<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 10549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: April 26, 1999
CHASE FUNDING, INC.
(formerly known as "Chemical Mortgage Securities, Inc.")
- --------------------------------------------------------------------------------
(Exact Name of Registrant)
<TABLE>
<S> <C> <C>
New York 333-64131 13-3840732
- ------------------------------ ------------------------------- ------------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
</TABLE>
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 4/26/99, 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
---------- ---------------
20.1 Monthly Report with respect to the April 26,
1999 distribution
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- --------------- -----------------
20.1 Monthly Report with respect to the
distribution to certificateholders
on April 26, 1999.
<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: May 19,1999
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>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
Statement to Certificateholders
April 26, 1999
<TABLE>
<CAPTION>
DISTRIBUTION IN DOLLARS
- ----------------------------------------------------------------------------------------------------------------------------------
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 56,600,000.00 281,679.33 629,790.56 911,469.89 0.00 0.00 55,970,209.44
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 138,650,000.00 138,650,000.00 620,366.32 1,689,651.34 2,310,017.66 0.00 0.00 136,960,348.66
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 83,716.79 0.00 83,716.79 0.00 0.00 17,625,000.00
IIM2 11,750,000.00 11,750,000.00 61,072.58 0.00 61,072.58 0.00 0.00 11,750,000.00
IIB 8,225,000.00 8,225,000.00 54,437.16 0.00 54,437.16 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 365,000,000.00 365,000,000.00 1,787,139.66 2,319,441.90 4,106,581.56 0.00 0.00 362,680,558.10
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
------------------------------------------------------------------------------ --------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS BALANCE INTEREST PRINCIPAL TOTAL FACTOR CLASS RATE
----- ------- -------- --------- ----- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
IA1 1,000.0000000 4.976667 11.127042 16.103708 988.8729583 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 1,000.0000000 4.474333 12.186450 16.660784 987.8135497 IIA1 5.196000 %
IIA2 1,000.0000000 4.955833 0.000000 4.955833 1,000.0000000 IIA2 5.947000 %
IIM1 1,000.0000000 4.749889 0.000000 4.749889 1,000.0000000 IIM1 5.516000 %
IIM2 1,000.0000000 5.197666 0.000000 5.197666 1,000.0000000 IIM2 6.036000 %
IIB 1,000.0000000 6.618500 0.000000 6.618500 1,000.0000000 IIB 7.686000 %
------ ------------- -------- --------- --------- ------------- ---- ----------
TOTALS 1,000.0000000 4.896273 6.354635 11.250908 993.6453647
</TABLE>
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
April 26, 1999
<TABLE>
<S> <C> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 305,569.24
Group 2 Principal Prepayment Amount 904,121.28
Total Principal Prepayment Amount 1,209,690.52
- ----------------------------------------------------------------------------------------
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 100,524.73
Group 2 Scheduled Principal Amount 111,079.81
Total Scheduled Principal Amount 211,604.54
- ----------------------------------------------------------------------------------------
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 223,696.59
Group 2 Extra Principal Distribution Amount 674,450.25
Total Extra Principal Distribution Amount 898,146.83
- ----------------------------------------------------------------------------------------
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 130,005,070.20
Group 2 Beginning Pool Stated Principal Balance 235,002,986.40
Group 1 Ending Pool Stated Principal Balance 129,598,976.23
Group 2 Ending Pool Stated Principal Balance 233,987,785.31
- ----------------------------------------------------------------------------------------
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 47,723.49
Group 2 Subservicer Fee 96,205.10
Total Subservicer Fee 143,928.59
- ----------------------------------------------------------------------------------------
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 868.56
Group 2 Master Servicer Fee 1,750.93
Total Master Servicer Fee 2,619.49
- ----------------------------------------------------------------------------------------
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.43027500%
Group 2 Net Mortgage Rate 9.27807800%
- ----------------------------------------------------------------------------------------
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
April 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 1 94,451.00 0.07%
2 Months 0 0.00 0.00%
3+Months 0 0.00 0.00%
Total 1 94,451.00 0.07%
Group 2
- ----------------------------------------------------------------------
Category Number Principal Balance Percentage
- -------- ------ ----------------- ----------
1 Month 8 1,238,991.00 0.53%
2 Months 0 0.00 0.00%
3+Months 0 0.00 0.00%
Total 8 1,238,991.00 0.53%
Group Totals
- ----------------------------------------------------------------------
Category Number Principal Balance Percentage
- -------- ------ ----------------- ----------
1 Month 9 1,333,442.00 0.37%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 9 1,333,442.00 0.37%
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%
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
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
April 26, 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
