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PROSPECTUS SUPPLEMENT (TO PROSPECTUS DATED MARCH 26, 1999)
RESECURITIZATION MORTGAGE TRUST, SERIES 1999-A
$13,128,498 CLASS A-1 PRINCIPAL ONLY CERTIFICATES'D'
DLJ MORTGAGE ACCEPTANCE CORP.
DEPOSITOR
The trust will issue one class of certificates and such
class will be offered by this prospectus supplement and
the accompanying prospectus.
THE CERTIFICATES
The certificates represent ownership interests in assets
of the trust.
The trust assets consist of thirty-four previously
issued principal only mortgage pass-through certificates
representing senior ownership interests in thirty-one
separate pools of mortgage loans.
Distributions on the certificates will be made on the
third business day following the latest underlying
remittance date of each month.
CREDIT ENHANCEMENT
The certificates will receive the benefits of the
subordination available to the underlying certificates.
CONSIDER CAREFULLY THE RISK
FACTORS BEGINNING ON PAGE S-7
IN THIS PROSPECTUS SUPPLEMENT
AND BEGINNING ON PAGE 9 IN
THE PROSPECTUS.
The certificates represent
obligations of the trust only
and do not represent an
ownership interest in or
obligation of DLJ Mortgage
Acceptance Corp., Donaldson,
Lufkin & Jenrette Securities
Corporation, The First
National Bank of Chicago or
any of their affiliates.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED THESE SECURITIES OR DETERMINED THAT THIS PROSPECTUS
SUPPLEMENT OR THE PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
The certificates are being offered by Donaldson, Lufkin & Jenrette Securities
Corporation from time to time in negotiated transactions or otherwise at varying
prices to be determined at the time of sale. Proceeds to the depositor with
respect to the certificates are expected to be approximately $8,840,000, before
deducting issuance expenses payable by the depositor, estimated to be $300,000.
See 'Method of Distribution' in this prospectus supplement.
Delivery of the certificates will be made in book-entry form through the
facilities of The Depository Trust Company on or about April 30, 1999.
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'D' Based on the approximate aggregate principal balance of the underlying
certificates as of the March 1999 underlying remittance dates. We expect the
actual balance of the certificates to be lower than the indicated amount as
a result of payments made on the underlying certificates on the April 1999
underlying remittance dates.
DONALDSON, LUFKIN & JENRETTE
The date of this Prospectus Supplement is April 30, 1999
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IMPORTANT NOTICE ABOUT THE INFORMATION IN THIS
PROSPECTUS SUPPLEMENT AND THE PROSPECTUS
Information about the certificates is contained in (a) the prospectus,
which provides general information, some of which may not apply to the
certificates, and (b) this prospectus supplement, which describes the specific
terms of the certificates.
This prospectus supplement and the prospectus include cross references to
sections in these materials where you can find further related discussions. The
tables of contents in this prospectus supplement identify the pages where those
sections are located. In addition, an index of defined terms can be found on
page S-42 of this prospectus supplement.
In this prospectus supplement, the terms 'Depositor,' 'we,' 'us' and 'our'
refer to DLJ Mortgage Acceptance Corp.
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
<TABLE>
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PAGE
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<S> <C>
SUMMARY OF TERMS.............................. S-4
RISK FACTORS.................................. S-7
THE TRUST AGREEMENT........................... S-12
General.................................. S-12
The Trustee.............................. S-12
Trustee Fee Account...................... S-12
Assignment of the Underlying
Certificates........................... S-13
Administration of the Trust.............. S-13
Collection of Monies..................... S-13
Certificate Account...................... S-13
Statements to Holders of the
Certificates........................... S-14
Certain Matters Regarding the
Depositor.............................. S-15
Voting Rights............................ S-15
Limitation on Rights of Holders of
Certificates........................... S-15
Amendment................................ S-15
Termination.............................. S-16
DESCRIPTION OF THE CERTIFICATES............... S-16
General.................................. S-16
Book-Entry Registration and Definitive
Certificates........................... S-17
Distributions............................ S-18
Allocation of Available Funds............ S-19
Allocation of Losses..................... S-19
Optional Termination of the Trust Fund... S-19
DESCRIPTION OF THE UNDERLYING CERTIFICATES.... S-20
General.................................. S-20
Distributions on the Underlying
Certificates........................... S-24
Subordinated Interests................... S-26
Advances................................. S-26
Optional Termination of the Underlying
Trust Funds............................ S-26
DESCRIPTION OF THE MORTGAGE LOANS............. S-27
General.................................. S-27
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<S> <C>
The Mortgage Loans....................... S-27
THE DEPOSITOR................................. S-31
YIELD, PREPAYMENT AND MATURITY
CONSIDERATIONS.............................. S-31
General.................................. S-31
Assumed Final Payment Date............... S-31
Weighted Average Life.................... S-32
Yield Considerations..................... S-33
Early Termination of Underlying Trust
Funds.................................. S-33
USE OF PROCEEDS............................... S-34
MATERIAL FEDERAL INCOME TAX CONSEQUENCES...... S-34
General.................................. S-34
Classification of the Trust Fund......... S-34
Characterization of Investment in the
Certificates........................... S-34
Taxation of Owners of the Certificates... S-35
Original Issue Discount.................. S-35
Market Discount.......................... S-35
Limitations on Miscellaneous Itemized
Deductions............................. S-36
Sales of Certificates.................... S-37
Realized Losses.......................... S-37
Reporting and Other Administrative
Matters.................................. S-38
Grantor Trust Reporting.................. S-38
Backup Withholding....................... S-38
Foreign Investors........................ S-38
STATE AND OTHER TAX CONSEQUENCES.............. S-39
ERISA CONSIDERATIONS.......................... S-39
LEGAL INVESTMENT CONSIDERATIONS............... S-40
METHOD OF DISTRIBUTION........................ S-40
LEGAL MATTERS................................. S-41
RATINGS....................................... S-41
INDEX OF DEFINED TERMS........................ S-42
EXHIBIT A..................................... A-1
</TABLE>
S-2
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PROSPECTUS
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ADDITIONAL INFORMATION........................ 2
REPORTS TO SECURITYHOLDERS.................... 3
INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE................................... 3
SUMMARY OF THE PROSPECTUS..................... 4
RISK FACTORS.................................. 9
DESCRIPTION OF THE SECURITIES................. 11
YIELD, PREPAYMENT AND MATURITY
CONSIDERATIONS.............................. 15
THE TRUST FUNDS............................... 19
LOAN UNDERWRITING PROCEDURES AND STANDARDS.... 28
SERVICING OF LOANS............................ 33
CREDIT SUPPORT................................ 44
DESCRIPTION OF MORTGAGE AND OTHER INSURANCE... 48
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THE AGREEMENTS................................ 53
CERTAIN LEGAL ASPECTS OF LOANS................ 63
CERTAIN FEDERAL INCOME TAX CONSEQUENCES....... 77
STATE AND OTHER TAX CONSEQUENCES.............. 93
ERISA CONSIDERATIONS.......................... 93
LEGAL INVESTMENT.............................. 98
LEGAL MATTERS................................. 100
THE DEPOSITOR................................. 100
USE OF PROCEEDS............................... 100
PLAN OF DISTRIBUTION.......................... 100
GLOSSARY...................................... 102
</TABLE>
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SUMMARY OF TERMS
THIS SUMMARY HIGHLIGHTS SELECTED INFORMATION FROM THIS DOCUMENT AND DOES NOT
CONTAIN ALL OF THE INFORMATION THAT YOU NEED TO CONSIDER IN MAKING YOUR
INVESTMENT DECISION. TO UNDERSTAND THE TERMS OF THE OFFERING OF THE
CERTIFICATES, YOU SHOULD READ CAREFULLY THIS ENTIRE DOCUMENT AND THE
ACCOMPANYING PROSPECTUS.
THIS SUMMARY PROVIDES AN OVERVIEW OF CERTAIN CALCULATIONS, CASH FLOW PRIORITIES
AND OTHER INFORMATION TO AID YOUR UNDERSTANDING AND IS QUALIFIED BY THE FULL
DESCRIPTION OF THESE CALCULATIONS, CASH FLOW PRIORITIES AND OTHER INFORMATION
IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS. SOME OF THE
INFORMATION CONSISTS OF FORWARD-LOOKING STATEMENTS RELATING TO FUTURE ECONOMIC
PERFORMANCE OR PROJECTIONS AND OTHER FINANCIAL ITEMS. FORWARD-LOOKING
STATEMENTS ARE SUBJECT TO A VARIETY OF RISKS AND UNCERTAINTIES THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER FROM THE PROJECTED RESULTS. THOSE RISKS AND
UNCERTAINTIES INCLUDE, AMONG OTHERS, GENERAL ECONOMIC AND BUSINESS CONDITIONS,
REGULATORY INITIATIVES AND COMPLIANCE WITH GOVERNMENTAL REGULATIONS, AND
VARIOUS OTHER MATTERS, ALL OF WHICH ARE BEYOND OUR CONTROL. ACCORDINGLY, WHAT
ACTUALLY HAPPENS MAY BE VERY DIFFERENT FROM WHAT WE PROJECT IN OUR
FORWARD-LOOKING STATEMENTS. SEE 'RISK FACTORS -- FORWARD LOOKING STATEMENTS.'
THE CERTIFICATES
On the closing date, Resecuritization Mortgage Trust, Series 1999-A will issue
the Class A-1 Certificates. The certificates will represent the beneficial
ownership interests in the trust assets and will be issued pursuant to a trust
agreement between DLJ Mortgage Acceptance Corp., as depositor and The First
National Bank of Chicago, as trustee. The Class A-1 Certificates are being
offered pursuant to this prospectus supplement and the accompanying prospectus.
The Class A-1 Certificates will be book-entry securities clearing through The
Depository Trust Company in minimum denominations of $1,000.
See 'Description of the Certificates -- General' and ' -- Book-Entry
Registration and Definitive Certificates' in this prospectus supplement.
THE DEPOSITOR
DLJ Mortgage Acceptance Corp.
277 Park Avenue, 9th Floor
New York, New York 10172
(212) 892-3000
THE TRUSTEE
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670-0126
Global Corporate Trust Services
(312) 732-4000
THE TRUST ASSETS
The assets of the trust will consist primarily of thirty-four previously issued
principal only mortgage pass-through certificates. Each such underlying
certificate represents a senior ownership interest in one of thirty-one separate
underlying trust funds. The assets of each underlying trust fund consist
primarily of fixed-rate, fully amortizing mortgage loans secured by mortgages,
deeds of trust or other security instruments creating first liens on one- to
four-family residential properties, substantially all of which have original
terms to stated maturity of approximately 180 months.
The following table identifies the mortgage pass-through certificates held in
the trust.
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PRINCIPAL
BALANCE AT
PRINCIPAL THE
ISSUER SERIES AND BALANCE AT REFERENCE
CERTIFICATE ORIGINATION DATE*
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<S> <C> <C>
AMAC 98-1, Class II-AP $ 333,045 $ 318,583
AMAC 98-2, Class II-AP $ 352,210 $ 339,672
BAMS 98-1, Class II-PO $ 350,133 $ 336,308
BAMS 98-2, Class II-PO $ 148,157 $ 143,046
CWMBS 93-D, Class PO $ 289,240 $ 188,245
FBS 93-C, Class A-11 $3,312,230 $1,007,017
GECMS 96-17, Class 2-PO $ 189,411 $ 124,524
HSMS 98-2, Class IIA-P $ 112,962 $ 109,037
NMFC 98-5, Class A-PO $ 215,029 $ 212,695
NSCOR 97-1, Class A-PO $1,873,162 $1,375,027
NSCOR 97-5, Class A-PO $1,021,549 $ 813,550
NSCOR 97-9, Class A-PO $ 805,766 $ 676,677
PHMS 94-24, Class A-P $ 719,033 $ 461,517
PNCMS 96-4, Class I-P $ 336,248 $ 276,841
PNCMS 97-3, Class I-P $ 129,474 $ 96,651
PNCMS 97-4, Class I-P $ 595,842 $ 543,886
PNCMS 97-8, Class III-P $ 201,782 $ 180,569
PNCMS 98-1, Class IV-P $ 87,050 $ 82,133
PNCMS 98-2, Class III-P $ 337,993 $ 296,856
PNCMS 98-3, Class I-P $ 228,761 $ 212,933
PNCMS 98-4, Class IV-P $ 363,980 $ 318,006
PNCMS 98-5, Class III-P $1,250,051 $1,199,736
PNCMS 98-6, Class III-P $ 70,472 $ 60,727
PNCMS 98-8, Class III-P $ 364,243 $ 356,585
PNCMS 98-8, Class IV-P $ 3,775 $ 3,702
PNCMS 98-9, Class II-P $ 774,341 $ 749,021
PNCMS 98-10, Class III-P $ 450,142 $ 439,227
PNCMS 98-10, Class IV-P $ 293,172 $ 286,644
PNCMS 98-11, Class II-P $ 37,264 $ 36,486
PNCMS 98-12, Class III-P $ 513,104 $ 505,404
PNCMS 98-14, Class II-P $ 380,782 $ 376,616
PNCMS 98-14, Class V-P $ 25,482 $ 25,206
PNCMS 99-1, Class II-P $ 638,866 $ 634,248
RAST 96-A10, 1996-N, Class PO $1,913,325 $1,404,991
</TABLE>
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* Ending balances as of March 25, 1999.
CLOSING DATE
On or about April 30, 1999
REFERENCE DATE
March 25, 1999
DISTRIBUTION DATES
The trustee will make monthly distributions on the certificates on the third
business day following the latest underlying remittance date of each calendar
month, beginning on May 28, 1999. Distributions will be made to the holders of
record of the certificates as of the close of business on the last business day
of the month preceding the month of the related underlying remittance date (or,
in the case of the Distribution Date in May 1999, as of the Closing Date).
DISTRIBUTIONS ON THE CERTIFICATES
On each distribution date available funds in the trust will be paid as described
under 'Description of the Certificates -- Allocation of Available Funds' in this
prospectus supplement.
See 'Description of the Certificates' in this prospectus supplement.
ADVANCES
The servicer of the mortgage loans held in each of the underlying trust funds
will make cash advances with respect to delinquent payments of principal to the
extent such servicer reasonably believes that the cash advances will be
recoverable from future payments on the related mortgage loans.
See 'Description of The Underlying Certificates -- Advances' in this prospectus
supplement.
OPTIONAL TERMINATION OF THE TRUST
The trustee may purchase all of the remaining assets of the trust after the
aggregate principal balance of the certificates is 5% or less of the aggregate
principal balance of the certificates at issuance.
See 'The Trust Agreement -- Termination' in this prospectus supplement.
OPTIONAL TERMINATION OF THE UNDERLYING TRUST FUNDS
The servicer of the mortgage loans held in each underlying trust fund may
terminate such trust fund on or after the distribution date for the related
underlying certificates on which the aggregate outstanding principal amount of
the mortgage loans in such trust fund is less than 10% (or 5% with respect to 14
of the Underlying Trust Funds relating to 17 of the Underlying Certificates) of
the aggregate principal amount of the mortgage loans on cut-off date related to
such underlying certificates.
See 'Description of The Underlying Certificates -- Optional Termination of the
Underlying Trust Funds' in this prospectus supplement.
RATINGS
It is a condition of the issuance of the certificates that they be assigned a
rating of 'AAA' by Fitch IBCA, Inc.
A rating is not a recommendation to buy, sell or hold securities. The rating may
be lowered or withdrawn at any time by the rating agency.
See 'Ratings' in this prospectus supplement.
S-5
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TAX STATUS
For federal income tax purposes, the trust fund will elect to be treated as a
grantor trust. The certificates will represent beneficial ownership of an
undivided interest in each of the underlying certificates. Assuming compliance
and maintenance of the status of the issuers of the underlying certificates as
Real Estate Mortgage Investment Conduits, the underlying certificates will
generally be treated as principal-only debt instruments (issued with original
issue discount) for federal income tax purposes. You will be required to include
in income all original issue discount on your certificates in accordance with
the accrual method of accounting regardless of your usual method of accounting.
See 'Material Federal Income Tax Consequences' in this prospectus supplement and
'Certain Federal Income Tax Consequences' in the prospectus.
ERISA CONSIDERATIONS
The acquisition of the certificates by a pension or other employee benefit plan
subject to the Employee Retirement Income Security Act of 1974, as amended, or
to Section 4975 of the Internal Revenue Code of 1986, as amended, or by a
person investing assets of, or on behalf of, such a plan generally is not
permitted.
See 'ERISA Considerations' in this prospectus supplement and in the prospectus.
LEGAL INVESTMENT
Assuming the accuracy of certain representations contained in the agreements
pursuant to which the underlying trust funds were created (which information we
have not verified) and on the basis of certain assumptions derived from
statements included in the prospectus supplements pursuant to which the
underlying certificates were publicly offered, the certificates will be
'mortgage related securities' for purposes of the Secondary Mortgage Market
Enhancement Act of 1984 as long as they are rated in one of the two highest
rating categories by at least one nationally recognized statistical rating
organization.
See 'Legal Investment Considerations' in this prospectus supplement and 'Legal
Investment' in the prospectus.
S-6
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RISK FACTORS
<TABLE>
<S> <C>
INFORMATION ABOUT THE UNDERLYING CERTIFICATES The information about the underlying certificates and the
AND MORTGAGE LOANS related mortgage loans disclosed in this prospectus supplement
has been obtained from the disclosure documentation prepared in
connection with the initial offerings of the underlying
certificates as well as from reports and other information
supplied by the servicers of the related mortgage loans and the
trustees of the related underlying trust funds. Such
information has not been independently represented to the trust
as being accurate and complete. Additionally, the agreements
pursuant to which the underlying certificates were issued and
the prospectuses pursuant to which the underlying certificates
were publicly offered contain information only as of the dates
of such documents. You should be aware, however, that material
changes may have occurred since the preparation of those
documents; in particular, the composition of the related
mortgage pools may have changed significantly. As a result,
there may be considerable differences between the current
mortgage loan characteristics and the characteristics described
in connection with the issuance of the underlying certificates,
and the underlying certificates may not have performed as
originally anticipated. We did not prepare such prospectuses or
underlying agreements and neither we nor any of our affiliates
is making any representation as to the accuracy or completeness
of information provided in such prospectuses and underlying
agreements.
FORWARD-LOOKING STATEMENTS In this prospectus supplement and the accompanying prospectus,
we use certain forward-looking statements. Such forward-looking
statements are found in the material, including each of the
tables set forth under 'Description of Underlying Certificates'
and 'Yield, Prepayment and Maturity Considerations.'
Forward-looking statements are also found elsewhere in this
prospectus supplement and prospectus and include words like
'expects,' 'intends,' 'anticipates,' 'estimates' and other
similar words. Such statements are inherently subject to a
variety of risks and uncertainties. Actual results differ
materially from those we anticipate due to changes in, among
other things:
economic conditions and industry competition;
political, social and economic conditions;
the law and government regulatory initiatives; and
interest rate fluctuations.
We will not update or revise any forward-looking statements to
reflect changes in our expectations or changes in the
conditions or circumstances on which such statements were
originally based.
EFFECT OF PAYMENT PRIORITIES OF THE UNDERLYING Your certificates represent senior ownership interests in
CERTIFICATES ON PRINCIPAL DISTRIBUTIONS ON THE certain previously issued principal only mortgage pass- through
CERTIFICATES certificates. The underlying certificates are senior in
priority of payment to the related subordinate interests.
</TABLE>
S-7
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However, it is possible that no principal will be available for
payment on any of the underlying certificates for an extended
period of time. Accordingly, it is possible that no principal
distributions will be made on your certificates for an extended
period of time.
OPTIONAL TERMINATION OF THE TRUST The trustee may purchase the assets in the trust, in whole but
not in part, on or after the distribution date on which the
aggregate principal balances of the underlying certificates is
less than 5% of their aggregate principal balances as of April
30, 1999. Failure by the Trustee to purchase such assets will
affect the timing of the receipt by you of principal payments
that could affect the yield to maturity on your certificates
and lengthen their weighted average life.
OPTIONAL TERMINATION OF THE UNDERLYING TRUST The servicer of the mortgage loans held in each underlying
FUNDS trust fund may terminate such trust fund on or after the
distribution date for the related underlying certificates on
which the aggregate outstanding principal amount of the
mortgage loans in such trust fund is less than 10% (or 5% with
respect to 14 of the underlying trust funds relating to 17 of
the underlying certificates) of the aggregate principal amount
of the mortgage loans on the cut-off date related to such
underlying certificates. Failure by the related servicer to
terminate an underlying trust fund will affect the timing of
the receipt by you of principal payments that could affect the
yield to maturity on your certificates and lengthen their
weighted average life.
UNPREDICTABILITY OF PREPAYMENTS AND ITS EFFECT Borrowers may prepay their mortgage loans in whole or in part
ON YIELDS at any time. We cannot predict the rate at which borrowers will
repay their mortgage loans. A prepayment of a mortgage loan
will result in faster payment on the related underlying
certificates, which in turn will result in faster payment on
your certificates.
Because you will purchase your certificates at a discount, if
principal is repaid slower than you anticipate, your yield
will be lower than you anticipate.
The rate of prepayments on the mortgage loans will be
sensitive to prevailing interest rates. Generally, if
prevailing interest rates decline significantly below the
interest rates on the mortgage loans, those mortgage loans
are more likely to prepay than if prevailing rates remain at
or above the interest rates on such mortgage loans.
Conversely, if prevailing interest rates rise significantly,
the prepayments on the mortgage loans are likely to decrease.
The seller of a mortgage loan to an underlying trust fund may
be required to purchase such mortgage loan from such trust
fund due to certain breaches of representations and
warranties made by such seller that have not been cured.
These purchases will have the same effect on your
certificates as a prepayment of a mortgage loan.
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So long as the subordinate interests in the underlying trust
funds are outstanding, liquidations of defaulted mortgage
loans in such trust funds generally will have the same effect
on the related certificates as a prepayment of a mortgage
loan.
If the rate of default and the amount of losses on the
mortgage loans in the underlying trust fund related to your
certificates is higher than you expect, then your yield may
be lower than you expect.
YOUR CERTIFICATES MAY EXPERIENCE YIELD VOLATILITY DUE TO THE
'PRINCIPAL ONLY' NATURE OF THE UNDERLYING CERTIFICATES. YOU
SHOULD CONSIDER WHETHER SUCH YIELD VOLATILITY IS CONSISTENT
WITH YOUR INVESTMENT OBJECTIVES.
YIELD CONSIDERATIONS WITH RESPECT TO YOUR The yield to maturity of your certificates will be extremely
CERTIFICATES sensitive to the rate and timing of principal payments
(including prepayments, liquidations, repurchases and defaults)
on the underlying mortgage loans. A slower rate of principal
payments on the mortgage loans in the related mortgage pool
than that anticipated by investors will have a material adverse
effect on the yield to maturity of the related underlying
certificates, which in turn will have a material adverse effect
on the yield to maturity of your certificates. You should fully
consider the associated risks, including the risk that a
relatively slow rate of principal payments (including
prepayments, liquidations, repurchases and defaults) on the
underlying mortgage loans will have a material adverse effect
on your yield. The underlying certificates represent ownership
interests in mortgage loans which generally have lower mortgage
rates than other mortgage loans in the related mortgage pool.
In general, mortgage loans with lower mortgage interest rates
tend to prepay at a slower rate of payment in respect of
principal than mortgage loans with relatively higher mortgage
interest rates in response to changes in market interest rates.
As a result, the underlying mortgage loans may prepay at a
slower rate of payment in respect of principal than the other
mortgage loans in the related mortgage pool, resulting in a
lower yield on your certificates than would be the case if the
underlying mortgage loans prepaid at the same rate as the other
mortgage loans in the related mortgage pools.
POTENTIAL INADEQUACY OF CREDIT ENHANCEMENT Credit enhancement is provided for your certificates first by
the right of the holders of the underlying certificates to
receive certain payments prior to the related subordinate
interests. This form of credit enhancement is provided solely
from collections on the mortgage loans otherwise payable to the
holders of such subordinate interests. Credit enhancement also
is provided by the allocation of realized losses on mortgage
loans first to the related subordinate interests. Accordingly,
if the aggregate principal balance of the related subordinate
interests of any of the underlying certificates were to be
reduced to zero, delinquencies and defaults on mortgage loans
would reduce the amount of
</TABLE>
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funds available for payments to holders of the senior interests
in the related underlying trust fund, including the underlying
certificates. This reduction in funds available for payment to
an underlying certificate would in turn reduce the amount of
funds available for distributions on your certificates.
RISKS ASSOCIATED WITH YEAR 2000 COMPLIANCE We are aware of the issues associated with the programming code
in existing computer systems as the millennium (year 2000)
approaches. The 'year 2000 problem' is pervasive and complex;
virtually every computer operation will be affected in some way
by the rollover of the two digit year value to 00. The issue is
whether computer systems will properly recognize date-sensitive
information when the year changes to 2000. Systems that do not
properly recognize such information could generate erroneous
data or cause a system to fail.
Neither we nor any of our affiliates have made any independent
investigation of the computer systems of any of the servicers
of the mortgage loans in the underlying trusts, the underlying
trustees or of The First National Bank of Chicago. In the event
that computer problems arise out of the failure of the efforts
of the servicers of the mortgage loans in the underlying
trusts, the underlying trustees or of The First National Bank
of Chicago to cause their computer systems to be year 2000
compliant, the resulting disruptions in the collection or
distribution of receipts on the mortgage loans could materially
adversely affect the holders of the certificates.
With respect to the year 2000 problem, The Depository Trust
Company has informed members of the financial community that it
has developed and is implementing a program so that its
systems, as they relate to the timely payment of distributions,
including principal and interest payments, to
certificateholders, book-entry deliveries, and settlement of
trades within The Depository Trust Company, continue to
function appropriately on and after January 1, 2000. This
program includes a technical assessment and a remediation plan,
each of which is complete. Additionally, The Depository Trust
Company's plan includes a testing phase, which is expected to
be completed within appropriate time frames.
However, The Depository Trust Company's ability to perform
properly its services is also dependent upon other parties,
including but not limited to, its participating organizations,
through which you will hold your certificates, as well as the
computer systems of third party service providers. The
Depository Trust Company has informed the financial community
that it is contacting and will continue to contact third party
vendors from whom The Depository Trust Company acquires
services to:
</TABLE>
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<S> <C>
impress upon them the importance of such services being year
2000 compliant; and
determine the extent of their efforts for year 2000
remediation, and, as appropriate, testing, of their services.
In addition, The Depository Trust Company has stated that it is
in the process of developing such contingency plans as it deems
appropriate.
If problems associated with the year 2000 problem were to occur
with respect to The Depository Trust Company and the services
described above, payments to you could be delayed or otherwise
adversely affected.
</TABLE>
S-11
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THE TRUST AGREEMENT
GENERAL
The DLJ Mortgage Acceptance Corp., Resecuritization Mortgage Trust, Series
1999-A, Class A-1 Certificates (the 'CERTIFICATES') will be issued pursuant to a
Trust Agreement (the 'TRUST AGREEMENT'), to be dated April 30, 1999, between DLJ
Mortgage Acceptance Corp., a Delaware corporation (the 'DEPOSITOR') and The
First National Bank of Chicago, a national banking association (the 'TRUSTEE').
THE TRUSTEE
The First National Bank of Chicago will be the Trustee under the Trust
Agreement. The Depositor and its affiliates may maintain other banking
relationships in the ordinary course of business with the Trustee. The corporate
trust office of the Trustee with respect to the Certificates and the Trust
(defined herein) is located at One First National Plaza, Chicago, Illinois
60670-0126, Global Corporate Trust Services.
The principal compensation to be paid to the Trustee with respect to its
activities as Trustee for the Certificates (including acting as certificate
registrar and paying agent) will be the Trustee Fee, which will be payable each
Distribution Date (defined herein) out of the Trustee Fee Account (defined
herein). The Trustee Fee will not be payable from Available Funds (defined
herein). On each Distribution Date, the Trustee shall withdraw the Trustee Fee
from the Trustee Fee Account. With respect to any Distribution Date, the
'TRUSTEE FEE' will be equal to the product of (A) a fraction (but not greater
than 1), the numerator of which is the Available Funds for such Distribution
Date and the denominator of which is the aggregate principal balance of the
Underlying Certificates (defined herein) immediately prior to the Underlying
Remittance Date (defined herein) and (B) the amount on deposit in the Trustee
Fee Account. The Trustee will also be entitled to be reimbursed for certain
expenses as provided in the Trust Agreement. Except as otherwise provided in the
Trust Agreement, the Trustee and any director, officer, employee or agent of the
Trustee will be indemnified by the Trust and held harmless against any claim,
loss, liability or expense incurred in connection with any breach of the Trust
Agreement, any claim or legal action, including any pending or threatened claim
or legal action relating to the acceptance or administration of its trusts and
duties under the Trust Agreement or the Certificates, other than any claim,
loss, liability or expense that constitutes a specific liability of the Trustee
under the Trust Agreement incurred by reason of willful misfeasance, bad faith
or negligence in the performance of duties or by reason of a breach of or
reckless disregard of obligations or duties under the Trust Agreement.
TRUSTEE FEE ACCOUNT
The Trust Agreement requires the Trustee, for the benefit of the holders of
the Certificates and itself, to establish and maintain one or more segregated
accounts (collectively, the 'TRUSTEE FEE ACCOUNT'). On April 30, 1999 (the
'CLOSING DATE'), the Depositor will deposit $84,000.00 in the Trustee Fee
Account.
The Trust Agreement requires that each account constituting the Trustee Fee
Account be an Eligible Account (defined herein). The Trust Agreement also
permits amounts on deposit in the Trustee Fee Account to be invested in certain
investments acceptable to Fitch IBCA, Inc. (the 'RATING AGENCY') and specified
in the Trust Agreement ('PERMITTED INVESTMENTS'). Any investment income on funds
deposited in the Trustee Fee Account will be deposited into the Trustee Fee
Account. If the Trustee resigns or is removed for cause and a successor trustee
is appointed, any amounts then on deposit in the Trustee Fee Account shall
thereafter be held by the successor trustee in the same manner as previously
held by the Trustee. Upon the termination of the Trust, the funds then on
deposit in the Trustee Fee Account will be remitted to the Trustee.
An 'ELIGIBLE ACCOUNT' is an account that is any of the following: (i)
maintained with a depository institution the short-term deposits of which have
been rated not lower than 'F-1' by the Rating Agency and the long-term deposits
of which have been rated not lower than 'AA' by the Rating Agency, (ii) an
account or accounts the deposits in which such accounts are fully insured to the
limits established by the FDIC, provided that any such deposits not so insured
shall, to the extent acceptable to the Rating Agency, as evidenced in writing,
be otherwise maintained such that (as evidenced by an opinion of counsel
delivered to the Trustee and the Rating Agency) the Certificateholders have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to all claims of any other
depositors or creditors of the depository institution with which such
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account is maintained, (iii) a trust account or accounts maintained in the
corporate trust department of the Trustee, or (iv) an account or accounts of a
depository institution acceptable to the Rating Agency, (as evidenced in writing
that use of any such account as the Certificate Account or the Trustee Fee
Account will not have an adverse effect on the then current ratings assigned to
the Certificates by the Rating Agency).
ASSIGNMENT OF THE UNDERLYING CERTIFICATES
On the Closing Date, the Depositor will transfer or cause to be transferred
to the Trustee, for the benefit of the holders of the Certificates, the
ownership of the Underlying Certificates. The Trustee, on behalf of such
holders, will be entitled to receive distributions in respect of the Underlying
Certificates beginning with the distributions thereon in May 1999.
ADMINISTRATION OF THE TRUST
If at any time it is necessary or prudent for the Trustee, as the holder of
an Underlying Certificate, to take any action or to give any consent, approval
or waiver, including without limitation in connection with an amendment of the
related Underlying Agreement, or if an event of default occurs thereunder, the
Trust Agreement provides that the Trustee, in its capacity as holder of the
Underlying Certificate (in such capacity, the 'UNDERLYING CERTIFICATEHOLDER'),
will promptly notify all of the holders of the Certificates and will only act in
accordance with the written directions of holders of the Certificates entitled
to at least 51% of the voting rights afforded by such Certificates.
COLLECTION OF MONIES
In connection with its receipt of any distribution on an Underlying
Certificate on any Underlying Remittance Date, the Trustee will be permitted
under the Trust Agreement to conclusively rely on the related Underlying
Remittance Date Statements (defined herein) received in connection therewith as
the related Underlying Certificateholder and, absent manifest error, the Trustee
shall have no obligation to recompute, recalculate or verify any information in
such Distribution Date Statements. If the Trustee shall not have received a
distribution on any Underlying Certificate by the close of business on the date
on which such distribution was to be received by the Trustee, the Trustee shall
notify the trustee or other party responsible therefor in respect of such
Underlying Certificate. If (i) such distribution shall not have been received by
the Trustee one (1) Business Day following such notice or (ii) the Trustee shall
gain actual knowledge of any event of default under any Underlying Agreement,
the Trustee is required to promptly notify the holders of the Certificates and
such parties will proceed as described under ' -- Administration of the Trust'
above.
CERTIFICATE ACCOUNT
The Trust Agreement requires the Trustee, for the benefit of the holders of
the Certificates, to establish and maintain one or more segregated accounts
(collectively, the 'CERTIFICATE ACCOUNT'). The Trustee will be required to cause
the following payments and collections in respect of the related Underlying
Certificates to be deposited in the Certificate Account:
(i) all distributions received on the Underlying Certificates
subsequent to the Closing Date;
(ii) any amounts received in connection with the sale of the
Underlying Certificates pursuant to the Trust Agreement; and
(iii) any other amounts specifically required to be deposited pursuant
to the Trust Agreement.
The Trust Agreement requires that each account constituting the Certificate
Account be an Eligible Account. The Trust Agreement permits amounts on deposit
in the Certificate Account to be held uninvested or invested by the Trustee in
Permitted Investments which shall mature not later than the Business Day
immediately preceding the next Distribution Date and shall not be sold or
disposed of prior to its maturity. Any investment income on funds deposited in
the Certificate Account will be deposited into the Certificate Account, and may
only be withdrawn and applied for the purposes set forth below. The Trustee, in
its individual capacity, shall deposit in the Certificate Account the amount of
any loss incurred in respect of such Permitted Investments immediately upon the
realization of such loss. The Trustee may from time to time withdraw funds from
the Certificate Account for the following purposes:
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(i) to reimburse the Depositor or itself for expenses incurred by and
reimbursable to the Depositor or itself as described under 'Certain Matters
Regarding the Depositor' below or as otherwise permitted under the Trust
Agreement;
(ii) to make payments to holders of the Certificates in the amounts
and in the manner described herein under 'Description of the
Certificates -- Allocation of Available Funds;'
(iii) to pay itself on each Distribution Date any investment income on
amounts deposited by the Trustee in the Certificate Account as described
above; and
(iv) to clear and terminate the Certificate Account upon the
termination of the Trust Agreement.
On each Distribution Date, the Trustee will be required to withdraw all
Available Funds from the Certificate Account and to use such Available Funds
only for the purposes described above.
STATEMENTS TO HOLDERS OF THE CERTIFICATES
On each Distribution Date, the Trustee is required under the Trust
Agreement to prepare, and to forward by mail, a statement (the 'DISTRIBUTION
DATE STATEMENT') to each holder of a Certificate and to the Depositor, which
states:
(i) the Available Funds for such Distribution Date;
(ii) with respect to such Distribution Date, the aggregate amount of
principal paid to the holders of the Certificates on such Distribution
Date;
(iii) the aggregate Certificate Principal Balance (defined herein) of
the Certificates after giving effect to payments of principal and
allocations of losses of principal in respect of the Certificates on such
Distribution Date;
(iv) the underlying principal balances of the Underlying Certificates
for the Underlying Remittance Date immediately preceding such Distribution
Date, after giving effect to the distributions and allocations of realized
losses made in respect thereof on such Underlying Remittance Date, based
solely on information contained in the related Underlying Remittance Date
Statements or otherwise provided to the Trustee in its capacity as
Underlying Certificateholder;
(v) the aggregate amount of any realized losses allocated to the
Certificates on such Distribution Date and any related reductions in the
aggregate Certificate Principal Balance thereof for such Distribution Date;
(vi) the amount of the Trustee Fee for such Distribution Date received
by the Trustee and the amounts of any previously unpaid Trustee Fees
received by the Trustee subsequent to the preceding Distribution Date; and
(vii) the aggregate of the amounts on deposit in the Trustee Fee
Account after giving effect to deposits therein and withdrawals therefrom
with respect to such Distribution Date.
In addition, the Trustee is required to furnish to holders of the
Certificates copies of any notices, statements or reports (other than Underlying
Remittance Date Statements) received by the Trustee as Underlying
Certificateholder. Upon written request of any Certificateholder, the Trustee
will furnish to such Certificateholder, at such Certificateholder's expense,
copies of any Underlying Remittance Date Statements requested by such
Certificateholder, to the extent such Underlying Remittance Statements have been
received by the Trustee.
On or before March 31 of each calendar year, beginning with calendar year
2000, the Trustee is required to prepare and deliver by first class mail to each
person who at any time during the previous calendar year was a holder of record
of a Certificate a statement containing the information required to be contained
in the Distribution Date Statement, as set forth in clause (ii) above,
aggregated for such calendar year or the applicable portion thereof during which
such person was a holder of a Certificate. Such obligation of the Trustee will
be deemed to have been satisfied to the extent that substantially comparable
information will be provided by the Trustee pursuant to any requirements of the
Code (defined herein) and regulations thereunder as from time to time are in
force.
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CERTAIN MATTERS REGARDING THE DEPOSITOR
Neither the Depositor, nor its affiliates nor any of the directors,
officers, employees or agents of the Depositor or its affiliates will be under
any liability to the Trust or the holders of the Certificates for any action
taken or for refraining from the taking of any action in good faith pursuant to
the Trust Agreement, or for errors in judgment; provided, however, that the
Depositor or any such person will not be protected against any breach of the
Depositor's warranties or representations made in the Trust Agreement, or
against any specific liability imposed on the Depositor pursuant to the Trust
Agreement, or against any liability which would otherwise be imposed by reason
of willful misfeasance, bad faith or gross negligence in the performance of
duties or by reason of reckless disregard of obligations or duties under the
Trust Agreement. The Depositor and any director, officer, employee or agent of
the Depositor may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any person respecting any matters
arising under the Trust Agreement. The Depositor and any director, officer,
employee or agent of the Depositor will be indemnified and held harmless by the
Trust against any loss, liability or expense incurred in connection with any
legal action relating to the Trust Agreement or the Certificates, other than any
loss, liability or expense incurred by reason of willful misfeasance, bad faith
or gross negligence in the performance of duties or by reason of reckless
disregard of obligations or duties under the Trust Agreement.
VOTING RIGHTS
For so long as the Certificates remain outstanding, all voting rights
afforded by such Certificates will be allocated among the holders of the
Certificates, on a pro rata basis in proportion to their respective Percentage
Interests (defined herein).
LIMITATION ON RIGHTS OF HOLDERS OF CERTIFICATES
The death or incapacity of any holder of a Certificate will not operate to
terminate the Trust Agreement or the Trust, nor entitle such holder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust, nor
otherwise affect the rights, obligations and liabilities of the parties to the
Trust Agreement.
No holder of a Certificate will have any right to vote (except as expressly
provided for in the Trust Agreement) or in any manner otherwise control the
operation and management of the Trust, or the obligations of the parties under
the Trust Agreement, nor will anything set forth in the Trust Agreement, or
contained in the terms of the Certificates, be construed so as to constitute the
holders of the Certificates from time to time as partners or members of an
association; nor will any holder of a Certificate be under any liability to any
third party by reason of any action taken by the parties to the Trust Agreement
pursuant to any provision thereof.
AMENDMENT
The Trust Agreement may be amended in certain instances from time to time
by the Depositor and the Trustee without the consent of any of the holders of
Certificates (i) to cure any ambiguity, (ii) to correct or supplement any
provisions which may be defective or inconsistent with any other provisions
herein, (iii) to amend the Trust Agreement in any respect subject to the
provisions below, or (iv) if such amendment, as evidenced by an opinion of
counsel (provided by the person requesting such amendment) delivered to the
Trustee, is reasonably necessary to comply with any requirements imposed by the
Code or any successor or amendatory statute or any temporary or final
regulation, revenue ruling, revenue procedure or other written official
announcement or interpretation relating to federal income tax laws or any
proposed such action which, if made effective, would apply retroactively to the
Trust at least from the effective date of such amendment; provided that such
action (except any amendment described in (iv) above) shall not, as evidenced by
an opinion of counsel (provided by the person requesting such amendment)
delivered to the Trustee, adversely affect in any material respect the interests
of any Certificateholder (other than Certificateholders who shall consent to
such amendment). The Trust Agreement may also be amended from time to time by
the Depositor and the Trustee with the consent of the holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of the
Certificates for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Trust Agreement or of
modifying in any manner the rights of the holders of Certificates; provided,
however, that no such amendment will (i) reduce in any manner the amount of, or
delay
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the timing of, payments which are required to be distributed on any Certificate
without the consent of the holder of such Certificate, (ii) adversely affect in
any material respect the interests of the holders of any of the Certificates in
a manner other than as described in clause (i) hereof without the consent of the
holders of Certificates evidencing Percentage Interests aggregating not less
than 66% or (iii) reduce the aforesaid percentages of Certificates the holders
of which are required to consent to any such amendment, without the consent of
the holders of all Certificates then outstanding.
Notwithstanding any contrary provision of the Trust Agreement, the Trustee
will not consent to any amendment to the Trust Agreement unless it shall have
first received an opinion of counsel (at the expense of the party seeking such
amendment) to the effect that such amendment or the exercise of any power
granted to the Depositor or the Trustee in accordance with such amendment will
not result in the imposition of a tax on the Trust or cause the Trust to fail to
be classified as a grantor trust under subpart E, Part I of subchapter J of the
Code. Promptly after the execution of any such amendment the Trustee will
furnish written notification of the substance of such amendment to each holder
of a Certificate. In the event that the consent of holders of the Certificates
to an amendment of the Trust Agreement is required, it will not be necessary for
the consent of the holders of Certificates to approve the particular form of any
proposed amendment, but it will be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by the holders of Certificates will be
subject to such reasonable regulations as the Trustee may prescribe.
TERMINATION
The obligations created by the Trust Agreement will terminate upon the
payment to the holders of the Certificates of all amounts held by or on behalf
of the Trustee and required to be paid to them pursuant to the Trust Agreement
following the earliest of (i) final payment of the last Underlying Certificate
remaining in the Trust or (ii) the optional purchase of all of the assets of the
Trust by the Trustee and, in the case of any purchase or termination described
in clause (ii) above, subject to the conditions described under 'Description of
the Certificates -- Optional Termination of the Trust' herein; provided,
however, that in no event will the Trust created by the Trust Agreement continue
beyond the expiration of 21 years from the death of the survivor of the person
or persons named in the Trust Agreement. Written notice of termination of the
Trust Agreement will be given to each Certificateholder, and the final
distribution will be made only upon presentation, surrender and cancellation of
the Certificates at an office or agency appointed by the Trustee which will be
specified in the notice of termination.
DESCRIPTION OF THE CERTIFICATES
GENERAL
Set forth below are summaries of the specific terms and provisions pursuant
to which the Certificates will be issued. The following summaries do not purport
to be complete and are subject to, and are qualified in their entirety by
reference to, the provisions of the Trust Agreement. When particular provisions
or terms used in the Trust Agreement are referred to, the actual provisions
(including definitions of terms) are incorporated by reference.
The Certificates will be issued pursuant to the Trust Agreement and will
represent the entire beneficial ownership interest in Resecuritization Mortgage
Trust, Series 1999-A (the 'TRUST'). The assets of the Trust will consist
primarily of thirty-four classes of previously issued principal only mortgage
pass-through certificates (the 'UNDERLYING CERTIFICATES') representing senior
ownership interests in thirty-one separate underlying trust funds.
The aggregate Certificate Principal Balance of the Certificates will, with
respect to any Distribution Date, be equal to the aggregate initial Certificate
Principal Balance thereof, reduced by the aggregate of (a) all principal
previously distributed in respect of the Underlying Certificates and applied to
reduce the aggregate Certificate Principal Balance of the Certificates and (b)
any reductions in the aggregate Certificate Principal Balance of the
Certificates deemed to have occurred in connection with principal losses
allocated to the Underlying Certificates as described herein. With respect to
any Distribution Date, after giving effect to such distributions and
allocations, the aggregate Certificate Principal Balance of the Certificates
will also be equal to the aggregate principal balance of the Underlying
Certificates. The Certificates will have an aggregate initial
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Certificate Principal Balance of approximately $13,128,498 based on the
aggregate principal balance of the Underlying Certificates at the close of
business on March 25, 1999 (the 'REFERENCE DATE') after application of any
distributions of principal made on the Underlying Certificates on such date.
However, because the closing date will be later than the Reference Date, and
because the principal balances of the Underlying Certificates are generally
expected to decline between such dates, the initial aggregate Certificate
Principal Balance of the Certificates is likely to be less than the amount
indicated above.
The Certificates will be issuable in denominations of not less than $1,000
principal amount and in integral multiples of $1.00 in excess thereof, with the
exception of one Certificate of such Class which may be issued in a lesser
amount.
BOOK-ENTRY REGISTRATION AND DEFINITIVE CERTIFICATES
The Certificates initially will be Book-Entry Certificates (the 'BOOK-ENTRY
CERTIFICATES'). Persons acquiring beneficial ownership interests in the
Book-Entry Certificates ('BENEFICIAL OWNERS') will hold such Certificates
through The Depository Trust Company ('DTC'). Except as described below, no
person acquiring a Book-Entry Certificate will be entitled to receive a
Definitive Certificate (defined herein). Unless and until Definitive
Certificates are issued, it is anticipated that the only 'Certificateholder'
will be Cede & Co., as nominee of DTC. Beneficial Owners will not be
Certificateholders as that term is used in the Trust Agreement. Beneficial
Owners are permitted to exercise their rights only indirectly through DTC and
its Participants (defined herein).
The beneficial ownership of a Book-Entry Certificate will be recorded on
the records of the brokerage firm, bank, thrift institution or other financial
intermediary (each, a 'FINANCIAL INTERMEDIARY') that maintains the Beneficial
Owner's account for such purpose. In turn, the Financial Intermediary's
ownership of such Book-Entry Certificate will be recorded on the records of DTC
(or of a participating firm that acts as agent for the Financial Intermediary,
whose interest will in turn be recorded on the records of DTC, if the Beneficial
Owner's Financial Intermediary is not a Participant).
Beneficial Owners will receive all payments of principal of, and interest
on, the Book-Entry Certificates from the Trustee through DTC and its
Participants. While the Book-Entry Certificates are outstanding (except under
the circumstances described below), under the rules, regulations and procedures
creating and affecting DTC and its operations (the 'DTC RULES'), DTC is required
to make book-entry transfers among Participants on whose behalf it acts with
respect to the Book-Entry Certificates and is required to receive and transmit
payments of principal of, and interest on, such Certificates. Participants and
indirect participants with whom Beneficial Owners have accounts with respect to
Book-Entry Certificates are similarly required to make book-entry transfers and
receive and transmit such payments on behalf of their respective Beneficial
Owners. Accordingly, although Beneficial Owners will not possess certificates,
the DTC Rules provide a mechanism by which Beneficial Owners will receive
payments and will be able to transfer their interests.
Beneficial Owners will not receive or be entitled to receive certificates
representing their respective interests in the Book-Entry Certificates, except
under the limited circumstances described below. Unless and until Definitive
Certificates are issued, Beneficial Owners who are not Participants may transfer
ownership of Book-Entry Certificates only through Participants and indirect
participants by instructing such Participants and indirect participants to
transfer Certificates, by book-entry transfer, through DTC for the account of
the purchasers of such Certificates, which account is maintained with their
respective Participants. Under the DTC Rules and in accordance with DTC's normal
procedures, transfers of ownership of Book-Entry Certificates will be executed
through DTC and the accounts of the respective Participants at DTC will be
debited and credited. Similarly, the Participants and indirect participants will
make debits or credits, as the case may be, on their records on behalf of the
selling and purchasing Beneficial Owners.
DTC, which is a New York-chartered limited purpose trust company, performs
services for its participants ('PARTICIPANTS'), some of which (and/or their
representatives) own DTC. In accordance with its normal procedures, DTC is
expected to record the positions held by each Participant in the Book-Entry
Certificates, whether held for its own account or as a nominee for another
person. In general, beneficial ownership of Book-Entry Certificates will be
subject to the rules, regulations and procedures governing DTC and its
Participants as in effect from time to time.
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Payments on the Book-Entry Certificates will be made on each Distribution
Date by the Trustee to DTC. DTC will be responsible for crediting the amount of
such payments to the accounts of the applicable Participants in accordance with
DTC's normal procedures. Each Participant will be responsible for disbursing
such payments to the Beneficial Owners that it represents and to each Financial
Intermediary for which it acts as agent.
Under a book-entry format, Beneficial Owners may experience some delay in
their receipt of payments because such payments will be forwarded by the Trustee
to Cede & Co. Because DTC has indicated that it will act only on behalf of
Financial Intermediaries, the ability of Beneficial Owners to pledge
Certificates to persons or entities that do not participate in the depository
system or otherwise take actions in respect of such Certificates may be limited
due to the lack of physical certificates representing such Certificates. In
addition, issuance of the Book-Entry Certificates in book-entry form may reduce
the liquidity of such Certificates in the secondary market because certain
potential investors may be unwilling to purchase Certificates for which they
cannot obtain physical certificates.
The monthly and annual statements with respect to the Underlying
Certificates as described under 'The Trust Agreement -- Statements to Holders of
the Certificates' herein will be provided by the Trustee to Cede & Co., as
nominee of DTC and as Certificateholder, and may be made available by such
entity to Beneficial Owners upon request, in accordance with the DTC Rules, and
to the Financial Intermediaries to whose DTC accounts the related Book-Entry
Certificates are credited.
DTC has advised the Trustee that, unless and until Definitive Certificates
are issued, DTC will take any action permitted to be taken by a
Certificateholder under the Trust Agreement only at the direction of one or more
Financial Intermediaries to whose DTC accounts the Book-Entry Certificates are
credited, to the extent that such actions are taken on behalf of Financial
Intermediaries whose holdings include such Certificates. DTC may take actions,
at the direction of the related Participants, with respect to some Certificates
that conflict with actions taken with respect to other Certificates.
Definitive Certificates will be issued in registered form to Beneficial
Owners, or their nominees, rather than to DTC, only if (i) DTC or the Trust
advises the Trustee in writing that DTC is no longer willing or able to
discharge properly its responsibilities as nominee and depositary with respect
to the Certificates and the Trust or the Trustee is unable to locate a qualified
successor or (ii) the Depositor, at its option, advises the Trustee that it
elects to terminate the book-entry system through DTC. Upon issuance of
Definitive Certificates to Beneficial Owners, such Certificates will be
transferable directly (and not exclusively on a book-entry basis), and
registered holders will deal directly with the Trustee with respect to
transfers, notices and payments. See 'Description of the Securities -- General'
in the Prospectus.
Upon the occurrence of any of the events described in the immediately
preceding paragraph, the Trustee will be required to use its best efforts to
notify all Beneficial Owners of the occurrence of such event and the
availability through DTC of Definitive Certificates. Upon surrender by DTC of
the certificates representing the Book-Entry Certificates and instructions for
re-registration, the Trustee will issue Definitive Certificates and thereafter
the Trustee will recognize the holders of such Definitive Certificates as
Certificateholders under the Trust Agreement.
Although DTC has agreed to the foregoing procedures in order to facilitate
transfer of Certificates among participants of DTC, they are under no obligation
to perform or continue to perform such procedures and such procedures may be
discontinued at any time.
DISTRIBUTIONS
General. Distributions on the Certificates will be made by the Trustee on
the third business day following the latest Underlying Remittance Date of each
month, beginning in May 1999 (each a 'DISTRIBUTION DATE'), to the persons in
whose names such Certificates are registered at the close of business on the
last business day of the month preceding the month of the related Underlying
Remittance Date (the 'RECORD DATE').
Each holder of a Certificate will be entitled to receive a pro rata share
of the aggregate amount of payments allocated to all Certificates on each
Distribution Date based on the respective Percentage Interests of the
Certificates. The 'PERCENTAGE INTEREST' of a Certificate will be stated on the
face thereof and will be an amount equal to the undivided percentage ownership
interest evidenced by such Certificate in the Trust.
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Payments in respect of the Certificates will be made to each registered
holder entitled thereto (a 'CERTIFICATEHOLDER'), either (i) by check mailed to
the address of such Certificateholder as it appears on the register maintained
by the Trustee or (ii) at the request, submitted to the Trustee in writing at
least five Business Days prior to the related Record Date, of any holder of
Certificates the aggregate Percentage Interest of which is equivalent to an
aggregate initial Certificate Principal Balance of not less than $2,500,000, by
wire transfer in immediately available funds. The final payment in respect of
each Certificate will be made only upon presentation and surrender thereof at
the office or agency of the Trustee specified in the notice to the holder of
such Certificate of such final payment.
ALLOCATION OF AVAILABLE FUNDS
On each Distribution Date, the Trustee will withdraw from the Certificate
Account an amount (the 'AVAILABLE FUNDS') equal to (i) the aggregate of all
amounts received by the Trustee on and prior to such Distribution Date as
distributions on the Underlying Certificates, reduced by (ii) the sum of any
expenses reimbursable to the Depositor and any taxes imposed upon the Trust. The
Trustee will then distribute such Available Funds to the Class A-1 Certificates
until the outstanding principal balance of such Class has been reduced to zero.
In the event that on any Underlying Remittance Date, the Trustee shall not
have received the cash distribution, if any, required to be made under an
Underlying Agreement in respect of an Underlying Certificate, the Trustee shall
effect the distribution set forth above on the business day immediately
following the date on which the cash distribution so required shall have been
received by the Trustee.
The 'CERTIFICATE PRINCIPAL BALANCE' with respect to any Certificate and any
date of determination is the initial principal balance of such Certificate
reduced by all distributions of principal made on such Certificate on all
Distribution Dates preceding such date of determination and further reduced by
all losses allocated to such Certificate on any such Distribution Date.
ALLOCATION OF LOSSES
Losses on the Mortgage Loans in each Underlying Trust Fund are allocated to
the related Underlying Subordinate Interests (defined herein) before they are
allocated to the Underlying Senior Interests (defined herein). If the aggregate
principal balance of the Underlying Subordinate Interests with respect to an
Underlying Trust Fund are reduced to zero, the amount of all future losses on
the Mortgage Loans held in such Underlying Trust Fund will be allocated to the
related Underlying Senior Interests, including the related Underlying
Certificates. To the extent allocated to an Underlying Certificate pursuant to
the related Underlying Agreement, losses on the related Mortgage Loans will be
allocated on a pro rata basis among the Certificates based on their respective
Percentage Interests. Any allocation to a Certificate of the principal portions
of losses in respect of the Underlying Certificates will be made by reducing the
Certificate Principal Balance of such Certificate by the amount so allocated as
of the Distribution Date immediately following the Underlying Remittance Date on
which such losses were allocated to the Underlying Certificates.
OPTIONAL TERMINATION OF THE TRUST FUND
The Trustee may, at its option, purchase from the Trust all and not less
than all of the Underlying Certificates remaining in the Trust and the other
assets thereof for the Termination Price (defined herein) specified in the Trust
Agreement and described below, and thereby effect early retirement of the
Certificates, at such time as the aggregate Underlying Principal Balance of such
Underlying Certificates is less than 5% of the aggregate Underlying Principal
Balance of the Underlying Certificates at the Closing Date. In the event the
Trustee exercises such option, the 'TERMINATION PRICE' will be the greater of
(i) 100% of the aggregate Certificate Principal Balance of the Certificates, and
(ii) the fair market value of the Underlying Certificates, determined by
calculating the average of three estimates of such fair market value as provided
by three independent experts who regularly buy and sell, or make a market in,
mortgage securities, with one such expert to be selected by the Trustee and the
other two experts to be chosen by the expert selected by the Trustee.
S-19
<PAGE>
<PAGE>
DESCRIPTION OF THE UNDERLYING CERTIFICATES
ALL OF THE INFORMATION CONTAINED HEREIN WITH RESPECT TO EACH OF THE
UNDERLYING CERTIFICATES IS BASED SOLELY ON (i) INFORMATION CONTAINED IN THE
RELATED UNDERLYING AGREEMENT AND (ii) INFORMATION OBTAINED FROM THE MONTHLY
STATEMENT PROVIDED BY THE RELATED UNDERLYING TRUSTEE IN CONNECTION WITH THE
MARCH 25, 1999 UNDERLYING REMITTANCE DATE FOR SUCH UNDERLYING CERTIFICATES.
NEITHER THE DEPOSITOR NOR THE TRUSTEE HAS THE ABILITY INDEPENDENTLY TO VERIFY
THE ACCURACY OF THIS INFORMATION AND, ACCORDINGLY, NEITHER THE DEPOSITOR NOR THE
TRUSTEE WILL MAKE ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY OF SUCH
INFORMATION. PROSPECTIVE INVESTORS ARE ADVISED TO CONSIDER THE LIMITED NATURE OF
SUCH AVAILABLE INFORMATION WHEN EVALUATING THE SUITABILITY OF ANY INVESTMENT IN
THE CERTIFICATES.
GENERAL
The Trust assets will consist of the following Underlying Certificates:
1. ABN AMRO Mortgage Corporation ('AMAC'), Multi-Class Mortgage
Pass-Through Certificates, Series 1998-1, Class IIA-P, evidencing a
Percentage Interest of 100.00% in such class of mortgage pass-through
certificates, having an initial Underlying Principal Balance of $333,045
and issued pursuant to a Pooling and Servicing Agreement, dated as of
March 1, 1998 among AMAC, as Depositor, LaSalle Home Mortgage
Corporation, as Servicer, and Chase Bank of Texas, N.A., as Trustee;
2. AMAC, Multi-Class Mortgage Pass-Through Certificates, Series 1998-2,
Class IIA-P, evidencing a Percentage Interest of 100.00% in such class
of mortgage pass-through certificates, having an initial Underlying
Principal Balance of $352,210 and issued pursuant to a Pooling and
Servicing Agreement, dated as of June 1, 1998 among AMAC., as Depositor,
LaSalle Home Mortgage Corporation, as Servicer and Chase Bank of Texas,
National Association, as Trustee;
3. BA Mortgage Securities, Inc. ('BAMS'), Mortgage Pass-Through
Certificates, Series 1998-1, Class II-PO, evidencing a Percentage
Interest of 100.00% in such class of mortgage pass-through certificates,
having an initial Underlying Principal Balance of $350,133 and issued
pursuant to a Pooling and Servicing Agreement, dated as of April 1, 1998
among BAMS, as Depositor, Bank of America, FSB, as Master Servicer and
Bankers Trust Company of California, N.A., as Trustee;
4. BAMS, Mortgage Pass-Through Certificates, Series 1998-2, Class II-PO,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $148,157 and issued pursuant to a Pooling and Servicing
Agreement, dated as of May 1, 1998 among BAMS, as Depositor, Bank of
America, FSB, as Master Servicer and Bankers Trust Company of
California, N.A., as Trustee;
5. CWMBS, Inc. ('CWMBS'), Mortgage Pass-Through Certificates, Series
1993-D, Class PO, evidencing a Percentage Interest of 5.0746784677% in
such class of mortgage pass-through certificates, having an initial
Underlying Principal Balance of $289,240 and issued pursuant to a
Pooling and Servicing Agreement, dated as of December 1, 1993 among
CWMBS, as Depositor, Countrywide Mortgage Conduit, Inc., as Seller and
Master Servicer and The Bank of New York, as Trustee;
6. FBS Mortgage Corporation ('FBS'), Mortgage Pass-Through Certificates,
Series 1993-C, Class A-11, evidencing a Percentage Interest of 100.00%
in such class of mortgage pass-through certificates, having an initial
Underlying Principal Balance of $3,312,230 and issued pursuant to a
Pooling and Servicing Agreement, dated as of June 1, 1993 among FBS, as
Seller and Master Servicer, First Trust National Association, as
Custodian and Firstar Bank Milwaukee, N.A., as Trustee;
7. GE Capital Mortgage Services, Inc. ('GECMS'), REMIC Multi-Class
Pass-Through Certificates, Series 1996-17, Class 2-PO, evidencing a
Percentage Interest of 100.00% in such class of mortgage pass-through
certificates, having an initial Underlying Principal Balance of $189,411
and issued pursuant to a Pooling and Servicing Agreement, dated as of
December 1, 1996 among GECMS, as Seller and Servicer and State Street
Bank and Trust Company, as Trustee;
8. HomeSide Mortgage Securities, Inc. ('HSMS'), Multi-Class Mortgage
Pass-Through Certificates, Series 1998-2, Class IIA-P, evidencing a
Percentage Interest of 100.00% in such class of mortgage pass-through
certificates, having an initial Underlying Principal Balance of $112,962
and issued pursuant to a
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<PAGE>
<PAGE>
Pooling and Servicing Agreement, dated as of May 1, 1998 among HSMS, as
Depositor, HomeSide Lending, Inc., as servicer and Norwest Bank
Minnesota, National Association, as Trustee;
9. Nationsbanc Montgomery Funding Corp. ('NMFC') Mortgage Pass-Through
Certificates, Series 1998-5, Class A-PO, evidencing a Percentage
Interest of 100.00% in such class of mortgage pass-through certificates,
having an initial Underlying Principal Balance of $215,029 and issued
pursuant to a Pooling and Servicing Agreement, dated as of December 1,
1999 among NMFC, as Depositor, Nationsbanc Mortgage Corporation and Bank
of America FSB, as Servicers, and Norwest Bank Minnesota, National
Association, as Trustee;
10. Norwest Asset Securities Corporation ('NSCOR'), Mortgage Pass-Through
Certificates, Series 1997-1, Class A-PO, evidencing a Percentage
Interest of 100.00% in such class of mortgage pass-through
certificates, having an initial Underlying Principal Balance of
$1,873,162 and issued pursuant to a Pooling and Servicing Agreement,
dated as of January 23, 1997 among NSCOR, First Union National Bank of
North Carolina, as Trust Administrator, Norwest Bank, as Master
Servicer and Firstar Trust Company, as Trustee;
11. NSCOR, Mortgage Pass-Through Certificates, Series 1997-5, Class A-PO,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $1,021,549 and issued pursuant to a Pooling and Servicing
Agreement, dated as of March 20, 1997 among NSCOR, First Union National
Bank of North Carolina, as Trust Administrator, Norwest Bank, as Master
Servicer and Firstar Trust Company, as Trustee;
12. NSCOR, Mortgage Pass-Through Certificates, Series 1997-9, Class A-PO,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $805,766 and issued pursuant to a Pooling and Servicing
Agreement, dated as of June 18, 1997 among NSCOR, First Union National
Bank of North Carolina, as Trustee and Norwest Bank, as Master
Servicer;
13. The Prudential Home Mortgage Securities Company, Inc. ('PHMS'),
Mortgage Pass-Through Certificates, Series 1994-24, Class A-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $719,033 and issued pursuant to a Pooling and Servicing
Agreement, dated as of March 9, 1994 among PHMS, as Seller, Prudential
Home Mortgage Company, as Servicer and First Trust National
Association, as Trustee;
14. PNC Mortgage Securities Corp. ('PNCMS'), Mortgage Pass-Through
Certificates, Series 1996-4, Class I-P, evidencing a Percentage
Interest of 100.00% in such class of mortgage pass-through
certificates, having an initial Underlying Principal Balance of
$336,248 and issued pursuant to a Pooling and Servicing Agreement,
dated as of December 1, 1996 among PNCMS, as Depositor and Master
Servicer and First Bank National Association, as Trustee;
15. PNCMS, Mortgage Pass-Through Certificates, Series 1997-3, Class I-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $129,474 and issued pursuant to a Pooling and Servicing
Agreement, dated as of April 1, 1997 among PNCMS, as Depositor and
Master Servicer and First Bank National Association, as Trustee;
16. PNCMS, Mortgage Pass-Through Certificates, Series 1997-4, Class I-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $595,842 and issued pursuant to a Pooling and Servicing
Agreement, dated as of June 1, 1997 among PNCMS, as Depositor and
Master Servicer and First Bank National Association, as Trustee;
17. PNCMS, Mortgage Pass-Through Certificates, Series 1997-8, Class III-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $201,782 and issued pursuant to a Pooling and Servicing
Agreement, dated as of November 1, 1997 among PNCMS, as Depositor,
Master Servicer and Certificate Administrator, IndyMac, as Master
Servicer and U.S. Bank National Association, as Trustee;
S-21
<PAGE>
<PAGE>
18. PNCMS, Mortgage Pass-Through Certificates, Series 1998-1, Class IV-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $87,050 and issued pursuant to a Pooling and Servicing
Agreement, dated as of January 1, 1998 among PNCMS, as Depositor,
Certificate Administrator and Master Servicer, IndyMac as Master
Servicer and U.S. Bank National Association, as Trustee;
19. PNCMS, Mortgage Pass-Through Certificates, Series 1998-2, Class III-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $337,993 and issued pursuant to a Pooling and Servicing
Agreement, dated as of February 1, 1998 among PNCMS, as Depositor and
Master Servicer and U.S. Bank National Association, as Trustee;
20. PNCMS, Mortgage Pass-Through Certificates, Series 1998-3, Class I-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $228,761 and issued pursuant to a Pooling and Servicing
Agreement, dated as of March 1, 1998 among PNCMS, as Depositor and
Master Servicer and U.S. Bank National Association, as Trustee;
21. PNCMS, Mortgage Pass-Through Certificates, Series 1998-4, Class IV-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $363,980 and issued pursuant to a Pooling and Servicing
Agreement, dated as of April 1, 1998 among PNCMS, as Depositor and
Master Servicer and U.S. Bank National Association, as Trustee;
22. PNCMS, Mortgage Pass-Through Certificates, Series 1998-5, Class III-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $1,250,051 and issued pursuant to a Pooling and Servicing
Agreement, dated as of June 1, 1998 among PNCMS, as Depositor and
Master Servicer and U.S. Bank National Association, as Trustee;
23. PNCMS, Mortgage Pass-Through Certificates, Series 1998-6, Class III-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $70,472 and issued pursuant to a Pooling and Servicing
Agreement, dated as of July 1, 1998 among PNCMS, as Depositor and
Master Servicer and U.S. Bank National Association, as Trustee;
24. PNCMS, Mortgage Pass-Through Certificates, Series 1998-8, Class III-P
and Class IV-P, evidencing a Percentage Interest of 100.00% in each
such mortgage pass-through certificates, having an initial Underlying
Principal Balance of $364,243 and $3,775, respectively, and issued
pursuant to a Pooling and Servicing Agreement, dated as of September 1,
1998 among PNCMS, as Depositor and Master Servicer and State Street
Bank and Trust Company, as Trustee;
25. PNCMS, Mortgage Pass-Through Certificates, Series 1998-9, Class II-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $774,341 and issued pursuant to a Pooling and Servicing
Agreement, dated as of September 1, 1998 among PNCMS, as Depositor and
Master Servicer and State Street Bank and Trust Company, as Trustee;
26. PNCMS, Mortgage Pass-Through Certificates, Series 1998-10, Class III-P
and Class IV-P, each evidencing a Percentage Interest of 100.00% in
such class of mortgage pass-through certificates, having an initial
Underlying Principal Balance of $450,142 and $293,172, respectively and
issued pursuant to a Pooling and Servicing Agreement, dated as of
October 1, 1998 among PNCMS, as Depositor and Master Servicer and State
Street Bank and Trust Company, as Trustee;
27. PNCMS, Mortgage Pass-Through Certificates, Series 1998-11, Class II-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $37,264 and issued pursuant to a Pooling and Servicing
Agreement, dated as of October 1, 1998 among PNCMS, as Depositor and
Master Servicer and State Street Bank and Trust Company, as Trustee;
S-22
<PAGE>
<PAGE>
28. PNCMS, Mortgage Pass-Through Certificates, Series 1998-12, Class III-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $513,104 and issued pursuant to a Pooling and Servicing
Agreement, dated as of November 1, 1998 among PNCMS, as Depositor and
Master Servicer and State Street Bank and Trust Company, as Trustee;
29. PNCMS, Mortgage Pass-Through Certificates, Series 1998-14, Class II-P
and Class V-P, each evidencing a Percentage Interest of 100.00% in such
class of mortgage pass-through certificates, having an initial
Underlying Principal Balance of $380,782 and $25,482, respectively and
issued pursuant to a Pooling and Servicing Agreement, dated as of
December 1, 1998 among PNCMS, as Depositor and Master Servicer and
State Street Bank and Trust Company, as Trustee;
30. PNCMS, Mortgage Pass-Through Certificates, Series 1999-1, Class II-P,
evidencing a Percentage Interest of 100.00% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $638,866 and issued pursuant to a Pooling and Servicing
Agreement, dated as of January 1, 1999 among PNCMS, as Depositor and
Master Servicer and State Street Bank and Trust Company, as Trustee;
and
31. Residential Asset Securitization Trust ('RAST') 1996-A10 Mortgage
Pass-Through Certificates, Series 1996-N, Class PO, evidencing a
Percentage Interest of 37.2819568029% in such class of mortgage
pass-through certificates, having an initial Underlying Principal
Balance of $1,913,325 and issued pursuant to a Pooling and Servicing
Agreement, dated as of October 1, 1999 among CWMBS, as Depositor,
Independent National Mortgage Corporation, as Seller and Master
Servicer, and The Bank of New York, as the Trustee.
The pooling and servicing agreements described above are referred to
collectively as the 'UNDERLYING AGREEMENTS', the pass-through certificates
referred to above are referred to collectively as the 'UNDERLYING CERTIFICATES',
the servicers and master servicers described above are referred to collectively
as the 'SERVICERS' and the trustees described above are referred to collectively
as the 'UNDERLYING TRUSTEES.'
Each of the Underlying Certificates evidences an underlying interest in a
class of mortgage securities from a series thereof issued by the related issuer
in respect of certain Mortgage Loans and is rated in the highest rating category
of at least one of Standard & Poor's, a division of the McGraw-Hill Companies,
Inc., Moody's Investors Service, Inc., Duff & Phelps Credit Rating Co. and Fitch
IBCA, Inc.
The Underlying Certificates evidence senior interests in thirty-one
separate trust funds (each, an 'UNDERLYING TRUST FUND') created by the related
Underlying Agreements and were issued together with other senior interests
(together with the Underlying Certificates, the 'UNDERLYING SENIOR INTERESTS'),
certain subordinate interests (the 'UNDERLYING SUBORDINATE INTERESTS') and
certain residual interests. Each Underlying Trust Fund consists primarily of one
or more pools of conventional, fixed-rate mortgage loans (the 'MORTGAGE LOANS')
secured by first liens on one- to four-family residential properties. The
aggregate outstanding principal balance of the principal only Mortgage Loans
(the 'MORTGAGE POOL PRINCIPAL BALANCE') related to the Underlying Certificates
as of the Underlying Remittance Date in March 1999 was approximately
$457,512,027.
Each of the Servicers is required to deposit, or cause to be deposited, in
the account maintained for receipt of payments on the related Mortgage Loans
(the 'UNDERLYING CERTIFICATE ACCOUNT') on a daily basis the payments and
collections on such Mortgage Loans, except that each such Servicer will deduct
its servicing fee and any expenses of liquidating defaulted Mortgage Loans or
property acquired in respect thereof.
The Underlying Subordinate Interests are subordinate to the related
Underlying Senior Interests with respect to the right to receive distributions
from the related Underlying Trust Funds and, accordingly, no distributions will
be made on the Underlying Subordinate Interest on any Underlying Remittance Date
until all required distributions have been made on the Underlying Senior
Interests for such date. In addition, all losses on the Mortgage Loans (other
than certain excess losses relating to special hazards, mortgagor fraud or
bankruptcy) will be borne first by the Underlying Subordinate Interests before
being borne by the Underlying Senior Interests.
Based solely on the monthly statements provided by the Underlying Trustees
in connection with the March 25, 1999 Underlying Remittance Date for the
Underlying Certificates, which statements have not been independently verified
for accuracy, the approximate aggregate principal balance for each of the
Underlying Certificates, after giving effect to the March 1999 distributions
thereon are as set forth in the table on page S-5.
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<PAGE>
<PAGE>
DISTRIBUTIONS ON THE UNDERLYING CERTIFICATES
Distributions of principal on the Underlying Certificates will be made on
the 25th day of each month or, if such day is not an Underlying Business Day,
the next succeeding Underlying Business Day (each, an 'UNDERLYING REMITTANCE
DATE'). As used herein, an 'UNDERLYING BUSINESS DAY' means generally any day
other than (a) a Saturday or Sunday or (b) a legal holiday in the state
specified in the related Underlying Agreement or (c) a day on which banking
institutions in the state specified in the related Underlying Agreement are
authorized or obligated by law or executive order to be closed.
Scheduled principal received on the Mortgage Loans held in each Underlying
Trust Fund will be passed through monthly on the Underlying Remittance Date
occurring in the month in which the related Due Date occurs. Principal
prepayments in full together with any partial prepayments ('CURTAILMENTS')
received on the Mortgage Loans will be passed through to the related underlying
certificateholders as specified in the table below. As used herein, the 'DUE
DATE' is the first day of each calendar month, being the day of the month on
which a payment of interest and principal is due for each Mortgage Loan,
exclusive of any days of grace.
<TABLE>
<CAPTION>
ISSUER, SERIES AND CLASS
OF UNDERLYING CERTIFICATES PREPAYMENTS IN FULL CURTAILMENTS
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
AMAC 98-1, Class II-AP Payments received on the first day Payments received on the first day
AMAC 98-2, Class II-AP through the last day of the month through the last day of the month
BAMS 98-1, Class II-PO will be passed through on the will be passed through on the
BAMS 98-2, Class II-PO Underlying Remittance Date occurring Underlying Remittance Date occurring
CWMBS 93-D, Class PO in the month following receipt. in the month following receipt.
FBS 93-C, Class A-11
HSMS 98-2, Class IIA-P
NMFC 98-5, Class A-PO
RAST 96-A10, 1996-N Class PO
PNCMS 96-4, Class I-P Payments received on the fifteenth Payments received on the first day
PNCMS 97-3, Class I-P day of the prior month through the through the last day of the month
PNCMS 97-4, Class I-P fourteenth day of the current month will be passed through on the
PNCMS 97-8, Class III-P will be passed through on the Underlying Remittance Date occurring
PNCMS 98-10, Class III-P Underlying Remittance Date occurring in the month following receipt.
PNCMS 98-10, Class IV-P in such month.
PNCMS 98-11, Class II-P
PNCMS 98-12, Class III-P
PNCMS 98-14, Class II-P
PNCMS 98-14, Class V-P
PNCMS 98-2, Class III-P
PNCMS 98-3, Class I-P
PNCMS 98-4, Class IV-P
PNCMS 98-5, Class III-P
PNCMS 98-6, Class III-P
PNCMS 98-8, Class III-P
PNCMS 98-8, Class IV-P
PNCMS 98-9, Class II-P
PNCMS 99-1, Class II-P
</TABLE>
S-24
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
ISSUER, SERIES AND CLASS
OF UNDERLYING CERTIFICATES PREPAYMENTS IN FULL CURTAILMENTS
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
GECMS 96-17, Class 2-PO Payments received on the sixteenth Payments received on the first day
day of the prior month through the through the last day of the month
fifteenth day of the current month will be passed through on the
will be passed through on the Underlying Remittance Date occurring
Underlying Remittance Date occurring in the month following receipt.
in such month.
PNCMS 98-1, Class IV-P With respect to Mortgage Loans which Payments received on the first day
are master serviced by PNC Mortgage through the last day of the month
Securities Corp., payments received will be passed through on the
on the fifteenth day of the prior Underlying Remittance Date occurring
month through the fourteenth day of in the month following receipt.
the current month will be passed
through on the Underlying Remittance
Date occurring in such month.
With respect to Mortgage Loans which
are master serviced by IndyMac,
Inc., payments received on the first
day through the last day of the
month will be passed through on the
Underlying Remittance Date occurring
in the month following receipt.
NSCOR 97-1, Class A-PO With respect to certain of the With respect to certain of the
NSCOR 97-5, Class A-PO Mortgage Loans serviced by Norwest Mortgage Loans serviced by Norwest
NSCOR 97-9, Class A-PO Bank, payments received on the Bank, payments received on the
seventeenth day of the prior month seventeenth day of the prior month
through the sixteenth day of the through the sixteenth day of the
current month will be passed through current month will be passed through
on the Underlying Remittance Date on the Underlying Remittance Date
occurring in such month. occurring in such month.
With respect to all other Mortgage With respect to all other Mortgage
Loans, payments received on the Loans, payments received on the
first day through the last day of first day through the last day of
the month will be passed through on the month will be passed through on
the Underlying Remittance Date the Underlying Remittance Date
occurring in the month following occurring in the month following
receipt. receipt.
PHMS 94-24, Class A-P Payments received on the first day Payments received on the seventeenth
through the last day of the month day of the prior month through the
will be passed through on the sixteenth day of the current month
Underlying Remittance Date occurring will be passed through on the
in the month following receipt. Underlying Remittance Date occurring
in such month.
</TABLE>
S-25
<PAGE>
<PAGE>
SUBORDINATED INTERESTS
The Underlying Certificates, which represent senior interests in the
related Underlying Trust Funds, evidence the right of the holders thereof to
receive distributions on the related Mortgage Loans before any distributions
have been made to holders of the Underlying Subordinate Interests. This
subordination is intended to enhance the likelihood of regular receipt by
holders of such Underlying Senior Interests of the full amount of monthly
distributions due them and to protect holders of such Underlying Senior
Interests against losses and other cash flow shortfalls. If, on any Underlying
Remittance Date, holders of the Underlying Senior Interests are paid less than
the amount due to them on such date, the percentage interest of the holders of
such Underlying Senior Interests in such Underlying Trust Fund will vary so as
to preserve the entitlement of such Underlying Senior Interests to unpaid
principal of the Mortgage Loans and interest thereon.
Amounts with respect to principal (other than scheduled monthly
distributions of principal) will be disproportionately allocated to the
Underlying Senior Interests under certain conditions specified in the Underlying
Agreements. This will have the effect of accelerating the amortization of the
Underlying Senior Interests and reducing their proportionate share in the
related Underlying Trust Fund while increasing the proportionate share of the
Underlying Subordinate Interests in such Underlying Trust Fund. Increasing the
interest of the Underlying Subordinate Interests in the related Underlying Trust
Fund relative to that of the related Underlying Senior Interests is intended to
preserve the availability of the benefits of the subordination provided by such
Underlying Subordinate Interests.
If at any time the Underlying Subordinate Interests have been extinguished,
all future losses or shortfalls due to delinquent payments on the related
Mortgage Loans for which no advance is made by the related Servicer will be
borne by the related Underlying Senior Interests. Amounts actually paid at any
time to the holder of an Underlying Certificate in accordance with the terms of
the related Underlying Agreement will not be subsequently recoverable from such
holder.
ADVANCES
Each of the Servicers is obligated to make advances of cash each month for
distribution on the related Underlying Certificates equal to the difference
between the amount due on such Underlying Certificates and the amount in the
Underlying Certificate Account to be distributed to them pursuant to the related
Underlying Agreement, but only to the extent such difference is attributable to
delinquent monthly payments due during the immediately preceding month. No
Servicer is under any obligation to make an advance with respect to any Mortgage
Loan if the Servicer determines, in its sole discretion, that such advance will
not be recoverable from future payments and collections on such Mortgage Loan.
Advances are intended to maintain a regular flow of scheduled interest and
principal payments on the Underlying Certificates, not to guarantee or insure
against losses. Accordingly, any funds so advanced are recoverable by the
related Servicer out of amounts received on the related Mortgage Loans.
OPTIONAL TERMINATION OF THE UNDERLYING TRUST FUNDS
Each Servicer may, on any Underlying Remittance Date, purchase from the
related Underlying Trust Fund all Mortgage Loans remaining outstanding at such
time as the aggregate unpaid principal balance of such Mortgage Loans is less
than 10% (or 5% with respect to 14 of the Underlying Trust Funds relating to 17
of the Underlying Certificates) of the aggregate unpaid principal balance of the
Mortgage Loans as of the cut-off date related to the related Underlying
Certificates. See Description of the Mortgage Loans -- The Mortgage Loans for a
complete listing of such optional termination percentages. The purchase price
will be distributed on the Underlying Certificates in the month following the
month of such purchase.
FOR ADDITIONAL INFORMATION ON THE UNDERLYING CERTIFICATES, INVESTORS SHOULD
CAREFULLY REVIEW THE STATEMENTS FOR THE UNDERLYING CERTIFICATES PROVIDED BY THE
UNDERLYING TRUSTEES OR THE SERVICERS (THE 'UNDERLYING REMITTANCE DATE
STATEMENTS') FOR THE MARCH 25, 1999 UNDERLYING REMITTANCE DATES ATTACHED HERETO
AS EXHIBIT A. ANY INFORMATION SET FORTH IN THIS PROSPECTUS SUPPLEMENT (INCLUDING
EXHIBIT A HERETO) WITH RESPECT TO THE UNDERLYING CERTIFICATES OR THE RELATED
MORTGAGE LOANS HAS BEEN OBTAINED BY THE DEPOSITOR FROM THE RELATED UNDERLYING
PROSPECTUSES OR UNDERLYING REMITTANCE DATE STATEMENTS PROVIDED BY THE UNDERLYING
TRUSTEES OR THE RELATED SERVICERS, AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE DEPOSITOR OR THE UNDERWRITER. THE UNDERLYING PROSPECTUSES AND ALL OTHER
OFFERING MATERIALS DESCRIBED ABOVE FOR THE UNDERLYING CERTIFICATES WERE PREPARED
BY THE ISSUERS OF THE RELATED UNDERLYING CERTIFICATES. NEITHER THE DEPOSITOR NOR
THE UNDERWRITER MAKES ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF
THE INFORMATION IN THE UNDERLYING PROSPECTUSES, OTHER RELATED MATERIALS OR THE
UNDERLYING REMITTANCE DATE STATEMENTS.
S-26
<PAGE>
<PAGE>
DESCRIPTION OF THE MORTGAGE LOANS
ALL OF THE INFORMATION CONTAINED HEREIN WITH RESPECT TO THE MORTGAGE LOANS
IS BASED SOLELY ON (i) INFORMATION CONTAINED IN THE RELATED UNDERLYING
PROSPECTUSES AND (ii) INFORMATION OBTAINED FROM THE UNDERLYING TRUSTEES IN
CONNECTION WITH THE RELATED UNDERLYING REMITTANCE DATE STATEMENTS. NEITHER THE
DEPOSITOR, THE UNDERWRITER NOR THE TRUSTEE HAS THE ABILITY INDEPENDENTLY TO
VERIFY THE ACCURACY OF THIS INFORMATION AND, ACCORDINGLY, NEITHER THE DEPOSITOR,
THE UNDERWRITER NOR THE TRUSTEE WILL MAKE ANY REPRESENTATION OR WARRANTY AS TO
THE ACCURACY OF SUCH INFORMATION. PROSPECTIVE INVESTORS ARE ADVISED TO CONSIDER
THE LIMITED NATURE OF SUCH AVAILABLE INFORMATION WHEN EVALUATING THE SUITABILITY
OF ANY INVESTMENT IN THE CERTIFICATES.
GENERAL
Each Underlying Trust Fund receives payments from a separate pool of
Mortgage Loans and will perform independently of the other. Substantially all of
the Mortgage Loans have original terms to stated maturity of approximately 180
months.
Pursuant to each of the Underlying Agreements, the seller of the related
Mortgage Loans to the trust (or another party described in the related
Underlying Agreement) (the 'REPRESENTING PARTY') will make certain
representations and warranties for the benefit of the related Underlying Trustee
with respect to such Mortgage Loans and will be obligated to repurchase any
Mortgage Loan as to which there is a material breach of any such representation
or warranty. In lieu of such repurchase obligation, the Repurchasing Party may,
subject to certain limitations, within two years after the date of initial
delivery of the related Underlying Certificates, substitute for the affected
Mortgage Loans substitute mortgage loans.
None of the Mortgage Loans are insured or guaranteed by any governmental
agency.
THE MORTGAGE LOANS
Selected Mortgage Loan Data. The table below summarizes certain
characteristics of the Mortgage Loans as such Mortgage Loans were constituted as
of March 25, 1999. It is expected that the information set forth herein will be
representative of the characteristics of the Mortgage Loans as of the date
hereof, although prior to issuance of the Certificates, certain of the Mortgage
Loans may be (or may have been) prepaid in full or in part or may be repurchased
as described herein. The information contained herein with respect to the
Mortgage Loans has been obtained from reports and other information supplied by
the Underlying Trustees and has not been independently represented to the Trust
as being accurate and complete.
S-27
<PAGE>
<PAGE>
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AS OF MARCH 25, 1999
<TABLE>
<CAPTION>
AGGREGATE PRINCIPAL
WEIGHTED BALANCE OF THE
WEIGHTED AVERAGE RELATED UNDERLYING
AGGREGATE AVERAGE AGGREGATE AMORTIZING TERM PRINCIPAL ONLY
PRINCIPAL INTEREST RATE AMOUNT OF TO MATURITY (IN LOANS AS A
BALANCE OF THE ON THE PRINCIPAL MONTHS) OF THE PERCENTAGE OF THE
RELATED RELATED LOSSES ON ALL RELATED AGGREGATE PRINCIPAL
UNDERLYING UNDERLYING THE RELATED UNDERLYING BALANCE OF ALL
PRINCIPAL ONLY PRINCIPAL ONLY MORTGAGE PRINCIPAL ONLY UNDERLYING PRINCIPAL
ISSUER, SERIES LOANS AT THE LOANS AT THE LOANS AT THE LOANS AT THE ONLY LOANS AT THE
AND CLASS REFERENCE DATE REFERENCE DATE REFERENCE DATE REFERENCE DATE REFERENCE DATE
- -------------------------------- -------------- -------------- -------------- --------------- --------------------
<S> <C> <C> <C> <C> <C>
AMAC 98-1, Class II-AP.......... $ 13,778,780 6.61221% $ 0 167 3.01168%
AMAC 98-2, Class II-AP.......... $ 11,621,138 6.57251% $ 0 168 2.54007%
BAMS 98-1, Class II-PO.......... $ 11,661,652 6.56255% $ 0 167 2.54893%
BAMS 98-2, Class II-PO.......... $ 4,405,940 6.53897% $ 0 170 0.96302%
CWMBS 93-D, Class PO............ $ 8,598,245 6.24489% $ 0 112 1.87935%
FBS 93-C, Class A-11............ $ 23,769,365 7.52324% $ 0 150 5.19535%
GECMS 96-17, Class 2-PO......... $ 3,448,144 7.22056% $ 0 144 0.75367%
HSMS 98-2, Class IIA-P.......... $ 9,350,024 6.68420% $ 0 168 2.04367%
NMFC 98-5, Class A-PO........... $ 12,097,272 6.15451% $ 0 176 2.64414%
NSCOR 97-1, Class A-PO.......... $ 37,886,559 7.25287% $110 148 8.28100%
NSCOR 97-5, Class A-PO.......... $ 29,565,389 7.07338% $352 152 6.46221%
NSCOR 97-9, Class A-PO.......... $ 27,064,737 7.09098% $ 0 154 5.91563%
PHMS 94-24, Class A-P........... $ 14,457,713 6.25049% $ 0 115 3.16007%
PNCMS 96-4, Class I-P........... $ 4,816,592 6.85812% $ 0 140 1.05278%
PNCMS 97-3, Class I-P........... $ 2,913,513 7.06739% $ 0 150 0.63682%
PNCMS 97-4, Class I-P........... $ 19,244,993 7.09570% $ 0 155 4.20645%
PNCMS 97-8, Class III-P......... $ 5,650,712 6.79740% $ 0 161 1.23510%
PNCMS 98-1, Class IV-P.......... $ 4,188,342 6.91763% $ 0 162 0.91546%
PNCMS 98-2, Class III-P......... $ 12,180,730 6.87072% $ 0 163 2.66238%
PNCMS 98-3, Class I-P........... $ 8,668,267 7.01720% $ 0 176 1.89465%
PNCMS 98-4, Class IV-P.......... $ 10,531,946 7.33698% $ 0 235 2.30200%
PNCMS 98-5, Class III-P......... $ 36,201,993 6.68343% $ 0 168 7.91280%
PNCMS 98-6, Class III-P......... $ 2,461,154 7.11753% $ 0 170 0.53794%
PNCMS 98-8, Class III-P......... $ 9,835,648 7.12090% $ 0 175 2.14981%
PNCMS 98-8, Class IV-P.......... $ 268,233 7.00000% $ 0 174 0.05863%
PNCMS 98-9, Class II-P.......... $ 28,830,217 6.63826% $ 0 167 6.30152%
PNCMS 98-10, Class III-P........ $ 11,786,694 7.04945% $ 0 173 2.57626%
PNCMS 98-10, Class IV-P......... $ 10,434,478 6.93868% $ 0 169 2.28070%
PNCMS 98-11, Class II-P......... $ 4,528,165 6.48964% $ 0 169 0.98974%
PNCMS 98-12, Class III-P........ $ 13,601,881 7.03394% $ 0 175 2.97301%
PNCMS 98-14, Class II-P......... $ 20,546,925 6.43033% $ 0 175 4.49101%
PNCMS 98-14, Class V-P.......... $ 1,663,094 6.69622% $ 0 171 0.36351%
PNCMS 99-1, Class II-P.......... $ 23,946,744 6.36680% $ 0 176 5.23412%
RAST 96-A10, 1996-N Class PO.... $ 17,506,749 7.24081% $ 0 134 3.82651%
<CAPTION>
WEIGHTED
AVERAGE
SEASONING ON WEIGHTED
THE RELATED AVERAGE
UNDERLYING SERVICING FEE ON
PRINCIPAL THE RELATED OPTIONAL
ONLY UNDERLYING TERMINATION
LOANS AT THE PRINCIPAL ONLY PERCENTAGE FOR
ISSUER, SERIES REFERENCE LOANS AT THE UNDERLYING
AND CLASS DATE REFERENCE DATE TRUST FUND
- -------------------------------- ------------ ---------------- --------------
<S> <C> <C> <C>
AMAC 98-1, Class II-AP.......... 11 0.26250% 5%
AMAC 98-2, Class II-AP.......... 8 0.26250% 5%
BAMS 98-1, Class II-PO.......... 12 0.25000% 10%
BAMS 98-2, Class II-PO.......... 11 0.25000% 10%
CWMBS 93-D, Class PO............ 65 0.37625% 10%
FBS 93-C, Class A-11............ 70 0.58039% 10%
GECMS 96-17, Class 2-PO......... 32 0.23239% 10%
HSMS 98-2, Class IIA-P.......... 11 0.26000% 10%
NMFC 98-5, Class A-PO........... 4 0.26000% 5%
NSCOR 97-1, Class A-PO.......... 28 0.26600% 10%
NSCOR 97-5, Class A-PO.......... 25 0.26600% 10%
NSCOR 97-9, Class A-PO.......... 24 0.26600% 10%
PHMS 94-24, Class A-P........... 61 0.20000% 10%
PNCMS 96-4, Class I-P........... 38 0.26046% 10%
PNCMS 97-3, Class I-P........... 30 0.29000% 10%
PNCMS 97-4, Class I-P........... 23 0.29353% 10%
PNCMS 97-8, Class III-P......... 19 0.26309% 10%
PNCMS 98-1, Class IV-P.......... 15 0.30000% 10%
PNCMS 98-2, Class III-P......... 15 0.28523% 10%
PNCMS 98-3, Class I-P........... 13 0.43302% 5%
PNCMS 98-4, Class IV-P.......... 11 0.79079% 5%
PNCMS 98-5, Class III-P......... 11 0.27798% 5%
PNCMS 98-6, Class III-P......... 9 0.29025% 5%
PNCMS 98-8, Class III-P......... 9 0.48245% 5%
PNCMS 98-8, Class IV-P.......... 7 0.41220% 5%
PNCMS 98-9, Class II-P.......... 11 0.41184% 5%
PNCMS 98-10, Class III-P........ 6 0.81006% 5%
PNCMS 98-10, Class IV-P......... 7 0.86037% 5%
PNCMS 98-11, Class II-P......... 6 0.29000% 5%
PNCMS 98-12, Class III-P........ 5 0.29404% 5%
PNCMS 98-14, Class II-P......... 5 0.29489% 5%
PNCMS 98-14, Class V-P.......... 9 0.29473% 5%
PNCMS 99-1, Class II-P.......... 4 0.28234% 5%
RAST 96-A10, 1996-N Class PO.... 41 0.34272% 10%
</TABLE>
S-28
<PAGE>
<PAGE>
Servicing of the Mortgage Loans. The Servicers listed in the table
beginning on page S-20 provide customary servicing functions with respect to the
related Mortgage Loans. The Servicers are entitled to a servicing fee for their
servicing activities.
The following table sets forth certain delinquency information with respect
to the Underlying Mortgage Loans, all of which has been obtained from the
monthly statements provided by the Underlying Trustees in connection with the
March 25, 1999 Underlying Remittance Date for the Underlying Certificates. The
information contained in the following table may not be indicative of future
delinquent payment rates of the Underlying Mortgage Loans or reductions in the
principal balance of the Underlying Certificates.
S-29
<PAGE>
<PAGE>
UNDERLYING CERTIFICATES
MORTGAGE LOAN DELINQUENCY INFORMATION AS OF MARCH 25, 1999
<TABLE>
<CAPTION>
90+ DAYS
30-59 DAYS DELINQUENT 60-89 DAYS DELINQUENT DELINQUENT
-------------------------------------- ------------------------------------ --------
% OF % OF
NO. OF MORTGAGE POOL NO. OF MORTGAGE POOL NO. OF
MORTGAGE BY PRINCIPAL MORTGAGE BY PRINCIPAL MORTGAGE
ISSUER, SERIES AND CLASS LOANS BALANCE(1) BALANCE(2) LOANS BALANCE(1) BALANCE(2) LOANS
- ------------------------------------------ -------- ------------- ------------- -------- ----------- ------------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
AMAC 98-1, Class II-AP.................... 1 $ 253,856.00 0.11100% 1 $292,045.00 0.12800% 0
AMAC 98-2, Class II-AP.................... 2 $ 752,637.00 0.17700% 0 $ 0.00 0.00000% 2
BAMS 98-1, Class II-PO.................... 0 $ 0.00 0.00000% 0 $ 0.00 0.00000% 0
BAMS 98-2, Class II-PO.................... 1 $ 262,791.14 0.10729% 0 $ 0.00 0.00000% 0
CWMBS 93-D, Class PO...................... 2 $ 383,515.05 0.32001% 0 $ 0.00 0.00000% 1
FBS 93-C, Class A-11...................... 4 $ 777,106.95 1.84990% 0 $ 0.00 0.00000% 0
GECMS 96-17, Class 2-PO................... 1 $ 208,420.95 0.56935% 0 $ 0.00 0.00000% 0
HSMS 98-2, Class IIA-P.................... 9 $2,952,827.72 1.34365% 1 $543,465.34 0.24730% 1
NMFC 98-5, Class A-PO..................... 1 $ 255,183.52 0.09263% 0 $ 0.00 0.00000% 0
NSCOR 97-1, Class A-PO.................... 0 $ 0.00 0.00000% 0 $ 0.00 0.00000% 0
NSCOR 97-5, Class A-PO.................... 1 $ 166,988.21 0.18670% 0 $ 0.00 0.00000% 0
NSCOR 97-9, Class A-PO.................... 3 $ 610,135.29 0.54929% 0 $ 0.00 0.00000% 0
PHMS 94-24, Class A-P..................... 2 $ 248,943.02 0.46981% 0 $ 0.00 0.00000% 0
PNCMS 96-4, Class I-P(3).................. 1 $ 219,133.71 1.04332% 0 $ 0.00 0.00000% 0
PNCMS 97-3, Class I-P(3).................. 5 $1,290,966.51 1.80658% 0 $ 0.00 0.00000% 0
PNCMS 97-4, Class I-P(3).................. 1 $ 274,246.13 0.49967% 0 $ 0.00 0.00000% 0
PNCMS 97-8, Class III-P(3)................ 5 $ 552,652.21 0.89577% 0 $ 0.00 0.00000% 0
PNCMS 98-1, Class IV-P(3)................. 19 $1,628,734.21 1.34609% 5 $286,772.35 0.23701% 2
PNCMS 98-2, Class III-P(3)................ 6 $1,872,664.47 1.50025% 1 $221,600.31 0.17753% 0
PNCMS 98-3, Class I-P(3).................. 8 $ 727,328.01 1.25297% 1 $114,708.07 0.19761% 1
PNCMS 98-4, Class IV-P(3)................. 7 $1,345,397.23 1.65907% 0 $ 0.00 0.00000% 0
PNCMS 98-5, Class III-P(3)................ 2 $ 881,645.96 0.87542% 0 $ 0.00 0.00000% 0
PNCMS 98-6, Class III-P(3)................ 15 $2,088,383.49 2.59135% 2 $234,574.63 0.29107% 0
PNCMS 98-8, Class III-P(3)................ 16 $1,744,532.67 2.10958% 1 $ 34,051.20 0.04118% 1
PNCMS 98-8, Class IV-P(3)................. 5 $1,961,134.25 3.26722% 1 $274,593.60 0.45747% 1
PNCMS 98-9, Class II-P(3)................. 3 $ 872,060.54 0.68603% 0 $ 0.00 0.00000% 0
PNCMS 98-10, Class III-P(3)............... 9 $1,056,303.12 1.37301% 2 $320,457.45 0.41654% 1
PNCMS 98-10, Class IV-P(3)................ 6 $2,064,087.87 2.74861% 1 $254,988.14 0.33955% 0
PNCMS 98-11, Class II-P(3)................ 1 $ 55,308.58 0.03880% 2 $864,427.54 0.60640% 0
PNCMS 98-12, Class III-P(3)............... 9 $ 813,599.41 1.57207% 0 $ 0.00 0.00000% 0
PNCMS 98-14, Class II-P(3)................ 7 $2,331,617.44 0.93681% 0 $ 0.00 0.00000% 0
PNCMS 98-14, Class V-P(3)................. 4 $1,067,487.59 2.56136% 0 $ 0.00 0.00000% 0
PNCMS 99-1, Class II-P(3)................. 8 $3,416,004.73 3.38152% 1 $891,151.73 0.88216% 0
RAST 96-A10, 1996-N, Class PO............. 18 $1,637,781.48 2.66086% 1 $ 97,432.24 0.15830% 1
<CAPTION>
90+ DAYS DELINQUENT IN FORECLOSURE R.E.O.
-------------------------- ------------------------------------- --------------------------------------
% OF % OF % OF
MORTGAGE POOL NO. OF MORTGAGE POOL NO. OF MORTGAGE POOL
BY PRINCIPAL MORTGAGE BY PRINCIPAL MORTGAGE BY PRINCIPAL
ISSUER, SERIES AND CLASS BALANCE(1) BALANCE(2) LOANS BALANCE(1) BALANCE(2) LOANS BALANCE (1) BALANCE(2)
- ------------------------- ----------- ------------- --------- ----------- ------------- --------- ----------- -------------
<S> <C>
AMAC 98-1, Class II-AP..... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
AMAC 98-2, Class II-AP..... $655,055.00 0.15400% 1 $329,189.00 0.07700% 0 $ 0.00 0.00000%
BAMS 98-1, Class II-PO..... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
BAMS 98-2, Class II-PO..... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
CWMBS 93-D, Class PO....... $332,340.66 0.27731% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
FBS 93-C, Class A-11....... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
GECMS 96-17, Class 2-PO.... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
HSMS 98-2, Class IIA-P..... $378,771.68 0.17236% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
NMFC 98-5, Class A-PO...... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
NSCOR 97-1, Class A-PO..... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
NSCOR 97-5, Class A-PO..... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
NSCOR 97-9, Class A-PO..... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PHMS 94-24, Class A-P...... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 96-4, Class I-P(3)... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 97-3, Class I-P(3)... $ 0.00 0.00000% 0 $ 0.00 0.00000% 1 $357,034.06 0.49963%
PNCMS 97-4, Class I-P(3)... $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 97-8, Class III-P(3). $ 0.00 0.00000% 1 $ 56,260.51 0.09119% 0 $ 0.00 0.00000%
PNCMS 98-1, Class IV-P(3).. $262,105.20 0.21662% 1 $ 60,913.63 0.05034% 0 $ 0.00 0.00000%
PNCMS 98-2, Class III-P(3). $ 0.00 0.00000% 1 $265,559.17 0.21275% 0 $ 0.00 0.00000%
PNCMS 98-3, Class I-P(3)... $ 73,804.92 0.12714% 1 $167,313.14 0.28823% 0 $ 0.00 0.00000%
PNCMS 98-4, Class IV-P(3).. $ 0.00 0.00000% 2 $183,552.91 0.22635% 0 $ 0.00 0.00000%
PNCMS 98-5, Class III-P(3). $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-6, Class III-P(3). $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-8, Class III-P(3). $ 89,462.10 0.10818% 1 $ 49,727.09 0.06013% 0 $ 0.00 0.00000%
PNCMS 98-8, Class IV-P(3).. $486,643.41 0.81074% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-9, Class II-P(3).. $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-10, Class III-P(3) $167,258.78 0.21741% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-10, Class IV-P(3). $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-11, Class II-P(3). $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-12, Class III-P(3) $ 0.00 0.00000% 1 $166,566.40 0.32185% 0 $ 0.00 0.00000%
PNCMS 98-14, Class II-P(3). $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 98-14, Class V-P(3).. $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
PNCMS 99-1, Class II-P(3).. $ 0.00 0.00000% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
RAST 96-A10, 1996-N, Class
PO....................... $227,933.53 0.37032% 0 $ 0.00 0.00000% 0 $ 0.00 0.00000%
</TABLE>
- ------------
(1) As compiled from the monthly statement provided by the Underlying Trustees
in connection with the March 25, 1999 Underlying Remittance Date for the
Underlying Certificates.
(2) Delinquency, Foreclosure and R.E.O. percentages are represented as
percentages of the aggregate Mortgage Pool Principal Balance (or the related
mortgage group principal balance, as indicated) as of March 25, 1999.
(3) The delinquency information is provided only with respect to the underlying
mortgage group of which the related underlying certificates relate.
S-30
<PAGE>
<PAGE>
THE DEPOSITOR
The Depositor was incorporated in the state of Delaware on April 14, 1988
and is a wholly-owned subsidiary of Donaldson, Lufkin & Jenrette Inc., which is
a Delaware corporation. The principal executive offices of the Depositor are
located at 277 Park Avenue, 9th Floor, New York, New York 10172. Its telephone
number is (212) 892-3000.
The Depositor was organized, among other things, for the purposes of
establishing trusts, selling beneficial interests therein and acquiring and
selling mortgage assets to such trusts. The Depositor has one class of common
stock, all of which is owned by Donaldson, Lufkin & Jenrette Inc.
The Underlying Certificates were acquired by the Depositor either directly
or through an affiliate. Neither the Depositor, its parent nor any of its
affiliates will ensure or guarantee payments or distributions on the
Certificates, the Underlying Certificates or the Mortgage Loans.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
GENERAL
The yield to maturity and the aggregate amount of payments on the
Certificates will be affected by, among other things, the rate and timing of
distributions in respect of the Underlying Certificates and the amount and
timing of losses thereon. The yield to maturity and the aggregate amount of
payments on the Certificates may also be affected by the exercise of any option
to purchase the Mortgage Loans or Mortgage Securities related to an Underlying
Certificate, thereby effecting early retirement of such Underlying Certificate,
and by the exercise by the Trustee of its option to repurchase the Underlying
Certificates, thereby effecting early retirement of the Certificates. The yield
to maturity on the Certificates may be adversely affected by a higher or lower
than anticipated rate of distributions in respect of the Underlying
Certificates. The rate of distributions in respect of the Underlying
Certificates will in turn be affected by the rate and timing of payments
(including prepayments, repurchases, defaults and liquidations) on the related
Mortgage Loans, the manner in which principal is allocated to the Underlying
Certificates and the priorities for the distribution thereof. For instance, a
slower than expected rate of principal payments on the Underlying Principal Only
Loans, may have an adverse effect on the yield to investors on the Certificates.
The timing of changes in the rate of distributions in respect of the Underlying
Certificates may, and the timing of losses thereon will, significantly affect
the yield to an investor, even if the average rate of payments experienced over
time is consistent with an investor's expectation. In general, the earlier a
distribution or loss allocation is made in respect of an Underlying Certificate,
the greater will be the effect on an investor's yield to maturity. As a result,
the effect on an investor's yield of distributions or losses occurring at a rate
higher (or lower) than the rate anticipated by the investor during the period
immediately following the issuance of the Certificates would not be fully offset
by a subsequent like reduction (or increase) in the rate of distributions or
losses. The yield to maturity on the Certificates will be sensitive to the
allocation of losses to the Underlying Certificates, and the timing thereof,
because all of such losses will be allocated to the Certificates. Since the rate
and timing of distributions in respect of the Underlying Certificates will
depend on future events and on a variety of factors, no assurance can be given
as to such rate or as to the timing of payments on the Certificates. Because it
is impossible to accurately predict the timing and dollar amount of
distributions on the Underlying Certificates that will be made, investors may
find it difficult to analyze the effect of such distributions on the yield and
weighted average life of the Certificates.
In addition, the yield to maturity of the Certificates will depend on,
among other things, the price paid by the holders of the Certificates. The
extent to which the yield to maturity of a Certificate is sensitive to payments
will depend upon the degree to which it is purchased at a discount. For example,
if a Certificate is purchased at a discount and principal payments in respect
thereof occur at a rate slower than that anticipated at the time of purchase,
the investor's actual yield to maturity will be lower than that assumed at the
time of purchase.
ASSUMED FINAL DISTRIBUTION DATE
The final Distribution Date with respect to the Certificates will be
assumed to be the Distribution Date in January 2015, which is the Distribution
Date occurring in the month that is 12 months following the latest stated
maturity date of any Mortgage Loan. No event of default, change in the
priorities for payment on the Certificates or other provisions under the Trust
Agreement will arise or become applicable solely by reason of the failure to
S-31
<PAGE>
<PAGE>
retire the aggregate Certificate Principal Balance of the Certificates on or
before the assumed final Distribution Date.
WEIGHTED AVERAGE LIFE
Weighted average life refers to the average amount of time that will elapse
from the date of issuance of a security to the date of payment to the investor
of each dollar paid in reduction of principal of such security (assuming no
losses). The weighted average life of the Certificates will be influenced by,
among other things, the rate at which principal of the Mortgage Loans is
distributed in respect of the Underlying Certificates.
Prepayments on mortgage loans are commonly measured relative to a
prepayment standard or model. The model used in this Prospectus Supplement (the
'PSA') represents an assumed rate of prepayment each month relative to the then
outstanding principal balance of a pool of mortgage loans. A prepayment
assumption of 100% PSA assumes prepayment rates of 0.2% per annum of the then
outstanding principal balance of such mortgage loans in the first month of the
life of the mortgage loans and an additional 0.2% per annum in each month
thereafter until the thirtieth month. Beginning in the thirtieth month and in
each month thereafter during the life of the mortgage loans, 100% PSA assumes a
constant prepayment rate of 6.0% per annum. The tables set forth below are based
on the assumption that the Mortgage Loans prepay at the indicated percentages of
PSA. Neither the PSA nor any other prepayment model purports to be a historical
description of prepayment experience or a prediction of the anticipated rate of
prepayment of any pool of mortgage loans, including the Mortgage Loans related
to the Underlying Certificates.
