<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: May 25, 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 5/25/99, 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 4.05 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
May 25, 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: May 28, 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
May 25, 1999.
<PAGE>
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CHASE FUNDING MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
MAY 25, 1999
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DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
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 55,970,209.44 278,545.08 873,568.56 1,152,113.64 0.00 0.00 55,096,640.88
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 138,650,000.00 136,960,348.66 570,677.63 3,888,794.95 4,459,472.58 0.00 0.00 133,071,553.71
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 77,982.06 0.00 77,982.06 0.00 0.00 17,625,000.00
IIM2 11,750,000.00 11,750,000.00 56,909.98 0.00 56,909.98 0.00 0.00 11,750,000.00
IIB 8,225,000.00 8,225,000.00 50,769.38 0.00 50,769.38 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 365,000,000.00 362,680,558.10 1,720,751.61 4,762,363.51 6,483,115.12 0.00 0.00 357,918,194.59
</TABLE>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<TABLE>
<CAPTION>
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS FACTOR INTEREST PRINCIPAL TOTAL FACTOR
- -------------- ------------- -------- ----------- --------- -------------
<S> <C> <C> <C> <C> <C>
IA1 988.8729583 4.921291 15.434073 20.355365 973.4388848
IA2 1,000.0000000 5.041667 0.000000 5.041667 1,000.0000000
IA3 1,000.0000000 5.295833 0.000000 5.295833 1,000.0000000
IA4 1,000.0000000 5.650000 0.000000 5.650000 1,000.0000000
IA5 1,000.0000000 5.258333 0.000000 5.258333 1,000.0000000
IM1 1,000.0000000 5.658334 0.000000 5.658334 1,000.0000000
IM2 1,000.0000000 6.029165 0.000000 6.029165 1,000.0000000
IB 1,000.0000000 6.970833 0.000000 6.970833 1,000.0000000
IIA1 987.8135497 4.115958 28.047565 32.163524 959.7659842
IIA2 1,000.0000000 4.955833 0.000000 4.955833 1,000.0000000
IIM1 1,000.0000000 4.424514 0.000000 4.424514 1,000.0000000
IIM2 1,000.0000000 4.843403 0.000000 4.843403 1,000.0000000
IIB 1,000.0000000 6.172569 0.000000 6.172569 1,000.0000000
- -------------- ------------- -------- ----------- --------- -------------
TOTALS 993.6453647 4.714388 13.047571 17.761959 980.5977934
</TABLE>
PASS-THROUGH RATES
CURRENT
PASS-THRU
CLASS RATE
------- ---------
IA1 5.972000%
IA2 6.050000%
IA3 6.355000%
IA4 6.780000%
IA5 6.310000%
IM1 6.790000%
IM2 7.235000%
IB 8.365000%
IIA1 5.172500%
IIA2 5.947000%
IIM1 5.492500%
IIM2 6.012500%
IIB 7.662500%
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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CHASE FUNDING MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
MAY 25, 1999
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
Andrew Cooper
The Chase Manhattan Bank - Structured Finance Services
450 W. 33rd Street, 14th Floor,
New York, New York 10001
Tel: (212) 946-7113
Email: [email protected]
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
May 25, 1999
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<TABLE>
<S> <C> <C>
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 413,092.56
Group 2 Principal Prepayment Amount 3,012,843.28
Total Principal Prepayment Amount 3,425,935.84
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 109,382.30
Group 2 Scheduled Principal Amount 114,535.09
Total Scheduled Principal Amount 223,917.39
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 351,093.70
Group 2 Extra Principal Distribution Amount 761,416.58
Total Extra Principal Distribution Amount 1,112,510.28
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 129,598,976.23
Group 2 Beginning Pool Stated Principal Balance 233,987,785.31
Group 1 Ending Pool Stated Principal Balance 129,076,501.37
Group 2 Ending Pool Stated Principal Balance 230,860,406.94
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 53,999.57
Group 2 Subservicer Fee 97,425.06
Total Subservicer Fee 151,424.63
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 982.79
Group 2 Master Servicer Fee 1,773.14
Total Master Servicer Fee 2,755.93
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.48480800%
Group 2 Net Mortgage Rate 9.28360100%
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>
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Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
May 25, 1999
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<TABLE>
<CAPTION>
Sec. 4.05(a)(xii)(A) Number and Aggregate Principal Amounts of Mortgage
Loans in Delinquency
- -----------------------------------------------------------------------------------
Group 1
- -----------------------------------------------------------------------------------
Category Number Principal Balance Percentage
- ----------------- ------- ----------------- ----------
<S> <C> <C> <C>
1 Month 10 677,236.00 0.52%
2 Months 0 0.00 0.00%
3+Months 0 0.00 0.00%
Total 10 677,236.00 0.52%
<CAPTION>
- -----------------------------------------------------------------------------------
Group 2
- -----------------------------------------------------------------------------------
Category Number Principal Balance Percentage
- ----------------- ------- ----------------- ----------
<S> <C> <C> <C>
1 Month 16 2,398,336.00 1.04%
2 Months 2 240,889.00 0.10%
3+Months 0 0.00 0.00%
Total 18 2,639,225.00 1.14%
<CAPTION>
- -----------------------------------------------------------------------------------
Group Totals
- -----------------------------------------------------------------------------------
Category Number Principal Balance Percentage
- ----------------- ------- ----------------- ----------
<S> <C> <C> <C>
1 Month 26 3,075,572.00 0.85%
2 Months 2 240,889.00 0.07%
3+ Months 0 0.00 0.00%
Total 28 3,316,461.00 0.92%
</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
----------------------------------------------------------
3 440,710.00 0.19%
----------------------------------------------------------
Group Totals
----------------------------------------------------------
Number Principal Balance Percentage
----------------------------------------------------------
3 440,710.00 0.12%
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> <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>
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CHASE FUNDING MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1999-1
MAY 25, 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
