<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: June 25, 1999
CHASE FUNDING, INC.
(formerly known as "Chemical Mortgage Securities, Inc.")
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(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
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(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 6/25/99, Chase Funding, Inc. (the "Depositor") made the
distributions to holders of its Mortgage Loan Asset-Backed Certificates, Series
1999-1 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
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20.1 Monthly Report with respect to the
June 25, 1999 distribution
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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: July 9, 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
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INDEX TO EXHIBITS
-----------------
Exhibit No. Description
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20.1 Monthly Report with respect to the
distribution to certificateholders
on June 25, 1999.
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
Statement to Certificateholders
June 25, 1999
<TABLE>
<CAPTION>
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DISTRIBUTION IN DOLLARS
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ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 56,600,000.00 55,096,640.88 274,197.62 1,626,810.68 1,901,008.30 0.00 0.00 53,469,830.20
IA2 23,800,000.00 23,800,000.00 119,991.67 0.00 119,991.67 0.00 0.00 23,800,000.00
IA3 12,900,000.00 12,900,000.00 68,316.25 0.00 68,316.25 0.00 0.00 12,900,000.00
IA4 12,000,000.00 12,000,000.00 67,800.00 0.00 67,800.00 0.00 0.00 12,000,000.00
IA5 13,000,000.00 13,000,000.00 68,358.33 0.00 68,358.33 0.00 0.00 13,000,000.00
IM1 6,987,000.00 6,987,000.00 39,534.78 0.00 39,534.78 0.00 0.00 6,987,000.00
IM2 2,275,000.00 2,275,000.00 13,716.35 0.00 13,716.35 0.00 0.00 2,275,000.00
IB 2,438,000.00 2,438,000.00 16,994.89 0.00 16,994.89 0.00 0.00 2,438,000.00
IIA1 138,650,000.00 133,071,553.71 593,859.53 4,219,056.50 4,812,916.03 0.00 0.00 128,852,497.21
IIA2 58,750,000.00 58,750,000.00 291,155.21 0.00 291,155.21 0.00 0.00 58,750,000.00
IIM1 17,625,000.00 17,625,000.00 83,511.90 0.00 83,511.90 0.00 0.00 17,625,000.00
IIM2 11,750,000.00 11,750,000.00 60,935.99 0.00 60,935.99 0.00 0.00 11,750,000.00
IIB 8,225,000.00 8,225,000.00 54,341.55 0.00 54,341.55 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
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TOTALS 365,000,000.00 357,918,194.59 1,752,714.07 5,845,867.18 7,598,581.25 0.00 0.00 352,072,327.41
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</TABLE>
<TABLE>
<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 INTEREST PRINCIPAL TOTAL FACTOR RATE
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<S> <C> <C> <C> <C> <C> <C> <C>
IA1 973.4388848 4.844481 28.742238 33.586719 944.6966466 IA1 5.972000 %
IA2 1,000.0000000 5.041667 0.000000 5.041667 1,000.0000000 IA2 6.050000 %
IA3 1,000.0000000 5.295833 0.000000 5.295833 1,000.0000000 IA3 6.355000 %
IA4 1,000.0000000 5.650000 0.000000 5.650000 1,000.0000000 IA4 6.780000 %
IA5 1,000.0000000 5.258333 0.000000 5.258333 1,000.0000000 IA5 6.310000 %
IM1 1,000.0000000 5.658334 0.000000 5.658334 1,000.0000000 IM1 6.790000 %
IM2 1,000.0000000 6.029165 0.000000 6.029165 1,000.0000000 IM2 7.235000 %
IB 1,000.0000000 6.970833 0.000000 6.970833 1,000.0000000 IB 8.365000 %
IIA1 959.7659842 4.283156 30.429546 34.712701 929.3364386 IIA1 5.182500 %
IIA2 1,000.0000000 4.955833 0.000000 4.955833 1,000.0000000 IIA2 5.947000 %
IIM1 1,000.0000000 4.738264 0.000000 4.738264 1,000.0000000 IIM1 5.502500 %
IIM2 1,000.0000000 5.186042 0.000000 5.186042 1,000.0000000 IIM2 6.022500 %
IIB 1,000.0000000 6.606875 0.000000 6.606875 1,000.0000000 IIB 7.672500 %
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TOTALS 980.5977934 4.801956 16.016074 20.818031 964.5817189
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</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
<TABLE>
<CAPTION>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
June 25, 1999
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<S> <C> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 1,251,742.63
Group 2 Principal Prepayment Amount 3,316,810.92
Total Principal Prepayment Amount 4,568,553.55
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 109,928.54
Group 2 Scheduled Principal Amount 114,245.19
Total Scheduled Principal Amount 224,173.73
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 265,139.51
Group 2 Extra Principal Distribution Amount 788,000.39
Total Extra Principal Distribution Amount 1,053,139.90
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 129,076,501.37
Group 2 Beginning Pool Stated Principal Balance 230,860,406.94
Group 1 Ending Pool Stated Principal Balance 127,714,830.20
Group 2 Ending Pool Stated Principal Balance 227,429,350.83
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 53,781.88
Group 2 Subservicer Fee 96,191.84
Total Subservicer Fee 149,973.72
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 978.83
Group 2 Master Servicer Fee 1,750.69
Total Master Servicer Fee 2,729.52
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.48696130 %
Group 2 Net Mortgage Rate 9.28041760 %
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
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</TABLE>
[Image] (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
June 25, 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 19 1,397,947.00 1.09 %
2 Months 7 429,019.00 0.34 %
3+Months 1 70,698.00 0.06 %
Total 27 1,897,664.00 1.49 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 2
--------------------------------------------------------------------
Category Number Principal Balance Percentage
1 Month 38 4,697,670.00 2.07 %
2 Months 3 331,091.00 0.15 %
3+Months 0 0.00 0.00 %
Total 41 5,028,761.00 2.22 %
--------------------------------------------------------------------
Group Totals
--------------------------------------------------------------------
Category Number Principal Balance Percentage
1 Month 57 6,095,617.00 1.72 %
2 Months 10 760,110.00 0.21 %
3+ Months 1 70,698.00 0.02 %
Total 68 6,926,425.00 1.95 %
</TABLE>
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
9 895,699.00 0.39 %
----------------------------------------------------
Group Totals
----------------------------------------------------
Number Principal Balance Percentage
9 895,699.00 0.25 %
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
June 25, 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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