The table below entitled 'Percentage of Initial Certificate Principal
Balance Outstanding at the Following Percentages of PSA' has been prepared on
the basis of certain assumptions as described below (collectively, the
'STRUCTURING ASSUMPTIONS') regarding the characteristics of the Mortgage Loans
related to the Underlying Certificates and the performance thereof. The table
assumes, among other things, that: (i) the individual Mortgage Loans related to
the Underlying Certificates have the respective characteristics as of the
Reference Date as summarized in the tables herein under 'Description of the
Mortgage Loans;'(ii) the scheduled monthly payment for each Mortgage Loan is
received on the first day of the month commencing in May 1999; (iii) none of the
Mortgage Loans or Underlying Certificates will be repurchased by any person, no
person will exercise any option to purchase any Mortgage Loans and the Trustee
will not exercise any option to purchase the Underlying Certificates; (iv) no
defaults or delinquencies in payment of principal or interest on the Mortgage
Loans are experienced; (v) the Mortgage Loans related to the Underlying
Certificates will prepay at the constant percentages of PSA specified in the
table; (vi) prepayments representing payment in full of individual Mortgage
Loans are received on the last day of each month commencing in April 1999; (vii)
payments on the Certificates will be received on the 28th day of each month,
commencing in May 1999; and (viii) the Certificates are purchased on April 30,
1999.
The actual characteristics and performance of the Mortgage Loans related to
the Underlying Certificates will differ from the assumptions used in
constructing the table below, which are hypothetical in nature and are provided
only to give a general sense of how the principal cash flows might behave under
varying prepayment scenarios. For example, it is very unlikely that the Mortgage
Loans will prepay at a constant level of PSA until maturity or that all of the
Mortgage Loans, or the Mortgage Loans related to any of the Underlying
Certificates, will prepay at the same or constant level of PSA. Moreover, the
remaining terms to maturity and mortgage rates of the Mortgage Loans could
produce slower or faster principal distributions than indicated in the table at
the various constant percentages of PSA specified, even if the weighted average
remaining term to maturity and weighted average mortgage rates of the Mortgage
Loans are as assumed. Any difference between such assumptions and the actual
characteristics and performance of the Mortgage Loans, or actual prepayment or
loss experience, will affect the percentages of aggregate initial Certificate
Principal Balance of the Certificates outstanding over time and the weighted
average life of the Certificates.
Subject to the foregoing discussion and assumptions, the table below
indicates the weighted average life of the Certificates and sets forth the
percentages of the aggregate initial Certificate Principal Balance of the
Certificates (such initial Certificate Principal Balance after taking into
effect any distributions in April 1999 to reduce the aggregate Certificate
Principal Balance of the Certificates as of the Reference Date, such reduced
balance the 'INITIAL CERTIFICATE PRINCIPAL BALANCE') that would be outstanding
after each of the Distribution Dates indicated at various percentages of PSA.
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PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
AT THE FOLLOWING PERCENTAGES OF PSA
<TABLE>
<CAPTION>
DISTRIBUTION DATE 50% 100% 150% 200% 250%
- --------------------------------------------------------------------------- --- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Initial Percentage......................................................... 100% 100 % 100 % 100 % 100 %
April 2000................................................................. 93 91 89 86 84
April 2001................................................................. 85 81 77 72 68
April 2002................................................................. 77 71 65 60 54
April 2003................................................................. 70 62 55 49 43
April 2004................................................................. 62 53 46 39 33
April 2005................................................................. 54 45 38 31 26
April 2006................................................................. 47 38 30 24 19
April 2007................................................................. 39 31 24 18 14
April 2008................................................................. 31 24 18 14 10
April 2009................................................................. 24 18 13 9 7
April 2010................................................................. 17 12 9 6 4
April 2011................................................................. 10 7 5 3 2
April 2012................................................................. 4 3 2 1 1
April 2013................................................................. 1 * * * *
April 2014................................................................. 0 0 0 0 0
Weighted Average Life in Years(1).......................................... 6.7 5.9 5.2 4.7 4.2
</TABLE>
- ------------
(1) The weighted average life of a Certificate is determined by (i) multiplying
the amount of each distribution in reduction of the Initial Certificate
Principal Balance thereof by the number of years from the date of issuance
of the Certificate to the related Distribution Date, (ii) adding the results
and (iii) dividing the sum by the aggregate of all distributions in
reduction of the Initial Certificate Principal Balance of the Certificate.
* Less than 0.5% but greater than 0.0%.
Investors are urged to make their investment decisions based on their own
determinations as to anticipated rates of payment and losses under a variety of
scenarios. For an additional discussion of the factors affecting yield, see
'Risk Factors' herein and the yield and prepayment considerations in the
Underlying Prospectus Supplements.
YIELD CONSIDERATIONS
The yield to investors on the Certificates will be highly sensitive to the
default experience and the rate and timing of principal payments on the
underlying principal only Mortgage Loans. As a result, the yield to investors on
the Certificates may be adversely affected by slower than expected payments of
principal on such Mortgage Loans.
No representation is made as to the actual rate of payments of principal on
the Mortgage Loans.
The table below indicates the approximate pre-tax yields to maturity (on a
corporate bond equivalent basis (CBE)) on the Certificates for the specified
constant percentages of PSA based on the Structuring Assumptions and on the
further assumption that the purchase price of the Certificates is equal to
69.25%.
PRE-TAX YIELD TO MATURITY (CBE) ON THE CERTIFICATES
<TABLE>
<CAPTION>
PERCENTAGES OF PSA
- ---------------------------------------------
50% 100% 150% 200% 250%
- ----- ---- ---- ---- -----
<S> <C> <C> <C> <C>
5.99% 6.90% 7.89% 8.96% 10.09%
</TABLE>
EARLY TERMINATION OF UNDERLYING TRUST FUNDS
As noted in 'Description of the Underlying Certificates -- Optional
Termination of the Underlying Trust Funds' herein, each Servicer may redeem the
related Underlying Certificates on or after any Underlying Remittance Date on
which, after taking into account payments of principal and allocations of
realized losses, if
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any, to be made on that date, the aggregate outstanding principal amount of the
related Mortgage Loans is less than 10% (or 5% with respect to 14 of the
Underlying Trust Funds relating to 17 of the Underlying Certificates) of their
aggregate initial principal amount. In such event, the related Underlying Trust
Fund may be terminated. The termination of any Underlying Trust Fund will result
in the receipt by the Certificateholders of principal payments that could have
the effect of shortening the weighted average life of such certificate.
USE OF PROCEEDS
The Depositor will apply the proceeds of the sale of the Certificates
towards the purchase price of the Underlying Certificates, the payment of
expenses related to such purchase and other corporate purposes.
MATERIAL FEDERAL INCOME TAX CONSEQUENCES
GENERAL
The following is a general discussion of certain anticipated material
federal income tax consequences of the purchase, ownership and disposition of
Certificates. This discussion is directed solely to an investor that holds a
Certificate as a capital asset within the meaning of Section 1221 of the
Internal Revenue Code of 1986, as amended (the 'CODE') and does not purport to
discuss all federal income tax consequences that may be applicable to particular
categories of investors, some of which (such as banks, insurance companies and
foreign investors) may be subject to special rules. In particular, this
discussion does not address the federal income tax consequences of an investor
who previously owned an Underlying Certificate; any such investor should consult
its own tax advisor for information concerning the anticipated material federal
income tax consequences of the purchase, ownership and disposition of
Certificates. Further, the authorities on which this discussion, and the opinion
referred to below, are based are subject to change or differing interpretations,
which could apply retroactively. In addition to the federal income tax
consequences described herein, potential investors should consider the state and
local tax consequences. See 'State and Other Tax Consequences' herein.
Certificateholders are advised to consult their tax advisors concerning the
federal, state, local or other tax consequences to them of the purchase,
ownership and disposition of a Certificate.
The following disclosure assumes that the disclosure as to federal income
tax consequences contained in the underlying offering circulars is correct as to
the characterization of each of the Underlying Certificates and the income,
deductions, gain or loss associated with their ownership. However, no
representation is made by the Depositor, the Trustee or any of their respective
affiliates regarding the correctness of the tax disclosure relating to the
Underlying Certificates, the tax characterization of the Underlying Certificates
or that all or any portion of an Underlying Trust Fund qualifies as a REMIC or
any other entity, taxable or otherwise.
CLASSIFICATION OF THE TRUST FUND
Upon issuance of the Certificates, Morgan, Lewis & Bockius LLP, counsel to
the Depositor, will deliver its opinion generally to the effect that, under
current law and assuming compliance with all provisions of the Trust Agreement,
the Trust Fund will be classified as a grantor trust under subpart E, Part I of
subchapter J of the Code and not as an association taxable as a corporation, a
taxable mortgage pool or as a partnership. Accordingly, a holder of a
Certificate generally will be treated as the owner of an undivided interest in
the Underlying Certificates (and any related assets). In light of this
treatment, Certificateholders should review the underlying offering circulars
for the tax consequences of holding the Underlying Certificates.
Certificateholders should also review the underlying offering circulars
regarding the consequences of the classification of Underlying Certificates as
other than regular interests in a real estate mortgage investment conduit (a
'REMIC'), including the possible imposition of a corporate level tax on the
related Underlying Trust Funds.
CHARACTERIZATION OF INVESTMENT IN THE CERTIFICATES
Assuming the qualification and maintenance of the status as a REMIC of each
REMIC related to the Underlying Certificates, the Certificates will represent
interests in (i) 'loans . . . secured by an interest in real property' within
the meaning of Section 7701(a)(19)(C)(v) of the Code; (ii) 'obligations
(including any participation or certificate of beneficial ownership therein)
which . . . are principally secured by an interest in real property' within the
meaning of Section 860G(a)(3) of the Code; and (iii) 'real estate assets' within
the
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meaning of Section 856(c)(5)(B) of the Code generally in the same proportion
that the assets of the related Underlying Trust Funds would be so treated. In
addition, interest on the Certificates will to the same extent be considered
'interest on obligations secured by mortgages on real property or on interests
in real property' within the meaning of Section 856(c)(3)(B) of the Code.
TAXATION OF OWNERS OF THE CERTIFICATES
For federal income tax purposes, a holder of a Certificate will be treated
as the beneficial owner of an undivided interest in each of the Underlying
Certificates. Assuming the qualification and maintenance of the status as a
REMIC of each REMIC related to the Underlying Certificates, for federal income
tax purposes, the holders of Certificates will generally be subject to the
following rules, including those relating to original issue discount, market
discount and premium, applicable to each Underlying Certificate which is a REMIC
regular interest. In applying these rules, the cost of a Certificate must be
allocated among the Underlying Certificates based on their respective fair
market values. Holders of the Certificates should review the underlying offering
circulars with respect to whether the Underlying Certificates were issued with
original issue discount and the prepayment assumptions used in accruing such
original issue discount.
A holder of a Certificate generally will be required to report income with
respect to the Underlying Certificates under the accrual method of accounting. A
holder of a Certificate generally will be required to report on its federal
income tax returns its share of the entire income from the Underlying
Certificates and subject to the limitations described in ' -- Limitations on
Miscellaneous Itemized Deductions' herein, will be entitled to deduct its share
of any such Trustee Fees and other expenses. Because of market discount,
original issue discount or premium, the amount includible in income on account
of a Certificate may differ significantly from the amount payable in respect of
interest on the Underlying Certificates.
ORIGINAL ISSUE DISCOUNT
For federal income tax reporting purposes, the rules governing Underlying
Certificates issued with original issue discount will be applicable to the
holders of the Certificates. Because the Underlying Certificates consist of
principal only certificates, it is anticipated that all of the Underlying
Certificates will be treated as having been issued with original issue discount
for federal income tax purposes. Treasury Regulations (the 'OID REGULATIONS')
have been issued under Sections 1271 to 1275 of the Code generally addressing
the treatment of debt instruments issued with original issue discount. If the
method for computing original issue discount results in a negative amount for
any period with respect to an Underlying Certificate, the amount of original
issue discount allocable to such period will be zero and a holder of a
Certificate will be permitted to offset such negative amount only against future
original issue discount (if any) attributable to such Underlying Certificate.
Although uncertain, a Certificateholder may be permitted to deduct a loss to the
extent that his or her respective remaining basis in such Underlying Certificate
exceeds the maximum amount of future payments to which such Certificateholder is
entitled, assuming no further prepayments of the related Mortgage Loans. Any
such loss might be treated as a capital loss.
The OID Regulations appear to permit in some circumstances the holder of a
debt instrument to recognize original issue discount under a method that differs
from that used by the issuer. Accordingly, it is possible that a holder of a
Certificate may be able to select a method for recognizing original issue
discount that differs from that used by the Underlying Trust Funds in preparing
reports to the holders of the related mortgage securities and the IRS.
Prospective purchasers of the Certificates are advised to consult their tax
advisors concerning the tax treatment of the Certificates in this regard.
MARKET DISCOUNT
A holder of a Certificate may be subject to the market discount rules of
Sections 1276 through 1278 of the Code to the extent an interest in an
Underlying Certificate is considered to have been purchased at a 'market
discount', that is, at a purchase price less than its adjusted issue price. If
market discount is in excess of a de minimis amount (as described below), the
holder generally will be required to include in income in each month the amount
of such discount that has accrued through such month that has not previously
been included in income, but limited, in the case of the portion of such
discount, to payments on the Underlying Certificates that are received by or due
to the Trust Fund in that month. A holder of a Certificate may elect to include
market
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discount in income currently as it accrues (under a constant yield method based
on the yield of the Certificate to such holder) rather than including it on a
deferred basis in accordance with the foregoing. If made, such election will
apply to all market discount bonds acquired by such holder during or after the
first taxable year to which such election applies. In the absence of such an
election, it may be necessary to accrue such discount under a proportionate
method. In addition, the OID Regulations permit a holder of a Certificate to
elect to accrue all interest, discount (including de minimis market or original
issue discount) and premium in income as interest, based on a constant yield
method. If a holder of a Certificate made such an election with respect to
Underlying Certificates with market discount, such holder would be deemed to
have made an election to include, currently, market discount in income with
respect to all other debt instruments having market discount that such holder
acquires during the taxable year of the election or thereafter. Similarly, a
holder that made this election for Underlying Certificates acquired at a premium
would be deemed to have made an election to amortize bond premium with respect
to all debt instruments having amortizable bond premium that such holder owns or
acquires. Each of these elections to accrue interest, discount and premium with
respect to the Underlying Certificates on a constant yield method or as interest
is irrevocable.
Section 1276(b)(3) of the Code authorized the Treasury Department to issue
regulations providing for the method for accruing market discount on debt
instruments, the principal of which is payable in more than one installment.
Until such time as regulations are issued by the Treasury Department, certain
rules described in the Conference Committee Report (the 'COMMITTEE REPORT')
accompanying the Tax Reform Act of 1986 will apply. Under those rules, in each
accrual period market discount on the Underlying Certificates should accrue, at
the holder's option: (i) on the basis of a constant yield method, or (ii) in an
amount that bears the same ratio to the total remaining market discount as the
original issue discount accrued in the accrual period bears to the total
original issue discount remaining at the beginning of the accrual period.
Market discount with respect to the Underlying Certificates generally will
be considered to exceed a de minimis amount if it is greater than 0.25% of the
stated redemption price of the Underlying Certificates multiplied by the number
of complete years to maturity remaining after the date of their purchase. In
interpreting a similar rule with respect to original issue discount on
obligations payable in installments, the OID Regulations refer to the weighted
average maturity of obligations (determined by rounding down payments to the
next lowest number of whole years), and it is likely that the same rule will be
applied with respect to market discount, presumably taking into account the
prepayment assumption used, if any. If market discount is treated as de minimis
under the foregoing rule, it appears that such market discount will be included
in income as each payment of stated principal is made, based on the product of
the total amount of such de minimis market discount and a fraction, the
numerator of which is the amount of such principal payment and the denominator
of which is the outstanding stated principal amount of the Underlying
Certificates.
Further, any discount that is not original issue discount and exceeds a de
minimis amount may require the deferral of interest expense deductions
attributable to accrued market discount not yet includible in income, unless an
election has been made to report market discount currently as it accrues.
LIMITATIONS ON MISCELLANEOUS ITEMIZED DEDUCTIONS
Under Section 67 of the Code, an individual, estate or trust holding a
Certificate directly or through certain pass-through entities will be allowed a
deduction for fees and expenses of the Trust Fund only to the extent that the
aggregate of such holder's miscellaneous itemized deductions exceeds two percent
of such holder's adjusted gross income. In addition, Section 68 of the Code
provides that the amount of itemized deductions otherwise allowable for an
individual whose adjusted gross income exceeds a specified amount will be
reduced by the lesser of (i) 3% of the excess of the individual's adjusted gross
income over such amount or (ii) 80% of the amount of itemized deductions
otherwise allowable for the taxable year. The amount of additional taxable
income reportable by a holder of a Certificate that is subject to the
limitations of either Section 67 or Section 68 of the Code may be substantial.
Further, a holder of a Certificate (other than corporations) subject to the
alternative minimum tax may not deduct miscellaneous itemized deductions in
determining such holder's alternative minimum taxable income.
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SALES OF CERTIFICATES
Except as described below, any gain or loss recognized on the sale or
exchange of a Certificate generally will be capital gain or loss, and will be
equal to the difference between the amount realized on the sale of a Certificate
and its adjusted basis. The adjusted basis of a Certificate generally will equal
its cost, allocated among each of the Underlying Certificates based on their
respective fair market values, increased by any income (including original issue
discount and market discount income) recognized by the seller and reduced (but
not below zero) by any previously reported losses, amortized premium and
distributions with respect to the Certificate. The Code currently provides for a
top marginal tax rate applicable to ordinary income of individuals of 39.6%
while maintaining a maximum marginal rate for the long-term gains of individuals
of 20%. There is no such rate differential for corporations. In addition, the
distinction between a capital gain or loss and ordinary income or loss may be
relevant for other purposes.
Gain or loss from the sale of a Certificate may be partially or wholly
ordinary and not capital in certain circumstances. Gain attributable to accrued
and unrecognized market discount with respect to an Underlying Certificate will
be treated as ordinary income, as will gain or loss recognized by banks and
other financial institutions subject to Section 582(c) of the Code. Furthermore,
a portion of any gain that might otherwise be capital gain may be treated as
ordinary income to the extent that any Certificate (or the taxpayer's
proportionate ownership of any Underlying Certificates) is held as part of a
'conversion transaction' within the meaning of Section 1258 of the Code. A
conversion transaction generally is one in which the taxpayer has taken two or
more positions in any Certificate (or Underlying Certificate) or similar
property that reduce or eliminate market risk, if substantially all of the
taxpayer's return is attributable to the time value of the taxpayer's net
investment in such transaction. The amount of gain so realized in a conversion
transaction that is recharacterized as ordinary income generally will not exceed
the amount of interest that would have accrued on the taxpayer's net investment
at 120% of the appropriate 'applicable Federal rate,' which rate is computed and
published monthly by the IRS, at the time the taxpayer enters into the
conversion transaction, subject to appropriate reduction for prior inclusion of
interest and other ordinary income. A taxpayer may elect to have net capital
gain taxed at ordinary income rates rather than capital gains rates in order to
include such net capital gain in total net investment income for that taxable
year, for purposes of the limitation on the deduction of interest on
indebtedness incurred to purchase or carry property held for investment to a
taxpayer's net investment income.
Gain from the sale of a Certificate that might otherwise be capital gain
will be treated as ordinary income to the extent such gain, allocated in
accordance with the respective fair market values of each of the Underlying
Certificates, does not exceed the excess, if any, of (i) the amount that would
have been includible in the seller's income with respect to each Underlying
Certificate assuming that income had accrued thereon at a rate equal to 110% of
the 'applicable Federal rate' (generally, a rate based on an average of current
yields on Treasury securities having a maturity comparable to that of such
Underlying Certificate based on the application of the applicable prepayment
assumption to such Underlying Certificate, which rate is computed and published
monthly by the IRS), determined as of the date of purchase of such Certificate,
over (ii) the amount of ordinary income related to such Underlying Certificate
actually includible in the seller's income prior to such sale. In addition, gain
recognized on the sale of a Certificate by a seller who is deemed to have
purchased an Underlying Certificate at a market discount will be taxable as
ordinary income in an amount not exceeding the portion of such discount that
accrued during the period such Underlying Certificate was deemed to be held by
such holder, reduced by any market discount included in income under rules
similar to those described above under ' -- Taxation of Owners of the
Certificates -- Market Discount' and ' -- Premium.'
REALIZED LOSSES
Under Section 166 of the Code, both corporate holders of the Certificates
and noncorporate holders of the Certificates that acquire such Certificates in
connection with a trade or business should be allowed to deduct, as ordinary
losses, any losses sustained during a taxable year as the result of one or more
realized losses on the Underlying Certificates. However, it appears that a
noncorporate holder that does not acquire a Certificate in connection with a
trade or business will not be entitled to deduct a loss under Section 166 of the
Code until the related Underlying Certificate becomes wholly worthless (i.e.,
until its outstanding principal balance has been reduced to zero) and that the
loss will be characterized as a short-term capital loss. Each holder of a
Certificate, as a holder of an interest in each of the Underlying Certificates,
will be required to accrue interest and original issue discount with respect to
such Underlying Certificates, without giving effect to any reductions in
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distributions attributable to defaults or delinquencies on the Mortgage Loans or
the Underlying Certificates until it can be established that any such reduction
ultimately will not be recoverable. As a result, the amount of taxable income
reported in any period by the holder of a Certificate could exceed the amount of
economic income actually realized by the holder in such period. Although the
holder of a Certificate eventually will recognize a loss or reduction in income
attributable to previously accrued and included income that as the result of a
realized loss ultimately will not be realized, the law is unclear with respect
to the timing and character of such loss or reduction in income. Finally, the
last distribution on an Underlying Certificate will be treated as a payment in
retirement of a debt instrument.
REPORTING AND OTHER ADMINISTRATIVE MATTERS
Reporting of interest income, including any original issue discount, by the
Underlying Trust Funds with respect to the Underlying Certificates is required
annually, and may be required more frequently under Treasury regulations. The
Trustee, in its capacity as Underlying Certificateholder, will be provided
interest and original issue discount income information and the information set
forth in the following paragraph from the Underlying Trust Funds upon request in
accordance with the requirements of the applicable regulations. The information
must be provided by the later of 30 days after the end of the quarter for which
the information was requested, or two weeks after the receipt of the request.
The Underlying Trust Funds must also comply with rules requiring a REMIC regular
certificate issued with original issue discount to disclose on its face the
amount of original issue discount and the issue date, and requiring such
information to be reported to the IRS.
As applicable, the Distribution Date Statements will include a statement of
the adjusted issue price of each of the Underlying Certificates at the beginning
of each accrual period. In addition, the reports should include information
required by regulations with respect to computing the accrual of any market
discount. Because exact computation of the accrual of market discount on a
constant yield method would require information relating to the holder's
purchase price that the Underlying Trust Fund may not have, such regulations
only require that information pertaining to the appropriate proportionate method
of accruing market discount be provided.
GRANTOR TRUST REPORTING
In addition, within a reasonable time after the end of each calendar year,
the Trustee will furnish to each Certificateholder during such year such
customary factual information as the Trustee deems necessary or desirable to
enable holders of Certificates to prepare their tax returns and will furnish
comparable information to the IRS as and when required by law to do so.
BACKUP WITHHOLDING
Payments of interest, as well as payments of proceeds from the sale of a
Certificate, may be subject to the 'backup withholding tax' under Section 3406
of the Code at a rate of 31% if recipients of such payments fail to furnish to
the payor certain information, including their taxpayer identification numbers,
or otherwise fail to establish an exemption from such tax. Any amounts deducted
and withheld from a distribution to a recipient would be allowed as a credit
against such recipient's federal income tax. Furthermore, certain penalties may
be imposed by the IRS on a recipient of payments that is required to supply
information but that does not do so in the proper manner.
FOREIGN INVESTORS
A holder of a Certificate that is not a 'United States person' (as
described below) and is not subject to federal income tax as a result of any
direct or indirect connection to the United States in addition to its ownership
of a Certificate will not be subject to United States federal income or
withholding tax in respect of a payment on the Certificate, provided that such
holder complies to the extent necessary with certain identification requirements
(including delivery of a statement, signed by such holder under penalties of
perjury, certifying that such holder is not a United States person and providing
the name and address of such holder). For these purposes, 'UNITED STATES PERSON'
means a citizen or resident of the United States, a corporation or partnership
(unless, in the case of a partnership, Treasury regulations are adopted that
provide otherwise) created or organized in or under the laws of the United
States, any state thereof or the District of Columbia, including an entity
treated as a corporation or partnership for federal income tax purposes, an
estate whose income is subject
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to United States federal income tax regardless of its source, or a trust if a
court within the United States is able to exercise primary supervision over the
administration of such trust, and one or more such United States. Persons have
the authority to control all substantial decisions of such trust (or, to the
extent provided in applicable Treasury regulations, certain trusts in existence
on August 20, 1996 which are eligible to elect to be treated as United States
Persons). If such holder does not qualify for exemption, payments of interest,
including payments in respect of accrued original issue discount, to such holder
may be subject to a tax rate of 30%, subject to reduction under any applicable
tax treaty.
In addition, the foregoing rules will not apply to exempt a United States
shareholder of a controlled foreign corporation from taxation on such
shareholder's allocable portion of the interest income received by such
controlled foreign corporation.
To the extent that interest on the Certificates would be exempt under
Section 871(h)(1) of the Code from United States withholding tax, and a
Certificate is not held in connection with a holder's trade or business in the
United States, a Certificate will not be subject to United States estate taxes
in the estate of a non-resident alien individual.
STATE AND OTHER TAX CONSEQUENCES
In addition to the federal income tax consequences described in 'Material
Federal Income Tax Consequences' herein, potential investors should consider the
state and local tax consequences of the acquisition, ownership and disposition
of the Certificates. State and local tax law may differ substantially from the
corresponding federal tax law, and this discussion does not purport to describe
any aspect of the tax laws of any state or other jurisdiction. Therefore,
potential investors should consult their own tax advisors with respect to the
various tax consequences of investments in the Certificates.
ERISA CONSIDERATIONS
Section 406 of the Employee Retirement Income Security Act of 1974, as
amended ('ERISA') and Section 4975 of the Code prohibit a pension, profit
sharing or other employee benefit or other plan (such as an individual
retirement account) that is subject to Title I of ERISA or to Section 4975 of
the Code from engaging in certain transactions involving 'plan assets' with
persons that are 'parties in interest' under ERISA or 'disqualified persons'
under the Code with respect to the Plan. Certain governmental plans, although
not subject to ERISA or the Code, are subject to federal, state or local laws
('SIMILAR LAW') that impose similar requirements (such plans subject to ERISA,
Section 4975, or Similar Law referred to herein as 'PLANS'). A violation of
these 'prohibited transaction' rules may generate excise tax and other
liabilities under ERISA and the Code or under Similar Law for such persons.
Depending on the relevant facts and circumstances, certain prohibited
transaction exemptions may apply to the purchase or holding of the Certificates.
However, there can be no assurance that an exemption will apply with respect to
any Plan's investment in the Certificates, or, if an exemption, did apply, that
it would apply to all prohibited transactions that may occur in connection with
such investment. Furthermore, it is not clear that any exemption would apply to
transactions involved in operation of the Trust if, as described below, the
assets of the Trust were considered to include Plan assets.
ERISA also imposes certain duties on persons who are fiduciaries of Plans
subject to ERISA, including the requirements of investment prudence and
diversification, and the requirement that such a Plan's investments be made in
accordance with the documents governing the Plan. Under ERISA, any person who
exercises any authority or control respecting the management or disposition of
the assets of a Plan is considered to be a fiduciary of such Plan. Plan
fiduciaries must determine whether the acquisition and holding of Certificates
and the operations of the Trust would result in prohibited transactions if Plans
that purchase the Certificates were deemed to own an interest in the underlying
assets of the Trust under the rules discussed below. There may also be an
improper delegation of the responsibility to manage Plan assets if Plans that
purchase the Certificates are deemed to own an interest in the underlying assets
of the Trust.
Pursuant to Department of Labor Regulation 'SS' 2510.3-101 (the 'PLAN
ASSETS REGULATION'), in general when a Plan acquires an equity interest in an
entity such as the Trust and such interest does not represent a 'publicly
offered security' that is 'widely held' or a security issued by an investment
company registered under the Investment Company Act of 1940, as amended, the
Plan's assets include both the equity interest and an
S-39
<PAGE>
<PAGE>
undivided interest in each of the underlying assets of the entity, unless it is
established either that the entity is an 'operating company' or that equity
participation in the entity by 'benefit plan investors' is not 'significant'. In
general, an 'equity interest' is defined under the Plan Assets Regulation as any
interest in an entity other than an instrument which is treated as indebtedness
under applicable local law and which has no substantial equity features. It is
anticipated that the Certificates will be considered equity interests in the
Trust for purposes of the Plan Assets Regulation, and that the assets of the
Trust may therefore constitute plan assets if Certificates are acquired by
Plans. In such event, the fiduciary and prohibited transaction restrictions of
ERISA and section 4975 of the Code would apply to transactions involving the
assets of the Trust.
The Certificates may not be transferred and the Trustee will not register
any proposed transfer of Certificates unless it receives (i) a representation
substantially to the effect that the proposed transferee is not a Plan, is not
acquiring the Certificates on behalf of or with the assets of a Plan (including
assets that may be held in an insurance company's separate or general accounts
where assets in such accounts may be deemed 'plan assets' for purposes of
ERISA), or (ii) an opinion of counsel in form and substance satisfactory to the
Trustee and the Depositor that the purchase or holding of the Certificates by or
on behalf of a Plan will not constitute a prohibited transaction and will not
result in the assets of the Trust being deemed to be 'plan assets' and subject
to the fiduciary responsibility provisions of ERISA or the prohibited
transaction provisions of ERISA and the Code or any Similar Law or subject the
Trustee or the Depositor to any obligation in addition to those undertaken in
the Trust Agreement. Such representation as described above shall be deemed to
have been made to the Trustee by the transferee's acceptance of a Certificate.
In the event that such representation is violated or any transfer to a Plan or
person acting on behalf of a Plan or using a Plan's assets is attempted without
such opinion of counsel, such attempted transfer or acquisition shall be void
and of no effect.
LEGAL INVESTMENT CONSIDERATIONS
Assuming the accuracy of certain representations contained in the
Underlying Agreements (which information is not subject to independent
certification) and on the basis of certain assumptions derived from statements
included in the Underlying Prospectus Supplements, the Certificates will
constitute 'MORTGAGE RELATED SECURITIES' for the purposes of the Secondary
Mortgage Market Enhancement Act of 1984 ('SMMEA') so long as they are rated in
one of the two highest rating categories by at least one nationally recognized
statistical rating organization and, as such, are legal investments for certain
entities to the extent provided for in SMMEA.
There may be restrictions on the ability of certain investors, including
depository institutions, either to purchase the Certificates or to purchase
Certificates representing more than a specified percentage of the investor's
assets. Investors should consult their own legal advisors in determining whether
and to what extent the Certificates constitute legal investments for such
investors. See 'Legal Investment' in the Prospectus.
METHOD OF DISTRIBUTION
Subject to the terms and conditions set forth in the Underwriting Agreement
between the Depositor and Donaldson, Lufkin & Jenrette Securities Corporation
(the 'UNDERWRITER'), which is an affiliate of the Depositor, the Depositor has
agreed to sell to the Underwriter, and the Underwriter has agreed to purchase
from the Depositor, the Certificates.
Distribution of the Certificates will be made by the Underwriter from time
to time in negotiated transactions or otherwise at varying prices to be
determined at the time of sale. The Underwriter may effect such transactions by
selling Certificates to or through dealers and such dealers may receive from the
Underwriter, for which they act as agent, compensation in the form of
underwriting discounts, concessions or commissions. The Underwriter and any
dealers that participate with the Underwriter in the distribution of such
Certificates may be deemed to be underwriters, and any discounts, commissions or
concessions received by them, and any profits on resale of the Certificates
purchased by them, may be deemed to be underwriting discounts and commissions
under the Securities Act of 1933, as amended (the '1933 ACT').
The Depositor has been advised by the Underwriter that it intends to make a
market in the Certificates but has no obligation to do so. There can be no
assurance that a secondary market for the Certificates will develop or, if it
does develop, that it will continue.
S-40
<PAGE>
<PAGE>
The Depositor has agreed to indemnify the Underwriter against, or make
contributions to the Underwriter with respect to, certain liabilities, including
liabilities under the 1933 Act.
LEGAL MATTERS
Certain legal matters in connection with the issuance of the Certificates
will be passed upon for the Depositor and the Underwriter by Morgan, Lewis &
Bockius LLP, New York, New York.
RATINGS
It is a condition to the issuance of the Certificates that they be rated
'AAA' by the Rating Agency.
The ratings assigned by the Rating Agency to mortgage pass-through
certificates address the likelihood of the receipt of all distributions by the
related certificateholders under the agreements pursuant to which such
certificates are issued. The ratings by the Rating Agency take into
consideration the credit quality of the related mortgage pool, including any
credit support providers, structural and legal aspects associated with such
certificates, and the extent to which the payment stream on the mortgage pool is
adequate to make the payments required by such certificates. The ratings by the
Rating Agency on such certificates do not, however, constitute a statement
regarding frequency of prepayments of the mortgage loans.
The Depositor has not engaged any rating agency other than the Rating
Agency to provide ratings on the Certificates. However, there can be no
assurance as to whether any other rating agency will rate the Certificates, or,
if it does, what rating would be assigned by any such other rating agency. Any
rating on the Certificates by another rating agency, if assigned at all, may be
lower than the ratings assigned to such Certificates by the Rating Agency.
A security rating is not a recommendation to buy, sell or hold securities
and may be subject to revision or withdrawal at any time by the assigning rating
organization. Each security rating should be evaluated independently of any
other security rating. In the event that the ratings initially assigned to any
of the Certificates by the Rating Agency are subsequently lowered for any
reason, no person or entity is obligated to provide any additional support or
credit enhancement with respect to such Certificates.
S-41
<PAGE>
<PAGE>
INDEX OF DEFINED TERMS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
1933 Act................................................................................................... S-40
AMAC....................................................................................................... S-20
Available Funds............................................................................................ S-19
BAMS....................................................................................................... S-20
Beneficial Owners.......................................................................................... S-17
Book-Entry Certificates.................................................................................... S-17
Certificate Account........................................................................................ S-13
Certificate Principal Balance.............................................................................. S-19
Certificateholder.......................................................................................... S-19
Certificates............................................................................................... S-12
Closing Date............................................................................................... S-12
Code....................................................................................................... S-34
Committee Report........................................................................................... S-36
CWMBS...................................................................................................... S-20
Curtailments............................................................................................... S-24
Depositor.................................................................................................. S-12
Distribution Date.......................................................................................... S-18
Distribution Date Statement................................................................................ S-14
DTC........................................................................................................ S-17
DTC Rules.................................................................................................. S-17
Due Date................................................................................................... S-24
Eligible Account........................................................................................... S-12
ERISA...................................................................................................... S-39
FBS........................................................................................................ S-20
Financial Intermediary..................................................................................... S-17
GECMS...................................................................................................... S-20
HSMS....................................................................................................... S-20
Initial Certificate Principal Balance...................................................................... S-32
Mortgage Loans............................................................................................. S-23
Mortgage Pool Principal Balance............................................................................ S-23
mortgage related securities................................................................................ S-40
NMFC....................................................................................................... S-21
NSCOR...................................................................................................... S-21
OID Regulations............................................................................................ S-35
Participants............................................................................................... S-17
Percentage Interest........................................................................................ S-18
Permitted Investments...................................................................................... S-12
PHMS....................................................................................................... S-21
Plan Assets Regulation..................................................................................... S-39
Plans...................................................................................................... S-39
PNCMS...................................................................................................... S-21
PSA........................................................................................................ S-32
RAST....................................................................................................... S-23
Rating Agency.............................................................................................. S-12
Record Date................................................................................................ S-18
Reference Date............................................................................................. S-17
REMIC...................................................................................................... S-34
Representing Party......................................................................................... S-27
Servicers.................................................................................................. S-23
Similar Law................................................................................................ S-39
SMMEA...................................................................................................... S-40
Structuring Assumptions.................................................................................... S-32
</TABLE>
S-42
<PAGE>
<PAGE>
<TABLE>
<S> <C>
Termination Price.......................................................................................... S-19
Trust...................................................................................................... S-16
Trust Agreement............................................................................................ S-12
Trustee.................................................................................................... S-12
Trustee Fee................................................................................................ S-12
Trustee Fee Account........................................................................................ S-12
Underlying Agreements...................................................................................... S-23
Underlying Business Day.................................................................................... S-24
Underlying Certificate Account............................................................................. S-23
Underlying Certificateholder............................................................................... S-13
Underlying Certificates.................................................................................... S-16
Underlying Remittance Date................................................................................. S-24
Underlying Remittance Date Statements...................................................................... S-26
Underlying Senior Interests................................................................................ S-23
Underlying Subordinate Interests........................................................................... S-23
Underlying Trust Fund...................................................................................... S-23
Underlying Trustees........................................................................................ S-23
Underwriter................................................................................................ S-40
United States Person....................................................................................... S-38
</TABLE>
S-43
<PAGE>
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
<PAGE>
EXHIBIT A
<PAGE>
<PAGE>
ABN AMRO MORTGAGE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1998-1, CLASS IIA-P
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.346291%
WAMM: 311
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
================================================================================
Number Of Pages
---------------
Table Of Contents 1
REMIC Certificate Report 3
Other Related Information 2
Asset Backed Facts Sheets 3
Delinquency Loan Detail
Mortgage Loan Characteristics
Total Pages Included In This Package 2
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
================================================================================
Information is available for this issue from the following sources
- --------------------------------------------------------------------------------
LaSalle Web Site www.lnbabs.com
LaSalle Bulletin Board (714) 282-3990
LaSalle ASAP Fax System (714) 282-5518
Bloomberg User Terminal
ASAP #: 330
Monthly Data File Name: 0330MMYY.EXE
================================================================================
================================================================================
Page 1 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.346291%
WAMM: 311
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
REMIC II
<TABLE>
<CAPTION>
====================================================================================================================================
Original Opening Principal Principal Negative Closing
Class Face Value (1) Balance Payment Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
IA-1 78,344,523.04 75,953,796.04 1,026,241.68 0.00 276,916.51 75,204,470.87
00077BAN3 1000.000000000 969.484439917 13.099086448 0.000000000 3.534599475 959.919952944
IA-2 23,789,603.00 23,789,603.00 0.00 0.00 0.00 23,789,603.00
00077BAA1 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
IA-3 63,730,000.00 26,137,192.93 6,518,082.12 0.00 0.00 19,619,110.81
00077BAB9 1000.000000000 410.123849521 102.276512161 0.000000000 0.000000000 307.847337361
IA-4 10,043,000.00 0.00 0.00 0.00 0.00 0.00
00077BAC7 1000.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000
IA-5 37,632,681.00 37,632,681.00 670,067.17 0.00 0.00 36,962,613.83
00077BAD5 1000.000000000 1000.000000000 17.805459303 0.000000000 0.000000000 982.194540697
IA-6 14,254,582.00 14,254,582.00 0.00 0.00 0.00 14,254,582.00
0077BAE3 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
IA-X 7,010,057.70 N 5,086,643.32 0.00 0.00 0.00 4,805,938.25
00077BAW3 1000.000000000 725.620749170 0.000000000 0.000000000 0.000000000 685.577559511
IIA-1 45,850,628.00 39,616,614.15 1,141,100.14 0.00 0.00 38,475,514.01
00077BAF0 1000.000000000 864.036456600 24.887339384 0.000000000 0.000000000 839.149117216
IIA-X 1,828,335.94 N 1,360,465.74 0.00 0.00 0.00 1,284,669.03
00077BAG8 1000.000000000 744.100530520 0.000000000 0.000000000 0.000000000 702.643865791
IIA-P 333,045.14 319,786.44 1,203.09 0.00 0.00 318,583.35
00077BAH6 1000.000000000 960.189480621 3.612393203 0.000000000 0.000000000 956.577087418
M 5,416,841.00 5,345,102.77 6,878.71 0.00 0.00 5,338,224.06
00077BAJ2 1000.000000000 986.756445316 1.269874822 0.000000000 0.000000000 985.486573216
B-1 2,280,777.00 2,250,571.41 2,896.30 0.00 0.00 2,247,675.11
00077BAK9 1000.000000000 986.756447474 1.269874258 0.000000000 0.000000000 985.486570494
B-2 1,140,388.00 1,125,285.21 1,448.15 0.00 0.00 1,123,837.06
00077BAL7 1000.000000000 986.756446052 1.269874815 0.000000000 0.000000000 985.486571237
B-3 1,140,387.00 1,125,284.22 1,448.15 0.00 0.00 1,123,836.07
00077BAP8 1000.000000000 986.756443207 1.269875928 0.000000000 0.000000000 985.486567279
B-4 570,194.00 562,642.61 724.08 0.00 0.00 561,918.53
00077BAQ6 1000.000000000 986.756454821 1.269883583 0.000000000 0.000000000 985.486571237
====================================================================================================================================
======================
<CAPTION>
================================================================================
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
IA-1 198,699.61 (276,916.51) 7.51429666%
00077BAN3 2.536228473 -3.534599475 7.54584725%
IA-2 128,860.35 0.00 6.50000000%
00077BAA1 5.416666684 0.000000000 Fixed
IA-3 152,466.96 0.00 7.00000000%
00077BAB9 2.392389142 0.000000000 Fixed
IA-4 0.00 0.00 7.00000000%
00077BAC7 0.000000000 0.000000000 Fixed
IA-5 203,843.69 0.00 6.50000000%
00077BAD5 5.416666700 0.000000000 Fixed
IA-6 77,212.32 0.00 6.50000000%
0077BAE3 5.416666725 0.000000000 Fixed
IA-X 28,612.37 0.00 6.75000000%
00077BAW3 4.081616903 0.000000000 Fixed
IIA-1 214,589.99 0.00 6.50000000%
00077BAF0 4.680197401 0.000000000 Fixed
IIA-X 7,369.19 0.00 6.50000000%
00077BAG8 4.030544846 0.000000000 Fixed
IIA-P 0.00 0.00
00077BAH6 0.000000000 0.000000000
M 29,882.85 0.00 6.70883530%
00077BAJ2 5.516656295 0.000000000 6.68910422%
B-1 12,582.26 0.00 6.70883530%
00077BAK9 5.516655070 0.000000000 6.68910422%
B-2 6,291.13 0.00 6.70883530%
00077BAL7 5.516657489 0.000000000 6.68910422%
B-3 6,291.12 0.00 6.70883530%
00077BAP8 5.516653557 0.000000000 6.68910422%
B-4 3,145.56 0.00 6.70883530%
00077BAQ6 5.516648720 0.000000000 6.68910422%
================================================================================
===========
</TABLE>
Notes:
(1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
Page 2 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.346291%
WAMM: 311
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
REMIC II
<TABLE>
<CAPTION>
====================================================================================================================================
Original Opening Principal Principal Negative Closing
Class Face Value (1) Balance Payment Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
B-5 570,194.64 562,643.189 724.08 0.00 0.00 561,919.10
00077BAR4 1000.000000000 986.756346920 1.269882158 0.000000000 0.000000000 985.486464762
R (Component R-II) 100.00 0.00 0.00 0.00 0.00 0.00
9ABSB238 1000.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000
285,096,943.82 228,675,784.96 9,370,813.67 0.00 276,916.51 219,581,887.80
====================================================================================================================================
Total P&I Payment
=========================
<CAPTION>
================================================================================
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
B-5 3,145.57 0.00 6.70883530%
00077BAR4 5.516660065 0.000000000 6.68910422%
R (Component R-II) 0.00 0.00 6.75000000%
9ABSB238 0.000000000 0.000000000 Fixed
1,072,992.97 (276,916.51)
================================================================================
10,443,806.64
=============
</TABLE>
Notes:
(1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
Page 3 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.346291%
WAMM: 311
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
REMIC I
<TABLE>
<CAPTION>
====================================================================================================================================
Original Opening Principal Principal Negative Closing
Class Face Value (1) Balance Payment Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
REMIC I Interests 285,096,943.82 228,675,784.96 9,093,897.15 0.00 0.00 219,581,887.81
None 1000.000000000 802.098338537 31.897560978 0.000000000 0.000000000 770.200777559
R (Component R-I) 0.00 0.00 0.00 0.00 0.00 0.00
None 1000.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000
285,096,943.82 228,675,784.96 9,093,897.15 0.00 0.00 219,581,887.81
====================================================================================================================================
Total P&I Payment
=========================
<CAPTION>
================================================================================
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
REMIC I Interests 1,349,909.49 0.00 7.08379066%
None 4.734913928 0.000000000 7.07592378%
R (Component R-I) 0.00 0.00
None 0.000000000 0.000000000
1,349,909.49 0.00
================================================================================
10,443,806.64
=============
</TABLE>
Notes:
(1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
Page 4 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
Other Related Information
<TABLE>
<CAPTION>
====================================================================================================================================
----------------------------------------------------------------------------------------------------------------------
Accrued Reimbursement Net Prior Ending Actual
Certificate of Prior Prepayment Unpaid Unpaid Interest Distribution
Class Interest Losses Int. Shortfalls Interest Interest Loss of Interest
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
IA-1 475,616.12 0.00 0.00 0.00 0.00 0.00 475,616.12
IA-2 128,860.35 0.00 0.00 0.00 0.00 0.00 128,860.35
IA-3 152,466.96 0.00 0.00 0.00 0.00 0.00 152,466.96
IA-4 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IA-5 203,843.69 0.00 0.00 0.00 0.00 0.00 203,843.69
IA-6 77,212.32 0.00 0.00 0.00 0.00 0.00 77,212.32
IA-X 28,612.37 0.00 0.00 0.00 0.00 0.00 28,612.37
IIA-1 214,589.99 0.00 0.00 0.00 0.00 0.00 214,589.99
IIA-X 7,369.19 0.00 0.00 0.00 0.00 0.00 7,369.19
IIA-P 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M 29,882.85 0.00 0.00 0.00 0.00 0.00 29,882.85
B-1 12,582.26 0.00 0.00 0.00 0.00 0.00 12,582.26
B-2 6,291.13 0.00 0.00 0.00 0.00 0.00 6,291.13
B-3 6,291.12 0.00 0.00 0.00 0.00 0.00 6,291.12
B-4 3,145.56 0.00 0.00 0.00 0.00 0.00 3,145.56
B-5 3,145.57 0.00 0.00 0.00 0.00 0.00 3,145.57
R (Component R-II) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------
Total 1,349,909.48 0.00 0.00 0.00 0.00 0.00 1,349,909.48
======================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Advances
Prior Outstanding Current Period Recovered Outstanding
Principal Interest Principal Interest Principal Interest Principal Interest
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Servicer 9,780.47 48,070.26 7,653.09 45,539.17 9,117.43 42,953.99 8,316.13 50,655.44
Trustee: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fiscal Agent: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------
9,780.47 48,070.26 7,653.09 45,539.17 9,117.43 42,953.99 8,316.13 50,655.44
======================================================================================================================
====================================================================================================================================
</TABLE>
Page 5 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
Other Related Information
<TABLE>
<CAPTION>
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Summary of REO Properties
Principal Date of Final Amount Aggregate Other
# Property Name Date of REO Balance Book Value Recovery of Proceeds Rev. Collected
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Summary of Repurchased, Liquidated or Disposed Loans
Principal Date of Final Amount Aggregate Other
# Property Name Loan Number Balance Book Value Liquidation of Proceeds Rev. Collected
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
====================================================================================================================================
</TABLE>
Page 6 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
Asset Backed Facts - Pool Total
<TABLE>
<CAPTION>
====================================================================================================================
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bankruptcy REO
Date ====================================================================================================
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/25/99 1 253,856 1 292,045 0 0 0 0 0 0
0.14% 0.111% 0.14% 0.128% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
02/25/99 3 794,951 0 0 0 0 0 0 0 0
0.42% 0.342% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
01/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
12/28/98 4 1,489,704 0 0 0 0 0 0 0 0
0.52% 0.597% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
11/25/98 3 1,008,702 0 0 1 325,400 0 0 0 0
0.38% 0.390% 0.00% 0.000% 0.13% 0.126% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
10/26/98 3 787,627 1 325,662 0 0 0 0 0 0
0.37% 0.299% 0.12% 0.124% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
09/25/98 1 325,922 0 0 0 0 0 0 0 0
0.12% 0.124% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
08/25/98 2 653,696 0 0 0 0 0 0 0 0
0.24% 0.238% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
07/25/98 2 737,640 0 0 0 0 0 0 0 0
0.24% 0.265% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
06/25/98 5 1,312,219 0 0 0 0 0 0 0 0
0.58% 0.468% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
05/26/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
04/27/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
====================================================================================================================
<CAPTION>
============================================================================
Distribution Modifications Prepayments Curr Weighted Avg.
Date ============================================================
# Balance # Balance Coupon Remit
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 24 8,722,642 7.3463% 7.0838%
0.00% 0.000% 3.39% 3.814%
- ----------------------------------------------------------------------------
02/25/99 0 0 12 3,510,668 7.3494% 7.0869%
0.00% 0.000% 1.66% 1.510%
- ----------------------------------------------------------------------------
01/25/99 0 0 23 7,533,229 7.3567% 7.0942%
0.00% 0.000% 3.09% 3.132%
- ----------------------------------------------------------------------------
12/28/98 0 0 22 8,593,194 7.3627% 7.1002%
0.00% 0.000% 2.87% 3.445%
- ----------------------------------------------------------------------------
11/25/98 0 0 27 9,056,174 7.3689% 7.1064%
0.00% 0.000% 3.40% 3.498%
- ----------------------------------------------------------------------------
10/26/98 0 0 14 4,352,638 7.3725% 7.1100%
0.00% 0.000% 1.73% 1.651%
- ----------------------------------------------------------------------------
09/25/98 0 0 19 5,597,825 7.3779% 7.1154%
0.00% 0.000% 2.30% 2.076%
- ----------------------------------------------------------------------------
08/25/98 0 0 14 4,920,131 7.3846% 7.1221%
0.00% 0.000% 1.67% 1.789%
- ----------------------------------------------------------------------------
07/25/98 0 0 9 2,514,519 7.3869% 7.1244%
0.00% 0.000% 1.06% 0.905%
- ----------------------------------------------------------------------------
06/25/98 0 0 6 2,251,748 7.3894% 7.1269%
0.00% 0.000% 0.70% 0.803%
- ----------------------------------------------------------------------------
05/26/98 0 0 13 3,761,487 7.3948% 7.1323%
0.00% 0.000% 1.50% 1.321%
- ----------------------------------------------------------------------------
04/27/98 0 0 0 0 7.3946% 7.1321%
0.00% 0.000% 0.00% 0.000%
- ----------------------------------------------------------------------------
============================================================================
</TABLE>
Effective with the September 1998 distribution, foreclosure,
bankruptcy and REO totals will no longer be included in the
delinquency aging categories.
Page 7 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
Asset Backed Facts - Group 1 Total
<TABLE>
<CAPTION>
====================================================================================================================
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bankruptcy REO
Date ====================================================================================================
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/25/99 1 253,856 1 292,045 0 0 0 0 0 0
0.17% 0.136% 0.17% 0.156% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
02/25/99 3 794,951 0 0 0 0 0 0 0 0
0.50% 0.418% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
01/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
12/28/98 4 1,489,704 0 0 0 0 0 0 0 0
0.63% 0.725% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
11/25/98 3 1,008,702 0 0 1 325,400 0 0 0 0
0.46% 0.472% 0.00% 0.000% 0.15% 0.152% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
10/26/98 3 787,627 1 325,662 0 0 0 0 0 0
0.45% 0.362% 0.15% 0.149% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
09/25/98 1 325,922 0 0 0 0 0 0 0 0
0.15% 0.150% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
08/25/98 2 653,696 0 0 0 0 0 0 0 0
0.28% 0.286% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
07/27/98 2 737,640 0 0 0 0 0 0 0 0
0.28% 0.320% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
06/25/98 5 1,312,219 0 0 0 0 0 0 0 0
0.70% 0.563% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
05/26/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
04/27/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
====================================================================================================================
<CAPTION>
============================================================================
Distribution Modifications Prepayments Curr Weighted Avg.
Date ============================================================
# Balance # Balance Coupon Remit
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 21 7,765,315 7.4405% 7.1780%
0.00% 0.000% 3.60% 4.154%
- ----------------------------------------------------------------------------
02/25/99 0 0 11 3,241,742 7.4436% 7.1811%
0.00% 0.000% 1.85% 1.703%
- ----------------------------------------------------------------------------
01/25/99 0 0 21 6,885,658 7.4502% 7.1877%
0.00% 0.000% 3.41% 3.487%
- ----------------------------------------------------------------------------
12/28/98 0 0 20 7,733,283 7.4545% 7.1920%
0.00% 0.000% 3.14% 3.765%
- ----------------------------------------------------------------------------
11/25/98 0 0 23 7,914,339 7.4587% 7.1962%
0.00% 0.000% 3.49% 3.707%
- ----------------------------------------------------------------------------
10/26/98 0 0 13 4,114,212 7.4613% 7.1988%
0.00% 0.000% 1.93% 1.889%
- ----------------------------------------------------------------------------
09/25/98 0 0 19 5,597,825 7.4659% 7.2034%
0.00% 0.000% 2.75% 2.503%
- ----------------------------------------------------------------------------
08/25/98 0 0 13 4,543,726 7.4720% 7.2095%
0.00% 0.000% 1.85% 1.989%
- ----------------------------------------------------------------------------
07/27/98 0 0 8 2,238,108 7.4744% 7.2119%
0.00% 0.000% 1.12% 0.969%
- ----------------------------------------------------------------------------
06/25/98 0 0 5 2,023,304 7.4768% 7.2143%
0.00% 0.000% 0.70% 0.868%
- ----------------------------------------------------------------------------
05/26/98 0 0 12 3,524,183 7.4817% 7.2192%
0.00% 0.000% 1.65% 1.488%
- ----------------------------------------------------------------------------
04/27/98 0 0 0 0 7.4817% 7.2192%
0.00% 0.000% 0.00% 0.000%
============================================================================
</TABLE>
Effective with the September 1998 distribution, foreclosure,
bankruptcy and REO totals will no longer be included in the
delinquency aging categories.
Page 8 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-1
ABN AMRO Acct: 67-7920-20-9
Asset Backed Facts - Group 2 Total
<TABLE>
<CAPTION>
====================================================================================================================
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bankruptcy REO
Date ====================================================================================================
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
02/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
01/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
12/28/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
11/25/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
10/26/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
09/25/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
08/25/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
07/27/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
06/25/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
05/26/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
04/27/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
====================================================================================================================
<CAPTION>
============================================================================
Distribution Modifications Prepayments Curr Weighted Avg.
Date ============================================================
# Balance # Balance Coupon Remit
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 3 957,327 6.9245% 6.6620%
0.00% 0.000% 2.40% 2.293%
- ----------------------------------------------------------------------------
02/25/99 0 0 1 268,927 6.9242% 6.6617%
0.00% 0.000% 0.79% 0.637%
- ----------------------------------------------------------------------------
01/25/99 0 0 2 647,570 6.9275% 6.6650%
0.00% 0.000% 1.56% 1.505%
- ----------------------------------------------------------------------------
12/28/98 0 0 2 859,911 6.9348% 6.6723%
0.00% 0.000% 1.54% 1.951%
- ----------------------------------------------------------------------------
11/25/98 0 0 4 1,141,835 6.9463% 6.6838%
0.00% 0.000% 2.99% 2.515%
- ----------------------------------------------------------------------------
10/26/98 0 0 1 238,426 6.9500% 6.6875%
0.00% 0.000% 0.74% 0.520%
- ----------------------------------------------------------------------------
09/25/98 0 0 0 0 6.9500% 6.6875%
0.00% 0.000% 0.00% 0.000%
- ----------------------------------------------------------------------------
08/25/98 0 0 1 376,404 6.9558% 6.6933%
0.00% 0.000% 0.74% 0.808%
- ----------------------------------------------------------------------------
07/27/98 0 0 1 276,410 6.9576% 6.6951%
0.00% 0.000% 0.73% 0.587%
- ----------------------------------------------------------------------------
06/25/98 0 0 1 228,444 6.9602% 6.6977%
0.00% 0.000% 0.72% 0.481%
- ----------------------------------------------------------------------------
05/26/98 0 0 1 237,305 6.9648% 6.7023%
0.00% 0.000% 0.72% 0.495%
- ----------------------------------------------------------------------------
04/27/98 0 0 0 0 6.9647% 6.7022%
0.00% 0.000% 0.00% 0.000%
============================================================================
</TABLE>
Effective with the September 1998 distribution, foreclosure,
bankruptcy and REO totals will no longer be included in the
delinquency aging categories.
Page 9 of 9
<PAGE>
<PAGE>
ABN AMRO MORTGAGE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-2, CLASS IIA-P
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.310374%
WAMM: 329
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
================================================================================
Number Of Pages
---------------
Table of Contents 1
REMIC Certificate Report 3
Other Related Information 2
Asset Backed Facts Sheet 3
Delinquency Loan Detail
Mortgage Loan Characteristics
Total Pages Included In This Package 2
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
================================================================================
Information is available for this issue from the following sources
- --------------------------------------------------------------------------------
LaSalle Web Site www.Inbabs.com
LaSalle Bulletin Board (714) 282-3990
LaSalle ASAP Fax System (714) 282-5518
Bloomberg User Terminal
ASAP #: 352
Monthly Data File Name: 0352MMYY.EXE
================================================================================
================================================================================
Page 1 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.310374%
WAMM: 329
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
<TABLE>
<CAPTION>
====================================================================================================================================
Original Opening Principal Principal Negative Closing
Class Face Value (1) Balance Payment Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
IA-1 85,806,003.00 87,539,135.12 494,507.60 0.00 465,132.84 87,509,760.36
00077BBV4 1000.000000000 1020.198261886 5.763088627 0.000000000 5.420749408 1019.855922668
IA-2 42,000,000.00 42,000,000.00 0.00 0.00 0.00 42,000,000.00
00077BAX1 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
IA-3 22,300,000.00 15,766,711.23 1,113,669.75 0.00 0.00 14,653,041.48
00077BAY9 1000.000000000 707.027409417 49.940347534 0.000000000 0.000000000 657.087061883
IA-4 17,651,035.00 16,268,534.15 176,985.84 0.00 0.00 16,091,548.31
00077BAZ6 1000.000000000 921.675932884 10.026938364 0.000000000 0.000000000 911.648994521
IA-5 71,376,367.00 47,646,423.72 5,366,000.45 0.00 0.00 42,280,423.27
00077BBA0 1000.000000000 667.537810099 75.178951739 0.000000000 0.000000000 592.358858360
IA-6 5,754,681.00 0.00 0.00 0.00 0.00 0.00
00077BBB8 1000.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.0000000000
IA-7 9,443,982.00 9,443,982.00 0.00 0.00 0.00 9,443,982.00
00077BBC6 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
IA-8 25,960,631.00 25,960,631.00 0.00 0.00 0.00 25,960,631.00
00077BBD4 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
IA-9 40,000,000.00 40,000,000.00 0.00 0.00 0.00 40,000,000.00
00077BBE2 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
IA-10 28,500,000.00 24,199,263.26 805,857.73 0.00 0.00 23,393,405.53
00077BBF9 1000.000000000 849.096956491 28.275709825 0.000000000 0.000000000 820.821246667
1A-11 1,430,000.00 1,430,000.00 0.00 0.00 0.00 1,430,000.00
00077BBG7 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
1A-12 9,500,000.00 9,500,000.00 0.00 0.00 0.00 9,500,000.00
00077BBH5 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
1A-13 9,995,480.00 9,995,480.00 0.00 0.00 0.00 9,995,480.00
00077BBJ1 1000.000000000 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000
1A-14 50,529,404.00 43,658,878.37 1,287,376.21 0.00 0.00 42,371,502.16
00077BBK8 1000.000000000 864.029157557 25.477763601 0.000000000 0.000000000 838.551393957
1A-X 12,784,321.00 N 10,791,352.31 0.00 0.00 0.00 10,461,502.48
00077BBL6 1000.000000000 844.108366380 0.000000000 0.000000000 0.000000000 818.307243684
====================================================================================================================================
======================
<CAPTION>
================================================================================
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
IA-1 110,591.01 (465,132.84) 7.89211149%
00077BBV4 1.288849336 -5.420749408 7.04420879%
IA-2 224,000.00 0.00 6.40000000%
00077BAX1 5.333333333 0.000000000 6.40000000%
IA-3 84,089.13 0.00 6.40000000%
00077BAY9 3.770813004 0.000000000 6.40000000%
IA-4 86,765.52 0.00 6.40000000%
00077BAZ6 4.915605232 0.000000000 6.40000000%
IA-5 277,937.47 0.00 7.00000000%
00077BBA0 3.893970535 0.000000000 7.00000000%
IA-6 0.00 0.00 7.00000000%
00077BBB8 0.000000000 0.000000000 7.00000000%
IA-7 50,367.90 0.00 6.40000000%
00077BBC6 5.333332910 0.000000000 6.40000000%
IA-8 138,456.70 0.00 6.40000000%
00077BBD4 5.333333385 0.000000000 6.40000000%
IA-9 213,333.33 0.00 6.40000000%
00077BBE2 5.333333250 0.000000000 6.40000000%
IA-10 136,120.86 0.00 6.75000000%
00077BBF9 4.776170526 0.000000000 6.75000000%
1A-11 8,043.75 0.00 6.75000000%
00077BBG7 5.625000000 0.000000000 6.75000000%
1A-12 53,437.50 0.00 6.75000000%
00077BBH5 5.625000000 0.000000000 6.75000000%
1A-13 56,224.58 0.00 6.75000000%
00077BBJ1 5.625000500 0.000000000 6.75000000%
1A-14 245,581.19 0.00 6.75000000%
00077BBK8 4.860163995 0.000000000 6.75000000%
1A-X 60,701.36 0.00 6.75000000%
00077BBL6 4.748109814 0.000000000 6.75000000%
================================================================================
===========
</TABLE>
Notes:
(1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
Page 2 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.310374%
WAMM: 329
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
<TABLE>
<CAPTION>
====================================================================================================================================
Original Opening Principal Principal Negative Closing
Class Face Value (1) Balance Payment Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
11A-1 37,595,583.00 32,732,558.54 143,142.14 0.00 0.00 32,589,416.40
0077BBN2 1000.000000000 870.649047788 3.807419079 0.000000000 0.000000000 866.841628709
11A-X 1,507,139.00 N 1,146,580.95 0.00 0.00 0.00 1,141,874.22
00077BBP7 1000.000000000 760.766556293 0.000000000 0.000000000 0.000000000 757.643600647
11A-P 352,210.00 341,232.46 1,560.39 0.00 0.00 339,672.07
00077BBQ5 1000.000000000 968.832401124 4.430283070 0.000000000 0.000000000 964.402118055
M 8,829,808.00 8,757,445.39 9,382.50 0.00 0.00 8,748,062.89
00077BBR3 1000.000000000 991.804735732 1.062593887 0.000000000 0.000000000 990.742141845
B-1 4,215,000.00 4,180,456.96 4,478.83 0.00 0.00 4,175,978.13
00077BBS1 1000.000000000 991.804735469 1.062593120 0.000000000 0.000000000 990.742142349
B-2 1,989,733.00 1,973,426.61 2,114.28 0.00 0.00 1,971,312.33
00077BBT9 1000.000000000 991.804734605 1.062594831 0.000000000 0.000000000 990.742139775
B-3 2,147,792.00 2,130,190.28 2,282.23 0.00 0.00 2,127,908.05
00077BBW2 1000.000000000 991.804737144 1.062593584 0.000000000 0.000000000 990.742143560
B-4 954,574.00 946,751.02 1,014.32 0.00 0.00 945,736.70
00077BBX0 1000.000000000 991.804742220 1.062589176 0.000000000 0.000000000 990.742153044
B-5 954,573.94 946,750.94 1,014.32 0.00 0.00 945,736.62
00077BBY8 1000.000000000 991.804720753 1.062589243 0.000000000 0.000000000 990.742131511
R (Component R-11) 100.00 0.00 0.00 0.00 0.00 0.00
9ABSB500 1000.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000
477,286,956.94 425,417,851.05 9,409,386.59 0.00 465,132.84 416,473,597.30
====================================================================================================================================
Total P&I Payment
===========================
<CAPTION>
================================================================================
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
11A-1 177,301.36 0.00 6.50000000%
0077BBN2 4.716015709 0.000000000 6.50000000%
11A-X 6,210.65 0.00 6.50000000%
00077BBP7 4.120820973 0.000000000 6.50000000%
11A-P 0.00 0.00
00077BBQ5 0.000000000 0.000000000
M 48,229.98 0.00 6.60877330%
00077BBR3 5.462177660 0.000000000 7.04420879%
B-1 23,023.08 0.00 6.60877330%
00077BBS1 5.462177936 0.000000000 7.04420879%
B-2 10,868.27 0.00 6.60877330%
00077BBT9 5.462175076 0.000000000 7.04420879%
B-3 11,731.62 0.00 6.60877330%
00077BBW2 5.462176971 0.000000000 7.04420879%
B-4 5,214.05 0.00 6.60877330%
00077BBX0 5.462174750 0.000000000 7.04420879%
B-5 5,214.04 0.00 6.60877330%
00077BBY8 5.462164618 0.000000000 7.04420879%
R (Component R-11) 10.83 0.00 6.75000000%
9ABSB500 108.300000000 0.000000000 6.750000000%
2,033,454.18 (465,132.84)
================================================================================
11,442,840.77
=============
</TABLE>
Notes:
(1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
Page 3 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
WAC: 7.310374%
WAMM: 329
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
<TABLE>
<CAPTION>
====================================================================================================================================
Original Opening Principal Principal Negative Closing
Class Face Value (1) Balance Payment Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000 Per $1,000
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
REMIC I Interests 477,286,956.94 425,417,851.05 8,944,253.75 0.00 0.00 416,473,597.30
None 1000.000000000 891.325113465 18.739782472 0.000000000 0.000000000 872.585330993
R(Component R-1) 0.00 0.00 0.00 0.00 0.00 0.00
9ABSB500 1000.000000000 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000
477,286,956.94 425,417,851.05 8,944,253.75 0.00 0.00 416,473,597.30
====================================================================================================================================
Total P&I Payment
=========================
<CAPTION>
================================================================================
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
REMIC I Interests 2,498,576.19 0.00 7.04787403%
None 5.234955939 0.000000000 7.04420879%
R(Component R-1) 10.83 0.00
9ABSB500 0.000022691 0.000000000
2,498,587.02 0.00
================================================================================
11,442,840.77
=============
</TABLE>
Notes:
(1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
Page 4 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
Other Related Information
<TABLE>
<CAPTION>
====================================================================================================================================
----------------------------------------------------------------------------------------------------------------------
Accrued Reimbursement Net Prior Ending Actual
Certificate of Prior Prepayment Unpaid Unpaid Interest Distribution
Class Interest Losses Int. Shortfalls Interest Interest Loss of Interest
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
IA-1 575,723.85 0.00 0.00 0.00 0.00 0.00 575,723.85
IA-2 224,000.00 0.00 0.00 0.00 0.00 0.00 224,000.00
IA-3 84,089.13 0.00 0.00 0.00 0.00 0.00 84,089.13
IA-4 86,765.52 0.00 0.00 0.00 0.00 0.00 86,765.52
IA-5 277,937.47 0.00 0.00 0.00 0.00 0.00 277,937.47
IA-6 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IA-7 50,367.90 0.00 0.00 0.00 0.00 0.00 50,367.90
IA-8 138,456.70 0.00 0.00 0.00 0.00 0.00 138,456.70
IA-9 213,333.33 0.00 0.00 0.00 0.00 0.00 213,333.33
IA-10 136,120.86 0.00 0.00 0.00 0.00 0.00 136,120.86
1A-11 8,043.75 0.00 0.00 0.00 0.00 0.00 8,043.75
1A-12 53,437.50 0.00 0.00 0.00 0.00 0.00 53,437.50
1A-13 56,224.58 0.00 0.00 0.00 0.00 0.00 56,224.58
1A-14 245,581.19 0.00 0.00 0.00 0.00 0.00 245,581.19
1A-X 60,701.36 0.00 0.00 0.00 0.00 0.00 60,701.36
11A-1 177,301.36 0.00 0.00 0.00 0.00 0.00 177,301.36
11A-X 6,210.65 0.00 0.00 0.00 0.00 0.00 6,210.65
11A-P 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M 48,229.98 0.00 0.00 0.00 0.00 0.00 48,229.98
B-1 23,023.08 0.00 0.00 0.00 0.00 0.00 23,023.08
B-2 10,868.27 0.00 0.00 0.00 0.00 0.00 10,868.27
B-3 11,731.62 0.00 0.00 0.00 0.00 0.00 11,731.62
B-4 5,214.05 0.00 0.00 0.00 0.00 0.00 5,214.05
B-5 5,214.05 0.00 0.00 0.00 0.00 0.00 5,214.05
R (Component R-11) 10.83 0.00 0.00 0.00 0.00 0.00 10.83
---------------------------------------------------------------------------------------------------------------------
Total 2,498,587.03 0.00 0.00 0.00 0.00 0.00 2,498,587.03
=====================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 5 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
Other Related Information
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Advances
Prior Outstanding Current Period Recovered Outstanding
Principal Interest Principal Interest Principal Interest Principal Interest
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Servicer 20,181.83 135,400.81 15,564.82 83,964.88 18,358.22 120,448.74 17,388.43 98,916.96
Trustee: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fiscal Agent: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------
20,181.83 135,400.81 15,564.82 83,964.88 18,358.22 120,448.74 17,388.43 98,916.96
======================================================================================================================
</TABLE>
================================================================================
<TABLE>
<CAPTION>
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Summary of REO Properties
Principal Date of Final Amount Aggregate Other
# Property Name Date of REO Balance Book Value Recovery of Proceeds Rev. Collected
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Summary of Repurchased, Liquidated or Disposed Loans
Principal Date of Final Amount Aggregate Other
# Property Name Loan Number Balance Book Value Liquidation of Proceeds Rev. Collected
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
====================================================================================================================================
</TABLE>
Page 6 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
Asset Backed Facts - Pool Total
<TABLE>
<CAPTION>
====================================================================================================================
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bankruptcy REO
Date ====================================================================================================
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/25/99 2 752,637 0 0 2 655,055 1 329,189 0 0
0.15% 0.177% 0.00% 0.000% 0.15% 0.154% 0.07% 0.077% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
02/25/99 6 2,247,672 0 0 2 655,551 1 329,438 0 0
0.44% 0.520% 0.00% 0.000% 0.15% 0.152% 0.07% 0.076% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
01/25/99 5 1,603,874 1 357,815 2 656,044 1 329,685 0 0
0.36% 0.364% 0.07% 0.081% 0.15% 0.149% 0.07% 0.075% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
12/28/98 5 1,767,487 3 965,873 2 572,574 0 0 0 0
0.35% 0.393% 0.21% 0.215% 0.14% 0.127% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
11/25/98 6 2,044,116 1 300,334 3 1,018,037 0 0 0 0
0.42% 0.444% 0.07% 0.065% 0.21% 0.221% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
10/26/98 5 1,409,819 4 1,356,035 0 0 0 0 0 0
0.34% 0.304% 0.28% 0.292% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
09/25/98 5 1,657,874 0 0 0 0 0 0 0 0
0.34% 0.357% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
08/25/98 5 1,979,861 0 0 0 0 0 0 0 0
0.34% 0.417% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
07/27/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
====================================================================================================================
<CAPTION>
============================================================================
Distribution Modifications Prepayments Curr Weighted Avg.
Date ============================================================
# Balance # Balance Coupon Remit
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 24 8,195,892 7.3104% 7.0479%
0.00% 0.000% 1.78% 1.927%
- ----------------------------------------------------------------------------
02/25/99 0 0 21 6,057.529 7.3140% 7.0515%
0.00% 0.000% 1.54% 1.402%
- ----------------------------------------------------------------------------
01/25/99 0 0 23 8,143,270 7.3164% 7.0539%
0.00% 0.000% 1.65% 1.848%
- ----------------------------------------------------------------------------
12/28/98 0 0 22 8,205,381 7.3191% 7.0566%
0.00% 0.000% 1.56% 1.826%
- ----------------------------------------------------------------------------
11/25/98 0 0 31 10,472,385 7.3236% 7.0611%
0.00% 0.000% 2.15% 2.274%
- ----------------------------------------------------------------------------
10/26/98 0 0 9 2,914,164 7.3251% 7.0626%
0.00% 0.000% 0.62% 0.628%
- ----------------------------------------------------------------------------
09/25/98 0 0 18 5,590,263 7.3293% 7.0668%
0.00% 0.000% 1.22% 1.189%
- ----------------------------------------------------------------------------
08/25/98 0 0 11 4,083,727 7.3320% 7.0695%
0.00% 0.000% 0.74% 0.860%
- ----------------------------------------------------------------------------
07/27/98 0 0 4 1,753,713 7.3337% 7.0712%
0.00% 0.000% 0.27% 0.367%
============================================================================
</TABLE>
Page 7 of 9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
Asset Backed Facts - Group 1 Total
<TABLE>
<CAPTION>
====================================================================================================================
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bankruptcy REO
Date ====================================================================================================
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/25/99 2 752,637 0 0 2 655,055 1 329,189 0 0
0.16% 0.193% 0.00% 0.000% 0.16% 0.168% 0.08% 0.084% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
02/25/99 6 2,247,672 0 0 2 655,551 1 329,438 0 0
0.48% 0.566% 0.00% 0.000% 0.16% 0.165% 0.08% 0.083% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
01/25/99 5 1,603,874 1 357,815 1 329,685 1 329,685 0 0
0.39% 0.396% 0.08% 0.088% 0.08% 0.081% 0.08% 0.081% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
12/28/98 5 1,767,487 2 710,124 2 572,574 0 0 0 0
0.38% 0.428% 0.15% 0.172% 0.15% 0.139% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
11/25/98 5 1,787,487 1 300,334 3 1,018,037 0 0 0 0
0.38% 0.422% 0.08% 0.071% 0.23% 0.241% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
10/26/98 5 1,409,819 4 1,356,035 0 0 0 0 0 0
0.37% 0.331% 0.30% 0.318% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
09/25/98 5 1,657,874 0 0 0 0 0 0 0 0
0.37% 0.389% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
08/25/98 4 1,584,845 0 0 0 0 0 0 0 0
0.29% 0.364% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
07/25/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
====================================================================================================================
<CAPTION>
============================================================================
Distribution Modifications Prepayments Curr Weighted Avg.
Date ============================================================
# Balance # Balance Coupon Remit
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 24 8,195,892 7.3455% 7.0830%
0.000% 0.000% 1.94% 2.097%
- ----------------------------------------------------------------------------
02/25/99 0 0 21 6,057,529 7.3490% 7.0865%
0.000% 0.000% 1.67% 1.525%
- ----------------------------------------------------------------------------
01/25/99 0 0 20 7,149,638 7.3514% 7.0889%
0.000% 0.000% 1.56% 1.766%
- ----------------------------------------------------------------------------
12/28/98 0 0 20 7,731,173 7.3539% 7.0914%
0.000% 0.000% 1.54% 1.872%
- ----------------------------------------------------------------------------
11/25/98 0 0 29 9,725,492 7.3581% 7.0956%
0.000% 0.000% 2.18% 2.298%
- ----------------------------------------------------------------------------
10/26/98 0 0 8 2,520,413 7.3596% 7.0971%
0.000% 0.000% 0.60% 0.591%
- ----------------------------------------------------------------------------
09/25/98 0 0 17 5,118,807 7.3640% 7.1015%
0.000% 0.000% 1.26% 1.186%
- ----------------------------------------------------------------------------
08/25/98 0 0 10 3,668,848 7.3666% 7.1041%
0.000% 0.000% 0.73% 0.842%
- ----------------------------------------------------------------------------
07/25/98 0 0 3 1,392,005 7.3682% 7.1057%
0.000% 0.000% 0.22% 0.318%
============================================================================
</TABLE>
Page 8 of9
<PAGE>
<PAGE>
ABN AMRO
LaSalle National Bank
Administrator:
Roxane Ellwanger (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Statement Date: 03/25/99
Payment Date: 03/25/99
Prior Payment: 02/25/99
Record Date: 02/26/99
ABN AMRO Mortgage Corporation
(LaSalle Home Mortgage Corporation, as Servicer)
Multi-Class Mortgage Pass-Through Certificates
Series 1998-2
ABN AMRO Acct: 67-7966-30-1
Asset Backed Facts - Group 2 Total
<TABLE>
<CAPTION>
====================================================================================================================
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bankruptcy REO
Date ====================================================================================================
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
02/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
01/25/99 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
12/28/98 0 0 1 255,749 0 0 0 0 0 0
0.00% 0.000% 0.88% 0.701% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
11/25/98 1 256,629 0 0 0 0 0 0 0 0
0.87% 0.687% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
10/26/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
09/25/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
08/25/98 1 395,016 0 0 0 0 0 0 0 0
0.85% 1.012% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
- --------------------------------------------------------------------------------------------------------------------
07/27/98 0 0 0 0 0 0 0 0 0 0
0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
====================================================================================================================
<CAPTION>
============================================================================
Distribution Modifications Prepayments Curr Weighted Avg.
Date ============================================================
# Balance # Balance Coupon Remit
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
03/25/99 0 0 0 0 6.9137% 6.6512%
0.00% 0.000% 0.00% 0.000%
- ----------------------------------------------------------------------------
02/25/99 0 0 0 0 6.9137% 6.6512%
0.00% 0.000% 0.00% 0.000%
- ----------------------------------------------------------------------------
01/25/99 0 0 3 993,632 6.9209% 6.6584%
0.00% 0.000% 2.70% 2.771%
- ----------------------------------------------------------------------------
12/28/98 0 0 2 474,208 6.9252% 6.6627%
0.00% 0.000% 1.77% 1.300%
- ----------------------------------------------------------------------------
11/25/98 0 0 2 746,894 6.9333% 6.6708%
0.00% 0.000% 1.74% 2.000%
- ----------------------------------------------------------------------------
10/26/98 0 0 1 393,751 6.9365% 6.6740%
0.00% 0.000% 0.86% 1.040%
- ----------------------------------------------------------------------------
09/25/98 0 0 1 471,456 6.9403% 6.6778%
0.00% 0.000% 0.85% 1.225%
- ----------------------------------------------------------------------------
08/25/98 0 0 1 414,878 6.9462% 6.6837%
0.00% 0.000% 0.85% 1.063%
- ----------------------------------------------------------------------------
07/27/98 0 0 1 361,708 6.9524% 6.6899%
0.00% 0.000% 0.84% 0.915%
============================================================================
</TABLE>
Page 9 of 9
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1, CLASS II-PO
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
M 3,776,882.00 3,692,061.04 20,325.23 8,682.49 29,007.72 0.00 0.00 3,683,378.55
B-1 2,231,794.00 2,181,672.52 12,010.36 5,130.57 17,140.93 0.00 0.00 2,176,541.95
B-2 1,201,735.00 1,174,746.52 6,467.12 2,762.61 9,229.73 0.00 0.00 1,171,983.91
B-3 1,030,060.00 1,006,926.98 5,543.25 2,367.96 7,911.21 0.00 0.00 1,004,559.02
B-4 515,029.00 503,462.50 2,771.62 1,183.98 3,955.60 0.00 0.00 502,278.52
B-5 686,706.32 671,284.32 3,695.50 1,578.63 5,274.13 0.00 0.00 669,705.69
R-II 50.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
TOTALS 9,442,256.32 9,230,153.88 50,813.08 21,706.24 72,519.32 0.00 0.00 9,208,447.64
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
M 055240DJ1 977.542068 5.381484 2.298851 7.680335 975.243216 6.606142% 6.286692%
B-1 055240DK8 977.542067 5.381482 2.298855 7.680337 975.243212 6.606142% 6.286692%
B-2 055240DL6 977.542070 5.381486 2.298851 7.680337 975.243219 6.606142% 6.296669%
B-3 055240DM4 977.542066 5.381483 2.298856 7.680339 975.243209 6.606142% 6.286692%
B-4 055240DN2 977.542041 5.381483 2.298861 7.680344 975.243180 6.606142% 6.286692%
B-5 055240DP7 977.542071 5.381485 2.298843 7.680328 975.243228 6.606142% 6.286692%
R-II 055240DR3 0.000000 0.000000 0.000000 0.000000 0.000000 6.750000% 6.750000%
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR: Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION: (800) 735-7777
- ----------------------------------------------------------------------------------------------------------
</TABLE>
To learn more about Bankers Trust Year 2000 Program Plan, please visit our web
site at http://www.bankerstrust.com/y2k/.
Distribution Date: March 25, 1999
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
MORTGAGE POOL INFORMATION: GROUP I GROUP II
- -------------------------- ------- --------
<S> <C> <C>
BEGINNING BALANCE OF POOL 113,279,882.09 162,552,324.28
LESS: SCHEDULED PRINCIPAL (95,108.82) (563,680.88)
PRINCIPAL PREPAYMENTS (2,119,595.12) (5,878,239.39)
REPURCHASES 0.00 0.00
LIQUIDATIONS 0.00 0.00
OTHER UNSCHEDULED PRINCIPAL 0.00 0.00
-------------- --------------
ENDING BALANCE OF POOL 111,065,178.15 156,110,404.01
============== ==============
BEGINNING NUMBER OF LOANS IN POOL 354 485
ENDING NUMBER OF LOANS IN POOL 348 466
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 340 165
WEIGHTED AVERAGE NET CONTRACT RATE 7.526098% 7.094084%
CURRENT REALIZED LOSSES ON THE POOL 0.00 0.00
CUMULATIVE REALIZED LOSSES ON THE POOL 0.00 0.00
BEGINNING POOL BALANCE OF PREMIUM LOANS 111,731,641.75 150,841,825.64
STRIPPED INTEREST RATE 0.534676% 0.231923%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT, BANKRUPTCY, LOANS LOANS LOANS
FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN IN IN
LOAN INFORMATION DAYS DAYS DAYS BANKRUPTCY FORECLOSURE REO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
GROUP I PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF GROUP BAL. 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
----------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- ------------------------------------------------------------------------------------------------------------------------------------
GROUP II PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF GROUP BAL. 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
----------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- ------------------------------------------------------------------------------------------------------------------------------------
GROUP I BOOK VALUE OF REO PROPERTIES NA
GROUP II BOOK VALUE OF REO PROPERTIES NA
</TABLE>
<TABLE>
<CAPTION>
SERVICING INFORMATION: GROUP I GROUP II
- ---------------------- ------- --------
<S> <C> <C>
SERVICING FEES ACCRUED DURING THE CURRENT DUE PERIOD 23,599.98 53,150.85
PLUS: ADDITIONAL SERVICING COMPENSATION 0.00 0.00
LESS: AMTS. TO COVER PREPAYMENT INT. SHORTFALL (7,067.07) (18,386.42)
DELINQUENT SERVICING FEES (1,267.93) 1,938.69
SERVICING FEES COLLECTED FOR THE CURRENT DUE PERIOD 15,264.98 36,703.12
ADVANCED PRINCIPAL 5,042.88 19,661.41
ADVANCED INTEREST 37,047.87 31,208.59
</TABLE>
- --------------------------------------------------------------------------------
To learn more about Bankers Trust Year 2000 Program Plan, please visit our web
site at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Distribution Date: March 25, 1999
- ------------------------------------------------------------------------------------------------------------------
OTHER CUMULATIVE
PREPAYMENT UNSCHEDULED CERTIFICATE UNPAID CUMULATIVE
PRINCIPAL PRINCIPAL INTEREST INTEREST REALIZED
CLASS DISTRIBUTED DISTRIBUTED SHORTFALL SHORTFALL LOSSES
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS IA-1 2,119,576.28 0.00 0.00 0.00 0.00
CLASS IA-2 0.00 0.00 0.00 0.00 0.00
CLASS IA-3 0.00 0.00 0.00 0.00 0.00
CLASS IA-4 0.00 0.00 0.00 0.00 0.00
CLASS IA-5 0.00 0.00 0.00 0.00 0.00
CLASS IA-6 0.00 0.00 0.00 0.00 0.00
CLASS I-X 0.00 0.00 0.00 0.00 0.00
CLASS I-PO 18.84 0.00 0.00 0.00 0.00
CLASS IIA-1 3,671,540.06 0.00 0.00 0.00 0.00
CLASS IIA-2 43,593.88 0.00 0.00 0.00 0.00
CLASS IIA-3 0.00 0.00 0.00 0.00 0.00
CLASS IIA-4 44,310.27 0.00 0.00 0.00 0.00
CLASS IIA-5 2,117,539.92 0.00 0.00 0.00 0.00
CLASS IIA-6 0.00 0.00 0.00 0.00 0.00
CLASS II-X 0.00 0.00 0.00 0.00 0.00
CLASS II-PO 1,255.26 0.00 0.00 0.00 0.00
CLASS M 0.00 0.00 0.00 0.00 0.00
CLASS B-1 0.00 0.00 0.00 0.00 0.00
CLASS B-2 0.00 0.00 0.00 0.00 0.00
CLASS B-3 0.00 0.00 0.00 0.00 0.00
CLASS B-4 0.00 0.00 0.00 0.00 0.00
CLASS B-5 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------
TOTALS 7,997,834.51 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
OTHER REPORTING ITEMS:
- ----------------------
<S> <C>
GROUP I PERCENTAGE 96.54%
GROUP I PREPAYMENT PERCENTAGE 100.00%
GROUP II PERCENTAGE 96.73%
GROUP II PREPAYMENT PERCENTAGE 100.00%
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 21,706.24
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED No
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 5,516,644.13
SPECIAL HAZARD AMOUNT 4,500,664.47
EXTRAORDINARY LOSSES FOR THE PRIOR PERIOD 0.00
GROUP I EXTRAORDINARY LOSSES 0.00
GROUP II EXTRAORDINARY LOSSES 0.00
</TABLE>
- --------------------------------------------------------------------------------
To learn more about Bankers Trust Year 2000 Program Plan, please visit our web
site at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates
Series 1998-1
REMIC I
Statement To Certificateholders
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
P1-M 21,501.00 21,306.96 0.00 19.66 19.66 0.00 0.00 21,287.30
P2-M 350,133.00 337,679.41 0.00 1,371.70 1,371.70 0.00 0.00 336,307.71
X1-M* 142,084,361.67 111,731,641.75 49,783.50 0.00 49,783.50 0.00 0.00 109,518,436.88
X2-M* 187,559,494.52 150,841,825.64 29,153.04 0.00 29,153.04 0.00 0.00 144,448,751.87
Y1 71,698.81 54,430.78 306.18 16.18 322.36 0.00 0.00 54,414.60
Y2 99,676.65 73,772.28 399.60 215.88 615.48 0.00 0.00 73,556.40
Z1 143,556,266.44 113,204,144.24 636,773.31 2,214,668.10 2,851,441.41 0.00 0.00 110,989,476.14
Z2 199,253,620.42 162,140,872.38 878,263.06 6,440,332.69 7,318,595.75 0.00 0.00 155,700,539.69
R-I 50.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
TOTALS 343,352,946.32 275,832,206.05 1,594,678.69 8,656,624.21 10,251,302.90 0.00 0.00 267,175,581.84
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Notional Class Balance
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
P1-M 990.975303 0.000000 0.914376 0.914376 990.060927 0.000000% 0.000000%
P2-M 964.431830 0.000000 3.917654 3.917654 960.514176 0.000000% 0.000000%
X1-M* 786.375365 0.350380 0.000000 0.350380 770.798669 0.534676% 0.534676%
X2-M* 804.234550 0.155434 0.000000 0.155434 770.148972 0.231923% 0.231923%
Y1 759.158738 4.270364 0.225620 4.495984 758.933072 6.750000% 6.750000%
Y2 740.115976 4.008963 2.165810 6.174773 737.950173 6.500000% 6.500000%
Z1 788.569855 4.435705 15.427178 19.862884 773.142677 6.750000% 6.750000%
Z2 813.741161 4.407765 32.322287 36.730052 781.418874 6.500000% 6.500000%
R-I 055240DQ5 0.000000 0.000000 0.000000 0.000000 0.000000 6.750000% 6.750000%
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR: Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------
</TABLE>
To learn more about Bankers Trust Year 2000 Program Plan, please visit our web
site at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates
Series 1998-1
REMIC II
Statement To Certificateholders
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1 96,101,504.00 65,763,756.99 369,921.13 2,211,394.13 2,581,315.26 0.00 0.00 63,552,362.86
IA-2 5,000,000.00 5,000,000.00 28,125.00 0.00 28,125.00 0.00 0.00 5,000,000.00
IA-3 9,500,000.00 9,500,000.00 53,437.50 0.00 53,437.50 0.00 0.00 9,500,000.00
IA-4 14,250,000.00 14,250,000.00 80,156.25 0.00 80,156.25 0.00 0.00 14,250,000.00
IA-5 4,887,000.00 4,887,000.00 27,489.38 0.00 27,489.38 0.00 0.00 4,887,000.00
IA-6 9,939,000.00 9,939,000.00 55,906.88 0.00 55,906.88 0.00 0.00 9,939,000.00
I-X* 11,983,709.00 8,850,399.31 49,783.50 0.00 49,783.50 0.00 0.00 8,636,495.87
I-PO 21,501.00 21,306.96 0.00 19.66 19.66 0.00 0.00 21,287.30
IIA-1 121,111,453.00 98,022,518.22 530,955.31 4,012,111.68 4,543,066.99 0.00 0.00 94,010,406.54
IIA-2 1,000,000.00 729,839.37 3,953.30 47,637.64 51,590.94 0.00 0.00 682,201.73
IIA-3 8,262,000.00 8,262,000.00 44,752.50 0.00 44,752.50 0.00 0.00 8,262,000.00
IIA-4 14,913,749.00 14,437,551.22 78,203.40 48,420.49 126,623.89 0.00 0.00 14,389,130.73
IIA-5 46,447,250.00 35,451,400.00 192,028.42 2,313,962.67 2,505,991.09 0.00 0.00 33,137,437.33
IIA-6 2,127,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
II-X* 7,513,508.12 5,382,099.54 29,153.04 0.00 29,153.04 0.00 0.00 5,024,152.01
II-PO 350,133.00 337,679.41 0.00 1,371.70 1,371.70 0.00 0.00 336,307.71
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 339,910,590.00 266,602,052.17 1,543,865.61 8,634,917.97 10,178,783.58 0.00 0.00 257,967,134.20
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Notional Class Balance
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1 055240CT0 684.315586 3.849275 23.011025 26.860300 661.304560 6.750000% 6.750000%
IA-2 055240CU7 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
IA-3 055240CV5 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
IA-4 055240CW3 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
IA-5 055240CX1 1,000.000000 5.625001 0.000000 5.625001 1,000.000000 6.750000% 6.750000%
IA-6 055240CY9 1,000.000000 5.625001 0.000000 5.625001 1,000.000000 6.750000% 6.750000%
I-X* 055240DF9 738.535900 5.625000 0.000000 5.625000 720.686381 6.750000% 0.000000%
I-PO 055240DH5 990.975303 0.000000 0.914376 0.914376 990.060927 0.000000% 6.500000%
IIA-1 055240CZ6 809.357957 4.384022 33.127434 37.511456 776.230523 6.500000% 6.500000%
IIA-2 055240DA0 729.839370 3.953300 47.637640 51.590940 682.201730 6.500000% 6.500000%
IIA-3 055240DB8 1,000.000000 5.416667 0.000000 5.416667 1,000.000000 6.500000% 6.500000%
IIA-4 055240DC6 968.069881 5.243712 3.246701 8.490413 964.823180 6.500000% 6.500000%
IIA-5 055240DD4 763.261549 4.134333 49.819153 53.953487 713.442396 6.500000% 6.500000%
IIA-6 055240DE2 0.000000 0.000000 0.000000 0.000000 0.000000 6.500000% 6.500000%
II-X* 055240DG7 716.323115 3.880084 0.000000 3.880084 668.682582 6.500000% 0.000000%
II-PO 055240DU6 964.431830 0.000000 3.917654 3.917654 960.514176 0.000000% 0.000000%
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR: Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION: (800) 735-7777
- ----------------------------------------------------------------------------------------------------
</TABLE>
To learn more about Bankers Trust Year 2000 Program Plan, please visit our web
site at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-2, CLASS II-PO
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1-L 32,400,889.00 20,356,015.28 114,502.59 1,756.460.66 1870,963.25 0.00 0.00 18,599,554.62
IA-2-L 3,140,000.00 3,140,000.00 17,662.50 0.00 17,662.50 0.00 0.00 3,140,000.00
IA-3-L 15,156,755.00 15,156,755.00 74,386.57 0.00 74,386.57 0.00 0.00 15,156,755.00
IA-4-L 18,951,940.00 18,951,940.00 106,604.66 0.00 106,604.66 0.00 0.00 18,951,940.00
IA-5-L 73,500,000.00 55,137,986.93 310,151.18 2,152,675.58 2,462,826.76 0.00 0.00 52,985,311.35
IA-6-L 25,717,028.00 25,717,028.00 144,658.28 0.00 144,658.28 0.00 0.00 25,717,028.00
IA-8-L 2,937,483.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IA-9-L 3,929,529.00 3,929,529.00 32,973.77 0.00 32,973.77 0.00 0.00 3,929,529.00
IA-10-L 14,360,000.00 14,360,000.00 80,775.00 0.00 80,775.00 0.00 0.00 14,360,000.00
I-X-L 0.00 0.00 47,015.78 0.00 47,015.78 0.00 0.00 0.00
I-PO-L 43,461.00 43,094.85 0.00 48.30 48.30 0.00 0.00 43,046.55
I-B-L 7,922,383.17 7,864,309.34 44,236.73 6,681.90 50,918.63 0.00 0.00 7,857,627.44
R-I 50.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
TOTALS 198,059,518.17 164,656,658.40 972,967.06 3,915,866.44 4,888,833.50 0.00 0.00 160,740,791.96
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1-L 628.254838 3.533934 54.210261 57.744195 574.044577 6.750000 % 6.750000 %
IA-2-L 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000 % 6.750000 %
IA-3-L 1,000.000000 4.907816 0.000000 4.907816 1,000.000000 5.889380 % 5.887500 %
IA-4-L 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000 % 6.750000 %
IA-5-L 750.176693 4.219744 29.288103 33.507847 720.888590 6.750000 % 6.750000 %
IA-6-L 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000 % 6.750000 %
IA-8-L 0.000000 0.000000 0.000000 0.000000 0.000000 6.750000 % 6.750000 %
IA-9-L 1,000.000000 8.391278 0.000000 8.391278 1,000.000000 10.069534 % 10.076786 %
IA-10-L 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000 % 6.750000 %
I-X-L 0.000000 0.237382 0.000000 0.237382 0.000000 6.750000 % 6.750000 %
I-PO-L 991.575205 0.000000 1.111341 1.111341 990.463864 0.000000 % 0.000000 %
I-B-L 992.669651 5.583766 0.843420 6.427186 991.826231 6.750000 % 6.750000 %
R-I 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 % 0.000000 %
</TABLE>
This statement is also available on Bankers Trust's Website,
http://online.bankerstrust.com/invr/. We begin posting statements to the Web at
7:00pm Eastern Time on the business day before each distribution date.
<TABLE>
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION (800) 735-7777
- -----------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IIA-1-L 100,392,251.00 84,637,093.15 458,450.92 2,825,648.83 3,284,099.75 0.00 0.00 81,811.444.32
II-X-L 0.00 0.00 10,177.88 0.00 10,177.88 0.00 0.00 0.00
II-PO-L 148,157.00 143,572.91 0.00 526.37 526.37 0.00 0.00 143,046.54
II-B-L 2,314,231.16 2,247,048.30 12,171.51 7,676.59 19,848.10 0.00 0.00 2,239,371.71
R-II 50.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
TOTALS 102,854,689.16 87,027,714.36 480,800.31 2,833,851.79 3,314,652.10 0.00 0.00 84,193,862.57
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IIA-1-L 843.064005 4.566597 28.146085 32.712682 814.917920 6.500000 % 6.500000 %
II-X-L 0.000000 0.098954 0.000000 0.098954 0.000000 6.500000 % 6.500000 %
II-PO-L 969.059241 0.000000 3.552785 3.552785 965.506456 0.000000 % 0.000000 %
II -B-L 970.969685 5.259418 3.317123 8.576542 967.652562 6.500000 % 6.500000 %
R-II 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 % 0.000000 %
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION (800) 735-7777
- -------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1 31,022,128.00 19,489,802.02 114,502.59 1,681,717.67 1,796,220.26 0.00 0.00 17,808,084.35
IA-2 3,140,000.00 3,140,000.00 17,662.50 0.00 17,662.50 0.00 0.00 3,140,000.00
IA-3 15,156,755.00 15,156,755.00 74,386.57 0.00 74,386.57 0.00 0.00 15,156,755.00
IA-4 18,951,940.00 18,951,940.00 106,604.66 0.00 106,604.66 0.00 0.00 18,951,940.00
IA-5 73,500,000.00 55,137,986.93 310,151.18 2,152,675.58 2,462,826.76 0.00 0.00 52,985,311.35
IA-6 25,717,028.00 25,717,028.00 144,658.28 0.00 144,658.28 0.00 0.00 25,717,028.00
IA-7 1,378,761.00 866,213.26 0.00 74,742.99 74,742.99 0.00 0.00 791,470.27
IA-8 2,937,483.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IA-9 3,929,529.00 3,929,529.00 32,973.77 0.00 32,973.77 0.00 0.00 3,929,529.00
IA-10 4,600,000.00 4,600,000.00 25,300.00 0.00 25,300.00 0.00 0.00 4,600,000.00
IA-11 9,760,000.00 9,760,000.00 53,680.00 0.00 53,680.00 0.00 0.00 9,760,000.00
IA-12 0.00 0.00 1,795.00 0.00 1,795.00 0.00 0.00 0.00
I-X 0.00 0.00 47,015.78 0.00 47,015.78 0.00 0.00 0.00
I-PO 43,461.00 43,094.85 0.00 48.30 48.30 0.00 0.00 43,046.55
I-M 3664,102.00 3,637,242.86 20,459.49 3,090.38 23,549.87 0.00 0.00 3,634,152.48
IB-1 1,683,506.00 1,671,165.31 9,400.30 1,419.90 10,820.20 0.00 0.00 1,669,745,41
IB-2 891,268.00 884,734.70 4,976.63 751.71 5,728.34 0.00 0.00 883,982.99
IB-3 693,208.00 688.126.54 3,870.71 584.67 4,455.38 0.00 0.00 687,541.87
IB-4 495,148.00 491,518.39 2,764.79 417.62 3,182.41 0.00 0.00 491,100.77
IB-5 495,151.17 491,521.54 2,764.81 417.62 3,182.43 0.00 0.00 491,103.92
- ---------------------------------------------------------------------------------------------------------------
TOTALS * See summary of balances on next page.
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1 055240DV4 628.254839 3.690997 54.210261 57.901259 574.044577 7.050000% 7.050000%
IA-2 055240DW2 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6750000%
IA-3 055240DX0 1,000.000000 4.907816 0.000000 4.907816 1,000.000000 5.889380% 5.887500%
IA-4 055240DY8 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
1A-5 055240DZ5 750.176693 4.219744 29.288103 33.507847 720.888590 6.750000% 6.750000%
IA-6 055240EA9 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
IA-7 055240EB7 628.254832 0.000000 54.210258 54.210258 574.044573 0.000000% 0.000000%
IA-8 055240EC5 0.000000 0.000000 0.000000 0.000000 0.000000 6.750000% 6.750000%
IA-9 055240ED3 1,000.000000 8.391278 0.000000 8.391278 1,000.000000 10.069534% 10.076786%
IA-10 055240EE1 1,000.000000 5.500000 0.000000 5.500000 1,000.000000 6.600000% 6.600000%
IA-11 055240EF8 1,000.000000 5.500000 0.000000 5.500000 1,000.000000 6.600000% 6.600000%
IA-12 055240EG6 0.000000 5.625000 0.000000 5.625000 0.000000 6.750000% 6.750000%
I-X 055240EJ0 0.000000 5.624999 0.000000 5.624999 0.000000 6.750000% 6.750000%
I-PO 055240EL5 991.575205 0.000000 1.111341 1.111341 990.463864 0.000000% 0.000000%
I-M 055240EN1 992.669653 5.583766 0.843421 6.427187 991.826232 6.750000% 6.750000%
IB-1 055240EP6 992.669649 5.583764 0.843418 6.427182 991.826230 6.750000% 6.750000%
IB-2 055240EQ4 992.669657 5.583764 0.843416 6.427180 991.826241 6.750000% 6.750000%
IB-3 055240EX9 992.669646 5.583764 0.843427 6.427191 991.826220 6.750000% 6.750000%
IB-4 055240EY7 992.669646 5.583765 0.843425 6.427189 991.826222 6.750000% 6.750000%
IB-5 055240EZ4 992.669653 5.583769 0.843419 6.427189 991.826234 6.750000% 6.750000%
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR: Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IIA-1 100,392,251.00 84,637,093.15 458,450.92 2,825,648.83 3,284,099.75 0.00 0.00 81,811,444.32
II-X 0.00 0.00 10,177.88 0.00 10,177.88 0.00 0.00 0.00
II-PO 148,157.00 143,572.91 0.00 526.37 526.37 0.00 0.00 143,046.54
IIM 874,264.00 848,883.90 4,598.12 2,900.05 7,498.17 0.00 0.00 845,983.85
IIB-1 462,846.00 449,409.42 2,434.30 1,535.32 3,969.62 0.00 0.00 447,874.10
IIB-2 308,564.00 299,606.27 1,622.87 1,023.54 2,646.41 0.00 0.00 298,582.73
IIB-3 308,564.00 299,606.27 1,622.87 1,023.54 2,646.41 0.00 0.00 298,582.73
IIB-4 154,282.00 149,803.14 811.43 511.77 1,323.20 0.00 0.00 149,291.37
IIB-5 205,711.16 199,739.30 1,081.92 682.37 1,764.29 0.00 0.00 199,056.93
R-III 50.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
TOTALS 300,914,157.33 251,684,372.76 1,453,767.37 6,749,718.23 8,203,485.60 0.00 0.00 244,934,654.53
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IIA-1 055240EH4 843.064005 4.566597 28.146085 32.712682 814.917920 6.500000% 6.500000%
II-X 055240EK7 0.000000 5.416668 0.000000 5.416668 0.000000 6.500000% 6.500000%
II-PO 055240EM3 969.059241 0.000000 3.552785 3.552785 965.506456 0.000000% 0.000000%
IIM 055240ER2 970.969753 5.259418 3.317133 8.576551 967.652620 6.500000% 6.500000%
IIB-1 055240ES0 970.969653 5.259417 3.317129 8.576546 967.652524 6.500000% 6.500000%
IIB-2 055240ET8 970.969621 5.259428 3.317108 8.576535 967.652513 6.500000% 6.500000%
IIB-3 055240FA8 970.969621 5.259428 3.317108 8.576535 967.652513 6.500000% 6.500000%
IIB-4 055240FB6 970.969653 5.259395 3.317108 8.576503 967.652545 6.500000% 6.500000%
IIB-5 055240FC4 970.969684 5.259413 3.317127 8.576540 967.652557 6.500000% 6.500000%
R-III 055240EW1 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: Bank of America ADMINISTRATOR: Kelly L. Shea
SERVICER: Bank of America Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette 3 Park Plaza
RECORD DATE: February 26, 1999 Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999 FACTOR INFORMATION: (800) 735-7777
- --------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
- --------------------------------------------------------------------------------
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
MORTGAGE POOL INFORMATION: GROUP I GROUP II
- -------------------------- ------- --------
<S> <C> <C>
BEGINNING BALANCE OF POOL 164,656,658.75 87,027,147.63
LESS: SCHEDULED PRINCIPAL (139,902.70) (297,340.05)
PRINCIPAL PREPAYMENTS (3,775,963.74) (2,536,511.74)
REPURCHASES 0.00 0.00
LIQUIDATIONS 0.00 0.00
OTHER UNSCHEDULED PRINCIPAL 0.00 0.00
-------------- --------------
ENDING BALANCE OF POOL 160,740,792.31 84,193,862.84
============== =============
BEGINNING NUMBER OF LOANS IN POOL 525 270
ENDING NUMBER OF LOANS IN POOL 514 262
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 337 167
WEIGHTED AVERAGE NET CONTRACT RATE 7.568795% 7.105628%
CURRENT REALIZED LOSSES ON THE POOL 0.00 0.00
CUMULATIVE REALIZED LOSSES ON THE POOL 0.00 0.00
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
DELINQUENT, BANKRUPTCY, LOANS LOANS LOANS
FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN IN IN
LOAN INFORMATION* DAYS DAYS DAYS BANKRUPTCY FORECLOSURE REO
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GROUP I PRINCIPAL BALANCE 262,791.14 0.00 0.00 526,774.17 0.00 0.00
PERCENTAGE OF GROUP BAL. 0.1635% 0.0000% 0.0000% 0.3277% 0.0000% 0.0000%
NUMBER OF LOANS 1 0 0 2 0 0
PERCENTAGE OF LOANS 0.1946% 0.0000% 0.0000% 0.3891% 0.0000% 0.0000%
- ----------------------------------------------------------------------------------------------------------------------------
GROUP II PRINCIPAL BALANCE 0 0 0 0 0 0
PERCENTAGE OF GROUP BAL. 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
* REO'S, FORECLOSURES, AND BANKRUPTCIES ARE INCLUDED IN THE APPROPRIATE DELINQUENCE CATEGORIES.
<S> <C>
GROUP I BOOK VALUE OF REO PROPERTIES 0.00
GROUP II BOOK VALUE OF REO PROPERTIES 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING INFORMATION: GROUP I GROUP II
- ---------------------- ------- --------
<S> <C> <C>
SERVICING FEES ACCRUED DURING THE CURRENT DUE PERIOD 64,618.24 34,014.16
PLUS: ADDITIONAL SERVICING COMPENSATION 0.00 0.00
LESS: AMTS. TO COVER PREPAYMENT INT. SHORTFALL (13,465.10) (9,363.57)
DELINQUENT SERVICING FEES (1,631.75) (691.67)
---------- ---------
SERVICING FEES COLLECTED FOR THE CURRENT DUE PERIOD 49,521.39 23,958.92
========== =========
ADVANCED PRINCIPAL 4,079.53 4,964.98
ADVANCED INTEREST 28,032.40 7,786.72
</TABLE>
Page 5 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Distribution Date: March 25, 1999
- ---------------------------------------------------------------------------------------------
OTHER CUMULATIVE
PREPAYMENT UNSCHEDULED CERTIFICATE UNPAID CUMULATIVE
PRINCIPAL PRINCIPAL INTEREST INTEREST REALIZED
CLASS DISTRIBUTED DISTRIBUTED SHORTFALL SHORTFALL LOSSES
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS IA-1 1,624,422.61 0.00 0.00 0.00 0.00
CLASS IA-2 0.00 0.00 0.00 0.00 0.00
CLASS IA-3 0.00 0.00 0.00 0.00 0.00
CLASS IA-4 0.00 0.00 0.00 0.00 0.00
CLASS IA-5 2,079,335.28 0.00 0.00 0.00 0.00
CLASS IA-6 0.00 0.00 0.00 0.00 0.00
CLASS IA-7 72,196.54 0.00 0.00 0.00 0.00
CLASS IA-8 0.00 0.00 0.00 0.00 0.00
CLASS IA-9 0.00 0.00 0.00 0.00 0.00
CLASS IA-10 0.00 0.00 0.00 0.00 0.00
CLASS IA-11 0.00 0.00 0.00 0.00 0.00
CLASS IA-12 0.00 0.00 0.00 0.00 0.00
CLASS I-X 0.00 0.00 0.00 0.00 0.00
CLASS I-PO 9.31 0.00 0.00 0.00 0.00
CLASS I-M 0.00 0.00 0.00 0.00 0.00
CLASS IB-1 0.00 0.00 0.00 0.00 0.00
CLASS 1B-2 0.00 0.00 0.00 0.00 0.00
CLASS 1B-3 0.00 0.00 0.00 0.00 0.00
CLASS 1B-4 0.00 0.00 0.00 0.00 0.00
CLASS 1B-5 0.00 0.00 0.00 0.00 0.00
CLASS 11A-1 2,536,503.31 0.00 0.00 0.00 0.00
CLASS 11-X 0.00 0.00 0.00 0.00 0.00
CLASS II-PO 8.43 0.00 0.00 0.00 0.00
CLASS IIM 0.00 0.00 0.00 0.00 0.00
CLASS IIB-1 0.00 0.00 0.00 0.00 0.00
CLASS IIB-2 0.00 0.00 0.00 0.00 0.00
CLASS IIB-3 0.00 0.00 0.00 0.00 0.00
CLASS IIB-4 0.00 0.00 0.00 0.00 0.00
CLASS IIB-5 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------
TOTALS 6,312,475.48 0.00 0.00 0.00 0.00
=============================================================================================
</TABLE>
To learn more about Bankers Trust Year 2000 Program Plan, please visit our web
site at http://www.bankerstrust.com/y2k/.
