entered into by and among The
Prudential Home Mortgage Securities Company, Inc., the Servicer,
and First Trust National Association, the trustee (the "Trustee"),
hereby certify to the Trustee that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given
to them in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-3
The undersigned Vice Presidents of The Prudential Home Mortgage
Company, Inc., the servicer (the "Servicer") under the Pooling and
Servicing Agreement for the Series 1995-3 Mortgage Pass-Through
Certificates (the "Agreement") entered into by and among The
Prudential Home Mortgage Securities Company, Inc., the Servicer,
and First Trust National Association, the trustee (the "Trustee"),
hereby certify to the Trustee that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given
to them in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-4
The undersigned Vice Presidents of The Prudential Home Mortgage
Company, Inc., the servicer (the "Servicer") under the Pooling and
Servicing Agreement for the Series 1995-4 Mortgage Pass-Through
Certificates (the "Agreement") entered into by and among The
Prudential Home Mortgage Securities Company, Inc., the Servicer,
and First Trust National Association, the trustee (the "Trustee"),
hereby certify to the Trustee that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given
to them in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-5
The undersigned Vice Presidents of The Prudential Home Mortgage
Company, Inc., the servicer (the "Servicer") under the Pooling and
Servicing Agreement for the Series 1995-5 Mortgage Pass-Through
Certificates (the "Agreement") entered into by and among The
Prudential Home Mortgage Securities Company, Inc., the Servicer,
and First Trust National Association, the trustee (the "Trustee"),
hereby certify to the Trustee that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given
to them in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-6
The undersigned Vice Presidents of The Prudential Home Mortgage
Company, Inc., the servicer (the "Servicer") under the Pooling and
Servicing Agreement for the Series 1995-6 Mortgage Pass-Through
Certificates (the "Agreement") entered into by and among The
Prudential Home Mortgage Securities Company, Inc., the Servicer,
and First Trust National Association, the trustee (the "Trustee"),
hereby certify to the Trustee that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given
to them in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
THE PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE - SERIES 1995-7
The undersigned Vice Presidents of The Prudential Home Mortgage Company,
Inc., the servicer (the "Servicer") under the Pooling and Servicing
Agreement for the Series 1995-7 Mortgage Pass-Through Certificates (the
"Agreement") entered into by and among The Prudential Home Mortgage
Securities Company, Inc., the Servicer, and First Trust National
Association, the trustee (the "Trustee"), hereby certify to the Trustee
that:
(i) a review of the activities of the
Servicer during the preceding calendar
year and of its performance under the
Agreement has been made under the
undersigned's supervision, and
(ii) to the best of the undersigned's
knowledge, based on such review, the
Servicer has fulfilled all its obligations
under the Agreement throughout such year.
Capitalized terms not defined herein shall have the meaning given to them
in the Agreement.
Date: March 11, 1996
By: /s/ELAINE STANGL
Name: Elaine Stangl
Title: Vice President
By: /s/KEN PETERS
Name: Ken Peters
Title: Vice President
