<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: September 27, 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 9/27/99, 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 September
27, 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: October 12, 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
September 27, 1999.
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
Statement to Certificateholders
September 27, 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>
IA1 56,600,000.00 51,019,838.99 1,814,363.07 253,908.73 2,068,271.80 0.00 0.00 49,205,475.92
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 138,650,000.00 118,994,125.14 5,014,855.06 610,700.16 5,625,555.22 0.00 0.00 113,979,270.08
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 95,624.80 95,624.80 0.00 0.00 17,625,000.00
IIM2 11,750,000.00 11,750,000.00 0.00 69,350.70 69,350.70 0.00 0.00 11,750,000.00
IIB 8,225,000.00 8,225,000.00 0.00 60,985.80 60,985.80 0.00 0.00 8,225,000.00
R 0.00 0.00 0.00 490,373.29 490,373.29 0.00 0.00 0.00
TOTALS 365,000,000.00 339,763,964.13 6,829,218.13 2,266,810.96 9,096,029.09 0.00 0.00 332,934,746.00
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR RATE
<S> <C> <C> <C> <C> <C>
IA1 901.41058286 32.05588463 4.48601996 36.54190459 869.35469823 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 858.23386325 36.16916740 4.40461709 40.57378449 822.06469585 IIA1 5.598750 %
IIA2 1,000.00000000 0.00000000 4.95583336 4.95583336 1,000.00000000 IIA2 5.947000 %
IIM1 1,000.00000000 0.00000000 5.42552057 5.42552057 1,000.00000000 IIM1 5.918750 %
IIM2 1,000.00000000 0.00000000 5.90218723 5.90218723 1,000.00000000 IIM2 6.438750 %
IIB 1,000.00000000 0.00000000 7.41468693 7.41468693 1,000.00000000 IIB 8.088750 %
TOTALS 930.86017570 18.71018666 6.21044099 24.92062764 912.14998904
</TABLE>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
September 27, 1999
<TABLE>
<S> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 1,703,791.02
Group 2 Principal Prepayment Amount 4,477,871.55
Total Principal Prepayment Amount 6,181,662.57
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 110,572.05
Group 2 Scheduled Principal Amount 111,135.52
Total Scheduled Principal Amount 221,707.57
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 0.00
Group 2 Extra Principal Distribution Amount 425,847.99
Total Extra Principal Distribution Amount 425,847.99
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 125,264,838.99
Group 2 Beginning Pool Stated Principal Balance 219,618,277.15
Group 1 Ending Pool Stated Principal Balance 123,450,475.92
Group 2 Ending Pool Stated Principal Balance 215,029,270.08
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 52,193.68
Group 2 Subservicer Fee 91,507.62
Total Subservicer Fee 143,701.30
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 949.93
Group 2 Master Servicer Fee 1,665.44
Total Master Servicer Fee 2,615.36
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.47181005 %
Group 2 Net Mortgage Rate 9.31027829 %
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>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
September 27, 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 36 2,406,898.00 1.95 %
2 Months 6 319,638.00 0.26 %
3+Months 2 124,015.00 0.10 %
Total 44 2,850,551.00 2.31 %
Group 2
Category Number Principal Balance Percentage
1 Month 28 3,786,082.00 1.76 %
2 Months 10 1,293,131.00 0.60 %
3+Months 7 676,038.00 0.31 %
Total 45 5,755,251.00 2.67 %
Group Totals
Category Number Principal Balance Percentage
1 Month 64 6,192,980.00 1.83 %
2 Months 16 1,612,769.00 0.48 %
3+ Months 9 800,053.00 0.24 %
Total 89 8,605,802.00 2.55 %
Sec.