Page 6 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
BA MORTAGE SECURITIES, INC
Mortgage Pass-Through Certificates
Series 1998-2
Statements To Certificateholders
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Distribution Date: March 25, 1999
- --------------------------------------------------------------------------------------------
<S> <C>
OTHER REPORTING ITEMS:
GROUP IA PERCENTAGE 95.222563%
GROUP IA PREPAYMENT PERCENTAGE 100.000000%
GROUP IIA PERCENTAGE 97.413742%
GROUP IIA PREPAYMENT PERCENTAGE 100.000000%
GROUP I SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 6,681.90
GROUP II SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 7,676.59
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED FOR GROUP I? NO
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED FOR GROUP II? NO
GROUP I BANKRUPTCY AMOUNT 100,000.00
GROUP II BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,009,142.57
SPECIAL HAZARD AMOUNT 3,009,143.00
EXTRAORDINARY LOSSES FOR THE PRIOR PERIOD 0.00
GROUP I EXTRAORDINARY LOSSES 0.00
GROUP II EXTRAORDINARY LOSSES 0.00
- --------------------------------------------------------------------------------------------
</TABLE>
Page 7 of 7 (C)COPYRIGHT 1999 Bankers Trust Company
To learn more about Bankers Trust Year 2000 Program Plan, please visit our
website at http://www.bankerstrust.com/y2k/.
<PAGE>
<PAGE>
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1993-D, CLASS PO
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
Certificateholder Monthly Distribution Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Certificate Pass
Class Rate Beginning Through Principal Interest Total
Class CUSIP Description Type Balance Rate (%) Distribution Distribution Distribution
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 126690LY0 Senior Fix-30/360 0.00 6.000000 0.00 0.00 0.00
A2 126690LZ7 Senior Fix-30/360 0.00 6.000000 0.00 0.00 0.00
A3 126690MA1 Senior Fix-30/360 0.00 6.000000 0.00 0.00 0.00
A4 126690MB9 Senior Fix-30/360 0.00 6.000000 0.00 0.00 0.00
A5 126690MC7 Senior Fix-30/360 7,085,789.38 6.000000 420,657.66 35,428.95 456,086.61
A6 126690MD5 Senior Fix-30/360 0.00 6.000000 0.00 0.00 0.00
A7 126690ME3 Senior Fix-30/360 18,220,601.42 6.000000 1,081,691.13 91,103.01 1,172,794.13
A8 126690MF0 Senior Fix-30/360 12,700,000.00 6.000000 0.00 63,500.00 63,500.00
A9 126690MG8 Senior Fix-30/360 1,040,000.00 6.000000 0.00 5,200.00 5,200.00
A10 126690MH6 Senior Var-30/360 28,261,062.60 5.805000 0.00 136,712.89 136,712.89
A11 126690MJ2 Senior Var-30/360 10,927,612.23 6.064650 0.00 55,226.78 55,226.78
A12 126690MK9 Senior Var-30/360 3,202,919.99 7.499997 0.00 20,018.24 20,018.24
A13 126690ML7 Senior Fix-30/360 9,447,472.01 6.000000 1,675,950.87 47,237.36 1,723,188.23
A14 126690MM5 Senior Var-30/360 17,324,056.27 6.068750 0.00 87,612.81 87,612.81
A15 126690MN3 Senior Var-30/360 8,662,028.15 5.862500 0.00 42,317.62 42,317.62
PO 126690MP8 Senior Fix-30/360 189,538.55 0.000000 1,293.52 0.00 1,293.52
AR Senior Fix-30/360 0.00 6.000000 0.00 0.06 0.06
- ---------------------------------------------------------------------------------------------------------------------------------
B1 126690MR4 Junior Fix-30/360 3,020,422.19 6.000000 37,710.31 15,102.11 52,812.43
B2 126690MS2 Junior Fix-30/360 2,265,018.00 6.000000 28,279.01 11,325.09 39,604.10
B3 126690NW2 Junior Fix-30/360 751,915.41 6.000000 9,387.75 3,759.58 13,147.33
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 123,098,436.20 3,254,970.25 614,544.50 3,869,514.75
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------
Current Cumulative
Realized Ending Realized
Class Losses Balance Losses
- ------------------------------------------------------
<S> <C> <C> <C>
A1 0.00 0.00 0.00
A2 0.00 0.00 0.00
A3 0.00 0.00 0.00
A4 0.00 0.00 0.00
A5 0.00 6,665,131.72 0.00
A6 0.00 0.00 0.00
A7 0.00 17,138,910.30 0.00
A8 0.00 12,700,000.00 0.00
A9 0.00 1,040,000.00 0.00
A10 0.00 28,261,062.60 0.00
A11 0.00 10,927,612.23 0.00
A12 0.00 3,202,919.99 0.00
A13 0.00 7,771,521.14 0.00
A14 0.00 17,324,056.27 0.00
A15 0.00 8,662,028.15 0.00
PO 0.00 188,245.03 0.00
AR 0.00 0.00 0.00
- ------------------------------------------------------
B1 0.00 2,982,711.88 0.00
B2 0.00 2,236,738.99 0.00
B3 0.00 742,527.66 89,247.10
- ------------------------------------------------------
Totals 0.00 119,843,465.96 89,247.10
- ------------------------------------------------------
</TABLE>
Page 1
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
Principal Distribution Detail
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Net
Certificate Certificate Principal Accretion Principal Principal
Class CUSIP Balance Balance Distribution Principal Adjustments Distribution
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 126690LY0 33,600,000.00 0.00 0.00 0.00 0.00 0.00
A2 126690LZ7 8,000,000.00 0.00 0.00 0.00 0.00 0.00
A3 126690MA1 6,000,000.00 0.00 0.00 0.00 0.00 0.00
A4 126690MB9 13,832,200.00 0.00 0.00 0.00 0.00 0.00
A5 126690MC7 31,303,820.00 7,085,789.38 420,657.66 0.00 0.00 420,657.66
A6 126690MD5 24,706,500.00 0.00 0.00 0.00 0.00 0.00
A7 126690ME3 18,726,480.00 18,220,601.42 1,081,691.13 0.00 0.00 1,081,691.13
A8 126690MF0 12,700,000.00 12,700,000.00 0.00 0.00 0.00 0.00
A9 126690MG8 1,040,000.00 1,040,000.00 0.00 0.00 0.00 0.00
A10 126690MH6 30,726,666.00 28,261,062.60 0.00 0.00 0.00 0.00
A11 126690MJ2 11,880,979.00 10,927,612.23 0.00 0.00 0.00 0.00
A12 126690MK9 3,482,355.00 3,202,919.99 0.00 0.00 0.00 0.00
A13 126690ML7 18,001,000.00 9,447,472.01 1,675,950.87 0.00 0.00 1,675,950.87
A14 126690MM5 20,000,000.00 17,324,056.27 0.00 0.00 0.00 0.00
A15 126690MN3 9,999,900.00 8,662,028.15 0.00 0.00 0.00 0.00
PO 126690MP8 289,239.79 189,538.55 1,293.52 0.00 0.00 1,293.52
AR 100.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
B1 126690MR4 4,040,466.00 3,020,422.19 37,710.31 0.00 0.00 37,710.31
B2 126690MS2 3,029,950.00 2,265,018.00 28,279.01 0.00 0.00 28,279.01
B3 126690NW2 1,136,232.00 751,915.41 9,387.75 0.00 0.00 9,387.75
- --------------------------------------------------------------------------------------------------------------------------------
Totals 252,495,887.79 123,098,436.20 3,254,970.25 0.00 0.00 3,254,970.25
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------
Current Ending Ending
Realized Certificate Certificate
Class Losses Balance Factor
- --------------------------------------------------------
<S> <C> <C> <C>
A1 0.00 0.00 0.00000000000
A2 0.00 0.00 0.00000000000
A3 0.00 0.00 0.00000000000
A4 0.00 0.00 0.00000000000
A5 0.00 6,665,131.72 0.21291751997
A6 0.00 0.00 0.00000000000
A7 0.00 17,138,910.30 0.91522327203
A8 0.00 12,700,000.00 1.00000000000
A9 0.00 1,040,000.00 1.00000000000
A10 0.00 28,261,062.60 0.91975688479
A11 0.00 10,927,612.23 0.91975688451
A12 0.00 3,202,919.99 0.91975688579
A13 0.00 7,771,521.14 0.43172718987
A14 0.00 17,324,056.27 0.86620281350
A15 0.00 8,662,028.15 0.86621147711
PO 0.00 188,245.03 0.65082687100
AR 0.00 0.00 0.00000000000
- --------------------------------------------------------
B1 0.00 2,982,711.88 0.73820986895
B2 0.00 2,236,738.99 0.73820986762
B3 0.00 742,527.66 0.65350004555
- --------------------------------------------------------
Totals 0.00 119,843,465.96
- --------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
Interest Distribution Detail
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Accrued Cumulative Total Net Unscheduled
Certificate Through Optimal Unpaid Deferred Interest Prepayment Interest Interest
Class Balance Rate (%) Interest Interest Interest Due Int Shortfall Adjustment Paid
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A2 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A3 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A4 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A5 7,085,789.38 6.000000 35,428.95 0.00 0.00 35,428.95 0.00 0.00 35,428.95
A6 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A7 18,220,601.42 6.000000 91,103.01 0.00 0.00 91,103.01 0.00 0.00 91,103.01
A8 12,700,000.00 6.000000 63,500.00 0.00 0.00 63,500.00 0.00 0.00 63,500.00
A9 1,040,000.00 6.000000 5,200.00 0.00 0.00 5,200.00 0.00 0.00 5,200.00
A10 28,261,062.60 5.805000 136,712.89 0.00 0.00 136,712.89 0.00 0.00 136,712.89
A11 10,927,612.23 6.064650 55,226.78 0.00 0.00 55,226.78 0.00 0.00 55,226.78
A12 3,202,919.99 7.499997 20,018.24 0.00 0.00 20,018.24 0.00 0.00 20,018.24
A13 9,447,472.01 6.000000 47,237.36 0.00 0.00 47,237.36 0.00 0.00 47,237.36
A14 17,324,056.27 6.068750 87,612.81 0.00 0.00 87,612.81 0.00 0.00 87,612.81
A15 8,662,028.15 5.862500 42,317.62 0.00 0.00 42,317.62 0.00 0.00 42,317.62
PO 189,538.55 0.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AR 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
B1 3,020,422.19 6.000000 15,102.11 0.00 0.00 15,102.11 0.00 0.00 15,102.11
B2 2,265,018.00 6.000000 11,325.09 0.00 0.00 11,325.09 0.00 0.00 11,325.09
B3 751,915.41 6.000000 3,759.58 0.00 0.00 3,759.58 0.00 0.00 3,759.58
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 123,098,436.20 614,544.44 0.00 0.00 614,544.44 0.00 0.00 614,544.50
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
Current Payment Information
Factors per $1,000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Cert. Ending Cert. Pass
Certificate Notional Principal Interest Notional Through
Class Cusip Balance Balance Distribution Distribution Balance Rate (%)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 126690LY0 33,600,000.00 0.000000000 0.000000000 0.000000000 0.000000000 6.000000
A2 126690LZ7 8,000,000.00 0.000000000 0.000000000 0.000000000 0.000000000 6.000000
A3 126690MA1 6,000,000.00 0.000000000 0.000000000 0.000000000 0.000000000 6.000000
A4 126690MB9 13,832,200.00 0.000000000 0.000000000 0.000000000 0.000000000 6.000000
A5 126690MC7 31,303,820.00 226.355421798 13.437901828 1.131777109 212.917519970 6.000000
A6 126690MD5 24,706,500.00 0.000000000 0.000000000 0.000000000 0.000000000 6.000000
A7 126690ME3 18,726,480.00 972.985922866 57.762650841 4.864929614 915.223272025 6.000000
A8 126690MF0 12,700,000.00 1,000.000000000 0.000000000 5.000000000 1,000.000000000 6.000000
A9 126690MG8 1,040,000.00 1,000.000000000 0.000000000 5.000000000 1,000.000000000 6.000000
A10 126690MH6 30,726,666.00 919.756884785 0.000000000 4.449323930 919.756884785 5.805000
A11 126690MJ2 11,880,979.00 919.756884513 0.000000000 4.648336114 919.756884513 6.064650
A12 126690MK9 3,482,355.00 919.756885786 0.000000000 5.748478237 919.756885786 7.499997
A13 126690ML7 18,001,000.00 524.830399137 93.103209266 2.624151996 431.727189871 6.000000
A14 126690MM5 20,000,000.00 866.202813500 0.000000000 4.380640270 866.202813500 6.068750
A15 126690MN3 9,999,900.00 866.211477115 0.000000000 4.231803987 866.211477115 5.862500
PO 126690MP8 289,239.79 655.299016000 4.472144995 0.000000000 650.826871005 0.000000
AR 100.00 0.000000000 0.000000000 0.580487882 0.000000000 6.000000
- -----------------------------------------------------------------------------------------------------------------------------------
B1 126690MR4 4,040,466.00 747.543028774 9.333159821 3.737715144 738.209868953 6.000000
B2 126690MS2 3,029,950.00 747.543027424 9.333159804 3737715137 738.209867620 6.000000
B3 126690NW2 1,136,232.00 661.762222235 8.262176685 3.30881111 653.500045549 6.000000
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 252,495,887.79 487.526499055 12.891181233 2.433879242 474.635317862
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
Pool Level Data
<TABLE>
<S> <C>
Distribution Date 3/25/99
Cut-off Date 12/1/93
Determination Date 3/1/99
Accrual Period Begin 2/1/99
End 3/1/99
Number of Days in Accrual Period 28
</TABLE>
- --------------------------------------------------------------------------------
Collateral Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
<S> <C>
Cut-Off Date Balance 252,495,888.05
Beginning Aggregate Pool Stated Principal Balance 123,098,436.21
Ending Aggregate Pool Stated Principal Balance 119,843,465.96
Beginning Aggregate Certificate Stated Principal Balance 123,098,436.21
Ending Aggregate Certificate Stated Principal Balance 119,843,465.96
Beginning Aggregate Loan Count 573
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 4
Ending Aggregate Loan Count 569
Beginning Weighted Average Loan Rate (WAC) 6.841093%
Ending Weighted Average Loan Rate (WAC) 6.842528%
Beginning Net Weighted Average Loan Rate 6.456737%
Ending Net Weighted Average Loan Rate 6.458013%
Weighted Average Maturity (WAM) (Months) 115
Servicer Advances 10,784.55
Aggregate Pool Prepayment 2,455,944.54
</TABLE>
Page 1
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
- --------------------------------------------------------------------------------
Certificate Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
<S> <C>
Senior Percentage 95.0879426018%
Senior Prepayment Percentage 98.5263827805%
Subordinate Percentage 4.9120573982%
Subordinated Prepayment Percentage 1.4736172195%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 3,949,092.45
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
-------------
Total Deposits 3,949,092.45
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 53,100.73
Payment of Sub Servicer Fees 26,476.98
Payment of Other Fees 0.00
Payment of Insurance Premium(s) 0.00
Payment of Person Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Service Agreement 0.00
Payment of Principal and Interest 3,869,514.74
-------------
Total Withdrawals 3,949,092.45
Ending Balance 0.00
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 7,522.74
</TABLE>
Page 2
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
<TABLE>
<S> <C>
Compensation for Gross PPIS from Servicing Fees 7,522.74
Other Gross PPIS Compensation 0.00
---------
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 53,100.73
Sub Servicing Fees Paid 26,476.98
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 0.00
---------
Total Fees 79,577.71
</TABLE>
Page 3
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
Delinquency Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
30 - 59 Days 60 - 89 Days 90+ Days Totals
------------ ------------ -------- ------
<S> <C> <C> <C> <C>
Delinquency
Scheduled Principal Balance 383,515.05 0.00 332,340.66 715,855.71
Percentage of Total Pool Balance 0.320013% 0.000000% 0.277312% 0.597326%
Number of Loans 2 0 1 3
Percentage of Total Loans 0.351494% 0.000000% 0.175747% 0.527241%
Foreclosure
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Bankruptcy
Schedule Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
Scheduled Principal Balance 0.00 0.00 0.00 189,618.21
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.158222%
Number of Loans 0 0 0 1
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.175747%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 89,247.25
</TABLE>
- --------------------------------------------------------------------------------
Subordination/Credit Enhancement Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Protection Original Current
-------- -------
<S> <C> <C>
Bankruptcy Loss 5,000.00 50,000.00
Bankruptcy Percentage 0.001980% 0.041721%
Credit/Fraud Loss 0.00 0.00
Credit/Fraud Loss Percentage 0.000000% 0.000000%
Special Hazard Loss 4,455,213.00 1,4955677.80
Special Hazard Loss Percentage 1.764470% 1.248026%
Credit Support Original Current
Class A 244,289,239.79 113,881,487.43
Class A Percentage 96.749789% 95.025195%
Class B1 4,040,466.00 2,982,711.88
Class B1 Percentage 1.600211% 2.488840%
</TABLE>
Page 4
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1993-D
<TABLE>
<CAPTION>
Credit Support Original Current
-------- -------
<S> <C> <C>
Class B2 3,029,950.00 2,236,738.99
Class B2 Percentage 1.200000% 1.866384%
Class B3 1,136,232.00 742,527.66
Class B3 Percentage 0.450000% 0.619581%
</TABLE>
- --------------------------------------------------------------------------------
Other Information
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Excess Master Servicing Fees (EMS) Paid 47,800.72
</TABLE>
Page 5
<PAGE>
<PAGE>
FBS MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1993-C, CLASS A-11
<PAGE>
<PAGE>
MARCH DISTRIBUTION REPORT
Payment Date: 3/25/99
Page 1 of 5
03/16/99
11:03 AM
FBS MORTGAGE CORPORATION
SERIES 1993-C
<TABLE>
<CAPTION>
Remaining Total
Original Interest Interest Interest Scheduled Principal Repurchase
Class CUSIP # Balance Shortfall Losses Payment Principal Prepayment Proceeds
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 302412DT5 23,951,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-2 302412DU2 30,590,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 302412DV0 41,000.00 0.00000000 0.00000000 108.77195122 2.41707317 10.31463415 0.00000000
A-4 302412DW8 9,864,000.00 0.00000000 0.00000000 4.97494424 16.78563767 71.62873986 0.00000000
A-5 302412DX6 11,559,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-6A 302412EF4 10,228,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000098 0.00000000
A-6B 302412EG2 15,342,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-6C 302412EH0 17,958,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 302412DY4 7,178,000.00 0.00000000 0.00000000 2.14253274 0.00000000 0.00000000 0.00000000
A-8 302412DZ1 18,282,000.00 0.00000000 0.00000000 0.68506619 0.00000000 0.00000000 0.00000000
A-9 302412EA5 9,174,000.00 0.00000000 0.00000000 9.09246130 0.00000000 0.00000000 0.00000000
A-10 302412EB3 5,000,000.00 0.00000000 0.00000000 6.04166600 0.00000000 0.00000000 0.00000000
A-11 302412EC1 3,312,230.00 0.00000000 0.00000000 0.00000000 2.10452173 5.59962321 0.00000000
A-12 302412ED9 1,000.00 0.00000000 0.00000000 3,349.39000000 0.00000000 0.00000000 0.00000000
A-13 302412EE7 1,000.00 0.00000000 0.00000000 6,388.00000000 0.00000000 0.00000000 0.00000000
A-RS 302412EK3 1,000.00 0.00000000 0.00000000 18.13000000 0.00000000 0.00000000 0.00000000
A-R 302412EJ6 1,262.00 0.00000000 0.00000000 6.03803487 0.00000000 0.00000000 0.00000000
B-1 302412 EL1 4,332,883.00 0.00000000 0.00000000 5.45299977 1.16642660 4.90178941 0.00000000
B-2 302412 EM9 2,166,450.00 0.00000000 0.00000000 5.45299915 1.16642433 4.90178864 0.00000000
B-3 302412 EN7 1,733,160.00 0.00000000 0.00000000 5.45299915 1.16642433 4.90178633 0.00000000
B-4 302412 EP2 1,083,225.00 0.00000000 0.00000000 5.45300376 1.16642433 4.90178864 0.00000000
B-5 302412 EQ0 649,935.00 0.00000000 0.00000000 5.52610646 1.18207205 4.96751214 0.00000000
B-6 302412 ER8 866,580.00 0.00000000 0.00000000 4.50465047 0.96356943 4.04929724 0.00000000
$0.00 Additional payment to Class A-RS
<CAPTION>
Total
Principal Ending Principal
Class Losses Balance Payment
<S> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000
A-2 0.00000000 0.00000000 0.00000000
A-3 0.00000000 116.54195122 12.73170732
A-4 0.00000000 809.31999797 88.41437956
A-5 0.00000000 0.00000000 0.00000000
A-6A 0.00000000 0.00000000 0.00000000
A-6B 0.00000000 0.00000000 0.00000000
A-6C 0.00000000 0.00000000 0.00000000
A-7 0.00000000 343.00518250 11.62081917
A-8 0.00000000 113.39021989 0.00000000
A-9 0.00000000 1,514.05153695 (9.09246130)
A-10 0.00000000 1,000.00000000 0.00000000
A-11 0.00000000 304.03005528 7.70414494
A-12 0.00000000 1,000.00000000 0.00000000
A-13 0.00000000 1,000.00000000 0.00000000
A-RS 0.00000000 1,000.00000000 0.00000000
A-R 0.00000000 1,000.00000000 0.00000000
B-1 0.00000000 896.49723983 6.06821601
B-2 0.00000000 896.49724203 6.06821298
B-3 0.00000000 896.49724203 6.06821067
B-4 0.00000000 896.49722818 6.06821298
B-5 0.00000000 908.51754406 6.14958419
B-6 0.00000000 740.58517390 5.01286667
</TABLE>
<PAGE>
<PAGE>
MARCH DISTRIBUTION REPORT
Payment Date: 3/25/99
Page 2 of 5
03/16/99
11:03 AM
FBS MORTGAGE CORPORATION
SERIES 1993-C
<TABLE>
<CAPTION>
Non- Excess
Pass- Current Supported Realized Realized Interest Interest Unpaid
Through Interest Interest Interest Interest Distribution Distribution Interest
Class Rate Due Shortfalls Loss Loss Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 7.25000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.10000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 1009.60000% 4,459.65 0.00 0.00 0.00 4,459.65 4,459.65 0.00
A-4 6.65000% 49,072.85 0.00 0.00 0.00 49,072.85 49,072.85 0.00
A-5 7.25000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-6A 7.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-6B 7.91000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-6C 6.82850% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-7 7.25000% 15,379.10 0.00 0.00 0.00 15,379.10 15,379.10 0.00
A-8 7.25000% 12,524.38 0.00 0.00 0.00 12,524.38 12,524.38 0.00
A-9 7.25000% 83,414.24 0.00 0.00 0.00 83,414.24 83,414.24 0.00
A-10 7.25000% 30,208.33 0.00 0.00 0.00 30,208.33 30,208.33 0.00
A-11 PO --- --- --- --- --- --- ---
A-12 0.09353% 3,349.39 0.00 0.00 0.00 3,349.39 3,349.39 0.00
A-13 0.17839% 6,388.00 0.00 0.00 0.00 6,388.00 6,388.00 0.00
A-RS 7.25000% 18.13 0.00 0.00 0.00 18.13 18.13 0.00
A-R 7.25000% 7.62 0.00 0.00 0.00 7.62 7.62 0.00
Senior 204,821.69 0.00 0.00 0.00 204,821.69 204,821.69 0.00
B-1 7.25000% 23,627.21 0.00 0.00 0.00 23,627.21 23,627.21 0.00
B-2 7.25000% 11,813.65 0.00 0.00 0.00 11,813.65 11,813.65 0.00
B-3 7.25000% 9,450.92 0.00 0.00 0.00 9,450.92 9,450.92 0.00
B-4 7.25000% 5,906.83 0.00 0.00 0.00 5,906.83 5,906.83 0.00
B-5 7.25000% 3,591.61 0.00 0.00 0.00 3,591.61 3,591.61 0.00
B-6 7.25000% 3,903.64 0.00 0.00 0.00 3,903.64 3,903.64 0.00
Subordinated 58,293.86 0.00 0.00 0.00 58,293.86 58,293.86 0.00
Series 263,115.55 0.00 0.00 0.00 263,115.55 263,115.55 0.00
<CAPTION>
Unpaid Remaining
Interest Unpaid Total
Shortfall Interest Interest
Class Payment Shortfall Payment
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 0.00 0.00 0.00
A-3 0.00 0.00 4,459.65
A-4 0.00 0.00 49,072.85
A-5 0.00 0.00 0.00
A-6A 0.00 0.00 0.00
A-6B 0.00 0.00 0.00
A-6C 0.00 0.00 0.00
A-7 0.00 0.00 15,379.10
A-8 0.00 0.00 12,524.38
A-9 0.00 0.00 83,414.24
A-10 0.00 0.00 30,208.33
A-11 --- --- ---
A-12 0.00 0.00 3,349.39
A-13 0.00 0.00 6,388.00
A-RS 0.00 0.00 18.13
A-R 0.00 0.00 7.62
Senior 0.00 0.00 204,821.69
B-1 0.00 0.00 23,627.21
B-2 0.00 0.00 11,813.65
B-3 0.00 0.00 9,450.92
B-4 0.00 0.00 5,906.83
B-5 0.00 0.00 3,591.61
B-6 0.00 0.00 3,903.64
Subordinated 0.00 0.00 58,293.86
Series 0.00 0.00 263,115.55
</TABLE>
<PAGE>
<PAGE>
MARCH DISTRIBUTION REPORT
Payment Date: 3/25/99
Page 3 of 5
03/16/99
11:03 AM
FBS MORTGAGE CORPORATION
SERIES 1993-C
<TABLE>
<CAPTION>
Excess
Realized Realized
Beginning Scheduled Principal Principal Principal Accretion Principal Principal Principal
Class Balance Principal Prepayment Repurchase Adjustment Allocation Loss Loss Shortfall
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-2 0.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-3 5,300.22 99.10 422.90 0.00 0.00 --- 0.00 0.00 ---
A-4 8,855.251.90 165,573.53 706,545.89 0.00 0.02 --- 0.00 0.00 ---
A-5 0.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-6A 0.00 0.00 0.01 0.00 (0.01) --- 0.00 0.00 ---
A-6B 0.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-6C 0.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-7 2,545,505.44 0.00 0.00 0.00 0.00 83,414.24 0.00 0.00 ---
A-8 2,073,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ---
A-9 13,806,494.56 0.00 0.00 0.00 0.00 (83,414.24) 0.00 0.00 ---
A-10 5,000,000.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-11 1,032,535.37 6,970.66 18,547.24 0.00 0.00 --- 0.00 0.00 ---
A-12 1,000.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-13 1,000.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-RS 1,000.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
A-R 1,262.00 0.00 0.00 0.00 0.00 --- 0.00 0.00 ---
Senior 33,322,349.49 172,643.29 725,516.04 0.00 0.01 0.00 0.00 0.00 ---
B-1 3,910,710.52 5,053.99 21,238.88 0.00 0.00 --- 0.00 0.00 ---
B-2 1,955,362.93 2,527.00 10,619.48 0.00 0.00 --- 0.00 0.00 ---
B-3 1,564,290.34 2,021.60 8,495.58 0.00 0.00 --- 0.00 0.00 ---
B-4 977,681.45 1,263.50 5,309.74 0.00 0.00 --- 0.00 0.00 ---
B-5 594,474.18 768.27 3,228.56 0.00 0.00 --- 0.00 0.00 ---
B-6 646,120.35 835.01 3,509.04 0.00 0.00 --- 0.00 0.00 ---
Subordinated 9,648,639.77 12,469.37 52,401.28 0.00 0.00 0.00 0.00 0.00 ---
Series 42,970,989.26 185,112.66 777,917.32 0.00 0.01 0.00 0.00 0.00 ---
<CAPTION>
Total Total
Principal Ending Principal
Class Reduction Balance Payment
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 0.00 0.00 0.00
A-3 522.00 4,778.22 522.00
A-4 872,119.44 7,983,132.46 872,119.44
A-5 0.00 0.00 0.00
A-6A 0.00 0.00 0.00
A-6B 0.00 0.00 0.00
A-6C 0.00 0.00 0.00
A-7 83,414.24 2,462,091.20 83,414.24
A-8 0.00 2,073,000.00 0.00
A-9 (83,414.24) 13,889,908.80 (83,414.24)
A-10 0.00 5,000,000.00 0.00
A-11 25,517.90 1,007,017.47 25,517.90
A-12 0.00 1,000.00 0.00
A-13 0.00 1,000.00 0.00
A-RS 0.00 1,000.00 0.00
A-R 0.00 1,262.00 0.00
Senior 898,159.34 32,424,190.15 898,159.34
B-1 26,292.87 3,884,417.65 26,292.87
B-2 13,146.48 1,942,216.45 13,146.48
B-3 10,517.18 1,553,773.16 10,517.18
B-4 6,573.24 971,108.21 6,573.24
B-5 3,996.83 590,477.35 3,996.83
B-6 4,344.05 641,776.30 4,344.05
Subordinated 64,870.65 9,583,769.12 64,870.65
Series 963,029.99 42,007,959.27 963,029.99
</TABLE>
<PAGE>
<PAGE>
MARCH DISTRIBUTION REPORT
Payment Date: 3/25/99
Page 4 of 5
03/16/99
11:03 AM
FBS MORTGAGE CORPORATION
SERIES 1993-C
<TABLE>
<CAPTION>
AVAILABLE DISTRIBUTION AMOUNT PRINCIPAL REDUCTION
<S> <C> <C> <C> <C>
Net Interest Received 263,115.55 Beginning Balance 42,970,989.26
Scheduled Principal Received 185,112.66 Ending Balance 42,007,959.27
Principal Prepayments 777,917.32 Total Reduction 963,029.99
Principal Repurchase 0.00
Principal Adjustments 0.01 ADMINISTRATIVE FEES
Realized Loss Recovery 0.00 Master Servicing 4,476.14
Total 1,226,145.54 Sub-Servicing 8,952.28
Other 966.84
CASH NOT RECEIVED
Interest Not Advanced 0.00
Interest Loss 0.00 Quantity Balance
Scheduled Principal Not Advanced 0.00 DELINQUENCIES
Principal Loss 0.00 30+ Days 4 777,106.95
60+ Days 0 0.00
MONTHLY PAYMENTS ADVANCED N/A 90+ Days 0 0.00
Foreclosure 0 0.00
EXCESS INTEREST DATA RED 0 0.00
Weighted Average Excess ANMR 0.214928% Total Delinquencies 4 777,106.95
Beginning Balance of Premium Loans 18,700,564.02
<CAPTION>
CERTIFICATE RATIOS --- Current Payment --- --- Next Payment ---
Priority Priority
Percentage Percentage Percentage Percentage
<S> <C> <C> <C> <C>
Senior 77.5462% 93.2639% 77.1858% 93.1557%
Subordinated 22.4538% 6.7361% 22.8142% 6.8443%
</TABLE>
Next payment factors are estimates only!!
<PAGE>
<PAGE>
MARCH DISTRIBUTION REPORT
Payment Date: 3/25/99
Page 5 of 5
03/16/99
11:03 AM
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT REDUCTIONS
Credit Prior Current Current Remaining
Enhancement Amount Amount Supported Amount
Type Available Available Claims Available
<S> <C> <C> <C> <C>
Pool --- --- 0.00 ---
Special Hazard 553,787.00 553,787.00 0.00 553,787.00
Fraud 0.00 0.00 0.00 0.00
Deficient Valuation --- --- 0.00 ---
Debt-Service Reduction --- --- 0.00 ---
Aggregate Bankruptcy 100,000.00 100,000.00 0.00 100,000.00
<CAPTION>
CUMULATIVE LOSSES
Prior
Accumulated Current Current Accumulated
Loss Recovery Loss Loss
<S> <C> <C> <C> <C>
Credit 209,761.64 0.00 0.00 209,761.64
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00
Debt-Service Reduction 0.00 0.00 0.00 0.00
<CAPTION>
REALIZED LOSS DETAIL
------------------Supported Loss----------------------
Discount Non-Discount
Interest Principal Principal Total
<S> <C> <C> <C> <C>
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00
Debt-Service Reduction 0.00 0.00 0.00 0.00
<CAPTION>
-----------------Excess Loss-------------------
Discount Non-Discount
Interest Principal Principal Total
<S> <C> <C> <C> <C>
Credit --- --- --- 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00
Debt-Service Reduction 0.00 0.00 0.00 0.00
<CAPTION>
NON-SUPPORTED INTEREST SHORTFALL
<S> <C>
Mortgagor Prepayment
Interest Shortfall 2,955.60
Master Servicing Fee 4,476.14
-------------
Non-supported
Interest Shortfall 0.00
</TABLE>
<PAGE>
<PAGE>
GE CAPITAL MORTGAGE SERVICES, INC.
REMIC MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-17, CLASS 2-PO
<PAGE>
<PAGE>
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
March, 1999
Series 1996-17A, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of December 1, 1996
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this month:
A. Mortgage Loan Information:
<TABLE>
<S> <C>
1. Aggregate scheduled Monthly Payments:
(a) Principal $ 48,869.37
-------------------
(b) Interest $ 375,385.50
-------------------
(c) Total $ 424,254.87
-------------------
2. Aggregate scheduled Monthly Payments received this month:
(a) Principal $ 44,306.42
-------------------
(b) Interest $ 334,804.14
-------------------
(c) Total $ 379,110.56
-------------------
3. Aggregate Monthly Advances this month:
(a) Principal $ 4,562.95
-------------------
(b) Interest $ 40,581.36
-------------------
(c) Total $ 45,144.31
-------------------
4. Aggregate Principal Prepayments in part received in the applicable
Prepayment Period:
(a) Principal $ 42,267.67
-------------------
5. Aggregate Principal Prepayments in full received in the applicable
Prepayment Period:
(a) Principal $ 4,389,537.40
-------------------
(b) Interest $ 29,620.15
-------------------
(c) Total $ 4,419,157.55
-------------------
6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
-------------------
(b) Interest $ 0.00
-------------------
(c) Total $ 0.00
-------------------
</TABLE>
Page 1 of 8
<PAGE>
<PAGE>
<TABLE>
<S> <C>
7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
-------------------
(b) Interest $ 0.00
-------------------
(c) Total $ 0.00
-------------------
8. Aggregate Deficient Valuations with respect to the
Mortgage Loans during the prior month: $ 0.00
-------------------
9. Aggregate Debt Service Reductions with respect to
the Mortgage Loans during the prior month: $ 0.00
-------------------
10. Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $ 0.00
-------------------
(b) Interest $ 0.00
-------------------
(c) Total $ 0.00
-------------------
11. Aggregate Purchase Prices for Defective Mortgage Loans:
(a) Principal $ 0.00
-------------------
(b) Interest $ 0.00
-------------------
(c) Total $ 0.00
-------------------
12. Pool Scheduled Principal Balance: $ 53,722,999.28
-------------------
13. Available Funds: $ 4,874,734.21
-------------------
14. Realized Losses for prior month: $ 0.00
-------------------
15. Aggregate Realized
Losses (a) Aggregate Realized
Losses: $ 19,046.16
-------------------
(b) Deficient Valuations: $ 0.00
-------------------
(c) Debt Service
Reductions: $ 0.00
-------------------
(d) Bankruptcy Losses: $ 0.00
-------------------
(e) Special Hazard Losses: $ 0.00
-------------------
(f) Fraud Losses: $ 0.00
-------------------
(g) Excess Bankruptcy
Losses: $ 0.00
-------------------
(h) Excess Special Hazard
Losses: $ 0.00
-------------------
(i) Excess Fraud Losses: $ 0.00
-------------------
16. Non-Credit Losses: $ 0.00
-------------------
17. Compensating Interest Payment: $ 3,589.13
-------------------
18. Total interest payments: $ 394,059.78
-------------------
</TABLE>
Page 2 of 8
<PAGE>
<PAGE>
19. Interest
<TABLE>
<CAPTION>
Accrued Unpaid Class
Certificate Interest Interest
Class Interest Shortfalls Payable Pay-out Rate
<S> <C> <C> <C> <C>
R $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1A1 $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1A2 $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1A3 $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1A4 $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1A5 $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1A6 $ 60,706.87 $ 0.00 $ 60,706.87 % 7.749999431
1A7 $ 116,250.00 $ 0.00 $ 116,250.00 % 7.750000000
1A8 $ 67,973.96 $ 0.00 $ 67,973.96 % 7.750000190
1A9 $ 64,583.33 $ 0.00 $ 64,583.33 % 7.749999600
1S $ 18,161.06 $ 0.00 $ 18,161.06 % 0.374431210
RL $ 0.00 $ 0.00 $ 0.00 % 0.000000000
1M $ 19,002.20 $ 0.00 $ 19,002.20 % 7.749998628
1B1 $ 19,002.20 $ 0.00 $ 19,002.20 % 7.749998628
1B2 $ 13,935.37 $ 0.00 $ 13,935.37 % 7.749999532
1B3 $ 5,699.40 $ 0.00 $ 5,699.40 % 7.750005198
1B4 $ 3,795.38 $ 0.00 $ 3,795.38 % 7.749999630
1B5 $ 4,950.01 $ 0.00 $ 4,950.01 % 7.750006080
20. Principal Distribution Amount: $ 4,480,674.43
------------------
</TABLE>
21. Principal Distribution Amount per Certificate:
<TABLE>
<CAPTION>
Principal
Distribution Accrual Amount
<S> <C> <C>
Class R $ 0.00 $ 0.00
Class 1A1 $ 0.00 $ 0.00
Class 1A2 $ 0.00 $ 0.00
Class 1A3 $ 0.00 $ 0.00
Class 1A4 $ 0.00 $ 0.00
Class 1A5 $ 0.00 $ 0.00
Class 1A6 $ 4,472,044.00 $ 0.00
Class 1A7 $ 0.00 $ 0.00
Class 1A8 $ 0.00 $ 0.00
Class 1A9 $ 0.00 $ 0.00
Class 1S $ 0.00 $ 0.00
Class RL $ 0.00 $ 0.00
Class 1M $ 2,470.41 $ 0.00
Class 1B1 $ 2,470.41 $ 0.00
Class 1B2 $ 1,811.69 $ 0.00
Class 1B3 $ 740.96 $ 0.00
Class 1B4 $ 493.43 $ 0.00
Class 1B5 $ 643.53 $ 0.00
</TABLE>
Page 3 of 8
<PAGE>
<PAGE>
<TABLE>
<S> <C>
22. Additional distributions to the Class R Certificate
pursuant to the Agreement: $ 0.00
--------------
23. Additional distributions to the Class RL Certificate
pursuant to the Agreement: $ 0.00
--------------
24. Subordinate Certificate Writedown Amount: $ 0.00
--------------
</TABLE>
<TABLE>
<CAPTION>
Accumulative
Class Supported Shortfall Supported Shortfall
<S> <C> <C>
1B1 $ 0.00 $ 0.00
1B2 $ 0.00 $ 0.00
1B3 $ 0.00 $ 0.00
1B4 $ 0.00 $ 0.00
1B5 $ 0.00 $ 0.00
</TABLE>
<TABLE>
<S> <C>
25. Unanticipated Recoveries: $ 0.00
--------------
</TABLE>
26. The Certificate Interest Rate applicable to the Interest Accrual Period
relating to such Distribution Date applicable to any floating index
certificate.
<TABLE>
<CAPTION>
Class Certificate
Interest Rates
<S> <C>
Class 1A3 % 0.00000000
Class 1A4 % 0.00000000
</TABLE>
B. Other Amounts for such Distribution Date:
<TABLE>
<CAPTION>
1. Prepayment
Distribution Yes No
--- ----
Triggers satisfied:
<S> <C> <C>
Class-1B1 X
Class-1B2 X
Class-1B3 X
Class-1B4 X
Class-1B5 X
</TABLE>
<TABLE>
<S> <C>
2. Base Servicing Fee amount: $ 12,760.72
-------------------
3. Supplemental Servicing Fee
amount: $ N/A
-------------------
4. Credit Losses for prior month: $ 0.00
-------------------
<CAPTION>
Category A Category B Category C
<S> <C> <C> <C> <C>
5. Senior Percentage: % 82.339775 N/A N/A N/A
----------- ---------- ---------- ----------
6. Group I Senior
Percentage: % 47.075678 N/A N/A N/A
----------- ---------- ---------- ----------
</TABLE>
Page 4 of 8
<PAGE>
<PAGE>
<TABLE>
7. Group II Senior
<S> <C> <C> <C> <C>
Percentage: % 35.264097 N/A N/A N/A
----------- ---------- ---------- ----------
8. Senior Prepayment
Percentage: % 100.000000 N/A N/A N/A
----------- ---------- ---------- ----------
9. Group I Senior
Prepayment Percentage: % 100.000000 N/A N/A N/A
----------- ---------- ---------- ----------
10. Group II Senior
Prepayment Percentage: % 0.000000 N/A N/A N/A
----------- ---------- ---------- ----------
11. Junior Percentage: % 17.660225
-----------
12. Junior Prepayment
Percentage: % 0.000000
-----------
</TABLE>
Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: Tim Neer
-----------
Tim Neer
Vice President
Investor Operations
Page 5 of 8
<PAGE>
<PAGE>
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
March, 1999
Series 1996-17A, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of December 1, 1996
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
<TABLE>
<S> <C>
Weighted average coupon % 8.375057
------------------
Weighted average maturity 331.66
------------------
</TABLE>
A. Amount of distribution allocable to principal and interest:
The amounts below are for a Single Certificate of $1,000:
1.
<TABLE>
<CAPTION>
Principal
Prepayments Interest
Principal Per Per Per
Class Certificate Certificate Certificate Payout Rate
<S> <C> <C> <C> <C>
R $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A1 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A2 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A3 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A4 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A5 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A6 $ 272.68560976 $ 270.23201646 $ 3.70163841 % 7.74999943
1A7 $ 0.00000000 $ 0.00000000 $ 6.45833333 % 7.75000000
1A8 $ 0.00000000 $ 0.00000000 $ 6.45833349 % 7.75000019
1A9 $ 0.00000000 $ 0.00000000 $ 6.45833300 % 7.74999960
1S $ 0.00000000 $ 0.00000000 $ 0.09069188 % 0.37443121
RL $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1M $ 0.82237350 $ 0.00000000 $ 6.32563249 % 7.74999863
1B1 $ 0.82237350 $ 0.00000000 $ 6.32563249 % 7.74999863
1B2 $ 0.82237404 $ 0.00000000 $ 6.32563323 % 7.74999953
1B3 $ 0.82237514 $ 0.00000000 $ 6.32563818 % 7.75000520
1B4 $ 0.82238333 $ 0.00000000 $ 6.32563333 % 7.74999963
1B5 $ 0.80247768 $ 0.00000000 $ 6.17262990 % 7.75000608
2. Unanticipated Recoveries: $ 0.00
-----------------
</TABLE>
B. Accrual Amount
1.
<TABLE>
<CAPTION>
Accrual Amount
Class
<S> <C>
N/A $ N/A
</TABLE>
Page 6 of 8
<PAGE>
<PAGE>
<TABLE>
<S> <C>
2. The amount of servicing compensation
received by the Company during the month
preceding the month of distribution: $ 12,760.72
------------------
C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 53,722,999.28
------------------
2. The aggregate number of Mortgage Loans
included in the Pool Scheduled Principal
Balance set forth above: 198
------------------
</TABLE>
3.
<TABLE>
<CAPTION>
Ending
Beginning Aggregate Class Ending
Aggregate Class Certificate Single
Certificate Principal Certificate
Class Principal Balance Balance Balance Cusip
<S> <C> <C> <C> <C>
R $ 0.00 $ 0.00 $ 0.00 36157TU25
1A1 $ 0.00 $ 0.00 $ 0.00 36157TS69
1A2 $ 0.00 $ 0.00 $ 0.00 36157TS77
1A3 $ 0.00 $ 0.00 $ 0.00 36157TS85
1A4 $ 0.00 $ 0.00 $ 0.00 36157TS93
1A5 $ 0.00 $ 0.00 $ 0.00 36157TT27
1A6 $ 9,399,774.11 $ 4,927,730.11 $ 300.47 36157TT35
1A7 $ 18,000,000.00 $ 18,000,000.00 $ 1,000.00 36157TT43
1A8 $ 10,525,000.00 $ 10,525,000.00 $ 1,000.00 36157TT50
1A9 $ 10,000,000.00 $ 10,000,000.00 $ 1,000.00 36157TT68
1S $ 58,203,673.72 $ 53,722,999.28 $ 268.28 GEC96171S
RL $ 0.00 $ 0.00 $ 0.00 36157TV32
1M $ 2,942,276.65 $ 2,939,806.23 $ 978.63 36157TT76
1B1 $ 2,942,276.65 $ 2,939,806.23 $ 978.63 36157TT84
1B2 $ 2,157,734.84 $ 2,155,923.15 $ 978.63 36157TT92
1B3 $ 882,487.15 $ 881,746.19 $ 978.63 36157TX22
1B4 $ 587,671.77 $ 587,178.35 $ 978.63 36157TX30
1B5 $ 766,452.56 $ 765,809.02 $ 954.96 36157TX48
</TABLE>
Page 7 of 8
<PAGE>
<PAGE>
D. The aggregate number and aggregate Principal Balances of Mortgage Loans
which, as of the close of business on the last day of the month
preceding the related Determination Date, were delinquent:
<TABLE>
<S> <C> <C>
1. 30-59 days
Number 4 Principal Balance $ 959,885.35
------ -------------------
2. 60-89 days
Number 0 Principal Balance $ 0.00
------ -------------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
------ -------------------
4. In Foreclosure
Number 1 Principal Balance $ 245,859.42
------ -------------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
------ -------------------
6. The Scheduled Principal Balance of any
Mortgage Loan replaced pursuant to the
Pooling And Servicing Agreement: $ 0.00
-------------------
</TABLE>
7. The Certificate Interest Rate applicable to the Interest
Accrual Period relating to such Distribution Date
applicable to any floating index certificate:
<TABLE>
<CAPTION>
Certificate
Class Interest Rates
<S> <C>
1A3 % 0.00000000
1A4 % 0.00000000
</TABLE>
E. Other Information:
<TABLE>
<S> <C>
1. Special Hazard Loss Amount: $ 2,002,501.00
---------------------
2. Bankruptcy Loss Amount: $ 100,000.00
---------------------
3. Fraud Loss Amount: $ 4,005,003.00
---------------------
4. Certificate Interest Rate of the Class S
Certificate: % 0.37443121
---------------------
</TABLE>
Page 8 of 8
<PAGE>
<PAGE>
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
March, 1999
Series 1996-17B, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of December 1, 1996
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this month:
A. Mortgage Loan Information:
<TABLE>
<S> <C>
1. Aggregate scheduled Monthly Payments:
(a) Principal $ 166,260.44
--------------
(b) Interest $ 243,504.80
--------------
(c) Total $ 409,765.24
--------------
2. Aggregate scheduled Monthly Payments received
this month:
(a) Principal $ 119,737.37
--------------
(b) Interest $ 173,574.84
--------------
(c) Total $ 293,312.21
--------------
3. Aggregate Monthly Advances this month:
(a) Principal $ 46,523.07
--------------
(b) Interest $ 69,929.96
--------------
(c) Total $ 116,453.03
--------------
4. Aggregate Principal Prepayments in part received
in the applicable Prepayment Period:
(a) Principal $ 20,471.74
--------------
5. Aggregate Principal Prepayments in full received
in the applicable Prepayment Period:
(a) Principal $ 1,060,869.87
--------------
(b) Interest $ 5,002.98
--------------
(c) Total $ 1,065,872.85
--------------
6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
--------------
(b) Interest $ 0.00
--------------
(c) Total $ 0.00
--------------
</TABLE>
Page 1 of 8
<PAGE>
<PAGE>
<TABLE>
<S> <C>
7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
--------------
(b) Interest $ 0.00
--------------
(c) Total $ 0.00
--------------
8. Aggregate Deficient Valuations with respect to
the Mortgage Loans during the prior month: $ 0.00
--------------
9. Aggregate Debt Service Reductions with respect
to the Mortgage Loans during the prior month: $ 0.00
--------------
10. Aggregate Purchase Prices for Defaulted Mortgage
Loans:
(a) Principal $ 0.00
--------------
(b) Interest $ 0.00
--------------
(c) Total $ 0.00
--------------
11. Aggregate Purchase Prices for Defective Mortgage
Loans:
(a) Principal $ 0.00
--------------
(b) Interest $ 0.00
--------------
(c) Total $ 0.00
--------------
12. Pool Scheduled Principal Balance: $36,606,845.26
--------------
13. Available Funds: $ 1,489,690.72
--------------
14. Realized Losses for prior month: $ 0.00
--------------
15. Aggregate Realized
Losses (a) Aggregate Realized Losses: $ 0.00
--------------
(b) Deficient Valuations: $ 0.00
--------------
(c) Debt Service
Reductions: $ 0.00
--------------
(d) Bankruptcy Losses: $ 0.00
--------------
(e) Special Hazard Losses: $ 0.00
--------------
(f) Fraud Losses: $ 0.00
--------------
(g) Excess Bankruptcy Losses: $ 0.00
--------------
(h) Excess Special Hazard
Losses: $ 0.00
--------------
(i) Excess Fraud Losses: $ 0.00
--------------
16. Non-Credit Losses: $ 0.00
--------------
17. Compensating Interest Payment: $ 1,284.13
--------------
18. Total interest payments: $ 242,088.66
--------------
</TABLE>
Page 2 of 8
<PAGE>
<PAGE>
19. Interest
<TABLE>
<CAPTION>
Unpaid Class
Accrued Certificate Interest Interest
Class Interest Shortfalls Payable Pay-out Rate
<S> <C> <C> <C> <C>
2PO $ 0.00 $ 0.00 $ 0.00 % 0.000000000
2A1 $ 0.00 $ 0.00 $ 0.00 % 0.000000000
2A2 $ 13,386.95 $ 0.00 $ 13,386.95 % 7.249998477
2A3 $ 18,211.43 $ 0.00 $ 18,211.43 % 7.249999147
2A4 $ 133,242.92 $ 0.00 $ 133,242.92 % 7.250000181
2A5 $ 41,497.31 $ 0.00 $ 41,497.31 % 7.250000080
2S $ 14,242.23 $ 0.00 $ 14,242.23 % 0.502325996
2M $ 8,602.76 $ 0.00 $ 8,602.76 % 7.249996148
2B1 $ 4,301.38 $ 0.00 $ 4,301.38 % 7.249996250
2B2 $ 3,441.11 $ 0.00 $ 3,441.11 % 7.250008840
2B3 $ 1,720.55 $ 0.00 $ 1,720.55 % 7.249987771
2B4 $ 860.28 $ 0.00 $ 860.28 % 7.250030164
2B5 $ 2,581.74 $ 0.00 $ 2,581.74 % 7.250012602
20. Principal Distribution Amount: $ 1,247,602.06
--------------
</TABLE>
21. Principal Distribution Amount per Certificate:
<TABLE>
<CAPTION>
Principal Distribution Accrual Amount
<S> <C> <C>
Class 2PO $ 17,410.68 $ 0.00
Class 2A1 $ 0.00 $ 0.00
Class 2A2 $ 501,772.54 $ 0.00
Class 2A3 $ 682,604.68 $ 0.00
Class 2A4 $ 0.00 $ 0.00
Class 2A5 $ 30,174.75 $ 0.00
Class 2S $ 0.00 $ 0.00
Class 2M $ 6,255.50 $ 0.00
Class 2B1 $ 3,127.75 $ 0.00
Class 2B2 $ 2,502.20 $ 0.00
Class 2B3 $ 1,251.10 $ 0.00
Class 2B4 $ 625.55 $ 0.00
Class 2B5 $ 1,877.31 $ 0.00
</TABLE>
<TABLE>
<S> <C>
22. Additional distributions to the Class R Certificate
pursuant to the Agreement: $ 0.00
--------------
23. Additional distributions to the Class RL Certificate
pursuant to the Agreement: $ 0.00
--------------
</TABLE>
Page 3 of 8
<PAGE>
<PAGE>
<TABLE>
<S> <C>
24. Subordinate Certificate Writedown Amount: $ 0.00
--------------
</TABLE>
<TABLE>
<CAPTION>
Accumulative
Class Supported Shortfall Supported Shortfall
<S> <C> <C>
2B1 $ 0.00 $ 0.00
2B2 $ 0.00 $ 0.00
2B3 $ 0.00 $ 0.00
2B4 $ 0.00 $ 0.00
2B5 $ 0.00 $ 0.00
</TABLE>
<TABLE>
<S> <C>
25. Unanticipated Recoveries: $ 0.00
--------------
</TABLE>
B. Other Amounts for such Distribution Date:
<TABLE>
<CAPTION>
1. Prepayment Distribution
Triggers satisfied: Yes No
--- --
<S> <C> <C>
Class-2B1 X
Class-2B2 X
Class-2B3 X
Class-2B4 X
Class-2B5 X
</TABLE>
<TABLE>
<S> <C>
2. Base Servicing Fee amount: $ 7,782.79
--------------
3. Supplemental Servicing Fee amount: $ N/A
--------------
4. Credit Losses for prior month: $ 0.00
--------------
</TABLE>
<TABLE>
<CAPTION>
Category A Category B Category C
<S> <C> <C> <C> <C>
5. Senior Percentage: % 90.560389 N/A N/A N/A
------------- ------------ ------------ ------------
6. Group I Senior
Percentage: % 72.347547 N/A N/A N/A
------------- ------------ ------------ ------------
7. Group II Senior
Percentage: % 18.212842 N/A N/A N/A
------------- ------------ ------------ ------------
8. Senior Prepayment
Percentage: % 100.000000 N/A N/A N/A
------------- ------------ ------------ ------------
9. Group I Senior
Prepayment Percentage: % 100.000000 N/A N/A N/A
------------- ------------ ------------ ------------
10. Group II Senior
Prepayment Percentage: % 0.000000 N/A N/A N/A
------------- ------------ ------------ ------------
11. Junior Percentage: % 9.439611
-------------
</TABLE>
Page 4 of 8
<PAGE>
<PAGE>
<TABLE>
12. Junior Prepayment
<S> <C>
Percentage: % 0.000000
-------------
</TABLE>
Capitalized terms used in this Certificate shall have the same meanings as
in the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: Tim Neer
---------------------
Tim Neer
Vice President
Investor Operations
Page 5 of 8
<PAGE>
<PAGE>
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
March, 1999
Series 1996-17B, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of December 1, 1996
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
<TABLE>
<S> <C>
Weighted average coupon % 7.933607
------------------
Weighted average maturity 148.91
------------------
</TABLE>
A. Amount of distribution allocable to principal and interest:
The amounts below are for a Single Certificate of $1,000:
1.
<TABLE>
<CAPTION>
Principal
Principal Per Prepayments Interest Per
Class Certificate Per Certificate Certificate Payout Rate
<S> <C> <C> <C> <C>
2PO $ 91.92011024 $ 88.84737423 $ 0.00000000 % 0.00000000
2A1 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
2A2 $ 16.84196086 $ 14.76139832 $ 0.44933206 % 7.24999848
2A3 $ 23.83978905 $ 20.89475326 $ 0.63602941 % 7.24999915
2A4 $ 0.00000000 $ 0.00000000 $ 6.04166682 % 7.25000018
2A5 $ 4.00993355 $ 3.51456877 $ 5.51459269 % 7.25000008
2S $ 0.00000000 $ 0.00000000 $ 0.14545221 % 0.50232600
2M $ 4.00993590 $ 0.00000000 $ 5.51458974 % 7.24999615
2B1 $ 4.00993590 $ 0.00000000 $ 5.51458974 % 7.24999625
2B2 $ 4.00993590 $ 0.00000000 $ 5.51459936 % 7.25000884
2B3 $ 4.00993590 $ 0.00000000 $ 5.51458333 % 7.24998777
2B4 $ 4.00993590 $ 0.00000000 $ 5.51461538 % 7.25003016
2B5 $ 4.00993796 $ 0.00000000 $ 5.51460187 % 7.25001260
</TABLE>
<TABLE>
<S> <C>
2. Unanticipated Recoveries: $ 0.00
--------------
</TABLE>
B. Accrual Amount
1.
<TABLE>
<CAPTION>
Accrual Amount
Class
<S> <C>
N/A $ N/A
</TABLE>
<TABLE>
<S> <C>
2. The amount of servicing compensation received by
the Company during the month preceding the month
of distribution: $ 7,782.79
--------------
</TABLE>
Page 6 of 8
<PAGE>
<PAGE>
C. The amounts below are for the aggregate of
all Certificates:
<TABLE>
<S> <C>
1. The Pool Scheduled Principal Balance: $36,606,845.26
--------------
2. The aggregate number of Mortgage Loans included
in the Pool Scheduled Principal Balance set
forth above: 137
--------------
</TABLE>
3.
<TABLE>
<CAPTION>
Ending
Beginning Aggregate Class Ending
Aggregate Class Certificate Single
Certificate Principal Certificate
Class Principal Balance Balance Balance Cusip
<S> <C> <C> <C> <C>
2PO $ 141,935.00 $ 124,524.32 $ 657.43 36157TV24
2A1 $ 0.00 $ 0.00 $ 0.00 36157TU33
2A2 $ 2,215,771.50 $ 1,713,998.96 $ 57.53 36157TU41
2A3 $ 3,014,306.01 $ 2,331,701.33 $ 81.43 36157TU58
2A4 $ 22,054,000.00 $22,054,000.00 $ 1,000.00 36157TU66
2A5 $ 6,868,520.20 $ 6,838,345.44 $ 908.75 36157TU74
2S $ 34,023,076.90 $33,158,701.48 $ 338.64 GEC96172S
2M $ 1,423,905.86 $ 1,417,650.36 $ 908.75 36157TU82
2B1 $ 711,952.92 $ 708,825.17 $ 908.75 36157TU90
2B2 $ 569,562.34 $ 567,060.15 $ 908.75 36157TV40
2B3 $ 284,781.17 $ 283,530.07 $ 908.75 36157TX55
2B4 $ 142,390.58 $ 141,765.03 $ 908.75 36157TX63
2B5 $ 427,321.74 $ 425,444.43 $ 908.75 36157TX71
</TABLE>
D. The aggregate number and aggregate Principal Balances of Mortgage Loans
which, as of the close of business on the last day of the month preceding
the related Determination Date, were delinquent:
<TABLE>
<S> <C> <C>
1. 30-59 days
Number 1 Principal Balance $ 208,420.95
------ --------------
2. 60-89 days
Number 0 Principal Balance $ 0.00
------ --------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
------ --------------
4. In Foreclosure
Number 0 Principal Balance $ 0.00
------ --------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
------ --------------
6. The Scheduled Principal Balance of any
Mortgage Loan replaced pursuant to the
Pooling And Servicing Agreement: $ 0.00
--------------
</TABLE>
Page 7 of 8
<PAGE>
<PAGE>
E. Other Information:
<TABLE>
<S> <C>
1. Special Hazard Loss Amount: $ 1,976,649.00
--------------
2. Bankruptcy Loss Amount: $ 100,000.00
--------------
3. Fraud Loss Amount: $ 1,039,916.00
--------------
4. Certificate Interest Rate of the
Class S Certificate: % 0.50232600
--------------
</TABLE>
Page 8 of 8
<PAGE>
<PAGE>
HOMESIDE MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-2, CLASS IIA-P
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
IA1 437609AV2 SEQ 6.40261 % 57,632,838.06 63,758.80 529,505.00 0.00
IA2 437609AW0 PAC 6.50000 % 13,800,000.00 74,750.00 0.00 0.00
IA3 437609AX8 TAC 7.00000 % 37,489,469.39 218,688.57 3,549,724.06 0.00
IA4 437609AY6 SEQ 7.00000 % 0.00 0.00 0.00 0.00
IA5 437609AZ3 SEG 6.75000 % 20,301,266.00 114,194.62 0.00 0.00
IA6 437609BA7 PAC 6.50000 % 31,000,000.00 167,916.67 0.00 0.00
IA7 437609BB5 PAC 6.50000 % 13,397,588.00 72,570.27 0.00 0.00
IAX 437609BC3 IO 6.75000 % 0.00 25,681.02 0.00 0.00
A-R 437609BH2 SEQ 6.75000 % 0.00 0.00 0.00 0.00
2A1 437609BE9 SEG 6.50000 % 41,612,452.05 225,400.78 688,349.52 0.00
2AP 437609BF6 PO 0.00000 % 109,439.70 0.00 395.54 0.00
2AX 437609BG4 IO 6.50000 % 0.00 9,128.00 0.00 0.00
M 437609BJ8 SUB 6.70558 % 4,066,591.62 22,724.04 5,469.84 0.00
B-1 437609BK5 SUB 6.70558 % 1,906,215.53 10,651.90 2,563.99 0.00
B-2 437609BL3 SUB 6.70558 % 1,016,648.15 5,681.01 1,367.46 0.00
B-3 437609BM1 SUB 6.70558 % 889,566.39 4,970.88 1,196.53 0.00
B-4 437609BN9 SUB 6.70558 % 381,243.30 2,130.38 512.80 0.00
B-5 437609BP4 SUB 6.70558 % 635,406.20 3,550.64 854.66 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Totals 224,238,724.39 1,021,797.58 4,779,939.40 0.00
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
- ---------------------------------------------------------------
<S> <C> <C> <C>
IA1 57,406,730.54 593,263.80 0.00
IA2 13,800,000.00 74,750.00 0.00
IA3 33,939,745.33 3,768,412.63 0.00
IA4 0.00 0.00 0.00
IA5 20,301,266.00 114,194.62 0.00
IA6 31,000,000.00 167,916.67 0.00
IA7 13,397,588.00 72,570.27 0.00
IAX 0.00 25,681.02 0.00
A-R 0.00 0.00 0.00
2A1 40,924,102.53 913,750.30 0.00
2AP 109,044.16 395.54 0.00
2AX 0.00 9,128.00 0.00
M 4,061,121.78 28,193.88 0.00
B-1 1,903,651.54 13,215.89 0.00
B-2 1,015,280.69 7,048.47 0.00
B-3 888,369.87 6,167.41 0.00
B-4 380,730.51 2,643.18 0.00
B-5 634,551.54 4,405.30 0.00
- ---------------------------------------------------------------
Totals 219,762,182.49 5,801,736.98 0.00
- ---------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
Page 1
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Principal Distribution Statement
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
IA1 58,517,612.78 57,632,838.06 20,966.40 508,538.60 (303,397.48) 0.00 529,505.00
IA2 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00 0.00
IA3 62,400,000.00 37,489,469.39 139,670.26 3,410,053.80 0.00 0.00 3,549,724.06
IA4 3,750,000.00 0.00 0.00 0.00 0.00 0.00 0.00
IA5 20,301,266.00 20,301,266.00 0.00 0.00 0.00 0.00 0.00
IA6 31,000,000.00 31,000,000.00 0.00 0.00 0.00 0.00 0.00
IA7 13,397,588.00 13,397,588.00 0.00 0.00 0.00 0.00 0.00
IAX 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00
2A1 44,832,074.00 41,612,452.05 150,083.37 538,266.15 0.00 0.00 688,349.52
2AP 112,962.72 109,439.70 393.40 2.14 0.00 0.00 395.54
2AX 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M 4,113,767.00 4,066,591.62 5,469.84 0.00 0.00 0.00 5,469.84
B-1 1,928,329.00 1,906,215.53 2,563.99 0.00 0.00 0.00 2,563.99
B-2 1,028,442.00 1,016,648.15 1,367.46 0.00 0.00 0.00 1,367.46
B-3 899,886.00 889,566.39 1,196.53 0.00 0.00 0.00 1,196.53
B-4 385,666.00 381,243.30 512.80 0.00 0.00 0.00 512.80
B-5 642,777.37 635,406.20 854.66 0.00 0.00 0.00 854.66
- -------------------------------------------------------------------------------------------------------------------------------
Totals 257,110,470.87 224,238,724.39 323,078.71 4,456,860.69 (303,397.48) 0.00 4,779,939.40
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- ----------------------------------------------------------------
<S> <C> <C> <C>
IA1 57,406,730.54 0.98101628 529,505.00
IA2 13,800,000.00 1.00000000 0.00
IA3 33,939,745.33 0.54390618 3,549,724.06
IA4 0.00 0.00000000 0.00
IA5 20,301,266.00 1.00000000 0.00
IA6 31,000,000.00 1.00000000 0.00
IA7 13,397,588.00 1.00000000 0.00
IAX 0.00 0.00000000 0.00
A-R 0.00 0.00000000 0.00
2A1 40,924,102.53 0.91283090 688,349.52
2AP 109,044.16 0.96531103 395.54
2AX 0.00 0.00000000 0.00
M 4,061,121.78 0.98720267 5,469.84
B-1 1,903,651.54 0.98720267 2,563.99
B-2 1,015,280.69 0.98720267 1,367.46
B-3 888,369.87 0.98720268 1,196.53
B-4 380,730.51 0.98720268 512.80
B-5 634,551.54 0.98720268 854.66
- ----------------------------------------------------------------
Totals 219,762,182.49 0.854738.36 4,779,939.40
- ----------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 2
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
IA1 58,517,612.78 984.88019798 0.35829213 8.69035109 (5.18472073) 0.00000000 9.04864322
IA2 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA3 62,400,000.00 600.79277869 2.23830545 54.64829808 0.00000000 0.00000000 56.88660353
IA4 3,750,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA5 20,301,266.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA6 31,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA7 13,397,588.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IAX 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A1 44,832,074.00 928.18485377 3.34767849 12.00627368 0.00000000 0.00000000 15.35395217
2AP 112,962.72 968.81254276 3.48256487 0.01894430 0.00000000 0.00000000 3.50150917
2AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 4,113,767.00 988.53231600 1.32964264 0.00000000 0.00000000 0.00000000 1.32964264
B-1 1,928,329.00 988.53231477 1.32964344 0.00000000 0.00000000 0.00000000 1.32964344
B-2 1,028,442.00 988.53231393 1.32964321 0.00000000 0.00000000 0.00000000 1.32964231
B-3 899,886.00 988.53231409 1.32964620 0.00000000 0.00000000 0.00000000 1.32964620
B-4 385,666.00 988.53230516 1.32964793 0.00000000 0.00000000 0.00000000 1.32964793
B-5 642,777.37 988.53231252 1.32963611 0.00000000 0.00000000 0.00000000 1.32963611
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
- -------------------------------------------------------------
<S> <C> <C> <C>
IA1 981.01627549 0.98101628 9.04864322
IA2 1000.00000000 1.00000000 0.00000000
IA3 543.90617516 0.54390618 56.88660353
IA4 0.00000000 0.00000000 0.00000000
IA5 1000.00000000 1.00000000 0.00000000
IA6 1000.00000000 1.00000000 0.00000000
IA7 1000.00000000 1.00000000 0.00000000
IAX 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000
2A1 912.83090160 0.91283090 15.35395217
2AP 965.31103359 0.96531103 3.50150917
2AX 0.00000000 0.00000000 0.00000000
M 987.20267336 0.98720267 1.32964264
B-1 987.20267133 0.98720267 1.32964344
B-2 987.20267161 0.98720267 1.32964231
B-3 987.20267901 0.98720268 1.32964620
B-4 987.20268315 0.98720268 1.32964793
B-5 987.20267641 0.98720268 1.32963611
- -------------------------------------------------------------
</TABLE>
(2) All denominations are Per $1000
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 3
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Interest Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 58,517,612.78 6.40261 % 57,632,838.06 367,156.28 0.00 0.00 0.00 0.00
IA2 13,800,000.00 6.50000 % 13,800,000.00 74,750.00 0.00 0.00 0.00 0.00
IA3 62,400,000.00 7.00000 % 37,489,469.39 218,688.57 0.00 0.00 0.00 0.00
IA4 3,750,000.00 7.00000 % 0.00 0.00 0.00 0.00 0.00 0.00
IA5 20,301,266.00 6.75000 % 20,301,266.00 114,194.62 0.00 0.00 0.00 0.00
IA6 31,000,000.00 6.50000 % 31,000,000.00 167,916.67 0.00 0.00 0.00 0.00
IA7 13,397,588.00 6.50000 % 13,397,588.00 72,570.27 0.00 0.00 0.00 0.00
IAX 0.00 6.75000 % 4,565,514.30 25,681.02 0.00 0.00 0.00 0.00
A-R 100.00 6.75000 % 0.00 0.00 0.00 0.00 0.00 0.00
2A1 44,832,074.00 6.50000 % 41,612,452.05 225,400.78 0.00 0.00 0.00 0.00
2AP 112,962.72 0.00000 % 109,439.70 0.00 0.00 0.00 0.00 0.00
2AX 0.00 6.50000 % 1,685,163.25 9,128.00 0.00 0.00 0.00 0.00
M 4,113,767.00 6.70558 % 4,066,591.62 22,724.04 0.00 0.00 0.00 0.00
B-1 1,928,329.00 6.70558 % 1,906,215.53 10,651.90 0.00 0.00 0.00 0.00
B-2 1,028,442.00 6.70558 % 1,016,648.15 5,681.01 0.00 0.00 0.00 0.00
B-3 899,886.00 6.70558 % 889,566.39 4,970.88 0.00 0.00 0.00 0.00
B-4 385,666.00 6.70558 % 381,243.30 2,130.38 0.00 0.00 0.00 0.00
B-5 642,777.37 6.70558 % 635,406.20 3,550.64 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 257,110,470.87 1,325,195.06 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
- -----------------------------------------------------------
<S> <C> <C> <C>
IA1 63,758.80 0.00 57,406,730.54
IA2 74,750.00 0.00 13,800,000.00
IA3 218,688.57 0.00 33,939,745.33
IA4 0.00 0.00 0.00
IA5 114,194.62 0.00 20,301,266.00
IA6 167,916.67 0.00 31,000,000.00
IA7 72,570.27 0.00 13,397,588.00
IAX 25,681.02 0.00 4,453,689.65
A-R 0.00 0.00 0.00
2A1 225,400.78 0.00 40,924,102.53
2AP 0.00 0.00 109,044.16
2AX 9,128.00 0.00 1,649,104.44
M 22,724.04 0.00 4,061,121.78
B-1 10,651.90 0.00 1,903,651.54
B-2 5,681.01 0.00 1,015,280.69
B-3 4,970.88 0.00 888,369.87
B-4 2,130.38 0.00 380,730.51
B-5 3,550.64 0.00 634,551.54
- -----------------------------------------------------------
Totals 1,021,797.58 0.00
- -----------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 4
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 58,517,612.78 6.40261 % 984.88019798 6.27428671 0.00000000 0.00000000 0.00000000 0.00000000
IA2 13,800,000.00 6.50000 % 1000.00000000 5.41666667 0.00000000 0.00000000 0.00000000 0.00000000
IA3 62,400,000.00 7.00000 % 600.79277869 3.50462452 0.00000000 0.00000000 0.00000000 0.00000000
IA4 3,750,000.00 7.00000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA5 20,301,266.00 6.75000 % 1000.00000000 5.62499994 0.00000000 0.00000000 0.00000000 0.00000000
IA6 31,000,000.00 6.50000 % 1000.00000000 5.41666677 0.00000000 0.00000000 0.00000000 0.00000000
IA7 13,397,588.00 6.50000 % 1000.00000000 5.41666679 0.00000000 0.00000000 0.00000000 0.00000000
IAX 0.00 6.75000 % 672.00937494 3.78005304 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 6.75000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A1 44,832,074.00 6.50000 % 928.18485377 5.02766791 0.00000000 0.00000000 0.00000000 0.00000000
2AP 112,962.72 0.00000 % 968.81254276 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2AX 0.00 6.50000 % 887.10489106 4.80515132 0.00000000 0.00000000 0.00000000 0.00000000
M 4,113,767.00 6.70558 % 988.53231600 5.52390060 0.00000000 0.00000000 0.00000000 0.00000000
B-1 1,928,329.00 6.70558 % 988.53231477 5.52390178 0.00000000 0.00000000 0.00000000 0.00000000
B-2 1,028,442.00 6.70558 % 988.53231393 5.52389926 0.00000000 0.00000000 0.00000000 0.00000000
B-3 899,886.00 6.70558 % 988.53231409 5.52389969 0.00000000 0.00000000 0.00000000 0.00000000
B-4 385,666.00 6.70558 % 988.53230516 5.52389892 0.00000000 0.00000000 0.00000000 0.00000000
B-5 642,777.37 6.70558 % 988.53231252 5.52390325 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
- ------------------------------------------------------------
<S> <C> <C> <C>
IA1 1.08956598 0.00000000 981.01627549
IA2 5.41666667 0.00000000 1000.00000000
IA3 3.50462452 0.00000000 543.90617516
IA4 0.00000000 0.00000000 0.00000000
IA5 5.62499994 0.00000000 1000.00000000
IA6 5.41666677 0.00000000 1000.00000000
IA7 5.41666679 0.00000000 1000.00000000
IAX 3.78005304 0.00000000 655.54962731
A-R 0.00000000 0.00000000 0.00000000
2A1 5.02766791 0.00000000 912.83090160
2AP 0.00000000 0.00000000 965.31103359
2AX 4.80515132 0.00000000 868.11967396
M 5.52390060 0.00000000 987.20267336
B-1 5.52390178 0.00000000 987.20267133
B-2 5.52389926 0.00000000 987.20267161
B-3 5.52389969 0.00000000 987.20267901
B-4 5.52389892 0.00000000 987.20268315
B-5 5.52390325 0.00000000 987.20267641
- ------------------------------------------------------------
</TABLE>
(5) All denominations are Per $1000
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 5
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Component Statement
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1A1 1 0.00000 % 0.00 0.00 5,470,299.08 5,335,456.82 81.76439068 %
1A1 2 7.00000 % 4,156,970.57 4,156,970.57 0.00 0.00 100.00000000 %
1A1 3 7.00000 % 0.00 0.00 52,010,996.78 51,919,980.47 100.15757746 %
1A1 4 0.00000 % 0.00 0.00 151,542.21 151,293.25 98.29740391 %
1A1 5 6.75000 % 7,023,965.10 6,823,700.26 0.00 0.00 82.68145232 %
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Account Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
#7 CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,850,322.13
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------------
Total Deposits 5,850,322.13
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 48,585.15
Payment of Interest and Principal 5,801,736.98
------------------
Total Withdrawals (Pool Distribution Amount) 5,850,322.13
Ending Balance 0.00
==================
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
---------------
Non-Supported Prepayment/Curtailment Interest
Shortfall 0.00
===============
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SERVICING FEES
<S> <C>
Gross Servicing Fee 46,716.41
Trustee Fee 1,868.74
Supported Prepayment/Curtailment Interest Shortfall 0.00
---------------
Net Servicing Fee 48,585.15
---------------
- --------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
of Loans Balance of Loans Balance
---------- --------------- ---------------- -----------------
<S> <C> <C> <C> <C>
30 Days 9 2,952,827.72 1.339286 % 1.343647 %
60 Days 1 543,456.34 0.148810 % 0.247297 %
90+ Days 1 378,771.68 0.148810 % 0.172355 %
Foreclosure 0 0.00 0.000000 % 0.000000 %
REO 0 0.00 0.000000 % 0.000000 %
---------- --------------- ---------------- -----------------
Totals 11 3,875,064.74 1.636905 % 1,763299 %
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
----------------- ---------------- ----------------- ----------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Class A 257,110,370.87 99.99996111 % 219,762,182.49 100.00000000 % 95.957582 % 0.000000 %
Class 1A1 198,592,758.09 77.24024518 % 162,355,451.95 73.87779376 % 26.122206 % 646.202508 %
Class 1A1 198,592,758.09 77.24024518 % 162,355,451.95 73.87779376 % 26.122206 % 646.202508 %
Class 1A1 198,592,758.09 77.24024518 % 162,355,451.95 73,87779376 % 26.122206 % 646.202508 %
Class 1A1 198,592,758.09 77.24024518 % 162,355,451.95 73,87779376 % 26.122206 % 646.202508 %
Class 1A1 198,592,758.09 77.24024518 % 162,355,451.95 73,87779376 % 26.122206 % 646.202508 %
Class 1A2 184,792,758.09 71.87290252 % 148,555,451.95 67.59827841 % 6.279515 % 155.340576 %
Class 1A3 122,392,758.09 47.60317916 % 114,615,706.62 52.15442681 % 15.443852 % 382.044899 %
Class 1A4 118,642,758.09 46.14466213 % 114,615,706.62 52.15442681 % 0.000000 % 0.000000 %
Class 1A5 98,341,492.09 38.24873089 % 94,314,440.62 42.91659263 % 9.237834 % 228.522490 %
Class 1A6 67,341,492.09 26.19165679 % 63,314,440.62 28.81043495 % 14.106158 % 348.953469 %
Class 1A7 53,943,904.09 20.98082739 % 49,916,852.62 22.71403208 % 6.096403 % 150.810800 %
Class1AX 53,943,904.09 20.98082739 % 49,916,852.62 22.71403208 % 0.000000 % 0.000000 %
Class 2A1 9,111,830.09 3.54393583 % 8,992,750.09 4.09203712 % 18.621995 % 460.664759 %
Class 2AP 8,998,867.37 3.50000035 % 8,883,705.93 4.04241796 % 0.049619 % 1.227463 %
Class2AX 8,998,867.37 3.50000035 % 8,883,705.93 4.04241796 % 0.000000 % 0.000000 %
Class M 4,885,100.37 1.90000055 % 4,822,584.15 2.19445589 % 1.847962 % 45.714275 %
Class B-1 2,956,711.37 1.15000037 % 2,918,932.61 1.32822334 % 0.866233 % 21.428574 %
Class B-2 1,928,329.37 0.75000033 % 1,903,651.92 0.886623272 % 0.461991 % 11.428572 %
Class B-3 1,028,443.37 0.40000058 % 1,015,282.05 0.46199125 % 0.404241 % 9.999992 %
Class B-4 642,777.37 0.25000046 % 634,551.54 0.28874465 % 0.173247 % 4.285717 %
Class B-5 0.00 0.00000000 % 0.00 0.00000000 % 0.288745 % 7.142870 %
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.03889379 % 100,000.00 0.04550373 %
Fraud 2,571,105.00 1.00000011 % 2,571,105.00 1.16994879 %
Special Hazard 2,571,105.00 1.00000011 % 2,571,105.00 1.16994879 %
Limit of Subordinate's Exposure to Certain Types of Losses
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 9
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
- --------------------------------------------------------------------------------
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Fixed 30 Year
<S> <C>
Weighted Average Gross Coupon 7.351702 %
Weighted Average Net Coupon 7.101702 %
Weighted Average Pass-Through Rate 7.091701 %
Weighted Average Maturity (Stepdown Calculation) 315
Beginning Scheduled Collateral Loan Count 684
Number of Loans Paid in Full 12
Ending Scheduled Collateral Loan Count 672
Beginning Scheduled Collateral Balance 224,238,724.42
Ending Scheduled Collateral Balance 219,762,182.49
Ending Actual Collateral Balance at 28-Feb-1999 220,035,016.69
Monthly P&I Constant 1,684,921.18
Class A Optimal Amount 5,739,418.35
Ending Scheduled Balance for Premium Loans 219,762,182.49
Scheduled Principal 311,140.98
Unscheduled Principal 4,165,400.93
- -------------------------------------------------------------------------------
</TABLE>
Page 10
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Group 1 2
Collateral Descriptior Mixed Fixed Mixed Fixed
<S> <C> <C>
Weighted Average Coupon Rate 7,436,704.00 6.996528
Weighted Average Net Rate 7.19 6.746528
Weighted Average Maturity 347.00 168.00
Record Date 02/28/99 02/28/99
Principal and Interest Constant 1,276,271.08 408,650.10
Beginning Loan Cont 552.00 132
Loans Paid In Full 11.00 1
Ending Loan Count 541.00 131
Beginning Scheduled Balance 180,936,232.27 43,302,492.15
Ending Scheduled Balance 177,154,136.16 42,608,046.33
Scheduled Principal 15,496,347.00 156,177.51
Unscheduled Principal 3,627,132.64 538,268.29
Scheduled Interest 1,121,307.61 252,472.59
Servicing Fee 37,695.03 9,021.36
Master Servicing Fee 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 1,507.80 360.86
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 1,082,104.78 243,090.37
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
- --------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Delinquency Status By Group
Group 30 Day 60 Day 90 + Day Foreclosure
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Principal Balance 2,430,042.00 543,465.34 378,771.68 0.00
Percentage Of Balance 1.372 % 0.307 % 0.214 % 0.000 %
Loan Count 7 1 1 0
Percentage of Loan Count 1.294 % 0.185 % 0.185 % 0.000 %
2 Principal Balance 522,785.72 0.00 0.00 0.00
Percentage Of Balance 1.227 % 0.000 % 0.000 % 0.000 %
Loan Count 2 0 0 0
Percentage of Loan Count 1.527 % 0.000 % 0.000 % 0.000 %
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------
Group REO Bankruptcy
- ------------------------------------------------------------------------------
<S> <C> <C>
1 Principal Balance 0.00 0.00
Percentage Of Balance 0.000 % 0.000 %
Loan Count 0 0
Percentage of Loan Count 0.000 % 0.000 %
2 Principal Balance 0.00 0.00
Percentage Of Balance 0.000 % 0.000 %
Loan Count 0 0
Percentage of Loan Count 0.000 % 0.000%
- ------------------------------------------------------------------------------
</TABLE>
Page 11
<PAGE>
<PAGE>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
24-Mar-1999 8:50:04AM HMS Series 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
HMS Series 1998-2
Page 12
<PAGE>
<PAGE>
NATIONSBANC MONTGOMERY FUNDING CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-5, CLASS A-PO
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 63857RDC3 SEN_FIX 6.00000 % 271,851,118.21 1,359,255.57 2,155,476.18 0.00
A-PO 63857RDD1 SEN_PO 0.00000 % 213,491.71 0.00 796.63 0.00
R 63857RDH2 SEN_RES 6.00000 % 0.00 0.00 0.00 0.00
B-1 63857RDE9 JUN_FIX 6.00000 % 2,096,145.97 10,480.73 7,122.11 0.00
B-2 63857RDF6 JUN_FIX 6.00000 % 977,842.47 4,889.21 3,322.43 0.00
B-3 63857RDG4 JUN_FIX 6.00000 % 977,842.47 4,889.21 3,322.43 0.00
B-4 63857RDJ8 JUN_FIX 6.00000 % 558,767.83 2,793.84 1,898.53 0.00
B-5 63857RDK5 JUN_FIX 6.00000 % 419,075.63 2,095.38 1,423.90 0.00
B-6 63857RDL3 JUN_FIX 6.00000 % 558,768.07 2,793.84 1,898.53 0.00
- --------------------------------------------------------------------------------------------------------------------------
Totals 277,653,052.36 1,387,197.78 2,175,260.74 0.00
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
- -----------------------------------------------------------------
A-1 269,695,642.04 3,514,731.75 0.00
A-PO 212,695.08 796.63 0.00
R 0.00 0.00 0.00
B-1 2,089,023.86 17,602.84 0.00
B-2 974,520.03 8,211.64 0.00
B-3 974,520.03 8,211.64 0.00
B-4 556,869.30 4,692.37 0.00
B-5 417,651.73 3,519.28 0.00
B-6 556,869.54 4,692.37 0.00
- -----------------------------------------------------------------
Totals 275,477,791.61 3,562,458.52 0.00
- -----------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
Page 1
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
Principal Distribution Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 275,420,000.00 271,851,118.21 923,672.71 1,231,803.47 0.00 0.00 2,155,476.18
A-PO 215,029.40 213,491.71 752.67 43.95 0.00 0.00 796.63
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 2,110,233.00 2,096,145.97 7,122.11 0.00 0.00 0.00 7,122.11
B-2 984,414.00 977,842.47 3,322.43 0.00 0.00 0.00 3,322.43
B-3 984,414.00 977,842.47 3,322.43 0.00 0.00 0.00 3,322.43
B-4 562,523.00 558,767.83 1,898.53 0.00 0.00 0.00 1,898.53
B-5 421,892.00 419,075.63 1,423.90 0.00 0.00 0.00 1,423.90
B-6 562,523.28 558,768.07 1,898.53 0.00 0.00 0.00 1,898.53
- ---------------------------------------------------------------------------------------------------------------------------
Totals 281,261,128.68 277,653,052.36 943,413.31 1,231,847.42 0.00 0.00 2,175,260.74
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- -----------------------------------------------------------------
<S> <C> <C> <C>
A-1 269,695,642.04 0.97921590 2,155,476.18
A-PO 212,695.08 0.98914418 796.63
R 0.00 0.00000000 0.00
B-1 2,089,023.86 0.98994938 7,122.11
B-2 974,520.03 0.98994938 3,322.43
B-3 974,520.03 0.98994938 3,322.43
B-4 556,869.30 0.98994939 1,898.53
B-5 417,651.73 0.98994939 1,423.90
B-6 556,869.54 0.98994932 1,898.53
- -----------------------------------------------------------------
Totals 275,477,791.61 0.97943784 2,175,260.74
- -----------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 2
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 275.420000.00 987.04203838 3.35368786 4.47245469 0.00000000 0.00000000 7.82614255
A-PO 215.029.40 992.84893136 3.50031205 0.20439066 0.00000000 0.00000000 3.70474921
R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2.110.223.00 993.32441963 3.37503489 0.00000000 0.00000000 0.00000000 3.37503489
B-2 984.414.00 993.32442448 3.37503327 0.00000000 0.00000000 0.00000000 3.37503327
B-3 984.414.00 993.32442448 3.37503327 0.00000000 0.00000000 0.00000000 3.37503327
B-4 562.523.00 993.32441518 3.37502644 0.00000000 0.00000000 0.00000000 3.37502644
B-5 421.892.00 993.32442900 3.37503437 0.00000000 0.00000000 0.00000000 3.37503437
B-6 562.523.28 993.32434739 3.37502476 0.00000000 0.00000000 0.00000000 3.37502476
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class (2) Balance Percentage Distribution
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1 979.21589587 0.97921590 7.82614255
A-PO 989.14418214 0.98914418 3.70474921
R 0.00000000 0.00000000 0.00000000
B-1 989.94938474 0.98994938 3.37503489
B-2 989.94938105 0.98994938 3.37503327
B-3 989.94938105 0.98994938 3.37503327
B-4 989.94938874 0.98994939 3.37502644
B-5 989.94939463 0.98994939 3.37503437
B-6 989.94932263 0.98994932 3.37502476
- ------------------------------------------------------------
</TABLE>
(2) All classes are per $1000 denomination
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 3
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
Interest Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 275,420,000.00 6.00000 % 271,851,118.21 1,359,255.59 0.00 0.00 0.02 0.00
A-PO 215,029.40 0.00000 % 213,491.71 0.00 0.00 0.00 0.00 0.00
R 100.00 6.00000 % 0.00 0.00 0.00 0.00 0.00 0.00
B-1 2,110,233.00 6.00000 % 2,096,145.97 10,480.73 0.00 0.00 0.00 0.00
B-2 984,414.00 6.00000 % 977,842.47 4,889.21 0.00 0.00 0.00 0.00
B-3 984,414.00 6.00000 % 977,842.47 4,889.21 0.00 0.00 0.00 0.00
B-4 562,523.00 6.00000 % 558,767.83 2,793.84 0.00 0.00 0.00 0.00
B-5 421,892.00 6.00000 % 419,075.63 2,095.38 0.00 0.00 0.00 0.00
B-6 562,523.28 6.00000 % 558,768.07 2,793.84 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 281,261,128.68 1,387,197.80 0.00 0.00 0.02 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
- --------------------------------------------------------
<S> <C> <C> <C>
A-1 1,359,255.57 0.00 269,695,642.04
A-PO 0.00 0.00 212,695.08
R 0.00 0.00 0.00
B-1 10,480.73 0.00 2,089,023.86
B-2 4,889.21 0.00 974,520.03
B-3 4,889.21 0.00 974,520.03
B-4 2,793.84 0.00 556,869.30
B-5 2,095.38 0.00 417,651.73
B-6 2,793.84 0.00 556,869.54
- --------------------------------------------------------
Totals 1,387,197.78 0.00
- --------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 4
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class (5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 275,420,000.00 6.00000 % 987.04203838 4.93521019 0.00000000 0.00000000 0.00000007 0.00000000
A-PO 215,029.40 0.00000 % 992.84893136 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 100.00 6.00000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2,110,233.00 6.00000 % 993.32441963 4.96662217 0.00000000 0.00000000 0.00000000 0.00000000
B-2 984,414.00 6.00000 % 993.32442448 4.96661974 0.00000000 0.00000000 0.00000000 0.00000000
B-3 984,414.00 6.00000 % 993.32442448 4.96661974 0.00000000 0.00000000 0.00000000 0.00000000
B-4 562,523.00 6.00000 % 993.32441518 4.96662359 0.00000000 0.00000000 0.00000000 0.00000000
B-5 421,892.00 6.00000 % 993.32442900 4.96662653 0.00000000 0.00000000 0.00000000 0.00000000
B-6 562,523.28 6.00000 % 993.32434739 4.96662111 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class (5) Distribution Shortfall Balance
- --------------------------------------------------------
<S> <C> <C> <C>
A-1 4.93521012 0.00000000 979.21589587
A-PO 0.00000000 0.00000000 989.14418214
R 0.00000000 0.00000000 0.00000000
B-1 4.96662217 0.00000000 989.94938474
B-2 4.96661974 0.00000000 989.94938105
B-3 4.96661974 0.00000000 989.94938105
B-4 4.96662359 0.00000000 989.94938874
B-5 4.96662653 0.00000000 989.94939463
B-6 4.96662111 0.00000000 989.94932263
- --------------------------------------------------------
</TABLE>
(5) All classes are per $1000 denomination
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 5
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
Certificateholder Account Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,738,842.67
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 2,100.39
Realized Losses 0.00
------------
Total Deposits 3,740,943.06
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 178,484.54
Payment of Interest and Principal 3,562,458.52
------------
Total Withdrawals (Pool Distribution Amount) 3,740,943.06
Ending Balance 0.00
============
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
------------
Non-Supported Prepayment/Curtailment Interest
Shortfall 0.00
============
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SERVICING FEES
<S> <C>
Gross Servicing Fee 176,170.76
Trustee Fee 2,313.78
Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
------------
Net Servicing Fee 178,484.54
============
- --------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
of Loans Balance of Loans Balance
--------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
30 Days 1 255,183.52 0.125156 % 0.092633 %
60 Days 0 0.00 0.000000 % 0.000000 %
90+ Days 0 0.00 0.000000 % 0.000000 %
Foreclosure 0 0.00 0.000000 % 0.000000 %
REO 0 0.00 0.000000 % 0.000000 %
--------- ------------ ------------ ------------
Totals 1 255,183.52 0.125156 % 0.092633 %
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 2,100.39
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
---------------- ----------------- --------------- ---------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Class A 5,625,999.28 2.00027615 % 5,569,454.49 2.02174355 % 97.978256 % 100.000000 %
Class B-1 3,515,766.28 1.25000077 % 3,480,430.63 1.26341605 % 0.758328 % 0.000000 %
Class B-2 2,531,352.28 0.90000075 % 2,505,910.60 0.90965975 % 0.353756 % 0.000000 %
Class B-3 1,546,938.28 0.55000074 % 1,531,390.57 0.55590346 % 0.353756 % 0.000000 %
Class B-4 984,415.28 0.35000047 % 974,521.27 0.35375675 % 0.202147 % 0.000000 %
Class B-5 562,523.28 0.20000036 % 556,869.54 0.20214680 % 0.151610 % 0.000000 %
Class B-6 0.00 0.00000000 % 0.00 0.00000000 % 0.202147 % 0.000000 %
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.03555415 % 100,000.00 0.03630057 %
Fraud 2,812,611.29 1.00000000 % 2,812,611.29 1.02099384 %
Special Hazard 2,905,723.88 1.03310539 % 2,754,777.92 1.00000000 %
Limit of Subordinate's Exposure to Certain Types of Losses
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<PAGE>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
23-Mar-1999 8:42:28PM NMFC Series 1998-5
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 6.766786 %
Weighted Average Net Coupon 6.005386 %
Weighted Average Pass-Through Rate 5.995386 %
Weighted Average Maturity (Stepdown Calculation) 174
Beginning Scheduled Collateral Loan Count 802
Number of Loans Paid in Full 3
Ending Scheduled Collateral Loan Count 799
Beginning Scheduled Collateral Balance 277,653,052.35
Ending Scheduled Collateral Balance 275,477,791.61
Ending Actual Collateral Balance at 28-Feb-1999 276,237,102.46
Monthly P&I Constant 2,509,095.64
Class A Optimal Amount 3,514,731.77
Ending Scheduled Balance for Premium Loans 275,477,791.61
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
Senior Percentage 97.98570816 %
Subordinate Percentage 2.01429184 %
Senior Prepayment Percentage 100 %
Subordinate Prepayment Percentage 0.0 %
- --------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<PAGE>
NORWEST ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1, CLASS A-PO
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 66937NHP6 PAC 6.50000 % 0.00 0.00 0.00 0.00
A-2 66937NHQ4 PAC 6.50000 % 15,215,249.98 82,415.94 4,186,969.65 0.00
A-3 66937NHR2 PAC 6.50000 % 27,806,000.00 150,615.83 0.00 0.00
A-4 66937NHS0 PAC 7.00000 % 21,356,000.00 124,576.67 0.00 0.00
A-5 66937NHT8 IO 7.25000 % 0.00 31,337.45 0.00 0.00
A-6 66937NHU5 AD 7.25000 % 0.00 0.00 0.00 0.00
A-7 66937NHV3 SEQ,Z 7.25000 % 0.00 0.00 0.00 0.00
A-8 66937NHW1 SEQ 7.25000 % 17,862,236.02 107,917.68 71,537.24 0.00
APO 66937NHX9 PO 0.00000 % 1,402,891.52 0.00 27,864.25 0.00
A-R 66937NHY7 R 7.25000 % 0.00 0.00 0.00 0.00
A-LR 66937NHZ4 LR 7.25000 % 0.00 0.00 0.00 0.00
M 66937NJA7 MEZ 7.25000 % 2,544,154.29 15,370.93 10,189.19 0.00
B-1 66937NJB5 SUB 7.25000 % 1,695,491.88 10,243.60 6,790.35 0.00
B-2 66937NJC3 SUB 7.25000 % 847,745.94 5,121.80 3,395.17 0.00
B-3 66937NJD1 SUB 7.25000 % 508,647.56 3,073.08 2,037.10 0.00
B-4 66937NJE9 SUB 7.25000 % 254,782.02 1,539.31 1,020.39 0.00
B-5 66937NJF6 SUB 7.25000 % 508,877.12 3,074.47 1,928.39 109.63
- ---------------------------------------------------------------------------------------------------------------------------
Totals 90,002,076.33 535,286.76 4,311,731.73 109.63
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
- ---------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 11,028,280.34 4,269,385.59 0.00
A-3 27,806,000.00 150,615.83 0.00
A-4 21,356,000.00 124,576.67 0.00
A-5 0.00 31,337.45 0.00
A-6 0.00 0.00 0.00
A-7 0.00 0.00 0.00
A-8 17,790,698.79 179,454.92 0.00
APO 1,375,027.26 27,864.25 0.00
A-R 0.00 0.00 0.00
A-LR 0.00 0.00 0.00
M 2,533,965.10 25,560.12 0.00
B-1 1,688,701.53 17,033.95 0.00
B-2 844,350.76 8,516.97 0.00
B-3 506,610.46 5,110.18 0.00
B-4 253,761.63 2,559.70 0.00
B-5 506,839.10 5,002.86 11,749.21
- ---------------------------------------------------------------
Totals 85,690,234.97 4,847,018.49 11,749.21
- ---------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
Page 1
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
Principal Distribution Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 28,214,000.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 21,976,000.00 15,215,249.98 257,827.22 3,929,142.42 0.00 0.00 4,186,969.65
A-3 27,806,000.00 27,806,000.00 0.00 0.00 0.00 0.00 0.00
A-4 21,356,000.00 21,356,000.00 0.00 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-6 45,834,000.00 0.00 0.00 0.00 0.00 0.00 0.00
A-7 11,541,000.00 0.00 0.00 0.00 0.00 0.00 0.00
A-8 19,490,000.00 17,862,236.02 71,537.24 0.00 0.00 0.00 71,537.24
APO 1,873,162.03 1,402,891.52 5,855.35 22,008.91 0.00 0.00 27,864.25
A-R 25.00 0.00 0.00 0.00 0.00 0.00 0.00
A-LR 25.00 0.00 0.00 0.00 0.00 0.00 0.00
M 2,776,000.00 2,544,154.29 10,189.19 0.00 0.00 0.00 10,189.19
B-1 1,850,000.00 1,695,491.88 6,790.35 0.00 0.00 0.00 6,790.35
B-2 925,000.00 847,745.94 3,395.17 0.00 0.00 0.00 3,395.17
B-3 555,000.00 508,647.56 2,037.10 0.00 0.00 0.00 2,037.10
B-4 278,000.00 254,782.02 1,020.39 0.00 0.00 0.00 1,020.39
B-5 555,250.48 508,877.12 1,928.39 0.00 0.00 109.63 2,038.02
- ---------------------------------------------------------------------------------------------------------------------------
Totals 185,029,462.51 90,002,076.33 360,580.40 3,951,151.33 0.00 109.63 4,311,841.36
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- -------------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00000000 0.00
A-2 11,028,280.34 0.50183292 4,186,969.65
A-3 27,806,000.00 1.00000000 0.00
A-4 21,356,000.00 1.00000000 0.00
A-5 0.00 0.00000000 0.00
A-6 0.00 0.00000000 0.00
A-7 0.00 0.00000000 0.00
A-8 17,790,698.79 0.91281164 71,537.24
APO 1,375,027.26 0.73406744 27,864.25
A-R 0.00 0.00000000 0.00
A-LR 0.00 0.00000000 0.00
M 2,533,965.10 0.91281164 10,189.19
B-1 1,688,701.53 0.91281164 6,790.35
B-2 844,350.76 0.91281163 3,395.17
B-3 506,610.46 0.91281164 2,037.10
B-4 253,761.63 0.91281162 1,020.39
B-5 506,839.10 0.91281164 1,928.39
- -------------------------------------------------------------------
Totals 85,690,234.97 0.46311670 4,311,731.73
- -------------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 2
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 28,214,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-2 21,976,000.00 692.35757099 11.73221787 178.79242901 0.00000000 0.00000000 190.52464734
A-3 27,806,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 21,356,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-6 45,834,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 11,541,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-8 19,490,000.00 916,48209441 3.67045870 0.00000000 0.00000000 0.00000000 3.67045870
APO 1,873,162.03 748.94296250 3.12591752 11.74960289 0.00000000 0.00000000 14.87551507
A-R 25.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-LR 25.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 2,776,000.00 916.48209294 3.67045749 0.00000000 0.00000000 0.00000000 3.67045749
B-1 1,850,000.00 916.48209730 3.67045946 0.00000000 0.00000000 0.00000000 3.67045946
B-2 925,000.00 916.48209730 3.67045405 0.00000000 0.00000000 0.00000000 3.67045405
B-3 555,000.00 916.48209009 3.67045045 0.00000000 0.00000000 0.00000000 3.67045045
B-4 278,000.00 916.48208633 3.67046763 0.00000000 0.00000000 0.00000000 3.67046763
B-5 555,250.48 916.48208931 3.47300915 0.00000000 0.00000000 0.19744242 3.67045158
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class (2) Balance Percentage Distribution
- ---------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000
A-2 501.83292410 0.50183292 190.52464734
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 0.00000000
A-6 0.00000000 0.00000000 0.00000000
A-7 0.00000000 0.00000000 0.00000000
A-8 912.81163622 0.91281164 3.67045870
APO 734.06744210 0.73406744 14.87551507
A-R 0.00000000 0.00000000 0.00000000
A-LR 0.00000000 0.00000000 0.00000000
M 912.81163545 0.91281164 3.67045749
B-1 912.81163784 0.91281164 3.67045946
B-2 912.81163243 0.91281163 3.67045405
B-3 912.81163964 0.91281164 3.67045045
B-4 912.81161871 0.91281162 3.67046763
B-5 912.81163773 0.91281164 3.47300915
- ---------------------------------------------------------------
</TABLE>
(2) Per $1,000 Denomination, except A-R and A-LR which are Per $25
Denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankrupty, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 3
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
Interest Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 28,214,000.00 6.50000 % 0.00 0.00 0.00 0.00 0.00 0.00
A-2 21,976,000.00 6.50000 % 15,215,249.98 82,415.94 0.00 0.00 0.00 0.00
A-3 27,806,000.00 6.50000 % 27,806,000.00 150,615.83 0.00 0.00 0.00 0.00
A-4 21,356,000.00 7.00000 % 21,356,000.00 124,576.67 0.00 0.00 0.00 0.00
A-5 0.00 7.25000 % 5,186,887.93 31,337.45 0.00 0.00 0.00 0.00
A-6 45,834,000.00 7.25000 % 0.00 0.00 0.00 0.00 0.00 0.00
A-7 11,541,000.00 7.25000 % 0.00 0.00 0.00 0.00 0.00 0.00
A-8 19,490,000.00 7.25000 % 17,862,236.02 107,917.68 0.00 0.00 0.00 0.00
APO 1,873,162.03 0.00000 % 1,402,891.52 0.00 0.00 0.00 0.00 0.00
A-R 25.00 7.25000 % 0.00 0.00 0.00 0.00 0.00 0.00
A-LR 25.00 7.25000 % 0.00 0.00 0.00 0.00 0.00 0.00
M 2,776,000.00 7.25000 % 2,544,154.29 15,370.93 0.00 0.00 0.00 0.00
B-1 1,850,000.00 7.25000 % 1,695,491.88 10,243.60 0.00 0.00 0.00 0.00
B-2 925,000.00 7.25000 % 847,745.94 5,121.80 0.00 0.00 0.00 0.00
B-3 555,000.00 7.25000 % 508,647.56 3,073.08 0.00 0.00 0.00 0.00
B-4 278,000.00 7.25000 % 254,782.02 1,539.31 0.00 0.00 0.00 0.00
B-5 555,250.48 7.25000 % 508,877.12 3,074.47 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 185,029,462.51 535,286.76 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 82,415.94 0.00 11,028,280.34
A-3 150,615.83 0.00 27,806,000.00
A-4 124,576.67 0.00 21,356,000.00
A-5 31,337.45 0.00 4,753,753.14
A-6 0.00 0.00 0.00
A-7 0.00 0.00 0.00
A-8 107,917.68 0.00 17,790,698.79
APO 0.00 0.00 1,375,027.26
A-R 0.00 0.00 0.00
A-LR 0.00 0.00 0.00
M 15,370.93 0.00 2,533,965.10
B-1 10,243.60 0.00 1,688,701.53
B-2 5,121.80 0.00 844,350.76
B-3 3,073.08 0.00 506,610.46
B-4 1,539.31 0.00 253,761.63
B-5 3,074.47 0.00 506,839.10
- ------------------------------------------------------------
Totals 535,286.76 0.00
- ------------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 4
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class (5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 28,214,000.00 6.50000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-2 21,976,000.00 6.50000 % 692.35757099 3.75027029 0.00000000 0.00000000 0.00000000 0.00000000
A-3 27,806,000.00 6.50000 % 1000.00000000 5.41666655 0.00000000 0.00000000 0.00000000 0.00000000
A-4 21,356,000.00 7.00000 % 1000.00000000 5.83333349 0.00000000 0.00000000 0.00000000 0.00000000
A-5 0.00 7.25000 % 589.08668276 3.55906561 0.00000000 0.00000000 0.00000000 0.00000000
A-6 45,834,000.00 7.25000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 11,541,000.00 7.25000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-8 19,490,000.00 7.25000 % 916.48209441 5.53707953 0.00000000 0.00000000 0.00000000 0.00000000
APO 1,873,162.03 0.00000 % 748.94296250 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 25.00 7.25000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-LR 25.00 7.25000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 2,776,000.00 7.25000 % 916.48209294 5.53707853 0.00000000 0.00000000 0.00000000 0.00000000
B-1 1,850,000.00 7.25000 % 916.48209730 5.53708108 0.00000000 0.00000000 0.00000000 0.00000000
B-2 925,000.00 7.25000 % 916.48209730 5.53708108 0.00000000 0.00000000 0.00000000 0.00000000
B-3 555,000.00 7.25000 % 916.48209009 5.53708108 0.00000000 0.00000000 0.00000000 0.00000000
B-4 278,000.00 7.25000 % 916.48208633 5.53708633 0.00000000 0.00000000 0.00000000 0.00000000
B-5 555,250.48 7.25000 % 916.48208931 5.53708661 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class (5) Distribution Shortfall Balance
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000
A-2 3.75027029 0.00000000 501.83292410
A-3 5.41666655 0.00000000 1000.00000000
A-4 5.83333349 0.00000000 1000.00000000
A-5 3.55906561 0.00000000 539.89457758
A-6 0.00000000 0.00000000 0.00000000
A-7 0.00000000 0.00000000 0.00000000
A-8 5.53707953 0.00000000 912.81163622
APO 0.00000000 0.00000000 734.06744210
A-R 0.00000000 0.00000000 0.00000000
A-LR 0.00000000 0.00000000 0.00000000
M 5.53707853 0.00000000 912.81163545
B-1 5.53708108 0.00000000 912.81163784
B-2 5.53708108 0.00000000 912.81163243
B-3 5.53708108 0.00000000 912.81163964
B-4 5.53708633 0.00000000 912.81161871
B-5 5.53708661 0.00000000 912.81163773
- ------------------------------------------------------------
</TABLE>
(5) Per $1,000 Denomination, except A-R and A-LR which are Per $25
Denomination
(6) Amount Does Not Include Excess Special Hazard Bankrupty, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 5
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
Certificateholder Account Statement
- --------------------------------------------------------------------------------
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 44,476.82
Deposits
Payments of Interest and Principal 4,856,437.75
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------------
Total Deposits 4,856,437.75
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 17,225.14
Payment of Interest and Principal 4,847,018.48
------------------
Total Withdrawals (Pool Distribution Amount) 4,864,243.62
Ending balance 36,670.95
==================
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,725.23
Servicing Fee Support 2,725.23
---------------
Non-Supported Prepayment/Curtailment Interest
Shortfall 0.00
===============
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SERVICING FEES
<S> <C>
Gross Servicing Fee 18,750.35
Master Servicing Fee 1,200.02
Supported Prepayment/Curtailment Interest Shortfall 2,725.23
---------------
Net Servicing Fee 17,225.14
---------------
- --------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
of Loans Balance of Loans Balance
---------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
30 Days 0 0.00 0.000000 % 0.000000 %
60 Days 0 0.00 0.000000 % 0.000000 %
90+ Days 0 0.00 0.000000 % 0.000000 %
Foreclosure 0 0.00 0.000000 % 0.000000 %
REO 0 0.00 0.000000 % 0.000000 %
---------- --------------- ---------------- ----------------
Totals 0 0.00 0.000000 % 0.000000 %
Current Period Realized Loss - Includes Interest Shortfall 109.63
Cumulative Realized Losses - Includes Interest Shortfall 11,749.21
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 320,438.11
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
---------------- ----------------- --------------- --------------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Class A 6,939,250.48 3.75034894 % 6,334,228.58 7.39200748 % 92.487442 % 100.000000 %
Class M 4,163,250.48 2.25004733 % 3,800,263.48 4.43488512 % 3.005348 % 0.000000 %
Class B-1 2,313,250.48 1.25020656 % 2,111,561.95 2.46418037 % 2.002843 % 0.000000 %
Class B-2 1,388,250.48 0.75028618 % 1,267,211.19 1.47882800 % 1.001422 % 0.000000 %
Class B-3 833,250.48 0.45033395 % 760,600.73 0.88761658 % 0.600853 % 0.000000 %
Class B-4 555,250.48 0.30008760 % 506,839.10 0.59147825 % 0.300968 % 0.000000 %
Class B-5 0.00 0.00000000 % 0.00 0.00000000 % 0.601124 % 0.000000 %
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Bankruptcy 100,000.00 0.05404545 % 100,000.00 0.11669941 %
Fraud 3,700,589.25 2.00000000 % 957,058.28 1.11688138 %
Special hazard 2,000,000.00 1.08090894 % 1,847,138.70 2.15559999 %
Limit of Subordinate's Exposure to Certain Types of Losses
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:12:16AM NASCOR Series 1997-1
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
COLLATERAL STATEMENT
Collateral Description Fixed 15 Year
<S> <C>
Weighted Average Gross Coupon 7.632335 %
Weighted Average Pass-Through Rate 7.250000 %
Weighted Average Maturity (Stepdown Calculation) 151
Beginning Scheduled Collateral Loan Count 350
Number of Loans Paid in Full 14
Ending Scheduled Collateral Loan Count 336
Beginning Scheduled Collateral Balance 90,002,076.34
Ending Scheduled Collateral Balance 85,690,234.97
Ending Actual Collateral Balance at 28-Feb-1999 89,158,140.75
Ending Scheduled Balance For Norwest 74,728,951.13
Ending Schedule Balance For Other Services 10,961,283.84
Monthly P&I Constant 932,178.69
Class A Optimal Amount 4,755,370.45
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 47,803,676.45
Ending Scheduled Balance for Discount Loans 777,886,558.52
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 80,272,121.47
Greater than 80%, less than or equal to 85% 1,021,847.25
Greater than 85%, less than or equal to 95% 4,502,963.35
Greater than 95% 0.00
- --------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<PAGE>
NSCOR
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-5, CLASS A-PO
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 66937NKV9 SEQ 7.00000% 0 .00 0.00 0.00 0.00
A-2 66937NKW7 SEQ 7.00000% 32,942,295.04 192,163.39 2,972,906.07 0.00
A-3 66937NKX5 SEQ 7.00000% 12,896,000.00 75,226.67 0.00 0.00
A-4 66937NKY3 SEQ 7.00000% 8,097,000.00 47,232.50 0.00 0.00
A-5 66937NKZ0 SEQ 7.00000% 34,355,456.37 200,406.83 137,180.99 0.00
AWIO 199705WIO WIO 0.39635% 0.00 20,695.56 0.00 0.00
A-R 66937NLB2 R 7.00000% 0.00 0.00 0.00 0.00
APO 66937NLA4 PO 0.00000% 824,872.80 0.00 11,322.47 0.00
M 66937NLC0 MEZ 7.00000% 1,384,258.74 8,074.84 5,527.33 0.00
B-1 66937NLD8 SUB 7.00000% 692,129.37 4,037.42 2,763.67 0.00
B-2 66937NLE6 SUB 7.00000% 345,141.85 2,013.33 1,378.15 0.00
B-3 66937NMC9 SUB 7.00000% 484,490.56 2,826.19 1,934.57 0.00
B-4 66937NMD7 SUB 7.00000% 276,851.75 1,614.97 1,105.47 0.00
B-5 66937NME5 SUB 7.00000% 277,355.10 1,831.82 755.71 351.76
- --------------------------------------------------------------------------------------------------------------------------
Totals 92,575,851.58 556,123.52 3,134,874.43 351.76
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
- ----------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 29,969,388.98 3,165,069.46 0.00
A-3 12,896,000.00 75,226.67 0.00
A-4 8,097,000.00 47,232.50 0.00
A-5 34,218,275.38 337,587.82 0.00
AWIO 0.00 20,695.56 0.00
A-R 0.00 0.00 0.00
APO 813,550.33 11,322.47 0.00
M 1,378,731.41 13,602.17 0.00
B-1 689,365.71 6,801.09 0.00
B-2 343,763.70 3,391.48 0.00
B-3 482,555.99 4,760.76 0.00
B-4 275,746.28 2,720.44 0.00
B-5 276,247.63 2,587.53 9,903.03
- ----------------------------------------------------------------
Totals 89,440,625.41 3,690,997.95 9,903.03
- ----------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
Page 1
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Principal Distribution Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 20,600,000.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 66,361,000.00 32,942,295.04 215,363.09 2,757,542.98 0.00 0.00 2,972,906.07
A-3 12,896,000.00 12,896,000.00 0.00 0.00 0.00 0.00 0.00
A-4 8,097,000.00 8,097,000.00 0.00 0.00 0.00 0.00 0.00
A-5 37,228,000.00 34,355,456.37 137,180.99 0.00 0.00 0.00 137,180.99
AWIO 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-R 50.00 0.00 0.00 0.00 0.00 0.00 0.00
APO 1,021,548.89 824,872.80 3,329.16 7,993.31 0.00 0.00 11,322.47
M 1,500,000.00 1,384,258.74 5,527.33 0.00 0.00 0.00 5,527.33
B-1 750,000.00 692,129.37 2,763.67 0.00 0.00 0.00 2,763.67
B-2 374,000.00 345,141.85 1,378.15 0.00 0.00 0.00 1,378.15
B-3 525,000.00 484,490.56 1,934.57 0.00 0.00 0.00 1,934.57
B-4 300,000.00 276,851.75 1,105.47 0.00 0.00 0.00 1,105.47
B-5 300,545.44 277,355.10 755.71 0.00 0.00 351.76 1,107.47
- --------------------------------------------------------------------------------------------------------------------------
Totals 149,953,144.33 92,575,851.58 369,338.14 2,765,536.29 0.00 351.76 3,135,226.19
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- ----------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00000000 0.00
A-2 29,969,388.98 0.45161147 2,972,906.07
A-3 12,896,000.00 1.00000000 0.00
A-4 8,097,000.00 1.00000000 0.00
A-5 34,218,275.38 0.91915428 137,180.99
AWIO 0.00 0.00000000 0.00
A-R 0.00 0.00000000 0.00
APO 813,550.33 0.79638903 11,322.47
M 1,378,731.41 0.91915427 5,527.33
B-1 689,365.71 0.91915428 2,763.67
B-2 343,763.70 0.91915428 1,378.15
B-3 482,555.99 0.91915427 1,934.57
B-4 275,746.28 0.91915427 1,105.47
B-5 276,247.63 0.91915429 755.71
- ----------------------------------------------------------------
Totals 89,440,625.41 0.59645714 3,134,874.43
- ----------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.
