<PAGE>
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: July 26, 1999
CHASE FUNDING, INC.
(formerly known as "Chemical Mortgage Securities, Inc.")
--------------------------------------------------------------
(Exact Name of Registrant)
New York 333-64131 13-3840732
- ---------------------------- ------------------------ --------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
343 Thornall Street, Edison, NJ 08837
---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 205-0600
<PAGE>
Item 5. Other Events:
On or about 7/26/99, Chase Funding, Inc. (the "Depositor") made the
distributions to holders of its Mortgage Loan Asset-Backed Certificates, Series
1999-1 and Series 1999-2 contemplated by the applicable Pooling and Servicing
Agreement for such Series (collectively, the "Pooling and Servicing Agreement").
Copies of the Certificateholders' Report with respect to such
distributions delivered pursuant to Section 6.02 of the Pooling and Servicing
Agreement are being filed as exhibits to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
-------- -----------
20.1 Monthly Report with respect to the
July 26, 1999 distribution
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: August 5, 1999
THE CHASE MANHATTAN BANK,
As Paying Agent, on behalf
of Chase Funding, Inc.
By: /s/ Andrew M. Cooper
--------------------------
Name: Andrew M.Cooper
Title: Trust Officer
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- ----------- -----------
20.1 Monthly Report with respect to the
distribution to certificateholders
on July 26, 1999.
<PAGE>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
Statement to Certificateholders
July 26, 1999
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<TABLE>
<CAPTION>
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DISTRIBUTION IN DOLLARS
- ----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 56,600,000.00 53,469,830.20 1,100,645.80 266,101.52 1,366,747.32 0.00 0.00 52,369,184.40
IA2 23,800,000.00 23,800,000.00 0.00 119,991.67 119,991.67 0.00 0.00 23,800,000.00
IA3 12,900,000.00 12,900,000.00 0.00 68,316.25 68,316.25 0.00 0.00 12,900,000.00
IA4 12,000,000.00 12,000,000.00 0.00 67,800.00 67,800.00 0.00 0.00 12,000,000.00
IA5 13,000,000.00 13,000,000.00 0.00 68,358.33 68,358.33 0.00 0.00 13,000,000.00
IM1 6,987,000.00 6,987,000.00 0.00 39,534.78 39,534.78 0.00 0.00 6,987,000.00
IM2 2,275,000.00 2,275,000.00 0.00 13,716.35 13,716.35 0.00 0.00 2,275,000.00
IB 2,438,000.00 2,438,000.00 0.00 16,994.89 16,994.89 0.00 0.00 2,438,000.00
IIA1 138,650,000.00 128,852,497.21 4,041,990.70 593,893.69 4,635,884.39 0.00 0.00 124,810,506.51
IIA2 58,750,000.00 58,750,000.00 0.00 291,155.21 291,155.21 0.00 0.00 58,750,000.00
IIM1 17,625,000.00 17,625,000.00 0.00 86,092.01 86,092.01 0.00 0.00 17,625,000.00
IIM2 11,750,000.00 11,750,000.00 0.00 62,656.06 62,656.06 0.00 0.00 11,750,000.00
IIB 8,225,000.00 8,225,000.00 0.00 55,545.60 55,545.60 0.00 0.00 8,225,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 365,000,000.00 352,072,327.41 5,142,636.50 1,750,156.36 6,892,792.86 0.00 0.00 346,929,690.91
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<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
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PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR RATE
- ------------------------------------------------------------------------------------------- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
IA1 944.69664664 19.44603887 4.70144028 24.14747915 925.25060777 IA1 5.972000 %
IA2 1,000.00000000 0.00000000 5.04166681 5.04166681 1,000.00000000 IA2 6.050000 %
IA3 1,000.00000000 0.00000000 5.29583333 5.29583333 1,000.00000000 IA3 6.355000 %
IA4 1,000.00000000 0.00000000 5.65000000 5.65000000 1,000.00000000 IA4 6.780000 %
IA5 1,000.00000000 0.00000000 5.25833308 5.25833308 1,000.00000000 IA5 6.310000 %
IM1 1,000.00000000 0.00000000 5.65833405 5.65833405 1,000.00000000 IM1 6.790000 %
IM2 1,000.00000000 0.00000000 6.02916484 6.02916484 1,000.00000000 IM2 7.235000 %
IB 1,000.00000000 0.00000000 6.97083265 6.97083265 1,000.00000000 IB 8.365000 %