4.05(a)(xii)(B) Number and Aggregate Principal Amounts of Mortgage Loans in
Foreclosure
Group 1
Number Principal Balance Percentage
7 363,063.00 0.29 %
Group 2
Number Principal Balance Percentage
24 2,611,913.00 1.21 %
Group Totals
Number Principal Balance Percentage
31 2,974,976.00 0.88 %
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>
<S> <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>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
September 27, 1999
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
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
Statement to Certificateholders
September 27, 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>
IA1 76,619,000.00 74,278,130.34 2,339,841.75 370,996.05 2,710,837.80 0.00 0.00 71,938,288.59
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 323,950,000.00 316,587,194.65 5,171,253.82 1,621,882.79 6,793,136.61 0.00 0.00 311,415,940.83
IIM1 22,800,000.00 22,800,000.00 0.00 121,193.88 121,193.88 0.00 0.00 22,800,000.00
IIM2 18,050,000.00 18,050,000.00 0.00 103,225.32 103,225.32 0.00 0.00 18,050,000.00
IIB 15,200,000.00 15,200,000.00 0.00 111,309.92 111,309.92 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 580,000,000.00 570,296,324.99 7,511,095.57 3,076,917.18 10,588,012.75 0.00 0.00 562,785,229.42
<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>
IA1 161551AP1 969.44792206 30.53866208 4.84208943 35.38075151 938.90925997 IA1 5.448750 %
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 977.27178469 15.96312338 5.00658370 20.96970708 961.30866131 IIA1 5.588750 %
IIM1 161551AY2 1,000.00000000 0.00000000 5.31552105 5.31552105 1,000.00000000 IIM1 5.798750 %
IIM2 161551AZ9 1,000.00000000 0.00000000 5.71885429 5.71885429 1,000.00000000 IIM2 6.238750 %
IIB 161551BA3 1,000.00000000 0.00000000 7.32302105 7.32302105 1,000.00000000 IIB 7.988750 %
TOTALS 983.26952584 12.95016478 5.30502962 18.25519440 970.31936107
</TABLE>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
September 27, 1999
<TABLE>
<S> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 1,744,921.45
Group 2 Principal Prepayment Amount 4,061,990.44
Total Principal Prepayment Amount 5,806,911.89
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 173,314.95
Group 2 Scheduled Principal Amount 182,959.33
Total Scheduled Principal Amount 356,274.28
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 421,605.35
Group 2 Extra Principal Distribution Amount 926,304.05
Total Extra Principal Distribution Amount 1,347,909.40
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 198,159,920.11
Group 2 Beginning Pool Stated Principal Balance 374,061,719.89
Group 1 Ending Pool Stated Principal Balance 196,241,683.71
Group 2 Ending Pool Stated Principal Balance 369,816,770.12
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 81,685.87
Group 2 Subservicer Fee 155,859.05
Total Subservicer Fee 237,544.92
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 1,192.60
Group 2 Master Servicer Fee 2,275.54
Total Master Servicer Fee 3,468.14
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.43733977 %
Group 2 Net Mortgage Rate 9.25167894 %
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>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
September 27, 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 28 1,968,093.00 1.00 %
2 Months 6 514,061.00 0.26 %
3+Months 1 137,516.00 0.07 %
Total 35 2,619,670.00 1.33 %
Group 2
Category Number Principal Balance Percentage
1 Month 10 1,414,206.00 0.38 %
2 Months 4 509,862.00 0.14 %
3+Months 0 0.00 0.00 %
Total 14 1,924,068.00 0.52 %
Group Totals
Category Number Principal Balance Percentage
1 Month 38 3,382,299.00 0.60 %
2 Months 10 1,023,923.00 0.18 %
3+ Months 1 137,516.00 0.02 %
Total 49 4,543,738.00 0.80 %
Sec.
4.05(a)(xii)(B) Number and Aggregate Principal Amounts of Mortgage Loans in
Foreclosure
Group 1
Number Principal Balance Percentage
4 334,950.00 0.17 %
Group 2
Number Principal Balance Percentage
8 1,169,462.00 0.32 %
Group Totals
Number Principal Balance Percentage
12 1,504,412.00 0.27 %
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>
<S> <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>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
September 27, 1999
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
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