Page 2
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 20,600,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-2 66,361,000.00 496.41046759 3.24532617 41.55366827 0.00000000 0.00000000 44.79899444
A-3 12,896,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 8,097,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 37,228,000.00 922.83916326 3.68488745 0.00000000 0.00000000 0.00000000 3.68488745
AWIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 1,021,548.89 807.47266046 3.25893360 7.82469648 0.00000000 0.00000000 11.08363007
M 1,500,000.00 922.83916000 3.68488667 0.00000000 0.00000000 0.00000000 3.68488667
B-1 750,000.00 922.83916000 3.68489333 0.00000000 0.00000000 0.00000000 3.68489333
B-2 374,000.00 922.83917112 3.68489305 0.00000000 0.00000000 0.00000000 3.68489305
B-3 525,000.00 922.83916190 3.68489524 0.00000000 0.00000000 0.00000000 3.68489524
B-4 300,000.00 922.83916667 3.68490000 0.00000000 0.00000000 0.00000000 3.68490000
B-5 300,545.44 922.83915537 2.51446171 0.00000000 0.00000000 1.17040538 3.68486709
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
- ---------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000
A-2 451.61147331 0.45161147 44.79899444
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 919.15427581 0.91915428 3.68488745
AWIO 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000
APO 796.38903039 0.79638903 11.08363007
M 919.15427333 0.91915427 3.68488667
B-1 919.15428000 0.91915428 3.68489333
B-2 919.15427807 0.91915428 3.68489305
B-3 919.15426667 0.91915427 3.68489524
B-4 919.15426667 0.91915427 3.68490000
B-5 919.15428828 0.91915429 2.51446171
- ---------------------------------------------------------------
</TABLE>
(2) Per $1,000 denomination, except A-R is per $50 and A-WIO is per 1%
percentage interest.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 3
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Interest Distribution Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 20,600,000.00 7.00000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 66,361,000.00 7.00000% 32,942,295.04 192,163.39 0.00 0.00 0.00 0.00
A-3 12,896,000.00 7.00000% 12,896,000.00 75,226.67 0.00 0.00 0.00 0.00
A-4 8,097,000.00 7.00000% 8,097,000.00 47,232.50 0.00 0.00 0.00 0.00
A-5 37,228,000.00 7.00000% 34,355,456.37 200,406.83 0.00 0.00 0.00 0.00
AWIO 0.00 0.39635% 62,658,536.68 20,695.56 0.00 0.00 0.00 0.00
A-R 50.00 7.00000% 0.00 0.00 0.00 0.00 0.00 0.00
APO 1,021,548.89 0.00000% 824,872.80 0.00 0.00 0.00 0.00 0.00
M 1,500,000.00 7.00000% 1,384,258.74 8,074.84 0.00 0.00 0.00 0.00
B-1 750,000.00 7.00000% 692,129.37 4,037.42 0.00 0.00 0.00 0.00
B-2 374,000.00 7.00000% 345,141.85 2,013.33 0.00 0.00 0.00 0.00
B-3 525,000.00 7.00000% 484,490.56 2,826.19 0.00 0.00 0.00 0.00
B-4 300,000.00 7.00000% 276,851.75 1,614.97 0.00 0.00 0.00 0.00
B-5 300,545.44 7.00000% 277,355.10 1,617.90 213.92 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Totals 149,953,144.33 555,909.60 213.92 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
- -----------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 192,163.39 0.00 29,969,388.98
A-3 75,226.67 0.00 12,896,000.00
A-4 47,232.50 0.00 8,097,000.00
A-5 200,406.83 0.00 34,218,275.38
AWIO 20,695.56 0.00 59,875,235.93
A-R 0.00 0.00 0.00
APO 0.00 0.00 813,550.33
M 8,074.84 0.00 1,378,731.41
B-1 4,037.42 0.00 689,365.71
B-2 2,013.33 0.00 343,763.70
B-3 2,826.19 0.00 482,555.99
B-4 1,614.97 0.00 275,746.28
B-5 1,831.82 0.00 276,247.63
- -----------------------------------------------------------
Totals 556,123.52 0.00
- -----------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 4
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 20,600,000.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-2 66,361,000.00 7.00000% 496.41046759 2.89572776 0.00000000 0.00000000 0.00000000 0.00000000
A-3 12,896,000.00 7.00000% 1000.00000000 5.83333359 0.00000000 0.00000000 0.00000000 0.00000000
A-4 8,097,000.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000 0.00000000 0.00000000
A-5 37,228,000.00 7.00000% 922.83916326 5.38322848 0.00000000 0.00000000 0.00000000 0.00000000
AWIO 0.00 0.39635% 626585.36680000 206.95560000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 50.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 1,021,548.89 0.00000% 807.47266046 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 1,500,000.00 7.00000% 922.83916000 5.38322667 0.00000000 0.00000000 0.00000000 0.00000000
B-1 750,000.00 7.00000% 922.83916000 5.38322667 0.00000000 0.00000000 0.00000000 0.00000000
B-2 374,000.00 7.00000% 922.83917112 5.38323529 0.00000000 0.00000000 0.00000000 0.00000000
B-3 525,000.00 7.00000% 922.83916190 5.38321905 0.00000000 0.00000000 0.00000000 0.00000000
B-4 300,000.00 7.00000% 922.83916667 5.38323333 0.00000000 0.00000000 0.00000000 0.00000000
B-5 300,545.44 7.00000% 922.83915537 5.38321260 0.71177257 0.00000000 0.00000000 0.00000000
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
- -----------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000
A-2 2.89572776 0.00000000 451.61147331
A-3 5.83333359 0.00000000 1000.00000000
A-4 5.83333333 0.00000000 1000.00000000
A-5 5.38322848 0.00000000 919.15427581
AWIO 206.95560000 0.00000000 598752.35930000
A-R 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 796.38903039
M 5.38322667 0.00000000 919.15427333
B-1 5.38322667 0.00000000 919.15428000
B-2 5.38323529 0.00000000 919.15427807
B-3 5.38321905 0.00000000 919.15426667
B-4 5.38323333 0.00000000 919.15426667
B-5 6.09498517 0.00000000 919.15428828
- -----------------------------------------------------------
</TABLE>
(5) Per $1,000 denomination, except A-R is per $50 and A-WIO is per 1%
percentage interest.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 5
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Certificateholder Account Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 33,148.37
Deposits
Payments of Interest and Principal 3,691,046.67
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------
Total Deposits 3,691,046.67
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 13,134.59
Payment of Interest and Principal 3,690,997.94
------------
Total Withdrawals (Pool Distribution Amount) 3,704,132.53
Ending Balance 20,062.50
============
- ------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 7,382.72
Servicing Fee Support 7,382.72
------------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
============
- ------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------
SERVICING FEES
<S> <C>
Gross Servicing Fee 19,283.19
Master Servicing Fee 1,234.13
Supported Prepayment/Curtailment Interest Shortfall 7,382.72
------------
Net Servicing Fee 13,134.59
============
- ------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Current Unpaid Number
Number Principal of Unpaid
of Loans Balance Loans Balance
-------- ------- ----- -------
<S> <C> <C> <C> <C>
30 Days 1 166,988.21 0.302115% 0.186703%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
-------- ---------- -------- --------
Totals 1 166,988.21 0.302115% 0.186703%
Current Period Realized Loss - Includes Interest Shortfall 351.76
Cumulative Realized Losses - Includes Interest Shortfall 9,903.03
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 350,403.45
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
---------- ---------- --------- --------- ------- ------------
<S> <C> <C> <C> <C> <C> <C>
Class A 3,749,545.44 2.50047804 % 3,446,410.72 3.85329452% 96.111334% 100.000000%
Class M 2,249,545.44 1.50016557 % 2,067,679.31 2.31178986% 1.555655% 0.000000%
Class B-1 1,499,545.44 1.00000933 % 1,378,313.60 1.54103752% 0.777827% 0.000000%
Class B-2 1,125,545.44 0.75059809 % 1,034,549.90 1.15668903% 0.387877% 0.000000%
Class B-3 600,545.44 0.40048873 % 551,993.91 0.61716240% 0.544479% 0.000000%
Class B-4 300,545.44 0.20042623 % 276,247.63 0.30886147% 0.311131% 0.000000%
Class B-5 0.00 0.00000000 % 0.00 0.00000000% 0.311697% 0.000000%
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
- ------------------------------------------------------------------------------------------------------------------------------------
Bankruptcy 100,000.00 0.06668750% 100,000.00 0.11180602%
Fraud 2,999,062.89 2.00000000% 2,999,062.89 3.35313274%
Special Hazard 1,994,220.28 1.32989561% 1,994,220.28 2.22965825%
Limit of Subordinate's Exposure to Certain Types of Losses
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
22-Mar-1999 9:13:49AM NASCOR Series 1997-5
- --------------------------------------------------------------------------------
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
<S> <C>
Collateral Description Fixed 15 Year
Weighted Average Gross Coupon 7.471928%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity (Stepdown Calculation) 154
Beginning Scheduled Collateral Loan Count 340
Number of Loans Paid in Full 9
Ending Scheduled Collateral Loan Count 331
Beginning Scheduled Collateral Balance 92,575,851.59
Ending Scheduled Collateral Balance 89,440,625.41
Ending Actual Collateral Balance at 28-Feb-1999 90,264,026.97
Ending Scheduled Balance for Norwest 79,768,738.33
Ending Scheduled Balance For Other Services 9,671,887.08
Monthly P&I Constant 956,678.79
Class A Optimal Amount 3,645,812.01
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 59,875,235.93
Ending Scheduled Balance for Discount Loans 29,565,389.48
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 85,612,944.95
Greater than 80%, less than or equal to 85% 726,575.32
Greater than 85%, less than or equal to 95% 3,220,331.76
Greater than 95% 0.00
</TABLE>
- --------------------------------------------------------------------------------
Page 8
<PAGE>
<PAGE>
NSCOR
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-9, CLASS A-PO
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 66937NPJ1 SEQ 7.00000 % 21,591,997.90 125,953.32 1,729,193.17 0.00
A-2 66937NPK8 SEQ 7.00000 % 29,357,583.70 171,252.57 3,469,645.31 0.00
A-3 66937NPL6 SEQ 7.00000 % 13,967,000.00 81,474.17 0.00 0.00
A-4 66937NPM4 SEQ 7.00000 % 8,632,000.00 50,353.33 0.00 0.00
A-5 66937NPN2 SEQ 7.00000 % 37,338,080.40 217,805.47 144,388.12 0.00
AWIO 66937NPQ5 W, IO 0.44160 % 0.00 32,734.15 0.00 0.00
A-R 66937NPR3 R 7.00000 % 0.00 1,077.81 0.00 0.00
APO 66937NPP7 PO 0.00000 % 690,048.49 0.00 13,370.96 0.00
M 66937NPS1 MEZ 7.00000 % 1,772,625.37 10,340.31 6,854.83 0.00
B-1 66937NPT9 SUB 7.00000 % 886,779.41 5,172.88 3,429.22 0.00
B-2 66937NPU6 SUB 7.00000 % 443,389.70 2,586.44 1,714.61 0.00
B-3 66937NPV4 SUB 7.00000 % 975,457.35 5,690.17 3,772.14 0.00
B-4 66937NPW2 SUB 7.00000 % 443,389.70 2,586.44 1,714.61 0.00
B-5 66937NPX0 SUB 7.00000 % 354,649.52 2,068.79 1,371.45 0.00
- --------------------------------------------------------------------------------------------------------------------------
Totals 116,453,001.54 709,095.85 5,375,454.42 0.00
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
- --------------------------------------------------------------
<S> <C> <C> <C>
A-1 19,862,804.73 1,855,146.49 0.00
A-2 25,887,938.39 3,640,897.88 0.00
A-3 13,967,000.00 81,474.17 0.00
A-4 8,632,000.00 50,353.33 0.00
A-5 37,193,692.28 362,193.59 0.00
AWIO 0.00 32,734.15 0.00
A-R 0.00 1,077.81 0.00
APO 676,677.53 13,370.96 0.00
M 1,765,770.54 17,195.14 0.00
B-1 883,350.19 8,602.10 0.00
B-2 441,675.10 4,301.05 0.00
B-3 971,685.21 9,462.31 0.00
B-4 441,675.10 4,301.05 0.00
B-5 353,278.07 3,440.24 6,695.33
- --------------------------------------------------------------
111,077,547.14 6,084,550.27 6,695.33
- --------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
Page 1
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
Principal Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 45,000,000.00 21,591,997.90 94,599.96 1,634,593.21 0.00 0.00 1,729,193.17
A-2 76,326,000.00 29,357,583.70 189,815.88 3,279,829.43 0.00 0.00 3,469,645.31
A-3 13,967,000.00 13,967,000.00 0.00 0.00 0.00 0.00 0.00
A-4 8,632,000.00 8,632,000.00 0.00 0.00 0.00 0.00 0.00
A-5 40,000,000.00 37,338,080.40 144,388.12 0.00 0.00 0.00 144,388.12
AWIO 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00
APO 805,766.23 690,048.49 2,745.04 10,625.92 0.00 0.00 13,370.96
M 1,899,000.00 1,772,625.37 6,854.83 0.00 0.00 0.00 6,854.83
B-1 950,000.00 886,779.41 3,429.22 0.00 0.00 0.00 3,429.22
B-2 475,000.00 443,389.70 1,714.61 0.00 0.00 0.00 1,714.61
B-3 1,045,000.00 975,457.35 3,772.14 0.00 0.00 0.00 3,772.14
B-4 475,000.00 443,389.70 1,714.61 0.00 0.00 0.00 1,714.61
B-5 379,933.32 354,649.52 1,371.45 0.00 0.00 0.00 1,371.45
- ------------------------------------------------------------------------------------------------------------------------------
Totals 189,954,799.55 116,453,001.54 450,405.86 4,925,048.56 0.00 0.00 5,375,454.42
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- ---------------------------------------------------------------
<S> <C> <C> <C>
A-1 19,862,804.73 0.44139566 1,729,193.17
A-2 25,887,938.39 0.33917588 3,469,645.31
A-3 13,967,000.00 1.00000000 0.00
A-4 8,632,000.00 1.00000000 0.00
A-5 37,193,692.28 0.92984231 144,388.12
AWIO 0.00 0.00000000 0.00
A-R 0.00 0.00000000 0.00
APO 676,677.53 0.83979386 13,370.96
M 1,765,770.54 0.92984231 6,854.83
B-1 883,350.19 0.92984231 3,429.22
B-2 441,675.10 0.92984232 1,714.61
B-3 971,685.21 0.92984231 3,772.14
B-4 441,675.10 0.92984232 1,714.61
B-5 353,278.07 0.92984229 1,371.45
- ---------------------------------------------------------------
Totals 111,077,547.14 0.58475778 5,375,454.42
- ---------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement of a Full
Description.
Page 2
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 45,000,000.00 479.82217556 2.10222133 36.32429356 0.00000000 0.00000000 38.42651489
A-2 76,326,000.00 384.63411812 2.48690983 42.97132602 0.00000000 0.00000000 45.45823586
A-3 13,967,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 8,632,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 40,000,000.00 933.45201000 3.60970300 0.00000000 0.00000000 0.00000000 3.60970300
AWIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 805,766.23 856.38795014 3.40674491 13.18734840 0.00000000 0.00000000 16.59409330
M 1,899,000.00 933.45201159 3.60970511 0.00000000 0.00000000 0.00000000 3.60970511
B-1 950,000.00 933.45201053 3.60970526 0.00000000 0.00000000 0.00000000 3.60970526
B-2 475,000.00 933.45200000 3.60970526 0.00000000 0.00000000 0.00000000 3.60970526
B-3 1,045,000.00 933.45200957 3.60970335 0.00000000 0.00000000 0.00000000 3.60970335
B-4 475,000.00 933.45200000 3.60970526 0.00000000 0.00000000 0.00000000 3.60970526
B-5 379,933.32 933.45200679 3.60971236 0.00000000 0.00000000 0.00000000 3.60971236
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class (2) Balance Percentage Distribution
- -------------------------------------------------------------
<S> <C> <C> <C>
A-1 441.39566067 0.44139566 38.42651489
A-2 339.17588227 0.33917588 45.45823586
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 929.84230700 0.92984231 3.60970300
AWIO 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000
APO 839.79385684 0.83979386 16.59409330
M 929.84230648 0.92984231 3.60970511
B-1 929.84230526 0.92984231 3.60970526
B-2 929.84231579 0.92984232 3.60970526
B-3 929.84230622 0.92984231 3.60970335
B-4 929.84231579 0.92984232 3.60970526
B-5 929.84229443 0.92984229 3.60971236
- -------------------------------------------------------------
</TABLE>
(2) All Classes Per $1000 Denomination, Except AR which is Per $100 Denomination
and AWIO which is Per 1% Percentage and the original AWIO notional balance is
$155,193,634.89.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, on Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.
Page 3
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
Interest Distribution Statement
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 45,000,000.00 7.00000 % 21,591,997.90 125,953.32 0.00 0.00 0.00 0.00
A-2 76,326,000.00 7.00000 % 29,357,583.70 171,252.57 0.00 0.00 0.00 0.00
A-3 13,967,000.00 7.00000 % 13,967,000.00 81,474.17 0.00 0.00 0.00 0.00
A-4 8,632,000.00 7.00000 % 8,632,000.00 50,353.33 0.00 0.00 0.00 0.00
A-5 40,000,000.00 7.00000 % 37,338,080.40 217,805.47 0.00 0.00 0.00 0.00
AWIO 0.00 0.44160 % 88,950,776.35 32,734.15 0.00 0.00 0.00 0.00
A-R 100.00 7.00000 % 0.00 0.00 0.00 0.00 0.00 0.00
APO 805,766.23 0.00000 % 690,048.49 0.00 0.00 0.00 0.00 0.00
M 1,899,000.00 7.00000 % 1,772,625.37 10,340.31 0.00 0.00 0.00 0.00
B-1 950,000.00 7.00000 % 886,779.41 5,172.88 0.00 0.00 0.00 0.00
B-2 475,000.00 7.00000 % 443,389.70 2,586.44 0.00 0.00 0.00 0.00
B-3 1,045,000.00 7.00000 % 975,457.35 5,690.17 0.00 0.00 0.00 0.00
B-4 475,000.00 7.00000 % 443,389.70 2,586.44 0.00 0.00 0.00 0.00
B-5 379,933.32 7.00000 % 354,649.52 2,068.79 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 189,954,799.55 708,018.04 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
- -------------------------------------------------------------
<S> <C> <C> <C>
A-1 125,953.32 0.00 19,862,804.73
A-2 171,252.57 0.00 25,887,938.39
A-3 81,474.17 0.00 13,967,000.00
A-4 50,353.33 0.00 8,632,000.00
A-5 217,805.47 0.00 37,193,692.28
AWIO 32,734.15 0.00 84,012,809.86
A-R 1,077.81 0.00 0.00
APO 0.00 0.00 676,677.53
M 10,340.31 0.00 1,765,770.54
B-1 5,172.88 0.00 883,350.19
B-2 2,586.44 0.00 441,675.10
B-3 5,690.17 0.00 971,685.21
B-4 2,586.44 0.00 441,675.10
B-5 2,068.79 0.00 353,278.07
- -------------------------------------------------------------
Totals 709,095.85 0.00
- -------------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.
Page 4
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 45,000,000.00 7.00000 % 479.82217556 2.79896267 0.00000000 0.00000000 0.00000000 0.00000000
A-2 76,326,000.00 7.00000 % 384.63411812 2.24369900 0.00000000 0.00000000 0.00000000 0.00000000
A-3 13,967,000.00 7.00000 % 1000.00000000 5.83333357 0.00000000 0.00000000 0.00000000 0.00000000
A-4 8,632,000.00 7.00000 % 1000.00000000 5.83333295 0.00000000 0.00000000 0.00000000 0.00000000
A-5 40,000,000.00 7.00000 % 933.45201000 5.44513675 0.00000000 0.00000000 0.00000000 0.00000000
AWIO 0.00 0.44160 % 889507.76350000 327.34150000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 7.00000 % 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 805,766.23 0.00000 % 856.38795014 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 1,899,000.00 7.00000 % 933.45201159 5.44513428 0.00000000 0.00000000 0.00000000 0.00000000
B-1 950,000.00 7.00000 % 933.45201053 5.44513684 0.00000000 0.00000000 0.00000000 0.00000000
B-2 475,000.00 7.00000 % 933.45200000 5.44513684 0.00000000 0.00000000 0.00000000 0.00000000
B-3 1,045,000.00 7.00000 % 933.45200957 5.44513876 0.00000000 0.00000000 0.00000000 0.00000000
B-4 475,000.00 7.00000 % 933.45200000 5.44513684 0.00000000 0.00000000 0.00000000 0.00000000
B-5 379,933.32 7.00000 % 933.45200679 5.44513969 0.00000000 0.00000000 0.00000000 0.00000000
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
- -------------------------------------------------------------
<S> <C> <C> <C>
A-1 2.79896267 0.00000000 441.39566067
A-2 2.24369900 0.00000000 339.17588227
A-3 5.83333357 0.00000000 1000.00000000
A-4 5.83333295 0.00000000 1000.00000000
A-5 5.44513675 0.00000000 929.84230700
AWIO 327.34150000 0.00000000 840128.09860000
A-R 1077.81000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 839.79385684
M 5.44513428 0.00000000 929.84230648
B-1 5.44513684 0.00000000 929.84230526
B-2 5.44513684 0.00000000 929.84231579
B-3 5.44513876 0.00000000 929.84230622
B-4 5.44513684 0.00000000 929.84231579
B-5 5.44513969 0.00000000 020.84229443
- -------------------------------------------------------------
</TABLE>
(5) All Classes Per $1000 Denomination, Except A-R which is Per $100
Denomination and AWIO which is Per 1% Percentage and the original AWIO notional
balance is $155,193,634.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.
Page 5
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
Certificateholder Account Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 9,344.07
Deposits
Payments of Interest and Principal 6,104,089.12
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------
Total Deposits 6,104,089.12
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 14,878.63
Payment of Interest and Principal 6,084,550.27
------------
Total Withdrawals (Pool Distribution Amount) 6,099,428.90
Ending Balance 14,004.28
============
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 10,978.76
Servicing Fee Support 10,978.76
------------
Non-Supported Prepayment/Curtailment Interest
Shortfall 0.00
============
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SERVICING FEES
<S> <C>
Gross Servicing Fee 24,302.06
Master Servicing Fee 1,555.33
Supported Prepayment/Curtailment Interest Shortfall 10,978.76
---------
Net Servicing Fee 14,878.64
---------
- --------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
of Loans Balance of Loans Balance
------------ --------------- ------------- -------------
<C> <C> <C> <C> <C>
30 Days 3 610,135.29 0.660793 % 0.549288 %
60 Days 0 0.00 0.000000 % 0.000000 %
90+ Days 0 0.00 0.000000 % 0.000000 %
Foreclosure 0 0.00 0.000000 % 0.000000 %
REO 0 0.00 0.000000 % 0.000000 %
------------ --------------- ------------- -------------
Totals 3 610,135.29 0.660793 % 0.549288 %
<CAPTION>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 6,695.33
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 402,113.43
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
----------------- ----------------- ----------------- ----------------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Class A 5,223,933.32 2.75009283 % 4,857,434.21 4.37301177 % 95.600185 % 100.000000 %
Class M 3,324,933.32 1.75038132 % 3,091,663.67 2.78333808 % 1.599417 % 0.000000 %
Class B-1 2,374,933.32 1.25026234 % 2,208,313.48 1.98808268 % 0.800130 % 0.000000 %
Class B-2 1,899,933.32 1.00020285 % 1,766,638.38 1.59045498 % 0.400065 % 0.000000 %
Class B-3 854,933.32 0.45007198 % 794,953.17 0.71567404 % 0.880143 % 0.000000 %
Class B-4 379,933.32 0.20001249 % 353,278,070.00 0.31804634 % 0.400065 % 0.000000 %
Class B-5 0.00 0.00000000 % 0.00 0.00000000 % 0.319996 % 0.000000 %
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.05264410 % 100,000.00 0.09002720 %
Fraud 3,799,095.99 2.00000000 % 3,799,095.99 3.42021965 %
Special Hazard 2,000,000.00 1.05288206 % 2,000,000.00 1.80054390 %
Limit of Subordinate's Exposure to Certain Types of Losses
- -----------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<PAGE>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
22-Mar-1999 9:15:17AM
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
NASCOR Series 1997-9
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
COLLATERAL STATEMENT
- ----------------------------------------------------------------------------------------------------------
<S> <C>
Collateral Description Fixed 15 Year
Weighted Average Gross Coupon 7.561522 %
Weighted Average Pass-Through Rate 7.000000 %
Weighted Average Maturity (Stepdown Calculation) 156
Beginning Scheduled Collateral Loan Count 474
Number of Loans Paid in Full 20
Ending Scheduled Collateral Loan Count 454
Beginning Scheduled Collateral Balance 116,453,001.56
Ending Scheduled Collateral Balance 111,077,547.14
Ending Actual Collateral Balance at 28-Feb-1999 113,524,381.51
Ending Scheduled Balance For Norwest 106,082,861.61
Ending Schedule Balance For Other Sevices 4,994,685.53
Monthly P&I Constant 1,206,956.15
Class A Optimal Amount 6,022,799.61
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 84,012,809.86
Ending Scheduled Balance for Discount Loans 27,064,737.28
Unpaid Principal Balance of Outstanding Mortgage Loans with
Original LTV:
Less than or equal to 80% 104,499,575.83
Greater than 80%, less than or equal to 85% 785,352.28
Greater than 85%, less than or equal to 95% 5,943,227.76
Greater than 95% 0.00
- ----------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<PAGE>
THE PRUDENTIAL HOME MORTGAGE SECURITIES COMPANY, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1994-24, CLASS A-P
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 74434UEF7 SEQ 6.25000 % 50,768,722.84 264,420.43 565,691.20 0.00
A-2 PHM94024W SEQ, W, IO 0.12427 % 596.59 4,018.12 6.65 0.00
A-R 74434UEG5 SEQ, R 6.25000 % 119,318.25 650.80 1,329.51 0.00
AP 74434UMR2 PO 0.00000 % 467,443.75 0.00 5,926.61 0.00
M 74434UEH3 MEZ 6.25000 % 341,629.91 1,779.32 2,181.77 0.00
B PHM94024B SUB 6.25000 % 1,877,302.79 9,777.62 11,989.15 0.00
- --------------------------------------------------------------------------------------------------------------------------
Totals 53,575,014.13 280,646.29 587,124.89 0.00
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
- -----------------------------------------------------------------
<S> <C> <C> <C>
A-1 50,203,031.64 830,111.63 0.00
A-2 589.94 4,024.77 0.00
A-R 117,988.75 1,980.31 0.00
AP 461,517.14 5,926.61 0.00
M 339,448.13 3,961.09 0.00
B 1,865,313.64 21,766.77 1,113.33
- -----------------------------------------------------------------
Totals 52,987,889.24 ?? 1,113.33
- -----------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
Page 1
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
Principal Distribution Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 85,098,000.00 50,768,722.84 324,227.79 241,463.41 0.00 0.00 565,691.20
A-2 1,000.00 596.59 3.81 2.84 0.00 0.00 6.65
A-R 200,000.00 119,318.25 762.01 567.49 0.00 0.00 1,329.51
AP 719,032.79 467,443.75 3,227.59 2,699.02 0.00 0.00 5,926.61
M 445,000.00 341,629.91 2,181.77 0.00 0.00 0.00 2,181.77
B 2,445,335.49 1,877,302.79 11,989.15 0.00 0.00 0.00 11,989.15
- --------------------------------------------------------------------------------------------------------------------------
Totals 88,908,368.28 53,575,014.13 342,392.12 244,732.76 0.00 0.00 587,124.89
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- -----------------------------------------------------------------
<S> <C> <C> <C>
A-1 50,203,031.64 0.58994373 565,691.20
A-2 589.94 0.58994000 6.65
A-R 117,988.75 0.58994375 1,329.51
AP 461,517.14 0.64185827 5,926.61
M 339,448.13 0.76280479 2,181.77
B 1,865,313.64 0.76280480 11,989.15
- -----------------------------------------------------------------
Totals 52,987,889.24 0.59598315 587,124.89
- -----------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 2
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss (3) Reduction
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 85,098,000.00 596.59125761 3.81005182 2.83747456 0.00000000 0.00000000 6.64752638
A-2 1,000.00 0.59659000 0.00381000 0.00284000 0.00000000 0.00000000 0.00665000
A-R 200,000.00 596.59125000 3.81005000 2.83745000 0.00000000 0.00000000 6.64755000
AP 719,032.79 650.10074158 4.48879390 3.75368139 0.00000000 0.00000000 8.24247528
M 445,000.00 767.70766292 4.90285393 0.00000000 0.00000000 0.00000000 4.90285393
B 2,445,335.49 0.76770766 0.00490287 0.00000000 0.00000000 0.00000000 0.00490287
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class (2) Balance Percentage Distribution
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1 589.94373123 0.58994373 6.64752638
A-2 0.58994000 0.58994000 0.00665000
A-R 589.94375000 0.58994375 6.64755000
AP 641.85826630 0.64185827 8.24247528
M 762.80478652 0.76280479 4.90285393
B 0.76280480 0.76280480 0.00490287
- ------------------------------------------------------------
</TABLE>
(2) Per $1,000 denomination, except A-2 and B are Per $1.00 and original A-2
notional balance is $65,271,433.96.
(3) Amount Does Not Include Excess Special Hazard Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 3
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
Interest Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 85,098,000.00 6.25000 % 50,768,722.84 264,420.43 0.00 0.00 0.00 0.00
A-2 1,000.00 0.12427 % 38,799,439.76 4,018.12 0.00 0.00 0.00 0.00
A-R 200,000.00 6.25000 % 119,914.84 624.56 0.00 0.00 0.00 0.00
AP 719,032.79 0.00000 % 467,443.75 0.00 0.00 0.00 0.00 0.00
M 445,000.00 6.25000 % 341,629.91 1,779.32 0.00 0.00 0.00 0.00
B 2,445,335.49 6.25000 % 1,877,302.79 9,777.62 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 88,908,368.28 280,620.05 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1 264,420.43 0.00 50,203,031.64
A-2 4,018.12 0.00 38,530,176.01
A-R 650.80 0.00 118,578.69
AP 0.00 0.00 461,517.14
M 1,779.32 0.00 339,448.13
B 9,777.62 0.00 1,865,313.64
- ------------------------------------------------------------
Totals 280,646.29 0.00
- ------------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 4
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class (5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (6)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 85,098,000.00 6.25000% 596.59125761 3.10724612 0.00000000 0.00000000 0.00000000 0.00000000
A-2 1,000.00 0.12427% 38799.43976000 4.01812000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 200,000.00 6.25000% 599.57420000 3.12280000 0.00000000 0.00000000 0.00000000 0.00000000
AP 719,032.79 0.00000% 650.10074158 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 445,000.00 6.25000% 767.70766292 3.99847191 0.00000000 0.00000000 0.00000000 0.00000000
B 2,445,335.49 6.25000% 0.76770766 0.00399848 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class (5) Distribution Shortfall Balance
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1 3.10724612 0.00000000 589.94373123
A-2 4.01812000 0.00000000 38530.17601000
A-R 3.25400000 0.00000000 592.89345000
AP 0.00000000 0.00000000 641.85826630
M 3.99847191 0.00000000 762.80478652
B 0.00399848 0.00000000 0.76280480
- ------------------------------------------------------------
</TABLE>
(5) Per $1000 denomination, except A-2 and B are Per $1.00 and original A-2
notional balance is $65,271,433.96.
(6) Amount Does Not Include Excess Special Hazard Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for
a Full Description.
Page 5
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
Certificateholder Account Statement
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,400,318.75
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
------------
Total Deposits 1,400,318.75
Withdrawals
Reimbursement for Servicer Advances 7,427.60
Payment of Service Fee 8,570.82
Payment of Interest and Principal 867,771.17
------------
Total Withdrawals (Pool Distribution Amount) 883,769.59
Ending balance 516,549.16
============
- --------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall ................. 358.26
Servicing Fee Support ........................................... 358.26
------------
Non-Supported Prepayment/Curtailment Interest
Shortfall ....................................................... 0.00
============
- --------------------------------------------------------------------------------
SERVICING FEES
Gross Servicing Fee ............................................. 8,929.08
Supported Prepayment/Curtailment Interest Shortfall ............. 358.26
------------
Net Servicing Fee ............................................... 8,570.82
============
- --------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<PAGE>
The Prudential Home Mortgage Securities Company, Inc.
Mortgage Pass-Through Certificates
Record Date: 28-Feb-1999
Distribution Date: 25-Mar-1999
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
18-Mar-1999 6:07:55PM PHMSC Series 1994-24
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Certificate Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number
of Principal of Unpaid
Loans Balance Loans Balance
------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
30 Days 2 248,943.02 0.766284% 0.469811%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
------- ---------- -------- --------
Totals 2 248,943.02 0.766284% 0.469811%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 1,113.33
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 27,867.64
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Class A 2,890,335.49 3.25091501 % 2,204,761.77 4.16087865 % 95.802562 % 100.000000 %
Class M 2,445,335.49 2.75039969 % 1,865,313.64 3.52026410 % 0.646243 % 0.000000 %
Class B 0.00 0.00000000 % 0.00 0.00000000 % 3.551195 % 0.000000 %
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bankruptcy 50,000.00 0.05623768 % 50,000.00 0.09436118 %
Fraud 1,778,167.37 2.00000000 % 600,598.64 1.13346398 %
Special Hazard 2,213,451.58 2.48958745 % 1,752,250.24 3,30688817 %
Limit of Subordinate's Exposure to Certain Types of Losses
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4, CLASS I-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1996-4 Group 1(1426) WEIGHTED AVERAGE PC RATE: 7.2479
- --------------------------------------------------------------------------------
ISSUE DATE: 12/26/1996
CERTIFICATE BALANCE AT ISSUE: $146,707,211.48
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 68 $21,409,090.11
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $100,555.12
Unscheduled Principal Collection/Reversals $13,984.82
Liquidations-in-full 1 $291,101.46
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $405,641.40 ($405,641.40)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 67 $21,003,448.71
SCHEDULED INTEREST AT MORTGAGE RATE: $134,248.92
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $4,751.87
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $535,138.45
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1996-4 Group 1(1426) WEIGHTED AVERAGE PC RATE: 7.2479
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- -------------------------------------------------------
- -------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ---------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$405,641.40 $129,497.05 $0.00 $129,497.05 $0.00 $535,138.45
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,613,196.00 $0.00 $0.00 $0.00 $2,613,196.00
BANKRUPTCY BOND
SINGLE-UNITS $50,000.00 $0.00 $0.00 $0.00 $50,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $2,934,144.00 $0.00 $0.00 $0.00 $2,934,144.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
1 $219,133.71 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.6807 6.5223 6.4265 142.507 $ 2,714,039.01 9
7.2386 7.0603 6.9745 141.536 $ 5,606,340.58 17
7.6495 7.4634 7.3815 144.892 $ 8,352,591.04 27
8.1339 7.9346 7.8593 147.865 $ 4,330,478.08 14
7.5145 7.3314 7.2479 144.301 $21,003,448.71 67
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1996-4 Group I & Group II (1426 & 1427)
PNC WEIGHTED AVERAGE PC RATE (1426): 7.2479
PNC WEIGHTED AVERAGE PC RATE (1427): 8.0455
WEIGHTED AVERAGE PC RATE: 7.7251
- --------------------------------------------------------------------------------
CERTIFICATE BALANCE AT ISSUE: $46,547,857.00
<TABLE>
<CAPTION>
--------------------------------------------------------------
Group I
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 68 $21,409,090.11
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $100,555.12
Unscheduled Principal Collection/Reversals $13,984.82
Liquidations-in-full 1 $291,101.46
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $405,641.40 ($405,641.40)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 67 $21,003,448.71
SCHEDULED INTEREST AT MORTGAGE RATE: $134,248.92
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $4,751.87
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $535,138.45
--------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 109 $32,527,597.78
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $27,212.20
Unscheduled Principal Collection/Reversals $4,886.09
Liquidations-in-full 5 $1,219,147.45
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,251,245.74 ($1,251,245.74)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 104 $31,276,352.04
SCHEDULED INTEREST AT MORTGAGE RATE: $225,727.26
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $7,796.28
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,469,176.72
--------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1996-4 Group I & Group II (1426 & 1427)
PNC WEIGHTED AVERAGE PC RATE (1427): 8.0455
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- -------------------------------------------------------
- -------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,656,887.14 $347,428.03 $0.00 $347,428.03 $0.00 $2,004,315.17
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED Group I Group II Group I Group II Group I Group II COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT INSTALLMENTS
- ----------------------------------------------------------------------------------------------------------------------------------
ONE (Group II) TWO (Group II) THREE (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
3 $1,104,217.04 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group II) REO (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $291,172.90 1 $302,985.72
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
ONE (Group I) TWO (Group I) THREE (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
1 $219,133.71 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group I) ACQUIRED (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.1250 6.8750 6.8250 317.000 $210,065.03 1
7.7821 7.5465 7.4951 330.954 $5,638,456.26 18
8.2218 7.9886 7.9354 331.792 $13,373,051.16 43
8.6496 8.4030 8.3601 331.279 $9,702,016.42 34
9.0918 8.8418 8.8018 331.048 $2,352,763.17 8
8.3333 8.0941 8.0455 331.327 $31,276,352.04 104
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1996-4 Group I & Group II (1426 & 1427)
WEIGHTED AVERAGE PC RATE: 7.7251
- --------------------------------------------------------------------------------
ISSUE DATE: 12/26/1996
CERTIFICATE BALANCE AT ISSUE: $146,707,211.48
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 177 $53,936,687.89
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $127,767.32
Unscheduled Principal Collection/Reversals $18,870.91
Liquidations-in-full 6 $1,510,248.91
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,656,887.14 ($1,656,887.14)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 171 $52,279,800.75
SCHEDULED INTEREST AT MORTGAGE RATE: $359,976.18
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $12,548.15
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,004,315.17
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1996-4 Group I & Group II (1426 & 1427)
PNC WEIGHTED AVERAGE PC RATE (1427): 7.7251
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ------------------------------------------------------
- ------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,656,887.14 $347,428.03 $0.00 $347,428.03 $0.00 $2,004,315.17
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,613,196.00 $0.00 $0.00 $0.00 $2,613,196.00
BANKRUPTCY BOND
SINGLE-UNITS $50,000.00 $0.00 $0.00 $0.00 $50,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $2,934,144.00 $0.00 $0.00 $0.00 $2,934,144.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
4 $1,323,350.75 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $291,172.90 1 $302,985.72
</TABLE>
The Class B-1, Class B-2, Class B-3 ( the " Senior Subordinate Certificates " ),
Class B-4, Class B-5 and Class B-6 Certificates ( the " Junior Subordinate
Certificates" and, together with the Senior Subordinate Certificates, the
"Subordinate Certiicates") are subordinate in right of payment and provide
credit support, special hazard, bankruptcy and fraud coverage (collectively,
"Coverage") to the Class IA-1, Class IA-2, Class IA-3, Class IIA-1, Class IIA-2,
Class IIA-3, Class IIA-4, Class IIA-5, Class IIA-6, Class IIA7, Class IX, Class
IIX, Class IP, Class IIP, Class R, Class R-1, and Class R-2 Certificates (the
"Senior Certificates") to the extent described in the prospectus supplement (the
"Prospectus Supplement") pursuant to which the Senior Certificates and the
Senior Subordinate Certificates, were offered. In addition, the Junior
Subordinate Certificates are subordinate in right of payment and provide
Coverage to the Senior Subordinate Certificates, the Class B-3 Certificates are
subordinate in right of payment and provide Coverage to the Class B-1 and Class
B-2 Certificates and the Class B-2 Certificates are subordinate in right of
payment and provide Coverage to the Class B-1 Certificates, in each case to the
extent described in the Prospectus Supplement.
The Class Principal Balances of the Subordinate Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows :
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
B-1 $1,751,372.00
B-2 $1,751,371.97
B-3 $700,548.83
B-4 $420,329.66
B-5 $490,383.95
B-6 $490,384.97
Total $5,604,391.38
</TABLE>
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $2,613,196.00, $50,000.00 and $2,934,144.00, respectively.
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1996-4 Pool 1426-1427
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IA-1 IA-2 IA-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.7297% 7.000% 7.000% 7.000%
Original Principal Balance $146,707,211.48 $31,969,544.00 $7,680,000.00 $4,700,000.00
Beginning Principal Balance $53,936,687.89 $7,518,429.41 $7,680,000.00 $4,249,133.89
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,656,887.14 $376,400.75 $0.00 $19,957.27
Principal Allocation Factor 0.01129384 0.01177373 0.00000000 0.00424623
Scheduled Interest $347,428.03 $43,857.50 $44,800.00 $24,786.61
Scheduled Interest Allocation Factor 0.00236817 0.00137185 0.00583333 0.00527375
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $347,428.03 $43,857.50 $44,800.00 $24,786.61
Distributed Allocation Factor 0.00236817 0.00137185 0.00583333 0.00527375
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,004,315.17 $420,258.25 $44,800.00 $44,743.88
Ending Principal Balance $52,279,800.75 $7,142,028.66 $7,680,000.00 $4,229,176.62
Principal Balance Trading Factor 0.35635468 0.22340102 1.00000000 0.89982481
<CAPTION>
Class IX IP IIA-1 IIA-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 5.750% 3.250%
Original Principal Balance $0.00 $336,248.15 $25,494,373.00 $0.00
Beginning Principal Balance $0.00 $278,218.14 $3,113,992.64 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $1,377.24 $374,220.48 $0.00
Principal Allocation Factor 0.00000000 0.00409590 0.01467855 0.00000000
Scheduled Interest $6,233.63 $0.00 $14,921.21 $8,433.73
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00058527 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $6,233.63 $0.00 $14,921.21 $8,433.73
Distributed Allocation Factor 0.00000000 0.00000000 0.00058527 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $6,233.63 $1,377.24 $389,141.69 $8,433.73
Ending Principal Balance $0.00 $276,840.90 $2,739,772.16 $0.00
Principal Balance Trading Factor 0.00000000 0.82332320 0.10746576 0.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IIA-3 IIA-4 IIA-5 IIA-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.750% 8.000% 8.000% 7.250%
Original Principal Balance $11,164,000.00 $3,436,000.00 $9,658,126.00 $22,703,372.00
Beginning Principal Balance $11,164,000.00 $3,436,000.00 $9,658,126.00 $322,992.62
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $204,911.38 $0.00 $0.00 $322,992.62
Principal Allocation Factor 0.01835466 0.00000000 0.00000000 0.01422664
Scheduled Interest $72,100.83 $22,906.67 $64,387.51 $1,951.41
Scheduled Interest Allocation Factor 0.00645833 0.00666667 0.00666667 0.00008595
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $72,100.83 $22,906.67 $64,387.51 $1,951.41
Distributed Allocation Factor 0.00645833 0.00666667 0.00666667 0.00008595
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $277,012.21 $22,906.67 $64,387.51 $324,944.03
Ending Principal Balance $10,959,088.62 $3,436,000.00 $9,658,126.00 $0.00
Principal Balance Trading Factor 0.98164534 1.00000000 1.00000000 0.00000000
<CAPTION>
Class IIA-7 IIX IIP B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.750% 8.000% 7.7002%
Original Principal Balance $22,703,372.00 $0.00 $993,737.28 $1,833,840.00
Beginning Principal Balance $322,992.61 $0.00 $577,221.46 $1,754,868.78
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $322,992.61 $0.00 $22,845.05 $3,496.78
Principal Allocation Factor 0.01422664 0.00000000 0.02298902 0.00190681
Scheduled Interest $2,085.99 $4,928.56 $0.00 $11,260.70
Scheduled Interest Allocation Factor 0.00009188 0.00000000 0.00000000 0.00614050
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $2,085.99 $4,928.56 $0.00 $11,260.70
Distributed Allocation Factor 0.00009188 0.00000000 0.00000000 0.00614050
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $325,078.60 $4,928.56 $22,845.05 $14,757.48
Ending Principal Balance $0.00 $0.00 $554,376.41 $1,751,372.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.55787019 0.95502988
<CAPTION>
Class B-2 B-3
<S> <C> <C>
Weighted Average Pass Through Rate 7.7002% 7.7002%
Original Principal Balance $1,833,840.00 $733,536.00
Beginning Principal Balance $1,754,868.76 $701,947.55
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $3,496.79 $1,398.72
Principal Allocation Factor 0.00190681 0.00190682
Scheduled Interest $11,260.70 $4,504.28
Scheduled Interest Allocation Factor 0.00614050 0.00614050
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $11,260.70 $4,504.28
Distributed Allocation Factor 0.00614050 0.00614050
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $14,757.49 $5,903.00
Ending Principal Balance $1,751,371.97 $700,548.83
Principal Balance Trading Factor 0.95502987 0.95502992
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class B-4 B-5 B-6 R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.7002% 7.7002% 7.7002% 7.000%
Original Principal Balance $440,122.00 $513,475.00 $513,476.05 $50.00
Beginning Principal Balance $421,168.89 $491,363.05 $491,364.09 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $839.23 $979.10 $979.12 $0.00
Principal Allocation Factor 0.00190681 0.00190681 0.00190685 0.00000000
Scheduled Interest $2,702.57 $3,152.99 $3,153.00 $0.00
Scheduled Interest Allocation Factor 0.00614050 0.00614049 0.00614050 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $2,702.57 $3,152.99 $3,153.00 $0.00
Distributed Allocation Factor 0.00614050 0.00614049 0.00614050 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,541.80 $4,132.09 $4,132.12 $0.00
Ending Principal Balance $420,329.66 $490,383.95 $490,384.97 $0.00
Principal Balance Trading Factor 0.95502988 0.95502985 0.95502988 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Class R-1 R-2 First Union PNC
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $50.00 $50.00 $99.99 $0.01
Beginning Principal Balance $0.00 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $0.00 $0.14 $0.14 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00280000 0.00140014 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $0.14 $0.14 $0.00
Distributed Allocation Factor 0.00000000 0.00280000 0.00140014 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $0.14 $0.14 $0.00
Ending Principal Balance $0.00 $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000 0.00000000
<CAPTION>
Class
<S> <C>
Weighted Average Pass Through Rate
Original Principal Balance Class IX Notional Amt
Beginning Principal Balance ---------------------
Loans Transferred In $1,068,621.61
Loans Transferred Out
Principal Losses Class IIX Notional Amt
Other Principal Adjustments ----------------------
Principal Distributed $739,283.85
Principal Allocation Factor
Scheduled Interest Group I Ending
Scheduled Interest Allocation Factor Principal Balance
Interest Adjustment -----------------
Interest Adjustment Allocation Factor $21,003,448.71
Net Interest Distributed
Distributed Allocation Factor Group II Ending
Other Distribution Principal Balance
Other Distribution Allocation Factor -----------------
Ending Total Distribution
Ending Principal Balance $31,276,352.04
Principal Balance Trading Factor
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1996-4 Pool 1426-1427
First Level Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IA-1 IA-2 IA-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.2584% 7.000% 7.000% 7.000%
Original Principal Balance $146,707,211.48 $31,969,544.00 $7,680,000.00 $4,700,000.00
Beginning Principal Balance $53,936,687.89 $7,518,429.41 $7,680,000.00 $4,249,133.89
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,656,887.14 $376,400.75 $0.00 $19,957.27
Principal Allocation Factor 0.01129384 0.01177373 0.00000000 0.00424623
Scheduled Interest $347,428.03 $43,857.50 $44,800.00 $24,786.61
Scheduled Interest Allocation Factor 0.00236817 0.00137185 0.00583333 0.00527375
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $347,428.03 $43,857.50 $44,800.00 $24,786.61
Distributed Allocation Factor 0.00236817 0.00137185 0.00583333 0.00527375
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,004,315.17 $420,258.25 $44,800.00 $44,743.88
Ending Principal Balance $52,279,800.75 $7,142,028.66 $7,680,000.00 $4,229,176.62
Principal Balance Trading Factor 0.35635468 0.22340102 1.00000000 0.89982481
<CAPTION>
Class IX IP IIA-1 IIA-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 9.000% 7.750%
Original Principal Balance $0.00 $336,248.15 $25,494,373.00 $11,164,000.00
Beginning Principal Balance $0.00 $278,218.14 $3,113,992.64 $11,164,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $1,377.24 $322,992.63 $0.00
Principal Allocation Factor 0.00000000 0.00409590 0.01266917 0.00000000
Scheduled Interest $6,233.63 $0.00 $23,354.94 $72,100.83
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00091608 0.00645833
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $6,233.63 $0.00 $23,354.94 $72,100.83
Distributed Allocation Factor 0.00000000 0.00000000 0.00091608 0.00645833
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $6,233.63 $1,377.24 $346,347.57 $72,100.83
Ending Principal Balance $0.00 $276,840.90 $2,791,000.01 $11,164,000.00
Principal Balance Trading Factor 0.00000000 0.82332320 0.10947514 1.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IIA-4 IIA-5 IIA-6 IIA-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 8.000% 8.000% 7.250% 7.750%
Original Principal Balance $3,436,000.00 $9,658,126.00 $22,703,372.00 $22,703,372.00
Beginning Principal Balance $3,436,000.00 $9,658,126.00 $322,992.62 $322,992.61
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $322,992.62 $322,992.61
Principal Allocation Factor 0.00000000 0.00000000 0.01422664 0.01422664
Scheduled Interest $22,906.67 $64,387.51 $1,951.41 $2,085.99
Scheduled Interest Allocation Factor 0.00666667 0.00666667 0.00008595 0.00009188
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $22,906.67 $64,387.51 $1,951.41 $2,085.99
Distributed Allocation Factor 0.00666667 0.00666667 0.00008595 0.00009188
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $22,906.67 $64,387.51 $324,944.03 $325,078.60
Ending Principal Balance $3,436,000.00 $9,658,126.00 $0.00 $0.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.00000000 0.00000000
<CAPTION>
Class IIX IIP B-1 B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 8.000% 7.7002% 7.7002%
Original Principal Balance $0.00 $993,737.28 $1,833,840.00 $1,833,840.00
Beginning Principal Balance $0.00 $577,221.46 $1,754,868.78 $1,754,868.76
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $22,845.05 $3,496.78 $3,496.79
Principal Allocation Factor 0.00000000 0.02298902 0.00190681 0.00190681
Scheduled Interest $4,928.56 $0.00 $11,260.70 $11,260.70
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00614050 0.00614050
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $4,928.56 $0.00 $11,260.70 $11,260.70
Distributed Allocation Factor 0.00000000 0.00000000 0.00614050 0.00614050
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,928.56 $22,845.05 $14,757.48 $14,757.49
Ending Principal Balance $0.00 $554,376.41 $1,751,372.00 $1,751,371.97
Principal Balance Trading Factor 0.00000000 0.55787019 0.95502988 0.95502987
<CAPTION>
Class B-3 B-4
<S> <C> <C>
Weighted Average Pass Through Rate 7.7002% 7.7002%
Original Principal Balance $733,536.00 $440,122.00
Beginning Principal Balance $701,947.55 $421,168.89
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $1,398.72 $839.23
Principal Allocation Factor 0.00190682 0.00190681
Scheduled Interest $4,504.28 $2,702.57
Scheduled Interest Allocation Factor 0.00614050 0.00614050
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $4,504.28 $2,702.57
Distributed Allocation Factor 0.00614050 0.00614050
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $5,903.00 $3,541.80
Ending Principal Balance $700,548.83 $420,329.66
Principal Balance Trading Factor 0.95502992 0.95502988
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class B-5 B-6 R R-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.7002% 7.7002% 7.000% 7.000%
Original Principal Balance $513,475.00 $513,476.05 $50.00 $50.00
Beginning Principal Balance $491,363.05 $491,364.09 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $979.10 $979.12 $0.00 $0.00
Principal Allocation Factor 0.00190681 0.00190685 0.00000000 0.00000000
Scheduled Interest $3,152.99 $3,153.00 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00614049 0.00614050 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $3,152.99 $3,153.00 $0.00 $0.00
Distributed Allocation Factor 0.00614049 0.00614050 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,132.09 $4,132.12 $0.00 $0.00
Ending Principal Balance $490,383.95 $490,384.97 $0.00 $0.00
Principal Balance Trading Factor 0.95502985 0.95502988 0.00000000 0.00000000
<CAPTION>
Class R-2 First Union PNC
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000%
Original Principal Balance $50.00 $99.99 $0.01
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $256,139.23 $256,113.62 $25.61
Principal Allocation Factor 5122.78460000 2561.39233923 2561.00000000
Scheduled Interest $0.14 $0.14 $0.00
Scheduled Interest Allocation Factor 0.00280000 0.00140014 0.00000000
Interest Adjustment $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.14 $0.14 $0.00
Distributed Allocation Factor 0.00280000 0.00140014 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $256,139.37 $256,113.76 $25.61
Ending Principal Balance ($256,139.23) ($256,113.62) ($25.61)
Principal Balance Trading Factor -5122.78460000 -2561.39233923 -2561.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1996-4 Pool 1426-1427
Mortgage Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio Y-1 Y-2 Z-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.2584% 7.000% 8.000% 7.000%
Original Principal Balance $146,707,211.48 $230,430.13 $495,828.09 $45,981,128.26
Beginning Principal Balance $53,936,687.89 $105,654.36 $159,751.88 $21,025,217.61
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,656,887.14 $2,021.32 $6,142.00 $402,242.84
Principal Allocation Factor 0.01129384 0.00877194 0.01238736 0.00874800
Scheduled Interest $347,428.03 $616.32 $1,065.01 $122,647.10
Scheduled Interest Allocation Factor 0.00236817 0.00267465 0.00214794 0.00266734
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $347,428.03 $616.32 $1,065.01 $122,647.10
Distributed Allocation Factor 0.00236817 0.00267465 0.00214794 0.00266734
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,004,315.17 $2,637.64 $7,207.01 $524,889.94
Ending Principal Balance $52,279,800.75 $103,633.04 $153,609.88 $20,622,974.77
Principal Balance Trading Factor 0.35635468 0.44973737 0.30980471 0.44850954
<CAPTION>
Class Z-2 IP-M IX-M IIP-M
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 8.000% 7.000%
Original Principal Balance $98,669,789.57 $336,248.15 $0.00 $993,737.28
Beginning Principal Balance $31,790,624.44 $278,218.14 $0.00 $577,221.46
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,222,258.69 $1,377.24 $0.00 $22,845.05
Principal Allocation Factor 0.01238736 0.00409590 0.00000000 0.02298902
Scheduled Interest $211,937.50 $0.00 $6,233.63 $0.00
Scheduled Interest Allocation Factor 0.00214795 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $211,937.50 $0.00 $6,233.63 $0.00
Distributed Allocation Factor 0.00214795 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,434,196.19 $1,377.24 $6,233.63 $22,845.05
Ending Principal Balance $30,568,365.75 $276,840.90 $0.00 $554,376.41
Principal Balance Trading Factor 0.30980471 0.82332320 0.00000000 0.55787019
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IIX-M MT-R
<S> <C> <C>
Weighted Average Pass Through Rate 8.000% 7.000%
Original Principal Balance $0.00 $50.00
Beginning Principal Balance $0.00 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $4,928.56 ($0.09)
Scheduled Interest Allocation Factor 0.00000000 -0.00180000
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $4,928.56 ($0.09)
Distributed Allocation Factor 0.00000000 -0.00180000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $4,928.56 ($0.09)
Ending Principal Balance $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-3, CLASS I-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-3 Group I (1428) WEIGHTED AVERAGE PC RATE: 7.4182
- --------------------------------------------------------------------------------
ISSUE DATE: 04/30/1997
CERTIFICATE BALANCE AT ISSUE: $151,981,114.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------ -------------------- --------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 323 $76,159,392.55
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $338,770.46
Unscheduled Principal Collection/Reversals $172,509.12
Liquidations-in-full 18 $4,188,899.71
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,700,179.29 ($4,700,179.29)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 305 $71,459,213.26
SCHEDULED INTEREST AT MORTGAGE RATE: $489,050.46
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $18.48
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $18.48
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $18,405.47
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.35
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.35
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $5,170,842.41
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-3 Group I (1428) WEIGHTED AVERAGE PC RATE: 7.4182
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$4,700,179.29 $470,644.99 $18.13 $470,663.12 $0.00 $5,170,842.41
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN PROGRESS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $5,110,303.00 $0.00 $0.00 $0.00 $5,110,303.00
BANKRUPTCY BOND
SINGLE UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,519,811.00 $0.00 $0.00 $0.00 $1,519,811.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
<S> <C> <C> <C> <C> <C>
5 $1,290,966.51 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
<S> <C> <C> <C>
0 $0.00 1 $357,034.06
</TABLE>
Each of the Class IB Certificates provide, to the limited extent described in
the Prospectus Supplement, credit support, special hazard, bankruptcy and fraud
coverage to certain of the PNC Mortgage Securities Corp. Series 1997-3 Mortgage
Pass-Through Certificates. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated April 28, 1997, pursuant to which the Offered
Cerificates were offered.
The Class Principal Balances of each Class of the Class IB Certificates
immediately after the principal and interest distribution on March 25, 1999, are
as follows :
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
IB-1 $2,433,407.09
IB-2 $347,628.79
IB-3 $347,628.79
IB-4 $347,628.79
IB-5 $417,155.10
IB-6 $278,106.34
--------------
Total $4,171,554.90
==============
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $5,110,303.00, $100,000.00 and $1,519,811.00, respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997-3 Group I (1428)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999 6.3750 6.1250 6.0850 116.000 $231,147.35 1
6.5000 - 6.9999
7.0000 - 7.4999 7.2317 6.9817 6.9417 153.286 $4,642,036.11 17
7.5000 - 7.9999 7.6395 7.3895 7.3495 145.954 $54,624,718.87 203
8.0000 - 8.4999 8.1212 7.8712 7.8312 150.765 $9,557,836.56 54
8.5000 - 8.9999 8.6572 8.4072 8.3672 154.004 $2,266,667.27 28
9.0000 - 9.4999 9.0000 8.7500 8.7100 155.000 $136,807.10 2
9.5000 - 9.9999
10.0000 - 10.4999
10.5000 - 10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.7082 7.4582 7.4182 147.250 $71,459,213.26 305
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-3 Group I Pool 1428
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IA-1 I-A-1 PAC Component I-A-1 Companion Component
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.41568399% 7.000% 7.000% 7.000%
Original Principal Balance $151,981,114.09 $36,550,361.00 $11,330,672.00 $25,219,689.00
Beginning Principal Balance $76,159,392.55 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $4,700,179.29 $0.00 $0.00 $0.00
Principal Allocation Factor 0.03092607 0.00000000 0.00000000 0.00000000
Scheduled Interest $470,644.99 $0.00 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00309673 0.00000000 0.00000000 0.00000000
Interest Adjustment $18.13 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000012 0.00000000 0.00000000 0.00000000
Net Interest Distributed $470,663.12 $0.00 $0.00 $0.00
Distributed Allocation Factor 0.00309685 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $5,170,842.41 $0.00 $0.00 $0.00
Ending Principal Balance $71,459,213.26 $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.47018482 0.00000000 0.00000000 0.00000000
<CAPTION>
Class IA-2 I-A-2 PAC Component I-A-2 TAC Component
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $19,784,500.00 $7,984,500.00 $11,800,000.00
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000
Scheduled Interest $0.00 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $0.00 $0.00
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $0.00 $0.00
Ending Principal Balance $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IA-3 IA-4 IA-5 IA-6 IA-7
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $31,741,470.00 $44,000,000.00 $8,820,291.00 $4,779,258.00 $1,616,275.00
Beginning Principal Balance $29,170,913.13 $29,105,646.18 $8,820,291.00 $4,779,258.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $129,747.30 $4,551,354.17 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00408763 0.10343987 0.00000000 0.00000000 0.00000000
Scheduled Interest $170,163.66 $169,782.94 $51,451.70 $27,879.01 $0.00
Scheduled Interest Allocation Factor 0.00536093 0.00385870 0.00583333 0.00583333 0.00000000
Interest Adjustment $6.55 $6.54 $1.98 $1.07 $0.00
Interest Adjustment Allocation Factor 0.00000021 0.00000015 0.00000022 0.00000022 0.00000000
Net Interest Distributed $170,170.21 $169,789.48 $51,453.68 $27,880.08 $0.00
Distributed Allocation Factor 0.00536113 0.00385885 0.00583356 0.00583356 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $299,917.51 $4,721,143.65 $51,453.68 $27,880.08 $0.00
Ending Principal Balance $29,041,165.83 $24,554,292.01 $8,820,291.00 $4,779,258.00 $0.00
Principal Balance Trading Factor 0.91492819 0.55805209 1.00000000 1.00000000 0.00000000
<CAPTION>
Class IX-1 IX-2 IP IB-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $0.00 $0.00 $129,474.89 $2,659,670.00
Beginning Principal Balance $0.00 $0.00 $93,092.07 $2,444,278.83
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $440.55 $10,871.74
Principal Allocation Factor 0.00000000 0.00000000 0.00340259 0.00408763
Scheduled Interest $9,079.81 $17,845.39 $0.00 $14,258.29
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00536092
Interest Adjustment $0.35 $0.69 $0.00 $0.55
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000021
Net Interest Distributed $9,080.16 $17,846.08 $0.00 $14,258.84
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00536113
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,080.16 $17,846.08 $440.55 $25,130.58
Ending Principal Balance $0.00 $0.00 $92,651.52 $2,433,407.09
Principal Balance Trading Factor 0.00000000 0.00000000 0.71559451 0.91492820
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IB-2 IB-3 IB-4 IB-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $379,952.00 $379,952.00 $379,952.00 $455,943.00
Beginning Principal Balance $349,181.89 $349,181.89 $349,181.89 $419,018.83
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,553.10 $1,553.10 $1,553.10 $1,863.73
Principal Allocation Factor 0.00408763 0.00408763 0.00408763 0.00408763
Scheduled Interest $2,036.89 $2,036.89 $2,036.89 $2,444.28
Scheduled Interest Allocation Factor 0.00536091 0.00536091 0.00536091 0.00536093
Interest Adjustment $0.08 $0.08 $0.08 $0.09
Interest Adjustment Allocation Factor 0.00000021 0.00000021 0.00000021 0.00000020
Net Interest Distributed $2,036.97 $2,036.97 $2,036.97 $2,444.37
Distributed Allocation Factor 0.00536112 0.00536112 0.00536112 0.00536113
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,590.07 $3,590.07 $3,590.07 $4,308.10
Ending Principal Balance $347,628.79 $347,628.79 $347,628.79 $417,155.10
Principal Balance Trading Factor 0.91492818 0.91492818 0.91492818 0.91492818
<CAPTION>
Class IB-6 Group I R DLJ PNC
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $303,965.20 $50.00 $49.99 $0.01
Beginning Principal Balance $279,348.84 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 IXNotional Balance
Principal Distributed $1,242.50 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00408763 0.00000000 0.00000000 0.00000000 $1,556,539.11
Scheduled Interest $1,629.53 ($0.29) ($0.29) $0.00
Scheduled Interest Allocation Factor 0.00536091 -0.00580000 -0.00580116 0.00000000
Interest Adjustment $0.06 $0.00 $0.00 $0.00 IX-2 Notional Balance
Interest Adjustment Allocation Factor 0.00000020 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,629.59 ($0.29) ($0.29) $0.00 $3,059,209.33
Distributed Allocation Factor 0.00536111 -0.00580000 -0.00580116 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,872.09 ($0.29) ($0.29) $0.00
Ending Principal Balance $278,106.34 $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.91492823 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-3 Group II (1429) WEIGHTED AVERAGE PC RATE: 7.7764
- --------------------------------------------------------------------------------
ISSUE DATE: 04/30/1997
CERTIFICATE BALANCE AT ISSUE: $359,049,223.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------- ------------------- ---------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 654 $168,383,378.35
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $148,604.20
Unscheduled Principal Collection/Reversals $96,516.80
Liquidations-in-full 35 $8,758,648.76
Principal Balance Sales Adjustments $0.00
Net Principal Distributed
$9,003,769.76 ($9,003,769.76)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 619 $159,379,608.59
SCHEDULED INTEREST AT MORTGAGE RATE: $1,131,388.84
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $10.35
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $10.35
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $40,556.99
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.38
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.38
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $10,094,611.58
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-3 Group II (1429) WEIGHTED AVERAGE PC RATE: 7.7764
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$9,003,769.76 $1,090,831.85 $9.97 $1,090,841.82 $0.00 $10,094,611.58
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $5,110,303.00 $0.00 $0.00 $0.00 $5,110,303.00
BANKRUPTCY BOND
SINGLE UNITS $125,886.00 $0.00 $0.00 $0.00 $125,886.00
MULTI UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $7,180,984.00 $0.00 $0.00 $0.00 $7,180,984.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
<S> <C> <C> <C> <C> <C>
16 $3,615,959.86 1 $209,889.47 2 $454,719.47
<CAPTION>
IN FORECLOSURE ACQUIRED
<S> <C> <C> <C> <C>
5 $1,249,171.34 0 $0.00
</TABLE>
Each of the Class IIB Certificates provide, to the limited extent described in
the Prospectus Supplement, credit support, special hazard, bankruptcy and fraud
coverage to certain of the PNC Mortgage Securities Corp. Series 1997-3 Mortgage
Pass-Through Certificates. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated April 28, 1997, pursuant to which the Offered
Cerificates were offered.
The Class Principal Balances of each Class of the Class IIB Certificates
immediately after the principal and interest distribution on March 25, 1999, are
as follows :
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
IIB-1 $7,036,574.07
IIB-2 $4,397,858.79
IIB-3 $1,759,143.51
IIB-4 $1,583,229.74
IIB-5 $879,571.75
IIB-6 $1,055,487.56
--------------
Total $16,711,865.42
==============
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $5,110,303.00, $125,886.00 and $7,180,984.00, respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997-3 Group II (1429)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 8.1250 7.8750 7.8350 336.000 $391,264.11 1
8.0000 - 8.4999
8.5000 - 8.9999
9.0000 - 9.4999
9.5000 - 9.9999
10.0000 - 10.4999
10.5000 - 10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
8.1250 7.8750 7.8350 336.000 $391,264.11 1
Pool Totals
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-3 Group II Pool 1429
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IIA-1 IIA-2 IIA-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.77391589% 9.228% 7.500% 7.500%
Original Principal Balance $359,049,272.93 $59,661,541.86 $28,500,000.00 $139,910,604.00
Beginning Principal Balance $168,383,378.35 $17,249,497.60 $28,500,000.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $9,003,769.76 $7,305,379.79 $1,621,610.58 $0.00
Principal Allocation Factor 0.02507670 0.12244705 0.05689862 0.00000000
Scheduled Interest $1,090,831.85 $132,648.03 $178,125.00 $0.00
Scheduled Interest Allocation Factor 0.00303811 0.00222334 0.00625000 0.00000000
Interest Adjustment $3.08 $0.38 $0.50 $0.00
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000002 0.00000000
Net Interest Distributed $1,090,834.93 $132,648.41 $178,125.50 $0.00
Distributed Allocation Factor 0.00303812 0.00222335 0.00625002 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $10,094,604.69 $7,438,028.20 $1,799,736.08 $0.00
Ending Principal Balance $159,379,608.59 $9,944,117.81 $26,878,389.42 $0.00
Principal Balance Trading Factor 0.44389342 0.16667551 0.94310138 0.00000000
<CAPTION>
Class IIA-4 IIA-5 IIA-6 IIA-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.500% 7.500% 7.500% 7.500%
Original Principal Balance $71,700,000.00 $6,635,107.00 $16,000,000.00 $19,587,131.00
Beginning Principal Balance $70,320,130.64 $0.00 $16,000,000.00 $19,587,131.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $62,025.71 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00086507 0.00000000 0.00000000 0.00000000
Scheduled Interest $439,500.82 $0.00 $100,000.00 $122,419.57
Scheduled Interest Allocation Factor 0.00612972 0.00000000 0.00625000 0.00625000
Interest Adjustment $1.24 $0.00 $0.28 $0.35
Interest Adjustment Allocation Factor 0.00000002 0.00000000 0.00000002 0.00000002
Net Interest Distributed $439,502.06 $0.00 $100,000.28 $122,419.92
Distributed Allocation Factor 0.00612974 0.00000000 0.00625002 0.00625002
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $501,527.77 $0.00 $100,000.28 $122,419.92
Ending Principal Balance $70,258,104.93 $0.00 $16,000,000.00 $19,587,131.00
Principal Balance Trading Factor 0.97988989 0.00000000 1.00000000 1.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IIX IIB-1 IIB-2 IIB-3 IIB-4
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.500% 7.500% 7.500% 7.500% 7.500%
Original Principal Balance $0.00 $7,180,984.00 $4,488,115.00 $1,795,246.00 $1,615,722.00
Beginning Principal Balance $0.00 $7,042,786.14 $4,401,741.34 $1,760,696.53 $1,584,627.46
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $6,212.07 $3,882.55 $1,553.02 $1,397.72
Principal Allocation Factor 0.00000000 0.00086507 0.00086507 0.00086507 0.00086507
Scheduled Interest $13,586.97 $44,017.41 $27,510.88 $11,004.35 $9,903.92
Scheduled Interest Allocation Factor 0.00000000 0.00612972 0.00612972 0.00612972 0.00612972
Interest Adjustment $0.04 $0.12 $0.08 $0.03 $0.03
Interest Adjustment Allocation Factor 0.00000000 0.00000002 0.00000002 0.00000002 0.00000002
Net Interest Distributed $13,587.01 $44,017.53 $27,510.96 $11,004.38 $9,903.95
Distributed Allocation Factor 0.00000000 0.00612974 0.00612974 0.00612973 0.00612974
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $13,587.01 $50,229.60 $31,393.51 $12,557.40 $11,301.67
Ending Principal Balance $0.00 $7,036,574.07 $4,397,858.79 $1,759,143.51 $1,583,229.74
Principal Balance Trading Factor 0.00000000 0.97988995 0.97988995 0.97988995 0.97988994
<CAPTION>
Class IIB-5 IIB-6 Group II R DLJ PNC
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.500% 7.500% 7.000%
Original Principal Balance $897,623.00 $1,077,149.07 $50.00 $49.99 $0.01
Beginning Principal Balance $880,348.26 $1,056,419.37 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $776.51 $931.81 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00086507 0.00086507 0.00000000 0.00000000 0.00000000
Scheduled Interest $5,502.18 $6,602.62 $10.10 $10.10 $0.00
Scheduled Interest Allocation Factor 0.00612972 0.00612972 0.20200000 0.20204041 0.00000000
Interest Adjustment $0.02 $0.02 ($0.01) ($0.01) $0.00
Interest Adjustment Allocation Factor 0.00000002 0.00000002 -0.00020000 -0.00020004 0.00000000
Net Interest Distributed $5,502.20 $6,602.64 $10.09 $10.09 $0.00
Distributed Allocation Factor 0.00612974 0.00612974 0.20180000 0.20184037 0.00000000
Other Distribution $0.00 $0.00 0.00403600 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00008072 0.00000000 0.00000000
Ending Total Distribution $6,278.71 $7,534.45 $10.09 $10.09 $0.00
Ending Principal Balance $879,571.75 $1,055,487.56 $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.97988994 0.97988996 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IIA-1 PAC II Component TAC II Component IO PO
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 9.228% 7.500% 7.500% 7.500%
Original Principal Balance $59,661,541.86 $2,111,439.00 $56,279,967.00 $0.00 $1,270,135.86
Beginning Principal Balance $17,249,497.60 $2,111,439.00 $14,089,544.14 $0.00 $1,048,514.46
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,305,379.79 $0.00 $7,267,945.65 $0.00 $37,434.14
Principal Allocation Factor 0.42351261 0.00000000 0.12913912 0.00000000 0.03570207
Scheduled Interest $132,648.03 $13,196.49 $88,059.65 $31,391.89 $0.00
Scheduled Interest Allocation Factor 0.00768996 0.00625000 0.00156467 0.00000000 0.00000000
Interest Adjustment $0.38 $0.11 $0.00 $0.27 $0.00
Interest Adjustment Allocation Factor 0.00000002 0.00000005 0.00000000 0.00000000 0.00000000
Net Interest Distributed $132,648.41 $13,196.60 $88,059.65 $31,392.16 $0.00
Distributed Allocation Factor 0.00768999 0.00625005 0.00156467 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $7,438,028.20 $13,196.60 $7,356,005.30 $31,392.16 $37,434.14
Ending Principal Balance $9,944,117.81 $2,111,439.00 $6,821,598.49 $0.00 $1,011,080.32
Principal Balance Trading Factor 0.16667551 1.00000000 0.12120829 0.00000000 0.79604108
<CAPTION>
Class R Group II R Group I R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $100.00 $50.00 $50.00
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00
Principal Allocation Factor IIX Notional Balance 0.00000000 0.00000000 0.00000000
Scheduled Interest -------------------- $9.81 $10.10 ($0.29)
Scheduled Interest Allocation Factor $2,173,914.45 0.00000000 0.20200000 -0.00580000
Interest Adjustment ($0.01) ($0.01) $0.00
Interest Adjustment Allocation Factor 0.00000000 -0.00020000 0.00000000
Net Interest Distributed $9.80 $10.09 ($0.29)
Distributed Allocation Factor 0.00000000 0.20180000 -0.00580000
Other Distribution 0.00403600 0.00403600 0.00000000
Other Distribution Allocation Factor 0.00000000 0.00008072 0.00000000
Ending Total Distribution $9.80 $10.09 ($0.29)
Ending Principal Balance $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-4, CLASS I-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-4 Group I (1430) WEIGHTED AVERAGE PC RATE: 7.1434
- --------------------------------------------------------------------------------
ISSUE DATE: 06/27/1997
CERTIFICATE BALANCE AT ISSUE: $65,137,594.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 173 $55,592,876.23
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $219,461.05
Unscheduled Principal Collection/Reversals $58,809.30
Liquidations-in-full 2 $428,810.43
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $707,080.78 ($707,080.78)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 171 $54,885,795.45
SCHEDULED INTEREST AT MORTGAGE RATE: $344,609.31
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $13,581.85
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,038,108.24
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-4 Group I (1430) WEIGHTED AVERAGE PC RATE: 7.1434
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$707,080.78 $331,027.46 $0.00 $331,027.46 $0.00 $1,038,108.24
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $0.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
1 $274,246.13 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997-4 Group I (1430)
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8224 6.5724 6.5290 157.102 $2,518,231.85 8
7.0000 - 7.4999 7.2203 6.9703 6.9268 156.878 $25,750,125.51 77
7.5000 - 7.9999 7.6774 7.4274 7.3845 156.745 $24,751,337.22 78
8.0000 - 8.4999 8.0540 7.8040 7.7640 157.188 $1,866,100.87 8
8.5000 - 8.9999
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.4365 7.1865 7.1434 156.839 $54,885,795.45 171
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-4 Group I & Group II (1430 & 1431)
PNC WEIGHTED AVERAGE PC RATE (1430): 7.1434
PNC WEIGHTED AVERAGE PC RATE (1431): 7.6367
WEIGHTED AVERAGE PC RATE: 7.5192
- --------------------------------------------------------------------------------
ISSUE DATE: 6/27/1997
CERTIFICATE BALANCE AT ISSUE: $227,521,827.00
<TABLE>
<CAPTION>
--------------------------------------------------------------
Group I
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 173 $55,592,876.23
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $219,461.05
Unscheduled Principal Collection/Reversals $58,809.30
Liquidations-in-full 2 $428,810.43
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $707,080.78 ($707,080.78)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 171 $54,885,795.45
SCHEDULED INTEREST AT MORTGAGE RATE: $344,609.31
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $13,581.85
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,038,108.24
--------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 569 $181,523,562.57
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $156,276.37
Unscheduled Principal Collection/Reversals $51,843.42
Liquidations-in-full 14 $5,646,053.08
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,854,172.87 ($5,854,172.87)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 555 $175,669,389.70
SCHEDULED INTEREST AT MORTGAGE RATE: $1,201,606.91
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $44,252.03
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,011,527.75
--------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-4 Group I & Group II (1430 & 1431)
PNC WEIGHTED AVERAGE PC RATE (1431): 7.6367
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$6,561,253.65 $1,488,382.34 $0.00 $1,488,382.34 $0.00 $8,049,635.99
- -------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED Group I Group II Group I Group II Group I Group II COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,615,560.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7,615,560.00
BANKRUPTCY BOND
SINGLE-UNITS $107,600.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $107,600.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $2,921,971.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,921,971.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT INSTALLMENTS
- ----------------------------------------------------------------------------------------------------------------------
ONE (Group II) TWO (Group II) THREE (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
2 $877,299.66 1 $299,483.21 0 $0.00
<CAPTION>
FORECLOSURE (Group II) REO (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $237,287.43 1 $256,662.00
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
ONE (Group I) TWO (Group I) THREE (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
1 $274,246.13 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group I) ACQUIRED (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-4 Group I & Group II (1430 & 1431)
WEIGHTED AVERAGE PC RATE: 7.5192
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ISSUE DATE: 6/27/1997
CERTIFICATE BALANCE AT ISSUE: $292,197,087.18
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 742 $237,116,438.80
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $375,737.42
Unscheduled Principal Collection/Reversals $110,652.72
Liquidations-in-full 16 $6,074,863.51
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,561,253.65 ($6,561,253.65)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 726 $230,555,185.15
SCHEDULED INTEREST AT MORTGAGE RATE: $1,546,216.22
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $57,833.88
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,049,635.99
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997-4 Group I & Group II (1430 & 1431)
PNC WEIGHTED AVERAGE PC RATE (1431): 7.5192
<TABLE>
<CAPTION>
- ---------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------------------
- ---------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$6,561,253.65 $1,488,382.34 $0.00 $1,488,382.34 $0.00 $8,049,635.99
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,615,560.00 $0.00 $0.00 $0.00 $7,615,560.00
BANKRUPTCY BOND
SINGLE-UNITS $107,600.00 $0.00 $0.00 $0.00 $107,600.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $2,921,971.00 $0.00 $0.00 $0.00 $2,921,971.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
3 $1,151,545.79 1 $299,483.21 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $237,287.43 1 $256,662.00
</TABLE>
The Class B-1, Class B-2, Class B-3 (the " Senior Subordinate Certificates "),
Class B-4, Class B-5 and Class B-6 Certificates (the " Junior Subordinate
Certificates" and, together with the Senior Subordinate Certificates, the
"Subordinate Certiicates") are subordinate in right of payment and provide
credit support, special hazard, bankruptcy and fraud coverage (collectively,
"Coverage") to the Class IPP-1, Class IPP-2, Class IPP-3, Class IPP-4 Class
IIPP-1, Class IIPP-2, Class IIPP-3, Class IIPP-4, Class IIPP-5, Class IIPP-6,
Class IX, Class IIX, Class IP, Class IIP, Class R, Class R-1, and Class R-2
Certificates (the "Senior Certificates") to the extent described in the
prospectus supplement (the "Prospectus Supplement") pursuant to which the Senior
Certificates and the Senior are subordinate in right of payment and Subordinate
Certificates, were offered. In addition, the Junior Subordinate Certificates are
subordinate in right of payment and provide Coverage to the Senior Subordinate
Certificates, the Class B-3 Certificates provide Coverage to the Class B-1 and
Class B-2 Certificates and the Class B-2 Certificates are subordinate in right
of payment and provide Coverage to the Class B-1 Certificates, in each case to
the extent described in the Prospectus Supplement.
The Class Principal Balances of the Subordinate Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows :
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
B-1 $3,549,831.01
B-2 $2,413,885.26
B-3 $1,561,924.95
B-4 $1,135,945.78
B-5 $425,979.19
B-6 $851,963.66
Total $9,939,529.85
</TABLE>
The amount of the special hazard, bankruptcy and fraud coverage as of the above
referenced date is $7,615,560.00, $107,600.00 and $2,921,971.00, respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997-4 Group I & Group II (1430 & 1431)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders R
Reporting Period: February 1999
Series: 1997-4 Group I & Group II Pool 1430 & Pool 1431
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IPP-1 IPP-2 IPP-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.5237% 7.000% 7.000% 7.000%
Original Principal Balance $292,197,087.18 $38,992,477.00 $4,392,000.00 $6,068,000.00
Beginning Principal Balance $237,116,438.80 $30,941,904.63 $4,392,000.00 $6,068,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $6,561,253.65 $650,973.92 $0.00 $0.00
Principal Allocation Factor 0.02245489 0.01669486 0.00000000 0.00000000
Scheduled Interest $1,488,382.34 $180,494.44 $25,620.00 $35,396.67
Scheduled Interest Allocation Factor 0.00509376 0.00462896 0.00583333 0.00583333
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,488,382.34 $180,494.44 $25,620.00 $35,396.67
Distributed Allocation Factor 0.00509376 0.00462896 0.00583333 0.00583333
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,049,635.99 $831,468.36 $25,620.00 $35,396.67
Ending Principal Balance $230,555,185.15 $30,290,930.71 $4,392,000.00 $6,068,000.00
Principal Balance Trading Factor 0.78903998 0.77684038 1.00000000 1.00000000
<CAPTION>
Class IPP-4 IX IP IIPP-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.500%
Original Principal Balance $12,363,156.00 $0.00 $595,842.00 $91,000,000.00
Beginning Principal Balance $11,533,135.34 $0.00 $546,127.01 $64,203,918.70
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $45,530.16 $0.00 $2,240.16 $3,455,934.73
Principal Allocation Factor 0.00368273 0.00000000 0.00375965 0.03797730
Scheduled Interest $67,276.62 $9,921.47 $0.00 $401,274.49
Scheduled Interest Allocation Factor 0.00544170 0.00000000 0.00000000 0.00440961
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $67,276.62 $9,921.47 $0.00 $401,274.49
Distributed Allocation Factor 0.00544170 0.00000000 0.00000000 0.00440961
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $112,806.78 $9,921.47 $2,240.16 $3,857,209.22
Ending Principal Balance $11,487,605.18 $0.00 $543,886.85 $60,747,983.97
Principal Balance Trading Factor 0.92918064 0.00000000 0.91280381 0.66756026
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class IIPP-2 IIPP-3 IIPP-4 IIPP-5 IIPP-6
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.500% 7.500% 7.250% 9.000% 7.500%
Original Principal Balance $21,485,000.00 $43,604,403.00 $53,085,098.00 $8,847,516.00 $0.00
Beginning Principal Balance $21,485,000.00 $42,945,604.32 $37,453,530.93 $6,242,254.91 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $36,935.03 $2,016,028.94 $336,004.81 $0.00
Principal Allocation Factor 0.00000000 0.00084705 0.03797730 0.03797730 0.00000000
Scheduled Interest $134,281.25 $268,410.03 $226,281.75 $46,816.91 $29,525.51
Scheduled Interest Allocation Factor 0.00625000 0.00615557 0.00426262 0.00529153 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $134,281.25 $268,410.03 $226,281.75 $46,816.91 $29,525.51
Distributed Allocation Factor 0.00625000 0.00615557 0.00426262 0.00529153 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $134,281.25 $305,345.06 $2,242,310.69 $382,821.72 $29,525.51
Ending Principal Balance $21,485,000.00 $42,908,669.29 $35,437,501.99 $5,906,250.10 $0.00
Principal Balance Trading Factor 1.00000000 0.98404442 0.66756026 0.66756026 0.00000000
<CAPTION>
Class IIX
<S> <C>
Weighted Average Pass Through Rate 7.500%
Original Principal Balance $0.00
Beginning Principal Balance $0.00
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $0.00
Principal Allocation Factor 0.00000000
Scheduled Interest $29,525.51
Scheduled Interest Allocation Factor 0.00000000
Interest Adjustment $0.00
Interest Adjustment Allocation Factor 0.00000000
Net Interest Distributed $29,525.51
Distributed Allocation Factor 0.00000000
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $29,525.51
Ending Principal Balance $0.00
Principal Balance Trading Factor 0.00000000
<CAPTION>
Class IIP B-1 B-2 B-3 B-4
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.393933% 7.393933% 7.393933% 7.393933%
Original Principal Balance $1,536,545.73 $3,652,463.00 $2,483,675.00 $1,607,083.00 $1,168,788.00
Beginning Principal Balance $1,350,351.34 $3,555,217.34 $2,417,547.98 $1,564,294.94 $1,137,669.41
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,524.13 $5,386.33 $3,662.72 $2,369.99 $1,723.63
Principal Allocation Factor 0.00164273 0.00147471 0.00147472 0.00147472 0.00147472
Scheduled Interest $0.00 $21,905.87 $14,895.99 $9,638.58 $7,009.88
Scheduled Interest Allocation Factor 0.00000000 0.00599756 0.00599756 0.00599756 0.00599756
Interest Adjustment $0.00 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $21,905.87 $14,895.99 $9,638.58 $7,009.88
Distributed Allocation Factor 0.00000000 0.00599756 0.00599756 0.00599756 0.00599756
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,524.13 $27,292.20 $18,558.71 $12,008.57 $8,733.51
Ending Principal Balance $1,347,827.21 $3,549,831.01 $2,413,885.26 $1,561,924.95 $1,135,945.78
Principal Balance Trading Factor 0.87718002 0.97190061 0.97190062 0.97190061 0.97190062
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class B-5 B-6 R-2 R-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.393933% 7.393933%
Original Principal Balance $438,295.00 $876,595.45 $50.00 $50.00
Beginning Principal Balance $426,625.55 $853,256.40 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $646.36 $1,292.74 $0.00 $0.00
Principal Allocation Factor 0.00147471 0.00147473 0.00000000 0.00000000
Scheduled Interest $2,628.70 $5,257.43 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00599756 0.00599756 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $2,628.70 $5,257.43 $0.00 $0.00
Distributed Allocation Factor 0.00599756 0.00599756 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,275.06 $6,550.17 $0.00 $0.00
Ending Principal Balance $425,979.19 $851,963.66 $0.00 $0.00
Principal Balance Trading Factor 0.97190064 0.97190062 0.00000000 0.00000000
<CAPTION>
Class R DLJ PNC
<S> <C> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance $50.00 $99.99 $0.01 Class IX Notional Amt
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $1,700,822.63
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 Class IIX Notional Amt
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $4,724,082.15
Principal Allocation Factor 0.00000000 0.00000000 0.00000000
Scheduled Interest $1,746.75 $1,746.58 $0.17 Group I Ending
Scheduled Interest Allocation Factor 34.93500000 17.46754675 17.00000000 Principal Balance
Interest Adjustment $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 $54,885,795.45
Net Interest Distributed $1,746.75 $1,746.58 $0.17
Distributed Allocation Factor 34.93500000 17.46754675 17.00000000 Group II Ending
Other Distribution $0.00 $0.00 $0.00 Principal Balance
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,746.75 $1,746.58 $0.17 $175,669,389.70
Ending Principal Balance $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-4 Group I & Group II Pool 1430 & Pool 1431
First Level Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IPP1-L IPP2-L IPP3-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.5237% 7.000% 7.000% 7.000%
Original Principal Balance $292,197,087.18 $38,992,477.00 $4,392,000.00 $6,068,000.00
Beginning Principal Balance $237,116,438.80 $30,941,904.63 $4,392,000.00 $6,068,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $6,561,253.65 $650,973.92 $0.00 $0.00
Principal Allocation Factor 0.02245489 0.01669486 0.00000000 0.00000000
Scheduled Interest $1,488,382.34 $180,494.44 $25,620.00 $35,396.67
Scheduled Interest Allocation Factor 0.00509376 0.00462896 0.00583333 0.00583333
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,488,382.34 $180,494.44 $25,620.00 $35,396.67
Distributed Allocation Factor 0.00509376 0.00462896 0.00583333 0.00583333
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,049,635.99 $831,468.36 $25,620.00 $35,396.67
Ending Principal Balance $230,555,185.15 $30,290,930.71 $4,392,000.00 $6,068,000.00
Principal Balance Trading Factor 0.78903998 0.77684038 1.00000000 1.00000000
<CAPTION>
Class IPP4-L IX-L IP-L IIP1-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.500%
Original Principal Balance $12,363,156.00 $0.00 $595,842.00 $91,000,000.00
Beginning Principal Balance $11,533,135.34 $0.00 $546,127.01 $64,203,918.70
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $45,530.16 $0.00 $2,240.16 $3,455,934.73
Principal Allocation Factor 0.00368273 0.00000000 0.00375965 0.03797730
Scheduled Interest $67,276.62 $9,921.47 $0.00 $401,274.49
Scheduled Interest Allocation Factor 0.00544170 0.00000000 0.00000000 0.00440961
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $67,276.62 $9,921.47 $0.00 $401,274.49
Distributed Allocation Factor 0.00544170 0.00000000 0.00000000 0.00440961
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $112,806.78 $9,921.47 $2,240.16 $3,857,209.22
Ending Principal Balance $11,487,605.18 $0.00 $543,886.85 $60,747,983.97
Principal Balance Trading Factor 0.92918064 0.00000000 0.91280381 0.66756026
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class IIP2-L IIP3-L IIP4-L IIP5-L IIX-L
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.500% 7.500% 7.250% 9.000% 7.500%
Original Principal Balance $21,485,000.00 $43,604,403.00 $53,085,098.00 $8,847,516.00 $0.00
Beginning Principal Balance $21,485,000.00 $42,945,604.32 $37,453,530.93 $6,242,254.91 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $36,935.03 $2,016,028.94 $336,004.81 $0.00
Principal Allocation Factor 0.00000000 0.00084705 0.03797730 0.03797730 0.00000000
Scheduled Interest $134,281.25 $268,410.03 $226,281.75 $46,816.91 $29,525.51
Scheduled Interest Allocation Factor 0.00625000 0.00615557 0.00426262 0.00529153 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $134,281.25 $268,410.03 $226,281.75 $46,816.91 $29,525.51
Distributed Allocation Factor 0.00625000 0.00615557 0.00426262 0.00529153 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $134,281.25 $305,345.06 $2,242,310.69 $382,821.72 $29,525.51
Ending Principal Balance $21,485,000.00 $42,908,669.29 $35,437,501.99 $5,906,250.10 $0.00
Principal Balance Trading Factor 1.00000000 0.98404442 0.66756026 0.66756026 0.00000000
<CAPTION>
Class IIP-L B1-L B2-L B3-L B4-L
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.393933% 7.393933% 7.393933% 7.393933%
Original Principal Balance $1,536,545.73 $3,652,463.00 $2,483,675.00 $1,607,083.00 $1,168,788.00
Beginning Principal Balance $1,350,351.34 $3,555,217.34 $2,417,547.98 $1,564,294.94 $1,137,669.41
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,524.13 $5,386.33 $3,662.72 $2,369.99 $1,723.63
Principal Allocation Factor 0.00164273 0.00147471 0.00147472 0.00147472 0.00147472
Scheduled Interest $0.00 $21,905.87 $14,895.99 $9,638.58 $7,009.88
Scheduled Interest Allocation Factor 0.00000000 0.00599756 0.00599756 0.00599756 0.00599756
Interest Adjustment $0.00 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $21,905.87 $14,895.99 $9,638.58 $7,009.88
Distributed Allocation Factor 0.00000000 0.00599756 0.00599756 0.00599756 0.00599756
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,524.13 $27,292.20 $18,558.71 $12,008.57 $8,733.51
Ending Principal Balance $1,347,827.21 $3,549,831.01 $2,413,885.26 $1,561,924.95 $1,135,945.78
Principal Balance Trading Factor 0.87718002 0.97190061 0.97190062 0.97190061 0.97190062
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class B5-L B6-L R-L R1-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.393933% 7.393933%
Original Principal Balance $438,295.00 $876,595.45 $50.00 $50.00
Beginning Principal Balance $426,625.55 $853,256.40 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $646.36 $1,292.74 $0.00 $0.00
Principal Allocation Factor 0.00147471 0.00147473 0.00000000 0.00000000
Scheduled Interest $2,628.70 $5,257.43 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00599756 0.00599756 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $2,628.70 $5,257.43 $0.00 $0.00
Distributed Allocation Factor 0.00599756 0.00599756 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,275.06 $6,550.17 $0.00 $0.00
Ending Principal Balance $425,979.19 $851,963.66 $0.00 $0.00
Principal Balance Trading Factor 0.97190064 0.97190062 0.00000000 0.00000000
<CAPTION>
Class R2-L DLJ PNC
<S> <C> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance $50.00 $99.99 $0.01
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000
Scheduled Interest $1,746.75 $1,746.58 $0.17
Scheduled Interest Allocation Factor 34.93500000 17.46754675 17.00000000
Interest Adjustment $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,746.75 $1,746.58 $0.17
Distributed Allocation Factor 34.93500000 17.46754675 17.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,746.75 $1,746.58 $0.17
Ending Principal Balance $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-4 Group I & Group II Pool 1430 & Pool 1431
Mortgage Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio Y-1 Y-2 Z-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.5237% 7.000% 7.500% 7.000%
Original Principal Balance $292,197,087.18 $323,376.30 $1,137,608.95 $63,755,991.39
Beginning Principal Balance $237,116,438.80 $275,233.62 $900,866.18 $54,771,490.60
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $6,561,253.65 $3,524.20 $29,258.24 $701,316.42
Principal Allocation Factor 0.02245489 0.01089814 0.02571907 0.01100001
Scheduled Interest $1,488,382.34 $1,605.53 $5,630.41 $319,500.36
Scheduled Interest Allocation Factor 0.00509376 0.00496490 0.00494934 0.00501130
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,488,382.34 $1,605.53 $5,630.41 $319,500.36
Distributed Allocation Factor 0.00509376 0.00496490 0.00494934 0.00501130
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,049,635.99 $5,129.73 $34,888.65 $1,020,816.78
Ending Principal Balance $230,555,185.15 $271,709.42 $871,607.94 $54,070,174.18
Principal Balance Trading Factor 0.78903998 0.84022676 0.76617535 0.84807989
<CAPTION>
Class Z-2 IP-M IX-M IIP-M
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.500% 7.000%
Original Principal Balance $224,847,672.81 $595,842.00 $0.00 $1,536,545.73
Beginning Principal Balance $179,272,370.05 $546,127.02 $0.00 $1,350,351.34
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $5,822,390.50 $2,240.16 $0.00 $2,524.13
Principal Allocation Factor 0.02589482 0.00375965 0.00000000 0.00164273
Scheduled Interest $1,120,452.31 $0.00 $9,921.47 $0.00
Scheduled Interest Allocation Factor 0.00498316 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,120,452.31 $0.00 $9,921.47 $0.00
Distributed Allocation Factor 0.00498316 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $6,942,842.81 $2,240.16 $9,921.47 $2,524.13
Ending Principal Balance $173,449,979.55 $543,886.86 $0.00 $1,347,827.21
Principal Balance Trading Factor 0.77141105 0.91280382 0.00000000 0.87718002
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class IIX-M MT-R
<S> <C> <C>
Weighted Average Pass Through Rate 7.500%
Original Principal Balance $0.00 $50.00
Beginning Principal Balance $0.00 ($0.01)
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $29,525.51 $1,746.75
Scheduled Interest Allocation Factor 0.00000000 34.93500000
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $29,525.51 $1,746.75
Distributed Allocation Factor 0.00000000 34.93500000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $29,525.51 $1,746.75
Ending Principal Balance $0.00 ($0.01)
Principal Balance Trading Factor 0.00000000 -0.00020000
PAID PAST BALANCE
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-8, CLASS III-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
INDY MAC WEIGHTED AVERAGE PC RATE: 8.0144
SERIES: 1997 - 8 Group I (1402) PNC WEIGHTED AVERAGE PC RATE: 8.0657
WEIGHTED AVERAGE PC RATE: 8.0570
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ISSUE DATE: 11/1/1997
CERTIFICATE BALANCE AT ISSUE: $390,011,493.72
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
INDY MAC PORTION
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 458 $51,418,719.98
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $40,265.22
Unscheduled Principal Collection/Reversals $12,384.35
Liquidations-in-full 13 $1,546,674.24
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,599,323.81 ($1,599,323.81)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 445 $49,819,396.17
SCHEDULED INTEREST AT MORTGAGE RATE: $356,267.67
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment ($5,833.29) unsched int adj
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($5,833.29)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $12,880.68 Serv, Indy, PNC Fees
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation ($252.73) Unsched Fee Adj
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($252.73)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,937,130.24
--------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------
PNC PORTION
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2313 $250,165,419.66
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $194,024.41
Unscheduled Principal Collection/Reversals $124,464.95
Liquidations-in-full 62 $6,684,041.74
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $7,002,531.10 ($7,002,531.10)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2251 $243,162,888.56
SCHEDULED INTEREST AT MORTGAGE RATE: $1,742,843.63
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $32.27
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $32.27
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $61,180.80
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.01
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.01
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,684,226.19
----------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997 - 8 Group I (1402)
PNC WEIGHTED AVERAGE PC RATE: 8.0570
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ----------------------------------------------------------------
- ----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,601,854.91 $2,025,049.82 ($5,548.30) $2,019,501.52 $0.00 $10,621,356.43
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED INDY MAC PNC INDY MAC PNC INDY MAC PNC COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $3,900,113.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,900,113.00
BANKRUPTCY BOND
SINGLE-UNITS $107,830.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $107,830.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $7,800,227.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7,800,227.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DELINQUENT INSTALLMENTS
- ------------------------------------------------------------------------------------------------------
ONE (PNC PORTION) TWO (PNC PORTION) THREE (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
50 $5,285,361.31 6 $444,215.83 3 $196,597.66
<CAPTION>
FORECLOSURE (PNC PORTION) REO (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
24 $2,413,066.17 3 $170,776.14
- ------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------
ONE (INDY MAC PORTION) TWO (INDY MAC PORTION) THREE (INDY MAC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
11 $1,300,360.55 2 $241,344.14 1 $102,933.31
<CAPTION>
FORECLOSURE (INDY MAC PORTION) ACQUIRED (INDY MAC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $66,272.62 0 $0.00
- ------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 01/1998
SERIES: 1997 - 8 Group I (1402) WEIGHTED AVERAGE PC RATE: 8.0570
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ISSUE DATE: 11/1/1997
CERTIFICATE BALANCE AT ISSUE: $390,011,493.72
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2771 $301,584,139.64
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $234,289.63
Unscheduled Principal Collection/Reversals $136,849.30
Liquidations-in-full 75 $8,230,715.98
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $8,601,854.91 ($8,601,854.91)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2696 $292,982,284.73
SCHEDULED INTEREST AT MORTGAGE RATE: $2,099,111.30
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $32.27
Interest Sales Adjustments $0.00
Interest Accrual Adjustment ($5,833.29)
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($5,801.02)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $74,061.48
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.01
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation ($252.73)
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($252.72)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $10,621,356.43
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997 - 8 Group I (1402) PNC WEIGHTED AVERAGE PC RATE: 8.0570
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------------------------
- ---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,601,854.91 $2,025,049.82 ($5,548.30) $2,019,501.52 $0.00 $10,621,356.43
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $3,900,113.00 $0.00 $0.00 $0.00 $3,900,113.00
BANKRUPTCY BOND
SINGLE-UNITS $107,830.00 $0.00 $0.00 $0.00 $107,830.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $7,800,227.00 $0.00 $0.00 $0.00 $7,800,227.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
61 $6,585,721.86 8 $685,559.97 4 $299,530.97
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
25 $2,479,338.79 3 $170,776.14
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated November 24, 1997, pursuant to
which certain of the Group I Certificates were offered.
The Class Principal Balances of each Class of the I-B Certificates as of current
distribution date were as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
----- -----------------------
<S> <C>
I-B-1 $10,603,694.51
I-B-2 $6,747,804.47
I-B-3 $4,241,477.63
I-B-4 $2,120,738.32
I-B-5 $771,178.03
I-B-6 $1,542,355.84
Total $26,027,248.80
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the Group I Special Hazard Coverage, Group I Bankruptcy Coverage,
and Group I Fraud Coverage, as of the above reference distribution date, was
$3,900,113, $107,830, and $7,800,227, respectively.