IIA1 929.33643859 29.15247530 4.28340202 33.43587732 900.18396329 IIA1 5.352500 %
IIA2 1,000.00000000 0.00000000 4.95583336 4.95583336 1,000.00000000 IIA2 5.947000 %
IIM1 1,000.00000000 0.00000000 4.88465305 4.88465305 1,000.00000000 IIM1 5.672500 %
IIM2 1,000.00000000 0.00000000 5.33243064 5.33243064 1,000.00000000 IIM2 6.192500 %
IIB 1,000.00000000 0.00000000 6.75326444 6.75326444 1,000.00000000 IIB 7.842500 %
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TOTALS 964.58171893 14.08941507 4.79494893 18.88436400 950.49230386
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</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
July 26, 1999
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<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 990,652.65
Group 2 Principal Prepayment Amount 2,910,365.80
Total Principal Prepayment Amount 3,901,018.45
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 109,993.15
Group 2 Scheduled Principal Amount 113,688.36
Total Scheduled Principal Amount 223,681.51
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 0.00
Group 2 Extra Principal Distribution Amount 1,017,936.54
Total Extra Principal Distribution Amount 1,017,936.54
Sec. 4.05(a)(iii) Class IA-1 Interest Carryforward Amount 0.00
Class IA-2 Interest Carryforward Amount 0.00
Class IA-3 Interest Carryforward Amount 0.00
Class IA-4 Interest Carryforward Amount 0.00
Class IA-5 Interest Carryforward Amount 0.00
Class IM-1 Interest Carryforward Amount 0.00
Class IM-2 Interest Carryforward Amount 0.00
Class IB Interest Carryforward Amount 0.00
Class IIA-1 Interest Carryforward Amount 0.00
Class IIA-2 Interest Carryforward Amount 0.00
Class IIM-1 Interest Carryforward Amount 0.00
Class IIM-2 Interest Carryforward Amount 0.00
Class IIB Interest Carryforward Amount 0.00
Sec. 4.05(a)(v) Group 1 Beginning Pool Stated Principal Balance 127,714,830.20
Group 2 Beginning Pool Stated Principal Balance 227,429,350.83
Group 1 Ending Pool Stated Principal Balance 126,614,184.40
Group 2 Ending Pool Stated Principal Balance 224,405,296.68
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 53,214.51
Group 2 Subservicer Fee 94,762.23
Total Subservicer Fee 147,976.74
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 968.50
Group 2 Master Servicer Fee 1,724.67
Total Master Servicer Fee 2,693.18
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.48385134%
Group 2 Net Mortgage Rate 9.27973010%
Sec. 4.05(a)(x) Group 1 Amount of Advances 0.00
Group 2 Amount of Advances 0.00
Total Amount of Advances 0.00
Sec. 4.05(a)(xi) Group 1 Cumulative Applied Realized Loss 0.00
Group 2 Cumulative Applied Realized Loss 0.00
Total Cumulative Applied Realized Loss 0.00
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
July 26, 1999
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Sec. 4.05(a)(xii)(A) Number and Aggregate Principal Amounts of Mortgage
Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 24 1,529,553.00 1.21 %
2 Months 5 285,344.00 0.23 %
3+Months 3 217,834.00 0.17 %
Total 32 2,032,731.00 1.61 %
Group 2
Category Number Principal Balance Percentage
1 Month 20 2,765,956.00 1.23 %
2 Months 16 1,580,065.00 0.70 %
3+Months 2 428,535.00 0.19 %
Total 38 4,774,556.00 2.12 %
Group Totals
Category Number Principal Balance Percentage
1 Month 44 4,295,509.00 1.22 %
2 Months 21 1,865,409.00 0.53 %
3+ Months 5 646,369.00 0.18 %
Total 70 6,807,287.00 1.93 %
Sec. 4.05(a)(xii)(B) Number and Aggregate Principal Amounts of Mortgage
Loans in Foreclosure
Group 1
Number Principal Balance Percentage
2 145,505.00 0.11 %
Group 2
Number Principal Balance Percentage
15 1,575,116.00 0.70 %
Group Totals
Number Principal Balance Percentage
17 1,720,621.00 0.49 %
Sec. 4.05(a)(xiv) Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
0 0.00 0.00 %
Group Totals
Number Principal Balance Percentage
0 0.00 0.00 %
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(xv) Group 1 Aggregate Principal Balance of Liquidated Loans 0.00
Group 2 Aggregate Principal Balance of Liquidated Loans 0.00
Total Aggregate Principal Balance of Liquidated Loans 0.00
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