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997 - 8 Group I (1402)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-8 Group I Pool 1402
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio I-A-1 I-X-1 I-X-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 8.0577% 7.250% 2.500% 12.000%
Original Principal Balance $390,011,349.22 $363,533,005.00 $0.00 $0.00
Beginning Principal Balance $301,584,294.74 $275,401,996.78 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $8,601,854.91 $8,581,494.17 $0.00 $0.00
Principal Allocation Factor 0.02205540 0.02360582 0.00000000 0.00000000
Scheduled Interest $2,025,049.82 $1,663,887.06 $35,108.26 $168,519.65
Scheduled Interest Allocation Factor 0.00519228 0.00457699 0.00000000 0.00000000
Interest Adjustment ($5,548.30) ($4,558.77) ($96.19) ($461.72)
Interest Adjustment Allocation Factor -0.00001423 -0.00001254 0.00000000 0.00000000
Net Interest Distributed $2,019,501.52 $1,659,328.29 $35,012.07 $168,057.93
Distributed Allocation Factor 0.00517806 0.00456445 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $10,621,356.43 $10,240,822.46 $35,012.07 $168,057.93
Ending Principal Balance $292,982,439.83 $266,820,502.61 $0.00 $0.00
Principal Balance Trading Factor 0.75121516 0.73396500 0.00000000 0.00000000
<CAPTION>
Class I-P I-B-1 I-B-2 I-B-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.250% 7.250% 7.250%
Original Principal Balance $152,576.72 $10,725,313.00 $6,825,198.00 $4,290,125.00
Beginning Principal Balance $134,813.07 $10,611,938.84 $6,753,050.86 $4,244,775.36
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $124.67 $8,244.33 $5,246.39 $3,297.73
Principal Allocation Factor 0.00081710 0.00076868 0.00076868 0.00076868
Scheduled Interest $0.00 $64,113.80 $40,799.68 $25,645.52
Scheduled Interest Allocation Factor 0.00000000 0.00597780 0.00597780 0.00597780
Interest Adjustment $0.00 ($175.66) ($111.78) ($70.26)
Interest Adjustment Allocation Factor 0.00000000 -0.00001638 -0.00001638 -0.00001638
Net Interest Distributed $0.00 $63,938.14 $40,687.90 $25,575.26
Distributed Allocation Factor 0.00000000 0.00596142 0.00596142 0.00596143
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $124.67 $72,182.47 $45,934.29 $28,872.99
Ending Principal Balance $134,688.40 $10,603,694.51 $6,747,804.47 $4,241,477.63
Principal Balance Trading Factor 0.88275852 0.98866061 0.98866062 0.98866062
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-B-4 I-B-5 I-B-6 R
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.250% 7.250% 7.250%
Original Principal Balance $2,145,062.00 $780,023.00 $1,560,046.50 $0.00
Beginning Principal Balance $2,122,387.18 $771,777.62 $1,543,555.01 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 Class X-1 Notional Amt
Principal Distributed $1,648.86 $599.59 $1,199.17 $0.00
Principal Allocation Factor 0.00076868 0.00076868 0.00076868 0.00000000 $16,851,965.08
Scheduled Interest $12,822.76 $4,662.82 $9,325.64 $164.63
Scheduled Interest Allocation Factor 0.00597780 0.00597780 0.00597780 0.00000000 Class X-2 Notional Amt
Interest Adjustment ($35.13) ($12.78) ($25.55) ($0.46)
Interest Adjustment Allocation Factor -0.00001638 -0.00001638 -0.00001638 0.00000000 $16,851,965.08
Net Interest Distributed $12,787.63 $4,650.04 $9,300.09 $164.17
Distributed Allocation Factor 0.00596143 0.00596141 0.00596142 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $14,436.49 $5,249.63 $10,499.26 $164.17
Ending Principal Balance $2,120,738.32 $771,178.03 $1,542,355.84 $0.00
Principal Balance Trading Factor 0.98866062 0.98866063 0.98866017 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
INDY MAC WEIGHTED AVERAGE PC RATE: 7.1636
SERIES: 1997 - 8 Group II (1403) PNC WEIGHTED AVERAGE PC RATE: $7.6686
WEIGHTED AVERAGE PC RATE: 7.6655
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ISSUE DATE: 11/25/1997
CERTIFICATE BALANCE AT ISSUE: $342,543,636.46
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
INDY MAC PORTION
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 4 $1,221,136.68
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $1,080.81
Unscheduled Principal Collection/Reversals $201.22
Liquidations-in-full 0 $0.00
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,282.03 ($1,282.03)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 4 $1,219,854.65
SCHEDULED INTEREST AT MORTGAGE RATE: $7,595.10
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00 Unsched Int Adj
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $305.28 Serv, Indy & Pnc Fees
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,571.85
--------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------
PNC PORTION
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 670 $211,946,420.79
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $188,284.62
Unscheduled Principal Collection/Reversals $202,205.07
Liquidations-in-full 33 $11,257,565.15
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $11,648,054.84 ($11,648,054.84)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 637 $200,298,365.95
SCHEDULED INTEREST AT MORTGAGE RATE: $1,404,841.44
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $50,143.43
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $13,002,752.85
----------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997 - 8 Group II (1403) PNC WEIGHTED AVERAGE PC RATE: 7.6686
<TABLE>
<CAPTION>
- --------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------
- --------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$11,649,336.87 $1,361,987.83 $0.00 $1,361,987.83 $0.00 $13,011,324.70
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED INDY MAC PNC INDY MAC PNC INDY MAC PNC COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $6,850,873.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,850,873.00
BANKRUPTCY BOND
SINGLE-UNITS $113,235.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $113,235.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $6,850,875.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6,850,875.00
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DELINQUENT INSTALLMENTS
- -------------------------------------------------------------------------------------------------------------
ONE (PNC PORTION) TWO (PNC PORTION) THREE (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
9 $3,064,630.71 2 $563,479.40 3 $992,861.58
<CAPTION>
FORECLOSURE (PNC PORTION) REO (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
3 $774,813.11 0 $0.00
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
ONE (INDY MAC PORTION) TWO (INDY MAC PORTION) THREE (INDY MAC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (INDY MAC PORTION) ACQUIRED (INDY MAC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997 - 8 Group II (1403)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000-4.9999
5.0000-5.4999
5.5000-5.9999
6.0000-6.4999
6.5000-6.9999
7.0000-7.4999 7.2594 7.0770 6.9936 341.970 $20,251,732.88 58
7.5000-7.9999 7.7174 7.5007 7.4360 342.448 $91,684,899.56 301
8.0000-8.4999 8.1606 7.9175 7.8706 341.998 $56,168,027.38 181
8.5000-8.9999 8.6514 8.4027 8.3611 340.531 $28,336,997.64 89
9.0000-9.4999 9.0000 8.7500 8.7094 340.423 $3,856,708.49 8
9.5000-9.9999
10.0000-10.4999
10.5000-10.9999
11.0000-11.4999
11.5000-11.9999
12.0000-12.4999
12.5000-12.9999
13.0000-13.4999
13.5000-13.9999
14.0000-14.4999
14.5000-14.9999
15.0000-15.4999
15.5000-15.9999
16.0000-16.4999
16.5000-16.9999
17.0000-17.4999
17.5000-17.9999
18.0000-18.4999
18.5000-18.9999
19.0000-19.4999
19.5000-19.9999
20.0000-99.9999
Pool Totals 7.9522 7.7264 7.6686 341.963 $200,298,365.95 637
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 01/1998
SERIES: 1997 - 8 Group II (1403) WEIGHTED AVERAGE PC RATE: 7.6655
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ISSUE DATE: 11/25/1997
CERTIFICATE BALANCE AT ISSUE: $342,543,636.46
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 674 $213,167,557.47
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $189,365.43
Unscheduled Principal Collection/Reversals $202,406.29
Liquidations-in-full 33 $11,257,565.15
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $11,649,336.87 ($11,649,336.87)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 641 $201,518,220.60
SCHEDULED INTEREST AT MORTGAGE RATE: $1,412,436.54
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $50,448.71
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $13,011,324.70
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997 - 8 Group II (1403) WEIGHTED AVERAGE PC RATE: 7.6655
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- -------------------------------------------------
- -------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ---------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$11,649,336.87 $1,361,987.83 $0.00 $1,361,987.83 $0.00 $13,011,324.70
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,996,812.00 $0.00 $0.00 $0.00 $4,996,812.00
BANKRUPTCY BOND
SINGLE-UNITS $113,235.00 $0.00 $0.00 $0.00 $113,235.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $6,850,875.00 $0.00 $0.00 $0.00 $6,850,875.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
9 $3,064,630.71 2 $563,479.40 3 $992,861.58
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
3 $774,813.11 0 $0.00
</TABLE>
The Group II-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated November 24, 1997, pursuant to
which certain of the Group II Certificates were offered.
The Class Principal Balances of each Class of the II-B Certificates as of April
27, 1998 were as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
----- -----------------------
<S> <C>
II-B-1 $10,995,947.55
II-B-2 $3,214,200.56
II-B-3 $1,691,684.08
II-B-4 $1,522,515.46
II-B-5 $1,015,009.65
II-B-6 $1,015,012.88
Total $19,454,370.18
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the Group II Special Hazard Coverage, Group II Bankruptcy
Coverage, And Group II Fraud Coverage, as of April 27, 1998, was 4,996,812,
$113,235 and $6,850,875, respectively.
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997 - 8 Group II (1403)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-8 Group II Pool 1403
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio II-A-1 II-A-2 II-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.6671% 7.000% 7.000% 7.000%
Original Principal Balance $342,543,636.46 $85,246,108.00 $72,411,210.00 $65,563,181.00
Beginning Principal Balance $213,167,558.47 $81,388,641.78 $19,143,516.40 $18,476,414.58
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $11,649,336.87 $880,306.11 $5,119,312.39 $4,940,917.64
Principal Allocation Factor 0.03400833 0.01032664 0.07069779 0.07536116
Scheduled Interest $1,361,987.83 $474,767.08 $111,670.51 $107,779.09
Scheduled Interest Allocation Factor 0.00397610 0.00556937 0.00154217 0.00164390
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,361,987.83 $474,767.08 $111,670.51 $107,779.09
Distributed Allocation Factor 0.00397610 0.00556937 0.00154217 0.00164390
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $13,011,324.70 $1,355,073.19 $5,230,982.90 $5,048,696.73
Ending Principal Balance $201,518,221.60 $80,508,335.67 $14,024,204.01 $13,535,496.94
Principal Balance Trading Factor 0.58829942 0.94442242 0.19367449 0.20644967
<CAPTION>
Class II-A-4 II-A-5 II-A-6 II-A-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $6,388,029.00 $10,490,109.00 $555,409.00 $7,423,000.00
Beginning Principal Balance $0.00 $0.00 $0.00 $7,423,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $0.00 $0.00 $0.00 $43,300.83
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00583333
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $0.00 $0.00 $43,300.83
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00583333
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $0.00 $0.00 $43,300.83
Ending Principal Balance $0.00 $0.00 $0.00 $7,423,000.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000 1.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class II-A-8 II-A-9 II-A-10 II-P II-X
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $59,639,283.00 $4,901,652.00 $10,086,644.00 $142,701.19 $0.00
Beginning Principal Balance $59,639,283.00 $4,901,652.00 $2,585,384.30 $137,999.12 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $691,377.16 $126.45 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.06854382 0.00088612 0.00000000
Scheduled Interest $347,895.82 $28,592.97 $15,081.41 $0.00 $119,316.69
Scheduled Interest Allocation Factor 0.00583333 0.00583333 0.00149519 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $347,895.82 $28,592.97 $15,081.41 $0.00 $119,316.69
Distributed Allocation Factor 0.00583333 0.00583333 0.00149519 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $347,895.82 $28,592.97 $706,458.57 $126.45 $119,316.69
Ending Principal Balance $59,639,283.00 $4,901,652.00 $1,894,007.14 $137,872.67 $0.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.18777377 0.96616342 0.00000000
<CAPTION>
Class II-B-1 II-B-2 II-B-3 II-B-4 II-B-5
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $11,132,668.00 $3,254,165.00 $1,712,718.00 $1,541,446.00 $1,027,630.00
Beginning Principal Balance $11,005,724.17 $3,217,058.35 $1,693,188.18 $1,523,869.15 $1,015,912.11
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $9,776.62 $2,857.79 $1,504.10 $1,353.69 $902.46
Principal Allocation Factor 0.00087819 0.00087819 0.00087819 0.00087819 0.00087820
Scheduled Interest $64,200.06 $18,766.17 $9,876.93 $8,889.24 $5,926.15
Scheduled Interest Allocation Factor 0.00576682 0.00576682 0.00576682 0.00576682 0.00576681
Interest Adjustment $0.00 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $64,200.06 $18,766.17 $9,876.93 $8,889.24 $5,926.15
Distributed Allocation Factor 0.00576682 0.00576682 0.00576682 0.00576682 0.00576681
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $73,976.68 $21,623.96 $11,381.03 $10,242.93 $6,828.61
Ending Principal Balance $10,995,947.55 $3,214,200.56 $1,691,684.08 $1,522,515.46 $1,015,009.65
Principal Balance Trading Factor 0.98771899 0.98771899 0.98771898 0.98771897 0.98771897
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class II-B-6 R
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000%
Original Principal Balance $1,027,633.27 $50.00
Beginning Principal Balance $1,015,915.34 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 II-X Notional Amt
Principal Distributed $902.46 $0.00
Principal Allocation Factor 0.00087819 0.00000000 $20,454,289.20
Scheduled Interest $5,926.17 ($1.29)
Scheduled Interest Allocation Factor 0.00576681 -0.02580000
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $5,926.17 ($1.29)
Distributed Allocation Factor 0.00576681 -0.02580000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $6,828.63 ($1.29)
Ending Principal Balance $1,015,012.88 $0.00
Principal Balance Trading Factor 0.98771897 0.00000000
<CAPTION>
Class II-A-5 II-A-5-1 II-A-5-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $10,490,109.00 $2,596,302.00 $7,893,807.00
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000
Scheduled Interest $0.00 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $0.00 $0.00
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $0.00 $0.00
Ending Principal Balance $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997 - 8 Group III (1404) WEIGHTED AVERAGE PC RATE: 7.2659
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ISSUE DATE: 11/1/1997
CERTIFICATE BALANCE AT ISSUE: $104,394,658.10
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ------------ -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 305 $64,508,378.28
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $232,497.20
Unscheduled Principal Collection/Reversals $21,598.28
Liquidations-in-full 11 $2,558,757.92
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,812,853.40 ($2,812,853.40)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 294 $61,695,524.88
SCHEDULED INTEREST AT MORTGAGE RATE: $405,276.99
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $9.39
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $9.39
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $14,655.10
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.35
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.35
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,203,484.33
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1997 - 8 Group III (1404) WEIGHTED AVERAGE PC RATE: 7.2659
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ------------------------------------------------------
- ------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,812,853.40 $390,621.89 $9.04 $390,630.93 $0.00 $3,203,484.33
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $1,976,393.00 $0.00 $0.00 $0.00 $1,976,393.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,043,946.00 $0.00 $0.00 $0.00 $1,043,946.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
5 $552,652.21 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $56,260.51 0 $0.00
</TABLE>
The Group III-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated November 24, 1997,
pursuant to which certain of the Group III Certificates were offered.
The Class Principal Balances of each Class of the III-B Certificates as of
February 25, 1999 were as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
----- -----------------------
<S> <C>
III-B-1 $2,125,790.26
III-B-2 $395,496.05
III-B-3 $296,621.81
III-B-4 $247,185.16
III-B-5 $197,747.57
III-B-6 $197,745.40
Total $3,460,586.25
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
<PAGE>
<PAGE>
The amount of the Group III Special Hazard Coverage, Group III Bankruptcy
Coverage, and Group III Fraud Coverage, as of February 25, 1999, was $4,996,812,
$113,235 and $6,850,875, respectively.
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1997 - 8 Group III (1404)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000-4.9999
5.0000-5.4999
5.5000-5.9999
6.0000-6.4999
6.5000-6.9999 6.7378 6.5272 6.4851 161.979 $4,366,752.01 13
7.0000-7.4999 7.2157 6.9949 6.9512 161.134 $22,554,239.10 80
7.5000-7.9999 7.6555 7.4212 7.3762 161.130 $25,017,742.09 107
8.0000-8.4999 8.1264 7.8855 7.8410 160.414 $6,571,527.77 61
8.5000-8.9999 8.5877 8.3377 8.2975 157.574 $1,944,138.09 26
9.0000-9.4999 9.1470 8.8970 8.8505 159.065 $1,241,125.82 7
9.5000-9.9999
10.0000-10.4999
10.5000-10.9999
11.0000-11.4999
11.5000-11.9999
12.0000-12.4999
12.5000-12.9999
13.0000-13.4999
13.5000-13.9999
14.0000-14.4999
14.5000-14.9999
15.0000-15.4999
15.5000-15.9999
16.0000-16.4999
16.5000-16.9999
17.0000-17.4999
17.5000-17.9999
18.0000-18.4999
18.5000-18.9999
19.0000-19.4999
19.5000-19.9999
20.0000-99.9999
Pool Totals 7.5393 7.3101 7.2659 160.962 $61,695,524.88 294
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1997-8 Group III Pool 1404
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio III-PT III-X III-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.2664% 6.750% 6.750%
Original Principal Balance $104,394,658.10 $100,539,062.00 $0.00 $201,782.40
Beginning Principal Balance $64,508,378.28 $60,848,567.33 $0.00 $186,709.10
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,812,853.40 $2,794,197.75 $0.00 $6,140.04
Principal Allocation Factor 0.02694442 0.02779216 0.00000000 0.03042902
Scheduled Interest $390,621.89 $342,273.19 $28,812.48 $0.00
Scheduled Interest Allocation Factor 0.00374178 0.00340438 0.00000000 0.00000000
Interest Adjustment $9.04 $7.92 $0.67 $0.00
Interest Adjustment Allocation Factor 0.00000009 0.00000008 0.00000000 0.00000000
Net Interest Distributed $390,630.93 $342,281.11 $28,813.15 $0.00
Distributed Allocation Factor 0.00374187 0.00340446 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,203,484.33 $3,136,478.86 $28,813.15 $6,140.04
Ending Principal Balance $61,695,524.88 $58,054,369.58 $0.00 $180,569.06
Principal Balance Trading Factor 0.59098354 0.57743098 0.00000000 0.89487022
<CAPTION>
Class III-B-1 III-B-2 III-B-3 III-B-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $2,244,486.00 $417,579.00 $313,184.00 $260,987.00
Beginning Principal Balance $2,133,478.42 $396,926.41 $297,694.58 $248,079.13
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,688.16 $1,430.36 $1,072.77 $893.97
Principal Allocation Factor 0.00342535 0.00342536 0.00342537 0.00342534
Scheduled Interest $12,000.82 $2,232.71 $1,674.53 $1,395.45
Scheduled Interest Allocation Factor 0.00534680 0.00534680 0.00534679 0.00534682
Interest Adjustment $0.28 $0.05 $0.04 $0.03
Interest Adjustment Allocation Factor 0.00000012 0.00000012 0.00000013 0.00000011
Net Interest Distributed $12,001.10 $2,232.76 $1,674.57 $1,395.48
Distributed Allocation Factor 0.00534693 0.00534692 0.00534692 0.00534693
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $19,689.26 $3,663.12 $2,747.34 $2,289.45
Ending Principal Balance $2,125,790.26 $395,496.05 $296,621.81 $247,185.16
Principal Balance Trading Factor 0.94711674 0.94711671 0.94711674 0.94711675
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class III-B-5 III-B-6 III-R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750%
Original Principal Balance $208,789.00 $208,788.70 $0.00
Beginning Principal Balance $198,462.75 $198,460.57 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $715.18 $715.17 $0.00
Principal Allocation Factor 0.00342537 0.00342533 0.00000000 Class III-X Notional Amt
Scheduled Interest $1,116.35 $1,116.34 $0.02 --------------------------
Scheduled Interest Allocation Factor 0.00534679 0.00534675 0.00000000 $5,122,218.97
Interest Adjustment $0.03 $0.03 ($0.01)
Interest Adjustment Allocation Factor 0.00000014 0.00000014 0.00000000
Net Interest Distributed $1,116.38 $1,116.37 $0.01
Distributed Allocation Factor 0.00534693 0.00534689 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,831.56 $1,831.54 $0.01
Ending Principal Balance $197,747.57 $197,745.40 $0.00
Principal Balance Trading Factor 0.94711680 0.94710777 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-1, CLASS IV-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group I (1406) INDY MAC WEIGHTED AVERAGE PC RATE: 7.4825
PNC WEIGHTED AVERAGE PC RATE: 7.3761
WEIGHTED AVERAGE PC RATE: 7.3779
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $484,094,252.36
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
INDY MAC PORTION PNC PORTION
CERTIFICATE CERTIFICATE
TOTAL ACCOUNT CERTIFICATE TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING MORTGAGES (@ PC RATE) OUTSTANDING
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 19 $5,696,520.35 1070 $332,435,072.45
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current
Month $4,539.33 $283,005.34
Unscheduled Principal Collection/Reversals $252.03 $127,604.42
Liquidations-in-full 0 $0.00 45 $13,472,973.13
Principal Balance Sales Adjustments $0.00 $0.00
Net Principal Distributed $4,791.36 ($4,791.36) $13,883,582.89 ($13,883,582.89)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00 $0.00
BALANCE CURRENT FISCAL MONTH-END: 19 $5,691,728.99 1025 $318,551,489.56
SCHEDULED INTEREST AT MORTGAGE RATE: $36,944.16 $2,125,356.98
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00 $0.26
Interest Sales Adjustments $0.00 $0.00
Interest Accrual Adjustment $0.00 $0.00
Interest Uncollected on Liquidation $0.00 $0.00
Interest Uncollected on Non-Earning Assets $0.00 $0.00
Net Unscheduled Interest Distributed $0.00 $0.26
OTHER:
Loan Conversion Fees $0.00 $0.00
Expense Reimbursements $0.00 $0.00
Gain on Liquidations $0.00 $0.00
Hazard Insurance Premium Refunds $0.00 $0.00
Net Other Distributions $0.00 $0.00
SCHEDULED SERVICING FEE EXPENSES: $1,424.14 Serv, Indy & PNC fees $81,413.83
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/
Reversals $0.00 $0.00
Servicing Fees Sales Adjustments $0.00 $0.00
Servicing Fees Accrual Adjustments $0.00 $0.00
Servicing Fees Uncollected on Liquidation $0.00 $0.00
Servicing Fees Uncollected/Non-Earning
Assets $0.00 $0.00
Net Unscheduled Service Fees Distributed $0.00 $0.00
MISCELLANEOUS EXPENSES: $0.00 $0.00
NET FUNDS DISTRIBUTED: $40,311.38 $15,927,526.30
-----------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group I (1406) PNC WEIGHTED AVERAGE PC RATE: 7.3761
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- -------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$13,888,374.25 $2,079,463.17 $0.26 $2,079,463.43 $0.00 $15,967,837.68
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED INDY MAC PNC INDY MAC PNC INDY MAC PNC COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,820,797.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,820,797.00
BANKRUPTCY BOND
SINGLE-UNITS $166,816.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $166,816.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,681,885.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9,681,885.00
- -----------------------------------------------------------------------------------------------------------------------------
DELINQUENT INSTALLMENTS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
ONE (PNC PORTION) TWO (PNC PORTION) THREE (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
19 $6,027,902.24 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (PNC PORTION) REO (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
ONE (INDY MAC PORTION) TWO (INDY MAC PORTION) THREE (INDY MAC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
2 $523,508.38 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (INDY MAC PORTION) ACQUIRED (INDY MAC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 1 Group I (1406)
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8067 6.5567 6.5067 343.013 $1,533,081.63 5
7.0000 - 7.4999 7.3032 7.0534 7.0105 340.803 $60,203,606.01 200
7.5000 - 7.9999 7.6664 7.4166 7.3727 342.955 $211,690,472.28 680
8.0000 - 8.4999 8.1150 7.8650 7.8190 341.559 $37,348,030.91 118
8.5000 - 8.9999 8.5826 8.3326 8.2862 339.630 $6,932,499.54 20
9.0000 - 9.4999 9.0929 8.8429 8.8003 258.580 $843,799.19 2
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.6699 7.4201 7.3761 342.089 $318,551,489.56 1025
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group I (1406) WEIGHTED AVERAGE PC RATE: 7.3779
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $484,094,252.36
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1089 $338,131,592.80
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $287,544.67
Unscheduled Principal Collection/Reversals $127,856.45
Liquidations-in-full 45 $13,472,973.13
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $13,888,374.25 ($13,888,374.25)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1044 $324,243,218.55
SCHEDULED INTEREST AT MORTGAGE RATE: $2,162,301.14
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.26
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.26
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $82,837.97
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $15,967,837.68
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group I (1406) PNC WEIGHTED AVERAGE PC RATE: 7.3779
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- -------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$13,888,374.25 $2,079,463.17 $0.26 $2,079,463.43 $0.00 $15,967,837.68
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,820,797.00 $0.00 $0.00 $0.00 $4,820,797.00
BANKRUPTCY BOND
SINGLE-UNITS $166,816.00 $0.00 $0.00 $0.00 $166,816.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,681,885.00 $0.00 $0.00 $0.00 $9,681,885.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
21 $6,551,410.62 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated January 28, 1998, pursuant to which
certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $11,250,122.28
I-B-2 $4,308,557.57
I-B-3 $1,914,914.57
I-B-4 $1,675,549.38
I-B-5 $1,196,821.00
I-B-6 $1,196,824.53
Total $21,542,789.33
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,820,797.00,
$166,816.00, $9,681,885.00 respectively. Capitalized terms used but not defined
herein have the meanings ascribed to them in the Prospectus Supplement.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 1 Group I (1406)
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-1 Group I Pool 1406
Certificate Trust
<TABLE>
<CAPTION>
Class Portfolio I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.3798% 7.000% 7.000% 7.000%
Original Principal Balance $484,094,252.36 $378,000,000.00 $36,876,000.00 $27,339,558.00
Beginning Principal Balance $338,131,611.49 $232,789,063.32 $36,876,000.00 $27,059,538.70
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $13,888,374.25 $13,828,265.96 $0.00 $23,006.99
Principal Allocation Factor 0.02868940 0.03658271 0.00000000 0.00084153
Scheduled Interest $2,079,463.17 $1,357,936.20 $215,110.00 $157,847.31
Scheduled Interest Allocation Factor 0.00429558 0.00359242 0.00583333 0.00577359
Interest Adjustment $0.26 $0.17 $0.03 $0.02
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $2,079,463.43 $1,357,936.37 $215,110.03 $157,847.33
Distributed Allocation Factor 0.00429558 0.00359242 0.00583333 0.00577359
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $15,967,837.68 $15,186,202.33 $215,110.03 $180,854.32
Ending Principal Balance $324,243,237.24 $218,960,797.36 $36,876,000.00 $27,036,531.71
Principal Balance Trading Factor 0.66979361 0.57926137 1.00000000 0.98891620
<CAPTION>
Class I-X-1 I-P I-B-1 I-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $0.00 $514,812.80 $11,376,214.00 $4,356,848.00
Beginning Principal Balance $0.00 $466,887.14 $11,259,695.68 $4,312,223.98
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $2,292.53 $9,573.40 $3,666.41
Principal Allocation Factor 0.00000000 0.00445313 0.00084153 0.00084153
Scheduled Interest $109,752.36 $0.00 $65,681.56 $25,154.64
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00577359 0.00577359
Interest Adjustment $0.01 $0.00 $0.01 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $109,752.37 $0.00 $65,681.57 $25,154.64
Distributed Allocation Factor 0.00000000 0.00000000 0.00577359 0.00577359
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $109,752.37 $2,292.53 $75,254.97 $28,821.05
Ending Principal Balance $0.00 $464,594.61 $11,250,122.28 $4,308,557.57
Principal Balance Trading Factor 0.00000000 0.90245349 0.98891620 0.98891620
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-B-3 I-B-4 I-B-5 I-B-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $1,936,377.00 $1,694,329.00 $1,210,235.00 $1,210,238.56
Beginning Principal Balance $1,916,544.08 $1,676,975.20 $1,197,839.45 $1,197,842.98
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,629.51 $1,425.82 $1,018.45 $1,018.45
Principal Allocation Factor 0.00084153 0.00084152 0.00084153 0.00084153
Scheduled Interest $11,179.84 $9,782.36 $6,987.40 $6,987.42
Scheduled Interest Allocation Factor 0.00577359 0.00577359 0.00577359 0.00577359
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $11,179.84 $9,782.36 $6,987.40 $6,987.42
Distributed Allocation Factor 0.00577359 0.00577359 0.00577359 0.00577359
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $12,809.35 $11,208.18 $8,005.85 $8,005.87
Ending Principal Balance $1,914,914.57 $1,675,549.38 $1,196,821.00 $1,196,824.53
Principal Balance Trading Factor 0.98891619 0.98891619 0.98891620 0.98891621
<CAPTION>
Receives cashflows
from Group I
Class Group I R II-A-1-5 R Group I R
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $100.00 $19,579,540.00 $100.00 $100.00
Beginning Principal Balance $0.00 $19,379,000.96 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 Class X-1 Notional Amt $0.00 $0.00 $0.00
Principal Distributed $0.00 ---------------------- $16,476.73 $0.00 $0.00
Principal Allocation Factor 0.00000000 $18,814,690.86 0.00084153 0.00000000 0.00000000
Scheduled Interest ($0.09) $113,044.17 $20.13 ($0.09)
Scheduled Interest Allocation Factor -0.00090000 0.00577359 0.20130000 -0.00090000
Interest Adjustment $0.01 $0.01 $0.05 $0.01
Interest Adjustment Allocation Factor 0.00010000 0.00000000 0.00050000 0.00010000
Net Interest Distributed ($0.08) $113,044.18 $20.18 ($0.08)
Distributed Allocation Factor -0.00080000 0.00577359 0.20180000 -0.00080000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution ($0.08) $129,520.91 $20.18 ($0.08)
Ending Principal Balance $0.00 $19,362,524.23 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.98891620 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class Group II R Group III R Group IV R
<S> <C> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance $0.00 $0.00 $0.00
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000
Scheduled Interest $19.66 $0.59 ($0.03)
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.01 $0.02 $0.01
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $19.67 $0.61 ($0.02)
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $19.67 $0.61 ($0.02)
Ending Principal Balance $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-1 Group I Pool 1406
Mortgage Trust
<TABLE>
<CAPTION>
Class Portfolio I-A-1-L I-A-2-L I-A-3-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.3798% 7.000% 7.000% 7.000%
Original Principal Balance $484,094,252.36 $378,000,000.00 $36,876,000.00 $27,339,558.00
Beginning Principal Balance $338,131,611.49 $232,789,063.32 $36,876,000.00 $27,059,538.70
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $13,888,374.25 $13,828,265.96 $0.00 $23,006.99
Principal Allocation Factor 0.02868940 0.03658271 0.00000000 0.00084153
Scheduled Interest $2,079,463.17 $1,357,936.20 $215,110.00 $157,847.31
Scheduled Interest Allocation Factor 0.00429558 0.00359242 0.00583333 0.00577359
Interest Adjustment $0.26 $0.17 $0.03 $0.02
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $2,079,463.43 $1,357,936.37 $215,110.03 $157,847.33
Distributed Allocation Factor 0.00429558 0.00359242 0.00583333 0.00577359
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $15,967,837.68 $15,186,202.33 $215,110.03 $180,854.32
Ending Principal Balance $324,243,237.24 $218,960,797.36 $36,876,000.00 $27,036,531.71
Principal Balance Trading Factor 0.66979361 0.57926137 1.00000000 0.98891620
<CAPTION>
Class I-X-1-L I-P-L I-B-1-L I-B-2-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $0.00 $514,812.80 $11,376,214.00 $4,356,848.00
Beginning Principal Balance $0.00 $466,887.14 $11,259,695.68 $4,312,223.98
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $2,292.53 $9,573.40 $3,666.41
Principal Allocation Factor 0.00000000 0.00445313 0.00084153 0.00084153
Scheduled Interest $109,752.36 $0.00 $65,681.56 $25,154.64
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00577359 0.00577359
Interest Adjustment $0.01 $0.00 $0.01 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $109,752.37 $0.00 $65,681.57 $25,154.64
Distributed Allocation Factor 0.00000000 0.00000000 0.00577359 0.00577359
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $109,752.37 $2,292.53 $75,254.97 $28,821.05
Ending Principal Balance $0.00 $464,594.61 $11,250,122.28 $4,308,557.57
Principal Balance Trading Factor 0.00000000 0.90245349 0.98891620 0.98891620
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-B-3-L I-B-4-L I-B-5-L I-B-6-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $1,936,377.00 $1,694,329.00 $1,210,235.00 $1,210,238.56
Beginning Principal Balance $1,916,544.08 $1,676,975.20 $1,197,839.45 $1,197,842.98
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,629.51 $1,425.82 $1,018.45 $1,018.45
Principal Allocation Factor 0.00084153 0.00084152 0.00084153 0.00084153
Scheduled Interest $11,179.84 $9,782.36 $6,987.40 $6,987.42
Scheduled Interest Allocation Factor 0.00577359 0.00577359 0.00577359 0.00577359
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $11,179.84 $9,782.36 $6,987.40 $6,987.42
Distributed Allocation Factor 0.00577359 0.00577359 0.00577359 0.00577359
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $12,809.35 $11,208.18 $8,005.85 $8,005.87
Ending Principal Balance $1,914,914.57 $1,675,549.38 $1,196,821.00 $1,196,824.53
Principal Balance Trading Factor 0.98891619 0.98891619 0.98891620 0.98891621
<CAPTION>
Class R-L II-A-1-5-L
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $100.00 $19,579,540.00
Beginning Principal Balance $0.00 $19,379,000.96
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 Class X-1 Notional Amt $0.00
Principal Distributed $0.00 ---------------------- $16,476.73
Principal Allocation Factor 0.00000000 $18,814,690.86 0.00084153
Scheduled Interest ($0.09) $113,044.17
Scheduled Interest Allocation Factor -0.00090000 0.00577359
Interest Adjustment $0.01 $0.01
Interest Adjustment Allocation Factor 0.00010000 0.00000000
Net Interest Distributed ($0.08) $113,044.18
Distributed Allocation Factor -0.00080000 0.00577359
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution ($0.08) $129,520.91
Ending Principal Balance $0.00 $19,362,524.23
Principal Balance Trading Factor 0.00000000 0.98891620
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
SERIES: 1998 - 1 Group II (1407)
PROCESSING MONTH: 02/1999
INDY MAC WEIGHTED AVERAGE PC RATE: 0.0000
SERIES: 1998 - 1 Group II (1407) PNC WEIGHTED AVERAGE PC RATE: 7.5326
WEIGHTED AVERAGE PC RATE: 7.5326
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $207,436,432.22
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
INDY MAC PORTION PNC PORTION
CERTIFICATE CERTIFICATE
TOTAL ACCOUNT CERTIFICATE TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING MORTGAGES (@ PC RATE) OUTSTANDING
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 0 $0.00 372 $136,730,732.89
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current
Month $0.00 $111,056.32
Unscheduled Principal Collection/Reversals $0.00 ($83,404.92)
Liquidations-in-full 0 $0.00 23 $8,145,769.40
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $0.00 $0.00 $8,173,420.80 ($8,173,420.80)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00 $0.00
BALANCE CURRENT FISCAL MONTH-END: 0 $0.00 349 $128,557,312.09
SCHEDULED INTEREST AT MORTGAGE RATE: $0.00 $890,977.50
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00 $63.25
Interest Sales Adjustments $0.00 $0.00
Interest Accrual Adjustment $0.00 $0.00
Interest Uncollected on Liquidation $0.00 $0.00
Interest Uncollected on Non-Earning Assets $0.00 $0.00
Net Unscheduled Interest Distributed $0.00 $63.25
OTHER:
Loan Conversion Fees $0.00 $0.00
Expense Reimbursements $0.00 $0.00
Gain on Liquidations $0.00 $0.00
Hazard Insurance Premium Refunds $0.00 $0.00
Net Other Distributions $0.00 $0.00
SCHEDULED SERVICING FEE EXPENSES: $0.00 $33,071.42
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/
Reversals $0.00 $2.19
Servicing Fees Sales Adjustments $0.00 $0.00
Servicing Fees Accrual Adjustments $0.00 $0.00
Servicing Fees Uncollected on Liquidation $0.00 $0.00
Servicing Fees Uncollected/Non-Earning
Assets $0.00 $0.00
Net Unscheduled Service Fees Distributed $0.00 $2.19
MISCELLANEOUS EXPENSES: $0.00 $0.00
NET FUNDS DISTRIBUTED: $0.00 $9,031,387.94
---------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group II (1407) PNC WEIGHTED AVERAGE PC RATE: 7.5326
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- -------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,173,420.80 $857,906.08 $61.06 $857,967.14 $0.00 $9,031,387.94
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED INDY MAC PNC INDY MAC PNC INDY MAC PNC COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,036,105.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,036,105.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $4,148,729.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,148,729.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DELINQUENT INSTALLMENTS
- -----------------------------------------------------------------------------------------------------------------------------------
ONE (PNC PORTION) TWO (PNC PORTION) THREE (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
4 $950,823.73 1 $613,455.81 0 $0.00
<CAPTION>
FORECLOSURE (PNC PORTION) REO (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ONE (INDY MAC PORTION) TWO (INDY MAC PORTION) THREE (INDY MAC PORTION )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (INDY MAC PORTION ) ACQUIRED (INDY MAC PORTION )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group II (1407) WEIGHTED AVERAGE PC RATE: 7.5326
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $207,436,432.22
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 372 $136,730,732.89
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $111,056.32
Unscheduled Principal Collection/Reversals ($83,404.92)
Liquidations-in-full 23 $8,145,769.40
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $8,173,420.80 ($8,173,420.80)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 349 $128,557,312.09
SCHEDULED INTEREST AT MORTGAGE RATE: $890,977.50
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $63.25
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $63.25
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $33,071.42
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $2.19
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $2.19
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $9,031,387.94
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group II (1407) PNC WEIGHTED AVERAGE PC RATE: 7.5326
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- -------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,173,420.80 $857,906.08 $61.06 $857,967.14 $0.00 $9,031,387.94
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,036,105.00 $0.00 $0.00 $0.00 $4,036,105.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $4,148,729.00 $0.00 $0.00 $0.00 $4,148,729.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
4 $950,823.73 1 $613,455.81 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group II-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated January 28, 1998, pursuant to which
certain of the Group II Certificates were offered.
The Class Principal Balances of the Class II-B Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
II-B-1 $3,225,517.57
II-B-2 $716,781.26
II-B-3 $430,068.56
II-B-4 $358,390.64
II-B-5 $358,390.64
II-B-6 $286,716.22
Total $5,375,864.89
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,036,105.00,
$100,000.00, $4,148,729.00 respectively. Capitalized terms used but not defined
herein have the meanings ascribed to them in the Prospectus Supplement.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 1 Group II (1407)
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-1 Group II Pool 1407
Certificate Trust
<TABLE>
<CAPTION>
Class Portfolio II-A-1 II-A-2 II-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.5291% 7.9196% 6.950% 7.150%
Original Principal Balance $207,436,432.22 $56,339,286.04 $0.00 $14,650,000.00
Beginning Principal Balance $136,730,732.58 $46,075,227.26 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $8,173,420.80 $7,473,475.03 $0.00 $0.00
Principal Allocation Factor 0.03940205 0.13265122 0.00000000 0.00000000
Scheduled Interest $857,906.08 $304,075.41 $13,311.90 $0.00
Scheduled Interest Allocation Factor 0.00413575 0.00539722 0.00000000 0.00000000
Interest Adjustment $61.06 $4.73 $1.35 $0.00
Interest Adjustment Allocation Factor 0.00000029 0.00000008 0.00000000 0.00000000
Net Interest Distributed $857,967.14 $304,080.14 $13,313.25 $0.00
Distributed Allocation Factor 0.00413605 0.00539730 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,031,387.94 $7,777,555.17 $13,313.25 $0.00
Ending Principal Balance $128,557,311.78 $38,601,752.23 $0.00 $0.00
Principal Balance Trading Factor 0.61974317 0.68516580 0.00000000 0.00000000
<CAPTION>
Class II-A-4 II-A-5 II-A-6 II-A-7
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.150% 6.750% 6.500% 7.150%
Original Principal Balance $31,213,733.00 $10,630,000.00 $21,969,000.00 $8,500,000.00
Beginning Principal Balance $0.00 $4,658,415.58 $21,969,000.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $691,188.15 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.06502240 0.00000000 0.00000000
Scheduled Interest $0.00 $26,203.59 $118,998.75 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00246506 0.00541667 0.00000000
Interest Adjustment $0.00 $2.66 $12.10 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000025 0.00000055 0.00000000
Net Interest Distributed $0.00 $26,206.25 $119,010.85 $0.00
Distributed Allocation Factor 0.00000000 0.00246531 0.00541722 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $717,394.40 $119,010.85 $0.00
Ending Principal Balance $0.00 $3,967,227.43 $21,969,000.00 $0.00
Principal Balance Trading Factor 0.00000000 0.37321048 1.00000000 0.00000000
<CAPTION>
Class II-A-8
<S> <C>
Weighted Average Pass Through Rate 6.500%
Original Principal Balance $3,472,000.00
Beginning Principal Balance $3,472,000.00
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $0.00
Principal Allocation Factor 0.00000000
Scheduled Interest $18,806.67
Scheduled Interest Allocation Factor 0.00541667
Interest Adjustment $1.91
Interest Adjustment Allocation Factor 0.00000055
Net Interest Distributed $18,808.58
Distributed Allocation Factor 0.00541722
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $18,808.58
Ending Principal Balance $3,472,000.00
Principal Balance Trading Factor 1.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class II-A-9 II-A-10 II-A-11 II-X II-B-1
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.750% 7.000% 7.000%
Original Principal Balance $46,123,000.00 $3,649,000.00 $0.00 $0.00 $5,704,501.00
Beginning Principal Balance $46,123,000.00 $3,649,000.00 $0.00 $0.00 $5,648,807.74
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00 $4,587.32
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00080416
Scheduled Interest $249,832.92 $19,765.42 $15,669.38 $28,315.20 $32,951.38
Scheduled Interest Allocation Factor 0.00541667 0.00541667 0.00000000 0.00000000 0.00577638
Interest Adjustment $25.41 $2.01 $1.59 $2.88 $3.35
Interest Adjustment Allocation Factor 0.00000055 0.00000055 0.00000000 0.00000000 0.00000059
Net Interest Distributed $249,858.33 $19,767.43 $15,670.97 $28,318.08 $32,954.73
Distributed Allocation Factor 0.00541722 0.00541722 0.00000000 0.00000000 0.00577697
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $249,858.33 $19,767.43 $15,670.97 $28,318.08 $37,542.05
Ending Principal Balance $46,123,000.00 $3,649,000.00 $0.00 $0.00 $5,644,220.42
Principal Balance Trading Factor 1.00000000 1.00000000 0.00000000 0.00000000 0.98943280
<CAPTION>
Class II-B-2 II-B-3 II-B-4 II-B-5 II-B-6 Group II R
<S> <C> <C> <C> <S> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $2,074,364.00 $1,140,900.00 $726,027.00 $622,309.00 $622,312.18 $0.00
Beginning Principal Balance $2,054,111.91 $1,129,761.37 $718,938.77 $616,233.39 $616,236.56 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,668.12 $917.46 $583.84 $500.44 $500.44 $0.00
Principal Allocation Factor 0.00080416 0.00080415 0.00080416 0.00080417 0.00080416 0.00000000
Scheduled Interest $11,982.32 $6,590.27 $4,193.81 $3,594.69 $3,594.71 $19.66
Scheduled Interest Allocation Factor 0.00577638 0.00577638 0.00577638 0.00577637 0.00577638 0.000000000
Interest Adjustment $1.22 $0.67 $0.43 $0.37 $0.37 $0.01
Interest Adjustment Allocation Factor 0.00000059 0.00000059 0.00000059 0.00000059 0.00000059 0.00000000
Net Interest Distributed $11,983.54 $6,590.94 $4,194.24 $3,595.06 $3,595.08 $19.67
Distributed Allocation Factor 0.00577697 0.00577697 0.00577698 0.00577697 0.00577697 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $13,651.66 $7,508.40 $4,778.08 $4,095.50 $4,095.52 $19.67
Ending Principal Balance $2,052,443.79 $1,128,843.91 $718,354.93 $615,732.95 $615,736.12 $0.00
Principal Balance Trading Factor 0.98943280 0.98943282 0.98943280 0.98943282 0.98943286 0.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class II-A-1 II-A-1-1 II-A-1-2 II-A-1-3
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.9196% 7.150% 7.150%
Original Principal Balance $56,339,286.04 $4,118,716.00 $52,000,000.00 $0.00
Beginning Principal Balance $46,075,227.26 $2,637,690.52 $43,220,800.05 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments II-X Notional Amt $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,473,475.03 $170,958.86 $7,286,891.58 $0.00
Principal Allocation Factor $4,854,034.14 0.13265122 0.04150780 0.14013253 0.00000000
Scheduled Interest $304,075.41 $0.00 $257,523.93 $13,311.90
Scheduled Interest Allocation Factor II-A-2 Notional Amt 0.00539722 0.00000000 0.00495238 0.00000000
Interest Adjustment $4.73 $0.00 $0.00 $1.35
Interest Adjustment Allocation Factor $2,298,458.00 0.00000008 0.00000000 0.00000000 0.00000000
Net Interest Distributed $304,080.14 $0.00 $257,523.93 $13,313.25
Distributed Allocation Factor II-A-11 Notional Amt 0.00539730 0.00000000 0.00495238 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor $2,785,666.67 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $7,777,555.17 $170,958.86 $7,544,415.51 $13,313.25
Ending Principal Balance $38,601,752.23 $2,466,731.66 $35,933,908.47 $0.00
Principal Balance Trading Factor 0.68516580 0.59890793 0.69103670 0.00000000
Distribution Date: March 25, 1999
<CAPTION>
Receives cashflows
from Group I
Class II-A-1-4 II-A-1-5* II-A-1-6
<S> <C> <S> <S> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $220,570.04 $19,579,540.00 $0.00
Beginning Principal Balance $216,736.69 $19,379,000.96 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 II-A-1-3 Notional Amt
Principal Distributed $15,624.59 $16,476.73 $0.00
Principal Allocation Factor 0.07083732 0.00084153 0.00000000 $2,234,165.47
Scheduled Interest $0.00 $113,044.17 $33,239.58
Scheduled Interest Allocation Factor 0.00000000 0.00577359 0.00000000 II-A-1-6 Notional Amt
Interest Adjustment $0.00 $0.01 $3.38
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 $5,698,214.00
Net Interest Distributed $0.00 $113,044.18 $33,242.96
Distributed Allocation Factor 0.00000000 0.00577359 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $15,624.59 $129,520.91 $33,242.96
Ending Principal Balance $201,112.10 $19,362,524.23 $0.00
Principal Balance Trading Factor 0.91178340 0.98891620 0.00000000
</TABLE>
II-A-1 does not reflect II-A-1-5
component distributions so that
the mortgage and certificate
balances remain equal within
Groups I and II. However, II-A-1
is entitled to the distibutions
from II-A-1-5 component. See
prospectus page S-9, (5).
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
INDY MAC WEIGHTED AVERAGE PC RATE: 8.0750
SERIES: 1998 - 1 Group III (1408) PNC WEIGHTED AVERAGE PC RATE: 7.5679
WEIGHTED AVERAGE PC RATE: 7.5691
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $128,532,742.83
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
INDY MAC PORTION PNC PORTION
CERTIFICATE CERTIFICATE
TOTAL ACCOUNT CERTIFICATE TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING MORTGAGES (@ PC RATE) OUTSTANDING
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1 $220,592.54 867 $100,468,520.05
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current
Month $155.41 $95,205.40
Unscheduled Principal Collection/Reversals $0.04 $34,522.49
Liquidations-in-full 0 $0.00 23 $3,360,828.36
Principal Balance Sales Adjustments $0.00 $0.00
Net Principal Distributed $155.45 ($155.45) $3,490,556.25 ($3,490,556.25)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00 $0.00
BALANCE CURRENT FISCAL MONTH-END: 1 $220,437.09 844 $96,977,963.80
SCHEDULED INTEREST AT MORTGAGE RATE: $1,539.55 $658,157.83
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00 $10.27
Interest Sales Adjustments $0.00 $0.00
Interest Accrual Adjustment $0.00 Unsched Int Adj $0.00
Interest Uncollected on Liquidation $0.00 $0.00
Interest Uncollected on Non-Earning Assets $0.00 $0.00
Net Unscheduled Interest Distributed $0.00 $10.27
OTHER:
Loan Conversion Fees $0.00 $0.00
Expense Reimbursements $0.00 $0.00
Gain on Liquidations $0.00 $0.00
Hazard Insurance Premium Refunds $0.00 $0.00
Net Other Distributions $0.00 $0.00
Indy Mac Interest Sheet:
SCHEDULED SERVICING FEE EXPENSES: $55.15 Serv, Indy Fees, PNC Bd $24,649.26
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/
Reversals $0.00 $0.28
Servicing Fees Sales Adjustments $0.00 $0.00
Servicing Fees Accrual Adjustments $0.00 $0.00
Servicing Fees Uncollected on Liquidation $0.00 Unsched Fee Adj $0.00
Servicing Fees Uncollected/Non-Earning
Assets $0.00 $0.00
Net Unscheduled Service Fees Distributed $0.00 $0.28
MISCELLANEOUS EXPENSES: $0.00 $0.00
NET FUNDS DISTRIBUTED: $1,639.85 $4,124,074.81
---------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group III (1408) PNC WEIGHTED AVERAGE PC RATE: 7.5679
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- -------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$3,490,711.70 $634,992.97 $9.99 $635,002.96 $0.00 $4,125,714.66
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED INDY MAC PNC INDY MAC PNC INDY MAC PNC COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,570,010.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,570,010.00
BANKRUPTCY BOND
SINGLE-UNITS $200,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $200,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $5,141,310.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,141,310.00
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT INSTALLMENTS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ONE (PNC PORTION) TWO (PNC PORTION) THREE (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
19 $1,431,140.21 1 $141,696.25 1 $81,126.47
<CAPTION>
FORECLOSURE (PNC PORTION) REO (PNC PORTION)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
2 $261,339.64 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ONE (INDY MAC PORTION) TWO (INDY MAC PORTION) THREE (INDY MAC PORTION )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (INDY MAC PORTION ) ACQUIRED (INDY MAC PORTION )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group III (1408) WEIGHTED AVERAGE PC RATE: 7.5691
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $128,532,742.83
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 868 $100,689,112.59
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current
Month $95,360.81
Unscheduled Principal Collection/Reversals $34,522.53
Liquidations-in-full 23 $3,360,828.36
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,490,711.70 ($3,490,711.70)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 845 $97,198,400.89
SCHEDULED INTEREST AT MORTGAGE RATE: $659,697.38
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $10.27
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $10.27
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $24,704.41
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/
Reversals $0.28
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning
Assets $0.00
Net Unscheduled Service Fees Distributed $0.28
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,125,714.66
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group III (1408) PNC WEIGHTED AVERAGE PC RATE: 7.5691ATE:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- -------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$3,490,711.70 $634,992.97 $9.99 $635,002.96 $0.00 $4,125,714.66
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $1,285,005.00 $0.00 $0.00 $0.00 $1,285,005.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,500,985.00 $0.00 $0.00 $0.00 $1,500,985.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
19 $1,431,140.21 1 $141,696.25 1 $81,126.47
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
2 $261,339.64 0 $0.00
</TABLE>
The Group III-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 28, 1998,
pursuant to which certain of the Group III Certificates were offered.
The Class Principal Balances of the Class III-B Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows:
CLASS CLASS PRINCIPAL BALANCE
III-B-1 $2,539,210.18
III-B-2 $1,333,085.02
III-B-3 $634,802.07
III-B-4 $380,881.44
III-B-5 $380,881.44
III-B-6 $444,365.38
Total $5,713,225.53
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $1,285,005.00,
$100,000.00, $1,500,985.00 respectively. Capitalized terms used but not defined
herein have the meanings ascribed to them in the Prospectus Supplement.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 1 Group III (1408)
<TABLE>
<CAPTION>
Pass Through
Interest Rate Interest Rate Net Rate Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-1 Group III Pool 1408
Certificate Trust
<TABLE>
<CAPTION>
Class Portfolio III-A-1 III-X III-P III-B-1
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.5678% 7.000% 7.000% 7.000%
Original Principal Balance $128,532,742.83 $122,441,779.00 $0.00 $306,989.77 $2,570,654.00
Beginning Principal Balance $100,689,112.58 $94,704,954.76 $0.00 $265,523.54 $2,541,614.08
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $3,490,711.70 $3,481,215.27 $0.00 $4,087.68 $2,403.90
Principal Allocation Factor 0.02715815 0.02843160 0.00000000 0.01331536 0.00093513
Scheduled Interest $634,992.97 $552,445.57 $49,188.11 $0.00 $14,826.08
Scheduled Interest Allocation Factor 0.00494032 0.00451190 0.00000000 0.00000000 0.00576744
Interest Adjustment $9.99 $8.69 $0.77 $0.00 $0.23
Interest Adjustment Allocation Factor 0.00000008 0.00000007 0.00000000 0.00000000 0.00000009
Net Interest Distributed $635,002.96 $552,454.26 $49,188.88 $0.00 $14,826.31
Distributed Allocation Factor 0.00494040 0.00451198 0.00000000 0.00000000 0.00576752
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,125,714.66 $4,033,669.53 $49,188.88 $4,087.68 $17,230.21
Ending Principal Balance $97,198,400.88 $91,223,739.49 $0.00 $261,435.86 $2,539,210.18
Principal Balance Trading Factor 0.75621510 0.74503768 0.00000000 0.85161098 0.98776816
<CAPTION>
Class III-B-2 III-B-3 III-B-4
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $1,349,593.00 $642,663.00 $385,598.00
Beginning Principal Balance $1,334,347.06 $635,403.04 $381,242.02
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $1,262.04 $600.97 $360.58
Principal Allocation Factor 0.00093513 0.00093512 0.00093512
Scheduled Interest $7,783.69 $3,706.52 $2,223.91
Scheduled Interest Allocation Factor 0.00576744 0.00576744 0.00576743
Interest Adjustment $0.12 $0.06 $0.03
Interest Adjustment Allocation Factor 0.00000009 0.00000009 0.00000008
Net Interest Distributed $7,783.81 $3,706.58 $2,223.94
Distributed Allocation Factor 0.00576752 0.00576753 0.00576751
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,045.85 $4,307.55 $2,584.52
Ending Principal Balance $1,333,085.02 $634,802.07 $380,881.44
Principal Balance Trading Factor 0.98776818 0.98776819 0.98776819
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class III-B-5 III-B-6 R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $385,598.00 $449,868.06 $0.00
Beginning Principal Balance $381,242.02 $444,786.06 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 Class III-X Notional Amt
Principal Distributed $360.58 $420.68 $0.00
Principal Allocation Factor 0.00093512 0.00093512 0.00000000 $8,432,247.14
Scheduled Interest $2,223.91 $2,594.59 $0.59
Scheduled Interest Allocation Factor 0.00576743 0.00576745 0.00000000
Interest Adjustment $0.03 $0.04 $0.02
Interest Adjustment Allocation Factor 0.00000008 0.00000009 0.00000000
Net Interest Distributed $2,223.94 $2,594.63 $0.61
Distributed Allocation Factor 0.00576751 0.00576754 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,584.52 $3,015.31 $0.61
Ending Principal Balance $380,881.44 $444,365.38 $0.00
Principal Balance Trading Factor 0.98776819 0.98776824 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-1 Group III Pool 1408
Mortgage Trust
<TABLE>
<CAPTION>
Class Portfolio III-A-1-L III-X-L III-P-L III-B-1-L
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.5678% 7.000% 7.000% 7.000%
Original Principal Balance $128,532,742.83 $122,441,779.00 $0.00 $306,989.77 $2,570,654.00
Beginning Principal Balance $100,689,112.58 $94,704,954.76 $0.00 $265,523.54 $2,541,614.08
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $3,490,711.70 $3,481,215.27 $0.00 $4,087.68 $2,403.90
Principal Allocation Factor 0.02715815 0.02843160 0.00000000 0.01331536 0.00093513
Scheduled Interest $634,992.97 $552,445.57 $49,188.11 $0.00 $14,826.08
Scheduled Interest Allocation Factor 0.00494032 0.00451190 0.00000000 0.00000000 0.00576744
Interest Adjustment $9.99 $8.69 $0.77 $0.00 $0.23
Interest Adjustment Allocation Factor 0.00000008 0.00000007 0.00000000 0.00000000 0.00000009
Net Interest Distributed $635,002.96 $552,454.26 $49,188.88 $0.00 $14,826.31
Distributed Allocation Factor 0.00494040 0.00451198 0.00000000 0.00000000 0.00576752
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,125,714.66 $4,033,669.53 $49,188.88 $4,087.68 $17,230.21
Ending Principal Balance $97,198,400.88 $91,223,739.49 $0.00 $261,435.86 $2,539,210.18
Principal Balance Trading Factor 0.75621510 0.74503768 0.00000000 0.85161098 0.98776816
<CAPTION>
Class III-B-2-L III-B-3-L III-B-4-L
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $1,349,593.00 $642,663.00 $385,598.00
Beginning Principal Balance $1,334,347.06 $635,403.04 $381,242.02
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $1,262.04 $600.97 $360.58
Principal Allocation Factor 0.00093513 0.00093512 0.00093512
Scheduled Interest $7,783.69 $3,706.52 $2,223.91
Scheduled Interest Allocation Factor 0.00576744 0.00576744 0.00576743
Interest Adjustment $0.12 $0.06 $0.03
Interest Adjustment Allocation Factor 0.00000009 0.00000009 0.00000008
Net Interest Distributed $7,783.81 $3,706.58 $2,223.94
Distributed Allocation Factor 0.00576752 0.00576753 0.00576751
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,045.85 $4,307.55 $2,584.52
Ending Principal Balance $1,333,085.02 $634,802.07 $380,881.44
Principal Balance Trading Factor 0.98776818 0.98776819 0.98776819
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class III-B-5-L III-B-6-L III-R-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $385,598.00 $449,868.06 $0.00
Beginning Principal Balance $381,242.02 $444,786.06 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 Class III-X Notional Amt
Principal Distributed $360.58 $420.68 $0.00
Principal Allocation Factor 0.00093512 0.00093512 0.00000000 $8,432,247.14
Scheduled Interest $2,223.91 $2,594.59 $0.59
Scheduled Interest Allocation Factor 0.00576743 0.00576745 0.00000000
Interest Adjustment $0.03 $0.04 $0.02
Interest Adjustment Allocation Factor 0.00000008 0.00000009 0.00000000
Net Interest Distributed $2,223.94 $2,594.63 $0.61
Distributed Allocation Factor 0.00576751 0.00576754 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,584.52 $3,015.31 $0.61
Ending Principal Balance $380,881.44 $444,365.38 $0.00
Principal Balance Trading Factor 0.98776819 0.98776824 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
IB Class Subordination Level Distribution Test
Reporting Period: February 1999
Series: 1998-1 Group III Pool 1408
<TABLE>
<CAPTION>
Class III-B -1 Class III-B -2 Class III-B -3 Class III-B -4 Class III-B -5
<S> <C> <C> <C> <C> <C>
Original Class Balance $3,213,320.06 $1,863,727.06 $1,221,064.06 $835,466.06 $449,868.06
Original Pool Balance $128,532,742.83 $128,532,742.83 $128,532,742.83 $128,532,742.83 $128,532,742.83
Subordination Level at Cutoff 2.500001159% 1.450001781% 0.950002336% 0.650002514% 0.350002692%
Current Class Balance $3,177,020.20 $1,842,673.14 $1,207,270.10 $826,028.08 $444,786.06
Current Pool Balance $100,689,112.58 $100,689,112.58 $100,689,112.58 $100,689,112.58 $100,689,112.58
Current Subordination Level 3.155276791% 1.830061953% 1.199007588% 0.820374774% 0.441741961%
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Manual Entry & Calculations
Reporting Period: February 1999
Series: 1998-1 Group III Pool 1408
<TABLE>
<CAPTION>
----------------------
Pass Through Rate Wtd Avg PT Rate Report
- ----------------- ----------------------
PNC Indy Mac Total
<S> <C> <C> <C>
Calculated Value $7,602,095.69 + $17,812.85 = $7,619,908.54
Prinipal Balance $100,468,520.05 + $220,592.54 = $100,689,112.59
Pass Through Rate 7.5666% 8.075% 7.5678%
<CAPTION>
-------------------
Class III-P Fraction Class III-X Interest Indy Mac Rem report
- -------------------- -------------------- -------------------
<S> <C> <C> <C> <C> <C>
PNC Indy Mac Total
PNC Only Pool Sched. Pbal. $100,468,520.05 + $220,592.54 = $100,689,112.59
Beg. Balance $265,523.54 Calc Value $587,885.93 + $2,371.37 = $590,257.30
Sched P Fraction $378.96 Wghtd Avg Strip 0.005851444 Avg. 0.010750001 Avg. 0.005862176
Unsched P Fraction $3,708.72 X Notional Amt $8,398,370.43 + $33,876.71 = $8,432,247.14
-----------
Ending Balance $261,435.86 Class X Interest $48,990.49 + $197.61 = $49,188.11
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Include Indy Mac portion Adjusted Senior Subordinate Principal
Whole III-P Principal Principal Principal Check
----- ----- --------- --------- --------- -----
<S> <C> <C> <C> <C> <C> <C>
Scheduled LINK!!!! $95,360.81
Ins. Proceeds $0.00
Repurchases $0.00
-----------
Sub Total $95,360.81 $378.96 $94,981.85 $89,573.10 $5,408.75 $0.00
Curtailments $34,522.53
Payoffs $3,360,828.36
-----------
Sub Total $3,395,350.89 $3,708.72 $3,391,642.17 $3,391,642.17 $0.00 $0.00
Liquidations $0.00 $0.00 $0.00
Total $3,490,711.70 $4,087.68 $3,486,624.02 $3,481,215.27 $5,408.75 $0.00
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
PRIN OK
<S> <C> <C> <C>
Senior % = $94,704,954.76 Subordinate% = $5,718,634.28
--------------- ---------------
$100,423,589.04 $100,423,589.04
Senior % = 94.305487503% Subordinate% = 5.694512947%
Senior Prepayment % 100.00% Subord PP % = 0.00% $0.00
( 100% til 02/2003)
<CAPTION>
Senior Principal Distribution Subordinate Principal Amount
- ----------------------------- ----------------------------
<S> <C> <C> <C> <C> <C>
Class III-A-1 $3,481,215.27 III-B-1 $2,403.90 *+.01 III-B-4 $360.58
III-B-2 $1,262.04 III-B-5 $360.58
III-B-3 $600.97 III-B-6 $420.68
III-B Total $5,408.75
SUB PRIN OK
$0.00
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group IV (1409) WEIGHTED AVERAGE PC RATE: 7.6490
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $150,098,526.71
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1489 $123,468,328.79
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $438,416.29
Unscheduled Principal Collection/Reversals $69,059.10
Liquidations-in-full 21 $1,963,204.91
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,470,680.30 ($2,470,680.30)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1468 $120,997,648.49
SCHEDULED INTEREST AT MORTGAGE RATE: $817,838.28
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($624.79)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment ($1,136.83)
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($1,761.62)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $30,861.43
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($25.35)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation ($74.88)
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($100.23)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,255,995.76
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 1 Group IV (1409) PNC WEIGHTED AVERAGE PC RATE: 7.6490
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ------------------------------------------------------
- ------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,470,680.30 $786,976.85 ($1,661.39) $785,315.46 $0.00 $3,255,995.76
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $1,500,985.00 $0.00 $0.00 $0.00 $1,500,985.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,500,985.00 $0.00 $0.00 $0.00 $1,500,985.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
19 $1,628,734.21 5 $286,772.35 2 $262,105.20
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $60,913.63 0 $0.00
</TABLE>
The Group IV-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group IV Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated January 28, 1998, pursuant to which
certain of the Group IV Certificates were offered.
The Class Principal Balances of the Class IV-B Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
IV-B-1 $3,225,517.57
IV-B-2 $716,781.26
IV-B-3 $430,068.56
IV-B-4 $358,390.64
IV-B-5 $358,390.64
IV-B-6 $286,716.22
Total $5,375,864.89
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $1,500,985.00,
$100,000.00, $1,500,985.00 respectively. Capitalized terms used but not defined
herein have the meanings ascribed to them in the Prospectus Supplement.
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-1 Group IV Pool 1409
Certificate Trust
Page 1 of 1 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IV-A-1 IV-X IV-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.6487% 6.750% 6.750%
Original Principal Balance $150,098,526.71 $144,382,781.00 $0.00 $87,050.03
Beginning Principal Balance $123,468,328.76 $117,990,813.08 $0.00 $82,494.63
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,470,680.30 $2,451,163.12 $0.00 $361.02
Principal Allocation Factor 0.01646039 0.01697684 0.00000000 0.00414727
Scheduled Interest $786,976.85 $663,698.32 $92,931.56 $0.00
Scheduled Interest Allocation Factor 0.00524307 0.00459680 0.00000000 0.00000000
Interest Adjustment ($1,661.39) ($1,401.14) ($196.19) $0.00
Interest Adjustment Allocation Factor -0.00001107 -0.00000970 0.00000000 0.00000000
Net Interest Distributed $785,315.46 $662,297.18 $92,735.37 $0.00
Distributed Allocation Factor 0.00523200 0.00458709 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,255,995.76 $3,113,460.30 $92,735.37 $361.02
Ending Principal Balance $120,997,648.46 $115,539,649.96 $0.00 $82,133.61
Principal Balance Trading Factor 0.80612149 0.80023150 0.00000000 0.94352190
<CAPTION>
Class IV-B-1 IV-B-2 IV-B-3 IV-B-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $3,377,216.00 $750,492.00 $450,295.00 $375,246.00
Beginning Principal Balance $3,237,011.26 $719,335.41 $431,601.05 $359,667.72
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $11,493.69 $2,554.15 $1,532.49 $1,277.08
Principal Allocation Factor 0.00340330 0.00340330 0.00340330 0.00340331
Scheduled Interest $18,208.19 $4,046.26 $2,427.76 $2,023.13
Scheduled Interest Allocation Factor 0.00539148 0.00539148 0.00539149 0.00539148
Interest Adjustment ($38.44) ($8.54) ($5.13) ($4.27)
Interest Adjustment Allocation Factor -0.00001138 -0.00001138 -0.00001139 -0.00001138
Net Interest Distributed $18,169.75 $4,037.72 $2,422.63 $2,018.86
Distributed Allocation Factor 0.00538010 0.00538010 0.00538010 0.00538010
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $29,663.44 $6,591.87 $3,955.12 $3,295.94
Ending Principal Balance $3,225,517.57 $716,781.26 $430,068.56 $358,390.64
Principal Balance Trading Factor 0.95508181 0.95508181 0.95508180 0.95508184
<CAPTION>
Class IV-B-5 IV-B-6 Group IV-R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750%
Original Principal Balance $375,246.00 $300,200.68 $0.00
Beginning Principal Balance $359,667.72 $287,737.89 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 Class IV-X
Principal Distributed $1,277.08 $1,021.67 $0.00 Notional Amt
Principal Allocation Factor 0.00340331 0.00340329 0.00000000 --------------
Scheduled Interest $2,023.13 $1,618.53 ($0.03) $16,521,165.63
Scheduled Interest Allocation Factor 0.00539148 0.00539149 0.00000000
Interest Adjustment ($4.27) ($3.42) $0.01
Interest Adjustment Allocation Factor -0.00001138 -0.00001139 0.00000000
Net Interest Distributed $2,018.86 $1,615.11 ($0.02)
Distributed Allocation Factor 0.00538010 0.00538010 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,295.94 $2,636.78 ($0.02)
Ending Principal Balance $358,390.64 $286,716.22 $0.00
Principal Balance Trading Factor 0.95508184 0.95508185 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-1 Group IV Pool 1409
Mortgage Trust
Page 1 of 1 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IV-A-1-L IV-X-L IV-P-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.6487% 6.750% 6.750%
Original Principal Balance $150,098,526.71 $144,382,781.00 $0.00 $87,050.03
Beginning Principal Balance $123,468,328.76 $117,990,813.08 $0.00 $82,494.63
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,470,680.30 $2,451,163.12 $0.00 $361.02
Principal Allocation Factor 0.01646039 0.01697684 0.00000000 0.00414727
Scheduled Interest $786,976.85 $663,698.32 $92,931.56 $0.00
Scheduled Interest Allocation Factor 0.00524307 0.00459680 0.00000000 0.00000000
Interest Adjustment ($1,661.39) ($1,401.14) ($196.19) $0.00
Interest Adjustment Allocation Factor -0.00001107 -0.00000970 0.00000000 0.00000000
Net Interest Distributed $785,315.46 $662,297.18 $92,735.37 $0.00
Distributed Allocation Factor 0.00523200 0.00458709 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,255,995.76 $3,113,460.30 $92,735.37 $361.02
Ending Principal Balance $120,997,648.46 $115,539,649.96 $0.00 $82,133.61
Principal Balance Trading Factor 0.80612149 0.80023150 0.00000000 0.94352190
<CAPTION>
Class IV-B-1-L IV-B-2-L IV-B-3-L IV-B-4-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $3,377,216.00 $750,492.00 $450,295.00 $375,246.00
Beginning Principal Balance $3,237,011.26 $719,335.41 $431,601.05 $359,667.72
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $11,493.69 $2,554.15 $1,532.49 $1,277.08
Principal Allocation Factor 0.00340330 0.00340330 0.00340330 0.00340331
Scheduled Interest $18,208.19 $4,046.26 $2,427.76 $2,023.13
Scheduled Interest Allocation Factor 0.00539148 0.00539148 0.00539149 0.00539148
Interest Adjustment ($38.44) ($8.54) ($5.13) ($4.27)
Interest Adjustment Allocation Factor -0.00001138 -0.00001138 -0.00001139 -0.00001138
Net Interest Distributed $18,169.75 $4,037.72 $2,422.63 $2,018.86
Distributed Allocation Factor 0.00538010 0.00538010 0.00538010 0.00538010
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $29,663.44 $6,591.87 $3,955.12 $3,295.94
Ending Principal Balance $3,225,517.57 $716,781.26 $430,068.56 $358,390.64
Principal Balance Trading Factor 0.95508181 0.95508181 0.95508180 0.95508184
<CAPTION>
Class IV-B-5-L IV-B-6-L IV-R-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750%
Original Principal Balance $375,246.00 $300,200.68 $0.00
Beginning Principal Balance $359,667.72 $287,737.89 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 Class IV-X Notional Amt
Principal Distributed $1,277.08 $1,021.67 $0.00 -----------------------
Principal Allocation Factor 0.00340331 0.00340329 0.00000000 $16,521,165.63
Scheduled Interest $2,023.13 $1,618.53 ($0.03)
Scheduled Interest Allocation Factor 0.00539148 0.00539149 0.00000000
Interest Adjustment ($4.27) ($3.42) $0.01
Interest Adjustment Allocation Factor -0.00001138 -0.00001139 0.00000000
Net Interest Distributed $2,018.86 $1,615.11 ($0.02)
Distributed Allocation Factor 0.00538010 0.00538010 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,295.94 $2,636.78 ($0.02)
Ending Principal Balance $358,390.64 $286,716.22 $0.00
Principal Balance Trading Factor 0.95508184 0.95508185 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-1 Group V (1410) WEIGHTED AVERAGE PC RATE: 7.2104
- --------------------------------------------------------------------------------
ISSUE DATE: 01/01/1998
CERTIFICATE BALANCE AT ISSUE: $235,481,387.71
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 522 $165,601,869.65
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $215,895.10
Unscheduled Principal Collection/Reversals $63,040.24
Liquidations-in-full 23 $7,036,021.55
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $7,314,956.89 ($7,314,956.89)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 499 $158,286,912.76
SCHEDULED INTEREST AT MORTGAGE RATE: $1,029,871.74
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $24.13
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $24.13
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $33,752.18
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.37
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.37
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,311,100.21
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-1 Group V (1410) WEIGHTED AVERAGE PC RATE: 7.2104
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -----------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- -----------------------------------------------------
- -----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$7,314,956.89 $996,119.56 $23.76 $996,143.32 $0.00 $8,311,100.21
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $3,811,159.00 $0.00 $0.00 $0.00 $3,811,159.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $4,709,628.00 $0.00 $0.00 $0.00 $4,709,628.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
7 $2,258,359.84 1 $256,926.92 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group V-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group V Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated January 28, 1998, pursuant to which
certain of the Group V Certificates were offered.
The Class Principal Balances of the Class VB Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
V-B-1 $4,284,275.40
V-B-2 $1,852,659.83
V-B-3 $926,329.40
V-B-4 $578,955.76
V-B-5 $231,582.10
V-B-6 $810,541.54
Total $8,684,344.03
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $3,811,159.00,
$100,000.00, $4,709,628.00 respectively. Capitalized terms used but not defined
herein have the meanings ascribed to them in the Prospectus Supplement.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-1 Group V (1410)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.7497 6.5497 6.5097 224.038 $12,871,876.51 37
7.0000 - 7.4999 7.2370 7.0347 6.9947 307.992 $62,014,126.82 191
7.5000 - 7.9999 7.6976 7.4948 7.4548 332.397 $77,483,516.03 251
8.0000 - 8.4999 8.0731 7.8022 7.7622 344.271 $5,615,435.19 19
8.5000 - 8.9999 8.6250 8.4250 8.3850 344.000 $301,958.21 1
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.4552 7.2504 7.2104 314.467 $158,286,912.76 499
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-1 Group V Pool 1410
Certificate Trust
Page 1 of 2 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio V-A-1 V-A-2 V-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 6.97435619% 6.97435619% 6.51516219%
Original Principal Balance $235,481,387.71 $27,152,000.00 $20,100,000.00 $119,000,785.00
Beginning Principal Balance $165,601,869.65 $9,882,938.61 $11,529,491.24 $73,951,253.32
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,314,956.89 $1,800,369.91 $893,510.40 $4,696,596.95
Principal Allocation Factor 0.03106384 0.06630708 0.04445325 0.03946694
Scheduled Interest $996,119.56 $57,439.28 $67,008.98 $401,503.67
Scheduled Interest Allocation Factor 0.00423014 0.00211547 0.00333378 0.00337396
Interest Adjustment $23.76 $1.37 $1.60 $9.58
Interest Adjustment Allocation Factor 0.00000010 0.00000005 0.00000008 0.00000008
Net Interest Distributed $996,143.32 $57,440.65 $67,010.58 $401,513.25
Distributed Allocation Factor 0.00423024 0.00211552 0.00333386 0.00337404
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,311,100.21 $1,857,810.56 $960,520.98 $5,098,110.20
Ending Principal Balance $158,286,912.76 $8,082,568.70 $10,635,980.84 $69,254,656.37
Principal Balance Trading Factor 0.67218439 0.29767858 0.52915328 0.58196806
<CAPTION>
Class V-A-4 V-A-5 V-A-6 V-A-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.01817619% 0.190805% 0.200% 7.4454%
Original Principal Balance $29,399,000.00 $0.00 $0.00 $20,500,000.00
Beginning Principal Balance $28,949,978.74 $0.00 $0.00 $22,253,882.07
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $37,742.08 $0.00 $0.00 ($138,077.50)
Principal Allocation Factor 0.00128379 0.00000000 0.00000000 -0.00673549
Scheduled Interest $169,313.38 $15,163.22 $6,548.10 $138,074.21
Scheduled Interest Allocation Factor 0.00575915 0.00000000 0.00000000 0.00673533
Interest Adjustment $4.04 $0.36 $0.16 $3.29
Interest Adjustment Allocation Factor 0.00000014 0.00000000 0.00000000 0.00000016
Net Interest Distributed $169,317.42 $15,163.58 $6,548.26 $138,077.50
Distributed Allocation Factor 0.00575929 0.00000000 0.00000000 0.00673549
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $207,059.50 $15,163.58 $6,548.26 $0.00
Ending Principal Balance $28,912,236.66 $0.00 $0.00 $22,391,959.57
Principal Balance Trading Factor 0.98344286 0.00000000 0.00000000 1.09229071
<CAPTION>
Class V-A-8 V-A-9 V-B-1O V-B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.459194% 7.01817619% 0.200% 7.01817619%
Original Principal Balance $0.00 $10,499,000.00 $0.00 $4,356,405.00
Beginning Principal Balance $0.00 $10,338,645.10 $0.00 $4,289,868.10
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $13,478.49 $0.00 $5,592.70
Principal Allocation Factor 0.00000000 0.00128379 0.00000000 0.00128379
Scheduled Interest $28,298.31 $60,465.36 $1,178.75 $25,089.21
Scheduled Interest Allocation Factor 0.00000000 0.00575915 0.00000000 0.00575915
Interest Adjustment $0.67 $1.44 $0.03 $0.60
Interest Adjustment Allocation Factor 0.00000000 0.00000014 0.00000000 0.00000014
Net Interest Distributed $28,298.98 $60,466.80 $1,178.78 $25,089.81
Distributed Allocation Factor 0.00000000 0.00575929 0.00000000 0.00575929
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $28,298.98 $73,945.29 $1,178.78 $30,682.51
Ending Principal Balance $0.00 $10,325,166.61 $0.00 $4,284,275.40
Principal Balance Trading Factor 0.00000000 0.98344286 0.00000000 0.98344286
<CAPTION>
Class V-B-2 V-B-3 V-B-4 V-B-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.01817619% 7.01817619% 7.21817619% 7.21817619%
Original Principal Balance $1,883,851.00 $941,925.00 $588,703.00 $235,481.00
Beginning Principal Balance $1,855,078.30 $927,538.63 $579,711.53 $231,884.41
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,418.47 $1,209.23 $755.77 $302.31
Principal Allocation Factor 0.00128379 0.00128379 0.00128379 0.00128380
Scheduled Interest $10,849.39 $5,424.69 $3,487.05 $1,394.82
Scheduled Interest Allocation Factor 0.00575916 0.00575915 0.00592328 0.00592328
Interest Adjustment $0.26 $0.13 $0.08 $0.03
Interest Adjustment Allocation Factor 0.00000014 0.00000014 0.00000014 0.00000013
Net Interest Distributed $10,849.65 $5,424.82 $3,487.13 $1,394.85
Distributed Allocation Factor 0.00575929 0.00575929 0.00592341 0.00592341
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $13,268.12 $6,634.05 $4,242.90 $1,697.16
Ending Principal Balance $1,852,659.83 $926,329.40 $578,955.76 $231,582.10
Principal Balance Trading Factor 0.98344287 0.98344284 0.98344286 0.98344283
</TABLE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-1 Group V Pool 1410
Certificate Trust
Page 2 of 2 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class V-B-6 R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 7.21817619%
Original Principal Balance $824,187.71 $50.00
Beginning Principal Balance $811,599.62 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 V-A-5 Notional Amt V-A-8 Notional Amt
Principal Distributed $1,058.08 $0.00 ------------------ ------------------
Principal Allocation Factor 0.00128379 0.00000000 $95,363,683.17 $73,951,253.32
Scheduled Interest $4,881.89 ($0.75)
Scheduled Interest Allocation Factor 0.00592327 -0.01500000 V-A-6 Notional Amt V-B-IO Notional Amt
Interest Adjustment $0.12 ($0.01) ------------------ -------------------
Interest Adjustment Allocation Factor 0.00000015 -0.00020000 $39,288,623.84 $7,072,485.03
Net Interest Distributed $4,882.01 ($0.75)
Distributed Allocation Factor 0.00592342 -0.01500000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $5,940.09 ($0.75)
Ending Principal Balance $810,541.54 $0.00
Principal Balance Trading Factor 0.98344289 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-1 Group V Pool 1410
Mortgage Trust
Page 1 of 1 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio V-A-1-L V-A-2-L V-A-3-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 7.16516119% 7.16516119% 7.16516119%
Original Principal Balance $235,481,387.71 $27,152,000.00 $20,100,000.00 $119,000,785.00
Beginning Principal Balance $165,601,869.65 $9,882,938.61 $11,529,491.24 $73,951,253.32
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,314,956.89 $1,800,369.91 $893,510.40 $4,696,596.95
Principal Allocation Factor 0.03106384 0.06630708 0.04445325 0.03946694
Scheduled Interest $996,119.56 $59,010.71 $68,842.22 $441,560.54
Scheduled Interest Allocation Factor 0.00423014 0.00217335 0.00342499 0.00371057
Interest Adjustment $23.76 $1.41 $1.64 $10.53
Interest Adjustment Allocation Factor 0.00000010 0.00000005 0.00000008 0.00000009
Net Interest Distributed $996,143.32 $59,012.12 $68,843.86 $441,571.07
Distributed Allocation Factor 0.00423024 0.00217340 0.00342507 0.00371066
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,311,100.21 $1,859,382.03 $962,354.26 $5,138,168.02
Ending Principal Balance $158,286,912.76 $8,082,568.70 $10,635,980.84 $69,254,656.37
Principal Balance Trading Factor 0.67218439 0.29767858 0.52915328 0.58196806
<CAPTION>
Class V-A-4-L V-A-7-L V-A-9-L V-B-1-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 7.4454% 7.21817619% 7.21817619%
Original Principal Balance $29,399,000.00 $20,500,000.00 $10,499,000.00 $4,356,405.00
Beginning Principal Balance $28,949,978.74 $22,253,882.07 $10,338,645.10 $4,289,868.10
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $37,742.08 ($138,077.50) $13,478.49 $5,592.70
Principal Allocation Factor 0.00128379 -0.00673549 0.00128379 0.00128379
Scheduled Interest $174,138.37 $138,074.21 $62,188.47 $25,804.19
Scheduled Interest Allocation Factor 0.00592328 0.00673533 0.00592328 0.00592328
Interest Adjustment $4.15 $3.29 $1.48 $0.62
Interest Adjustment Allocation Factor 0.00000014 0.00000016 0.00000014 0.00000014
Net Interest Distributed $174,142.52 $138,077.50 $62,189.95 $25,804.81
Distributed Allocation Factor 0.00592342 0.00673549 0.00592342 0.00592342
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $211,884.60 $0.00 $75,668.44 $31,397.51
Ending Principal Balance $28,912,236.66 $22,391,959.57 $10,325,166.61 $4,284,275.40
Principal Balance Trading Factor 0.98344286 1.09229071 0.98344286 0.98344286
<CAPTION>
Class V-B-2-L V-B-3-L V-B-4-L V-B-5-L
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 7.21817619% 7.21817619% 7.21817619%
Original Principal Balance $1,883,851.00 $941,925.00 $588,703.00 $235,481.00
Beginning Principal Balance $1,855,078.30 $927,538.63 $579,711.53 $231,884.41
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,418.47 $1,209.23 $755.77 $302.31
Principal Allocation Factor 0.00128379 0.00128379 0.00128379 0.00128380
Scheduled Interest $11,158.57 $5,579.28 $3,487.05 $1,394.82
Scheduled Interest Allocation Factor 0.00592328 0.00592327 0.00592328 0.00592328
Interest Adjustment $0.27 $0.13 $0.08 $0.03
Interest Adjustment Allocation Factor 0.00000014 0.00000014 0.00000014 0.00000013
Net Interest Distributed $11,158.84 $5,579.41 $3,487.13 $1,394.85
Distributed Allocation Factor 0.00592342 0.00592341 0.00592341 0.00592341
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $13,577.31 $6,788.64 $4,242.90 $1,697.16
Ending Principal Balance $1,852,659.83 $926,329.40 $578,955.76 $231,582.10
Principal Balance Trading Factor 0.98344287 0.98344284 0.98344286 0.98344283
<CAPTION>
Class V-B-6-L R
<S> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 7.21817619%
Original Principal Balance $824,187.71 $50.00
Beginning Principal Balance $811,599.62 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $1,058.08 $0.00
Principal Allocation Factor 0.00128379 0.00000000
Scheduled Interest $4,881.89 ($0.76)
Scheduled Interest Allocation Factor 0.00592327 -0.01520000
Interest Adjustment $0.12 $0.01
Interest Adjustment Allocation Factor 0.00000015 0.00020000
Net Interest Distributed $4,882.01 ($0.75)
Distributed Allocation Factor 0.00592342 -0.01500000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $5,940.09 ($0.75)
Ending Principal Balance $810,541.54 $0.00
Principal Balance Trading Factor 0.98344289 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-1 Group V Pool 1410
Group V Trust
Page 1 of 1 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio V-1 V-2 V-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.21817619% 7.21817619% 9.21817619% 7.21817619%
Original Principal Balance $235,481,387.71 $235,195,234.25 $50,622.12 $184,859.22
Beginning Principal Balance $165,601,869.65 $165,417,456.83 $18,810.96 $146,790.90
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,314,956.89 $7,305,315.32 $2,326.61 $4,988.35
Principal Allocation Factor 0.03106384 0.03106064 0.04596034 0.02698459
Scheduled Interest $996,119.56 $995,010.29 $144.50 $882.97
Scheduled Interest Allocation Factor 0.00423014 0.00423057 0.00285448 0.00477645
Interest Adjustment $23.76 $23.73 $0.00 $0.02
Interest Adjustment Allocation Factor 0.00000010 0.00000010 0.00000000 0.00000011
Net Interest Distributed $996,143.32 $995,034.02 $144.50 $882.99
Distributed Allocation Factor 0.00423024 0.00423067 0.00285448 0.00477655
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,311,100.21 $8,300,349.34 $2,471.11 $5,871.34
Ending Principal Balance $158,286,912.76 $158,112,141.51 $16,484.35 $141,802.55
Principal Balance Trading Factor 0.67218439 0.67225912 0.32563532 0.76708400
<CAPTION>
Class V-4 R-2
<S> <C> <C>
Weighted Average Pass Through Rate 5.21817619% 7.21817619%
Original Principal Balance $50,622.12 $50.00
Beginning Principal Balance $18,810.96 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $2,326.61 $0.00
Principal Allocation Factor 0.04596034 0.00000000
Scheduled Interest $81.80 $0.00
Scheduled Interest Allocation Factor 0.00161589 0.00000000
Interest Adjustment $0.00 $0.01
Interest Adjustment Allocation Factor 0.00000000 0.00020000
Net Interest Distributed $81.80 $0.01
Distributed Allocation Factor 0.00161589 0.00020000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $2,408.41 $0.01
Ending Principal Balance $16,484.35 $0.00
Principal Balance Trading Factor 0.32563532 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-2, CLASS III-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-2 Group I (1416) WEIGHTED AVERAGE PC RATE: 8.0233
- --------------------------------------------------------------------------------
ISSUE DATE: 02/24/1998
CERTIFICATE BALANCE AT ISSUE: $218,667,990.17
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1365 $163,263,026.24
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $121,014.53
Unscheduled Principal Collection/Reversals $31,300.76
Liquidations-in-full 46 $6,545,720.42
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,698,035.71 ($6,698,035.71)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1319 $156,564,990.53
SCHEDULED INTEREST AT MORTGAGE RATE: $1,131,372.43
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $2.43
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $2.43
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $39,606.69
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.09
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.09
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,789,803.79
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-2 Group I (1416) WEIGHTED AVERAGE PC RATE: 8.0233
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------
- --------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$6,698,035.71 $1,091,765.74 $2.34 $1,091,768.08 $0.00 $7,789,803.79
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,797,971.00 $0.00 $0.00 $0.00 $2,797,971.00
BANKRUPTCY BOND
SINGLE-UNITS $100,589.00 $0.00 $0.00 $0.00 $100,589.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $5,595,944.00 $0.00 $0.00 $0.00 $5,595,944.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
37 $4,464,094.19 3 $391,286.68 1 $77,216.15
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
8 $878,024.18 3 $333,694.40
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I and II Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated February 24, 1998,
pursuant to which certain of the Group I and II Certificates were offered. The
Special Hazard coverage, Bankruptcy coverage and Fraud coverage (collectively,
"Credit Enhancements") provided by the C-B Certificates provide coverages to the
Group I and Group II Loans, subject to the conditions and limitations to payment
specified thereunder. Losses on Mortgage Loans in any one or more of such Loan
Groups may exhaust the coverage provided by the Credit Enhancements even if the
Mortgage Loans in other Loan Group or Loan Groups have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $10,392,153.29
C-B-2 $3,464,050.46
C-B-3 $2,078,429.88
C-B-4 $1,385,619.59
C-B-5 $969,934.22
C-B-6 $1,108,501.71
Total $19,398,689.15
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $2,797,971.00,
$100,589.00, $5,595,944.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-2 Group I (1416)
<TABLE>
<CAPTION>
Interest Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999 6.7500 6.5000 6.4500 289.000 $98,663.78 1
6.0000 - 6.4999 7.3306 7.0806 7.0344 332.874 $1,775,080.61 14
6.5000 - 6.9999 7.7970 7.5470 7.5040 343.357 $29,115,673.99 217
7.0000 - 7.4999 8.2137 7.9637 7.9229 345.268 $65,554,669.84 546
7.5000 - 7.9999 8.6478 8.3978 8.3575 345.071 $52,354,090.75 467
8.0000 - 8.4999 9.0851 8.8351 8.7951 344.907 $7,284,578.58 71
8.5000 - 8.9999 9.5877 9.3377 9.2977 345.000 $382,232.98 3
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999 8.3143 8.0643 8.0233 344.654 $156,564,990.53 1319
Pool Totals 8.3209 8.0709 8.0299 347.600 $178,431,656.76 1475
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 2 Group I & Group II (1416 & 1417)
PNC WEIGHTED AVERAGE PC RATE (1416): 8.0233
PNC WEIGHTED AVERAGE PC RATE (1417): 7.9948
WEIGHTED AVERAGE PC RATE: 8.0174
- --------------------------------------------------------------------------------
ISSUE DATE: 02/01/1998
CERTIFICATE BALANCE AT ISSUE: $279,797,192.13
<TABLE>
<CAPTION>
---------------------------------------------------
Group I
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
---------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1365 $163,263,026.24
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $121,014.53
Unscheduled Principal Collection/Reversals $31,300.76
Liquidations-in-full 46 $6,545,720.42
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,698,035.71 ($6,698,035.71)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1319 $156,564,990.53
SCHEDULED INTEREST AT MORTGAGE RATE: $1,131,372.43
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $2.43
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $2.43
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $39,606.69
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.09
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.09
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,789,803.79
---------------------------------------------------
<CAPTION>
--------------------------------------------------
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 343 $42,948,896.29
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $42,339.01
Unscheduled Principal Collection/Reversals $23,689.29
Liquidations-in-full 17 $2,144,692.92
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,210,721.22 ($2,210,721.22)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 326 $40,738,175.07
SCHEDULED INTEREST AT MORTGAGE RATE: $296,610.43
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $1.33
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $1.33
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $10,379.32
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,496,953.66
--------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 2 Group I & Group II (1416 & 1417)
PNC WEIGHTED AVERAGE PC RATE (1417): 7.9948
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,908,756.93 $1,377,996.85 $3.67 $1,378,000.52 $0.00 $10,286,757.45
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
* Aggregate Loss Amount and Count do not include this month's activity
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED Group I Group II Group I Group II Group I Group II COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,797,971.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,797,971.00
BANKRUPTCY BOND
SINGLE-UNITS $100,589.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $100,589.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $5,595,944.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5,595,944.00
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DELINQUENT INSTALLMENTS
- --------------------------------------------------------------------------------------------------------------------------
ONE (Group II ) TWO (Group II ) THREE (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
8 $936,813.68 2 $112,973.37 0 $0.00
<CAPTION>
FORECLOSURE (Group II ) REO (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $152,042.98 1 $166,282.25
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ONE (Group I ) TWO (Group I ) THREE (Group I )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
37 $4,464,094.19 3 $391,286.68 1 $77,216.15
<CAPTION>
FORECLOSURE (Group I ) ACQUIRED (Group I )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C>
8 $878,024.18 3 $333,694.40
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 2 Group I & Group II (1416 & 1417)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.1250 6.8750 6.8350 166.000 $110,696.59 1
7.5000 - 7.9999 7.7661 7.5161 7.4761 165.311 $6,915,658.09 50
8.0000 - 8.4999 8.1963 7.9463 7.9063 165.297 $19,558,677.38 147
8.5000 - 8.9999 8.6432 8.3932 8.3532 165.118 $13,399,012.24 121
9.0000 - 9.4999 9.0663 8.8163 8.7763 165.079 $629,229.26 6
9.5000 - 9.9999 9.5000 9.2500 9.2100 164.000 $124,901.51 1
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.2848 8.0348 7.9948 165.235 $40,738,175.07 326
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-2 Group I & Group II Pool 1416 & Pool 1417
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio I-A-1 I-X I-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 8.0188% 7.000% 7.000%
Original Principal Balance $279,797,192.13 $203,349,192.00 $0.00 $12,038.15
Beginning Principal Balance $206,211,922.53 $148,070,516.20 $0.00 $11,845.53
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $8,908,756.93 $6,686,765.33 $0.00 $18.74
Principal Allocation Factor 0.03184005 0.03288317 0.00000000 0.00155672
Scheduled Interest $1,377,996.85 $863,744.68 $139,487.51 $0.00
Scheduled Interest Allocation Factor 0.00492498 0.00424759 0.00000000 0.00000000
Interest Adjustment $3.67 $2.30 $0.37 $0.00
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000000 0.00000000
Net Interest Distributed $1,378,000.52 $863,746.98 $139,487.88 $0.00
Distributed Allocation Factor 0.00492500 0.00424760 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $10,286,757.45 $7,550,512.31 $139,487.88 $18.74
Ending Principal Balance $197,303,165.60 $141,383,750.87 $0.00 $11,826.79
Principal Balance Trading Factor 0.70516492 0.69527570 0.00000000 0.98244248
<CAPTION>
Class II-A-1 II-X II-P C-B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $56,847,519.00 $0.00 $2,637.89 $10,492,394.00
Beginning Principal Balance $38,712,835.09 $0.00 $2,611.56 $10,400,416.69
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,206,545.59 $0.00 $2.27 $8,263.40
Principal Allocation Factor 0.03881516 0.00000000 0.00086054 0.00078756
Scheduled Interest $225,824.87 $35,711.13 $0.00 $60,669.10
Scheduled Interest Allocation Factor 0.00397247 0.00000000 0.00000000 0.00578220
Interest Adjustment $0.60 $0.10 $0.00 $0.16
Interest Adjustment Allocation Factor 0.00000001 0.00000000 0.00000000 0.00000002
Net Interest Distributed $225,825.47 $35,711.23 $0.00 $60,669.26
Distributed Allocation Factor 0.00397248 0.00000000 0.00000000 0.00578221
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,432,371.06 $35,711.23 $2.27 $68,932.66
Ending Principal Balance $36,506,289.50 $0.00 $2,609.29 $10,392,153.29
Principal Balance Trading Factor 0.64217912 0.00000000 0.98915800 0.99044635
<CAPTION>
Class C-B-2 C-B-3 C-B-4 C-B-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $3,497,464.00 $2,098,478.00 $1,398,985.00 $979,290.00
Beginning Principal Balance $3,466,804.92 $2,080,082.56 $1,386,721.38 $970,705.47
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,754.46 $1,652.68 $1,101.79 $771.25
Principal Allocation Factor 0.00078756 0.00078756 0.00078756 0.00078756
Scheduled Interest $20,223.03 $12,133.81 $8,089.21 $5,662.45
Scheduled Interest Allocation Factor 0.00578220 0.00578220 0.00578220 0.00578220
Interest Adjustment $0.05 $0.03 $0.02 $0.02
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000001 0.00000002
Net Interest Distributed $20,223.08 $12,133.84 $8,089.23 $5,662.47
Distributed Allocation Factor 0.00578221 0.00578221 0.00578221 0.00578222
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $22,977.54 $13,786.52 $9,191.02 $6,433.72
Ending Principal Balance $3,464,050.46 $2,078,429.88 $1,385,619.59 $969,934.22
Principal Balance Trading Factor 0.99044635 0.99044635 0.99044635 0.99044636
<CAPTION>
Class C-B-6 R
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000%
Original Principal Balance $1,119,194.09 $0.00
Beginning Principal Balance $1,109,383.13 $0.00 Class I-X Notional Amt
Loans Transferred In $0.00 $0.00 ----------------------
Loans Transferred Out $0.00 $0.00 $23,912,144.40
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 Class II-X Notional Amt
Principal Distributed $881.42 $0.00 ----------------------
Principal Allocation Factor 0.00078755 0.00000000 $6,121,907.62
Scheduled Interest $6,471.40 ($20.34)
Scheduled Interest Allocation Factor 0.00578220 0.00000000 Group I Ending
Interest Adjustment $0.02 $0.00 Principal Balance
Interest Adjustment Allocation Factor 0.00000002 0.00000000 -----------------
Net Interest Distributed $6,471.42 ($20.34) $156,564,990.53
Distributed Allocation Factor 0.00578221 0.00000000
Other Distribution $0.00 $0.00 Group II Ending
Other Distribution Allocation Factor 0.00000000 0.00000000 Principal Balance
Ending Total Distribution $7,352.84 ($20.34) -----------------
Ending Principal Balance $1,108,501.71 $0.00 $40,738,175.07
Principal Balance Trading Factor 0.99044636 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-2 Group III (1418) WEIGHTED AVERAGE PC RATE: 7.2628
- --------------------------------------------------------------------------------
ISSUE DATE: 02/24/1998
CERTIFICATE BALANCE AT ISSUE: $193,393,756.76
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 428 $132,548,144.75
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $424,764.91
Unscheduled Principal Collection/Reversals $88,283.15
Liquidations-in-full 18 $7,211,513.11
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $7,724,561.17 ($7,724,561.17)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 410 $124,823,583.58
SCHEDULED INTEREST AT MORTGAGE RATE: $834,343.87
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($0.84)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($0.84)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $31,452.72
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($0.02)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($0.02)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,527,451.50
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-2 Group III (1418) WEIGHTED AVERAGE PC RATE: 7.2628
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$7,724,561.17 $802,891.15 ($0.82) $802,890.33 $0.00 $8,527,451.50
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,520,000.00 $0.00 $0.00 $0.00 $2,520,000.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,933,937.00 $0.00 $0.00 $0.00 $1,933,937.00
<CAPTION>
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
6 $1,872,664.47 1 $221,600.31 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $265,559.17 0 $0.00
</TABLE>
The Group III-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated February 24, 1998,
pursuant to which certain of the Group III Certificates were offered.
The Class Principal Balances of the Class III-B Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
III-B-1 $4,003,184.16
III-B-2 $744,778.58
III-B-3 $558,583.66
III-B-4 $465,486.25
III-B-5 $372,388.82
III-B-6 $372,392.63
Total $6,516,814.10
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $2,520,000.00,
$100,000.00, $1,933,937.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-2 Group III (1418)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.3750 6.1250 6.0750 164.000 $254,271.15 1
7.5000 - 7.9999 6.7826 6.5879 6.5103 163.251 $6,513,527.55 21
8.0000 - 8.4999 7.2252 7.0060 6.9406 163.808 $49,100,246.77 139
8.5000 - 8.9999 7.6510 7.4287 7.3667 162.712 $47,804,324.79 166
9.0000 - 9.4999 8.1809 7.9402 7.8932 163.497 $15,014,091.09 54
9.5000 - 9.9999 8.5885 8.3385 8.2976 165.041 $5,563,662.19 25
10.0000-10.4999 9.0000 8.7500 8.7062 164.622 $573,460.04 4
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.5473 7.3240 7.2628 163.380 $124,823,583.58 410
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-2 Group III Pool 1418
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio III-A-1 III-A-2 III-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.2688% 6.750% 6.750% 6.750%
Original Principal Balance $193,393,756.76 $75,000,000.00 $28,100,000.00 $18,000,000.00
Beginning Principal Balance $132,548,144.75 $43,280,896.32 $609,695.22 $18,000,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,724,561.17 $4,059,964.90 $609,695.22 $2,908,994.13
Principal Allocation Factor 0.03994214 0.05413287 0.02169734 0.16161079
Scheduled Interest $802,891.15 $243,455.04 $3,429.54 $101,250.00
Scheduled Interest Allocation Factor 0.00415159 0.00324607 0.00012205 0.00562500
Interest Adjustment ($0.82) ($0.25) $0.00 ($0.10)
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 -0.00000001
Net Interest Distributed $802,890.33 $243,454.79 $3,429.54 $101,249.90
Distributed Allocation Factor 0.00415158 0.00324606 0.00012205 0.00562499
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,527,451.50 $4,303,419.69 $613,124.76 $3,010,244.03
Ending Principal Balance $124,823,583.58 $39,220,931.43 $0.00 $15,091,005.87
Principal Balance Trading Factor 0.64543750 0.52294575 0.00000000 0.83838922
<CAPTION>
Class III-A-4 III-A-5 III-A-6 III-A-7
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $1,950,981.00 $15,700,000.00 $7,536,000.00 $40,000,000.00
Beginning Principal Balance $1,950,981.00 $15,700,000.00 $7,536,000.00 $38,634,752.05
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $123,757.40
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00309394
Scheduled Interest $10,974.27 $88,312.50 $42,390.00 $217,320.48
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00562500 0.00543301
Interest Adjustment ($0.01) ($0.09) ($0.04) ($0.22)
Interest Adjustment Allocation Factor -0.00000001 -0.00000001 -0.00000001 -0.00000001
Net Interest Distributed $10,974.26 $88,312.41 $42,389.96 $217,320.26
Distributed Allocation Factor 0.00562500 0.00562499 0.00562499 0.00543301
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $10,974.26 $88,312.41 $42,389.96 $341,077.66
Ending Principal Balance $1,950,981.00 $15,700,000.00 $7,536,000.00 $38,510,994.65
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 0.96277487
<CAPTION>
Class III-P III-X III-B-1 III-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $337,992.80 $0.00 $4,157,965.00 $773,575.00
Beginning Principal Balance $298,063.94 $0.00 $4,016,048.63 $747,171.97
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,207.35 $0.00 $12,864.47 $2,393.39
Principal Allocation Factor 0.00357212 0.00000000 0.00309393 0.00309393
Scheduled Interest $0.00 $58,984.50 $22,590.27 $4,202.84
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00543301 0.00543301
Interest Adjustment $0.00 ($0.06) ($0.02) $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $58,984.44 $22,590.25 $4,202.84
Distributed Allocation Factor 0.00000000 0.00000000 0.00543301 0.00543301
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,207.35 $58,984.44 $35,454.72 $6,596.23
Ending Principal Balance $296,856.59 $0.00 $4,003,184.16 $744,778.58
Principal Balance Trading Factor 0.87829263 0.00000000 0.96277486 0.96277488
<CAPTION>
Class III-B-3 III-B-4 III-B-5 III-B-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $580,181.00 $483,484.00 $386,787.00 $386,790.96
Beginning Principal Balance $560,378.70 $466,982.12 $373,585.51 $373,589.34
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,795.04 $1,495.87 $1,196.69 $1,196.71
Principal Allocation Factor 0.00309393 0.00309394 0.00309393 0.00309395
Scheduled Interest $3,152.13 $2,626.77 $2,101.42 $2,101.44
Scheduled Interest Allocation Factor 0.00543301 0.00543300 0.00543302 0.00543301
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $3,152.13 $2,626.77 $2,101.42 $2,101.44
Distributed Allocation Factor 0.00543301 0.00543300 0.00543302 0.00543301
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,947.17 $4,122.64 $3,298.11 $3,298.15
Ending Principal Balance $558,583.66 $465,486.25 $372,388.82 $372,392.63
Principal Balance Trading Factor 0.96277482 0.96277488 0.96277491 0.96277491
<CAPTION>
Class R
<S> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance $0.00
Beginning Principal Balance $0.00
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00 III-X Notional Amt
Principal Distributed $0.00 ------------------
Principal Allocation Factor 0.00000000 $10,486,133.05
Scheduled Interest ($0.05)
Scheduled Interest Allocation Factor 0.00000000
Interest Adjustment ($0.03)
Interest Adjustment Allocation Factor 0.00000000
Net Interest Distributed ($0.08)
Distributed Allocation Factor 0.00000000
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution ($0.08)
Ending Principal Balance $0.00
Principal Balance Trading Factor 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 2 Group IV (1419) WEIGHTED AVERAGE PC RATE: 7.0414
- --------------------------------------------------------------------------------
ISSUE DATE: 02/24/1998
CERTIFICATE BALANCE AT ISSUE: $134,617,180.49
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 276 $93,697,074.83
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $137,079.10
Unscheduled Principal Collection/Reversals $91,257.34
Liquidations-in-full 7 $1,860,643.99
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,088,980.43 ($2,088,980.43)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 269 $91,608,094.40
SCHEDULED INTEREST AT MORTGAGE RATE: $572,288.52
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($0.38)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($0.38)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $22,642.41
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($0.01)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($0.01)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,638,626.17
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 2 Group IV (1419) WEIGHTED AVERAGE PC RATE: 7.0414
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,088,980.43 $549,646.11 ($0.37) $549,645.74 $0.00 $2,638,626.17
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,831,365.00 $0.00 $0.00 $0.00 $4,831,365.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $2,692,344.00 $0.00 $0.00 $0.00 $2,692,344.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
46 $12,977,760.12 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $441,530.22 0 $0.00
</TABLE>
The Group IV-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group IV Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated February 24, 1998, pursuant to
which certain of the Group IV Certificates were offered.
The Class Principal Balances of the Class IV-B Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
IV-B-1 $3,106,684.49
IV-B-2 $660,995.96
IV-B-3 $396,597.58
IV-B-4 $264,398.38
IV-B-5 $264,398.38
IV-B-6 $264,402.27
Total $4,957,477.06
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,831,365.00,
$100,000.00, $2,692,344.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 2 Group IV (1419)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.8009 6.5509 6.5109 288.285 $16,068,256.49 44
8.0000 - 8.4999 7.1766 6.9266 6.8866 291.042 $45,600,822.57 135
8.5000 - 8.9999 7.6042 7.3542 7.3142 287.989 $21,713,092.92 70
9.0000 - 9.4999 8.1889 7.9389 7.8989 276.464 $3,644,299.14 11
9.5000 - 9.9999 8.6236 8.3736 8.3272 325.574 $3,723,062.51 6
10.0000-10.4999 9.0798 8.8298 8.7898 280.502 $652,304.71 2
10.5000-10.9999
11.0000 - 11.4999 10.2500 10.0000 9.9600 213.000 $206,256.06 1
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.3316 7.0816 7.0414 290.408 $91,608,094.40 269
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-2 Group IV Pool 1419
Certificate Trust Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio IV-A-1 IV-A-2 IV-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.0457% 6.750% 6.750% 6.750%
Original Principal Balance $134,617,180.49 $116,638,462.00 $12,230,000.00 $0.00
Beginning Principal Balance $93,697,074.83 $75,860,237.94 $12,230,000.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,088,980.43 $2,076,773.78 $0.00 $0.00
Principal Allocation Factor 0.01551793 0.01780522 0.00000000 0.00000000
Scheduled Interest $549,646.11 $426,713.84 $68,793.75 $26,696.57
Scheduled Interest Allocation Factor 0.00408303 0.00365843 0.00562500 0.00000000
Interest Adjustment ($0.37) ($0.29) ($0.05) ($0.02)
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $549,645.74 $426,713.55 $68,793.70 $26,696.55
Distributed Allocation Factor 0.00408303 0.00365843 0.00562500 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,638,626.17 $2,503,487.33 $68,793.70 $26,696.55
Ending Principal Balance $91,608,094.40 $73,783,464.16 $12,230,000.00 $0.00
Principal Balance Trading Factor 0.68050819 0.63258262 1.00000000 0.00000000
<CAPTION>
Class IV-P IV-B-1 IV-B-2 IV-B-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $700,523.48 $3,163,503.00 $673,085.00 $403,851.00
Beginning Principal Balance $642,103.76 $3,111,231.59 $661,963.43 $397,178.06
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $4,950.64 $4,547.10 $967.47 $580.48
Principal Allocation Factor 0.00706706 0.00143736 0.00143737 0.00143736
Scheduled Interest $0.00 $17,500.68 $3,723.54 $2,234.13
Scheduled Interest Allocation Factor 0.00000000 0.00553206 0.00553205 0.00553207
Interest Adjustment $0.00 ($0.01) $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $17,500.67 $3,723.54 $2,234.13
Distributed Allocation Factor 0.00000000 0.00553205 0.00553205 0.00553207
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,950.64 $22,047.77 $4,691.01 $2,814.61
Ending Principal Balance $637,153.12 $3,106,684.49 $660,995.96 $396,597.58
Principal Balance Trading Factor 0.90953856 0.98203937 0.98203936 0.98203937
<CAPTION>
Class IV-B-4 IV-B-5 IV-B-6 R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $269,234.00 $269,234.00 $269,238.01 $50.00
Beginning Principal Balance $264,785.37 $264,785.37 $264,789.26 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $386.99 $386.99 $386.99 $0.00
Principal Allocation Factor 0.00143737 0.00143737 0.00143735 0.00000000
Scheduled Interest $1,489.42 $1,489.42 $1,489.44 ($484.68)
Scheduled Interest Allocation Factor 0.00553207 0.00553207 0.00553206 -9.69360000
Interest Adjustment $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $1,489.42 $1,489.42 $1,489.44 ($484.68)
Distributed Allocation Factor 0.00553207 0.00553207 0.00553206 -9.69360000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,876.41 $1,876.41 $1,876.43 ($484.68)
Ending Principal Balance $264,398.38 $264,398.38 $264,402.27 $0.00
Principal Balance Trading Factor 0.98203934 0.98203934 0.98203916 0.00000000
<CAPTION>
Class
<S> <C>
Weighted Average Pass Through Rate
Original Principal Balance
Beginning Principal Balance
Loans Transferred In
Loans Transferred Out
Principal Losses
Other Principal Adjustments Class III-X Notional Amt
Principal Distributed ------------------------
Principal Allocation Factor $4,746,056.28
Scheduled Interest
Scheduled Interest Allocation Factor
Interest Adjustment
Interest Adjustment Allocation Factor
Net Interest Distributed
Distributed Allocation Factor
Other Distribution
Other Distribution Allocation Factor
Ending Total Distribution
Ending Principal Balance
Principal Balance Trading Factor
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-2 Group V (1420) WEIGHTED AVERAGE PC RATE: 7.4594
- --------------------------------------------------------------------------------
ISSUE DATE: 02/24/1998
CERTIFICATE BALANCE AT ISSUE: $446,471,007.46
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 980 $302,628,316.24
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $248,645.92
Unscheduled Principal Collection/Reversals $244,653.33
Liquidations-in-full 44 $13,748,895.57
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $14,242,194.82 ($14,242,194.82)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 936 $288,386,121.42
SCHEDULED INTEREST AT MORTGAGE RATE: $1,955,812.05
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $3.75
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $3.75
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $72,738.07
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $16,125,272.55
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-2 Group V (1420) WEIGHTED AVERAGE PC RATE: 7.4594
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- -------------------------------------------------
- -------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$14,242,194.82 $1,883,073.98 $3.75 $1,883,077.73 $0.00 $16,125,272.55
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,477,643.00 $0.00 $0.00 $0.00 $4,477,643.00
BANKRUPTCY BOND
SINGLE-UNITS $154,511.00 $0.00 $0.00 $0.00 $154,511.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,929,420.00 $0.00 $0.00 $0.00 $8,929,420.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
18 $5,345,634.05 2 $509,765.28 1 $275,660.15
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
3 $1,399,452.27 0 $0.00
</TABLE>
The Group V-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group V Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated February 24, 1998, pursuant to
which certain of the Group V Certificates were offered.
The Class Principal Balances of the Class V-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
V-B-1 $13,260,160.14
V-B-2 $4,199,050.22
V-B-3 $1,989,023.54
V-B-4 $1,547,018.19
V-B-5 $1,105,012.86
V-B-6 $1,105,017.26
Total $23,205,282.21
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,477,643.00,
$154,511.00, $8,929,420.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-2 Group V (1420)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.8750 6.7250 6.6250 344.700 $879,556.18 2
8.0000 - 8.4999 7.2657 7.0505 6.9839 343.729 $55,163,334.87 152
8.5000 - 8.9999 7.7130 7.4780 7.4235 344.587 $169,499,034.78 504
9.0000 - 9.4999 8.1364 7.8905 7.8451 344.705 $46,667,987.09 184
9.5000 - 9.9999 8.6230 8.3756 8.3330 344.645 $14,522,545.18 79
10.0000-10.4999 9.1095 8.8595 8.8195 344.675 $1,516,762.28 13
10.5000-10.9999 9.5000 9.2500 9.2100 345.000 $66,058.59 1
11.0000 - 11.4999
11.5000 - 11.9999 10.5000 10.2500 10.2100 345.000 $70,842.45 1
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.7477 7.5142 7.4594 344.446 $288,386,121.42 936
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-2 Group V Pool 1420
Certificate Trust Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio V-A-1 V-A-2 V-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.4669% 6.625% 6.625% 6.625%
Original Principal Balance $446,471,007.46 $341,777,278.00 $8,728,000.00 $44,760,000.00
Beginning Principal Balance $302,627,669.84 $198,149,305.95 $7,606,011.31 $44,760,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $14,242,194.82 $14,223,113.14 $96,876.38 $0.00
Principal Allocation Factor 0.03189948 0.04161515 0.01109949 0.00000000
Scheduled Interest $1,883,073.98 $1,093,949.29 $41,991.52 $247,112.50
Scheduled Interest Allocation Factor 0.00421768 0.00320077 0.00481113 0.00552083
Interest Adjustment $3.75 $2.18 $0.08 $0.49
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000001 0.00000001
Net Interest Distributed $1,883,077.73 $1,093,951.47 $41,991.60 $247,112.99
Distributed Allocation Factor 0.00421769 0.00320077 0.00481114 0.00552084
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $16,125,272.55 $15,317,064.61 $138,867.98 $247,112.99
Ending Principal Balance $288,385,475.02 $183,926,192.81 $7,509,134.93 $44,760,000.00
Principal Balance Trading Factor 0.64592206 0.53814634 0.86035001 1.00000000
<CAPTION>
Class V-A-4 V-A-5 V-X-1 V-X-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.625% 6.625% 6.625% 6.625%
Original Principal Balance $16,425,396.00 $11,340,604.00 $0.00 $0.00
Beginning Principal Balance $17,547,384.69 $11,340,604.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed ($96,876.38) $0.00 $0.00 $0.00
Principal Allocation Factor -0.00589796 0.00000000 0.00000000 0.00000000
Scheduled Interest $96,876.19 $62,609.58 $148,121.11 $64,192.61
Scheduled Interest Allocation Factor 0.00589795 0.00552083 0.00000000 0.00000000
Interest Adjustment $0.19 $0.12 $0.29 $0.13
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000000 0.00000000
Net Interest Distributed $96,876.38 $62,609.70 $148,121.40 $64,192.74
Distributed Allocation Factor 0.00589796 0.00552084 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $62,609.70 $148,121.40 $64,192.74
Ending Principal Balance $17,644,261.07 $11,340,604.00 $0.00 $0.00
Principal Balance Trading Factor 1.07420613 1.00000000 0.00000000 0.00000000
<CAPTION>
Class V-B-1 V-B-2 V-B-3 V-B-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.625% 6.625% 6.625% 6.625%
Original Principal Balance $13,394,130.00 $4,241,474.00 $2,009,119.00 $1,562,648.00
Beginning Principal Balance $13,271,063.96 $4,202,503.09 $1,990,659.11 $1,548,290.30
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $10,903.82 $3,452.87 $1,635.57 $1,272.11
Principal Allocation Factor 0.00081407 0.00081407 0.00081407 0.00081407
Scheduled Interest $73,267.33 $23,201.32 $10,990.10 $8,547.85
Scheduled Interest Allocation Factor 0.00547011 0.00547011 0.00547011 0.00547011
Interest Adjustment $0.15 $0.05 $0.02 $0.02
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000001 0.00000001
Net Interest Distributed $73,267.48 $23,201.37 $10,990.12 $8,547.87
Distributed Allocation Factor 0.00547012 0.00547012 0.00547012 0.00547012
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $84,171.30 $26,654.24 $12,625.69 $9,819.98
Ending Principal Balance $13,260,160.14 $4,199,050.22 $1,989,023.54 $1,547,018.19
Principal Balance Trading Factor 0.98999787 0.98999787 0.98999787 0.98999787
<CAPTION>
Class V-B-5 V-B-6 R
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.625% 6.625%
Original Principal Balance $1,116,177.00 $1,116,181.46 $0.00
Beginning Principal Balance $1,105,921.51 $1,105,925.92 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 V-X-1 Notional Amt
Principal Distributed $908.65 $908.66 $0.00 ------------------
Principal Allocation Factor 0.00081407 0.00081408 0.00000000 $26,829,483.67
Scheduled Interest $6,105.61 $6,105.63 $3.34
Scheduled Interest Allocation Factor 0.00547011 0.00547011 0.00000000 V-X-2 Notional Amt
Interest Adjustment $0.01 $0.01 $0.01 ------------------
Interest Adjustment Allocation Factor 0.00000001 0.00000001 0.00000000 $11,627,341.20
Net Interest Distributed $6,105.62 $6,105.64 $3.35
Distributed Allocation Factor 0.00547012 0.00547011 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $7,014.27 $7,014.30 $3.35
Ending Principal Balance $1,105,012.86 $1,105,017.26 $0.00
Principal Balance Trading Factor 0.98999788 0.98999786 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-3, CLASS I-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-3 Group I (1437) WEIGHTED AVERAGE PC RATE: 7.2924
- --------------------------------------------------------------------------------
ISSUE DATE: 03/01/1998
CERTIFICATE BALANCE AT ISSUE: $69,261,646.67
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 614 $60,387,707.36
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $166,051.85
Unscheduled Principal Collection/Reversals $57,876.58
Liquidations-in-full 19 $2,115,561.48
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,339,489.91 ($2,339,489.91)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 595 $58,048,217.45
SCHEDULED INTEREST AT MORTGAGE RATE: $390,933.27
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $6.65
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $6.65
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $23,603.25
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.53
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.53
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,706,826.05
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-3 Group I (1437) WEIGHTED AVERAGE PC RATE: 7.2924
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -----------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,339,489.91 $367,330.02 $6.12 $367,336.14 $0.00 $2,706,826.05
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $692,616.00 $0.00 $0.00 $0.00 $692,616.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $692,616.00 $0.00 $0.00 $0.00 $692,616.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
8 $727,328.01 1 $114,708.07 1 $73,804.92
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $167,313.14 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated March 25, 1998, pursuant to which
certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $1,175,438.98
I-B-2 $1,309,775.62
I-B-3 $201,503.06
I-B-4 $201,503.06
I-B-5 $167,919.85
I-B-6 $134,339.76
Total $3,190,480.33
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $692,616.00,
$100,000.00, $692,616.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-3 Group I (1437)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.8132 6.5436 6.4949 166.892 $2,711,707.26 25
8.0000 - 8.4999 7.1958 6.8827 6.8373 166.624 $14,072,181.44 139
8.5000 - 8.9999 7.7048 7.3183 7.2789 166.649 $21,462,574.91 228
9.0000 - 9.4999 8.1967 7.6319 7.6048 166.924 $13,682,063.91 136
9.5000 - 9.9999 8.5821 8.0135 7.9881 166.548 $5,582,691.04 61
10.0000-10.4999 9.1588 8.7185 8.6876 165.652 $211,779.12 4
10.5000-10.9999
11.0000 - 11.4999 10.1250 8.3700 8.3550 168.000 $216,371.92 1
11.5000 - 11.9999 10.8750 8.9000 8.8850 168.000 $108,847.85 1
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.7603 7.3293 7.2924 166.713 $58,048,217.45 595
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-3 Group I Pool 1437
Certificate Trust Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Group I I-A-1 I-X I-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.299433% 6.750% 6.750% 0.000%
Original Principal Balance $69,261,646.67 $65,742,956.00 $0.00 $228,761.47
Beginning Principal Balance $60,387,707.36 $56,974,175.68 $0.00 $214,263.23
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,339,489.91 $2,329,372.34 $0.00 $1,329.45
Principal Allocation Factor 0.03377757 0.03543151 0.00000000 0.00581151
Scheduled Interest $367,330.02 $320,479.74 $28,854.01 $0.00
Scheduled Interest Allocation Factor 0.00530351 0.00487474 0.00000000 0.00000000
Interest Adjustment $6.12 $5.34 $0.48 $0.00
Interest Adjustment Allocation Factor 0.00000009 0.00000008 0.00000000 0.00000000
Net Interest Distributed $367,336.14 $320,485.08 $28,854.49 $0.00
Distributed Allocation Factor 0.00530360 0.00487482 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,706,826.05 $2,649,857.42 $28,854.49 $1,329.45
Ending Principal Balance $58,048,217.45 $54,644,803.34 $0.00 $212,933.78
Principal Balance Trading Factor 0.83810045 0.83118872 0.00000000 0.93081137
<CAPTION>
Class I-B-1 I-B-2 I-B-3 I-B-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $1,212,078.00 $1,350,602.00 $207,784.00 $207,784.00
Beginning Principal Balance $1,178,676.70 $1,313,383.38 $202,058.10 $202,058.10
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $3,237.73 $3,607.75 $555.04 $555.04
Principal Allocation Factor 0.00267122 0.00267122 0.00267122 0.00267122
Scheduled Interest $6,630.06 $7,387.78 $1,136.58 $1,136.58
Scheduled Interest Allocation Factor 0.00546999 0.00546999 0.00547001 0.00547001
Interest Adjustment $0.11 $0.12 $0.02 $0.02
Interest Adjustment Allocation Factor 0.00000009 0.00000009 0.00000010 0.00000010
Net Interest Distributed $6,630.17 $7,387.90 $1,136.60 $1,136.60
Distributed Allocation Factor 0.00547009 0.00547008 0.00547010 0.00547010
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,867.90 $10,995.65 $1,691.64 $1,691.64
Ending Principal Balance $1,175,438.98 $1,309,775.62 $201,503.06 $201,503.06
Principal Balance Trading Factor 0.96977173 0.96977172 0.96977177 0.96977177
<CAPTION>
Class I-B-5 I-B-6 R-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 7.250%
Original Principal Balance $173,154.00 $138,527.20 $0.00
Beginning Principal Balance $168,382.39 $134,709.79 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 I-X Notional Amt
Principal Distributed $462.53 $370.04 $0.00 ----------------
Principal Allocation Factor 0.00267122 0.00267122 0.00000000 $5,129,602.15
Scheduled Interest $947.15 $757.74 $0.38
Scheduled Interest Allocation Factor 0.00546999 0.00546997 0.00000000
Interest Adjustment $0.02 $0.01 $0.00
Interest Adjustment Allocation Factor 0.00000012 0.00000007 0.00000000
Net Interest Distributed $947.17 $757.75 $0.38
Distributed Allocation Factor 0.00547010 0.00547004 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 $0.00
Ending Total Distribution $1,409.70 $1,127.79 $0.38
Ending Principal Balance $167,919.85 $134,339.76 $0.00
Principal Balance Trading Factor 0.96977172 0.96977170 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-3 Group II (1438) WEIGHTED AVERAGE PC RATE: 7.3694
- --------------------------------------------------------------------------------
ISSUE DATE: 03/30/98
CERTIFICATE BALANCE AT ISSUE: $220,969,682.49
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 452 $153,604,759.28
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $126,783.53
Unscheduled Principal Collection/Reversals $21,886.65
Liquidations-in-full 19 $7,181,441.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $7,330,111.67 ($7,330,111.67)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 433 $146,274,647.61
SCHEDULED INTEREST AT MORTGAGE RATE: $986,529.14
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $43,090.73
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,273,550.08
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-3 Group II (1438) WEIGHTED AVERAGE PC RATE: 7.3694
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ---------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$7,330,111.67 $943,438.41 $0.00 $943,438.41 $0.00 $8,273,550.08
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,237,068.00 $0.00 $0.00 $0.00 $4,237,068.00
BANKRUPTCY BOND
SINGLE-UNITS $124,909.00 $0.00 $0.00 $0.00 $124,909.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,474,136.00 $0.00 $0.00 $0.00 $8,474,136.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
10 $2,812,021.38 1 $488,390.83 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
4 $2,914,651.38 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II and III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated March 25, 1998,
pursuant to which certain of the Group II and III Certificates were offered. The
Special Hazard coverage, Bankruptcy coverage and Fraud coverage (collectively,
"Credit Enhancements") provided by the C-B Certificates provide coverages to the
Group II and Group III Loans, subject to the conditions and limitations to
payment specified thereunder. Losses on Mortgage Loans in any one or more of
such Loan Groups may exhaust the coverage provided by the Credit Enhancements
even if the Mortgage Loans in other Loan Group or Loan Groups have not sustained
any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $8,394,154.97
C-B-2 $7,135,032.12
C-B-3 $1,678,829.80
C-B-4 $1,468,976.33
C-B-5 $1,259,122.85
C-B-6 $1,049,274.72
Total $20,985,390.80
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,237,068.00,
$124,909.00, $8,474,136.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-3 Group II (1438)
<TABLE>
<CAPTION>
Interest Rat Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3021 7.0798 7.0159 346.719 $27,475,951.47 80
7.5000 - 7.9999 7.6798 7.4422 7.3811 343.717 $92,379,865.32 264
8.0000 - 8.4999 8.1347 7.6428 7.6093 341.805 $21,494,672.74 74
8.5000 - 8.9999 8.5659 8.1112 8.0756 338.679 $4,924,158.08 15
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.7056 7.4261 7.3694 343.830 $146,274,647.61 433
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 3 Group II & Group III (1438 & 1439)
WEIGHTED AVERAGE PC RATE: 7.2932
- --------------------------------------------------------------------------------
ISSUE DATE: 03/30/1998
CERTIFICATE BALANCE AT ISSUE: $423,733,709.49
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------- ----------- -----------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 889 $301,679,772.32
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $250,628.91
Unscheduled Principal Collection/Reversals $56,894.89
Liquidations-in-full 35 $12,569,952.14
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $12,877,475.94 ($12,877,475.94)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 854 $288,802,296.38
SCHEDULED INTEREST AT MORTGAGE RATE: $1,920,012.79
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $15.48
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $15.48
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $85,810.36
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.32
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.32
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $14,711,693.53
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 3 Group II & Group III (1438 & 1439)
PNC WEIGHTED AVERAGE PC RATE(1439): 7.2932
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ----------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$12,877,475.94 $1,834,202.43 $15.16 $1,834,217.59 $0.00 $14,711,693.53
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,237,068.00 $0.00 $0.00 $0.00 $4,237,068.00
BANKRUPTCY BOND
SINGLE-UNITS $124,909.00 $0.00 $0.00 $0.00 $124,909.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,474,136.00 $0.00 $0.00 $0.00 $8,474,136.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
21 $6,640,844.64 2 $832,529.08 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
5 $3,254,144.20 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II and III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated March 25, 1998,
pursuant to which certain of the Group II and III Certificates were offered. The
Special Hazard coverage, Bankruptcy coverage and Fraud coverage (collectively,
"Credit Enhancements") provided by the C-B Certificates provide coverages to the
Group II and Group III Loans, subject to the conditions and limitations to
payment specified thereunder. Losses on Mortgage Loans in any one or more of
such Loan Groups may exhaust the coverage provided by the Credit Enhancements
even if the Mortgage Loans in other Loan Group or Loan Groups have not sustained
any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $8,394,154.97
C-B-2 $7,135,032.12
C-B-3 $1,678,829.80
C-B-4 $1,468,976.33
C-B-5 $1,259,122.85
C-B-6 $1,049,274.72
Total $20,985,390.80
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,237,068.00,
$124,909.00, $8,474,136.00 respectively.
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-3 Group II & Group III Pool 1438 & Pool 1439
Certificate Trust
Page 1 of 2 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio II-A-1 II-A-2 II-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.2960% 6.700% 6.750% 6.750%
Original Principal Balance $423,733,710.10 $148,236,920.00 $24,800,000.00 $16,100,000.00
Beginning Principal Balance $301,679,772.32 $80,966,483.56 $24,800,000.00 $16,100,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $12,877,475.94 $7,321,068.56 $0.00 $0.00
Principal Allocation Factor 0.03039049 0.04938762 0.00000000 0.00000000
Scheduled Interest $1,834,202.43 $452,062.87 $139,500.00 $90,562.50
Scheduled Interest Allocation Factor 0.00432867 0.00304960 0.00562500 0.00562500
Interest Adjustment $15.16 $3.74 $1.15 $0.75
Interest Adjustment Allocation Factor 0.00000004 0.00000003 0.00000005 0.00000005
Net Interest Distributed $1,834,217.59 $452,066.61 $139,501.15 $90,563.25
Distributed Allocation Factor 0.00432870 0.00304962 0.00562505 0.00562505
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $14,711,693.53 $7,773,135.17 $139,501.15 $90,563.25
Ending Principal Balance $288,802,296.38 $73,645,415.00 $24,800,000.00 $16,100,000.00
Principal Balance Trading Factor 0.68156554 0.49680886 1.00000000 1.00000000
<CAPTION>
Class II-A-4 II-A-5 (IO) C-X-1 C-X-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $20,782,085.00 $0.00 $0.00 $0.00
Beginning Principal Balance $20,782,085.00 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $116,899.23 $3,373.60 $97,186.72 $32,265.04
Scheduled Interest Allocation Factor 0.00562500 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.97 $0.03 $0.80 $0.27
Interest Adjustment Allocation Factor 0.00000005 0.00000000 0.00000000 0.00000000
Net Interest Distributed $116,900.20 $3,373.63 $97,187.52 $32,265.31
Distributed Allocation Factor 0.00562505 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $116,900.20 $3,373.63 $97,187.52 $32,265.31
Ending Principal Balance $20,782,085.00 $0.00 $0.00 $0.00
Principal Balance Trading Factor 1.00000000 0.00000000 0.00000000 0.00000000
<CAPTION>
Class C-X-3 III-A-1 III-A-2 (IO) III-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.400% 6.750% 7.000%
Original Principal Balance $0.00 $40,789,000.00 $0.00 $104,628,339.00
Beginning Principal Balance $0.00 $40,789,000.00 $0.00 $56,621,377.85
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 ($0.00) $0.00 $5,338,631.20
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.05102472
Scheduled Interest $9,777.24 $217,541.33 $11,896.79 $330,291.37
Scheduled Interest Allocation Factor 0.00000000 0.00533333 0.00000000 0.00315681
Interest Adjustment $0.08 $1.80 $0.10 $2.73
Interest Adjustment Allocation Factor 0.00000000 0.00000004 0.00000000 0.00000003
Net Interest Distributed $9,777.32 $217,543.13 $11,896.89 $330,294.10
Distributed Allocation Factor 0.00000000 0.00533338 0.00000000 0.00315683
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,777.32 $217,543.13 $11,896.89 $5,668,925.30
Ending Principal Balance $0.00 $40,789,000.00 $0.00 $51,282,746.65
Principal Balance Trading Factor 0.00000000 1.00000000 0.00000000 0.49014203
<CAPTION>
Class III-A-4 (PO) III-A-5 III-A-6 III-A-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $3,875,124.00 $4,800,000.00 $4,000,000.00 $14,250,000.00
Beginning Principal Balance $2,097,087.73 $0.00 $4,000,000.00 $14,250,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $197,727.05 $0.00 $0.00 $0.00
Principal Allocation Factor 0.05102470 0.00000000 0.00000000 0.00000000
Scheduled Interest $0.00 $0.00 $22,500.00 $80,156.25
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00562500 0.00562500
Interest Adjustment $0.00 $0.00 $0.19 $0.66
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000005 0.00000005
Net Interest Distributed $0.00 $0.00 $22,500.19 $80,156.91
Distributed Allocation Factor 0.00000000 0.00000000 0.00562505 0.00562505
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $197,727.05 $0.00 $22,500.19 $80,156.91
Ending Principal Balance $1,899,360.68 $0.00 $4,000,000.00 $14,250,000.00
Principal Balance Trading Factor 0.49014191 0.00000000 1.00000000 1.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-3 Group II & Group III Pool 1438 & Pool 1439
Certificate Trust
Page 2 of 2 Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class III-A-8 III-P C-B-1 C-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $19,893,962.00 $365,967.72 $8,474,136.00 $7,203,016.00
Beginning Principal Balance $19,893,962.00 $350,049.70 $8,401,141.36 $7,140,970.55
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $2,583.16 $6,986.39 $5,938.43
Principal Allocation Factor 0.00000000 0.00705844 0.00082444 0.00082444
Scheduled Interest $111,903.54 $0.00 $47,256.42 $40,167.96
Scheduled Interest Allocation Factor 0.00562500 0.00000000 0.00557655 0.00557655
Interest Adjustment $0.92 $0.00 $0.39 $0.33
Interest Adjustment Allocation Factor 0.00000005 0.00000000 0.00000005 0.00000005
Net Interest Distributed $111,904.46 $0.00 $47,256.81 $40,168.29
Distributed Allocation Factor 0.00562505 0.00000000 0.00557659 0.00557659
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $111,904.46 $2,583.16 $54,243.20 $46,106.72
Ending Principal Balance $19,893,962.00 $347,466.54 $8,394,154.97 $7,135,032.12
Principal Balance Trading Factor 1.00000000 0.94944587 0.99056175 0.99056175
<CAPTION>
Class C-B-3 C-B-4 C-B-5 C-B-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $1,694,826.00 $1,482,973.00 $1,271,120.00 $1,059,272.40
Beginning Principal Balance $1,680,227.08 $1,470,198.95 $1,260,170.81 $1,050,148.02
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,397.28 $1,222.62 $1,047.96 $873.30
Principal Allocation Factor 0.00082444 0.00082444 0.00082444 0.00082444
Scheduled Interest $9,451.28 $8,269.87 $7,088.46 $5,907.08
Scheduled Interest Allocation Factor 0.00557655 0.00557655 0.00557655 0.00557654
Interest Adjustment $0.08 $0.07 $0.06 $0.05
Interest Adjustment Allocation Factor 0.00000005 0.00000005 0.00000005 0.00000005
Net Interest Distributed $9,451.36 $8,269.94 $7,088.52 $5,907.13
Distributed Allocation Factor 0.00557660 0.00557660 0.00557659 0.00557659
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $10,848.64 $9,492.56 $8,136.48 $6,780.43
Ending Principal Balance $1,678,829.80 $1,468,976.33 $1,259,122.85 $1,049,274.72
Principal Balance Trading Factor 0.99056175 0.99056175 0.99056175 0.99056175
<CAPTION>
Class R1 R2
<S> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750%
Original Principal Balance $50.00 $50.00
Beginning Principal Balance $0.00 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $0.00 $144.88
Scheduled Interest Allocation Factor 0.00000000 2.89760000
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $0.00 $144.88
Distributed Allocation Factor 0.00000000 2.89760000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $0.00 $144.88
Ending Principal Balance $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000
<CAPTION>
Class Over Collaterization
<S> <C>
Weighted Average Pass Through Rate
Original Principal Balance $26,868.98
Beginning Principal Balance $26,868.98
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00 IIA-5 Notional Amt Class C-X-1 Notional Amt
Principal Distributed $0.00 ------------------ ------------------------
Principal Allocation Factor 0.00000000 $599,751.73 $17,277,639.34
Scheduled Interest $0.00
Scheduled Interest Allocation Factor 0.00000000 III-A-2 Notional Amt Class C-X-2 Notional Amt
Interest Adjustment $0.00 -------------------- ------------------------
Interest Adjustment Allocation Factor 0.00000000 $2,114,985.19 $5,736,007.66
Net Interest Distributed $0.00
Distributed Allocation Factor 0.00000000 Class C-X-3 Notional Amt
Other Distribution $0.00 ------------------------
Other Distribution Allocation Factor 0.00000000 $1,738,175.66
Ending Total Distribution $0.00
Ending Principal Balance $26,868.98
Principal Balance Trading Factor 1.00000000
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1998-4, CLASS IV-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group I (1440) WEIGHTED AVERAGE PC RATE: 7.47626485
- --------------------------------------------------------------------------------
ISSUE DATE: 04/29/1998
CERTIFICATE BALANCE AT ISSUE: $97,382,240.97
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------ ------------- --------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 731 $80,832,640.24
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $59,699.28
Unscheduled Principal Collection/Reversals $11,669.53
Liquidations-in-full 17 $1,991,222.80
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,062,591.61 ($2,062,591.61)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 714 $78,770,048.63
SCHEDULED INTEREST AT MORTGAGE RATE: $547,067.29
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $75.13
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $75.13
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $43,321.18
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $2.21
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $2.21
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,566,410.64
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group I (1440) WEIGHTED AVERAGE PC RATE: 7.4763
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,062,591.61 $503,746.11 $72.92 $503,819.03 $0.00 $2,566,410.64
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,178,149.00 $0.00 $0.00 $0.00 $4,178,149.00
BANKRUPTCY BOND
SINGLE-UNITS $158,561.00 $0.00 $0.00 $0.00 $158,561.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,356,299.00 $0.00 $0.00 $0.00 $8,356,299.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
14 $1,626,899.85 1 $187,995.08 3 $357,891.31
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I, II and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated April 27, 1998,
pursuant to which certain of the Group I, II and IV Certificates were offered.
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group I, II and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in other Loan Group or Loan Groups have
not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $13,044,547.69
C-B-2 $5,176,406.92
C-B-3 $4,141,125.73
C-B-4 $2,691,731.87
C-B-5 $1,035,281.19
C-B-6 $1,863,511.67
Total $27,952,605.07
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,178,149.00,
$158,561.00, $8,356,299.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-4 Group I (1440)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8750 6.2572 6.2317 347.701 $181,577.63 2
7.0000 - 7.4999 7.2706 6.6864 6.6586 347.201 $3,942,713.43 31
7.5000 - 7.9999 7.7435 7.1261 7.1006 347.300 $23,234,942.11 189
8.0000 - 8.4999 8.1845 7.5844 7.5578 347.164 $33,674,325.77 308
8.5000 - 8.9999 8.6169 7.9800 7.9558 347.087 $15,849,966.76 163
9.0000 - 9.4999 9.0867 8.3900 8.3698 347.075 $1,299,288.63 16
9.5000 - 9.9999 9.6844 8.5829 8.5679 347.476 $365,571.44 3
10.0000-10.4999 10.3750 8.7200 8.7050 348.000 $162,560.26 1
10.5000-10.9999 10.5000 8.7250 8.7100 348.000 $59,102.60 1
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.1208 7.5019 7.4763 347.194 $78,770,048.63 714
</TABLE>
<PAGE>
<PAGE>
PROCESSING MONTH: 02/1999
PROCESSING MONTH: 02/1999
<TABLE>
<CAPTION>
SERIES: 1998-4 Group I, II, IV (1440, 1441, 1443) WEIGHTED AVERAGE PC RATE: 7.47626485
- --------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------
<S> <C> <C> <C> <C>
CERTIFICATE BALANCE AT ISSUE Group I: $97,382,240.97 Group I
CERTIFICATE BALANCE AT ISSUE Group II: $211,263,675.67
CERTIFICATE BALANCE AT ISSUE Group IV: $109,169,039.65
- ------------------------------------------------------------------ CERTIFICATE
Total $417,814,956.29 TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-----------------------------------------------------
BALANCES FROM LAST FISCAL MONTH-END: 731 $80,832,640.24
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $59,699.28
Unscheduled Principal Collection/Reversals $11,669.53
Liquidations-in-full 17 $1,991,222.80
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,062,591.61 ($2,062,591.61)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 714 $78,770,048.63
SCHEDULED INTEREST AT MORTGAGE RATE: $547,067.29
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $75.13
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $75.13
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $43,321.18
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $2.21
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $2.21
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,566,410.64
-----------------------------------------------------
<CAPTION>
WEIGHTED AVERAGE PC RATE: 7.27154756
----------------------------------------------------
----------------------------------------------------
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1265 $178,220,349.58
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $130,827.47
Unscheduled Principal Collection/Reversals $97,502.95
Liquidations-in-full 25 $4,786,321.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,014,651.91 ($5,014,651.91)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1240 $173,205,697.67
SCHEDULED INTEREST AT MORTGAGE RATE: $1,198,940.25
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $150.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $150.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $118,470.40
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,095,271.76
----------------------------------------------------
<CAPTION>
WEIGHTED AVERAGE PC RATE: 7.15695705
---------------------------------------------------
---------------------------------------------------
Group IV
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
---------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 466 $84,607,053.07
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $102,698.56
Unscheduled Principal Collection/Reversals $14,991.94
Liquidations-in-full 14 $3,396,109.99
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,513,800.49 ($3,513,800.49)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 452 81093252.58
SCHEDULED INTEREST AT MORTGAGE RATE: $562,313.84
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $56,915.48
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,019,198.85
---------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group I, II, IV (1440, 1441, 1443)
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C> <C>
I 0 $0.00
II 0 $0.00
IV 0 $0.00
0 $0.00
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
<CAPTION>
- --------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST
GROUP DISTRIBUTION INTEREST DUE ADJUSTMENT
- ----- ------------ ------------ ----------
<S> <C> <C> <C>
I $2,062,591.61 $503,746.11 $72.92
II $5,014,651.91 $1,080,469.85 $150.00
IV $3,513,800.49 $505,398.36 $0.00
Total $10,591,044.01 $2,089,614.32 $222.92
- --------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED Group I Group II Group I Group II Group I Group II COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE (Group II ) TWO (Group II ) THREE (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group II ) REO (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE (Group I ) TWO (Group I ) THREE (Group I )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group I ) ACQUIRED (Group I )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group I, II, IV (1440, 1441, 1443)
WEIGHTED AVERAGE PC RATE: 7.2921
- --------------------------------------------------------------------------------
ISSUE DATE: 04/29/1998
CERTIFICATE BALANCE AT ISSUE: $417,814,956.29
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- ----------------- ----------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2462 $343,660,042.89
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $293,225.31
Unscheduled Principal Collection/Reversals $124,164.42
Liquidations-in-full 56 $10,173,654.28
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $10,591,044.01 ($10,591,044.01)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2406 $333,068,998.88
SCHEDULED INTEREST AT MORTGAGE RATE: $2,308,321.38
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $225.13
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $225.13
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $218,707.06
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $2.21
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $2.21
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $12,680,881.25
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group I, II, IV (1440, 1441, 1443)
WEIGHTED AVERAGE PC RATE: 7.2921
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------
- --------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$10,591,044.01 $2,089,614.32 $222.92 $2,089,837.24 $0.00 $12,680,881.25
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,178,149.00 $0.00 $0.00 $0.00 $4,178,149.00
BANKRUPTCY BOND
SINGLE-UNITS $158,561.00 $0.00 $0.00 $0.00 $158,561.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,356,299.00 $0.00 $0.00 $0.00 $8,356,299.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
8 $852,615.48 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I, II and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated April 27, 1998,
pursuant to which certain of the Group I, II and IV Certificates were offered.
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group I, II and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in other Loan Group or Loan Groups have
not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $13,044,547.69
C-B-2 $5,176,406.92
C-B-3 $4,141,125.73
C-B-4 $2,691,731.87
C-B-5 $1,035,281.19
C-B-6 $1,863,511.67
Total $27,952,605.07
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,178,149.00,
$158,561.00, $8,356,299.00 respectively.
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-4 Group I, II & IV Pool 1440, 1441 & 1443
Certificate Trust Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio I-A-1 I-X I-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.3816% 7.0000% 7.0000%
Original Principal Balance $417,814,956.29 $90,394,806.00 $0.00 $414,133.00
Beginning Principal Balance $343,660,042.89 $73,917,397.20 $0.00 $387,733.76
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $10,591,044.01 $2,057,396.62 $0.00 $377.75
Principal Allocation Factor 0.025348647 0.022760120 0.000000000 0.000912147
Scheduled Interest $2,089,614.32 $431,184.82 $34,484.76 $0.00
Scheduled Interest Allocation Factor 0.005001291 0.004770018 0.000000000 0.000000000
Interest Adjustment $222.92 $46.00 $3.68 $0.00
Interest Adjustment Allocation Factor 0.000000534 0.000000509 0.000000000 0.000000000
Net Interest Distributed $2,089,837.24 $431,230.82 $34,488.44 $0.00
Distributed Allocation Factor 0.005001825 0.004770527 0.000000000 0.000000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000 0.000000000
Ending Total Distribution $12,680,881.25 $2,488,627.44 $34,488.44 $377.75
Ending Principal Balance $333,068,998.88 $71,860,000.58 $0.00 $387,356.01
Principal Balance Trading Factor 0.797168684 0.794957186 0.000000000 0.935342052
<CAPTION>
Class II-A-1 II-X II-P
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.8099% 6.7500%
Original Principal Balance $196,321,485.00 $0.00 $681,891.00
Beginning Principal Balance $163,422,008.63 $0.00 $636,527.72
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $4,999,871.26 $0.00 $4,390.88
Principal Allocation Factor 0.025467774 0.000000000 0.006439270
Scheduled Interest $927,399.52 $72,718.57 $0.00
Scheduled Interest Allocation Factor 0.004723882 0.000000000 0.000000000
Interest Adjustment $98.93 $7.76 $0.00
Interest Adjustment Allocation Factor 0.000000504 0.000000000 0.000000000
Net Interest Distributed $927,498.45 $72,726.33 $0.00
Distributed Allocation Factor 0.004724386 0.000000000 0.000000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000
Ending Total Distribution $5,927,369.71 $72,726.33 $4,390.88
Ending Principal Balance $158,422,137.37 $0.00 $632,136.84
Principal Balance Trading Factor 0.806952623 0.000000000 0.927035025
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class IV-A-1 IV-A-2 IV-X IV-P C-B-1
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.5000% 7.0000% 6.7500% 0.0000% 6.8386%
Original Principal Balance $50,718,024.00 $50,718,024.00 $0.00 $363,980.00 $13,161,171.00
Beginning Principal Balance $38,500,324.91 $38,500,324.91 $0.00 $319,119.59 $13,055,747.69
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,751,947.12 $1,751,947.12 $0.00 $1,113.26 $11,200.00
Principal Allocation Factor 0.034542890 0.034542890 0.000000000 0.003058575 0.000850988
Scheduled Interest $208,543.43 $224,585.23 $31,278.67 $0.00 $74,402.82
Scheduled Interest Allocation Factor 0.004111821 0.004428115 0.000000000 0.000000000 0.005653207
Interest Adjustment $22.25 $23.96 $3.34 $0.00 $7.94
Interest Adjustment Allocation Factor 0.000000439 0.000000472 0.000000000 0.000000000 0.000000603
Net Interest Distributed $208,565.68 $224,609.19 $31,282.01 $0.00 $74,410.76
Distributed Allocation Factor 0.004112260 0.004428587 0.000000000 0.000000000 0.005653810
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000 0.000000000 0.000000000
Ending Total Distribution $1,960,512.80 $1,976,556.31 $31,282.01 $1,113.26 $85,610.76
Ending Principal Balance $36,748,377.79 $36,748,377.79 $0.00 $318,006.33 $13,044,547.69
Principal Balance Trading Factor 0.724562491 0.724562491 0.000000000 0.873691769 0.991138835
<CAPTION>
Class C-B-2 C-B-3 C-B-4 C-B-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.8386% 6.8386% 6.8386% 6.8386%
Original Principal Balance $5,222,686.00 $4,178,149.00 $2,715,797.00 $1,044,537.00
Beginning Principal Balance $5,180,851.36 $4,144,681.29 $2,694,042.98 $1,036,170.08
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $4,444.44 $3,555.55 $2,311.11 $888.89
Principal Allocation Factor 0.000850988 0.000850988 0.000850988 0.000850988
Scheduled Interest $29,524.92 $23,619.94 $15,352.96 $5,904.98
Scheduled Interest Allocation Factor 0.005653206 0.005653207 0.005653206 0.005653203
Interest Adjustment $3.15 $2.52 $1.64 $0.63
Interest Adjustment Allocation Factor 0.000000603 0.000000603 0.000000604 0.000000603
Net Interest Distributed $29,528.07 $23,622.46 $15,354.60 $5,905.61
Distributed Allocation Factor 0.005653809 0.005653810 0.005653810 0.005653806
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000 0.000000000
Ending Total Distribution $33,972.51 $27,178.01 $17,665.71 $6,794.50
Ending Principal Balance $5,176,406.92 $4,141,125.73 $2,691,731.87 $1,035,281.19
Principal Balance Trading Factor 0.991138835 0.991138835 0.991138833 0.991138841
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class C-B-6 R-1 R-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.8386% 6.7500% 6.7500%
Original Principal Balance $1,880,172.19 $50.00 $50.00
Beginning Principal Balance $1,865,111.67 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $1,600.00 $0.00 $0.00
Principal Allocation Factor 0.000850988 0.000000000 0.00000000
Scheduled Interest $10,629.00 $0.00 $0.00 ($15.30)
Scheduled Interest Allocation Factor 0.005653206 0.000000000 -0.30600000
Interest Adjustment $1.13 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.000000601 0.000000000 0.00000000
Net Interest Distributed $10,630.13 $0.00 ($15.30)
Distributed Allocation Factor 0.005653807 0.000000000 -0.30600000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.00000000
Ending Total Distribution $12,230.13 $0.00 ($15.30)
Ending Principal Balance $1,863,511.67 $0.00 $0.00
Principal Balance Trading Factor 0.991138831 0.000000000 0.00000000
<CAPTION>
Class Over Collateralization
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance $1.10
Beginning Principal Balance $1.10 Class I-X Notional Amt
Loans Transferred In $0.00
Loans Transferred Out $0.00 $5,911,673.70 $6,724,125.10
Principal Losses $0.00
Other Principal Adjustments $0.00 Class II-X Notional Amt
Principal Distributed $0.00 ----------------------- ($0.00)
Principal Allocation Factor 0.00000000 $12,927,745.27 15071694.750000000
Scheduled Interest $0.00 ($0.00)
Scheduled Interest Allocation Factor 0.00000000 Class IV-X-1 Notional Amt
Interest Adjustment $0.00 ------------------------- $0.01
Interest Adjustment Allocation Factor 0.00000000 $5,560,652.28 6788261.320000000
Net Interest Distributed $0.00
Distributed Allocation Factor 0.00000000
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $0.00
Ending Principal Balance $1.10 ($0.00)
Principal Balance Trading Factor 1.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group II (1441) WEIGHTED AVERAGE PC RATE: 7.2715
- --------------------------------------------------------------------------------
ISSUE DATE: 04/29/1998
CERTIFICATE BALANCE AT ISSUE: $211,263,675.67
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- ----------------- -----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1265 $178,220,349.58
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $130,827.47
Unscheduled Principal Collection/Reversals $97,502.95
Liquidations-in-full 25 $4,786,321.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,014,651.91 ($5,014,651.91)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1240 $173,205,697.67
SCHEDULED INTEREST AT MORTGAGE RATE: $1,198,940.25
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $150.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $150.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $118,470.40
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,095,271.76
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group II (1441) WEIGHTED AVERAGE PC RATE: 7.2715
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ------------------------------------------------------------------
- ------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -----------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$5,014,651.91 $1,080,469.85 $150.00 $1,080,619.85 $0.00 $6,095,271.76
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,178,149.00 $0.00 $0.00 $0.00 $4,178,149.00
BANKRUPTCY BOND
SINGLE-UNITS $158,561.00 $0.00 $0.00 $0.00 $158,561.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,356,299.00 $0.00 $0.00 $0.00 $8,356,299.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
35 $4,905,141.59 4 $477,679.40 5 $261,595.54
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
3 $669,786.18 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I, II and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated April 27, 1998,
pursuant to which certain of the Group I, II and IV Certificates were offered.
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group I, II and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in other Loan Group or Loan Groups have
not sustained any losses. The Class Principal Balances of the Class C-B
Certificates immediately after the principal and interest distribution on March
25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 #REF!
C-B-2 #REF!
C-B-3 #REF!
C-B-4 #REF!
C-B-5 #REF!
C-B-6 #REF!
Total #REF!
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,178,149.00,
$158,561.00, $8,356,299.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-4 Group II (1441)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.2582 6.4832 6.4659 348.324 $8,309,945.65 53
7.5000 - 7.9999 7.7382 6.9632 6.9463 348.417 $59,776,326.52 382
8.0000 - 8.4999 8.1764 7.4014 7.3836 348.213 $75,390,464.70 523
8.5000 - 8.9999 8.6020 7.8270 7.8097 348.324 $27,157,686.30 253
9.0000 - 9.4999 9.0813 8.3063 8.2903 348.088 $1,178,322.15 14
9.5000 - 9.9999 9.7170 8.6328 8.6178 348.350 $701,554.67 7
10.0000-10.4999 10.1997 8.6374 8.6224 348.677 $569,610.29 6
10.5000-10.9999 10.5000 8.6250 8.6100 348.000 $121,787.39 1
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.0685 7.2889 7.2715 348.307 $173,205,697.67 1239
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group III (1442) WEIGHTED AVERAGE PC RATE: 7.1118
- --------------------------------------------------------------------------------
ISSUE DATE: 04/29/1998
CERTIFICATE BALANCE AT ISSUE: $418,216,044.34
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------- ---------------------- ----------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1059 $344,598,648.63
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $285,266.06
Unscheduled Principal Collection/Reversals $77,842.95
Liquidations-in-full 34 $12,259,984.19
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $12,623,093.20 ($12,623,093.20)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1025 $331,975,555.43
SCHEDULED INTEREST AT MORTGAGE RATE: $2,146,737.56
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $14.02
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $14.02
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $102,964.44
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.25
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.25
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $14,666,880.09
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group III (1442) WEIGHTED AVERAGE PC RATE: 7.1118
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ------------------------------------------------------------------
- ------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$12,623,093.20 $2,043,773.12 $13.77 $2,043,786.89 $0.00 $14,666,880.09
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,477,763.00 $0.00 $0.00 $0.00 $4,477,763.00
BANKRUPTCY BOND
SINGLE-UNITS $125,000.00 $0.00 $0.00 $0.00 $125,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $4,182,160.00 $0.00 $0.00 $0.00 $4,182,160.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
12 $4,472,448.01 2 $473,922.09 2 $534,156.89
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Class III-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy and
fraud coverage to certain classes of the Series 1998-4(the "Certificates"). The
"Prospectus Supplement" is that certain Prospectus Supplement, dated April 27,
1998, pursuant to which certain of the Certificates were offered.
The Class Principal Balances of the Class III-B Certificates immediately after
the principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
III-B-1 $8,292,047.72
III-B-2 $3,731,421.46
III-B-3 $2,902,216.69
III-B-4 $1,658,409.55
III-B-5 $1,036,505.95
III-B-6 $1,036,508.68
Total $18,657,110.05
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,477,763.00,
$125,000.00, $4,182,160.00 respectively.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.2500 6.0000 5.9500 348.000 $271,283.35 1
6.8147 6.6019 6.5333 348.163 $14,673,547.55 38
7.2483 7.0053 6.9505 347.571 $158,707,574.04 458
7.6188 7.3192 7.2670 347.366 $125,485,265.79 384
8.1251 7.4893 7.4584 347.065 $25,794,026.07 101
8.5825 7.8075 7.7869 348.487 $5,695,063.97 34
9.3750 8.6000 8.5798 347.225 $834,238.48 3
9.6514 8.8764 8.8614 348.340 $325,419.44 4
10.8062 8.9917 8.9767 349.000 $189,136.74 2
7.4691 7.1636 7.1118 347.497 $331,975,555.43 1025
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-4 Group III Pool 1442
Certificate Trust Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio III-A-1 III-A-2 III-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.1171% 6.750% 6.750% 6.750%
Original Principal Balance $418,216,044.34 $143,196,000.00 $22,785,000.00 $9,000,000.00
Beginning Principal Balance $344,598,648.63 $104,247,680.80 $22,785,000.00 $9,000,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $12,623,093.20 $6,669,110.20 $0.00 $0.00
Principal Allocation Factor 0.03018319 0.04657330 0.00000000 0.00000000
Scheduled Interest $2,043,773.12 $586,393.20 $128,165.63 $50,625.00
Scheduled Interest Allocation Factor 0.00488688 0.00409504 0.00562500 0.00562500
Interest Adjustment $13.77 $3.95 $0.86 $0.34
Interest Adjustment Allocation Factor 0.00000003 0.00000003 0.00000004 0.00000004
Net Interest Distributed $2,043,786.89 $586,397.15 $128,166.49 $50,625.34
Distributed Allocation Factor 0.00488692 0.00409507 0.00562504 0.00562504
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $14,666,880.09 $7,255,507.35 $128,166.49 $50,625.34
Ending Principal Balance $331,975,555.43 $97,578,570.60 $22,785,000.00 $9,000,000.00
Principal Balance Trading Factor 0.79378962 0.68143363 1.00000000 1.00000000
<CAPTION>
Class III-A-4 III-A-5 III-A-6
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $15,900,000.00 $6,299,000.00 $28,000,000.00
Beginning Principal Balance $15,900,000.00 $4,819,745.24 $28,000,000.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $253,856.13 $0.00
Principal Allocation Factor 0.00000000 0.04030102 0.00000000
Scheduled Interest $89,437.50 $27,111.07 $157,500.00
Scheduled Interest Allocation Factor 0.00562500 0.00430403 0.00562500
Interest Adjustment $0.60 $0.18 $1.06
Interest Adjustment Allocation Factor 0.00000004 0.00000003 0.00000004
Net Interest Distributed $89,438.10 $27,111.25 $157,501.06
Distributed Allocation Factor 0.00562504 0.00430406 0.00562504
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $89,438.10 $280,967.38 $157,501.06
Ending Principal Balance $15,900,000.00 $4,565,889.11 $28,000,000.00
Principal Balance Trading Factor 1.00000000 0.72485936 1.00000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
(PO) (Accrual)
Class III-A-7 III-A-8 III-A-9 III-A-10 III-A-11
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 7.000% 6.750%
Original Principal Balance $10,860,007.00 $33,633,000.00 $49,773,536.00 $2,999,777.00 $3,580,000.00
Beginning Principal Balance $10,860,007.00 $33,633,000.00 $34,617,210.50 $2,104,065.36 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $3,193,414.58 $177,655.98 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.06415889 0.05922306 0.00000000
Scheduled Interest $61,087.54 $189,185.63 $201,933.73 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00405705 0.00000000 0.00000000
Interest Adjustment $0.41 $1.27 $1.36 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000004 0.00000004 0.00000003 0.00000000 0.00000000
Net Interest Distributed $61,087.95 $189,186.90 $201,935.09 $0.00 $0.00
Distributed Allocation Factor 0.00562504 0.00562504 0.00405708 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $61,087.95 $189,186.90 $3,395,349.67 $177,655.98 $0.00
Ending Principal Balance $10,860,007.00 $33,633,000.00 $31,423,795.92 $1,926,409.37 $0.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.63133541 0.64218419 0.00000000
<CAPTION>
(Accrual)
Class III-A-12 III-A-13 III-A-14 III-A-15 III-A-16
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 7.250% 6.750%
Original Principal Balance $23,000,000.00 $15,740,000.00 $10,499,000.00 $12,985,715.00 $3,755,000.00
Beginning Principal Balance $23,000,000.00 $11,752,814.41 $7,639,811.87 $9,230,688.34 $3,971,674.84
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $908,112.60 $490,667.63 $666,869.41 ($22,340.82)
Principal Allocation Factor 0.00000000 0.05769457 0.04673470 0.05135408 -0.00594962
Scheduled Interest $129,375.00 $66,109.58 $42,973.94 $55,768.74 $22,340.67
Scheduled Interest Allocation Factor 0.00562500 0.00420010 0.00409315 0.00429462 0.00594958
Interest Adjustment $0.87 $0.45 $0.29 $0.38 $0.15
Interest Adjustment Allocation Factor 0.00000004 0.00000003 0.00000003 0.00000003 0.00000004
Net Interest Distributed $129,375.87 $66,110.03 $42,974.23 $55,769.12 $22,340.82
Distributed Allocation Factor 0.00562504 0.00420013 0.00409317 0.00429465 0.00594962
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $129,375.87 $974,222.63 $533,641.86 $722,638.53 $0.00
Ending Principal Balance $23,000,000.00 $10,844,701.81 $7,149,144.24 $8,563,818.92 $3,994,015.66
Principal Balance Trading Factor 1.00000000 0.68898995 0.68093573 0.65947997 1.06365264
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
(Accrual)
Class III-A-17 III-A-18 III-X-1 III-X-2 III-P
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 7.000% 6.750% 6.750%
Original Principal Balance $1,500,000.00 $5,249,000.00 $0.00 $0.00 $641,286.61
Beginning Principal Balance $0.00 $3,731,167.91 $0.00 $0.00 $633,217.86
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $269,557.55 $0.00 $0.00 $735.47
Principal Allocation Factor 0.00000000 0.05135408 0.00000000 0.00000000 0.00114687
Scheduled Interest $0.00 $21,765.15 $17,816.55 $91,152.79 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00414653 0.00000000 0.00000000 0.00000000
Interest Adjustment $0.00 $0.15 $0.12 $0.61 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000003 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 $21,765.30 $17,816.67 $91,153.40 $0.00
Distributed Allocation Factor 0.00000000 0.00414656 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $0.00 $291,322.85 $17,816.67 $91,153.40 $735.47
Ending Principal Balance $0.00 $3,461,610.36 $0.00 $0.00 $632,482.39
Principal Balance Trading Factor 0.00000000 0.65947997 0.00000000 0.00000000 0.98627101
<CAPTION>
Class III-B-1 III-B-2 III-B-3 III-B-4 III-B-5
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $8,364,320.00 $3,763,944.00 $2,927,512.00 $1,672,864.00 $1,045,540.00
Beginning Principal Balance $8,298,916.37 $3,734,512.35 $2,904,620.72 $1,659,783.28 $1,037,364.53
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $6,868.65 $3,090.89 $2,404.03 $1,373.73 $858.58
Principal Allocation Factor 0.00082118 0.00082118 0.00082119 0.00082118 0.00082118
Scheduled Interest $46,681.40 $21,006.63 $16,338.49 $9,336.28 $5,835.18
Scheduled Interest Allocation Factor 0.00558102 0.00558102 0.00558102 0.00558102 0.00558102
Interest Adjustment $0.31 $0.14 $0.11 $0.06 $0.04
Interest Adjustment Allocation Factor 0.00000004 0.00000004 0.00000004 0.00000004 0.00000004
Net Interest Distributed $46,681.71 $21,006.77 $16,338.60 $9,336.34 $5,835.22
Distributed Allocation Factor 0.00558105 0.00558105 0.00558105 0.00558105 0.00558106
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $53,550.36 $24,097.66 $18,742.63 $10,710.07 $6,693.80
Ending Principal Balance $8,292,047.72 $3,731,421.46 $2,902,216.69 $1,658,409.55 $1,036,505.95
Principal Balance Trading Factor 0.99135946 0.99135945 0.99135945 0.99135946 0.99135944
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class III-B-6 R-2 II-A-8-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.7500% 6.750%
Original Principal Balance $1,045,542.73 $50.00 $25,858,000.00
Beginning Principal Balance $1,037,367.26 $0.00 $25,858,000.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $858.58 $0.00 $0.00
Principal Allocation Factor 0.00082118 0.00000000 0.00000000
Scheduled Interest $5,835.19 ($1.77) III-X-1 Notional Amt $145,451.25
Scheduled Interest Allocation Factor 0.00558102 -0.03540000 -------------------- 0.00562500
Interest Adjustment $0.04 $0.02 $3,167,386.43 $0.98
Interest Adjustment Allocation Factor 0.00000004 0.00040000 0.00000004
Net Interest Distributed $5,835.23 ($1.75) III-X-2 Notional Amt $145,452.23
Distributed Allocation Factor 0.00558105 -0.03500000 -------------------- 0.00562504
Other Distribution $0.00 $0.00 $16,204,939.67 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $6,693.81 ($1.75) $145,452.23
Ending Principal Balance $1,036,508.68 $0.00 $25,858,000.00
Principal Balance Trading Factor 0.99135946 0.00000000 1.00000000
<CAPTION>
Class III-A-8-2 III-A-10-1 III-A-10-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750%
Original Principal Balance $7,775,000.00 $1,843,464.00 $1,156,313.00
Beginning Principal Balance $7,775,000.00 $1,282,118.70 $821,946.66
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $118,274.60 $59,381.39
Principal Allocation Factor 0.00000000 0.06415889 0.05135408
Scheduled Interest $43,734.38 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00562500 0.00000000 0.00000000
Interest Adjustment $0.29 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000004 0.00000000 0.00000000
Net Interest Distributed $43,734.67 $0.00 $0.00
Distributed Allocation Factor 0.00562504 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $43,734.67 $118,274.60 $59,381.39
Ending Principal Balance $7,775,000.00 $1,163,844.10 $762,565.27
Principal Balance Trading Factor 1.00000000 0.63133541 0.65947998
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group IV WEIGHTED AVERAGE PC RATE: 7.1570
- --------------------------------------------------------------------------------
ISSUE DATE: 04/29/1998
CERTIFICATE BALANCE AT ISSUE: $109,169,039.65
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------ ------------------- -------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 466 $84,607,053.07
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $102,698.56
Unscheduled Principal Collection/Reversals $14,991.94
Liquidations-in-full 14 $3,396,109.99
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,513,800.49 ($3,513,800.49)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 452 $81,093,252.58
SCHEDULED INTEREST AT MORTGAGE RATE: $562,313.84
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $56,915.48
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,019,198.85
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-4 Group IV WEIGHTED AVERAGE PC RATE: 7.1570
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -----------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$3,513,800.49 $505,398.36 $0.00 $505,398.36 $0.00 $4,019,198.85
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,178,149.00 $0.00 $0.00 $0.00 $4,178,149.00
BANKRUPTCY BOND
SINGLE-UNITS $158,561.00 $0.00 $0.00 $0.00 $158,561.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $8,356,299.00 $0.00 $0.00 $0.00 $8,356,299.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
7 $1,345,397.23 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
2 $183,552.91 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I, II and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated April 27, 1998,
pursuant to which certain of the Group I, II and IV Certificates were offered.
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group I, II and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in other Loan Group or Loan Groups have
not sustained any losses. The Class Principal Balances of the Class C-B
Certificates immediately after the principal and interest distribution on March
25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $13,044,547.69
C-B-2 $5,176,406.92
C-B-3 $4,141,125.73
C-B-4 $2,691,731.87
C-B-5 $1,035,281.19
C-B-6 $1,863,511.67
Total $27,952,605.07
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,178,149.00,
$158,561.00, $8,356,299.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-4 Group IV
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8029 6.0279 6.0129 168.534 $992,871.86 11
7.0000 - 7.4999 7.2501 6.4751 6.4592 168.503 $4,101,735.21 26
7.5000 - 7.9999 7.7324 6.9574 6.9409 168.492 $38,319,086.10 200
8.0000 - 8.4999 8.1695 7.3945 7.3783 168.567 $29,754,117.27 162
8.5000 - 8.9999 8.5724 7.7974 7.7824 168.657 $6,503,459.12 45
9.0000 - 9.4999 9.3750 7.9300 7.9150 169.000 $118,257.11 1
9.5000 - 9.9999 9.7541 8.1871 8.1721 168.400 $671,878.17 4
10.0000-10.4999 10.1785 8.5235 8.5085 168.604 $631,847.74 3
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9626 7.1732 7.1570 168.535 $81,093,252.58 452
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-5, CLASS III-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-5 Group I (1448) WEIGHTED AVERAGE PC RATE: 7.3555
- --------------------------------------------------------------------------------
ISSUE DATE: 06/24/1998
CERTIFICATE BALANCE AT ISSUE: $157,970,299.44
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- ----------------- -----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1126 $141,981,429.10
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $107,110.60
Unscheduled Principal Collection/Reversals $33,084.66
Liquidations-in-full 16 $2,461,549.78
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,601,745.04 ($2,601,745.04)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1110 $139,379,684.06
SCHEDULED INTEREST AT MORTGAGE RATE: $950,097.17
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $4.70
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $4.70
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $79,961.00
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.47
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.47
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,471,885.44
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-5 Group I (1448) WEIGHTED AVERAGE PC RATE: 7.3555
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -----------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,601,745.04 $870,136.17 $4.23 $870,140.40 $0.00 $3,471,885.44
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $1,579,702.00 $0.00 $0.00 $0.00 $1,579,702.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $3,159,405.00 $0.00 $0.00 $0.00 $3,159,405.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
31 $3,652,403.22 1 $103,262.80 2 $153,764.18
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $134,909.53 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated June 24, 1998, pursuant to which
certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $3,531,194.83
I-B-2 $1,961,774.56
I-B-3 $1,490,948.38
I-B-4 $784,709.63
I-B-5 $313,883.45
I-B-6 $549,300.95
Total $8,631,811.80
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $1,579,702.00,
$100,000.00, $3,159,405.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-5 Group I (1448)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.7334 6.4834 6.4370 349.065 $1,042,675.98 5
8.0000 - 8.4999 7.2718 6.9188 6.8883 348.893 $9,616,176.44 70
8.5000 - 8.9999 7.7113 7.1391 7.1135 343.688 $55,645,928.51 404
9.0000 - 9.4999 8.1756 7.4389 7.4199 349.455 $47,430,538.76 385
9.5000 - 9.9999 8.6223 7.8621 7.8447 349.430 $21,228,794.98 205
10.0000-10.4999 9.1338 8.4354 8.4108 339.837 $1,588,652.01 17
10.5000-10.9999 9.6836 8.6205 8.6020 349.142 $1,804,956.47 16
11.0000 - 11.4999 10.1282 8.7195 8.7045 349.822 $868,280.45 7
11.5000 - 11.9999 10.6250 9.8500 9.8350 347.000 $153,680.46 1
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
8.0304 7.3779 7.3555 346.993 $139,379,684.06 1110
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-5 Group I Pool 1448
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Group I I-A-1 I-X I-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.3542% 7.000% 7.000% 0.000%
Original Principal Balance $157,970,299.00 $148,870,809.00 $8,659,663.00 $411,123.00
Beginning Principal Balance $141,981,428.66 $132,972,581.07 $0.00 $370,521.54
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,601,745.04 $2,589,719.52 $0.00 $5,511.27
Principal Allocation Factor 0.01646984 0.01739575 0.00000000 0.01340540
Scheduled Interest $870,136.17 $775,673.39 $44,072.31 $0.00
Scheduled Interest Allocation Factor 0.00550823 0.00521038 0.00508938 0.00000000
Interest Adjustment $4.23 $3.77 $0.21 $0.00
Interest Adjustment Allocation Factor 0.00000003 0.00000003 0.00000002 0.00000000
Net Interest Distributed $870,140.40 $775,677.16 $44,072.52 $0.00
Distributed Allocation Factor 0.00550825 0.00521040 0.00508940 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,471,885.44 $3,365,396.68 $44,072.52 $5,511.27
Ending Principal Balance $139,379,683.62 $130,382,861.55 $0.00 $365,010.27
Principal Balance Trading Factor 0.88231575 0.87581214 0.00000000 0.88783715
<CAPTION>
Class I-B-1 I-B-2 I-B-3
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000%
Original Principal Balance $3,554,331.00 $1,974,628.00 $1,500,717.00
Beginning Principal Balance $3,533,859.75 $1,963,255.07 $1,492,073.57
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $2,664.92 $1,480.51 $1,125.19
Principal Allocation Factor 0.00074977 0.00074977 0.00074977
Scheduled Interest $20,614.18 $11,452.32 $8,703.76
Scheduled Interest Allocation Factor 0.00579974 0.00579974 0.00579973
Interest Adjustment $0.10 $0.06 $0.04
Interest Adjustment Allocation Factor 0.00000003 0.00000003 0.00000003
Net Interest Distributed $20,614.28 $11,452.38 $8,703.80
Distributed Allocation Factor 0.00579976 0.00579977 0.00579976
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $23,279.20 $12,932.89 $9,828.99
Ending Principal Balance $3,531,194.83 $1,961,774.56 $1,490,948.38
Principal Balance Trading Factor 0.99349071 0.99349070 0.99349070
</TABLE>
<PAGE>
<PAGE>
#VALUE!
<TABLE>
<CAPTION>
Class I-B-4 I-B-5 I-B-6 R-1
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 6.750%
Original Principal Balance $789,851.00 $315,940.00 $552,900.00 $50.00 Class I-X Notional Amt
Beginning Principal Balance $785,301.83 $314,120.33 $549,715.50 $0.00 ----------------------
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $7,555,253.73
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $592.20 $236.88 $414.55 $0.00
Principal Allocation Factor 0.00074976 0.00074976 0.00074977 0.00000000
Scheduled Interest $4,580.93 $1,832.37 $3,206.67 $0.24
Scheduled Interest Allocation Factor 0.00579974 0.00579974 0.00579973 0.00480000
Interest Adjustment $0.02 $0.01 $0.02 $0.00
Interest Adjustment Allocation Factor 0.00000003 0.00000003 0.00000004 0.00000000
Net Interest Distributed $4,580.95 $1,832.38 $3,206.69 $0.24
Distributed Allocation Factor 0.00579976 0.00579977 0.00579976 0.00480000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $5,173.15 $2,069.26 $3,621.24 $0.24
Ending Principal Balance $784,709.63 $313,883.45 $549,300.95 $0.00
Principal Balance Trading Factor 0.99349071 0.99349069 0.99349060 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 5 Group II & III (1450 & 1451)
PNC WEIGHTED AVERAGE PC RATE (1451): 6.6125
PNC WEIGHTED AVERAGE PC RATE (1450): 6.9530
WEIGHTED AVERAGE PC RATE: 6.9114
- --------------------------------------------------------------------------------
ISSUE DATE: 07/01/1998
CERTIFICATE BALANCE AT ISSUE: $961,839,154.56
<TABLE>
<CAPTION>
------------------------------------------------
Group III (Pool 1451)
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 315 $102,512,668.08
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $362,696.47
Unscheduled Principal Collection/Reversals $93,147.97
Liquidations-in-full 5 $1,345,397.56
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,801,242.00 ($1,801,242.00)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 310 $100,711,426.08
SCHEDULED INTEREST AT MORTGAGE RATE: $602,029.97
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $36,925.67
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,366,346.30
------------------------------------------------
<CAPTION>
------------------------------------------------
Group II (Pool 1450)
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2125 $745,051,847.77
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $634,875.75
Unscheduled Principal Collection/Reversals $720,334.97
Liquidations-in-full 56 $18,817,233.80
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $20,172,444.52 ($20,172,444.52)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2069 $724,879,403.25
SCHEDULED INTEREST AT MORTGAGE RATE: $4,585,920.17
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $21.37
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $21.37
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $266,889.99
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.36
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.36
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $24,491,495.71
------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 5 Group II & III (1450 & 1451)
PNC WEIGHTED AVERAGE PC RATE (1450): 6.9530
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$21,973,686.52 $4,884,134.48 $21.01 $4,884,155.49 $0.00 $26,857,842.01
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED Group II Group III Group II Group III Group II Group III COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $9,769,365.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9,769,365.00
BANKRUPTCY BOND
SINGLE-UNITS $276,396.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $276,396.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,618,391.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9,618,391.00
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT INSTALLMENTS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
ONE (Group II ) TWO (Group II ) THREE (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
36 $12,283,363.36 3 $949,863.63 0 $0.00
<CAPTION>
FORECLOSURE (Group II ) REO (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $352,520.43 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
ONE (Group III ) TWO (Group III ) THREE (Group III )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
2 $600,763.48 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group III ) ACQUIRED (Group III )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
The Class B certificate provide to the limited extent described in the
prospectus supplement, credit support, as well as special hazard, bankruptcy and
fraud coverage, to certain classes of the 1998-5 certificates.
The "Prospectus Supplement" is that certain Prospectus Supplement, 06/01/98
pursuant to which certain of the Certificates offered.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 5 Group II & III (1450 & 1451)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999 6.3447 6.1217 6.0795 349.481 $2,141,276.19 4
6.5000 - 6.9999 6.8046 6.5844 6.5336 348.518 $50,906,511.27 154
7.0000 - 7.4999 7.2666 6.8980 6.8522 347.457 $382,099,125.07 1079
7.5000 - 7.9999 7.6143 7.1803 7.1342 348.193 $274,743,542.47 797
8.0000 - 8.4999 8.1093 7.8012 7.7497 342.304 $14,626,728.14 34
8.5000 - 8.9999 8.5000 7.7500 7.7100 350.000 $362,220.11 1
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.3808 6.9993 6.9530 347.714 $724,879,403.25 2069
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - Group II & Group III (1450 & 1451)
WEIGHTED AVERAGE PC RATE: 6.9114
- --------------------------------------------------------------------------------
ISSUE DATE: 06/24/1998
CERTIFICATE BALANCE AT ISSUE: $961,839,154.56
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-------------- ----------------- -----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2440 $847,564,515.85
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $997,572.22
Unscheduled Principal Collection/Reversals $813,482.94
Liquidations-in-full 61 $20,162,631.36
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $21,973,686.52 ($21,973,686.52)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2379 $825,590,829.33
SCHEDULED INTEREST AT MORTGAGE RATE: $5,187,950.14
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $21.37
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $21.37
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $303,815.66
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.36
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.36
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $26,857,842.01
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998 - 5 Group II & III (1450 & 1451)
PNC WEIGHTED AVERAGE PC RATE (1450): 6.9114
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ----------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$21,973,686.52 $4,884,134.48 $21.01 $4,884,155.49 $0.00 $26,857,842.01
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $9,769,365.00 $0.00 $0.00 $0.00 $9,769,365.00
BANKRUPTCY BOND
SINGLE-UNITS $276,396.00 $0.00 $0.00 $0.00 $276,396.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,618,391.00 $0.00 $0.00 $0.00 $9,618,391.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
38 $12,884,126.84 3 $949,863.63 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $352,520.43 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II and III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated June 24, 1998, pursuant
to which certain of the Group II and III Certificates were offered. The Special
Hazard coverage, Bankruptcy coverage and Fraud coverage (collectively, "Credit
Enhancements") provided by the C-B Certificates provide coverages to the Group
II and Group III Loans, subject to the conditions and limitations to payment
specified thereunder. Losses on Mortgage Loans in any one or more of such Loan
Groups may exhaust the coverage provided by the Credit Enhancements even if the
Mortgage Loans in other Loan Group or Loan Groups have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $18,089,159.02
C-B-2 $8,092,518.10
C-B-3 $3,808,243.58
C-B-4 $3,332,213.62
C-B-5 $1,428,090.85
C-B-6 $2,380,155.70
Total $37,130,380.88
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $9,769,365.00,
$276,396.00, $9,618,391.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998 - 5 Group II & III (1450 & 1451)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.3258 7.0758 7.0325 356.051 $2,257,094.12 17
7.5000 - 7.9999 7.7905 7.5405 7.4963 356.335 $35,980,231.47 288
8.0000 - 8.4999 8.2116 7.9618 7.9175 354.906 $142,757,992.63 1203
8.5000 - 8.9999 8.6518 8.4020 8.3592 352.803 $124,260,937.57 1193
9.0000 - 9.4999 9.0432 8.7932 8.7491 352.553 $14,455,150.25 156
9.5000 - 9.9999 9.5588 9.3088 9.2629 353.756 $492,059.01 6
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3685 8.1186 8.0749 354.151 $320,203,465.05 2863
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
Series: 1998-5 Group II & III (1450 & 1451)
Certificate Trust
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class Portfolio II-A-1 II-A-2 II-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.0000% 6.750% 6.750% 6.750%
Original Principal Balance $961,839,154.13 $51,925,345.00 $50,355,000.00 $16,600,000.00
Beginning Principal Balance $847,564,515.42 $29,504,962.09 $50,305,086.49 $16,599,999.99
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $21,973,686.52 $616,277.08 $2,309,694.66 $0.00
Principal Allocation Factor 0.02284549 0.01186852 0.04586823 0.00000000
Scheduled Interest $4,884,134.48 $165,965.41 $282,966.11 $93,375.00
Scheduled Interest Allocation Factor 0.00507791 0.00319623 0.00561942 0.00562500
Interest Adjustment $21.01 $0.71 $1.22 $0.40
Interest Adjustment Allocation Factor 0.00000002 0.00000001 0.00000002 0.00000002
Net Interest Distributed $4,884,155.49 $165,966.12 $282,967.33 $93,375.40
Distributed Allocation Factor 0.00507793 0.00319624 0.00561945 0.00562502
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $26,857,842.01 $782,243.20 $2,592,661.99 $93,375.40
Ending Principal Balance $825,590,828.90 $28,888,685.01 $47,995,391.83 $16,599,999.99
Principal Balance Trading Factor 0.85834604 0.55635037 0.95314054 1.00000000
<CAPTION>
Class II-A-4 II-A-5 II-A-6 II-A-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 7.000% 6.550%
Original Principal Balance $56,220,000.00 $78,685,348.00 $142,475,919.00 $21,943,500.00
Beginning Principal Balance $56,220,000.00 $78,685,348.00 $116,461,627.68 $21,943,500.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $7,671,896.84 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.05384697 0.00000000
Scheduled Interest $316,237.50 $442,605.08 $679,359.49 $119,774.94
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00476824 0.00545833
Interest Adjustment $1.36 $1.90 $2.92 $0.52
Interest Adjustment Allocation Factor 0.00000002 0.00000002 0.00000002 0.00000002
Net Interest Distributed $316,238.86 $442,606.98 $679,362.41 $119,775.46
Distributed Allocation Factor 0.00562502 0.00562502 0.00476826 0.00545836
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $316,238.86 $442,606.98 $8,351,259.25 $119,775.46
Ending Principal Balance $56,220,000.00 $78,685,348.00 $108,789,730.84 $21,943,500.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.76356574 1.00000000
<CAPTION>
Class II-A-8 II-A-9
<S> <C> <C>
Weighted Average Pass Through Rate 6.750% 0.000%
Original Principal Balance $11,108,341.00 $5,276,886.00
Beginning Principal Balance $0.00 $4,313,393.71
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $284,144.33
Principal Allocation Factor 0.00000000 0.05384697
Scheduled Interest $0.00 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $0.00 $0.00
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $0.00 $284,144.33
Ending Principal Balance $0.00 $4,029,249.37
Principal Balance Trading Factor 0.00000000 0.76356574
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class II-A-10 II-A-11 II-A-12 II-A-13
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.550% 6.300% 6.750% 6.300%
Original Principal Balance $24,500,000.00 $16,000,000.00 $0.00 $12,500,000.00
Beginning Principal Balance $24,500,000.00 $16,000,000.00 $0.00 $12,500,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $133,729.17 $84,000.00 $26,438.31 $65,625.00
Scheduled Interest Allocation Factor 0.00545833 0.00525000 0.00000000 0.00525000
Interest Adjustment $0.58 $0.36 $0.11 $0.28
Interest Adjustment Allocation Factor 0.00000002 0.00000002 0.00000000 0.00000002
Net Interest Distributed $133,729.75 $84,000.36 $26,438.42 $65,625.28
Distributed Allocation Factor 0.00545836 0.00525002 0.00000000 0.00525002
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $133,729.75 $84,000.36 $26,438.42 $65,625.28
Ending Principal Balance $24,500,000.00 $16,000,000.00 $0.00 $12,500,000.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.00000000 1.00000000
<CAPTION>
Class II-A-14 II-A-15 II-A-16 II-A-17
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.350% 6.750% 6.750% 6.750%
Original Principal Balance $24,030,683.00 $179,261,196.00 $47,874,997.00 $43,379,121.00
Beginning Principal Balance $24,030,683.00 $150,644,804.29 $40,691,377.07 $43,340,740.82
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $5,977,882.51 $1,500,629.91 $1,776,001.99
Principal Allocation Factor 0.00000000 0.03334733 0.03134475 0.04094140
Scheduled Interest $127,162.36 $847,377.02 $228,889.00 $243,791.67
Scheduled Interest Allocation Factor 0.00529167 0.00472705 0.00478097 0.00562002
Interest Adjustment $0.55 $3.65 $0.98 $1.05
Interest Adjustment Allocation Factor 0.00000002 0.00000002 0.00000002 0.00000002
Net Interest Distributed $127,162.91 $847,380.67 $228,889.98 $243,792.72
Distributed Allocation Factor 0.00529169 0.00472707 0.00478099 0.00562005
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $127,162.91 $6,825,263.18 $1,729,519.89 $2,019,794.71
Ending Principal Balance $24,030,683.00 $144,666,921.78 $39,190,747.16 $41,564,738.83
Principal Balance Trading Factor 1.00000000 0.80701750 0.81860574 0.95817384
<CAPTION>
Class II-A-18 II-A-19 II-X II-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 0.000%
Original Principal Balance $2,000,000.00 $22,717,000.00 $0.00 $2,000,207.99
Beginning Principal Balance $2,000,000.00 $22,717,000.00 $0.00 $1,980,224.64
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $8,134.54
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00406685
Scheduled Interest $11,250.00 $127,783.13 $139,252.76 $0.00
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00000000 0.00000000
Interest Adjustment $0.05 $0.55 $0.60 $0.00
Interest Adjustment Allocation Factor 0.00000003 0.00000002 0.00000000 0.00000000
Net Interest Distributed $11,250.05 $127,783.68 $139,253.36 $0.00
Distributed Allocation Factor 0.00562503 0.00562502 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $11,250.05 $127,783.68 $139,253.36 $8,134.54
Ending Principal Balance $2,000,000.00 $22,717,000.00 $0.00 $1,972,090.10
Principal Balance Trading Factor 1.00000000 1.00000000 0.00000000 0.98594252
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class III-A-1 C-B-1 C-B-2 C-B-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.625% 6.7347% 6.7347% 6.7347%
Original Principal Balance $114,223,682.00 $18,274,943.00 $8,175,632.00 $3,847,356.00
Beginning Principal Balance $96,747,019.47 $18,110,553.72 $8,102,089.41 $3,812,747.73
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,780,395.61 $21,394.70 $9,571.31 $4,504.15
Principal Allocation Factor 0.01558692 0.00117071 0.00117071 0.00117071
Scheduled Interest $534,124.17 $101,640.39 $45,470.70 $21,397.98
Scheduled Interest Allocation Factor 0.00467612 0.00556173 0.00556174 0.00556174
Interest Adjustment $2.30 $0.44 $0.20 $0.09
Interest Adjustment Allocation Factor 0.00000002 0.00000002 0.00000002 0.00000002
Net Interest Distributed $534,126.47 $101,640.83 $45,470.90 $21,398.07
Distributed Allocation Factor 0.00467614 0.00556176 0.00556176 0.00556176
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,314,522.08 $123,035.53 $55,042.21 $25,902.22
Ending Principal Balance $94,966,623.86 $18,089,159.02 $8,092,518.10 $3,808,243.58
Principal Balance Trading Factor 0.83140923 0.98983395 0.98983395 0.98983395
<CAPTION>
Class C-B-4 C-B-5 C-B-6 III-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.7347% 6.7347% 6.7347% 6.625%
Original Principal Balance $3,366,437.00 $1,442,758.00 $2,404,601.00 $0.00
Beginning Principal Balance $3,336,154.75 $1,429,779.90 $2,382,970.80 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $3,941.13 $1,689.05 $2,815.10 $0.00
Principal Allocation Factor 0.00117071 0.00117071 0.00117071 0.00000000
Scheduled Interest $18,723.23 $8,024.24 $13,373.75 $5,798.55
Scheduled Interest Allocation Factor 0.00556173 0.00556174 0.00556173 0.00000000
Interest Adjustment $0.08 $0.03 $0.06 $0.02
Interest Adjustment Allocation Factor 0.00000002 0.00000002 0.00000002 0.00000000
Net Interest Distributed $18,723.31 $8,024.27 $13,373.81 $5,798.57
Distributed Allocation Factor 0.00556176 0.00556176 0.00556176 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $22,664.44 $9,713.32 $16,188.91 $5,798.57
Ending Principal Balance $3,332,213.62 $1,428,090.85 $2,380,155.70 $0.00
Principal Balance Trading Factor 0.98983395 0.98983395 0.98983395 0.00000000
<CAPTION>
Class III-P R-1 R-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 6.750% 6.750%
Original Principal Balance $1,250,051.14 $50.00 $50.00
Beginning Principal Balance $1,204,449.64 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $4,713.62 $0.00 $0.00
Principal Allocation Factor 0.00377074 0.00000000 0.00000000
Scheduled Interest $0.00 ($0.48) $0.00
Scheduled Interest Allocation Factor 0.00000000 -0.00960000 0.00000000
Interest Adjustment $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $0.00 ($0.48) $0.00
Distributed Allocation Factor 0.00000000 -0.00960000 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,713.62 ($0.48) $0.00
Ending Principal Balance $1,199,736.02 $0.00 $0.00
Principal Balance Trading Factor 0.95974955 0.00000000 0.00000000
<CAPTION>
Class R-3
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750%
Original Principal Balance $50.00
Beginning Principal Balance $0.00 ($2.23)
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00 Class II-X Notional Amt
Other Principal Adjustments $0.00
Principal Distributed $0.00 $24,756,047.01
Principal Allocation Factor 0.00000000
Scheduled Interest $0.00 Class II-A-12 Notional Amt
Scheduled Interest Allocation Factor 0.00000000
Interest Adjustment $0.00 $4,700,144.18
Interest Adjustment Allocation Factor 0.00000000
Net Interest Distributed $0.00 Class III-X Notional Amt
Distributed Allocation Factor 0.00000000
Other Distribution $0.00 $1,050,304.19
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $0.00
Ending Principal Balance $0.00 ($2.22)
Principal Balance Trading Factor 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-5 Group III (1451) WEIGHTED AVERAGE PC RATE: 6.6125
- --------------------------------------------------------------------------------
ISSUE DATE: 06/01/1998
CERTIFICATE BALANCE AT ISSUE: $120,159,972.33
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- ----------------- -------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 315 $102,512,668.08
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $362,696.47
Unscheduled Principal Collection/Reversals $93,147.97
Liquidations-in-full 5 $1,345,397.56
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,801,242.00 ($1,801,242.00)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 310 $100,711,426.08
SCHEDULED INTEREST AT MORTGAGE RATE: $602,029.97
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $36,925.67
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,366,346.30
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-5 Group III (1451) WEIGHTED AVERAGE PC RATE: 6.6125
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,801,242.00 $565,104.30 $0.00 $565,104.30 $0.00 $2,366,346.30
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $9,769,365.00 $0.00 $0.00 $0.00 $9,769,365.00
BANKRUPTCY BOND
SINGLE-UNITS $276,396.00 $0.00 $0.00 $0.00 $276,396.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,618,391.00 $0.00 $0.00 $0.00 $9,618,391.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
2 $881,645.96 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II and III Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated June 24, 1998, pursuant
to which certain of the Group II and III Certificates were offered. The Special
Hazard coverage, Bankruptcy coverage and Fraud coverage (collectively, "Credit
Enhancements") provided by the C-B Certificates provide coverages to the Group
II and Group III Loans, subject to the conditions and limitations to payment
specified thereunder. Losses on Mortgage Loans in any one or more of such Loan
Groups may exhaust the coverage provided by the Credit Enhancements even if the
Mortgage Loans in other Loan Group or Loan Groups have not sustained any losses.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $18,089,159.02
C-B-2 $8,092,518.10
C-B-3 $3,808,243.58
C-B-4 $3,332,213.62
C-B-5 $1,428,090.85
C-B-6 $2,380,155.70
Total $37,130,380.88
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $9,769,365.00,
$276,396.00, $9,618,391.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-5 Group III (1451)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999 6.3334 6.1226 6.0562 174.228 $2,668,941.43 8
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999
8.0000 - 8.4999 6.3332 6.1223 6.0559 168.228 $2,600,989.86 8
8.5000 - 8.9999 6.7301 6.5263 6.4554 168.592 $38,139,437.06 106
9.0000 - 9.4999 7.1854 6.9239 6.6845 167.434 $49,435,258.47 148
9.5000 - 9.9999 7.5947 7.2197 6.7592 167.817 $9,643,529.32 40
10.0000-10.4999 8.1408 7.9573 6.9848 159.122 $197,672.02 3
10.5000-10.9999 8.5263 7.8821 7.7219 165.355 $694,539.35 5
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-6, CLASS III-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP I (1452) WEIGHTED AVERAGE PC RATE:6.9420
- --------------------------------------------------------------------------------
ISSUE DATE: 7/28/1998
CERTIFICATE BALANCE AT ISSUE: $576,010,651.64
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------- --------------- ------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1535 $511,347,332.55
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $418,016.58
Unscheduled Principal Collection/Reversals $218,822.63
Liquidations-in-full 23 $7,836,850.48
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $8,473,689.69 ($8,473,689.69)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1512 $502,873,642.86
SCHEDULED INTEREST AT MORTGAGE RATE: $3,169,963.34
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $253.90
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $253.90
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $211,487.10
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $16.66
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $16.66
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $11,432,403.17
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP I (1452) WEIGHTED AVERAGE PC RATE: 6.9420
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- --------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,473,689.69 $2,958,476.24 $237.24 $2,958,713.48 $0.00 $11,432,403.17
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $5,760,103.00 $0.00 $0.00 $0.00 $5,760,103.00
BANKRUPTCY BOND
SINGLE-UNITS $174,099.00 $0.00 $0.00 $0.00 $174,099.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $11,520,207.00 $0.00 $0.00 $0.00 $11,520,207.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
15 $5,049,204.32 6 $2,116,554.95 1 $392,901.99
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated July 28, 1998, pursuant to which
certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $12,878,770.95
I-B-2 $5,151,508.18
I-B-3 $2,575,753.58
I-B-4 $2,289,558.86
I-B-5 $1,144,778.93
I-B-6 $1,717,173.36
Total $25,757,543.86
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $5,760,103.00,
$174,099.00, $11,520,207.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-6 GRP I (1452)
<TABLE>
<CAPTION>
Interest Rate
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.3750 6.1250 6.0806 348.563 $1,064,280.20 2
0.0000 - 4.9999 6.8007 6.5498 6.5017 350.035 $18,938,761.35 59
5.0000 - 5.4999 7.2661 6.9046 6.8610 349.995 $222,288,812.56 668
5.5000 - 5.9999 7.6099 7.0668 7.0231 350.271 $248,304,261.65 734
6.0000 - 6.4999 8.0784 7.5426 7.5012 348.363 $11,622,340.24 43
6.5000 - 6.9999 8.5665 7.8915 7.8665 351.118 $655,186.86 6
7.0000 - 7.4999
7.5000 - 7.9999
8.0000 - 8.4999
8.5000 - 8.9999
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999 7.4369 6.9857 6.9420 350.093 $502,873,642.86 1512
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.4499 6.9904 6.9467 354.048 $543,359,579.40 1622
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
SERIES: 1998-6 GRP I (1452) Sum Bond Pmts $8,473,689.69
Certificate Trust Principal less Bond Pmts $0.00
<TABLE>
<CAPTION>
$0.00
Class Group I I-A-1 I-A-1-1 I-A-1-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.9426% 0.000% 6.750% 6.400%
Original Principal Balance $576,010,651.64 $91,040,159.00 $3,552,934.00 $41,411,326.00
Beginning Principal Balance $511,347,063.91 $92,048,900.39 $0.00 $42,982,297.85
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $8,473,689.69 ($68,664.06) $0.00 ($229,257.30)
Principal Allocation Factor 0.01471099 -0.00075422 0.00000000 -0.00553610
Scheduled Interest $2,958,476.24 $586,802.26 $19,518.05 $229,238.92
Scheduled Interest Allocation Factor 0.00513615 0.00644553 0.00549350 0.00553566
Interest Adjustment $237.24 $47.06 $1.57 $18.38
Interest Adjustment Allocation Factor 0.00000041 0.00000052 0.00000044 0.00000044
Net Interest Distributed $2,958,713.48 $586,849.32 $19,519.62 $229,257.30
Distributed Allocation Factor 0.00513656 0.00644605 0.00549394 0.00553610
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $11,432,403.17 $518,185.26 $19,519.62 $0.00
Ending Principal Balance $502,873,374.22 $92,117,564.45 $0.00 $43,211,555.15
Principal Balance Trading Factor 0.87302791 1.01183440 0.00000000 1.04347190
</TABLE>
When the accretion termination date occurs include interest for I-A-2 and I-A-3
<TABLE>
<CAPTION>
I-A-1 Components
Class I-A-1-3 I-A-1-4 I-A-1-5
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 0.000% 6.750%
Original Principal Balance $43,500,000.00 $5,214,846.00 $16,891,935.00
Beginning Principal Balance $44,265,699.26 $3,893,300.61 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $159,818.79 $0.00
Principal Allocation Factor 0.00000000 0.03064689 0.00000000
Scheduled Interest $258,216.58 $0.00 $79,828.71
Scheduled Interest Allocation Factor 0.00593601 0.00000000 0.00472585
Interest Adjustment $0.00 $0.00 $6.40
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000038
Net Interest Distributed $258,216.58 $0.00 $79,835.11
Distributed Allocation Factor 0.00593601 0.00000000 0.00472623
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $258,216.58 $159,818.79 $79,835.11
Ending Principal Balance $44,265,699.26 $3,733,481.82 $0.00
Principal Balance Trading Factor 1.01760228 0.71593328 0.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-A-1-6 I-A-2 I-A-3 I-A-4 I-A-5
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 6.400% 6.400% 6.400% 6.400%
Original Principal Balance $913,987.00 $23,008,034.00 $45,318,064.00 $10,020,496.00 $41,100,508.00
Beginning Principal Balance $907,602.67 $18,076,497.26 $45,318,064.00 $10,020,496.00 $41,100,508.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $774.45 $1,018,774.67 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00084733 0.04427908 0.00000000 0.00000000 0.00000000
Scheduled Interest $0.00 $96,407.99 $241,696.34 $53,442.65 $219,202.71
Scheduled Interest Allocation Factor 0.00000000 0.00419019 0.00533333 0.00533333 0.00533333
Interest Adjustment $0.00 $7.73 $19.38 $4.29 $17.58
Interest Adjustment Allocation Factor 0.00000000 0.00000034 0.00000043 0.00000043 0.00000043
Net Interest Distributed $0.00 $96,415.72 $241,715.72 $53,446.94 $219,220.29
Distributed Allocation Factor 0.00000000 0.00419052 0.00533376 0.00533376 0.00533376
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $774.45 $1,115,190.39 $241,715.72 $53,446.94 $219,220.29
Ending Principal Balance $906,828.22 $17,057,722.59 $45,318,064.00 $10,020,496.00 $41,100,508.00
Principal Balance Trading Factor 0.99216753 0.74138114 1.00000000 1.00000000 1.00000000
<CAPTION>
Class I-A-6 I-A-7 I-A-8 I-A-9
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.400% 6.165% 6.700% 7.000%
Original Principal Balance $28,461,668.00 $21,628,593.00 $75,757,606.00 $8,450,000.00
Beginning Principal Balance $28,461,668.00 $20,057,621.15 $51,885,936.05 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $229,257.30 $3,679,225.03 $0.00
Principal Allocation Factor 0.00000000 0.01059973 0.04856575 0.00000000
Scheduled Interest $151,795.56 $103,046.03 $289,696.48 $0.00
Scheduled Interest Allocation Factor 0.00533333 0.00476434 0.00382399 0.00000000
Interest Adjustment $12.17 $8.26 $23.23 $0.00
Interest Adjustment Allocation Factor 0.00000043 0.00000038 0.00000031 0.00000000
Net Interest Distributed $151,807.73 $103,054.29 $289,719.71 $0.00
Distributed Allocation Factor 0.00533376 0.00476472 0.00382430 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $151,807.73 $332,311.59 $3,968,944.74 $0.00
Ending Principal Balance $28,461,668.00 $19,828,363.85 $48,206,711.02 $0.00
Principal Balance Trading Factor 1.00000000 0.91676624 0.63632833 0.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-A-10 I-A-11 I-A-12 I-A-13 I-A-14
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 8.100% 7.000% 7.000%
Original Principal Balance $7,385,145.00 $84,619,111.00 $4,827,411.00 $16,650,000.00 $12,427,142.00
Beginning Principal Balance $0.00 $70,922,297.48 $3,457,902.82 $16,650,000.00 $12,427,142.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $1,794,381.00 $225,063.35 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.02120539 0.04662196 0.00000000 0.00000000
Scheduled Interest $40,570.29 $398,937.92 $23,340.84 $97,125.00 $72,491.66
Scheduled Interest Allocation Factor 0.00549350 0.00471451 0.00483506 0.00583333 0.00583333
Interest Adjustment $3.25 $31.99 $1.87 $7.79 $5.81
Interest Adjustment Allocation Factor 0.00000044 0.00000038 0.00000039 0.00000047 0.00000047
Net Interest Distributed $40,573.54 $398,969.91 $23,342.71 $97,132.79 $72,497.47
Distributed Allocation Factor 0.00549394 0.00471489 0.00483545 0.00583380 0.00583380
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $40,573.54 $2,193,350.91 $248,406.06 $97,132.79 $72,497.47
Ending Principal Balance $0.00 $69,127,916.48 $3,232,839.47 $16,650,000.00 $12,427,142.00
Principal Balance Trading Factor 0.00000000 0.81693031 0.66968391 1.00000000 1.00000000
<CAPTION>
Class I-A-15 I-A-16 I-A-17 I-A-18
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 6.750% 6.400% 6.750%
Original Principal Balance $26,710,714.00 $18,557,500.00 $20,061,814.00 $1,923,806.00
Beginning Principal Balance $21,009,558.63 $18,557,500.00 $20,061,814.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $914,095.57 $0.00 $0.00 $0.00
Principal Allocation Factor 0.03422206 0.00000000 0.00000000 0.00000000
Scheduled Interest $122,555.76 $104,385.94 $106,996.34 $0.00
Scheduled Interest Allocation Factor 0.00458826 0.00562500 0.00533333 0.00000000
Interest Adjustment $9.83 $8.37 $8.58 $0.00
Interest Adjustment Allocation Factor 0.00000037 0.00000045 0.00000043 0.00000000
Net Interest Distributed $122,565.59 $104,394.31 $107,004.92 $0.00
Distributed Allocation Factor 0.00458863 0.00562545 0.00533376 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,036,661.16 $104,394.31 $107,004.92 $0.00
Ending Principal Balance $20,095,463.06 $18,557,500.00 $20,061,814.00 $0.00
Principal Balance Trading Factor 0.75233717 1.00000000 1.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
I-A-21 Components
Class I-A-19 I-A-20 I-A-21 I-A-21-1 I-A-21-2
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.600% 0.000% 0.000% 0.000% 0.000%
Original Principal Balance $13,275,381.00 $185,540.00 $2,066,218.00 $989,286.00 $1,076,932.00
Beginning Principal Balance $9,509,233.55 $148,230.04 $1,855,081.91 $778,149.91 $1,076,932.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $618,924.25 $7,707.63 $33,856.18 $33,856.18 $0.00
Principal Allocation Factor 0.04662196 0.04154161 0.01638558 0.03422284 0.00000000
Scheduled Interest $52,300.78 $0.00 $0.00 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00393968 0.00000000 0.00000000 0.00000000 0.00000000
Interest Adjustment $4.19 $0.00 $0.00 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000032 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $52,304.97 $0.00 $0.00 $0.00 $0.00
Distributed Allocation Factor 0.00394000 0.00000000 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $671,229.22 $7,707.63 $33,856.18 $33,856.18 $0.00
Ending Principal Balance $8,890,309.30 $140,522.41 $1,821,225.73 $744,293.73 $1,076,932.00
Principal Balance Trading Factor 0.66968393 0.75736989 0.88142961 0.75235446 1.00000000
<CAPTION>
Notional Notional
Class I-A-22 I-A-23 I-A-24 I-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $1,793,237.00 $4,000,000.00 $3,367,004.71 $1,559,113.00
Beginning Principal Balance $0.00 $4,000,000.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $9,779.31 $22,500.00 $12,971.48 $7,368.13
Scheduled Interest Allocation Factor 0.00545344 0.00562500 0.00385253 0.00472585
Interest Adjustment $0.78 $1.80 $1.04 $0.59
Interest Adjustment Allocation Factor 0.00000043 0.00000045 0.00000031 0.00000038
Net Interest Distributed $9,780.09 $22,501.80 $12,972.52 $7,368.72
Distributed Allocation Factor 0.00545387 0.00562545 0.00385284 0.00472623
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,780.09 $22,501.80 $12,972.52 $7,368.72
Ending Principal Balance $0.00 $4,000,000.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 1.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-B-1 I-B-2 I-B-3 I-B-4 I-B-5
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $12,960,233.00 $5,184,093.00 $2,592,046.00 $2,304,041.00 $1,152,020.00
Beginning Principal Balance $12,889,305.33 $5,155,721.93 $2,577,860.46 $2,291,431.64 $1,145,715.32
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed 10,534.38 4,213.75 2,106.88 1,872.78 936.39
Principal Allocation Factor 0.00081282 0.00081282 0.00081282 0.00081282 0.00081282
Scheduled Interest $72,502.34 $29,000.94 $14,500.47 $12,889.30 $6,444.65
Scheduled Interest Allocation Factor 0.00559422 0.00559422 0.00559422 0.00559421 0.00559422
Interest Adjustment $5.81 $2.33 $1.16 $1.03 $0.52
Interest Adjustment Allocation Factor 0.00000045 0.00000045 0.00000045 0.00000045 0.00000045
Net Interest Distributed $72,508.15 $29,003.27 $14,501.63 $12,890.33 $6,445.17
Distributed Allocation Factor 0.00559466 0.00559467 0.00559467 0.00559466 0.00559467
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $83,042.53 $33,217.02 $16,608.51 $14,763.11 $7,381.56
Ending Principal Balance $12,878,770.95 $5,151,508.18 $2,575,753.58 $2,289,558.86 $1,144,778.93
Principal Balance Trading Factor 0.99371446 0.99371446 0.99371446 0.99371446 0.99371446
<CAPTION>
Class I-B-6 R-1 R-2 R-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $1,728,035.00 $50.00 $50.00 $50.00
Beginning Principal Balance $1,718,577.95 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed 1,404.59 ($0.00) $0.00 $0.00
Principal Allocation Factor 0.00081282 0.00000000 0.00000000 0.00000000
Scheduled Interest $9,667.00 $1,077.73 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00559422 21.55460000 0.00000000 0.00000000
Interest Adjustment $0.78 ($26.33) $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000045 -0.52660000 0.00000000 0.00000000
Net Interest Distributed $9,667.78 $1,051.40 $0.00 $0.00
Distributed Allocation Factor 0.00559467 21.02800000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $11,072.37 $1,051.40 $0.00 $0.00
Ending Principal Balance $1,717,173.36 $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.99371446 0.00000000 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class Overcollateralization
<S> <C> <C> <C>
Weighted Average Pass Through Rate 0.000%
Original Principal Balance $268.64
Beginning Principal Balance $268.64
Loans Transferred In $0.00
Loans Transferred Out I-X Notional Balance I-A-10 Notional Balance $0.00
Principal Losses $1,309,890.42 $7,212,496.17 $0.00
Other Principal Adjustments $0.00
Principal Distributed $0.00
Principal Allocation Factor I-A-1-1 Notional Balance I-A-22 Notional Balance 0.00000000
Scheduled Interest $3,469,874.68 $1,738,544.57 $0.00
Scheduled Interest Allocation Factor 0.00000000
Interest Adjustment $0.00
Interest Adjustment Allocation Factor I-A-1-5 Notional Balance I-A-24 Notional Balance 0.00000000
Net Interest Distributed $14,191,771.34 $2,306,041.60 $0.00
Distributed Allocation Factor 0.00000000
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $0.00
Ending Principal Balance $268.64
Principal Balance Trading Factor 1.00000000
<CAPTION>
Class Segment T Segment P
<S> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance
Beginning Principal Balance 8,967,464.11 4,002,210.28
Loans Transferred In
Loans Transferred Out
Principal Losses
Other Principal Adjustments
Principal Distributed
Principal Allocation Factor
Scheduled Interest
Scheduled Interest Allocation Factor
Interest Adjustment
Interest Adjustment Allocation Factor
Net Interest Distributed
Distributed Allocation Factor
Other Distribution
Other Distribution Allocation Factor
Ending Total Distribution
Ending Principal Balance $8,331,582.38 $3,794,104.41
Principal Balance Trading Factor
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP II (1453) WEIGHTED AVERAGE PC RATE: 7.36617796
- --------------------------------------------------------------------------------
ISSUE DATE: 7/28/1998
CERTIFICATE BALANCE AT ISSUE: $204,450,378.09
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- ----------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1189 $185,132,728.47
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $133,534.69
Unscheduled Principal Collection/Reversals $18,374.17
Liquidations-in-full 26 $4,782,945.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,934,854.35 ($4,934,854.35)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1163 $180,197,874.12
SCHEDULED INTEREST AT MORTGAGE RATE: $1,243,290.74
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $33.01
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $33.01
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $106,791.74
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $3.76
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $3.76
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,071,382.60
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP II (1453) WEIGHTED AVERAGE PC RATE: 7.3662
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------------------------------
- ---------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- -------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$4,934,854.35 $1,136,499.00 $29.25 $1,136,528.25 $0.00 $6,071,382.60
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $3,658,630.00 $0.00 $0.00 $0.00 $3,658,630.00
BANKRUPTCY BOND
SINGLE-UNITS $133,374.00 $0.00 $0.00 $0.00 $133,374.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $7,317,260.00 $0.00 $0.00 $0.00 $7,317,260.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
28 $6,431,340.41 4 $1,032,645.44 1 $355,924.81
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
3 $448,274.00 0 $0.00
</TABLE>
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group II, Group III, and Group IV Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $11,988,228.84
C-B-2 $5,267,555.16
C-B-3 $2,724,596.74
C-B-4 $1,998,037.48
C-B-5 $1,089,838.90
C-B-6 $1,453,121.50
Total $24,521,378.63
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $3,658,630.00,
$133,374.00, $7,317,260.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-6 GRP II (1453)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.2696 7.0035 6.9792 350.365 $8,171,697.56 53
7.5000 - 7.9999 7.7558 7.3365 7.3144 350.653 $73,853,457.45 446
8.0000 - 8.4999 8.1740 7.3288 7.3089 350.510 $68,828,864.80 433
8.5000 - 8.9999 8.6357 7.6730 7.6571 350.733 $25,821,232.87 200
9.0000 - 9.4999 9.0848 8.1728 8.1548 349.439 $1,497,770.22 12
9.5000 - 9.9999 9.7123 8.4003 8.3853 350.515 $658,324.79 7
10.0000-10.4999 10.1866 8.4466 8.4316 350.969 $1,018,124.66 9
10.5000-10.9999 10.6478 8.7742 8.7592 349.690 $348,401.77 3
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.0571 7.3866 7.3662 350.586 $180,197,874.12 1163
</TABLE>
<PAGE>
<PAGE>
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP II (1453)
<TABLE>
<S> <C>
CERTIFICATE BALANCE AT ISSUE Group II: $204,450,378.09
CERTIFICATE BALANCE AT ISSUE Group III: $90,616,734.34
CERTIFICATE BALANCE AT ISSUE Group IV: $70,870,762.66
- ----------------------------------------------------------------------------------------------------
Total $365,937,875.09
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE PC RATE: 7.36617796
--------------------------------------------------
--------------------------------------------------
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1189 $185,132,728.47
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $133,534.69
Unscheduled Principal Collection/Reversals $18,374.17
Liquidations-in-full 26 $4,782,945.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,934,854.35 ($4,934,854.35)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1163 $180,197,874.12
SCHEDULED INTEREST AT MORTGAGE RATE: $1,243,290.74
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $33.01
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $33.01
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $106,791.74
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $3.76
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $3.76
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,071,382.60
--------------------------------------------------
<CAPTION>
WEIGHTED AVERAGE PC RATE: 7.29564319
-------------------------------------------------
-------------------------------------------------
Group III
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 707 $82,062,762.34
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $123,049.43
Unscheduled Principal Collection/Reversals $17,617.15
Liquidations-in-full 11 $1,331,643.60
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,472,310.18 ($1,472,310.18)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 696 $80,590,452.16
SCHEDULED INTEREST AT MORTGAGE RATE: $549,615.28
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $55.75
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $55.75
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $50,760.03
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $4.90
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $4.90
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,971,216.28
-------------------------------------------------
<PAGE>
<CAPTION>
WEIGHTED AVERAGE PC RATE: 7.20979458
------------------------------------------------
------------------------------------------------
Group IV
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 170 $57,257,187.39
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $41,113.97
Unscheduled Principal Collection/Reversals $15,785.70
Liquidations-in-full 4 $1,062,983.36
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,119,883.03 ($1,119,883.03)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 166 $56,137,304.36
SCHEDULED INTEREST AT MORTGAGE RATE: $380,947.72
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $36,827.64
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,464,003.11
------------------------------------------------
</TABLE>
<PAGE>
<PAGE>
PROCESSING MONTH: 02/1999
<TABLE>
<CAPTION>
SERIES: 1998-6 GRP II (1453)
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- -----------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C> <C>
II 0 $0.00
III 0 $0.00
IV 0 $0.00
0 $0.00
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Group II 7.36617796
Group III 7.29564319
Group IV 7.20979458
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE Weighted Average 7.320541479
- ---------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
GROUP DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ----- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C> <C>
II $4,934,854.35 $1,136,499.00 $29.25 $1,136,528.25 $0.00 $6,071,382.60
III $1,472,310.18 $498,855.25 $50.85 $498,906.10 $0.00 $1,971,216.28
IV $1,119,883.03 $344,120.08 $0.00 $344,120.08 $0.00 $1,464,003.11
Total $7,527,047.56 $1,979,474.33 $80.10 $1,979,554.43 $0.00 $9,506,601.99
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES COMBINED Group I Group II Group I Group II Group I Group II COMBINED
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
DELINQUENT INSTALLMENTS
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
ONE (Group II ) TWO (Group II ) THREE (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
16 $3,562,115.28 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group II ) REO (Group II )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
ONE (Group I ) TWO (Group I ) THREE (Group I )
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
0 $0.00 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group I ) ACQUIRED (Group I )
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-6 Group II, III, IV (1453, 1454, 1455)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 7.125 6.875 6.835 178 111820.35 1
7.5000 - 7.9999 7.7772 7.5272 7.4872 177.318 9148436.09 62
8.0000 - 8.4999 8.1975 7.9475 7.9075 177.207 29225621.35 214
8.5000 - 8.9999 8.6469 8.3969 8.3569 176.998 20778481.33 176
9.0000 - 9.4999 9.078 8.828 8.788 176.949 1618756.49 14
9.5000 - 9.9999 9.5 9.25 9.21 176 129165.92 1
10.0000-10.4999
10.5000-10.9999 10.625 10.375 10.335 175 66031.14 1
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.3142 8.0642 8.0242 177.142 61078312.67 469
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 Group II, III, IV (1453, 1454, 1455)
WEIGHTED AVERAGE PC RATE: 7.3205
- --------------------------------------------------------------------------------
ISSUE DATE: 07/28/1998
CERTIFICATE BALANCE AT ISSUE: $365,937,875.09
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- --------------- ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2066 $324,452,678.20
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $ 297,698.09
Unscheduled Principal Collection/Reversals $ 51,777.02
Liquidations-in-full 41 $ 7,177,572.45
Principal Balance Sales Adjustments $ 0.00
Net Principal Distributed $ 7,527,047.56 ($ 7,527,047.56)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $ 0.00
BALANCE CURRENT FISCAL MONTH-END: 2025 $316,925,630.64
SCHEDULED INTEREST AT MORTGAGE RATE: $ 2,173,853.74
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $ 88.76
Interest Sales Adjustments $ 0.00
Interest Accrual Adjustment $ 0.00
Interest Uncollected on Liquidation $ 0.00
Interest Uncollected on Non-Earning Assets $ 0.00
Net Unscheduled Interest Distributed $ 88.76
OTHER:
Loan Conversion Fees $ 0.00
Expense Reimbursements $ 0.00
Gain on Liquidations $ 0.00
Hazard Insurance Premium Refunds $ 0.00
Net Other Distributions $ 0.00
SCHEDULED SERVICING FEE EXPENSES: $ 194,379.41
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $ 8.66
Servicing Fees Sales Adjustments $ 0.00
Servicing Fees Accrual Adjustments $ 0.00
Servicing Fees Uncollected on Liquidation $ 0.00
Servicing Fees Uncollected/Non-Earning Assets $ 0.00
Net Unscheduled Service Fees Distributed $ 8.66
MISCELLANEOUS EXPENSES: $ 0.00
NET FUNDS DISTRIBUTED: $ 9,506,601.99
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 Group II, III, IV (1453, 1454, 1455)
WEIGHTED AVERAGE PC RATE: 7.3205
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
- --------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$7,527,047.56 $1,979,474.33 $80.10 $1,979,554.43 $0.00 $9,506,601.99
- --------------------------------------------------------------------------------
</TABLE>
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
SPECIAL HAZARD $3,658,630.00 $ 0.00 $ 0.00 $ 0.00 $3,658,630.00
BANKRUPTCY BOND
SINGLE-UNITS $ 133,374.00 $ 0.00 $ 0.00 $ 0.00 $ 133,374.00
MULTI-UNITS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
MORTGAGE REPURCHASE $7,317,260.00 $ 0.00 $ 0.00 $ 0.00 $7,317,260.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
16 $3,562,115.28 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group II, Group III, and Group IV Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $11,988,228.84
C-B-2 $ 5,267,555.16
C-B-3 $ 2,724,596.74
C-B-4 $ 1,998,037.48
C-B-5 $ 1,089,838.90
C-B-6 $ 1,453,121.50
Total $24,521,378.63
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $3,658,630.00,
$133,374.00, $7,317,260.00 respectively.