July 26, 1999
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<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(xvii) Group 1 Trigger Event NO
Group 2 Trigger Event NO
Sec. 4.05(a)(viii) Class IIA-1 Interest Carryover Amount 0.00
Class IIM-1 Interest Carryover Amount 0.00
Class IIM-2 Interest Carryover Amount 0.00
Class IIB Interest Carryover Amount 0.00
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
- --------------------------------------------------------------------------------
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
Statement to Certificateholders
July 26, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 76,619,000.00 76,619,000.00 875,178.48 414,891.89 1,290,070.37 0.00 0.00 75,743,821.52
IA2 52,940,000.00 52,940,000.00 0.00 302,640.33 302,640.33 0.00 0.00 52,940,000.00
IA3 5,000,000.00 5,000,000.00 0.00 30,366.67 30,366.67 0.00 0.00 5,000,000.00
IA4 19,441,000.00 19,441,000.00 0.00 122,559.30 122,559.30 0.00 0.00 19,441,000.00
IA5 24,000,000.00 24,000,000.00 0.00 146,660.00 146,660.00 0.00 0.00 24,000,000.00
IM1 9,000,000.00 9,000,000.00 0.00 56,797.50 56,797.50 0.00 0.00 9,000,000.00
IM2 7,500,000.00 7,500,000.00 0.00 49,181.25 49,181.25 0.00 0.00 7,500,000.00
IB 5,500,000.00 5,500,000.00 0.00 40,104.17 40,104.17 0.00 0.00 5,500,000.00
IIA1 323,950,000.00 323,950,000.00 2,562,217.66 1,802,061.86 4,364,279.52 0.00 0.00 321,387,782.34
IIM1 22,800,000.00 22,800,000.00 0.00 131,885.33 131,885.33 0.00 0.00 22,800,000.00
IIM2 18,050,000.00 18,050,000.00 0.00 112,792.44 112,792.44 0.00 0.00 18,050,000.00
IIB 15,200,000.00 15,200,000.00 0.00 123,060.89 123,060.89 0.00 0.00 15,200,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 580,000,000.00 580,000,000.00 3,437,396.14 3,333,001.63 6,770,397.77 0.00 0.00 576,562,603.86
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------- ----------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
- --------------------------------------------------------------------------------------------------- ----------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS CUSIP FACTOR PRINCIPAL INTEREST TOTAL FACTOR RATE
- ---------------------------------------------------------------------------------------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 161551AP1 1,000.00000000 11.42247328 5.41500007 16.83747334 988.57752672 IA1 5.130000 %
IA2 161551AQ9 1,000.00000000 0.00000000 5.71666660 5.71666660 1,000.00000000 IA2 6.860000 %
IA3 161551AR7 1,000.00000000 0.00000000 6.07333400 6.07333400 1,000.00000000 IA3 7.288000 %
IA4 161551AS5 1,000.00000000 0.00000000 6.30416645 6.30416645 1,000.00000000 IA4 7.565000 %
IA5 161551AT3 1,000.00000000 0.00000000 6.11083333 6.11083333 1,000.00000000 IA5 7.333000 %
IM1 161551AU0 1,000.00000000 0.00000000 6.31083333 6.31083333 1,000.00000000 IM1 7.573000 %
IM2 161551AV8 1,000.00000000 0.00000000 6.55750000 6.55750000 1,000.00000000 IM2 7.869000 %
IB 161551AW6 1,000.00000000 0.00000000 7.29166727 7.29166727 1,000.00000000 IB 8.750000 %
IIA1 161551AX4 1,000.00000000 7.90929977 5.56277777 13.47207754 992.09070023 IIA1 5.270000 %
IIM1 161551AY2 1,000.00000000 0.00000000 5.78444430 5.78444430 1,000.00000000 IIM1 5.480000 %
IIM2 161551AZ9 1,000.00000000 0.00000000 6.24888864 6.24888864 1,000.00000000 IIM2 5.920000 %
IIB 161551BA3 1,000.00000000 0.00000000 8.09611118 8.09611118 1,000.00000000 IIB 7.670000 %
- --------------------------------------------------------------------------------------------------- ----------------------
TOTALS 1,000.00000000 5.92654507 5.74655453 11.67309960 994.07345493
- --------------------------------------------------------------------------------------------------- ----------------------
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
- --------------------------------------------------------------------------------
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
July 26, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 619,271.75
Group 2 Principal Prepayment Amount 1,874,690.83
Total Principal Prepayment Amount 2,493,962.58
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 119,745.12