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-6 Group II, III, IV (1453, 1454, 1455)
Certificate Trust
<TABLE>
<CAPTION>
Class Portfolio II-A-1 II-A-2 II-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.3228% 6.750% 6.750% 6.750%
Original Principal Balance $ 334,117,673.44 $ 23,754,476.00 $ 19,369,996.00 $ 10,900,000.00
Beginning Principal Balance $ 324,377,844.06 $ 14,625,086.02 $ 19,369,996.00 $ 10,900,000.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 7,527,047.56 $ 2,322,766.72 $ 0.00 $ 0.00
Principal Allocation Factor 0.02252813 0.09778228 0.00000000 0.00000000
Scheduled Interest $ 1,979,474.33 $ 82,266.11 $ 108,956.23 $ 61,312.50
Scheduled Interest Allocation Factor 0.00592448 0.00346318 0.00562500 0.00562500
Interest Adjustment $ 80.10 $ 3.33 $ 4.41 $ 2.48
Interest Adjustment Allocation Factor 0.00000024 0.00000014 0.00000023 0.00000023
Net Interest Distributed $ 1,979,554.43 $ 82,269.44 $ 108,960.64 $ 61,314.98
Distributed Allocation Factor 0.00592472 0.00346332 0.00562523 0.00562523
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 9,506,601.99 $ 2,405,036.16 $ 108,960.64 $ 61,314.98
Ending Principal Balance $ 316,850,796.50 $ 12,302,319.30 $ 19,369,996.00 $ 10,900,000.00
Principal Balance Trading Factor 0.94832097 0.51789479 1.00000000 1.00000000
<CAPTION>
Components
------------------------------
II-A-4 II-A-4-1 II-A-4-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 0.000% 0.000%
Original Principal Balance $ 7,059,559.00 $ 1,588,889.00 $ 5,470,670.00
Beginning Principal Balance $ 6,342,648.84 $ 1,588,889.00 $ 4,753,759.84
Loans Transferred In $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 182,401.57 $ 0.00 $ 182,401.57
Principal Allocation Factor 0.02583753 0.00000000 0.03334172
Scheduled Interest $ 0.00 $ 0.00 $ 0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000
Interest Adjustment $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 0.00 $ 0.00 $ 0.00
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 182,401.57 $ 0.00 $ 182,401.57
Ending Principal Balance $ 6,160,247.27 $ 1,588,889.00 $ 4,571,358.27
Principal Balance Trading Factor 0.87261078 1.00000000 0.83561214
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
II-A-5 II-A-6 II-A-7 II-A-8
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 7.000%
Original Principal Balance $ 41,311,111.00 $ 24,200,000.00 $ 11,237,408.00 $ 8,678,571.00
Beginning Principal Balance $ 41,311,111.00 $ 24,200,000.00 $ 11,237,408.00 $ 8,678,571.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $ 232,375.00 $ 136,125.00 $ 63,210.42 $ 50,625.00
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00562500 0.00583333
Interest Adjustment $ 9.40 $ 5.51 $ 2.56 $ 2.05
Interest Adjustment Allocation Factor 0.00000023 0.00000023 0.00000023 0.00000024
Net Interest Distributed $ 232,384.40 $ 136,130.51 $ 63,212.98 $ 50,627.05
Distributed Allocation Factor 0.00562523 0.00562523 0.00562523 0.00583357
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 232,384.40 $ 136,130.51 $ 63,212.98 $ 50,627.05
Ending Principal Balance $ 41,311,111.00 $ 24,200,000.00 $ 11,237,408.00 $ 8,678,571.00
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 1.00000000
<CAPTION>
II-A-9 II-A-10 II-A-11 II-A-12
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.450% 6.750% 7.000% 6.500%
Original Principal Balance $ 38,775,528.00 $ 1,723,356.00 $ 2,500,000.00 $ 2,500,000.00
Beginning Principal Balance $ 29,265,255.54 $ 0.00 $ 2,500,000.00 $ 2,500,000.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 2,419,673.65 $ 0.00 $ 0.00 $ 0.00
Principal Allocation Factor 0.06240208 0.00000000 0.00000000 0.00000000
Scheduled Interest $ 157,300.75 $ 7,316.31 $ 14,583.33 $ 13,541.67
Scheduled Interest Allocation Factor 0.00405670 0.00424539 0.00583333 0.00541667
Interest Adjustment $ 6.37 $ 0.30 $ 0.59 $ 0.55
Interest Adjustment Allocation Factor 0.00000016 0.00000017 0.00000024 0.00000022
Net Interest Distributed $ 157,307.12 $ 7,316.61 $ 14,583.92 $ 13,542.22
Distributed Allocation Factor 0.00405687 0.00424556 0.00583357 0.00541689
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 2,576,980.77 $ 7,316.61 $ 14,583.92 $ 13,542.22
Ending Principal Balance $ 26,845,581.89 $ 0.00 $ 2,500,000.00 $ 2,500,000.00
Principal Balance Trading Factor 0.69233311 0.00000000 1.00000000 1.00000000
<CAPTION>
II-A-13
<S> <C>
Weighted Average Pass Through Rate 0.000%
Original Principal Balance $ 321,429.00
Beginning Principal Balance $ 321,429.00
Loans Transferred In $ 0.00
Loans Transferred Out $ 0.00
Principal Losses $ 0.00
Other Principal Adjustments $ 0.00
Principal Distributed $ 0.00
Principal Allocation Factor 0.00000000
Scheduled Interest $ 0.00
Scheduled Interest Allocation Factor 0.00000000
Interest Adjustment $ 0.00
Interest Adjustment Allocation Factor 0.00000000
Net Interest Distributed $ 0.00
Distributed Allocation Factor 0.00000000
Other Distribution $ 0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $ 0.00
Ending Principal Balance $ 321,429.00
Principal Balance Trading Factor 1.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
II-X III-A-1 IV-A-1
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 7.000% 6.750%
Original Principal Balance $ 27,428,326.00 $ 84,409,047.00 $ 66,079,688.00
Beginning Principal Balance $ 0.00 $ 75,921,516.21 $ 52,489,288.17
Loans Transferred In $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 1,458,789.03 $ 1,116,459.40
Principal Allocation Factor 0.00000000 0.01728238 0.01689565
Scheduled Interest $ 133,683.16 $ 442,875.51 $ 295,252.25
Scheduled Interest Allocation Factor 0.00487391 0.00524678 0.00446812
Interest Adjustment $ 5.41 $ 17.92 $ 11.95
Interest Adjustment Allocation Factor 0.00000020 0.00000021 0.00000018
Net Interest Distributed $ 133,688.57 $ 442,893.43 $ 295,264.20
Distributed Allocation Factor 0.00487411 0.00524699 0.00446830
Other Distribution $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 133,688.57 $ 1,901,682.46 $ 1,411,723.60
Ending Principal Balance $ 0.00 $ 74,462,727.18 $ 51,372,828.77
Principal Balance Trading Factor 0.00000000 0.88216524 0.77743752
<CAPTION>
III-X IV-X III-P C-B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 6.750% 0.000% 6.67108135%
Original Principal Balance $ 3,969,810.00 $ 4,916,081.00 $ 70,472.00 $ 12,073,480.00
Beginning Principal Balance $ 0.00 $ 0.00 $ 65,147.59 $ 11,999,247.08
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 4,419.89 $ 11,018.23
Principal Allocation Factor 0.00000000 0.00000000 0.06271838 0.00091260
Scheduled Interest $ 20,537.57 $ 22,048.47 $ 0.00 $ 66,706.63
Scheduled Interest Allocation Factor 0.00517344 0.00448497 0.00000000 0.00552505
Interest Adjustment $ 0.83 $ 0.89 $ 0.00 $ 2.70
Interest Adjustment Allocation Factor 0.00000021 0.00000018 0.00000000 0.00000022
Net Interest Distributed $ 20,538.40 $ 22,049.36 $ 0.00 $ 66,709.33
Distributed Allocation Factor 0.00517365 0.00448515 0.00000000 0.00552528
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 20,538.40 $ 22,049.36 $ 4,419.89 $ 77,727.56
Ending Principal Balance $ 0.00 $ 0.00 $ 60,727.70 $ 11,988,228.84
Principal Balance Trading Factor 0.00000000 0.00000000 0.86172806 0.99293897
<CAPTION>
C-B-2 C-B-3
<S> <C> <C>
Weighted Average Pass Through Rate 6.67108135% 6.67108135%
Original Principal Balance $ 5,305,014.00 $ 2,743,972.00
Beginning Principal Balance $ 5,272,396.51 $ 2,727,100.89
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00
Principal Distributed $ 4,841.35 $ 2,504.14
Principal Allocation Factor 0.00091260 0.00091260
Scheduled Interest $ 29,310.49 $ 15,160.59
Scheduled Interest Allocation Factor 0.00552505 0.00552505
Interest Adjustment $ 1.19 $ 0.61
Interest Adjustment Allocation Factor 0.00000022 0.00000022
Net Interest Distributed $ 29,311.68 $ 15,161.20
Distributed Allocation Factor 0.00552528 0.00552528
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 34,153.03 $ 17,665.34
Ending Principal Balance $ 5,267,555.16 $ 2,724,596.74
Principal Balance Trading Factor 0.99293897 0.99293897
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
C-B-4 C-B-5 C-B-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.67108135% 6.67108135% 6.67108135%
Original Principal Balance $ 2,012,246.00 $ 1,097,589.00 $ 1,463,455.00
Beginning Principal Balance $ 1,999,873.85 $ 1,090,840.55 $ 1,454,457.05
Loans Transferred In $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 Class II-X Notional Amt
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 -----------------------
Principal Distributed $ 1,836.37 $ 1,001.66 $ 1,335.55 $24,679,968.27
Principal Allocation Factor 0.00091260 0.00091260 0.00091260
Scheduled Interest $ 11,117.77 $ 6,064.24 $ 8,085.67 Class II-A-10 Notional Amt
Scheduled Interest Allocation Factor 0.00552506 0.00552506 0.00552506 --------------------------
Interest Adjustment $ 0.45 $ 0.25 $ 0.33 $1,300,678.02
Interest Adjustment Allocation Factor 0.00000022 0.00000023 0.00000023
Net Interest Distributed $ 11,118.22 $ 6,064.49 $ 8,086.00 Class III-X Notional Amt
Distributed Allocation Factor 0.00552528 0.00552528 0.00552528 ------------------------
Other Distribution $ 0.00 $ 0.00 $ 0.00 $3,520,726.99
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 12,954.59 $ 7,066.15 $ 9,421.55
Ending Principal Balance $ 1,998,037.48 $ 1,089,838.90 $ 1,453,121.50
Principal Balance Trading Factor 0.99293897 0.99293897 0.99293897
<CAPTION>
Residual Interest from
Overcollateralization
Overcollateralization Excess To R-1
<S> <C> <C> <C>
Weighted Average Pass Through Rate 7.32284661% 0.000%
Original Principal Balance $ 0.00 $ 0.00
Beginning Principal Balance $ 181,304.89 $ 0.00
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00
Principal Losses Class IV-X Notional Amt $ 0.00 $ 0.00
Other Principal Adjustments ----------------------- $ 0.00 $ 0.00
Principal Distributed $3,919,728.65 $ 0.00 ($ 0.00)
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $ 0.00 $ 1,019.66
Scheduled Interest Allocation Factor 0.00000000 0.00000000
Interest Adjustment $ 0.00 $ 0.04
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $ 0.00 $ 1,019.70
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 0.00 $ 1,019.70
Ending Principal Balance $ 181,304.89 $ 0.00
Principal Balance Trading Factor 0.000% 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP III (1454) WEIGHTED AVERAGE PC RATE: 7.2956
- --------------------------------------------------------------------------------
ISSUE DATE: 7/28/1998
CERTIFICATE BALANCE AT ISSUE: $90,616,734.34
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- --------------- ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 707 $ 82,062,762.34
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $ 123,049.43
Unscheduled Principal Collection/Reversals $ 17,617.15
Liquidations-in-full 11 $ 1,331,643.60
Principal Balance Sales Adjustments $ 0.00
Net Principal Distributed $ 1,472,310.18 ($ 1,472,310.18)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $ 0.00
BALANCE CURRENT FISCAL MONTH-END: 696 $ 80,590,452.16
SCHEDULED INTEREST AT MORTGAGE RATE: $ 549,615.28
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $ 55.75
Interest Sales Adjustments $ 0.00
Interest Accrual Adjustment $ 0.00
Interest Uncollected on Liquidation $ 0.00
Interest Uncollected on Non-Earning Assets $ 0.00
Net Unscheduled Interest Distributed $ 55.75
OTHER:
Loan Conversion Fees $ 0.00
Expense Reimbursements $ 0.00
Gain on Liquidations $ 0.00
Hazard Insurance Premium Refunds $ 0.00
Net Other Distributions $ 0.00
SCHEDULED SERVICING FEE EXPENSES: $ 50,760.03
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $ 4.90
Servicing Fees Sales Adjustments $ 0.00
Servicing Fees Accrual Adjustments $ 0.00
Servicing Fees Uncollected on Liquidation $ 0.00
Servicing Fees Uncollected/Non-Earning Assets $ 0.00
Net Unscheduled Service Fees Distributed $ 4.90
MISCELLANEOUS EXPENSES: $ 0.00
NET FUNDS DISTRIBUTED: $ 1,971,216.28
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP III (1454) WEIGHTED AVERAGE PC RATE: 7.2956
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
- --------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,472,310.18 $498,855.25 $50.85 $498,906.10 $0.00 $1,971,216.28
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
SPECIAL HAZARD $3,658,630.00 $ 0.00 $ 0.00 $ 0.00 $3,658,630.00
BANKRUPTCY BOND
SINGLE-UNITS $ 133,374.00 $ 0.00 $ 0.00 $ 0.00 $ 133,374.00
MULTI-UNITS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
MORTGAGE REPURCHASE $7,317,260.00 $ 0.00 $ 0.00 $ 0.00 $7,317,260.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
16 $2,088,383.49 2 $234,574.63 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group II, Group III, and Group IV Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $11,988,228.79
C-B-2 $ 5,267,555.14
C-B-3 $ 2,724,596.73
C-B-4 $ 1,998,037.47
C-B-5 $ 1,089,838.89
C-B-6 $ 1,453,121.50
Total $24,521,378.52
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $3,658,630.00,
$133,374.00, $7,317,260.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-6 GRP III (1454)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.6735 6.3985 6.3835 171.000 $ 266,856.94 4
7.5000 - 7.9999 7.2801 6.9717 6.9553 170.954 $ 4,706,238.56 41
8.0000 - 8.4999 7.7346 7.2565 7.2386 170.819 $ 31,401,611.57 260
8.5000 - 8.9999 8.1671 7.2299 7.2131 170.951 $ 30,124,505.67 261
9.0000 - 9.4999 8.6080 7.6888 7.6711 170.705 $ 12,654,602.43 116
9.5000 - 9.9999 9.0122 8.0717 8.0511 169.063 $ 425,463.57 5
10.0000 - 10.4999 9.6964 8.0475 8.0325 171.540 $ 405,570.94 3
10.5000 - 10.9999 10.2870 8.5320 8.5170 170.704 $ 479,720.49 3
11.0000 - 11.4999 10.5000 8.6450 8.6300 171.000 $ 125,881.99 1
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 -19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.0395 7.3130 7.2956 170.853 $ 80,590,452.16 694
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP IV (1455) WEIGHTED AVERAGE PC RATE: 7.2098
- --------------------------------------------------------------------------------
ISSUE DATE: 7/28/1998
CERTIFICATE BALANCE AT ISSUE: $70,870,762.66
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- --------------- ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 170 $ 57,257,187.39
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $ 41,113.97
Unscheduled Principal Collection/Reversals $ 15,785.70
Liquidations-in-full 4 $ 1,062,983.36
Principal Balance Sales Adjustments $ 0.00
Net Principal Distributed $ 1,119,883.03 ($ 1,119,883.03)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $ 0.00
BALANCE CURRENT FISCAL MONTH-END: 166 $ 56,137,304.36
SCHEDULED INTEREST AT MORTGAGE RATE: $ 380,947.72
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $ 0.00
Interest Sales Adjustments $ 0.00
Interest Accrual Adjustment $ 0.00
Interest Uncollected on Liquidation $ 0.00
Interest Uncollected on Non-Earning Assets $ 0.00
Net Unscheduled Interest Distributed $ 0.00
OTHER:
Loan Conversion Fees $ 0.00
Expense Reimbursements $ 0.00
Gain on Liquidations $ 0.00
Hazard Insurance Premium Refunds $ 0.00
Net Other Distributions $ 0.00
SCHEDULED SERVICING FEE EXPENSES: $ 36,827.64
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $ 0.00
Servicing Fees Sales Adjustments $ 0.00
Servicing Fees Accrual Adjustments $ 0.00
Servicing Fees Uncollected on Liquidation $ 0.00
Servicing Fees Uncollected/Non-Earning Assets $ 0.00
Net Unscheduled Service Fees Distributed $ 0.00
MISCELLANEOUS EXPENSES: $ 0.00
NET FUNDS DISTRIBUTED: $ 1,464,003.11
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP IV (1455) WEIGHTED AVERAGE PC RATE: 7.2098
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
- --------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,119,883.03 $344,120.08 $0.00 $344,120.08 $0.00 $1,464,003.11
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
SPECIAL HAZARD $3,658,630.00 $ 0.00 $ 0.00 $ 0.00 $3,658,630.00
BANKRUPTCY BOND
SINGLE-UNITS $ 133,374.00 $ 0.00 $ 0.00 $ 0.00 $ 133,374.00
MULTI-UNITS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
MORTGAGE REPURCHASE $7,317,260.00 $ 0.00 $ 0.00 $ 0.00 $7,317,260.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
4 $1,531,428.13 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Special Hazard coverage, Bankruptcy coverage and Fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverages to the Group II, Group III, and Group IV Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $11,988,228.79
C-B-2 $ 5,267,555.14
C-B-3 $ 2,724,596.73
C-B-4 $ 1,998,037.47
C-B-5 $ 1,089,838.89
C-B-6 $ 1,453,121.50
Total $24,521,378.52
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $3,658,630.00,
$133,374.00, $7,317,260.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-6 GRP IV (1455)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999
8.0000 - 8.4999 7.7446 7.2032 7.1882 171.481 $ 28,379,381.37 77
8.5000 - 8.9999 8.1505 7.1755 7.1605 171.487 $ 23,874,837.83 75
9.0000 - 9.4999 8.6613 7.6863 7.6713 171.394 $ 3,883,085.21 14
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9806 7.2248 7.2098 171.478 $ 56,137,304.41 166
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-8, CLASS III-P AND CLASS IV-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP I (1462) WEIGHTED AVERAGE PC RATE: 6.9914
- --------------------------------------------------------------------------------
ISSUE DATE: 9/30/1998
CERTIFICATE BALANCE AT ISSUE: $208,513,719.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
--------------- --------------- ---------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 528 $189,966,355.00
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $ 137,871.58
Unscheduled Principal Collection/Reversals $ 15,084.84
Liquidations-in-full 10 $ 4,066,803.43
Principal Balance Sales Adjustments $ 0.00
Net Principal Distributed $ 4,219,759.85 ($ 4,219,759.85)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $ 0.00
BALANCE CURRENT FISCAL MONTH-END: 518 $185,746,595.15
SCHEDULED INTEREST AT MORTGAGE RATE: $ 1,250,150.03
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($ 1.88)
Interest Sales Adjustments $ 0.00
Interest Accrual Adjustment $ 0.00
Interest Uncollected on Liquidation $ 0.00
Interest Uncollected on Non-Earning Assets $ 0.00
Net Unscheduled Interest Distributed ($ 1.88)
OTHER:
Loan Conversion Fees $ 0.00
Expense Reimbursements $ 0.00
Gain on Liquidations $ 0.00
Hazard Insurance Premium Refunds $ 0.00
Net Other Distributions $ 0.00
SCHEDULED SERVICING FEE EXPENSES: $ 143,683.20
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($ 0.05)
Servicing Fees Sales Adjustments $ 0.00
Servicing Fees Accrual Adjustments $ 0.00
Servicing Fees Uncollected on Liquidation $ 0.00
Servicing Fees Uncollected/Non-Earning Assets $ 0.00
Net Unscheduled Service Fees Distributed ($ 0.05)
MISCELLANEOUS EXPENSES: $ 0.00
NET FUNDS DISTRIBUTED: $ 5,326,224.85
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-6 GRP I (1462) WEIGHTED AVERAGE PC RATE: 6.9914
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
- --------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$4,219,759.85 $1,106,466.83 ($1.83) $1,106,465.00 $0.00 $5,326,224.85
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $ 0.00 $ 0.00 $ 0.00 $50,870,485.81
SPECIAL HAZARD $ 7,107,399.00 $ 0.00 $ 0.00 $ 0.00 $ 7,107,399.00
<CAPTION>
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
<S> <C> <C> <C> <C> <C>
SINGLE-UNITS $ 241,787.00 $ 0.00 $ 0.00 $ 0.00 $ 241,787.00
MULTI-UNITS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
MORTGAGE REPURCHASE $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
</TABLE>
DELINQUENT INSTALLMENTS
<TABLE>
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
22 $7,454,874.64 4 $1,359,881.36 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
4 $1,692,832.43 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses. The Class I-AM Certificates provide, to
the limited extent described in the Prospectus Supplement, credit support, as
well as special hazard, bankruptcy, and fraud coverage, to certain classes of
the 1998-8 group I Certificates (the "Certificates").
The Class Principal Balance of Class I-AM Certificates after the Distribution
Date immediately preceding the date of this report are as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
I-AM $14,014,923.21
</TABLE>
Capitalized terms used but not defined herein will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 26, 1998, to that certain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $7,107,399.00, $241,787.00,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-8 GRP I (1462)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.7816 6.5066 6.3694 351.973 $ 1,809,542.38 5
7.0000 - 7.4999 7.1131 6.8381 6.7009 353.211 $ 18,660,406.83 48
7.5000 - 7.9999 7.7192 7.0050 6.8678 352.813 $ 93,117,459.47 257
8.0000 - 8.4999 8.1415 7.1665 7.0293 352.871 $ 49,072,990.95 142
8.5000 - 8.9999 8.6288 7.6538 7.5166 353.047 $ 15,993,810.58 44
9.0000 - 9.4999 9.1952 8.2202 8.0830 351.588 $ 6,574,648.19 20
9.5000 - 9.9999 9.8750 8.0200 7.8828 351.000 $ 257,756.08 1
10.0000-10.4999 10.2500 8.6550 8.5178 351.000 $ 259,980.67 1
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000- 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.8978 7.1286 6.9914 352.832 $185,746,595.15 518
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: January 1999
SERIES: 1998-8 Groups I - IV (1462-1465)
Certificate Trust
Distribution Date: February 25, 1999
<TABLE>
<CAPTION>
Class Portfolio I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.08359546% 6.750% 6.750% 6.750%
Original Principal Balance $ 701,661,871.00 $ 104,000,000.00 $ 4,000,000.00 $ 19,412,641.00
Beginning Principal Balance $ 653,623,540.83 $ 92,513,409.13 $ 4,000,000.00 $ 19,412,641.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 10,269,055.86 $ 2,615,206.15 $ 0.00 $ 0.00
Principal Allocation Factor 0.01463533 0.02514621 0.00000000 0.00000000
Scheduled Interest $ 3,858,337.29 $ 520,387.93 $ 22,500.00 $ 109,196.11
Scheduled Interest Allocation Factor 0.00549886 0.00500373 0.00562500 0.00562500
Interest Adjustment $ 27.31 $ 3.68 $ 0.16 $ 0.77
Interest Adjustment Allocation Factor 0.00000004 0.00000004 0.00000004 0.00000004
Net Interest Distributed $ 3,858,364.60 $ 520,391.61 $ 22,500.16 $ 109,196.88
Distributed Allocation Factor 0.00549889 0.00500377 0.00562504 0.00562504
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 14,127,420.46 $ 3,135,597.76 $ 22,500.16 $ 109,196.88
Ending Principal Balance $ 643,354,484.97 $ 89,898,202.98 $ 4,000,000.00 $ 19,412,641.00
Principal Balance Trading Factor 0.91690102 0.86440580 1.00000000 1.00000000
693 48L T25 693 48L T33 693 48L T41
<CAPTION>
Structured Notional
I-A-4 I-A-5 I-A-6
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750%
Original Principal Balance $ 3,320,000.00 $ 27,248,877.00 $ 2,677,391.63
Beginning Principal Balance $ 3,320,000.00 $ 27,248,877.00 $ 2,158,746.98
Loans Transferred In $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000
Scheduled Interest $ 18,675.00 $ 153,274.93 $ 12,142.95
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00453537
Interest Adjustment $ 0.13 $ 1.08 $ 0.09
Interest Adjustment Allocation Factor 0.00000004 0.00000004 0.00000003
Net Interest Distributed $ 18,675.13 $ 153,276.01 $ 12,143.04
Distributed Allocation Factor 0.00562504 0.00562504 0.00453540
Other Distribution $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 18,675.13 $ 153,276.01 $ 12,143.04
Ending Principal Balance $ 3,320,000.00 $ 27,248,877.00 $ 2,158,746.98
Principal Balance Trading Factor 1.00000000 1.00000000 0.80628734
693 48L T58 693 48L T66 693 48L T74
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: January 1999
SERIES: 1998-8 Groups I - IV (1462-1465)
Certificate Trust
Distribution Date: February 25, 1999
<TABLE>
<CAPTION>
Class I-A-7 II-A-1 II-A-2 III-A-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 7.000% 0.000% 7.000%
Original Principal Balance $ 36,144,787.00 $ 325,155,283.00 $ 5,777,134.00 $ 88,578,234.00
Beginning Principal Balance $ 29,143,084.28 $ 311,184,346.19 $ 5,528,908.07 $ 81,931,071.51
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 1,594,110.58 $ 2,281,577.39 $ 40,537.49 $ 1,029,157.89
Principal Allocation Factor 0.04410347 0.00701689 0.00701689 0.01161863
Scheduled Interest $ 151,786.90 $ 1,815,242.02 $ 0.00 $ 477,931.25
Scheduled Interest Allocation Factor 0.00419941 0.00558269 0.00000000 0.00539558
Interest Adjustment $ 1.07 $ 12.85 $ 0.00 $ 3.38
Interest Adjustment Allocation Factor 0.00000003 0.00000004 0.00000000 0.00000004
Net Interest Distributed $ 151,787.97 $ 1,815,254.87 $ 0.00 $ 477,934.63
Distributed Allocation Factor 0.00419944 0.00558273 0.00000000 0.00539562
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 1,745,898.55 $ 4,096,832.26 $ 40,537.49 $ 1,507,092.52
Ending Principal Balance $ 27,548,973.70 $ 308,902,768.80 $ 5,488,370.58 $ 80,901,913.62
Principal Balance Trading Factor 0.76218387 0.95001615 0.95001615 0.91333853
693 48L T82 693 48L T90 693 RIL U23 693 48L U31
<CAPTION>
Class III-A-2 IV-A-1 I-X II-X-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 6.680% 6.750% 7.000%
Original Principal Balance $ 1,573,797.00 $ 65,671,684.00 $ 0.00 $ 0.00
Beginning Principal Balance $ 1,455,694.79 $ 57,208,768.14 $ 0.00 $ 0.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 18,285.37 $ 2,668,634.83 $ 0.00 $ 0.00
Principal Allocation Factor 0.01161863 0.04063600 0.00000000 0.00000000
Scheduled Interest $ 0.00 $ 318,462.14 $ 39,611.65 $ 54,772.48
Scheduled Interest Allocation Factor 0.00000000 0.00484931 0.00000000 0.00000000
Interest Adjustment $ 0.00 $ 2.25 $ 0.28 $ 0.39
Interest Adjustment Allocation Factor 0.00000000 0.00000003 0.00000000 0.00000000
Net Interest Distributed $ 0.00 $ 318,464.39 $ 39,611.93 $ 54,772.87
Distributed Allocation Factor 0.00000000 0.00484934 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 18,285.37 $ 2,987,099.22 $ 39,611.93 $ 54,772.87
Ending Principal Balance $ 1,437,409.42 $ 54,540,133.31 $ 0.00 $ 0.00
Principal Balance Trading Factor 0.91333852 0.83049695 0.00000000 0.00000000
693 48L U49 693 48L U56 693 48L U64 693 48L U72
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: January 1999
SERIES: 1998-8 Groups I - IV (1462-1465)
Certificate Trust
<TABLE>
<CAPTION>
Class II-X-2 III-X IV-X I-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 6.680% 0.000%
Original Principal Balance $ 0.00 $ 0.00 $ 0.00 $ 312,637.00
Beginning Principal Balance $ 0.00 $ 0.00 $ 0.00 $ 303,243.64
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 0.00 $ 267.29
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00085495
Scheduled Interest $ 14,997.43 $ 21,294.02 $ 18,626.14 $ 0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Interest Adjustment $ 0.11 $ 0.15 $ 0.13 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 14,997.54 $ 21,294.17 $ 18,626.27 $ 0.00
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 14,997.54 $ 21,294.17 $ 18,626.27 $ 267.29
Ending Principal Balance $ 0.00 $ 0.00 $ 0.00 $ 302,976.35
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000 0.96909947
693 48L U80 693 48L U98 693 48L V22 693 48L V30
<CAPTION>
Class II-P III-P IV-P I-AM
Weighted Average Pass Through Rate 0.000% 0.000% 0.000% 6.750%
Original Principal Balance $ 506,552.00 $ 364,243.00 $ 3,775.00 $ 14,074,677.00
Beginning Principal Balance $ 499,744.64 $ 357,912.02 $ 3,714.21 $ 14,025,099.04
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 3,391.30 $ 1,327.06 $ 12.37 $ 10,175.83
Principal Allocation Factor 0.00669487 0.00364334 0.00327682 0.00072299
Scheduled Interest $ 0.00 $ 0.00 $ 0.00 $ 78,891.18
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00560519
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 0.56
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000004
Net Interest Distributed $ 0.00 $ 0.00 $ 0.00 $ 78,891.74
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00560523
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 3,391.30 $ 1,327.06 $ 12.37 $ 89,067.57
Ending Principal Balance $ 496,353.34 $ 356,584.96 $ 3,701.84 $ 14,014,923.21
Principal Balance Trading Factor 0.97986651 0.97897546 0.98061987 0.99575452
693 48L V48 693 48L V55 693 48L V63 693 48L V71
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: January 1999
SERIES: 1998-8 Groups I - IV (1462-1465)
Certificate Trust
<TABLE>
<CAPTION>
Class IV-AM R-1 R-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.680% 6.750% 6.750%
Original Principal Balance $ 5,517,450.00 $ 50.00 $ 50.00
Beginning Principal Balance $ 5,487,027.17 $ 0.00 $ 0.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 6,372.31 $ 0.00 $ 0.00
Principal Allocation Factor 0.00115494 0.00000000 0.00000000
Scheduled Interest $ 30,544.45 $ 0.71 $ 0.00
Scheduled Interest Allocation Factor 0.00553597 0.01417220 0.00000000
Interest Adjustment $ 0.22 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000004 0.00000000 0.00000000
Net Interest Distributed $ 30,544.67 $ 0.71 $ 0.00
Distributed Allocation Factor 0.00553601 0.01417220 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 36,916.98 $ 0.71 $ 0.00
Ending Principal Balance $ 5,480,654.86 $ 0.00 $ 0.00
Principal Balance Trading Factor 0.99333113 0.00000000 0.00000000
693 48L V89 693 48L V97 693 48L W21
<CAPTION>
Class
<S> <C> <C>
Weighted Average Pass Through Rate
Original Principal Balance
Beginning Principal Balance
Loans Transferred In I-X Notional Balance I-A-6 Notional Balance
Loans Transferred Out ----------------------------------------------------
Principal Losses $7,042,071.08 $2,158,746.98
Other Principal Adjustments
Principal Distributed II-X-1 Notional Balance III-X Notional Balance
Principal Allocation Factor ----------------------------------------------------
Scheduled Interest $9,389,567.99 $3,650,403.61
Scheduled Interest Allocation Factor
Interest Adjustment II-X-2 Notional Balance IV-X Notional Balance
Interest Adjustment Allocation Factor ---------------------------------------------------
Net Interest Distributed $2,570,987.36 $3,346,013.63
Distributed Allocation Factor
Other Distribution
Other Distribution Allocation Factor
Ending Total Distribution
Ending Principal Balance
Principal Balance Trading Factor
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-8 GRP II (1463) WEIGHTED AVERAGE PC RATE: 7.1300
- --------------------------------------------------------------------------------
ISSUE DATE: 9/30/1998
CERTIFICATE BALANCE AT ISSUE: $331,438,969.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2691 $317,213,175.74
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $226,204.87
Unscheduled Principal Collection/Reversals $57,388.97
Liquidations-in-full 16 $2,041,912.34
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,325,506.18 ($2,325,506.18)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2675 $314,887,669.56
SCHEDULED INTEREST AT MORTGAGE RATE: $2,120,742.42
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.75
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.75
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $235,729.35
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.21
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.21
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,210,519.79
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-8 GRP II (1463) WEIGHTED AVERAGE PC RATE: 7.1300
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$2,325,506.18 $1,885,013.07 $0.54 $1,885,013.61 $0.00 $4,210,519.79
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
SINGLE-UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
64 $7,301,882.59 9 $947,593.94 3 $398,425.90
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
7 $993,078.35 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses.
Capitalized terms used but not defined herein will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 26, 1998, to that certain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $7,107,399.00, $241,787.00,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-8 GRP II (1463)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.6724 6.3974 6.2602 350.781 $2,582,761.28 22
8.0000 - 8.4999 7.2718 6.9907 6.8494 352.725 $28,593,521.31 208
8.5000 - 8.9999 7.7162 7.1208 6.9793 352.545 $121,013,986.70 966
9.0000 - 9.4999 8.1795 7.2437 7.1039 352.555 $98,293,053.55 863
9.5000 - 9.9999 8.6179 7.6474 7.5082 352.660 $54,922,981.63 524
10.0000-10.4999 9.1662 8.1912 8.0479 352.283 $5,622,061.93 56
10.5000-10.9999 9.6487 8.5292 8.3843 352.334 $2,780,387.55 27
11.0000 - 11.4999 10.1484 8.7871 8.6446 352.338 $1,040,156.45 8
11.5000 - 11.9999 10.8750 8.9000 8.7628 352.000 $38,582.88 1
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
8.0206 7.2705 7.1300 352.563 $314,887,493.28 2675
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-8 GRP III (1464) WEIGHTED AVERAGE PC RATE: 7.1506
- --------------------------------------------------------------------------------
ISSUE DATE: 9/30/1998
CERTIFICATE BALANCE AT ISSUE: $90,516,273.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 748 $83,744,677.32
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $153,303.20
Unscheduled Principal Collection/Reversals $35,241.79
Liquidations-in-full 6 $860,225.33
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,048,770.32 ($1,048,770.32)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 742 $82,695,907.00
SCHEDULED INTEREST AT MORTGAGE RATE: $557,884.59
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $28.98
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $28.98
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $58,659.84
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $1.05
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $1.05
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,548,023.00
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-8 GRP III (1464) WEIGHTED AVERAGE PC RATE: 7.1506
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$1,048,770.32 $499,224.75 $27.93 $449,252.68 $0.00 $1,548,023.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
SINGLE-UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
16 $1,744,532.67 1 $34,051.20 1 $89,462.10
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
1 $49,727.09 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses.
Capitalized terms used but not defined herein will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 26, 1998, to that certain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $7,107,399.00, $241,787.00,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-8 GRP III (1464)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.8065 6.4957 6.3499 171.917 $2,434,083.97 20
7.5000 - 7.9999 7.2273 6.9078 6.7607 170.363 $8,753,218.33 79
8.0000 - 8.4999 7.7223 7.2477 7.1028 171.458 $33,845,703.54 302
8.5000 - 8.9999 8.1595 7.2519 7.1112 172.420 $22,055,197.56 203
9.0000 - 9.4999 8.6254 7.6540 7.5162 172.880 $11,560,460.82 103
9.5000 - 9.9999 9.1392 8.1992 8.0505 168.451 $660,278.85 9
10.0000-10.4999 9.7178 8.0163 7.8791 171.610 $1,590,029.66 11
10.5000-10.9999 10.0956 8.2730 8.1358 172.214 $1,561,144.98 12
11.0000 - 11.4999 10.6138 8.6952 8.5580 172.089 $235,790.02 3
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.9885 7.2934 7.1506 171.806 $82,695,907.73 742
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-8 GRP IV (1465) WEIGHTED AVERAGE PC RATE: 7.0232
- --------------------------------------------------------------------------------
ISSUE DATE: 9/30/1998
CERTIFICATE BALANCE AT ISSUE: $71,192,910.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 182 $62,699,510.73
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $72,823.58
Unscheduled Principal Collection/Reversals $8,334.01
Liquidations-in-full 6 $2,593,861.92
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,675,019.51 ($2,675,019.51)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 176 $60,024,491.22
SCHEDULED INTEREST AT MORTGAGE RATE: $415,325.17
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.67
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.67
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $47,692.53
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,042,652.82
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-8 GRP IV (1465) WEIGHTED AVERAGE PC RATE: 7.0232
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$2,675,019.51 $367,632.64 $0.67 $367,633.31 $0.00 $3,042,652.82
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $50,870,485.81 $0.00 $0.00 $0.00 $50,870,485.81
SPECIAL HAZARD $7,107,399.00 $0.00 $0.00 $0.00 $7,107,399.00
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
SINGLE-UNITS $241,787.00 $0.00 $0.00 $0.00 $241,787.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
5 $1,961,134.25 1 $274,593.60 1 $486,643.41
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses. The Class IV-AM Certificates provide, to
the limited extent described in the Prospectus Supplement, credit support, as
well as special hazard, bankruptcy, and fraud coverage, to certain classes of
the 1998-8 group IV Certificates (the "Certificates"). The Class Principal
Balance of Class IV-AM Certificates after the Distribution Date immediately
preceding the date of this report are as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
IV-AM $5,480,654.86
</TABLE>
Capitalized terms used but not defined herein will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 26, 1998, to that certain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgage Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $7,107,399.00, $241,787.00,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-8 GRP IV (1465)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999
8.0000 - 8.4999 7.2529 6.8112 6.6724 171.930 $3,242,424.10 11
8.5000 - 8.9999 7.7409 7.0980 6.9608 172.703 $34,615,353.04 101
9.0000 - 9.4999 8.1258 7.1508 7.0136 172.682 $16,487,916.72 45
9.5000 - 9.9999 8.6007 7.6257 7.4885 172.577 $3,491,821.52 12
10.0000-10.4999 9.0876 7.9654 7.8282 173.299 $943,427.83 3
10.5000-10.9999 9.5877 7.8927 7.7555 171.701 $892,250.17 3
11.0000 - 11.4999 10.0000 8.3550 8.2178 171.000 $351,297.84 1
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.9321 7.1605 7.0232 172.633 $60,024,491.22 176
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-9, CLASS II-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-9 GRP I, II, III (1466,1467,1468) WEIGHTED AVERAGE PC RATE: 6.6375
- --------------------------------------------------------------------------------
ISSUE DATE: 9/28/1998
CERTIFICATE BALANCE AT ISSUE: $191,924,303.76
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 542 $180,074,808.80
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $145,281.67
Unscheduled Principal Collection/Reversals $26,027.58
Liquidations-in-full 10 $3,073,351.11
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,244,660.36 ($3,244,660.36)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 532 $176,830,148.44
SCHEDULED INTEREST AT MORTGAGE RATE: $1,108,401.32
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $276.99
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $276.99
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $112,207.07
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $28.96
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $28.96
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,241,102.64
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-9 GRP I, II, III (1466,1467,1468) WEIGHTED AVERAGE PC RATE: 6.6375
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$3,244,660.36 $996,194.25 $248.03 $996,442.28 $0.00 $4,241,102.64
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $20,709,281.56 $0.00 $0.00 $0.00 $20,709,281.56
SPECIAL HAZARD $6,226,379.00 $0.00 $0.00 $0.00 $6,226,379.00
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
SINGLE-UNITS $151,154.04 $0.00 $0.00 $0.00 $151,154.04
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
7 $2,321,652.61 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses. The Class I-AM Certificates provide, to
the limited extent described in the Prospectus Supplement, credit support, as
well as special hazard, bankruptcy, and fraud coverage, to certain classes of
the 1998-9 group I Certificates (the "Certificates"). The Class Principal
Balances of each Class of the Class I-AM Certificates after the Distribution
Date immediately preceding the date of this report are as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
I-AM $8,595,750.76
</TABLE>
Capitalized terms used but not defined herin will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 28, 1998, to that cetain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgae Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $6,226,379.00, $151,154.04,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-9 GRP I, II, III (1466,1467,1468)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.8174 6.5139 6.3564 352.956 $7,652,740.71 22
8.0000 - 8.4999 7.2334 6.7064 6.5492 352.110 $91,614,682.28 281
8.5000 - 8.9999 7.5890 6.9104 6.7558 351.547 $74,225,996.19 218
9.0000 - 9.4999 8.1349 7.1775 7.0274 343.109 $3,078,792.50 10
9.5000 - 9.9999 8.7500 7.8000 7.6425 331.000 $257,936.76 1
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.3826 6.7935 6.6375 351.723 $176,830,148.44 532
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
SERIES: 1998-9 GRP I, II, III (1466,1467,1468)
Certificate Trust
<TABLE>
<CAPTION>
($0.01)
Class Portfolio I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.70059662% 6.750% 6.750% 6.750%
Original Principal Balance $ 460,206,255.00 $ 95,449,243.00 $ 5,760,610.00 $ 18,111,600.00
Beginning Principal Balance $ 426,191,498.23 $ 88,099,218.72 $ 5,760,610.00 $ 18,111,600.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 7,275,825.85 $ 2,001,069.84 $ 0.00 $ 0.00
Principal Allocation Factor 0.01580992 0.02096475 0.00000000 0.00000000
Scheduled Interest $ 2,417,667.13 $ 495,558.11 $ 32,403.43 $ 101,877.75
Scheduled Interest Allocation Factor 0.00525344 0.00519185 0.00562500 0.00562500
Interest Adjustment $ 247.36 $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000054 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 2,417,914.49 $ 495,558.11 $ 32,403.43 $ 101,877.75
Distributed Allocation Factor 0.00525398 0.00519185 0.00562500 0.00562500
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 9,693,740.34 $ 2,496,627.95 $ 32,403.43 $ 101,877.75
Ending Principal Balance $ 418,915,672.38 $ 86,098,148.88 $ 5,760,610.00 $ 18,111,600.00
Principal Balance Trading Factor 0.91027809 0.90203071 1.00000000 1.00000000
693 48L W39 693 48L W47 693 48L W54
<CAPTION>
Class I-A-4 I-A-5 I-A-6 I-A-7
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 7.000% 6.500%
Original Principal Balance $ 47,500,000.00 $ 7,030,678.00 $ 2,500,000.00 $ 2,500,000.00
Beginning Principal Balance $ 43,176,732.32 $ 7,030,678.00 $ 2,500,000.00 $ 2,500,000.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 1,177,009.19 $ 0.00 $ 0.00 $ 0.00
Principal Allocation Factor 0.02477914 0.00000000 0.00000000 0.00000000
Scheduled Interest $ 242,869.12 $ 39,547.56 $ 14,583.33 $ 13,541.67
Scheduled Interest Allocation Factor 0.00511303 0.00562500 0.00583333 0.00541667
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 242,869.12 $ 39,547.56 $ 14,583.33 $ 13,541.67
Distributed Allocation Factor 0.00511303 0.00562500 0.00583333 0.00541667
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 1,419,878.31 $ 39,547.56 $ 14,583.33 $ 13,541.67
Ending Principal Balance $ 41,999,723.13 $ 7,030,678.00 $ 2,500,000.00 $ 2,500,000.00
Principal Balance Trading Factor 0.88420470 1.00000000 1.00000000 1.00000000
693 48L W62 693 48L W70 693 48L W96 693 48L X20
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-9 GRP I, II, III (1466,1467,1468)
Certificate Trust
<TABLE>
<CAPTION>
Notional PO
Class I-A-8 I-X I-P I-AM
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 6.750% 0.000% 6.5875711%
Original Principal Balance $ 4,399,686.00 $ 0.00 $ 35,790.00 $ 8,636,596.00
Beginning Principal Balance $ 4,257,717.66 $ 0.00 $ 35,564.97 $ 8,602,685.39
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 59,598.37 $ 0.00 $ 48.33 $ 6,934.63
Principal Allocation Factor 0.01354605 0.00000000 0.00135038 0.00080294
Scheduled Interest $ 0.00 $ 8,590.10 $ 0.00 $ 47,225.67
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00546809
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 0.00 $ 8,590.10 $ 0.00 $ 47,225.67
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00546809
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 59,598.37 $ 8,590.10 $ 48.33 $ 54,160.30
Ending Principal Balance $ 4,198,119.29 $ 0.00 $ 35,516.64 $ 8,595,750.76
Principal Balance Trading Factor 0.95418612 0.00000000 0.99236211 0.99527068
693 48L X38 693 48L Y37 693 48L Y60 693 48L Y86
<CAPTION>
Notional PO
Class II-A-1 II-A-2 II-X II-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 0.000% 6.500% 0.000%
Original Principal Balance $ 136,753,092.00 $ 2,299,720.00 $ 0.00 $ 774,341.00
Beginning Principal Balance $ 123,742,952.72 $ 2,080,933.89 $ 0.00 $ 754,724.15
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 2,564,072.43 $ 43,118.94 $ 0.00 $ 5,703.00
Principal Allocation Factor 0.01874965 0.01874965 0.00000000 0.00736497
Scheduled Interest $ 670,274.33 $ 0.00 $ 18,682.68 $ 0.00
Scheduled Interest Allocation Factor 0.00490135 0.00000000 0.00000000 0.00000000
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 670,274.33 $ 0.00 $ 18,682.68 $ 0.00
Distributed Allocation Factor 0.00490135 0.00000000 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 3,234,346.76 $ 43,118.94 $ 18,682.68 $ 5,703.00
Ending Principal Balance $ 121,178,880.29 $ 2,037,814.95 $ 0.00 $ 749,021.15
Principal Balance Trading Factor 0.88611437 0.88611437 0.00000000 0.96730142
693 48L X46 693 48L X53 693 48L Y45 693 48L Y78
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-9 GRP I, II, III (1466,1467,1468)
Certificate Trust
<TABLE>
<CAPTION>
Notional
Class II-AM III-A-1 III-A-2 III-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.3925% 6.350% 6.750% 6.750%
Original Principal Balance $ 3,218,528.00 $ 59,250,866.00 $ 0.00 $ 20,218,866.00
Beginning Principal Balance $ 3,162,759.41 $ 50,417,276.55 $ 0.00 $ 20,218,866.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 11,468.97 $ 1,401,164.49 $ 0.00 $ 0.00
Principal Allocation Factor 0.00356342 0.02779136 0.00000000 0.00000000
Scheduled Interest $ 16,848.28 $ 266,791.42 $ 16,805.76 $ 113,731.12
Scheduled Interest Allocation Factor 0.00523478 0.00450274 0.00000000 0.00562500
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 16,848.28 $ 266,791.42 $ 16,805.76 $ 113,731.12
Distributed Allocation Factor 0.00523478 0.00450274 0.00000000 0.00562500
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 28,317.25 $ 1,667,955.91 $ 16,805.76 $ 113,731.12
Ending Principal Balance $ 3,151,290.44 $ 49,016,112.06 $ 0.00 $ 20,218,866.00
Principal Balance Trading Factor 0.97910922 0.82726406 0.00000000 1.00000000
693 48L Y94 693 48L X61 693 48L X79 693 48L X87
<CAPTION>
Notional
Class III-A-4 III-A-5 III-X III-AM
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 6.750% 6.750%
Original Principal Balance $ 11,500,000.00 $ 25,500,000.00 $ 0.00 $ 8,766,539.00
Beginning Principal Balance $ 11,500,000.00 $ 25,500,000.00 $ 0.00 $ 8,739,178.46
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 0.00 $ 5,637.66
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00064510
Scheduled Interest $ 64,687.50 $ 143,437.50 $ 60,965.78 $ 49,157.88
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00000000 0.00560744
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 64,687.50 $ 143,437.50 $ 60,965.78 $ 49,157.88
Distributed Allocation Factor 0.00562500 0.00562500 0.00000000 0.00560744
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 64,687.50 $ 143,437.50 $ 60,965.78 $ 54,795.54
Ending Principal Balance $ 11,500,000.00 $ 25,500,000.00 $ 0.00 $ 8,733,540.80
Principal Balance Trading Factor 1.00000000 1.00000000 0.00000000 0.99623589
693 48L X95 693 48L Y29 693 48L Y52 693 48L Z28
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-9 GRP I, II, III (1466,1467,1468)
Certificate Trust
<TABLE>
<CAPTION>
Class R-1 R-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750%
Original Principal Balance $ 50.00 $ 50.00
Beginning Principal Balance $ 0.00 $ 0.00
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 Class I-X Notional Balance
------------------------------
Principal Losses $ 0.00 $ 0.00 $ 1,527,129.11
Other Principal Adjustments $ 0.00 $ 0.00
Principal Distributed ($ 0.00) $ 0.00 Class II-X Notional Balance
------------------------------
Principal Allocation Factor 0.00000000 0.00000000 $ 3,449,109.53
Scheduled Interest $ 88.14 $ 0.00
Scheduled Interest Allocation Factor 1.76284630 0.00000000 Class III-X Notional Balance
------------------------------
Interest Adjustment $ 0.00 $ 0.00 $ 10,856,046.39
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $ 88.14 $ 0.00
Distributed Allocation Factor 1.76284630 0.00000000
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 88.14 $ 0.00
Ending Principal Balance $ 0.00 $ 0.00
Principal Balance Trading Factor 0.00000000 0.00000000
693 48L Z36 693 48L Z44
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-9 (1467) WEIGHTED AVERAGE PC RATE: 6.5259
- --------------------------------------------------------------------------------
ISSUE DATE: 9/28/1998
CERTIFICATE BALANCE AT ISSUE: $177,376,357.45
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 383 $129,741,370.99
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $470,516.74
Unscheduled Principal Collection/Reversals $376,249.43
Liquidations-in-full 6 $1,777,597.17
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,624,363.34 ($2,624,363.34)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 377 $127,117,007.65
SCHEDULED INTEREST AT MORTGAGE RATE: $760,347.65
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($1.87)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($1.87)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $54,551.19
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($0.22)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($0.22)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $3,330,158.15
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-9 (1467) WEIGHTED AVERAGE PC RATE: 6.5259
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- ------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$2,624,363.34 $705,796.46 ($1.65) $705,794.81 $0.00 $3,330,158.15
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $20,709,281.56 $0.00 $0.00 $0.00 $20,709,281.56
SPECIAL HAZARD $6,226,379.00 $0.00 $0.00 $0.00 $6,226,379.00
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
SINGLE-UNITS $151,154.04 $0.00 $0.00 $0.00 $151,154.04
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
3 $872,060.54 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses. The Class II-AM Certificates provide, to
the limited extent described in the Prospectus Supplement, credit support, as
well as special hazard, bankruptcy, and fraud coverage, to certain classes of
the 1998-8 group II Certificates (the "Certificates"). The Class Principal
Balances of each Class of the Class II-AM Certificates after the Distribution
Date immediately preceding the date of this report are as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
II-AM $11,500,000.00
</TABLE>
Capitalized terms used but not defined herin will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 28, 1998, to that cetain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgae Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $6,226,379.00, $151,154.04,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-9 (1467)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.3079 6.0579 5.9004 168.745 $2,647,471.57 9
7.0000 - 7.4999 6.7584 6.4991 6.3424 167.987 $46,574,922.17 138
7.5000 - 7.9999 7.1527 6.7699 6.6146 168.199 $67,174,750.76 200
8.0000 - 8.4999 7.5946 7.0385 6.8850 165.317 $10,214,419.92 28
8.5000 - 8.9999 8.0710 7.8210 7.6635 133.533 $505,443.23 2
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.0298 6.6816 6.5259 167.763 $127,117,007.65 377
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-9 (1468) WEIGHTED AVERAGE PC RATE: 7.3799
- --------------------------------------------------------------------------------
ISSUE DATE: 09/28/1998
CERTIFICATE BALANCE AT ISSUE: $125,236,271.41
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 378 $116,375,321.42
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $75,073.90
Unscheduled Principal Collection/Reversals $7,176.09
Liquidations-in-full 5 $1,324,552.16
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,406,802.15 ($1,406,802.15)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 373 $114,968,519.27
SCHEDULED INTEREST AT MORTGAGE RATE: $825,200.64
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $1.08
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $1.08
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $109,524.22
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.10
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.10
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,122,479.55
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-9 (1468) WEIGHTED AVERAGE PC RATE: 7.3799
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$1,406,802.15 $715,676.42 $0.98 $715,677.40 $0.00 $2,122,479.55
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $20,709,281.56 $0.00 $0.00 $0.00 $20,709,281.56
SPECIAL HAZARD $6,226,379.00 $0.00 $0.00 $0.00 $6,226,379.00
BANKRUPTCY & EXTRAORDINARY HAZARD EXP RESERVE
SINGLE-UNITS $151,154.04 $0.00 $0.00 $0.00 $151,154.04
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
37 $11,068,828.03 10 $3,026,069.04 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above cover losses on
Mortgage Loans in all of the Loan Groups, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any
particular Loan Group or Loan Groups may exhaust the coverage provided by the
Credit Enhancements even if the Mortgage Loans in the other Loan Group or Loan
Groups have not sustained any losses. The Class III-AM Certificates provide, to
the limited extent described in the Prospectus Supplement, credit support, as
well as special hazard, bankruptcy, and fraud coverage, to certain classes of
the 1998-8 group III Certificates (the "Certificates"). The Class Principal
Balances of each Class of the Class III-AM Certificates after the Distribution
Date immediately preceding the date of this report are as follows:
<TABLE>
<CAPTION>
Class Class Principal Balance
<S> <C>
III-AM $0.00
</TABLE>
Capitalized terms used but not defined herin will have the meanings ascribed to
them in the Prospectus Supplement. The "Prospectus Supplement" is that certain
Prospectus Supplement, dated September 28, 1998, to that cetain Prospectus,
dated June 24, 1998, delivered in connection with the offering of the PNC
Mortgage Securities Corp. Series 1998-8 Mortgae Pass-Through Certificates. The
amount of the special hazard coverage, bankruptcy coverage, and fraud coverage,
as of the above referenced distribution date, is $6,226,379.00, $151,154.04,
$.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-9 (1468)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999
8.0000 - 8.4999 7.3409 7.0659 6.9434 351.483 $2,370,293.88 6
8.5000 - 8.9999 7.7766 7.5016 7.3791 352.106 $23,312,318.99 72
9.0000 - 9.4999 8.1949 7.4207 7.2982 352.228 $25,170,074.77 75
9.5000 - 9.9999 8.7285 7.4593 7.3368 351.902 $31,767,542.84 109
10.0000-10.4999 9.1131 7.6249 7.5024 352.009 $30,876,420.74 106
10.5000-10.9999 9.5000 7.9750 7.8525 350.989 $1,471,868.05 5
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
8.5032 7.5024 7.3799 352.023 $114,968,519.27 373
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-10, CLASS III-P AND CLASS IV-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group 1 (1471) WEIGHTED AVERAGE PC RATE: 6.62513682
- --------------------------------------------------------------------------------
ISSUE DATE: 10/30/1998
CERTIFICATE BALANCE AT ISSUE: $904,481,064.31
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- ------------- -------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2429 $873,294,298.88
PRINCIPAL POOL COLLECTION(S): $887,055,238.55
Scheduled Principal Collected Due Current Month $1,217,349.49 ($13,760,939.67)
Unscheduled Principal Collection/Reversals $151,268.80
Liquidations-in-full 29 $10,726,419.36
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $12,095,037.65 ($12,095,037.65)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2400 $861,199,261.23
SCHEDULED INTEREST AT MORTGAGE RATE: $5,286,493.56
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($0.90)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($0.90)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $464,924.02
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $4.15
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $4.15
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $16,916,602.14
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group 1 (1471) WEIGHTED AVERAGE PC RATE: 6.6251
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
------------ ------------ ---------- ------------ ----- ------------
<C> <C> <C> <C> <C> <C>
$12,095,037.65 $4,821,569.54 ($5.05) $4,821,564.49 $0.00 $16,916,602.14
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $9,044,810.00 $0.00 $0.00 $0.00 $9,044,810.00
BANKRUPTCY BOND
SINGLE-UNITS $254,805.00 $0.00 $0.00 $0.00 $254,805.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $18,089,621.00 $0.00 $0.00 $0.00 $18,089,621.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
52 $17,448,607.55 1 $366,128.24 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<C> <C> <C> <C>
1 $257,172.14 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated October 23, 1998, pursuant to which
certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $22,508,133.70
I-B-2 $8,553,091.92
I-B-3 $4,051,463.39
--------------
Total $35,112,689.02
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $9,044,810.00,
$254,805.00, $18,089,621.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-10 Group 1 (1471)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999 6.3750 6.1750 6.1250 358.507 $496,311.56 2
5.0000 - 5.4999 6.7907 6.5282 6.4806 356.816 $105,865,933.49 287
5.5000 - 5.9999 7.2219 6.6575 6.6113 357.255 $568,529,627.56 1548
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.3750 6.1750 6.1250 354.507 $494,440.82 2
8.0000 - 8.4999 6.7906 6.5278 6.4801 352.797 $103,882,906.33 283
8.5000 - 8.9999 7.2202 6.6567 6.6104 353.387 $555,348,804.35 1524
9.0000 - 9.4999 7.5992 6.7618 6.7159 352.713 $192,884,130.72 561
9.5000 - 9.9999 8.0947 7.3558 7.3129 349.248 $8,213,495.69 28
10.0000-10.4999 8.5000 7.4971 7.4555 352.183 $374,910.43 2
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals
7.2616 6.6714 6.6251 353.125 $861,198,688.34 2400
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-10 Groups I, II, III & IV (Pools 1471, 1472, 1473 & 1474)
Certificate Trust
<TABLE>
<CAPTION>
Class Group I I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.660% 6.750% 6.750% 6.750%
Original Principal Balance $1,696,525,364.00 $ 97,818,645.00 $ 3,744,145.00 $ 21,709,234.00
Beginning Principal Balance $1,641,266,609.29 $ 93,657,390.82 $ 3,744,145.00 $ 21,709,234.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 20,237,021.26 $ 1,613,170.94 $ 0.00 $ 0.00
Principal Allocation Factor 0.01192851 0.01649145 0.00000000 0.00000000
Scheduled Interest $ 9,109,153.71 $ 526,822.82 $ 21,060.82 $ 122,114.44
Scheduled Interest Allocation Factor 0.00536930 0.00538571 0.00562500 0.00562500
Interest Adjustment $ 108.41 $ 6.27 $ 0.25 $ 0.00
Interest Adjustment Allocation Factor 0.00000006 0.00000006 0.00000007 0.00000000
Net Interest Distributed $ 9,109,262.12 $ 526,829.09 $ 21,061.07 $ 122,114.44
Distributed Allocation Factor 0.00536936 0.00538577 0.00562507 0.00562500
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 29,346,283.38 $ 2,140,000.03 $ 21,061.07 $ 122,114.44
Ending Principal Balance $1,621,029,588.03 $ 92,044,219.88 $ 3,744,145.00 $ 21,709,234.00
Principal Balance Trading Factor 0.95549977 0.94096805 1.00000000 1.00000000
693 48L 3Q0 693 48L 3R8 693 48L 3S6
<CAPTION>
Class I-A-4 I-A-5 I-A-6
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.850% 6.500%
Original Principal Balance $ 74,239,428.00 $ 17,045,038.00 $ 39,890,952.00
Beginning Principal Balance $ 70,571,417.53 $ 17,045,038.00 $ 39,890,952.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 1,421,957.81 $ 0.00 $ 0.00
Principal Allocation Factor 0.01915367 0.00000000 0.00000000
Scheduled Interest $ 396,964.22 $ 97,298.76 $ 216,075.99
Scheduled Interest Allocation Factor 0.00534708 0.00570833 0.00541667
Interest Adjustment $ 0.00 $ 1.16 $ 2.57
Interest Adjustment Allocation Factor 0.00000000 0.00000007 0.00000006
Net Interest Distributed $ 396,964.22 $ 97,299.92 $ 216,078.56
Distributed Allocation Factor 0.00534708 0.00570840 0.00541673
Other Distribution $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 1,818,922.03 $ 97,299.92 $ 216,078.56
Ending Principal Balance $ 69,149,459.72 $ 17,045,038.00 $ 39,890,952.00
Principal Balance Trading Factor 0.93143848 1.00000000 1.00000000
693 48L 3T4 693 48L 3U1 693 48L 3V9
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Principal Only
Class I-A-7 I-A-8 I-A-9 I-A-10
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 0.000%
Original Principal Balance $ 21,000,000.00 $ 195,000,000.00 $ 43,943,553.00 $ 8,349,706.00
Beginning Principal Balance $ 20,039,398.75 $ 186,732,233.99 $ 43,943,553.00 $ 8,048,580.42
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 372,393.45 $ 3,205,140.42 $ 0.00 $ 116,735.73
Principal Allocation Factor 0.01773302 0.01643662 0.00000000 0.01398082
Scheduled Interest $ 108,546.74 $ 1,011,466.27 $ 238,027.58 $ 0.00
Scheduled Interest Allocation Factor 0.00516889 0.00518701 0.00541667 0.00000000
Interest Adjustment $ 1.29 $ 12.04 $ 2.83 $ 0.00
Interest Adjustment Allocation Factor 0.00000006 0.00000006 0.00000006 0.00000000
Net Interest Distributed $ 108,548.03 $ 1,011,478.31 $ 238,030.41 $ 0.00
Distributed Allocation Factor 0.00516895 0.00518707 0.00541673 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 480,941.48 $ 4,216,618.73 $ 238,030.41 $ 116,735.73
Ending Principal Balance $ 19,667,005.30 $ 183,527,093.57 $ 43,943,553.00 $ 7,931,844.69
Principal Balance Trading Factor 0.93652406 0.94116458 1.00000000 0.94995497
693 48L 3X7 693 48L 3Y3 693 48L 3Z0 693 48L 4A4
<CAPTION>
Principal Only
Class I-A-11 I-A-12 I-A-13 I-A-14
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 10.500% 6.650% 7.000%
Original Principal Balance $ 252,520.00 $ 33,333.00 $ 1,250,000.00 $ 500,000.00
Beginning Principal Balance $ 252,520.00 $ 33,333.00 $ 1,250,000.00 $ 500,000.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $ 0.00 $ 291.66 $ 6,927.08 $ 2,916.67
Scheduled Interest Allocation Factor 0.00000000 0.00874989 0.00554166 0.00583334
Interest Adjustment $ 0.00 $ 0.00 $ 0.08 $ 0.03
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000006 0.00000006
Net Interest Distributed $ 0.00 $ 291.66 $ 6,927.16 $ 2,916.70
Distributed Allocation Factor 0.00000000 0.00874989 0.00554173 0.00583340
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 0.00 $ 291.66 $ 6,927.16 $ 2,916.70
Ending Principal Balance $ 252,520.00 $ 33,333.00 $ 1,250,000.00 $ 500,000.00
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 1.00000000
693 48L 4B2 693 48L 4C0 693 48L 4D8 693 48L 4E6
<CAPTION>
Class I-A-15 I-A-16
<S> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500%
Original Principal Balance $ 500,000.00 $ 3,000,000.00
Beginning Principal Balance $ 500,000.00 $ 3,000,000.00
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $ 2,708.33 $ 16,250.00
Scheduled Interest Allocation Factor 0.00541666 0.00541667
Interest Adjustment $ 0.00 $ 0.19
Interest Adjustment Allocation Factor 0.00000000 0.00000006
Net Interest Distributed $ 2,708.33 $ 16,250.19
Distributed Allocation Factor 0.00541666 0.00541673
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 2,708.33 $ 16,250.19
Ending Principal Balance $ 500,000.00 $ 3,000,000.00
Principal Balance Trading Factor 1.00000000 1.00000000
693 48L 4F3 693 48L 4G1
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-A-17 I-A-18 I-A-19 I-A-20
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 7.500% 6.500% 6.320%
Original Principal Balance $ 44,936,981.00 $ 500,000.00 $ 52,359,102.00 $ 195,916,801.00
Beginning Principal Balance $ 42,662,017.11 $ 500,000.00 $ 49,766,811.48 $ 188,851,215.40
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 881,928.53 $ 0.00 $ 1,004,945.60 $ 2,739,077.33
Principal Allocation Factor 0.01962590 0.00000000 0.01919333 0.01398082
Scheduled Interest $ 231,085.93 $ 3,125.00 $ 269,570.23 $ 994,616.40
Scheduled Interest Allocation Factor 0.00514244 0.00625000 0.00514849 0.00507673
Interest Adjustment $ 2.75 $ 0.04 $ 3.21 $ 11.84
Interest Adjustment Allocation Factor 0.00000006 0.00000008 0.00000006 0.00000006
Net Interest Distributed $ 231,088.68 $ 3,125.04 $ 269,573.44 $ 994,628.24
Distributed Allocation Factor 0.00514251 0.00625008 0.00514855 0.00507679
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 1,113,017.21 $ 3,125.04 $ 1,274,519.04 $ 3,733,705.57
Ending Principal Balance $ 41,780,088.58 $ 500,000.00 $ 48,761,865.88 $ 186,112,138.07
Principal Balance Trading Factor 0.92974845 1.00000000 0.93129683 0.94995497
693 48L 4H9 693 48L 4J5 693 48L 4K2 693 48L 4L0
<CAPTION>
Rounded to Next Highest
Multiple of $1,000 Notional
Class I-A-21 I-A-22 I-A-23 I-A-24
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500%
Original Principal Balance $ 29,104,843.00 $ 9,200,000.00 $ 500,000.00 $ 0.00
Beginning Principal Balance $ 29,104,843.00 $ 7,447,824.75 $ 500,000.00 $ 0.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 679,260.60 $ 0.00 $ 0.00
Principal Allocation Factor 0.00000000 0.07383267 0.00000000 0.00000000
Scheduled Interest $ 157,651.23 $ 40,342.38 $ 2,708.33 $ 28,327.68
Scheduled Interest Allocation Factor 0.00541667 0.00438504 0.00541666 0.00000000
Interest Adjustment $ 1.88 $ 0.00 $ 0.03 $ 0.34
Interest Adjustment Allocation Factor 0.00000006 0.00000000 0.00000006 0.00000000
Net Interest Distributed $ 157,653.11 $ 40,342.38 $ 2,708.36 $ 28,328.02
Distributed Allocation Factor 0.00541673 0.00438504 0.00541672 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 157,653.11 $ 719,602.98 $ 2,708.36 $ 28,328.02
Ending Principal Balance $ 29,104,843.00 $ 6,768,564.15 $ 500,000.00 $ 0.00
Principal Balance Trading Factor 1.00000000 0.73571349 1.00000000 0.00000000
693 48L 4M8 693 48L 4N6 693 48L 4P1 693 48L 4Q9
<CAPTION>
Class II-A-1 II-A-2
<S> <C> <C>
Weighted Average Pass Through Rate 7.000% 0.000%
Original Principal Balance $ 564,411,343.00 $ 45,207,600.00
Beginning Principal Balance $ 550,639,452.76 $ 44,104,514.26
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00
Principal Distributed $ 4,773,610.63 $ 382,351.42
Principal Allocation Factor 0.00845768 0.00845768
Scheduled Interest $ 3,212,063.47 $ 0.00
Scheduled Interest Allocation Factor 0.00569100 0.00000000
Interest Adjustment $ 38.23 $ 0.00
Interest Adjustment Allocation Factor 0.00000007 0.00000000
Net Interest Distributed $ 3,212,101.70 $ 0.00
Distributed Allocation Factor 0.00569107 0.00000000
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 7,985,712.33 $ 382,351.42
Ending Principal Balance $ 545,865,842.13 $ 43,722,162.84
Principal Balance Trading Factor 0.96714187 0.96714187
693 48L 4R7 693 48L 4S5
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Notional
Class III-A-1 III-A-2 IV-A-1 I-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 0.000% 6.250% 6.500%
Original Principal Balance $ 73,711,589.00 $ 5,904,070.00 $ 77,196,297.00 $ 0.00
Beginning Principal Balance $ 70,990,755.70 $ 5,686,139.68 $ 71,048,201.07 $ 0.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 1,477,227.62 $ 118,321.36 $ 1,361,349.88 $ 0.00
Principal Allocation Factor 0.02004064 0.02004064 0.01763491 0.00000000
Scheduled Interest $ 414,112.74 $ 0.00 $ 370,042.71 $ 95,136.01
Scheduled Interest Allocation Factor 0.00561801 0.00000000 0.00479353 0.00000000
Interest Adjustment $ 4.93 $ 0.00 $ 4.40 $ 1.13
Interest Adjustment Allocation Factor 0.00000007 0.00000000 0.00000006 0.00000000
Net Interest Distributed $ 414,117.67 $ 0.00 $ 370,047.11 $ 95,137.14
Distributed Allocation Factor 0.00561808 0.00000000 0.00479359 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 1,891,345.29 $ 118,321.36 $ 1,731,396.99 $ 95,137.14
Ending Principal Balance $ 69,513,528.08 $ 5,567,818.32 $ 69,686,851.19 $ 0.00
Principal Balance Trading Factor 0.94304748 0.94304748 0.90272272 0.00000000
693 48L 4T3 693 48L 4U0 693 48L 4V8 693 48L 4W6
<CAPTION>
Notional Notional Notional Notional
Class II-X-1 II-X-2 II-X-3 III-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 7.000%
Original Principal Balance $ 0.00 $ 0.00 $ 0.00 $ 0.00
Beginning Principal Balance $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $ 50,856.46 $ 59,710.21 $ 14,720.08 $ 17,627.91
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Interest Adjustment $ 0.61 $ 0.71 $ 0.18 $ 0.21
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $ 50,857.07 $ 59,710.92 $ 14,720.26 $ 17,628.12
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 50,857.07 $ 59,710.92 $ 14,720.26 $ 17,628.12
Ending Principal Balance $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000 0.00000000
693 48L 4X4 693 48L 4Y2 693 48L 4Z9 693 48L 5A3
<CAPTION>
Notional
Class IV-X I-P
<S> <C> <C>
Weighted Average Pass Through Rate 6.250% 0.000%
Original Principal Balance $ 0.00 $ 723,832.00
Beginning Principal Balance $ 0.00 $ 718,621.25
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00
Principal Distributed $ 0.00 $ 713.96
Principal Allocation Factor 0.00000000 0.00098636
Scheduled Interest $ 21,091.60 $ 0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000
Interest Adjustment $ 0.25 $ 0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $ 21,091.85 $ 0.00
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 21,091.85 $ 713.96
Ending Principal Balance $ 0.00 $ 717,907.29
Principal Balance Trading Factor 0.00000000 0.99181480
693 48L 5B1 693 48L 5C9
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class II-P III-P IV-P II-M
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 0.000% 0.000% 6.4809%
Original Principal Balance $ 1,010,848.00 $ 450,142.00 $ 293,172.00 $ 17,267,167.00
Beginning Principal Balance $ 1,006,961.29 $ 442,267.90 $ 287,895.79 $ 17,219,309.78
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 912.89 $ 3,040.21 $ 1,251.24 $ 12,233.39
Principal Allocation Factor 0.00090309 0.00675389 0.00426794 0.00070848
Scheduled Interest $ 0.00 $ 0.00 $ 0.00 $ 92,997.19
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00538578
Interest Adjustment $ 0.00 $ 0.00 $ 0.00 $ 1.11
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000006
Net Interest Distributed $ 0.00 $ 0.00 $ 0.00 $ 92,998.30
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00538585
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 912.89 $ 3,040.21 $ 1,251.24 $ 105,231.69
Ending Principal Balance $ 1,006,048.40 $ 439,227.69 $ 286,644.55 $ 17,207,076.39
Principal Balance Trading Factor 0.99525191 0.97575363 0.97773508 0.99651995
693 48L 5D7 693 48L 5E5 693 48L 5F2 693 48L 5K1
<CAPTION>
Class III-M IV-AM IV-M I-B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.4809% 6.250% 6.250% 6.500%
Original Principal Balance $ 1,426,108.00 $ 3,099,579.00 $ 2,066,386.00 $ 22,612,026.00
Beginning Principal Balance $ 1,415,516.45 $ 3,078,778.71 $ 2,052,519.14 $ 22,539,561.74
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 2,725.90 $ 5,375.44 $ 3,583.63 $ 31,428.04
Principal Allocation Factor 0.00191142 0.00173425 0.00173425 0.00138988
Scheduled Interest $ 7,644.85 $ 16,035.31 $ 10,690.20 $ 122,089.29
Scheduled Interest Allocation Factor 0.00536064 0.00517338 0.00517338 0.00539931
Interest Adjustment $ 0.09 $ 0.19 $ 0.13 $ 1.45
Interest Adjustment Allocation Factor 0.00000006 0.00000006 0.00000006 0.00000006
Net Interest Distributed $ 7,644.94 $ 16,035.50 $ 10,690.33 $ 122,090.74
Distributed Allocation Factor 0.00536070 0.00517344 0.00517344 0.00539937
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 10,370.84 $ 21,410.94 $ 14,273.96 $ 153,518.78
Ending Principal Balance $ 1,412,790.55 $ 3,073,403.27 $ 2,048,935.51 $ 22,508,133.70
Principal Balance Trading Factor 0.99066168 0.99155507 0.99155507 0.99540544
693 48L 5L9 693 48L 5M7 693 48L 5N5 693 48L 5G0
<CAPTION>
Class I-B-2 I-B-3
<S> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500%
Original Principal Balance $ 8,592,571.00 $ 4,070,164.00
Beginning Principal Balance $ 8,565,034.58 $ 4,057,120.44
Loans Transferred In $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00
Principal Distributed $ 11,942.66 $ 5,657.05
Principal Allocation Factor 0.00138988 0.00138988
Scheduled Interest $ 46,393.94 $ 21,976.07
Scheduled Interest Allocation Factor 0.00539931 0.00539931
Interest Adjustment $ 0.55 $ 0.26
Interest Adjustment Allocation Factor 0.00000006 0.00000006
Net Interest Distributed $ 46,394.49 $ 21,976.33
Distributed Allocation Factor 0.00539937 0.00539937
Other Distribution $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $ 58,337.15 $ 27,633.38
Ending Principal Balance $ 8,553,091.92 $ 4,051,463.39
Principal Balance Trading Factor 0.99540544 0.99540544
693 48L 5H8 693 48L 5J4
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-B-4 I-B-5 I-B-6 R-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500%
Original Principal Balance $ 2,713,443.00 $ 2,261,202.00 $ 2,713,444.00 $ 50.00
Beginning Principal Balance $ 2,704,747.29 $ 2,253,955.58 $ 2,704,748.29 $ 0.00
Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00
Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00
Principal Distributed $ 3,771.36 $ 3,142.80 $ 3,771.37 $ 0.00
Principal Allocation Factor 0.00138988 0.00138988 0.00138988 0.00000000
Scheduled Interest $ 14,650.71 $ 12,208.93 $ 14,650.72 ($ 443.25)
Scheduled Interest Allocation Factor 0.00539931 0.00539931 0.00539931 0.00000000
Interest Adjustment $ 0.17 $ 0.15 $ 0.17 ($ 0.01)
Interest Adjustment Allocation Factor 0.00000006 0.00000007 0.00000006 0.00000000
Net Interest Distributed $ 14,650.88 $ 12,209.08 $ 14,650.89 ($ 443.24)
Distributed Allocation Factor 0.00539937 0.00539938 0.00539937 0.00000000
Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $ 18,422.24 $ 15,351.88 $ 18,422.26 ($ 443.24)
Ending Principal Balance $ 2,700,975.93 $ 2,250,812.78 $ 2,700,976.92 $ 0.00
Principal Balance Trading Factor 0.99540544 0.99540544 0.99540544 0.00000000
693 48L 5R6 693 48L 5S4 693 48L 5T2 693 48L 5P0
<CAPTION>
Class R-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500%
Original Principal Balance $ 50.00
Beginning Principal Balance $ 0.00
Loans Transferred In $ 0.00 I-A-24 Notional Balance II-X-3 Notional Balance
------------------------------------------------------
Loans Transferred Out $ 0.00 $5,229,725.96 $2,523,441.95
Principal Losses $ 0.00
Other Principal Adjustments $ 0.00 I-X Notional Balance III-X Notional Balance
------------------------------------------------------
Principal Distributed $ 0.00 $17,563,571.08 $3,021,928.10
Principal Allocation Factor 0.00000000
Scheduled Interest $ 0.00 II-X-1 Notional Balance IV-X Notional Balance
------------------------------------------------------
Scheduled Interest Allocation Factor 0.00000000 $8,718,250.73 $4,049,587.45
Interest Adjustment $ 0.00
Interest Adjustment Allocation Factor 0.00000000 II-X-2 Notional Balance
-------------------------
Net Interest Distributed $ 0.00 $10,236,035.26
Distributed Allocation Factor 0.00000000
Other Distribution $ 0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $ 0.00
Ending Principal Balance $ 0.00
Principal Balance Trading Factor 0.00000000
693 48L 5Q8
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group II (1472) WEIGHTED AVERAGE PC RATE: 6.71532078
- --------------------------------------------------------------------------------
ISSUE DATE: 10/30/1998
CERTIFICATE BALANCE AT ISSUE: $627,896,959.08
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 5076 $612,970,239.18
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $435,623.49
Unscheduled Principal Collection/Reversals $114,980.20
Liquidations-in-full 34 $4,618,504.64
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,169,108.33 ($5,169,108.33)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 5042 $607,801,130.85
SCHEDULED INTEREST AT MORTGAGE RATE: $4,086,002.10
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $121.87
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $121.87
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $655,663.24
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $12.11
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $12.11
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $8,599,556.95
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group II (1472) WEIGHTED AVERAGE PC RATE: 6.7153
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$5,169,108.33 $3,430,338.86 $109.76 $3,430,448.62 $0.00 $8,599,556.95
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $37,622,104.42 $0.00 $0.00 $0.00 $37,622,104.42
SPECIAL HAZARD $7,920,443.00 $0.00 $0.00 $0.00 $7,920,443.00
BANKRUPTCY BOND
SINGLE-UNITS $278,774.00 $0.00 $0.00 $0.00 $278,774.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
108 $13,845,489.93 15 $1,795,474.38 7 $520,911.63
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
4 $328,582.16 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above covers losses on the
Group II, Group III, and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in the other Loan Group or Loan Groups
have not sustained any losses.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-10 Group II (1472)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8397 6.5684 6.0306 354.198 $3,474,060.87 24
7.0000 - 7.4999 7.2576 6.9710 6.4317 353.060 $71,757,045.87 531
7.5000 - 7.9999 7.7175 7.1102 6.5728 353.640 $248,513,820.88 1912
8.0000 - 8.4999 8.1696 7.1964 6.6599 353.965 $159,867,503.23 1445
8.5000 - 8.9999 8.6621 7.6588 7.1238 353.736 $95,659,930.50 883
9.0000 - 9.4999 9.1048 8.1455 7.6096 353.014 $23,097,561.67 196
9.5000 - 9.9999 9.6830 8.4705 7.9314 353.699 $3,711,478.74 34
10.0000-10.4999 10.1234 8.7882 8.2527 353.285 $1,542,495.57 14
10.5000-10.9999 10.5000 9.5250 8.9909 353.000 $177,142.21 2
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9974 7.2523 6.7153 353.651 $607,801,039.54 5041
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group III (1473) WEIGHTED AVERAGE PC RATE: 6.70397155
- --------------------------------------------------------------------------------
ISSUE DATE: 10/30/1998
CERTIFICATE BALANCE AT ISSUE: $81,491,910.33
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 729 $78,534,680.25
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $151,879.83
Unscheduled Principal Collection/Reversals $72,520.81
Liquidations-in-full 9 $1,376,914.45
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,601,315.09 ($1,601,315.09)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 720 $76,933,365.16
SCHEDULED INTEREST AT MORTGAGE RATE: $518,974.91
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $4.02
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $4.02
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $79,589.36
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.32
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.32
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,040,704.34
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group III (1473) WEIGHTED AVERAGE PC RATE: 6.7040
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,601,315.09 $439,385.55 $3.70 $439,389.25 $0.00 $2,040,704.34
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $37,622,104.42 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,920,443.00 $0.00 $0.00 $0.00 $7,920,443.00
BANKRUPTCY BOND
SINGLE-UNITS $278,774.00 $0.00 $0.00 $0.00 $278,774.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
9 $1,056,303.12 2 $320,457.45 1 $167,258.78
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above covers losses on the
Group II, Group III, and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in the other Loan Group or Loan Groups
have not sustained any losses.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-10 Group III (1473)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8097 6.5392 5.9999 173.814 $2,980,007.71 23
7.0000 - 7.4999 7.2271 6.9276 6.3866 173.862 $14,554,257.44 141
7.5000 - 7.9999 7.7068 7.2273 6.6888 173.858 $24,989,539.97 243
8.0000 - 8.4999 8.1772 7.2096 6.6737 174.157 $21,030,289.92 194
8.5000 - 8.9999 8.6081 7.5899 7.0553 174.249 $9,727,065.59 92
9.0000 - 9.4999 9.0169 7.9731 7.4390 174.763 $1,125,554.60 9
9.5000 - 9.9999 9.7902 8.3293 7.7952 173.401 $1,259,969.29 9
10.0000-10.4999 10.2122 8.9329 8.3988 172.249 $1,248,529.32 8
10.5000-10.9999 10.9900 7.0150 6.4809 174.000 $18,151.32 1
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9186 7.2416 6.7040 173.968 $76,933,365.16 720
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group IV (1474) WEIGHTED AVERAGE PC RATE: 6.55597937
- --------------------------------------------------------------------------------
ISSUE DATE: 10/30/1998
CERTIFICATE BALANCE AT ISSUE: $82,655,434.13
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 226 $76,467,394.83
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $134,016.60
Unscheduled Principal Collection/Reversals $14,170.56
Liquidations-in-full 4 $1,223,373.03
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,371,560.19 ($1,371,560.19)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 222 $75,095,834.64
SCHEDULED INTEREST AT MORTGAGE RATE: $493,572.73
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $75,712.97
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,789,419.95
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-10 Group IV (1474) WEIGHTED AVERAGE PC RATE: 6.5560
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,371,560.19 $417,859.76 $0.00 $417,859.76 $0.00 $1,789,419.95
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $37,622,104.42 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,920,443.00 $0.00 $0.00 $0.00 $7,920,443.00
BANKRUPTCY BOND
SINGLE-UNITS $278,774.00 $0.00 $0.00 $0.00 $278,774.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
6 $2,064,087.87 1 $254,988.14 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Mortgage Pool Insurance Policy, the Special Hazard Insurance Policy and the
Bankruptcy and Extraordinary Hazard Insurance Expense Reserve Fund
(collectively, the "Credit Enhancements") described above covers losses on the
Group II, Group III, and Group IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in the other Loan Group or Loan Groups
have not sustained any losses.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-10 Group IV (1474)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 6.8105 6.5201 5.9738 173.057 $4,570,354.38 15
7.0000 - 7.4999 7.1621 6.8030 6.2535 171.801 $17,012,250.89 51
7.5000 - 7.9999 7.7399 7.1422 6.6033 173.681 $30,764,066.47 85
8.0000 - 8.4999 8.1092 7.1612 6.6253 173.945 $14,815,673.63 46
8.5000 - 8.9999 8.6041 7.6291 7.0950 174.219 $6,127,197.89 19
9.0000 - 9.4999 9.1250 8.1500 7.6159 174.000 $328,926.08 1
9.5000 - 9.9999 9.6806 8.2134 7.6793 172.969 $1,246,821.59 4
10.0000-10.4999 10.1250 8.2700 7.7359 173.000 $230,543.71 1
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.7414 7.0966 6.5560 173.301 $75,095,834.64 222
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-11, CLASS II-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-11 Group I (1476) WEIGHTED AVERAGE PC RATE: 6.59546275
- --------------------------------------------------------------------------------
ISSUE DATE: 10/23/1998
CERTIFICATE BALANCE AT ISSUE: $600,006,321.51
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1676 $581,837,568.66
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $478,823.29
Unscheduled Principal Collection/Reversals $120,740.14
Liquidations-in-full 15 $5,920,876.82
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,520,440.25 ($6,520,440.25)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1661 $575,317,128.41
SCHEDULED INTEREST AT MORTGAGE RATE: $3,532,544.64
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $38.05
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $38.05
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $334,886.57
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $2.61
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $2.61
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $9,718,133.76
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-11 Group I (1476) WEIGHTED AVERAGE PC RATE: 6.5955
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$6,520,440.25 $3,197,658.07 $35.44 $3,197,693.51 $0.00 $9,718,133.76
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $6,000,063.00 $0.00 $0.00 $0.00 $6,000,063.00
BANKRUPTCY BOND
SINGLE-UNITS $226,018.00 $0.00 $0.00 $0.00 $226,018.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $12,000,126.00 $0.00 $0.00 $0.00 $12,000,126.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
14 $5,039,703.72 0 $0.00 3 $551,849.60
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated October 23, 1998, pursuant to which
certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $15,238,673.44
I-B-2 $5,079,557.14
I-B-3 $2,390,379.90
Total $22,708,610.48
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $6,000,063.00,
$226,018.00, $12,000,126.00 respectively.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-11 Group I (1476) & Group II (1475)
Certificate Trust $0.02
Principal Only
Class Portfolio I-A-1 I-A-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.55046374% 6.750% 0.000%
Original Principal Balance $750,084,531.00 $49,665,850.00 $1,910,226.00
Beginning Principal Balance $725,945,076.89 $47,816,600.01 $1,839,100.97
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $8,077,237.45 $664,624.86 $25,562.51
Principal Allocation Factor 0.01076844 0.01338193 0.01338193
Scheduled Interest $3,962,730.75 $268,968.38 $0.00
Scheduled Interest Allocation Factor 0.00528305 0.00541556 0.00000000
Interest Adjustment $35.27 $2.39 $0.00
Interest Adjustment Allocation Factor 0.00000005 0.00000005 0.00000000
Net Interest Distributed $3,962,766.02 $268,970.77 $0.00
Distributed Allocation Factor 0.00528309 0.00541561 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $12,040,003.47 $933,595.63 $25,562.51
Ending Principal Balance $717,867,839.44 $47,151,975.15 $1,813,538.46
Principal Balance Trading Factor 0.95704925 0.94938424 0.94938424
693 48L Z51 693 48L Z69
<CAPTION>
Class I-A-3 I-A-4 I-A-5
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.750% 6.500%
Original Principal Balance $200,738,540.00 $9,575,720.00 $30,000,000.00
Beginning Principal Balance $192,117,452.89 $9,575,720.00 $30,000,000.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $3,098,439.29 $0.00 $0.00
Principal Allocation Factor 0.01543520 0.00000000 0.00000000
Scheduled Interest $1,040,636.20 $53,863.43 $162,500.00
Scheduled Interest Allocation Factor 0.00518404 0.00562500 0.00541667
Interest Adjustment $0.00 $0.00 $1.45
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000005
Net Interest Distributed $1,040,636.20 $53,863.43 $162,501.45
Distributed Allocation Factor 0.00518404 0.00562500 0.00541672
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,139,075.49 $53,863.43 $162,501.45
Ending Principal Balance $189,019,013.60 $9,575,720.00 $30,000,000.00
Principal Balance Trading Factor 0.94161796 1.00000000 1.00000000
693 48L Z77 693 48L Z85 693 48L Z93
<CAPTION>
Lockout
Class I-A-6 I-A-7
<S> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500%
Original Principal Balance $57,130,000.00 $107,277,682.00
Beginning Principal Balance $57,130,000.00 $103,283,418.93
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $1,435,583.62
Principal Allocation Factor 0.00000000 0.01338194
Scheduled Interest $309,454.17 $559,451.85
Scheduled Interest Allocation Factor 0.00541667 0.00521499
Interest Adjustment $2.75 $4.98
Interest Adjustment Allocation Factor 0.00000005 0.00000005
Net Interest Distributed $309,456.92 $559,456.83
Distributed Allocation Factor 0.00541671 0.00521503
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $309,456.92 $1,995,040.45
Ending Principal Balance $57,130,000.00 $101,847,835.31
Principal Balance Trading Factor 1.00000000 0.94938512
693 48L 2A6 693 48L 2B4
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class I-A-8 I-A-9 I-A-10 I-A-11
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 7.000% 6.250%
Original Principal Balance $7,945,000.00 $1,013,177.00 $10,513,177.00 $2,483,281.00
Beginning Principal Balance $7,945,000.00 $1,013,177.00 $10,513,177.00 $2,390,818.93
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $33,231.09
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.01338193
Scheduled Interest $43,035.42 $5,488.04 $61,326.87 $12,452.18
Scheduled Interest Allocation Factor 0.00541667 0.00541666 0.00583333 0.00501441
Interest Adjustment $0.38 $0.05 $0.55 $0.11
Interest Adjustment Allocation Factor 0.00000005 0.00000005 0.00000005 0.00000004
Net Interest Distributed $43,035.80 $5,488.09 $61,327.42 $12,452.29
Distributed Allocation Factor 0.00541671 0.00541671 0.00583339 0.00501445
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $43,035.80 $5,488.09 $61,327.42 $45,683.38
Ending Principal Balance $7,945,000.00 $1,013,177.00 $10,513,177.00 $2,357,587.84
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 0.94938424
693 48L 2C2 693 48L 2D0 693 48L 2E8 693 48L 2F5
<CAPTION>
Principal rounded to
Next Highest
Interest Only Principal Only Multiple of $1,000
Class I-A-12 I-A-13 I-A-14 I-A-15
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 0.000% 6.750% 8.000%
Original Principal Balance $0.00 $847,168.00 $4,000,000.00 $2,000,000.00
Beginning Principal Balance $0.00 $847,168.00 $4,000,000.00 $2,000,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $498.09 $0.00 $22,500.00 $13,333.33
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00562500 0.00666667
Interest Adjustment $0.00 $0.00 $0.20 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000005 0.00000000
Net Interest Distributed $498.09 $0.00 $22,500.20 $13,333.33
Distributed Allocation Factor 0.00000000 0.00000000 0.00562505 0.00666667
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $498.09 $0.00 $22,500.20 $13,333.33
Ending Principal Balance $0.00 $847,168.00 $4,000,000.00 $2,000,000.00
Principal Balance Trading Factor 0.00000000 1.00000000 1.00000000 1.00000000
693 48L 2G3 693 48L 2H1 693 48L 2J7 693 48L 2K4
<CAPTION>
Class I-A-16 I-A-17
<S> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.000%
Original Principal Balance $2,000,000.00 $2,500,000.00
Beginning Principal Balance $2,000,000.00 $2,500,000.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $11,250.00 $12,500.00
Scheduled Interest Allocation Factor 0.00562500 0.00500000
Interest Adjustment $0.10 $0.11
Interest Adjustment Allocation Factor 0.00000005 0.00000004
Net Interest Distributed $11,250.10 $12,500.11
Distributed Allocation Factor 0.00562505 0.00500004
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $11,250.10 $12,500.11
Ending Principal Balance $2,000,000.00 $2,500,000.00
Principal Balance Trading Factor 1.00000000 1.00000000
693 48L 2L2 693 48L 2M0
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Floater Principal Only Principal Only
Class I-A-18 I-A-19 I-A-20 I-A-21
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 11.880% 0.000% 6.600% 0.000%
Original Principal Balance $312,500.00 $445,221.00 $78,054,853.00 $1,200,844.00
Beginning Principal Balance $312,500.00 $445,221.00 $74,658,569.31 $1,148,593.48
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $1,220,632.47 $18,778.96
Principal Allocation Factor 0.00000000 0.00000000 0.01563814 0.01563814
Scheduled Interest $3,093.75 $0.00 $410,622.13 $0.00
Scheduled Interest Allocation Factor 0.00990000 0.00000000 0.00526069 0.00000000
Interest Adjustment $0.03 $0.00 $3.65 $0.00
Interest Adjustment Allocation Factor 0.00000010 0.00000000 0.00000005 0.00000000
Net Interest Distributed $3,093.78 $0.00 $410,625.78 $0.00
Distributed Allocation Factor 0.00990010 0.00000000 0.00526073 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,093.78 $0.00 $1,631,258.25 $18,778.96
Ending Principal Balance $312,500.00 $445,221.00 $73,437,936.84 $1,129,814.52
Principal Balance Trading Factor 1.00000000 1.00000000 0.94085036 0.94085037
693 48L 2N8 693 48L 2P3 693 48L 2Q1 693 48L 2R9
<CAPTION>
Floater Principal Only
Class I-A-22 II-A-1 II-A-2 II-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 5.800% 6.500% 0.000% 6.250%
Original Principal Balance $1,687,500.00 $111,455,573.00 $4,458,223.00 $30,000,000.00
Beginning Principal Balance $1,687,500.00 $106,936,925.88 $4,277,477.11 $28,783,735.88
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $1,178,394.84 $47,135.79 $317,183.29
Principal Allocation Factor 0.00000000 0.01057278 0.01057278 0.01057278
Scheduled Interest $8,156.25 $579,241.68 $0.00 $149,915.29
Scheduled Interest Allocation Factor 0.00483333 0.00519706 0.00000000 0.00499718
Interest Adjustment $0.00 $5.16 $0.00 $1.33
Interest Adjustment Allocation Factor 0.00000000 0.00000005 0.00000000 0.00000004
Net Interest Distributed $8,156.25 $579,246.84 $0.00 $149,916.62
Distributed Allocation Factor 0.00483333 0.00519711 0.00000000 0.00499722
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,156.25 $1,757,641.68 $47,135.79 $467,099.91
Ending Principal Balance $1,687,500.00 $105,758,531.04 $4,230,341.32 $28,466,552.59
Principal Balance Trading Factor 1.00000000 0.94888509 0.94888509 0.94888509
693 48L 2S7 693 48L 2T5 693 48L 2U2 693 48L 2V0
<CAPTION>
Interest Only Interest Only
Class I-X II-X
<S> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.250%
Original Principal Balance $0.00 $0.00
Beginning Principal Balance $0.00 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $47,146.43 $14,703.41
Scheduled Interest Allocation Factor 0.00000000 0.00000000
Interest Adjustment $0.42 $0.13
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $47,146.85 $14,703.54
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $47,146.85 $14,703.54
Ending Principal Balance $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000
693 48L 2W8 693 48L 2X6
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Principal Only Principal Only
Class I-P II-P I-B-1 I-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 0.000% 6.500% 6.500%
Original Principal Balance $205,181.00 $37,264.00 $15,300,161.00 $5,100,053.00
Beginning Principal Balance $204,406.96 $36,641.97 $15,251,223.91 $5,083,740.63
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $209.13 $155.89 $12,550.47 $4,183.49
Principal Allocation Factor 0.00101925 0.00418339 0.00082028 0.00082028
Scheduled Interest $0.00 $0.00 $82,610.80 $27,536.93
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00539934 0.00539934
Interest Adjustment $0.00 $0.00 $0.74 $0.25
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000005 0.00000005
Net Interest Distributed $0.00 $0.00 $82,611.54 $27,537.18
Distributed Allocation Factor 0.00000000 0.00000000 0.00539939 0.00539939
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $209.13 $155.89 $95,162.01 $31,720.67
Ending Principal Balance $204,197.83 $36,486.08 $15,238,673.44 $5,079,557.14
Principal Balance Trading Factor 0.99520828 0.97912409 0.99598125 0.99598125
693 48L 2Y4 693 48L 2Z1 693 48L 3A5 693 48L 3B3
<CAPTION>
Class I-B-3 I-B-4 I-B-5 I-B-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500%
Original Principal Balance $2,400,025.00 $3,000,031.00 $1,200,012.00 $1,500,018.00
Beginning Principal Balance $2,392,348.60 $2,990,435.49 $1,196,173.80 $1,495,220.24
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,968.70 $2,460.88 $984.35 $1,230.44
Principal Allocation Factor 0.00082028 0.00082028 0.00082028 0.00082028
Scheduled Interest $12,958.55 $16,198.19 $6,479.27 $8,099.11
Scheduled Interest Allocation Factor 0.00539934 0.00539934 0.00539934 0.00539934
Interest Adjustment $0.12 $0.14 $0.06 $0.07
Interest Adjustment Allocation Factor 0.00000005 0.00000005 0.00000005 0.00000005
Net Interest Distributed $12,958.67 $16,198.33 $6,479.33 $8,099.18
Distributed Allocation Factor 0.00539939 0.00539939 0.00539939 0.00539939
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $14,927.37 $18,659.21 $7,463.68 $9,329.62
Ending Principal Balance $2,390,379.90 $2,987,974.61 $1,195,189.45 $1,493,989.80
Principal Balance Trading Factor 0.99598125 0.99598125 0.99598125 0.99598125
693 48L 3C1 693 48L 3M9 693 48L 3N7 693 48L 3P2
<CAPTION>
Class II-B-1 II-B-2
<S> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250%
Original Principal Balance $2,251,173.00 $525,273.00
Beginning Principal Balance $2,221,488.22 $518,346.56
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $7,596.75 $1,772.57
Principal Allocation Factor 0.00337458 0.00337458
Scheduled Interest $11,570.25 $2,699.72
Scheduled Interest Allocation Factor 0.00513965 0.00513965
Interest Adjustment $0.10 $0.02
Interest Adjustment Allocation Factor 0.00000004 0.00000004
Net Interest Distributed $11,570.35 $2,699.74
Distributed Allocation Factor 0.00513970 0.00513969
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $19,167.10 $4,472.31
Ending Principal Balance $2,213,891.47 $516,573.99
Principal Balance Trading Factor 0.98343906 0.98343906
693 48L 3D9 693 48L 3E7
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class II-B-3 II-B-4 II-B-5 II-B-6
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.250%
Original Principal Balance $525,273.00 $375,195.00 $225,117.00 $225,120.00
Beginning Principal Balance $518,346.56 $370,247.54 $222,148.52 $222,151.48
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,772.57 $1,266.12 $759.67 $759.68
Principal Allocation Factor 0.00337458 0.00337458 0.00337458 0.00337458
Scheduled Interest $2,699.72 $1,928.37 $1,157.02 $1,157.04
Scheduled Interest Allocation Factor 0.00513965 0.00513965 0.00513964 0.00513966
Interest Adjustment $0.02 $0.02 $0.01 $0.01
Interest Adjustment Allocation Factor 0.00000004 0.00000005 0.00000004 0.00000004
Net Interest Distributed $2,699.74 $1,928.39 $1,157.03 $1,157.05
Distributed Allocation Factor 0.00513969 0.00513970 0.00513968 0.00513970
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $4,472.31 $3,194.51 $1,916.70 $1,916.73
Ending Principal Balance $516,573.99 $368,981.42 $221,388.85 $221,391.80
Principal Balance Trading Factor 0.98343906 0.98343905 0.98343904 0.98343903
693 48L 3F4 693 48L 3G2 693 48L 3H0 693 48L 3J6
<CAPTION>
Class R-1 R-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500%
Original Principal Balance $50.00 $50.00
Beginning Principal Balance $0.00 $0.00
Loans Transferred In $0.00 $0.00 I-A-12 Notional Balance
Loans Transferred Out $0.00 $0.00 $91,954.57
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 I-X Notional Balance
Principal Distributed $0.00 $0.00 $8,703,956.64
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest ($2,501.12) $0.00 II-X Notional Balance
Scheduled Interest Allocation Factor 0.00000000 0.00000000 $2,823,055.44
Interest Adjustment ($0.02) $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed ($2,501.10) $0.00
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution ($2,501.10) $0.00
Ending Principal Balance $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000
693 48L 3K3 693 48L 3L1
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-11 Group II (1475) WEIGHTED AVERAGE PC RATE: 636.6155%
Group II
- --------------------------------------------------------------------------------
ISSUE DATE: 10/23/1998
CERTIFICATE BALANCE AT ISSUE: $150,078,212.28
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 407 $144,107,511.02
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $492,830.56
Unscheduled Principal Collection/Reversals $91,403.44
Liquidations-in-full 2 $972,563.20
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,556,797.20 ($1,556,797.20)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 405 $142,550,713.82
SCHEDULED INTEREST AT MORTGAGE RATE: $846,324.83
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($0.17)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($0.17)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $81,252.15
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,321,869.71
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-11 Group II (1475) WEIGHTED AVERAGE PC RATE: 636.6155%
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,556,797.20 $765,072.68 ($0.17) $765,072.51 $0.00 $2,321,869.71
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,427,732.00 $0.00 $0.00 $0.00 $2,427,732.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,500,782.00 $0.00 $0.00 $0.00 $1,500,782.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
1 $55,308.58 2 $864,427.54 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group II-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated October 23, 1998, pursuant to which
certain of the Group II Certificates were offered.
The Class Principal Balances of the Class II-B Certificates immediately after
the principal and interest distribution are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
II-B-1 $2,213,891.47
II-B-2 $516,573.99
II-B-3 $516,573.99
Total $3,247,039.44
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $2,427,732.00,
$100,000.00, $1,500,782.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-11 Group II (1475)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999 6.3750 6.1250 6.0850 113.000 $375,330.38 1
6.0000 - 6.4999 6.7994 6.3276 6.2876 172.767 $54,711,473.70 150
6.5000 - 6.9999 7.1394 6.4035 6.3635 171.720 $76,844,136.73 219
7.0000 - 7.4999 7.6500 6.8404 6.8004 172.718 $10,619,773.01 35
7.5000 - 7.9999
8.0000 - 8.4999
8.5000 - 8.9999
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
7.0449 6.4062 6.3662 172.042 $142,550,713.82 405
Pool Totals 7.0560 6.4157 $6.38 176.058 $149,466,151.61 416
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-12, CLASS III-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group I (1488) WEIGHTED AVERAGE PC RATE: 6.3223
- --------------------------------------------------------------------------------
ISSUE DATE: 11/30/1998
CERTIFICATE BALANCE AT ISSUE: $682,062,143.24
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1974 $669,797,047.01
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $560,879.27
Unscheduled Principal Collection/Reversals $172,084.55
Liquidations-in-full 12 $3,479,953.71
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,212,917.53 ($4,212,917.53)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1962 $665,584,129.48
SCHEDULED INTEREST AT MORTGAGE RATE: $3,965,216.81
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $100.21
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $100.21
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $435,219.78
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $6.14
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $6.14
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,743,008.63
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group I (1488) WEIGHTED AVERAGE PC RATE: 6.3223
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$4,212,917.53 $3,529,997.03 $94.07 $3,530,091.10 $0.00 $7,743,008.63
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $6,820,621.00 $0.00 $0.00 $0.00 $6,820,621.00
BANKRUPTCY BOND
SINGLE-UNITS $230,001.00 $0.00 $0.00 $0.00 $230,001.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $13,641,243.00 $0.00 $0.00 $0.00 $13,641,243.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
31 $11,455,730.21 1 $238,955.11 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group I-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I Certificates. The "Prospectus Supplement"
is that certain Prospectus Supplement, dated November 25, 1998, and amended by
that certain supplement to Prospectus Supplement, dated November 25, 1998,
pursuant to which certain of the Group I Certificates were offered.