Group 2 Scheduled Principal Amount 136,717.18
Total Scheduled Principal Amount 256,462.30
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 136,161.61
Group 2 Extra Principal Distribution Amount 550,809.65
Total Extra Principal Distribution Amount 686,971.27
Sec. 4.05(a)(iii) Class IA-1 Interest Carryforward Amount 0.00
Class IA-2 Interest Carryforward Amount 0.00
Class IA-3 Interest Carryforward Amount 0.00
Class IA-4 Interest Carryforward Amount 0.00
Class IA-5 Interest Carryforward Amount 0.00
Class IM-1 Interest Carryforward Amount 0.00
Class IM-2 Interest Carryforward Amount 0.00
Class IB Interest Carryforward Amount 0.00
Class IIA-1 Interest Carryforward Amount 0.00
Class IIM-1 Interest Carryforward Amount 0.00
Class IIM-2 Interest Carryforward Amount 0.00
Class IIB Interest Carryforward Amount 0.00
Sec. 4.05(a)(v) Group 1 Beginning Pool Stated Principal Balance 150,010,198.42
Group 2 Beginning Pool Stated Principal Balance 285,002,876.80
Group 1 Ending Pool Stated Principal Balance 149,271,181.58
Group 2 Ending Pool Stated Principal Balance 282,991,468.79
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 53,819.03
Group 2 Subservicer Fee 117,750.10
Total Subservicer Fee 171,569.13
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 785.76
Group 2 Master Servicer Fee 1,719.15
Total Master Servicer Fee 2,504.91
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.44467021%
Group 2 Net Mortgage Rate 9.24868617%
Sec. 4.05(a)(x) Group 1 Amount of Advances 1,054,203.31
Group 2 Amount of Advances 1,905,683.84
Total Amount of Advances 2,959,887.15
Sec. 4.05(a)(xi) Group 1 Cumulative Applied Realized Loss 0.00
Group 2 Cumulative Applied Realized Loss 0.00
Total Cumulative Applied Realized Loss 0.00
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
- --------------------------------------------------------------------------------
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
July 26, 1999
- --------------------------------------------------------------------------------
Sec. 4.05(a)(xii)(A) Number and Aggregate Principal Amounts of Mortgage
Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 12 687,082.00 0.46 %
2 Months 1 137,553.00 0.09 %
3+Months 0 0.00 0.00 %
Total 13 824,635.00 0.55 %
Group 2
Category Number Principal Balance Percentage
1 Month 2 621,325.00 0.22 %
2 Months 0 0.00 0.00 %
3+Months 0 0.00 0.00 %
Total 2 621,325.00 0.22 %
Group Totals
Category Number Principal Balance Percentage
1 Month 14 1,308,407.00 0.30 %
2 Months 1 137,553.00 0.03 %
3+ Months 0 0.00 0.00 %
Total 15 1,445,960.00 0.33 %
Sec. 4.05(a)(xii)(B) Number and Aggregate Principal Amounts of Mortgage
Loans in Foreclosure
Group 1
Number Principal Balance Percentage
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
0 0.00 0.00 %
Group Totals
Number Principal Balance Percentage
0 0.00 0.00 %
Sec. 4.05(a)(xiv) Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
0 0.00 0.00 %
Group Totals
Number Principal Balance Percentage
0 0.00 0.00 %
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(xv) Group 1 Aggregate Principal Balance of Liquidated Loans 0.00
Group 2 Aggregate Principal Balance of Liquidated Loans 0.00
Total Aggregate Principal Balance of Liquidated Loans 0.00
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
- --------------------------------------------------------------------------------
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
July 26, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(xvii) Group 1 Trigger Event NO
Group 2 Trigger Event NO
Sec. 4.05(a)(viii) Class IIA-1 Interest Carryover Amount 0.00
Class IIM-1 Interest Carryover Amount 0.00
Class IIM-2 Interest Carryover Amount 0.00
Class IIB Interest Carryover Amount 0.00
Prefunding Account & Capitalized Interest Account Information 0.00
Group 1 Prefunding Account Balance 49,989,802.00
Group 2 Prefunding Account Balance 94,997,123.00
Group 1 Capitalized Interest Account Withdrawal 291,045.07
Group 2 Capitalized Interest Account Withdawal 543,011.60
</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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