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $14,275,979.24
I-B-2 $6,118,276.54
I-B-3 $2,719,234.58
I-B-4 $2,379,329.37
I-B-5 $1,359,617.77
I-B-6 $2,039,425.18
Total $28,891,862.67
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $6,820,621.00,
$230,001.00, $13,641,243.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-12 Group I (1488)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.3750 6.1250 6.0842 355.288 $3,529,492.80 9
7.5000 - 7.9999 6.7818 6.3292 6.2844 354.566 $204,673,978.49 582
8.0000 - 8.4999 7.1840 6.3476 6.3030 354.255 $386,101,472.12 1156
8.5000 - 8.9999 7.5726 6.5580 6.5145 353.614 $67,344,077.18 202
9.0000 - 9.4999 8.0746 7.1076 7.0660 340.803 $3,681,400.78 12
9.5000 - 9.9999
10.0000-10.4999 9.0000 7.8500 7.8100 351.000 $253,708.11 1
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.1010 6.3668 6.3223 354.216 $665,584,129.48 1962
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust $7.80
Lockout
Class All Groups I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.89432086% 6.250% 5.750% 6.250%
Original Principal Balance $1,967,029,093.95 $366,069,132.00 $45,685,500.00 $64,981,300.00
Beginning Principal Balance $1,930,177,028.93 $356,798,889.18 $45,685,500.00 $64,981,300.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $21,365,003.19 $3,184,044.66 $0.00 $0.00
Principal Allocation Factor 0.01086156 0.00869793 0.00000000 0.00000000
Scheduled Interest $11,089,350.02 $1,858,327.55 $218,909.69 $338,444.27
Scheduled Interest Allocation Factor 0.00563761 0.00507644 0.00479167 0.00520833
Interest Adjustment ($344.13) ($57.67) ($6.79) ($10.50)
Interest Adjustment Allocation Factor -0.00000017 -0.00000016 -0.00000015 -0.00000016
Net Interest Distributed $11,089,005.89 $1,858,269.88 $218,902.90 $338,433.77
Distributed Allocation Factor 0.00563744 0.00507628 0.00479152 0.00520817
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $32,454,009.08 $5,042,314.54 $218,902.90 $338,433.77
Ending Principal Balance $1,908,812,025.74 $353,614,844.52 $45,685,500.00 $64,981,300.00
Principal Balance Trading Factor 0.97040356 0.96597832 1.00000000 1.00000000
<CAPTION>
Class I-A-4 I-A-5
<S> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $10,319,000.00 $8,666,000.00
Beginning Principal Balance $10,319,000.00 $8,666,000.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed ($0.00) $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $60,194.17 $50,551.67
Scheduled Interest Allocation Factor 0.00583333 0.00583333
Interest Adjustment ($1.87) ($1.57)
Interest Adjustment Allocation Factor -0.00000018 -0.00000018
Net Interest Distributed $60,192.30 $50,550.10
Distributed Allocation Factor 0.00583315 0.00583315
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $60,192.30 $50,550.10
Ending Principal Balance $10,319,000.00 $8,666,000.00
Principal Balance Trading Factor 1.00000000 1.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 25, 1999 Page 1
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Class I-A-6 I-A-7 I-A-8 I-A-9
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 7.000% 6.250%
Original Principal Balance $5,548,000.00 $6,685,000.00 $3,184,000.00 $81,849,736.00
Beginning Principal Balance $5,548,000.00 $6,685,000.00 $3,184,000.00 $80,053,631.38
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $616,906.96
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00753707
Scheduled Interest $32,363.33 $38,995.83 $18,573.33 $416,946.00
Scheduled Interest Allocation Factor 0.00583333 0.00583333 0.00583333 0.00509404
Interest Adjustment ($1.00) ($1.21) ($0.58) ($12.94)
Interest Adjustment Allocation Factor -0.00000018 -0.00000018 -0.00000018 -0.00000016
Net Interest Distributed $32,362.33 $38,994.62 $18,572.75 $416,933.06
Distributed Allocation Factor 0.00583315 0.00583315 0.00583315 0.00509388
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $32,362.33 $38,994.62 $18,572.75 $1,033,840.02
Ending Principal Balance $5,548,000.00 $6,685,000.00 $3,184,000.00 $79,436,724.42
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 0.97051901
<CAPTION>
Principal Only
Class I-A-10 I-A-11
<S> <C> <C>
Weighted Average Pass Through Rate 0.000% 7.000%
Original Principal Balance $2,201,280.00 $3,775,000.00
Beginning Principal Balance $2,201,280.00 $3,775,000.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $0.00 $22,020.83
Scheduled Interest Allocation Factor 0.00000000 0.00583333
Interest Adjustment $0.00 ($0.68)
Interest Adjustment Allocation Factor 0.00000000 -0.00000018
Net Interest Distributed $0.00 $22,020.15
Distributed Allocation Factor 0.00000000 0.00583315
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $0.00 $22,020.15
Ending Principal Balance $2,201,280.00 $3,775,000.00
Principal Balance Trading Factor 1.00000000 1.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Principal rounded to
Next Highest
Multiple of $1,000
Class I-A-12 I-A-13 I-A-14 II-A-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 6.250% 7.000% 7.000%
Original Principal Balance $5,903,000.00 $43,332,213.00 $4,721,000.00 $740,336,980.00
Beginning Principal Balance $5,903,000.00 $42,205,492.65 $4,721,000.00 $728,429,222.99
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $386,993.95 $0.00 $6,644,178.99
Principal Allocation Factor 0.00000000 0.00893086 0.00000000 0.00897453
Scheduled Interest $34,434.17 $219,820.27 $27,539.17 $4,249,170.47
Scheduled Interest Allocation Factor 0.00583333 0.00507291 0.00583333 0.00573951
Interest Adjustment ($1.07) ($6.82) ($0.85) ($131.86)
Interest Adjustment Allocation Factor -0.00000018 -0.00000016 -0.00000018 -0.00000018
Net Interest Distributed $34,433.10 $219,813.45 $27,538.32 $4,249,038.61
Distributed Allocation Factor 0.00583315 0.00507275 0.00583315 0.00573933
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $34,433.10 $606,807.40 $27,538.32 $10,893,217.60
Ending Principal Balance $5,903,000.00 $41,818,498.70 $4,721,000.00 $721,785,044.00
Principal Balance Trading Factor 1.00000000 0.96506723 1.00000000 0.97494123
<CAPTION>
Principal Only
Class II-A-2 III-A-1
<S> <C> <C>
Weighted Average Pass Through Rate 0.000% 7.000%
Original Principal Balance $14,600,666.00 $48,619,888.00
Beginning Principal Balance $14,208,191.16 $47,854,466.69
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $271,639.30 $269,406.52
Principal Allocation Factor 0.01860458 0.00554108
Scheduled Interest $0.00 $279,151.06
Scheduled Interest Allocation Factor 0.00000000 0.00574150
Interest Adjustment $0.00 ($8.66)
Interest Adjustment Allocation Factor 0.00000000 -0.00000018
Net Interest Distributed $0.00 $279,142.40
Distributed Allocation Factor 0.00000000 0.00574132
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $271,639.30 $548,548.92
Ending Principal Balance $13,936,551.86 $47,585,060.17
Principal Balance Trading Factor 0.95451480 0.97871596
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Lockout
Class IV-A-1 IV-A-2 IV-A-3 IV-A-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.750% 6.500% 6.500%
Original Principal Balance $68,590,100.00 $976,000.00 $10,959,100.00 $52,250,100.00
Beginning Principal Balance $66,272,802.33 $976,000.00 $10,959,100.00 $50,725,566.86
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $2,026,025.64 $0.00 $0.00 $1,332,843.32
Principal Allocation Factor 0.02953816 0.00000000 0.00000000 0.02550891
Scheduled Interest $358,977.68 $5,490.00 $59,361.79 $274,763.49
Scheduled Interest Allocation Factor 0.00523367 0.00562500 0.00541667 0.00525862
Interest Adjustment ($11.14) ($0.17) ($1.84) ($8.53)
Interest Adjustment Allocation Factor -0.00000016 -0.00000017 -0.00000017 -0.00000016
Net Interest Distributed $358,966.54 $5,489.83 $59,359.95 $274,754.96
Distributed Allocation Factor 0.00523350 0.00562483 0.00541650 0.00525846
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,384,992.18 $5,489.83 $59,359.95 $1,607,598.28
Ending Principal Balance $64,246,776.69 $976,000.00 $10,959,100.00 $49,392,723.54
Principal Balance Trading Factor 0.93667711 1.00000000 1.00000000 0.94531347
<CAPTION>
Interest Only
Class IV-A-5 IV-A-6
<S> <C> <C>
Weighted Average Pass Through Rate 6.475% 6.500%
Original Principal Balance $227,861,534.00 $0.00
Beginning Principal Balance $221,213,078.62 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $5,812,500.35 $0.00
Principal Allocation Factor 0.02550891 0.00000000
Scheduled Interest $1,193,628.90 $7,649.24
Scheduled Interest Allocation Factor 0.00523840 0.00000000
Interest Adjustment ($37.04) ($0.24)
Interest Adjustment Allocation Factor -0.00000016 0.00000000
Net Interest Distributed $1,193,591.86 $7,649.00
Distributed Allocation Factor 0.00523823 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $7,006,092.21 $7,649.00
Ending Principal Balance $215,400,578.27 $0.00
Principal Balance Trading Factor 0.94531347 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Principal Only Interest Only
Class IV-A-7 IV-A-8 IV-A-9 I-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.100% 0.000% 6.750% 6.250%
Original Principal Balance $23,750,100.00 $134,308.00 $2,516,000.00 $0.00
Beginning Principal Balance $22,947,709.40 $134,308.00 $2,516,000.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $701,534.36 $0.00 $0.00 $0.00
Principal Allocation Factor 0.02953816 0.00000000 0.00000000 0.00000000
Scheduled Interest $116,650.86 $0.00 $14,152.50 $42,276.12
Scheduled Interest Allocation Factor 0.00491159 0.00000000 0.00562500 0.00000000
Interest Adjustment ($3.62) $0.00 ($0.44) ($1.31)
Interest Adjustment Allocation Factor -0.00000015 0.00000000 -0.00000017 0.00000000
Net Interest Distributed $116,647.24 $0.00 $14,152.06 $42,274.81
Distributed Allocation Factor 0.00491144 0.00000000 0.00562483 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $818,181.60 $0.00 $14,152.06 $42,274.81
Ending Principal Balance $22,246,175.04 $134,308.00 $2,516,000.00 $0.00
Principal Balance Trading Factor 0.93667711 1.00000000 1.00000000 0.00000000
<CAPTION>
Interest Only Interest Only
Class II-X-1 II-X-2
<S> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000%
Original Principal Balance $0.00 $0.00
Beginning Principal Balance $0.00 $0.00
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000
Scheduled Interest $31,522.72 $75,921.77
Scheduled Interest Allocation Factor 0.00000000 0.00000000
Interest Adjustment ($0.98) ($2.36)
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $31,521.74 $75,919.41
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $31,521.74 $75,919.41
Ending Principal Balance $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Interest Only Interest Only Interest Only Interest Only
Class III-X-1 C-X IV-X-1 IV-X-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 7.000% 6.500% 6.500%
Original Principal Balance $0.00 $0.00 $0.00 $0.00
Beginning Principal Balance $0.00 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $7,192.03 $197,902.46 $68,577.82 $109,697.64
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Interest Adjustment ($0.22) ($6.14) ($2.13) ($3.40)
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $7,191.81 $197,896.32 $68,575.69 $109,694.24
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $7,191.81 $197,896.32 $68,575.69 $109,694.24
Ending Principal Balance $0.00 $0.00 $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000 0.00000000 0.00000000
<CAPTION>
Principal Only Principal Only
Class I-P II-P
<S> <C> <C>
Weighted Average Pass Through Rate 0.000% 0.000%
Original Principal Balance $154,340.76 $3,718,727.75
Beginning Principal Balance $153,877.40 $3,704,674.47
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $758.71 $21,161.59
Principal Allocation Factor 0.00491581 0.00569055
Scheduled Interest $0.00 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000
Interest Adjustment $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000
Net Interest Distributed $0.00 $0.00
Distributed Allocation Factor 0.00000000 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $758.71 $21,161.59
Ending Principal Balance $153,118.69 $3,683,512.88
Principal Balance Trading Factor 0.99208200 0.99053040
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Principal Only Principal Only
Class III-P IV-P I-B-1 I-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 0.000% 6.250% 6.250%
Original Principal Balance $513,104.01 $192,497.65 $14,323,305.00 $6,138,559.00
Beginning Principal Balance $507,234.18 $191,893.63 $14,287,943.43 $6,123,404.05
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,830.47 $422.00 $11,964.19 $5,127.51
Principal Allocation Factor 0.00356744 0.00219223 0.00083530 0.00083530
Scheduled Interest $0.00 $0.00 $74,416.37 $31,892.73
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00519547 0.00519548
Interest Adjustment $0.00 $0.00 ($2.31) ($0.99)
Interest Adjustment Allocation Factor 0.00000000 0.00000000 -0.00000016 -0.00000016
Net Interest Distributed $0.00 $0.00 $74,414.06 $31,891.74
Distributed Allocation Factor 0.00000000 0.00000000 0.00519531 0.00519531
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,830.47 $422.00 $86,378.25 $37,019.25
Ending Principal Balance $505,403.71 $191,471.63 $14,275,979.24 $6,118,276.54
Principal Balance Trading Factor 0.98499271 0.99466996 0.99669589 0.99669589
<CAPTION>
Class I-B-3 I-B-4
<S> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250%
Original Principal Balance $2,728,249.00 $2,387,217.00
Beginning Principal Balance $2,721,513.47 $2,381,323.40
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $2,278.89 $1,994.03
Principal Allocation Factor 0.00083530 0.00083530
Scheduled Interest $14,174.55 $12,402.73
Scheduled Interest Allocation Factor 0.00519548 0.00519548
Interest Adjustment ($0.44) ($0.38)
Interest Adjustment Allocation Factor -0.00000016 -0.00000016
Net Interest Distributed $14,174.11 $12,402.35
Distributed Allocation Factor 0.00519531 0.00519532
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $16,453.00 $14,396.38
Ending Principal Balance $2,719,234.58 $2,379,329.37
Principal Balance Trading Factor 0.99669589 0.99669589
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Variable Rate Variable Rate
Class I-B-5 I-B-6 C-B-1 C-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.752483% 6.752483%
Original Principal Balance $1,364,125.00 $2,046,186.00 $41,761,425.00 $19,916,987.00
Beginning Principal Balance $1,360,757.22 $2,041,134.35 $41,664,871.35 $19,870,938.33
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,139.45 $1,709.17 $32,752.16 $15,620.26
Principal Allocation Factor 0.00083530 0.00083530 0.00078427 0.00078427
Scheduled Interest $7,087.28 $10,630.91 $234,451.11 $111,815.14
Scheduled Interest Allocation Factor 0.00519548 0.00519548 0.00561406 0.00561406
Interest Adjustment ($0.22) ($0.33) ($7.28) ($3.47)
Interest Adjustment Allocation Factor -0.00000016 -0.00000016 -0.00000017 -0.00000017
Net Interest Distributed $7,087.06 $10,630.58 $234,443.83 $111,811.67
Distributed Allocation Factor 0.00519532 0.00519531 0.00561388 0.00561388
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $8,226.51 $12,339.75 $267,195.99 $127,431.93
Ending Principal Balance $1,359,617.77 $2,039,425.18 $41,632,119.19 $19,855,318.07
Principal Balance Trading Factor 0.99669588 0.99669589 0.99690370 0.99690370
<CAPTION>
Variable Rate Variable Rate
Class C-B-3 C-B-4
<S> <C> <C>
Weighted Average Pass Through Rate 6.752483% 6.752483%
Original Principal Balance $10,922,219.00 $7,067,318.00
Beginning Principal Balance $10,896,966.50 $7,050,978.15
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $8,565.95 $5,542.67
Principal Allocation Factor 0.00078427 0.00078427
Scheduled Interest $61,317.98 $39,676.34
Scheduled Interest Allocation Factor 0.00561406 0.00561406
Interest Adjustment ($1.90) ($1.23)
Interest Adjustment Allocation Factor -0.00000017 -0.00000017
Net Interest Distributed $61,316.08 $39,675.11
Distributed Allocation Factor 0.00561388 0.00561388
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $69,882.03 $45,217.78
Ending Principal Balance $10,888,400.55 $7,045,435.48
Principal Balance Trading Factor 0.99690370 0.99690370
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
Variable Variable Rate
Class C-B-5 C-B-6 R-1 R-2 R-3
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.752483% 6.752483% 6.500% 6.500% 6.500%
Original Principal Balance $3,854,900.00 $6,424,839.00 $50.00 $50.00 $50.00
Beginning Principal Balance $3,845,987.35 $6,409,984.59 $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $3,023.28 $5,038.80 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00078427 0.00078427 0.00000000 0.00000000 0.00000000
Scheduled Interest $21,641.64 $36,069.43 $4,566.98 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00561406 0.00561406 0.00000000 0.00000000 0.00000000
Interest Adjustment ($0.67) ($1.12) ($0.14) $0.00 $0.00
Interest Adjustment Allocation Factor -0.00000017 -0.00000017 0.00000000 0.00000000 0.00000000
Net Interest Distributed $21,640.97 $36,068.31 $4,567.12 $0.00 $0.00
Distributed Allocation Factor 0.00561389 0.00561389 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $24,664.25 $41,107.11 $4,567.12 $0.00 $0.00
Ending Principal Balance $3,842.964.07 $6,404,945.79 ($0.00) $0.00 $0.00
Principal Balance Trading Factor 0.99690370 0.99690370 0.00000000 0.00000000 0.00000000
PAID PAST BALANCE
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1998-12 Groups I - IV (1488-1491)
Certificate Trust
<TABLE>
<CAPTION>
<S> <C> <C>
Class
Weighted Average Pass Through Rate
Original Principal Balance
Beginning Principal Balance
Loans Transferred In Class I-X Notional Balance
Loans Transferred Out $8,117,014.97
Principal Losses
Other Principal Adjustments Class II-X-1 Notional Balance Class C-X Notional Balance
Principal Distributed $5,403,895.08 $33,926,136.29
Principal Allocation Factor
Scheduled Interest Class II-X-2 Notional Balance
Scheduled Interest Allocation Factor $13,015,160.13
Interest Adjustment
Interest Adjustment Allocation Factor Class III-X-1Notional Balance
Net Interest Distributed $1,232,920.07
Distributed Allocation Factor
Other Distribution Class IV-X-1 Notional Balance
Other Distribution Allocation Factor $12,660,520.66
Ending Total Distribution
Ending Principal Balance Class IV-X-2 Notional Balance
Principal Balance Trading Factor $20,251,871.80
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group II (1489) WEIGHTED AVERAGE PC RATE: 7.2836
- --------------------------------------------------------------------------------
ISSUE DATE: 11/30/1998
CERTIFICATE BALANCE AT ISSUE: $815,371,005.91
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 6613 $803,326,529.27
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $569,331.12
Unscheduled Principal Collection/Reversals $134,191.75
Liquidations-in-full 47 $6,273,794.63
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,977,317.50 ($6,977,317.50)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 6566 $796,349,211.77
SCHEDULED INTEREST AT MORTGAGE RATE: $5,355,418.62
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($108.92)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($108.92)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $478,072.72
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($13.97)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($13.97)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $11,854,568.45
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group II (1489) WEIGHTED AVERAGE PC RATE: 7.2836
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$6,977,317.50 $4,877,345.90 ($94.95) $4,877,250.95 $0.00 $11,854,568.45
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $12,849,669.00 $0.00 $0.00 $0.00 $12,849,669.00
BANKRUPTCY BOND
SINGLE-UNITS $473,987.00 $0.00 $0.00 $0.00 $473,987.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $25,699,339.00 $0.00 $0.00 $0.00 $25,699,339.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
190 $24,034,335.97 22 $2,689,512.59 2 $209,715.43
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II, III and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated November 25, 1998, and
amended by that certain supplement to Prospectus Supplement dated, November 25,
1998, pursuant to which certain of the Group II, III and IV certificates were
offered. The special hazard coverage, bankruptcy coverage and fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverage to the Group II, III, and IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in the other Loan Group or Loan Groups
have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 #REF!
C-B-2 #REF!
C-B-3 #REF!
C-B-4 #REF!
C-B-5 #REF!
C-B-6 #REF!
Total #REF!
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $12,849,669.00,
$473,987.00, $25,699,339.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-12 Group II (1489)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 5.8750 5.6000 5.5850 357.000 $301,071.77 2
7.0000 - 7.4999 6.2828 6.0292 5.9923 356.012 $4,720,336.65 29
7.5000 - 7.9999 6.7302 6.4693 6.4381 355.041 $21,319,294.54 149
8.0000 - 8.4999 7.2383 6.9477 6.9219 354.424 $103,985,042.22 782
8.5000 - 8.9999 7.7050 7.0704 7.0443 353.998 $267,401,216.21 2154
9.0000 - 9.4999 8.1741 7.2825 7.2545 354.172 $215,941,053.69 1879
9.5000 - 9.9999 8.6345 7.8214 7.7901 352.970 $120,882,025.23 1083
10.0000-10.4999 9.1592 8.3924 8.3531 353.904 $48,547,712.42 377
10.5000-10.9999 9.5966 8.8100 8.7716 352.038 $11,477,182.10 98
11.0000 - 11.4999 10.1703 9.3151 9.2787 354.239 $838,366.99 6
11.5000 - 11.9999 10.5000 9.5250 9.5000 356.000 $132,086.93 1
12.0000 - 12.4999 11.2500 11.0000 10.9600 354.000 $75,820.46 1
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9967 7.3121 7.2836 353.952 $795,621,209.21 6561
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group III (1490) WEIGHTED AVERAGE PC RATE: 7.1707
- --------------------------------------------------------------------------------
ISSUE DATE: 11/30/1998
CERTIFICATE BALANCE AT ISSUE: $52,831,175.03
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 502 $52,033,466.03
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $126,709.72
Unscheduled Principal Collection/Reversals $13,133.38
Liquidations-in-full 1 $140,305.56
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $280,148.66 ($280,148.66)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 501 $51,753,317.37
SCHEDULED INTEREST AT MORTGAGE RATE: $336,215.67
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $65.87
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $65.87
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $25,315.25
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $3.54
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $3.54
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $591,111.41
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group III (1490) WEIGHTED AVERAGE PC RATE: 7.1707
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$280,148.66 $310,900.42 $62.33 $310,962.75 $0.00 $591,111.41
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $12,849,669.00 $0.00 $0.00 $0.00 $12,849,669.00
BANKRUPTCY BOND
SINGLE-UNITS $473,987.00 $0.00 $0.00 $0.00 $473,987.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $25,699,339.00 $0.00 $0.00 $0.00 $25,699,339.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
9 $813,599.41 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
1 $166,566.40 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II, III and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated November 25, 1998, and
amended by that certain supplement to Prospectus Supplement dated, November 25,
1998, pursuant to which certain of the Group II, III and IV certificates were
offered. The special hazard coverage, bankruptcy coverage and fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverage to the Group II, III, and IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in the other Loan Group or Loan Groups
have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 #REF!
C-B-2 #REF!
C-B-3 #REF!
C-B-4 #REF!
C-B-5 #REF!
C-B-6 #REF!
Total #REF!
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $12,849,669.00,
$473,987.00, $25,699,339.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-12 Group III (1490)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.2913 6.0163 5.9913 176.000 $316,750.86 2
7.5000 - 7.9999 6.7903 6.5184 6.4963 175.012 $3,503,183.03 27
8.0000 - 8.4999 7.2034 6.9222 6.8974 175.062 $13,094,730.76 119
8.5000 - 8.9999 7.6822 7.1766 7.1508 174.773 $15,686,983.03 163
9.0000 - 9.4999 8.1679 7.3453 7.3192 172.854 $12,119,122.89 115
9.5000 - 9.9999 8.6139 7.7438 7.7158 172.720 $5,559,304.81 58
10.0000-10.4999 9.1832 8.2566 8.2270 173.180 $773,344.59 11
10.5000-10.9999 9.6894 8.4920 8.4651 174.355 $396,373.67 3
11.0000 - 11.4999
11.5000 - 11.9999 10.6340 10.1857 10.1498 173.632 $138,083.59 2
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.7519 7.1953 7.1696 174.168 $51,587,877.23 500
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group IV (1491) WEIGHTED AVERAGE PC RATE: 7.0214
- --------------------------------------------------------------------------------
ISSUE DATE: 11/30/1998
CERTIFICATE BALANCE AT ISSUE: $416,376,225.99
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1144 $405,019,979.81
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $296,617.93
Unscheduled Principal Collection/Reversals $46,404.62
Liquidations-in-full 21 $9,551,596.95
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $9,894,619.50 ($9,894,619.50)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1123 $395,125,360.31
SCHEDULED INTEREST AT MORTGAGE RATE: $2,640,108.33
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($445.39)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($445.39)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $269,001.66
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($39.81)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($39.81)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $12,265,320.59
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-12 Group IV (1491) WEIGHTED AVERAGE PC RATE: 7.0214
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$9,894,619.50 $2,371,106.67 ($405.58) $2,370,701.09 $0.00 $12,265,320.59
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $12,849,669.00 $0.00 $0.00 $0.00 $12,849,669.00
BANKRUPTCY BOND
SINGLE-UNITS $473,987.00 $0.00 $0.00 $0.00 $473,987.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $25,699,339.00 $0.00 $0.00 $0.00 $25,699,339.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
35 $12,912,952.98 11 $4,618,687.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group II, III and IV Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated November 25, 1998, and
amended by that certain supplement to Prospectus Supplement dated, November 25,
1998, pursuant to which certain of the Group II, III and IV certificates were
offered. The special hazard coverage, bankruptcy coverage and fraud coverage
(collectively, "Credit Enhancements") provided by the C-B Certificates provide
coverage to the Group II, III, and IV Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in the other Loan Group or Loan Groups
have not sustained any losses.
The Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $41,632,118.36
C-B-2 $19,855,317.67
C-B-3 $10,888,400.33
C-B-4 $7,045,435.34
C-B-5 $3,842,964.00
C-B-6 $6,404,945.66
Total $89,669,181.36
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $12,849,669.00,
$473,987.00, $25,699,339.00 respectively.
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-12 Group IV (1491)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999 6.2892 6.0392 5.9992 356.000 $1,700,545.18 5
6.5000 - 6.9999 6.8055 6.5384 6.5025 349.980 $9,060,839.53 27
7.0000 - 7.4999 7.2776 6.9569 6.9224 355.147 $66,072,031.30 188
7.5000 - 7.9999 7.6874 6.9048 6.8730 354.608 $174,142,016.45 496
8.0000 - 8.4999 8.1699 7.1859 7.1514 354.454 $103,797,519.01 283
8.5000 - 8.9999 8.5934 7.6334 7.5971 354.145 $36,750,018.63 112
9.0000 - 9.4999 9.1087 8.0742 8.0364 353.618 $1,766,577.45 6
9.5000 - 9.9999 9.5954 8.6248 8.5869 354.595 $1,485,365.87 5
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.8173 7.0548 7.0213 354.510 $394,774,913.42 1122
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-14, CLASS II-P AND CLASS V-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Grp. I (1494) WEIGHTED AVERAGE PC RATE: 6.3697
- --------------------------------------------------------------------------------
ISSUE DATE: 12/24/1998
CERTIFICATE BALANCE AT ISSUE: $479,550,358.80
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1330 $476,295,482.56
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $400,585.88
Unscheduled Principal Collection/Reversals $346,134.58
Liquidations-in-full 9 $3,841,428.75
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,588,149.21 ($4,588,149.21)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1321 $471,707,333.35
SCHEDULED INTEREST AT MORTGAGE RATE: $2,794,969.35
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $53.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $53.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $265,371.10
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $1.47
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $1.47
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,117,798.99
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Grp. I (1494) WEIGHTED AVERAGE PC RATE: 6.3697
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$4,588,149.21 $2,529,598.25 $51.53 $2,529,649.78 $0.00 $7,117,798.99
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,766,798.00 $0.00 $0.00 $0.00 $7,766,798.00
BANKRUPTCY BOND
SINGLE-UNITS $177,509.00 $0.00 $0.00 $0.00 $177,509.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $14,790,466.00 $0.00 $0.00 $0.00 $14,790,466.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
11 $4,714,031.16 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I and II Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated December 22, 1998, to
that certain Prospectus dated November 25, 1998 to which certain of the Group I
and II certificates were offered. The special hazard, bankruptcy, and fraud
coverage (collectively, "Credit Enhancements") provided by the C-B Certificates
provide coverage to the Group I and II Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in other Loan Group or Loan Groups have
not sustained any losses. The Class Principal Balances of the Class C-B
Certificates immediately after the principal and interest distribution on are as
follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $13,231,725.62
C-B-2 $5,145,670.54
C-B-3 $2,205,286.95
C-B-4 $2,940,383.58
C-B-5 $1,470,191.29
C-B-6 $1,837,742.59
Total $26,831,000.57
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $7,766,798.00,
$177,509.00, $14,790,466.00 respectively. and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-14 Grp. I (1494)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999 6.3750 6.1250 6.0750 356.000 $266,004.09 1
5.5000 - 5.9999 6.7923 6.2977 6.2532 355.562 $197,730,858.18 539
6.0000 - 6.4999 7.1626 6.4723 6.4288 355.227 $241,658,862.42 687
6.5000 - 6.9999 7.5839 6.6744 6.6294 353.492 $30,022,263.11 88
7.0000 - 7.4999 8.0720 6.9330 6.8830 336.058 $2,029,345.55 6
7.5000 - 7.9999
8.0000 - 8.4999
8.5000 - 8.9999
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999 7.0377 6.4138 6.3697 355.175 $471,707,333.35 1321
Pool Totals 8.3209 8.0709 8.0299 347.600 $178,431,656.76 1475
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group II (1495) PNC WEIGHTED AVERAGE PC RATE (1494): 6.3750
PNC WEIGHTED AVERAGE PC RATE (1495): 6.3108
WEIGHTED AVERAGE PC RATE: 6.3528
- --------------------------------------------------------------------------------
ISSUE DATE: 12/24/1998
CERTIFICATE BALANCE AT ISSUE: $259,972,906.77
<TABLE>
<CAPTION>
Group I
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-----------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1330 476,295,482.56
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $400,585.88
Unscheduled Principal Collection/Reversals $346,134.58
Liquidations-in-full 9 $3,841,428.75
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $4,588,149.21 ($4,588,149.21)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1321 $471,707,333.35
SCHEDULED INTEREST AT MORTGAGE RATE: $2,794,969.35
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $53.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $53.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $265,371.10
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $1.47
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $1.47
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $7,117,798.99
<CAPTION>
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-----------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 698 $252,505,667.82
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $849,005.15
Unscheduled Principal Collection/Reversals $96,975.07
Liquidations-in-full 6 $2,669,372.01
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,615,352.23 ($3,615,352.23)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 692 $248,890,315.59
SCHEDULED INTEREST AT MORTGAGE RATE: $1,458,138.11
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $2,968.29
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $2,968.29
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $129,822.02
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $120.55
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $120.55
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,946,516.06
</TABLE>
Page 1
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group II (1495) PNC WEIGHTED AVERAGE PC RATE (1495): 6.3108
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,203,501.44 $3,857,914.34 $2,899.27 $3,860,813.61 $0.00 $12,064,315.05
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
INSURANCE RESERVES
COMBINED Group I Group II Group I Group II
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,766,798.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE-UNITS $177,509.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $14,790,466.00 $0.00 $0.00 $0.00 $0.00
- -------------------------------------- -------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
INSURANCE RESERVES
Group I Group II COMBINED
COVERAGE
INSURANCE TYPE ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C>
MPI $0.00 $0.00 $0.00
SPECIAL HAZARD $0.00 $0.00 $7,766,798.00
BANKRUPTCY BOND
SINGLE-UNITS $0.00 $0.00 $177,509.00
MULTI-UNITS $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $14,790,466.00
- --------------------------------------------------------------------------------
DELINQUENT INSTALLMENTS
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE (Group II) TWO (Group II) THREE (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
7 $2,331,617.44 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group II) REO (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE (Group I) TWO (Group I) THREE (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
11 $4,714,031.16 0 $0.00 0 $0.00
<CAPTION>
FORECLOSURE (Group I) ACQUIRED (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group I & Group II
(1494 & 1495) WEIGHTED AVERAGE PC RATE: 6.3528
- --------------------------------------------------------------------------------
ISSUE DATE: 12/24/1998
CERTIFICATE BALANCE AT ISSUE: $739,523,265.57
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2028 $728,801,150.38
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $1,249,591.03
Unscheduled Principal Collection/Reversals $443,109.65
Liquidations-in-full 15 $6,510,800.76
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $8,203,501.44 ($8,203,501.44)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2013 $720,597,648.94
SCHEDULED INTEREST AT MORTGAGE RATE: $4,253,107.46
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $3,021.29
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $3,021.29
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $395,193.12
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $122.02
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $122.02
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $12,064,315.05
</TABLE>
Page 1
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group I & Group II
(1494 & 1495) WEIGHTED AVERAGE PC RATE: 6.3528
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$8,203,501.44 $3,857,914.34 $2,899.27 $3,860,813.61 $0.00 $12,064,315.05
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $7,766,798.00 $0.00 $0.00 $0.00 $7,766,798.00
BANKRUPTCY BOND
SINGLE-UNITS $177,509.00 $0.00 $0.00 $0.00 $177,509.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $14,790,466.00 $0.00 $0.00 $0.00 $14,790,466.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
18 $7,045,648.60 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group I and II Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated December 22, 1998, to
that certain Prospectus dated November 25, 1998 to which certain of the Group I
and II certificates were offered. The special hazard, bankruptcy, and fraud
coverage (collectively, "Credit Enhancements") provided by the C-B Certificates
provide coverage to the Group I and II Loans, subject to the conditions and
limitations to payment specified thereunder. Losses on Mortgage Loans in any one
or more of such Loan Groups may exhaust the coverage provided by the Credit
Enhancements even if the Mortgage Loans in other Loan Group or Loan Groups have
not sustained any losses. The Class Principal Balances of the Class C-B
Certificates immediately after the principal and interest distribution on are as
follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $13,231,725.62
C-B-2 $5,145,670.54
C-B-3 $2,205,286.95
C-B-4 $2,940,383.58
C-B-5 $1,470,191.29
C-B-6 $1,837,742.59
Total $26,831,000.57
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $7,766,798.00,
$177,509.00, $14,790,466.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
Page 1
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
Series: 1998-14 Group I & Group II Pool 1494 & Pool 1495
Certificate Trust
<TABLE>
<CAPTION>
Class Portfolio I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.3534% 6.250% 6.250% 6.250%
Original Principal Balance $739,523,265.57 $100,555,070.00 $63,000,000.00 $46,500,000.00
Beginning Principal Balance $728,801,150.38 $99,621,138.86 $63,000,000.00 $46,500,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $8,203,501.44 $1,324,391.18 $0.00 $0.00
Principal Allocation Factor 0.01109296 0.01317080 0.00000000 0.00000000
Scheduled Interest $3,857,914.34 $518,860.10 $328,125.00 $242,187.50
Scheduled Interest Allocation Factor 0.00521676 0.00515996 0.00520833 0.00520833
Interest Adjustment $2,899.27 $389.93 $246.59 $182.01
Interest Adjustment Allocation Factor 0.00000392 0.00000388 0.00000391 0.00000391
Net Interest Distributed $3,860,813.61 $519,250.03 $328,371.59 $242,369.51
Distributed Allocation Factor 0.00522068 0.00516384 0.00521225 0.00521225
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $12,064,315.05 $1,843,641.21 $328,371.59 $242,369.51
Ending Principal Balance $720,597,648.94 $98,296,747.68 $63,000,000.00 $46,500,000.00
Principal Balance Trading Factor 0.97440836 0.97754144 1.00000000 1.00000000
<CAPTION>
Class I-A-4 I-A-5 I-A-6
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250%
Original Principal Balance $49,000,000.00 $12,385,000.00 $35,000,000.00
Beginning Principal Balance $48,563,583.93 $11,938,460.81 $35,000,000.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $618,873.89 $633,229.29 $0.00
Principal Allocation Factor 0.01263008 0.05112873 0.00000000
Scheduled Interest $252,935.33 $62,179.48 $182,291.67
Scheduled Interest Allocation Factor 0.00516195 0.00502055 0.00520833
Interest Adjustment $190.08 $46.73 $136.99
Interest Adjustment Allocation Factor 0.00000388 0.00000377 0.00000391
Net Interest Distributed $253,125.41 $62,226.21 $182,428.66
Distributed Allocation Factor 0.00516582 0.00502432 0.00521225
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $871,999.30 $695,455.50 $182,428.66
Ending Principal Balance $47,944,710.04 $11,305,231.52 $35,000,000.00
Principal Balance Trading Factor 0.97846347 0.91281643 1.00000000
</TABLE>
Page 1
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-A-7 I-A-8 I-A-9 I-A-10
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.250%
Original Principal Balance $96,000,000.00 $50,042,269.00 $3,950,000.00 $5,487,731.00
Beginning Principal Balance $95,074,607.30 $49,796,176.34 $3,950,000.00 $5,251,289.12
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,312,282.97 $348,979.63 $0.00 $335,294.04
Principal Allocation Factor 0.01366961 0.00697370 0.00000000 0.06109885
Scheduled Interest $495,180.25 $259,355.09 $20,572.92 $27,350.46
Scheduled Interest Allocation Factor 0.00515813 0.00518272 0.00520833 0.00498393
Interest Adjustment $372.13 $194.91 $15.46 $20.55
Interest Adjustment Allocation Factor 0.00000388 0.00000389 0.00000391 0.00000374
Net Interest Distributed $495,552.38 $259,550.00 $20,588.38 $27,371.01
Distributed Allocation Factor 0.00516200 0.00518662 0.00521225 0.00498767
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $1,807,835.35 $608,529.63 $20,588.38 $362,665.05
Ending Principal Balance $93,762,324.33 $49,447,196.71 $3,950,000.00 $4,915,995.08
Principal Balance Trading Factor 0.97669088 0.98810861 1.00000000 0.89581561
<CAPTION>
Class I-X I-P II-A-1 II-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.250%
Original Principal Balance $0.00 $126,700.00 $250,103,113.00 $0.00
Beginning Principal Balance $0.00 $125,695.33 $242,724,890.85 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $401.95 $3,582,359.40 $0.00
Principal Allocation Factor 0.00000000 0.00317245 0.01432353 0.00000000
Scheduled Interest 49,549.64 $0.00 $1,264,192.14 $15,152.98
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00505468 0.00000000
Interest Adjustment $37.24 $0.00 $950.06 $11.39
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000380 0.00000000
Net Interest Distributed $49,586.88 $0.00 $1,265,142.20 $15,164.37
Distributed Allocation Factor 0.00000000 0.00000000 0.00505848 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $49,586.88 $401.95 $4,847,501.60 $15,164.37
Ending Principal Balance $0.00 $125,293.38 $239,142,531.45 $0.00
Principal Balance Trading Factor 0.00000000 0.98889803 0.95617575 0.00000000
<CAPTION>
Class
II-P C-B-1
<S> <C> <C>
Weighted Average Pass Through Rate 6.250%
Original Principal Balance $380,782.00 $13,311,418.00
Beginning Principal Balance $377,995.77 $13,254,563.40
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00
Principal Distributed $1,379.16 $22,837.78
Principal Allocation Factor 0.00362191 0.00171565
Scheduled Interest $0.00 $69,034.18
Scheduled Interest Allocation Factor 0.00000000 0.00518609
Interest Adjustment $0.00 $51.88
Interest Adjustment Allocation Factor 0.00000000 0.00000390
Net Interest Distributed $0.00 $69,086.06
Distributed Allocation Factor 0.00000000 0.00518999
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $1,379.16 $91,923.84
Ending Principal Balance $376,616.61 $13,231,725.62
Principal Balance Trading Factor 0.98906096 0.99401323
</TABLE>
Page 2
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class
C-B-2 C-B-3 C-B-4 C-B-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.250%
Original Principal Balance $5,176,662.00 $2,218,569.00 $2,958,093.00 $1,479,046.00
Beginning Principal Balance $5,154,551.89 $2,209,093.24 $2,945,458.64 $1,472,728.82
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $8,881.35 $3,806.29 $5,075.06 $2,537.53
Principal Allocation Factor 0.00171565 0.00171565 0.00171565 0.00171566
Scheduled Interest $26,846.62 $11,505.69 $15,340.93 $7,670.46
Scheduled Interest Allocation Factor 0.00518609 0.00518609 0.00518609 0.00518609
Interest Adjustment $20.18 $8.65 $11.53 $5.76
Interest Adjustment Allocation Factor 0.00000390 0.00000390 0.00000390 0.00000389
Net Interest Distributed $26,866.80 $11,514.34 $15,352.46 $7,676.22
Distributed Allocation Factor 0.00518999 0.00518999 0.00518999 0.00518998
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $35,748.15 $15,320.63 $20,427.52 $10,213.75
Ending Principal Balance $5,145,670.54 $2,205,286.95 $2,940,383.58 $1,470,191.29
Principal Balance Trading Factor 0.99401323 0.99401323 0.99401323 0.99401323
<CAPTION>
Class
C-B-6 R
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.500%
Original Principal Balance $1,848,811.00 $0.00
Beginning Principal Balance $1,840,914.51 $0.00 Class I-X Notional Amt
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00 9,513,531.70
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 Class II-X Notional Amt
Principal Distributed $3,171.91 $0.00
Principal Allocation Factor 0.00171565 0.00000000 $2,909,371.79
Scheduled Interest $9,588.10 ($4.20)
Scheduled Interest Allocation Factor 0.00518609 0.00000000 Group I Ending
Interest Adjustment $7.21 ($0.01) Principal Balance
Interest Adjustment Allocation Factor 0.00000390 0.00000000
Net Interest Distributed $9,595.31 ($4.21) $471,707,333.35
Distributed Allocation Factor 0.00518999 0.00000000
Other Distribution $0.00 $0.00 Group II Ending
Other Distribution Allocation Factor 0.00000000 0.00000000 Principal Balance
Ending Total Distribution $12,767.22 ($4.22)
Ending Principal Balance $1,837,742.59 $0.00 $248,890,315.59
Principal Balance Trading Factor 0.99401323 0.00000000
</TABLE>
Page 3
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Grp. III (1496) WEIGHTED AVERAGE PC RATE: 7.2565
- --------------------------------------------------------------------------------
ISSUE DATE: 12/24/1998
CERTIFICATE BALANCE AT ISSUE: $190,655,497.35
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 529 $185,876,580.69
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $129,129.47
Unscheduled Principal Collection/Reversals $15,862.12
Liquidations-in-full 8 $3,475,077.32
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $3,620,068.91 ($3,620,068.91)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 521 $182,256,511.78
SCHEDULED INTEREST AT MORTGAGE RATE: $1,247,143.21
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($5.27)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($5.27)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $122,238.75
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($0.58)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($0.58)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,744,968.68
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Grp. III (1496) WEIGHTED AVERAGE PC RATE: 7.2565
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$3,620,068.91 $1,124,904.46 ($4.69) $1,124,899.77 $0.00 $4,744,968.68
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $5,021,088.00 $0.00 $0.00 $0.00 $5,021,088.00
BANKRUPTCY BOND
SINGLE-UNITS $181,895.00 $0.00 $0.00 $0.00 $181,895.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $10,024,175.00 $0.00 $0.00 $0.00 $10,024,175.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
15 $4,885,664.83 4 $1,227,741.70 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group D-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III, IV and V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated December 22, 1998, to
that certain prospectus dated November 25, 1998 to which certain of the Group
III, IV and V certificates were offered. The special hazard, bankruptcy, and
Fraud coverage (collectively, "Credit Enhancements") provided by the D-B
certificates provide coverage to the Group III, IV and V Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses. The Class Principal Balances of the
Class V-B Certificates immediately after the principal and interest distribution
on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
D-B-1 $15,499,064.77
D-B-2 $7,999,516.94
D-B-3 $4,249,743.53
D-B-4 $3,249,803.29
D-B-5 $1,249,923.80
D-B-6 $2,749,839.15
Total $34,997,891.48
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $5,021,088.00,
$181,895.00, $10,024,175.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-14 Grp.III (1496)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.7930 6.5312 6.4897 351.361 $6,393,183.62 17
8.0000 - 8.4999 7.2285 6.9023 6.8603 353.685 $26,988,584.34 72
8.5000 - 8.9999 7.7063 7.0819 7.0413 355.600 $51,031,342.70 150
9.0000 - 9.4999 8.1835 7.2225 7.1824 355.976 $40,839,675.69 119
9.5000 - 9.9999 8.6598 7.7098 7.6697 353.912 $46,037,505.09 126
10.0000-10.4999 9.1152 8.1652 8.1252 354.818 $8,709,540.05 29
10.5000-10.9999 9.5820 8.6320 8.5920 354.430 $2,256,680.29 8
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.0418 7.2971 7.2565 354.774 $182,256,511.78 521
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group IV (1497) WEIGHTED AVERAGE PC RATE: 7.2602
- --------------------------------------------------------------------------------
ISSUE DATE: 12/24/1998
CERTIFICATE BALANCE AT ISSUE: $264,262,776.26
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2081 $261,909,319.13
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $183,657.94
Unscheduled Principal Collection/Reversals $84,871.48
Liquidations-in-full 17 $2,193,687.26
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $2,462,216.68 ($2,462,216.68)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2064 $259,447,102.45
SCHEDULED INTEREST AT MORTGAGE RATE: $1,753,558.11
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($63.59)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($63.59)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $168,779.67
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($3.03)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($3.03)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $4,046,934.56
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group IV (1497) WEIGHTED AVERAGE PC RATE: 7.2602
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$2,462,216.68 $1,584,778.44 ($60.56) $1,584,717.88 $0.00 $4,046,934.56
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $5,021,088.00 $0.00 $0.00 $0.00 $5,021,088.00
BANKRUPTCY BOND
SINGLE-UNITS $181,895.00 $0.00 $0.00 $0.00 $181,895.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $10,024,175.00 $0.00 $0.00 $0.00 $10,024,175.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
57 $7,477,780.65 2 $129,684.75 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group D-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III, IV and V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated December 22, 1998, to
that certain prospectus dated November 25, 1998 to which certain of the Group
III, IV and V certificates were offered. The special hazard, bankruptcy, and
Fraud coverage (collectively, "Credit Enhancements") provided by the D-B
certificates provide coverage to the Group III, IV and V Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses. The Class Principal Balances of the
Class V-B Certificates immediately after the principal and interest distribution
on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
D-B-1 $15,499,064.77
D-B-2 $7,999,516.94
D-B-3 $4,249,743.53
D-B-4 $3,249,803.29
D-B-5 $1,249,923.80
D-B-6 $2,749,839.15
Total $34,997,891.48
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $5,021,088.00,
$181,895.00, $10,024,175.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-14 Group. IV (1497)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999 5.8750 5.6250 5.5850 357.000 $341,546.97 2
7.0000 - 7.4999 6.2320 5.9820 5.9420 357.137 $2,442,168.58 16
7.5000 - 7.9999 6.7062 6.4562 6.4152 356.789 $14,234,074.17 90
8.0000 - 8.4999 7.2419 6.9852 6.9418 354.987 $14,100,507.02 116
8.5000 - 8.9999 7.7204 7.2042 7.1627 353.624 $71,263,461.55 544
9.0000 - 9.4999 8.2030 7.2689 7.2276 354.416 $87,069,222.28 713
9.5000 - 9.9999 8.5763 7.6503 7.6086 355.550 $62,981,490.78 525
10.0000-10.4999 9.1217 8.3826 8.3341 355.295 $5,461,992.18 46
10.5000-10.9999 9.6293 8.6793 8.6336 344.900 $1,358,046.00 9
11.0000-11.4999 10.2017 9.2517 9.2017 357.000 $131,860.72 2
11.5000 - 11.9999
12.0000 - 12.4999 11.0000 10.0500 10.0000 357.000 $62,732.20 1
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.0336 7.3019 7.2602 354.635 $259,447,102.45 2064
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group V (1498) WEIGHTED AVERAGE PC RATE: 7.0075
- --------------------------------------------------------------------------------
ISSUE DATE: 12/24/1998
CERTIFICATE BALANCE AT ISSUE: $46,290,463.19
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 130 $43,340,051.18
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $97,590.33
Unscheduled Principal Collection/Reversals $4,538.16
Liquidations-in-full 4 $1,561,386.49
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,663,514.98 ($1,663,514.98)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 126 $41,676,536.20
SCHEDULED INTEREST AT MORTGAGE RATE: $278,000.45
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $24,409.74
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $1,917,105.69
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1998-14 Group V (1498) WEIGHTED AVERAGE PC RATE: 7.0075
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,663,514.98 $253,590.71 $0.00 $253,590.71 $0.00 $1,917,105.69
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $5,021,088.00 $0.00 $0.00 $0.00 $5,021,088.00
BANKRUPTCY BOND
SINGLE-UNITS $181,895.00 $0.00 $0.00 $0.00 $181,895.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $10,024,175.00 $0.00 $0.00 $0.00 $10,024,175.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
4 $1,067,487.59 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group D-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III, IV and V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated December 22, 1998, to
that certain prospectus dated November 25, 1998 to which certain of the Group
III, IV and V certificates were offered. The special hazard, bankruptcy, and
Fraud coverage (collectively, "Credit Enhancements") provided by the D-B
certificates provide coverage to the Group III, IV and V Loans, subject to the
conditions and limitations to payment specified thereunder. Losses on Mortgage
Loans in any one or more of such Loan Groups may exhaust the coverage provided
by the Credit Enhancements even if the Mortgage Loans in other Loan Group or
Loan Groups have not sustained any losses. The Class Principal Balances of the
Class V-B Certificates immediately after the principal and interest distribution
on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
D-B-1 $15,499,064.77
D-B-2 $7,999,516.94
D-B-3 $4,249,743.53
D-B-4 $3,249,803.29
D-B-5 $1,249,923.80
D-B-6 $2,749,839.15
Total $34,997,891.48
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $5,021,088.00,
$181,895.00, $10,024,175.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1998-14 Group V (1498)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.3750 6.1250 6.0750 167.000 $238,519.24 1
7.5000 - 7.9999 6.8211 6.5273 6.4811 171.547 $3,304,784.24 9
8.0000 - 8.4999 7.2090 6.8145 6.7677 172.451 $12,944,684.71 37
8.5000 - 8.9999 7.7067 7.0468 7.0054 173.995 $14,445,200.56 45
9.0000 - 9.4999 8.1362 7.1862 7.1457 174.363 $6,503,261.43 20
9.5000 - 9.9999 8.7397 7.7036 7.6603 174.697 $2,411,048.88 8
10.0000-10.4999 9.0419 8.0919 8.0519 173.972 $806,623.86 3
10.5000-10.9999 9.5410 8.6130 8.5697 175.000 $727,143.23 2
11.0000 - 11.4999 10.0000 9.2500 9.2000 174.000 $295,270.05 1
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.6752 7.0511 7.0075 173.396 $41,676,536.20 126
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1998
SERIES: 1998-14 GRP III, IV, V (1496, 1497, 1498)
Certificate Trust
<TABLE>
<CAPTION>
Class Portfolio III-A-1 III-A-2 III-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.240% 6.500% 6.475% 6.500%
Original Principal Balance $501,208,736.80 $59,782,962.00 $99,750,000.00 $17,725,895.00
Beginning Principal Balance $491,125,951.00 $57,947,450.90 $96,824,769.80 $17,725,895.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $7,745,800.57 $1,392,135.97 $2,218,629.01 $0.00
Principal Allocation Factor 0.015454241 0.023286500 0.022241895 0.000000000
Scheduled Interest $2,963,273.61 $313,882.03 $522,450.32 $96,015.26
Scheduled Interest Allocation Factor 0.005912255 0.005250359 0.005237597 0.005416666
Interest Adjustment ($65.25) ($6.91) ($11.50) ($2.11)
Interest Adjustment Allocation Factor -0.000000130 -0.000000116 -0.000000115 -0.000000119
Net Interest Distributed $2,963,208.36 $313,875.12 $522,438.82 $96,013.15
Distributed Allocation Factor 0.005912124 0.005250244 0.005237482 0.005416547
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000 0.000000000
Ending Total Distribution $10,709,008.93 $1,706,011.09 $2,741,067.83 $96,013.15
Ending Principal Balance $483,380,150.43 $56,555,314.93 $94,606,140.79 $17,725,895.00
Principal Balance Trading Factor 0.964428820 0.946010586 0.948432489 1.000000000
<CAPTION>
Notional
Class III-X
<S> <C>
Weighted Average Pass Through Rate 6.500%
Original Principal Balance $0.00
Beginning Principal Balance $0.00
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $0.00
Principal Allocation Factor 0.000000000
Scheduled Interest 33,690.13
Scheduled Interest Allocation Factor 0.000000000
Interest Adjustment ($0.74)
Interest Adjustment Allocation Factor 0.000000000
Net Interest Distributed $33,689.39
Distributed Allocation Factor 0
Other Distribution $0.00
Other Distribution Allocation Factor 0.000000000
Ending Total Distribution $33,689.39
Ending Principal Balance $0.00
Principal Balance Trading Factor 0.000000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Notional Notional
Class A-X III-P IV-A-1 IV-X
<S> <S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 0.000% 7.000% 7.000%
Original Principal Balance $0.00 $50,654.00 $243,958,960.00 $0.00
Beginning Principal Balance $0.00 $50,563.29 $241,633,866.69 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $45.73 $2,444,377.96 $0.00
Principal Allocation Factor 0.000000000 0.000902791 0.010019628 0.000000000
Scheduled Interest $132,929.42 $0.00 $1,409,530.89 19,210.69
Scheduled Interest Allocation Factor 0.000000000 0.000000000 0.005777738 0.000000000
Interest Adjustment ($2.93) $0.00 ($31.04) ($0.42)
Interest Adjustment Allocation Factor 0.000000000 0.000000000 -0.000000127 0.000000000
Net Interest Distributed $132,926.49 $0.00 $1,409,499.85 $19,210.27
Distributed Allocation Factor 0 0 0.005777611 0.000000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000 0.000000000
Ending Total Distribution $132,926.49 $45.73 $3,853,877.81 $19,210.27
Ending Principal Balance $0.00 $50,517.56 $239,189,488.73 $0.00
Principal Balance Trading Factor 0.000000000 0.997306432 0.980449698 0.000000000
<CAPTION>
Notional
Class IV-P V-A-1 V-X
<S> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 6.500% 6.500%
Original Principal Balance $1,805,421.00 $43,024,648.00 $0.00
Beginning Principal Balance $1,802,043.46 $40,088,722.55 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $4,910.69 $1,656,161.81 $0.00
Principal Allocation Factor 0.002719969 0.038493326 0.000000000
Scheduled Interest $0.00 $217,147.25 18,969.11
Scheduled Interest Allocation Factor 0.000000000 0.005047043 0.000000000
Interest Adjustment $0.00 ($4.78) ($0.42)
Interest Adjustment Allocation Factor 0.000000000 -0.000000111 0.000000000
Net Interest Distributed $0.00 $217,142.47 $18,968.69
Distributed Allocation Factor 0.000000000 0.005046932 0.000000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000
Ending Total Distribution $4,910.69 $1,873,304.28 $18,968.69
Ending Principal Balance $1,797,132.77 $38,432,560.74 $0.00
Principal Balance Trading Factor 0.995409254 0.893268453 0.000000000
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class V-P D-B-1 D-B-2 D-B-3
<S> <S> <C> <C> <C>
Weighted Average Pass Through Rate 0.000% 6.7637% 6.7637% 6.7637%
Original Principal Balance $25,482.00 $15,537,470.00 $8,019,339.00 $4,260,274.00
Beginning Principal Balance $25,298.19 $15,512,105.95 $8,006,247.87 $4,253,319.34
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $91.57 $13,041.18 $6,730.93 $3,575.81
Principal Allocation Factor 0.003593517 0.000839338 0.000839338 0.000839338
Scheduled Interest $0.00 $87,432.69 $45,126.55 $23,973.48
Scheduled Interest Allocation Factor 0.000000000 0.005627215 0.005627216 0.005627216
Interest Adjustment $0.00 ($1.93) ($0.99) ($0.53)
Interest Adjustment Allocation Factor 0.000000000 -0.000000124 -0.000000123 -0.000000124
Net Interest Distributed $0.00 $87,430.76 $45,125.56 $23,972.95
Distributed Allocation Factor 0.000000000 0.005627091 0.005627092 0.005627091
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000 0.000000000
Ending Total Distribution $91.57 $100,471.94 $51,856.49 $27,548.76
Ending Principal Balance $25,206.62 $15,499,064.77 $7,999,516.94 $4,249,743.53
Principal Balance Trading Factor 0.989193156 0.997528218 0.997528217 0.997528218
<CAPTION>
Class D-B-4 D-B-5 D-B-6
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.7637% 6.7637% 6.7637%
Original Principal Balance $3,257,856.00 $1,253,021.00 $2,756,653.00
Beginning Principal Balance $3,252,537.73 $1,250,975.51 $2,752,152.91
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $2,734.44 $1,051.71 $2,313.76
Principal Allocation Factor 0.000839338 0.000839338 0.000839338
Scheduled Interest $18,332.66 $7,051.02 $15,512.28
Scheduled Interest Allocation Factor 0.005627216 0.005627216 0.005627215
Interest Adjustment ($0.40) ($0.16) ($0.34)
Interest Adjustment Allocation Factor -0.000000123 -0.000000128 -0.000000123
Net Interest Distributed $18,332.26 $7,050.86 $15,511.94
Distributed Allocation Factor 0.005627093 0.005627088 0.005627092
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 0.000000000
Ending Total Distribution $21,066.70 $8,102.57 $17,825.70
Ending Principal Balance $3,249,803.29 $1,249,923.80 $2,749,839.15
Principal Balance Trading Factor 0.997528218 0.997528216 0.997528215
</TABLE>
<PAGE>
<PAGE>
Distribution Date: March 25, 1999
<TABLE>
<CAPTION>
Class R-1 R-2
<S> <S> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% Class III-X Notional Amt
Original Principal Balance $50.00 $50.00
Beginning Principal Balance $0.00 $0.00 6,219,716.97
Loans Transferred In $0.00 $0.00
Loans Transferred Out $0.00 $0.00 Class A-X Group III Notional Amt
Principal Losses $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $15,628,933.62
Principal Distributed $0.00 $0.00
Principal Allocation Factor 0.000000000 0.000000000 Class A-X Group IV Notional Amt
Scheduled Interest $2.64 $0.00
Scheduled Interest Allocation Factor 0.05280000 0.000000000 $8,911,883.12
Interest Adjustment ($0.05) $0.00
Interest Adjustment Allocation Factor -0.001000000 0.000000000 Class IV-X Notional Amt
Net Interest Distributed $2.59 $0.00
Distributed Allocation Factor 0.0518 0.000000000 $3,293,260.41
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.000000000 0.000000000 Class V-X Notional Amt
Ending Total Distribution $2.59 $0.00
Ending Principal Balance $0.00 $0.00 3,501,989.48
Principal Balance Trading Factor 0.000000000 0.000000000
<CAPTION>
Class
<S> <C>
Weighted Average Pass Through Rate Group III Ending
Original Principal Balance Principal Balance
Beginning Principal Balance
Loans Transferred In $182,256,511.78
Loans Transferred Out
Principal Losses Group IV Ending
Other Principal Adjustments Principal Balance
Principal Distributed
Principal Allocation Factor $259,447,102.45
Scheduled Interest
Scheduled Interest Allocation Factor Group V Ending
Interest Adjustment Principal Balance
Interest Adjustment Allocation Factor
Net Interest Distributed $41,676,536.20
Distributed Allocation Factor
Other Distribution
Other Distribution Allocation Factor
Ending Total Distribution
Ending Principal Balance
Principal Balance Trading Factor
</TABLE>
<PAGE>
<PAGE>
PNCMS
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-1, CLASS II-P
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 GRP I (1502) WEIGHTED AVERAGE PC RATE: 6.4295
- --------------------------------------------------------------------------------
ISSUE DATE: 01/29/1999
CERTIFICATE BALANCE AT ISSUE: $939,034,349.00
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2565 $933,449,421.25
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $783,570.96
Unscheduled Principal Collection/Reversals $859,340.37
Liquidations-in-full 11 $4,763,623.12
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,406,534.45 ($6,406,534.45)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2554 $927,042,886.80
SCHEDULED INTEREST AT MORTGAGE RATE: $5,518,209.96
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $3,463.66
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $3,463.66
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $514,808.53
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $140.19
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $140.19
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $11,413,259.35
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 GRP I (1502) WEIGHTED AVERAGE PC RATE: 6.4295
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$6,406,534.45 $5,003,401.43 $3,323.47 $5,006,724.90 $0.00 $11,413,259.35
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $10,407,852.00 $0.00 $0.00 $0.00 $10,407,852.00
BANKRUPTCY BOND
SINGLE-UNITS $256,213.00 $0.00 $0.00 $0.00 $256,213.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $20,815,705.00 $0.00 $0.00 $0.00 $20,815,705.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
38 $12,736,247.51 1 $335,912.39 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Class Principal Balances of the Class I-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
I-B-1 $19,218,085.55
I-B-2 $8,905,941.83
I-B-3 $3,749,870.99
I-B-4 $3,281,136.37
I-B-5 $2,343,669.11
I-B-6 $2,343,669.11
Total $39,842,372.96
</TABLE>
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $10,407,852.00,
$256,213.00, $20,815,705.00 respectively.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.3097 6.1010 6.0512 356.587 $33,055,248.94 85
6.7840 6.3321 6.2866 355.575 $285,190,126.36 784
7.1646 6.4613 6.4110 354.545 $479,502,275.95 1327
7.6142 6.9026 6.7940 352.948 $112,524,378.78 319
8.1384 7.7183 7.6499 345.447 $14,061,393.86 30
8.5713 7.8481 7.7996 353.641 $1,910,279.37 6
9.2500 7.9300 7.8800 351.000 $256,990.79 1
9.6250 8.2550 8.2050 353.000 $245,154.97 1
10.2500 8.4200 8.3700 353.000 $298,348.75 1
7.0915 6.4857 6.4295 354.599 $927,044,197.77 2554
</TABLE>
<PAGE>
<PAGE>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate Holders
Reporting Period: February 1999
SERIES: 1999-1 GRP I (1502) Distribution Date: March 25, 1999
Certificate Trust
<TABLE>
<CAPTION>
($0.01) Retail Class
Class Portfolio I-A-1 I-A-2 I-A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.67578515% 6.250% 6.250% 6.750%
Original Principal Balance $1,492,672,081.00 $115,188,059.00 $487,066,000.00 $8,366,000.00
Beginning Principal Balance $1,483,559,147.83 $114,476,124.54 $482,997,759.36 $8,366,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $11,686,713.78 $817,366.25 $4,670,714.50 $0.00
Principal Allocation Factor 0.00782939 0.00709593 0.00958949 0.00000000
Scheduled Interest $8,253,268.44 $596,229.82 $2,515,613.33 $47,058.75
Scheduled Interest Allocation Factor 0.00552919 0.00517614 0.00516483 0.00562500
Interest Adjustment $1,819.68 $131.46 $554.64 $0.00
Interest Adjustment Allocation Factor 0.00000122 0.00000114 0.00000114 0.00000000
Net Interest Distributed $8,255,088.12 $596,361.28 $2,516,167.97 $47,058.75
Distributed Allocation Factor 0.00553041 0.00517728 0.00516597 0.00562500
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $19,941,801.90 $1,413,727.53 $7,186,882.47 $47,058.75
Ending Principal Balance $1,471,872,434.05 $113,658,758.29 $478,327,044.86 $8,366,000.00
Principal Balance Trading Factor 0.98606549 0.98672344 0.98205797 1.00000000
<CAPTION>
Lockout
Class I-A-4 I-A-5 I-A-6
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250%
Original Principal Balance $76,620,000.00 $55,348,668.00 $25,158,000.00
Beginning Principal Balance $76,620,000.00 $54,948,569.15 $25,158,000.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $0.00 $459,350.28 $0.00
Principal Allocation Factor 0.00000000 0.00829921 0.00000000
Scheduled Interest $399,062.50 $286,190.46 $131,031.25
Scheduled Interest Allocation Factor 0.00520833 0.00517068 0.00520833
Interest Adjustment $0.00 $63.10 $28.89
Interest Adjustment Allocation Factor 0.00000000 0.00000114 0.00000115
Net Interest Distributed $399,062.50 $286,253.56 $131,060.14
Distributed Allocation Factor 0.00520833 0.00517182 0.00520948
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $399,062.50 $745,603.84 $131,060.14
Ending Principal Balance $76,620,000.00 $54,489,218.87 $25,158,000.00
Principal Balance Trading Factor 1.00000000 0.98447209 1.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Retail Class Retail Class Retail Class
Class I-A-7 I-A-8 I-A-9 I-A-10
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.500% 6.500% 6.500%
Original Principal Balance $10,382,000.00 $2,516,000.00 $2,516,000.00 $6,541,000.00
Beginning Principal Balance $10,085,150.55 $2,516,000.00 $2,516,000.00 $6,541,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $340,810.47 $0.00 $0.00 $0.00
Principal Allocation Factor 0.03282705 0.00000000 0.00000000 0.00000000
Scheduled Interest $52,526.83 $13,628.33 $13,628.33 $35,430.42
Scheduled Interest Allocation Factor 0.00505941 0.00541667 0.00541667 0.00541667
Interest Adjustment $11.58 $3.00 $3.00 $7.81
Interest Adjustment Allocation Factor 0.00000112 0.00000119 0.00000119 0.00000119
Net Interest Distributed $52,538.41 $13,631.33 $13,631.33 $35,438.23
Distributed Allocation Factor 0.00506053 0.00541786 0.00541786 0.00541786
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $393,348.88 $13,631.33 $13,631.33 $35,438.23
Ending Principal Balance $9,744,340.08 $2,516,000.00 $2,516,000.00 $6,541,000.00
Principal Balance Trading Factor 0.93858024 1.00000000 1.00000000 1.00000000
<CAPTION>
Retail Class Retail Class
Class I-A-11 I-A-12 I-A-13 I-A-14 I-A-15
<S> <C> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.000% 6.000% 6.500% 6.750%
Original Principal Balance $3,522,000.00 $52,499,000.00 $5,032,000.00 $5,032,000.00 $2,788,000.00
Beginning Principal Balance $3,522,000.00 $52,499,000.00 $4,995,625.19 $4,995,625.19 $2,788,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $41,761.63 $41,761.63 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00829921 0.00829921 0.00000000
Scheduled Interest $19,077.50 $262,495.00 $24,978.13 $27,059.64 $15,682.50
Scheduled Interest Allocation Factor 0.00541667 0.00500000 0.00496386 0.00537751 0.00562500
Interest Adjustment $4.21 $57.87 $5.51 $5.97 $0.00
Interest Adjustment Allocation Factor 0.00000120 0.00000110 0.00000109 0.00000119 0.00000000
Net Interest Distributed $19,081.71 $262,552.87 $24,983.64 $27,065.61 $15,682.50
Distributed Allocation Factor 0.00541786 0.00500110 0.00496495 0.00537870 0.00562500
Other Distribution $0.00 $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $19,081.71 $262,552.87 $66,745.27 $68,827.24 $15,682.50
Ending Principal Balance $3,522,000.00 $52,499,000.00 $4,953,863.56 $4,953,863.56 $2,788,000.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.98447209 0.98447209 1.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-A-16 I-A-17 I-A-18 I-A-19
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500%
Original Principal Balance $4,221,000.00 $5,228,000.00 $3,661,000.00 $2,365,000.00
Beginning Principal Balance $4,221,000.00 $5,228,000.00 $3,661,000.00 $2,365,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $22,863.75 $28,318.33 $19,830.42 $12,810.42
Scheduled Interest Allocation Factor 0.00541667 0.00541667 0.00541667 0.00541667
Interest Adjustment $5.04 $6.24 $4.37 $2.82
Interest Adjustment Allocation Factor 0.00000119 0.00000119 0.00000119 0.00000119
Net Interest Distributed $22,868.79 $28,324.57 $19,834.79 $12,813.24
Distributed Allocation Factor 0.00541786 0.00541786 0.00541786 0.00541786
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $22,868.79 $28,324.57 $19,834.79 $12,813.24
Ending Principal Balance $4,221,000.00 $5,228,000.00 $3,661,000.00 $2,365,000.00
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 1.00000000
<CAPTION>
Principal Only
Class I-A-20 I-A-21 I-A-22 I-A-23
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750% 0.000% 6.250%
Original Principal Balance $6,086,000.00 $4,056,000.00 $1,010,840.00 $8,136,000.00
Beginning Principal Balance $6,086,000.00 $4,056,000.00 $1,010,840.00 $8,136,000.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Scheduled Interest $34,233.75 $22,815.00 $0.00 $42,375.00
Scheduled Interest Allocation Factor 0.00562500 0.00562500 0.00000000 0.00520833
Interest Adjustment $7.55 $5.03 $0.00 $9.34
Interest Adjustment Allocation Factor 0.00000124 0.00000124 0.00000000 0.00000115
Net Interest Distributed $34,241.30 $22,820.03 $0.00 $42,384.34
Distributed Allocation Factor 0.00562624 0.00562624 0.00000000 0.00520948
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $34,241.30 $22,820.03 $0.00 $42,384.34
Ending Principal Balance $6,086,000.00 $4,056,000.00 $1,010,840.00 $8,136,000.00
Principal Balance Trading Factor 1.00000000 1.00000000 1.00000000 1.00000000
<CAPTION>
Class I-A-24
<S> <C>
Weighted Average Pass Through Rate 6.500%
Original Principal Balance $2,608,000.00
Beginning Principal Balance $2,608,000.00
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $0.00
Principal Allocation Factor 0.00000000
Scheduled Interest $14,126.67
Scheduled Interest Allocation Factor 0.00541667
Interest Adjustment $3.11
Interest Adjustment Allocation Factor 0.00000119
Net Interest Distributed $14,129.78
Distributed Allocation Factor 0.00541786
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $14,129.78
Ending Principal Balance $2,608,000.00
Principal Balance Trading Factor 1.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Retail Class
Class I-A-25 II-A-1 III-A-1 IV-A-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.250% 7.000% 6.500%
Original Principal Balance $2,000,000.00 $98,568,279.00 $165,613,347.00 $47,885,109.00
Beginning Principal Balance $2,000,000.00 $98,226,651.52 $165,026,480.32 $47,208,493.35
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $367,948.11 $1,708,383.56 $718,640.45
Principal Allocation Factor 0.00000000 0.00373293 0.01031549 0.01500760
Scheduled Interest $10,833.33 $511,597.14 $962,654.47 $255,712.67
Scheduled Interest Allocation Factor 0.00541667 0.00519028 0.00581266 0.00534013
Interest Adjustment $2.39 $112.80 $212.25 $56.38
Interest Adjustment Allocation Factor 0.00000120 0.00000114 0.00000128 0.00000118
Net Interest Distributed $10,835.72 $511,709.94 $962,866.72 $255,769.05
Distributed Allocation Factor 0.00541786 0.00519143 0.00581394 0.00534131
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $10,835.72 $879,658.05 $2,671,250.28 $974,409.50
Ending Principal Balance $2,000,000.00 $97,858,703.41 $163,318,096.76 $46,489,852.90
Principal Balance Trading Factor 1.00000000 0.99280118 0.98614091 0.97086242
<CAPTION>
Insured
Class IV-A-2 IV-A-3 IV-A-4 IV-A-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500%
Original Principal Balance $1,730,000.00 $9,564,865.00 $20,947,000.00 $24,149,202.00
Beginning Principal Balance $1,730,000.00 $9,564,865.00 $20,309,791.55 $24,149,202.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $676,785.66 $0.00
Principal Allocation Factor 0.00000000 0.00000000 0.03230943 0.00000000
Scheduled Interest $9,370.83 $51,809.69 $110,011.37 $130,808.18
Scheduled Interest Allocation Factor 0.00541666 0.00541667 0.00525189 0.00541667
Interest Adjustment $2.07 $11.42 $24.26 $28.84
Interest Adjustment Allocation Factor 0.00000120 0.00000119 0.00000116 0.00000119
Net Interest Distributed $9,372.90 $51,821.11 $110,035.63 $130,837.02
Distributed Allocation Factor 0.00541786 0.00541786 0.00525305 0.00541786
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $9,372.90 $51,821.11 $786,821.29 $130,837.02
Ending Principal Balance $1,730,000.00 $9,564,865.00 $19,633,005.89 $24,149,202.00
Principal Balance Trading Factor 1.00000000 1.00000000 0.93727053 1.00000000
<CAPTION>
Retail Class
Insured
Class IV-A-6
<S> <C>
Weighted Average Pass Through Rate 6.500%
Original Principal Balance $1,000,000.00
Beginning Principal Balance $1,000,000.00
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $0.00
Principal Allocation Factor 0.00000000
Scheduled Interest $5,416.67
Scheduled Interest Allocation Factor 0.00541667
Interest Adjustment $1.19
Interest Adjustment Allocation Factor 0.00000119
Net Interest Distributed $5,417.86
Distributed Allocation Factor 0.00541786
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $5,417.86
Ending Principal Balance $1,000,000.00
Principal Balance Trading Factor 1.00000000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Retail Class
Insured Insured Interest Only Interest Only
Class IV-A-7 V-A-1 I-X II-X
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.685% 6.250% 6.250%
Original Principal Balance $1,000,000.00 $145,055,919.00 $0.00 $0.00
Beginning Principal Balance $1,000,000.00 $143,808,604.66 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $1,773,161.41 $0.00 $0.00
Principal Allocation Factor 0.00000000 0.01222399 0.00000000 0.00000000
Scheduled Interest $5,416.67 $801,133.77 $147,820.08 $5,102.35
Scheduled Interest Allocation Factor 0.00541667 0.00552293 0.00000000 0.00000000
Interest Adjustment $1.19 $176.63 $32.59 $1.12
Interest Adjustment Allocation Factor 0.00000119 0.00000122 0.00000000 0.00000000
Net Interest Distributed $5,417.86 $801,310.40 $147,852.67 $5,103.47
Distributed Allocation Factor 0.00541786 0.00552415 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $5,417.86 $2,574,471.81 $147,852.67 $5,103.47
Ending Principal Balance $1,000,000.00 $142,035,443.25 $0.00 $0.00
Principal Balance Trading Factor 1.00000000 0.97917716 0.00000000 0.00000000
<CAPTION>
Interest Only Interest Only Principal Only Principal Only
Class III-X A-X I-P II-P
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.000% 6.500% 0.000% 0.000%
Original Principal Balance $0.00 $0.00 $1,178,822.00 $638,866.00
Beginning Principal Balance $0.00 $0.00 $1,176,888.17 $636,656.23
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $1,303.54 $2,408.90
Principal Allocation Factor 0.00000000 0.00000000 0.00110580 0.00377059
Scheduled Interest $42,098.25 $151,401.40 $0.00 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Interest Adjustment $9.28 $33.38 $0.00 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Net Interest Distributed $42,107.53 $151,434.78 $0.00 $0.00
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $42,107.53 $151,434.78 $1,303.54 $2,408.90
Ending Principal Balance $0.00 $0.00 $1,175,584.63 $634,247.33
Principal Balance Trading Factor 0.00000000 0.00000000 0.99725372 0.99277052
<CAPTION>
Principal Only
Class C-P
<S> <C>
Weighted Average Pass Through Rate 0.000%
Original Principal Balance $1,049,760.00
Beginning Principal Balance $1,045,215.61
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $1,074.24
Principal Allocation Factor 0.00102332
Scheduled Interest $0.00
Scheduled Interest Allocation Factor 0.00000000
Interest Adjustment $0.00
Interest Adjustment Allocation Factor 0.00000000
Net Interest Distributed $0.00
Distributed Allocation Factor 0.00000000
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $1,074.24
Ending Principal Balance $1,044,141.37
Principal Balance Trading Factor 0.99464770
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class I-B-1 I-B-2 I-B-3 I-B-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.250%
Original Principal Balance $19,250,204.00 $8,920,826.00 $3,756,138.00 $3,286,620.00
Beginning Principal Balance $19,234,228.04 $8,913,422.50 $3,753,020.74 $3,283,892.40
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $16,142.49 $7,480.67 $3,149.75 $2,756.03
Principal Allocation Factor 0.00083856 0.00083856 0.00083856 0.00083856
Scheduled Interest $100,178.27 $46,424.08 $19,546.98 $17,103.61
Scheduled Interest Allocation Factor 0.00520401 0.00520401 0.00520401 0.00520401
Interest Adjustment $22.09 $10.24 $4.31 $3.77
Interest Adjustment Allocation Factor 0.00000115 0.00000115 0.00000115 0.00000115
Net Interest Distributed $100,200.36 $46,434.32 $19,551.29 $17,107.38
Distributed Allocation Factor 0.00520516 0.00520516 0.00520516 0.00520516
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $116,342.85 $53,914.99 $22,701.04 $19,863.41
Ending Principal Balance $19,218,085.55 $8,905,941.83 $3,749,870.99 $3,281,136.37
Principal Balance Trading Factor 0.99833153 0.99833153 0.99833153 0.99833153
<CAPTION>
Class I-B-5 I-B-6 II-B-1 II-B-2
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.250%
Original Principal Balance $2,347,586.00 $2,347,586.00 $1,271,887.00 $254,377.00
Beginning Principal Balance $2,345,637.71 $2,345,637.71 $1,267,682.39 $253,536.08
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,968.60 $1,968.60 $4,229.73 $845.95
Principal Allocation Factor 0.00083856 0.00083856 0.00332556 0.00332556
Scheduled Interest $12,216.86 $12,216.86 $6,602.51 $1,320.50
Scheduled Interest Allocation Factor 0.00520401 0.00520401 0.00519111 0.00519111
Interest Adjustment $2.69 $2.69 $1.46 $0.29
Interest Adjustment Allocation Factor 0.00000115 0.00000115 0.00000115 0.00000114
Net Interest Distributed $12,219.55 $12,219.55 $6,603.97 $1,320.79
Distributed Allocation Factor 0.00520516 0.00520516 0.00519226 0.00519225
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $14,188.15 $14,188.15 $10,833.70 $2,166.74
Ending Principal Balance $2,343,669.11 $2,343,669.11 $1,263,452.66 $252,690.13
Principal Balance Trading Factor 0.99833153 0.99833153 0.99336864 0.99336864
<CAPTION>
Class II-B-3
<S> <C>
Weighted Average Pass Through Rate 6.250%
Original Principal Balance $254,377.00
Beginning Principal Balance $253,536.08
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $845.95
Principal Allocation Factor 0.00332556
Scheduled Interest $1,320.50
Scheduled Interest Allocation Factor 0.00519111
Interest Adjustment $0.29
Interest Adjustment Allocation Factor 0.00000114
Net Interest Distributed $1,320.79
Distributed Allocation Factor 0.00519225
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $2,166.74
Ending Principal Balance $252,690.13
Principal Balance Trading Factor 0.99336864
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Variable Rate
Class II-B-4 II-B-5 II-B-6 C-B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.250% 6.250% 6.250% 6.7722%
Original Principal Balance $457,880.00 $152,626.00 $152,626.00 $15,364,151.00
Beginning Principal Balance $456,366.34 $152,121.45 $152,121.45 $15,353,674.72
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,522.71 $507.57 $507.57 $10,570.62
Principal Allocation Factor 0.00332556 0.00332556 0.00332556 0.00068801
Scheduled Interest $2,376.91 $792.30 $792.30 $86,648.02
Scheduled Interest Allocation Factor 0.00519112 0.00519112 0.00519112 0.00563962
Interest Adjustment $0.52 $0.17 $0.17 $19.10
Interest Adjustment Allocation Factor 0.00000114 0.00000111 0.00000111 0.00000124
Net Interest Distributed $2,377.43 $792.47 $792.47 $86,667.12
Distributed Allocation Factor 0.00519226 0.00519223 0.00519223 0.00564087
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $3,900.14 $1,300.04 $1,300.04 $97,237.74
Ending Principal Balance $454,843.63 $151,613.88 $151,613.88 $15,343,104.10
Principal Balance Trading Factor 0.99336864 0.99336865 0.99336865 0.99863013
<CAPTION>
Variable Rate Variable Rate Variable Rate Variable Rate
Class C-B-2 C-B-3 C-B-4 C-B-5
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.7722% 6.7722% 6.7722% 6.7722%
Original Principal Balance $7,230,189.00 $4,518,868.00 $2,937,264.00 $1,355,660.00
Beginning Principal Balance $7,225,258.99 $4,515,786.74 $2,935,261.18 $1,354,735.62
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $4,974.41 $3,109.00 $2,020.85 $932.70
Principal Allocation Factor 0.00068801 0.00068801 0.00068801 0.00068801
Scheduled Interest $40,775.54 $25,484.71 $16,565.06 $7,645.41
Scheduled Interest Allocation Factor 0.00563962 0.00563962 0.00563962 0.00563962
Interest Adjustment $8.99 $5.62 $3.65 $1.69
Interest Adjustment Allocation Factor 0.00000124 0.00000124 0.00000124 0.00000125
Net Interest Distributed $40,784.53 $25,490.33 $16,568.71 $7,647.10
Distributed Allocation Factor 0.00564087 0.00564087 0.00564087 0.00564087
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $45,758.94 $28,599.33 $18,589.56 $8,579.80
Ending Principal Balance $7,220,284.58 $4,512,677.74 $2,933,240.33 $1,353,802.92
Principal Balance Trading Factor 0.99863013 0.99863013 0.99863013 0.99863013
<CAPTION>
Variable Rate
Class C-B-6
<S> <C>
Weighted Average Pass Through Rate 6.7722%
Original Principal Balance $2,485,380.00
Beginning Principal Balance $2,483,685.31
Loans Transferred In $0.00
Loans Transferred Out $0.00
Principal Losses $0.00
Other Principal Adjustments $0.00
Principal Distributed $1,709.95
Principal Allocation Factor 0.00068801
Scheduled Interest $14,016.61
Scheduled Interest Allocation Factor 0.00563962
Interest Adjustment $3.09
Interest Adjustment Allocation Factor 0.00000124
Net Interest Distributed $14,019.70
Distributed Allocation Factor 0.00564087
Other Distribution $0.00
Other Distribution Allocation Factor 0.00000000
Ending Total Distribution $15,729.65
Ending Principal Balance $2,481,975.36
Principal Balance Trading Factor 0.99863013
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Class R-1 R-2
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.750% 6.750%
Original Principal Balance $50.00 $50.00
Beginning Principal Balance $0.00 $0.00 Class I-X Notional Amount
Loans Transferred In $0.00 $0.00 $28,381,456.15
Loans Transferred Out $0.00 $0.00
Principal Losses $0.00 $0.00 Class II-X Notional Amount
Other Principal Adjustments $0.00 $0.00 $979,651.18
Principal Distributed ($0.00) $0.00
Principal Allocation Factor 0.00000000 0.00000000 Class III-X Notional Amount
Scheduled Interest $2,988.40 $0.00 $7,216,843.46
Scheduled Interest Allocation Factor 59.76798644 0.00000000
Interest Adjustment $0.66 $0.00 Class A-X Notional Amount
Interest Adjustment Allocation Factor 0.01320000 0.00000000 $27,951,028.26
Net Interest Distributed $2,989.06 $0.00
Distributed Allocation Factor 59.78118644 0.00000000
Other Distribution $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000
Ending Total Distribution $2,989.06 $0.00
Ending Principal Balance $0.00 $0.00
Principal Balance Trading Factor 0.00000000 0.00000000
<CAPTION>
Class III-P Fraction of C-P IV-P Fraction of C-P V-P Fraction of C-P
<S> <C> <C> <C>
Weighted Average Pass Through Rate $985,989.52 $50,818.80 $12,952.66
Original Principal Balance $981,511.42 $50,764.26 $12,940.91
Beginning Principal Balance $0.00 $0.00 $0.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $959.24 $54.85 $60.15
Principal Distributed 0.00097287 0.00107932 0.00464383
Principal Allocation Factor $0.00 $0.00 $0.00
Scheduled Interest 0.00000000 0.00000000 0.00000000
Scheduled Interest Allocation Factor $0.00 $0.00 $0.00
Interest Adjustment 0.00000000 0.00000000 0.00000000
Interest Adjustment Allocation Factor $0.00 $0.00 $0.00
Net Interest Distributed 0.00000000 0.00000000 0.00000000
Distributed Allocation Factor $0.00 $0.00 $0.00
Other Distribution 0.00000000 0.00000000 0.00000000
Other Distribution Allocation Factor $959.24 $54.85 $60.15
Ending Total Distribution $980,552.18 $50,709.41 $12,880.76
Ending Principal Balance 0.99448540 0.99784745 0.99444902
Principal Balance Trading Factor
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp II (1503) PNC WEIGHTED AVERAGE PC RATE (1502): 6.4295
PNC WEIGHTED AVERAGE PC RATE (1503): 6.2712
WEIGHTED AVERAGE PC RATE: 6.4140
- --------------------------------------------------------------------------------
ISSUE DATE: 1/29/1999
CERTIFICATE BALANCE AT ISSUE: $101,750,919.53
<TABLE>
<CAPTION>
Group I
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-----------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2565 933,449,421.25
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $783,570.96
Unscheduled Principal Collection/Reversals $859,340.37
Liquidations-in-full 11 $4,763,623.12
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,406,534.45 ($6,406,534.45)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2554 $927,042,886.80
SCHEDULED INTEREST AT MORTGAGE RATE: $5,518,209.96
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $3,463.66
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $3,463.66
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $514,808.53
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $140.19
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $140.19
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $11,413,259.35
<CAPTION>
Group II
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
-----------------------------------------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 270 $101,398,673.06
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $338,397.68
Unscheduled Principal Collection/Reversals $40,418.79
Liquidations-in-full 0 $0.00
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $378,816.47 ($378,816.47)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 270 $101,019,856.59
SCHEDULED INTEREST AT MORTGAGE RATE: $565,824.44
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($1,729.72)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($1,729.72)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $35,920.99
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($186.42)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($186.42)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $907,176.62
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp II (1503) WEIGHTED AVERAGE PC RATE (1503): 6.2712
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$378,816.47 $529,903.45 ($1,543.30) $528,360.15 $0.00 $907,176.62
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
<TABLE>
<CAPTION>
INSURANCE RESERVES COMBINED Group I Group II Group I Group II
ORIGINAL CLAIMS IN CLAIMS IN CLAIMS CLAIMS
INSURANCE TYPE BALANCE PROGRESS PROGRESS PAID PAID
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $10,407,852.00 $0.00 $0.00 $0.00 $0.00
BANKRUPTCY BOND
SINGLE-UNITS $256,213.00 $0.00 $0.00 $0.00 $0.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $20,815,705.00 $0.00 $0.00 $0.00 $0.00
<CAPTION>
Group I Group II COMBINED
COVERAGE
INSURANCE TYPE ADJUSTMENTS ADJUSTMENTS REMAINING
<S> <C> <C> <C>
MPI $0.00 $0.00 $0.00
SPECIAL HAZARD $0.00 $0.00 $10,407,852.00
BANKRUPTCY BOND
SINGLE-UNITS $0.00 $0.00 $256,213.00
MULTI-UNITS $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $0.00 $0.00 $20,815,705.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE (Group II) TWO (Group II) THREE (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
8 $3,416,004.73 1 $891,151.73 0 $0.00
<CAPTION>
FORECLOSURE (Group II) REO (Group II)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
<CAPTION>
ONE (Group I) TWO (Group I) THREE (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
38 $12,736,247.51 1 $335,912.39 0 $0.00
<CAPTION>
FORECLOSURE (Group I) ACQUIRED (Group I)
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Group I & Group II
(1502 & 1503) WEIGHTED AVERAGE PC RATE: 6.4140
- --------------------------------------------------------------------------------
ISSUE DATE: 1/29/1999
CERTIFICATE BALANCE AT ISSUE: $1,040,785,268.53
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 2835 $1,034,848,094.31
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $1,121,968.64
Unscheduled Principal Collection/Reversals $899,759.16
Liquidations-in-full 11 $4,763,623.12
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $6,785,350.92 ($6,785,350.92)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 2824 $1,028,062,743.39
SCHEDULED INTEREST AT MORTGAGE RATE: $6,084,034.40
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $1,733.94
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $1,733.94
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $550,729.52
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($46.23)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($46.23)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $12,320,435.97
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Group I & Group II
(1502 & 1503) PNC WEIGHTED AVERAGE PC RATE (1503): 6.4140
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$378,816.47 $529,903.45 ($1,543.30) $528,360.15 $0.00 $907,176.62
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $10,407,852.00 $0.00 $0.00 $0.00 $10,407,852.00
BANKRUPTCY BOND
SINGLE-UNITS $256,213.00 $0.00 $0.00 $0.00 $256,213.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $20,815,705.00 $0.00 $0.00 $0.00 $20,815,705.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
46 $16,152,252.24 2 $1,227,064.12 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group I-B &II-B, Certificates provide, to the limited extent described in
the Prospectus Supplement, credit support, as well as special hazard,
bankruptcy, and fraud coverage to certain Group I and II Certificates. The
"Prospectus Supplement" is that certain Prospectus Supplement, dated January 27,
1999, to which certain of the Group I and II certificates were offered. The
special hazard, bankruptcy, and fraud coverage (collectively, "Credit
Enhancements") provided by the I-B &II-B Certificates provide coverage to the
Group I and II Loans, subject to the conditions and limitations to payment
specified thereunder. Losses on Mortgage Loans in any one or more of such Loan
Groups may exhaust the coverage provided by the Credit Enhancements even if the
Mortgage Loans in other Loan Group or Loan Groups have not sustained any losses.
The Class Principal Balances of the Class I-B & II-B Certificates immediately
after the principal and interest distribution on are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE CLASS CLASS PRINCIPAL BALANCE
<S> <C> <C> <C>
I-B-1 $19,218,085.55 II-B-1 $1,263,452.66
I-B-2 $8,905,941.83 II-B-2 $252,690.13
I-B-3 $3,749,870.99 II-B-3 $252,690.13
I-B-4 $3,281,136.37 II-B-4 $454,843.63
I-B-5 $2,343,669.11 II-B-5 $151,613.88
I-B-6 $2,343,669.11 II-B-6 $151,613.88
Total $39,842,372.96 Total $2,526,904.33
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $10,407,852.00,
$256,213.00, $20,815,705.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1999 - 1 Group I & Group II (1502 & 1503)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999 5.7500 5.5500 5.5000 178.000 $297,887.47 1
6.0000 - 6.4999 6.2829 6.0504 6.0067 177.460 $13,717,870.36 41
6.5000 - 6.9999 6.6849 6.3267 6.2829 177.226 $70,015,685.31 186
7.0000 - 7.4999 7.0601 6.4682 6.4233 175.977 $16,579,196.94 40
7.5000 - 7.9999 7.6045 6.9681 6.9181 172.164 $788,032.98 2
8.0000 - 8.4999
8.5000 - 8.9999
9.0000 - 9.4999
9.5000 - 9.9999
10.0000-10.4999
10.5000-10.9999
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 6.6962 6.3151 6.2711 177.017 $101,398,673.06 270
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp III (1504) WEIGHTED AVERAGE PC RATE: 7.2419
- --------------------------------------------------------------------------------
ISSUE DATE: 1/29/1999
CERTIFICATE BALANCE AT ISSUE: $180,107,391.25
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 1426 $179,506,689.46
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $125,652.48
Unscheduled Principal Collection/Reversals $118,840.09
Liquidations-in-full 10 $1,474,286.88
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,718,779.45 ($1,718,779.45)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 1416 $177,787,910.01
SCHEDULED INTEREST AT MORTGAGE RATE: $1,192,304.46
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $43.71
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $43.71
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $108,811.33
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $2.08
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $2.08
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,802,314.21
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp III (1504) WEIGHTED AVERAGE PC RATE: 7.2419
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,718,779.45 $1,083,493.13 $41.63 $1,083,534.76 $0.00 $2,802,314.21
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,518,868.00 $0.00 $0.00 $0.00 $4,518,868.00
BANKRUPTCY BOND
SINGLE-UNITS $170,178.00 $0.00 $0.00 $0.00 $170,178.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,037,736.00 $0.00 $0.00 $0.00 $9,037,736.00
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
20 $2,386,791.30 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III, IV and V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 27, 1999, to
which certain of the Group III, IV and V certificates were offered. The special
hazard, bankruptcy, and Fraud coverage (collectively, "Credit Enhancements")
provided by the C-B certificates provide coverage to the Group III, IV and V
Loans, subject to the conditions and limitations to payment specified
thereunder. Losses on Mortgage Loans in any one or more of such Loan Groups may
exhaust the coverage provided by the Credit Enhancements even if the Mortgage
Loans in other Loan Group or Loan Groups have not sustained any losses. The
Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $15,343,104.10
C-B-2 $7,220,284.58
C-B-3 $4,512,677.74
C-B-4 $2,933,240.33
C-B-5 $1,353,802.92
C-B-6 $2,481,975.36
Total $33,845,085.02
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,518,868.00,
$170,178.00, $9,037,736.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1999-1 Grp III (1504)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999 6.3750 6.1250 6.0750 355.000 $226,086.83 1
7.5000 - 7.9999 6.7978 6.5478 6.5017 354.826 $7,200,242.13 37
8.0000 - 8.4999 7.2135 6.9472 6.8989 354.967 $28,014,316.60 187
8.5000 - 8.9999 7.6982 7.2122 7.1623 355.041 $49,499,664.22 393
9.0000 - 9.4999 8.1920 7.2839 7.2339 356.227 $53,399,957.98 438
9.5000 - 9.9999 8.6273 7.6829 7.6329 356.821 $31,271,261.91 288
10.0000-10.4999 9.1043 8.1324 8.0824 356.810 $6,664,999.40 60
10.5000-10.9999 9.6754 8.1723 8.1223 352.095 $616,851.12 5
11.0000 - 11.4999 10.1742 8.6108 8.5608 354.502 $774,484.28 5
11.5000 - 11.9999 10.5000 8.6700 8.6200 354.000 $88,614.48 1
12.0000 - 12.4999 11.0000 9.0500 9.0000 354.000 $31,431.06 1
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9677 7.2915 7.2419 355.743 $177,787,910.01 1416
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp. IV (1505) WEIGHTED AVERAGE PC RATE: 7.1470
- --------------------------------------------------------------------------------
ISSUE DATE: 1/29/1999
CERTIFICATE BALANCE AT ISSUE: $114,948,211.39
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 327 $113,628,229.11
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $79,864.74
Unscheduled Principal Collection/Reversals $24,204.80
Liquidations-in-full 3 $1,297,465.88
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,401,535.42 ($1,401,535.42)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 324 $112,226,693.69
SCHEDULED INTEREST AT MORTGAGE RATE: $751,829.35
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $0.00
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed $0.00
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $75,098.13
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $0.00
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed $0.00
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,078,266.64
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp. IV (1505) WEIGHTED AVERAGE PC RATE: 7.1470
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,401,535.42 $676,731.22 $0.00 $676,731.22 $0.00 $2,078,266.64
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,518,868.00 $0.00 $0.00 $0.00 $4,518,868.00
BANKRUPTCY BOND
SINGLE-UNITS $170,178.00 $0.00 $0.00 $0.00 $170,178.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,037,736.00 $0.00 $0.00 $0.00 $9,037,736.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
6 $1,802,516.40 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III, IV and V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 27, 1999, to
which certain of the Group III, IV and V certificates were offered. The special
hazard, bankruptcy, and Fraud coverage (collectively, "Credit Enhancements")
provided by the C-B certificates provide coverage to the Group III, IV and V
Loans, subject to the conditions and limitations to payment specified
thereunder. Losses on Mortgage Loans in any one or more of such Loan Groups may
exhaust the coverage provided by the Credit Enhancements even if the Mortgage
Loans in other Loan Group or Loan Groups have not sustained any losses. The
Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $15,343,104.10
C-B-2 $7,220,284.58
C-B-3 $4,512,677.74
C-B-4 $2,933,240.33
C-B-5 $1,353,802.92
C-B-6 $2,481,975.36
Total $33,845,085.02
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,518,868.00,
$170,178.00, $9,037,736.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1999-1 Grp. IV (1505)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.7999 6.5140 6.4640 356.096 $6,498,997.86 18
8.0000 - 8.4999 7.1740 6.6286 6.5786 355.979 $32,215,270.91 84
8.5000 - 8.9999 7.6858 6.9831 6.9331 356.179 $22,162,611.23 65
9.0000 - 9.4999 8.2029 7.4028 7.3528 356.802 $19,531,184.84 58
9.5000 - 9.9999 8.6468 7.6968 7.6468 356.986 $17,685,374.62 53
10.0000-10.4999 9.2780 8.1518 8.1018 354.268 $10,278,076.99 35
10.5000-10.9999 9.5542 8.4468 8.3968 355.419 $3,855,177.24 11
11.0000 - 11.4999
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 7.9390 7.1970 7.1470 356.151 $112,226,693.69 324
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp. V (1506) WEIGHTED AVERAGE PC RATE: 7.4011
- --------------------------------------------------------------------------------
ISSUE DATE: 1/29/1999
CERTIFICATE BALANCE AT ISSUE: $156,831,212.76
<TABLE>
<CAPTION>
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
----------- --------------- ----------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 455 $155,576,137.88
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $103,588.38
Unscheduled Principal Collection/Reversals $11,344.90
Liquidations-in-full 4 $1,666,114.71
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,781,047.99 ($1,781,047.99)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 451 $153,795,089.89
SCHEDULED INTEREST AT MORTGAGE RATE: $1,063,301.17
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($2.22)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($2.22)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $103,561.96
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($0.10)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($0.10)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,740,785.08
</TABLE>
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
PROCESSING MONTH: 02/1999
SERIES: 1999-1 Grp. V (1506) WEIGHTED AVERAGE PC RATE: 7.4011
<TABLE>
<CAPTION>
- ---------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ---------------------------------------------
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
--------------- ------
<S> <C>
0 $0.00
- ---------------------------------------------
- ---------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- --------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
- ------------- ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C>
$1,781,047.99 $959,739.21 ($2.12) $959,737.09 $0.00 $2,740,785.08
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
* Aggregate Loss Amount and Count do not include this month's activity
INSURANCE RESERVES
<TABLE>
<CAPTION>
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $4,518,868.00 $0.00 $0.00 $0.00 $4,518,868.00
BANKRUPTCY BOND
SINGLE-UNITS $170,178.00 $0.00 $0.00 $0.00 $170,178.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $9,037,736.00 $0.00 $0.00 $0.00 $9,037,736.00
DELINQUENT INSTALLMENTS
<CAPTION>
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C> <C> <C>
7 $2,710,809.15 0 $0.00 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
The Group C-B Certificates provide, to the limited extent described in the
Prospectus Supplement, credit support, as well as special hazard, bankruptcy,
and fraud coverage to certain Group III, IV and V Certificates. The "Prospectus
Supplement" is that certain Prospectus Supplement, dated January 27, 1999, to
which certain of the Group III, IV and V certificates were offered. The special
hazard, bankruptcy, and Fraud coverage (collectively, "Credit Enhancements")
provided by the C-B certificates provide coverage to the Group III, IV and V
Loans, subject to the conditions and limitations to payment specified
thereunder. Losses on Mortgage Loans in any one or more of such Loan Groups may
exhaust the coverage provided by the Credit Enhancements even if the Mortgage
Loans in other Loan Group or Loan Groups have not sustained any losses. The
Class Principal Balances of the Class C-B Certificates immediately after the
principal and interest distribution on March 25, 1999 are as follows:
<TABLE>
<CAPTION>
CLASS CLASS PRINCIPAL BALANCE
<S> <C>
C-B-1 $15,343,104.10
C-B-2 $7,220,284.58
C-B-3 $4,512,677.74
C-B-4 $2,933,240.33
C-B-5 $1,353,802.92
C-B-6 $2,481,975.36
Total $33,845,085.02
</TABLE>
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Prospectus Supplement.
The amount of the special hazard coverage, bankruptcy coverage, and fraud
coverage, as of the above referenced distribution date, is $4,518,868.00,
$170,178.00, $9,037,736.00 respectively, and such coverages are referred to in
the table above under the column "Insurance Type" as "special hazard,"
"bankruptcy bond," and "mortgage repurchase," respectively. However, no policy
of insurance exists for any such coverage, notwithstanding the reference to
"insurance."
<PAGE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING DIVISION
WEIGHTED AVERAGE WORKSHEET
SERIES: 1999-1 Grp V (1506)
<TABLE>
<CAPTION>
Interest Rate Interest Rate Net Rate Pass Through Rate Remaining Term Principal Balance Number Of Loans
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 4.9999
5.0000 - 5.4999
5.5000 - 5.9999
6.0000 - 6.4999
6.5000 - 6.9999
7.0000 - 7.4999
7.5000 - 7.9999 6.8750 6.6250 6.5750 351.000 $596,925.00 1
8.0000 - 8.4999 7.2682 6.9059 6.8559 354.981 $9,396,650.53 25
8.5000 - 8.9999 7.7580 7.3420 7.2920 355.700 $41,346,048.57 120
9.0000 - 9.4999 8.1848 7.2656 7.2156 355.888 $60,452,125.11 176
9.5000 - 9.9999 8.6266 7.7434 7.6934 356.257 $28,423,147.91 85
10.0000-10.4999 9.1385 8.3464 8.2964 354.949 $7,444,093.96 25
10.5000-10.9999 9.6668 8.4834 8.4334 352.480 $5,541,836.87 17
11.0000 - 11.4999 10.1393 8.5374 8.4874 352.114 $594,261.94 2
11.5000 - 11.9999
12.0000 - 12.4999
12.5000 - 12.9999
13.0000 - 13.4999
13.5000 - 13.9999
14.0000 - 14.4999
14.5000 - 14.9999
15.0000 - 15.4999
15.5000 - 15.9999
16.0000 - 16.4999
16.5000 - 16.9999
17.0000 - 17.4999
17.5000 - 17.9999
18.0000 - 18.4999
18.5000 - 18.9999
19.0000 - 19.4999
19.5000 - 19.9999
20.0000 - 99.9999
Pool Totals 8.1977 7.4511 7.4011 355.648 $153,795,089.89 451
</TABLE>
<PAGE>
<PAGE>
RESIDENTIAL ASSET SECURITIZATION TRUST 1996-A10
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-N, CLASS PO
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1996-N
RESIDENTIAL ASSET SECURITIZATION TRUST A-10
Certificateholder Monthly Distribution Summary
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Certificate Pass
Class Rate Beginning Through Principal Interest Total
Class Cusip Description Type Balance Rate (%) Distribution Distribution Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 126691B37 Senior Fix-30/360 0.00 7.500000 0.00 0.00 0.00
A-2 126691B45 Senior Fix-30/360 0.00 7.500000 0.00 0.00 0.00
A-3 126691B52 Senior Fix-30/360 8,476,505.03 7.500000 1,692,291.34 52,734.34 1,745,025.68
A-4 126691B60 Senior Fix-30/360 16,834,104.00 7.500000 0.00 104,728.94 104,728.94
A-5 126691B78 Senior Fix-30/360 20,495,277.00 7.500000 0.00 127,505.96 127,505.96
A-6 126691B86 Strip IO Fix-30/360 58,325.21 7.500000 0.00 362.85 362.85
A-7 126691B94 Senior Fix-30/360 10,946,962.23 7.500000 47,240.15 68,103.64 115,343.79
A-8 126691C28 Senior Fix-30/360 972,086.83 7.050000 194,072.22 5,684.73 199,756.94
PO 126691C44 Strip PO Fix-30/360 1,416,180.82 0.000000 11,190.30 0.00 11,190.30
X 126691C51 Strip IO Var-30/360 45,824,902.09 0.967312 0.00 36,769.13 36,769.13
AR 126691C77 Senior Fix-30/360 0.00 7.500000 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
B1 126691C85 Junior Fix-30/360 1,639,986.31 7.500000 7,077.14 10,202.74 17,279.88
B2 126691C93 Junior Fix-30/360 1,093,324.21 7.500000 4,718.09 6,801.83 11,519.92
B3 126691D27 Junior Fix-30/360 655,994.34 7.500000 2,830.85 4,081.10 6,911.95
B4 Junior Fix-30/360 327,996.72 7.500000 1,415.43 2,040.55 3,455.97
B5 Junior Fix-30/360 218,664.48 7.500000 943.62 1,360.36 2,303.98
B6 Junior Fix-30/360 437,331.84 7.500000 1,887.25 2,720.74 4,607.99
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 63,514,413.81 1,963,666.39 423,096.91 2,386,763.28
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------
Current Cumulative
Realized Ending Realized
Class Losses Balance Losses
- -----------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 0.00 0.00 0.00
A-3 0.00 6,784,213.69 0.00
A-4 0.00 16,834,104.00 0.00
A-5 0.00 20,495,277.00 0.00
A-6 0.00 46,680.88 0.00
A-7 0.00 10,899,722.09 0.00
A-8 0.00 778,014.61 0.00
PO 0.00 1,404,990.52 0.00
X 0.00 44,044,239.59 0.00
AR 0.00 0.00 0.00
- -----------------------------------------------------
B1 0.00 1,632,909.17 0.00
B2 0.00 1,088,606.12 0.00
B3 0.00 653,163.49 0.00
B4 0.00 326,581.29 0.00
B5 0.00 217,720.86 0.00
B6 0.00 435,444.60 0.00
- -----------------------------------------------------
Totals 0.00 61,550,747.44 0.00
- -----------------------------------------------------
</TABLE>
Page 1
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1996-N
RESIDENTIAL ASSET SECURITIZATION TRUST A-10
Principal Distribution Detail
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Net
Certificate Certificate Principal Accretion Principal Principal
Class Cusip Balance Balance Distribution Principal Adjustments Distribution
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 126691B37 25,567,870.00 0.00 0.00 0.00 0.00 0.00
A-2 126691B45 18,875,000.00 0.00 0.00 0.00 0.00 0.00
A-3 126691B52 18,224,602.00 8,476,505.03 1,692,291.34 0.00 0.00 1,692,291.34
A-4 126691B60 16,834,104.00 16,834,104.00 0.00 0.00 0.00 0.00
A-5 126691B78 20,495,277.00 20,495,277.00 0.00 0.00 0.00 0.00
A-6 126691B86 125,400.00 58,325.21 0.00 0.00 0.00 0.00
A-7 126691B94 12,110,000.00 10,946,962.23 47,240.15 0.00 0.00 47,240.15
A-8 126691C28 2,090,000.00 972,086.83 194,072.22 0.00 0.00 194,072.22
PO 126691C44 1,913,325.00 1,416,180.82 11,190.30 0.00 0.00 11,190.30
X 126691C51 95,112,365.00 45,824,902.09 0.00 0.00 0.00 0.00
AR 126691C77 100.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
B1 126691C85 1,814,223.00 1,639,986.31 7,077.14 0.00 0.00 7,077.14
B2 126691C93 1,209,482.00 1,093,324.21 4,718.09 0.00 0.00 4,718.09
B3 126691D27 725,689.00 655,994.34 2,830.85 0.00 0.00 2,830.85
B4 362,844.00 327,996.72 1,415.43 0.00 0.00 1,415.43
B5 241,896.00 218,664.48 943.62 0.00 0.00 943.62
B6 483,795.19 437,331.84 1,887.25 0.00 0.00 1,887.25
- -----------------------------------------------------------------------------------------------------------------------------
Totals 120,948,207.19 63,514,413.81 1,963,666.39 0.00 0.00 1,963,666.39
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------
Current Ending Ending
Realized Certificate Certificate
Class Losses Balance Factor
- ----------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00000000000
A-2 0.00 0.00 0.00000000000
A-3 0.00 6,784,213.69 0.37225579438
A-4 0.00 16,834,104.00 1.00000000000
A-5 0.00 20,495,277.00 1.00000000000
A-6 0.00 46,680.88 0.37225579438
A-7 0.00 10,899,722.09 0.90005962718
A-8 0.00 778,014.61 0.37225579438
PO 0.00 1,404,990.52 0.73431880266
X 0.00 44,044,239.59 0.46307585339
AR 0.00 0.00 0.00000000000
- ----------------------------------------------------------
B1 0.00 1,632,909.17 0.90005979082
B2 0.00 1,088,606.12 0.90005979082
B3 0.00 653,163.49 0.90005979082
B4 0.00 326,581.29 0.90005979082
B5 0.00 217,720.86 0.90005979082
B6 0.00 435,444.60 0.90005979082
- ----------------------------------------------------------
Totals 0.00 61,550,747.44
- ----------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1996-N
RESIDENTIAL ASSET SECURITIZATION TRUST A-10
Interest Distribution Detail
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Pass Accrued Cumulative Total
Certificate Through Optimal Unpaid Deferred Interest
Class Balance Rate (%) Interest Interest Interest Due
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 7.500000 0.00 0.00 0.00 0.00
A-2 0.00 7.500000 0.00 0.00 0.00 0.00
A-3 8,476,505.03 7.500000 52,978.16 0.00 0.00 52,978.16
A-4 16,834,104.00 7.500000 105,213.15 0.00 0.00 105,213.15
A-5 20,495,277.00 7.500000 128,095.48 0.00 0.00 128,095.48
A-6 58,325.21 7.500000 364.53 0.00 0.00 364.53
A-7 10,946,962.23 7.500000 68,418.51 0.00 0.00 68,418.51
A-8 972,086.83 7.050000 5,711.01 0.00 0.00 5,711.01
PO 1,416,180.82 0.000000 0.00 0.00 0.00 0.00
X 45,824,902.09 0.967312 36,939.14 0.00 0.00 36,939.14
AR 0.00 7.500000 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
B1 1,639,986.31 7.500000 10,249.91 0.00 0.00 10,249.91
B2 1,093,324.21 7.500000 6,833.28 0.00 0.00 6,833.28
B3 655,994.34 7.500000 4,099.96 0.00 0.00 4,099.96
B4 327,996.72 7.500000 2,049.98 0.00 0.00 2,049.98
B5 218,664.48 7.500000 1,366.65 0.00 0.00 1,366.65
B6 437,331.84 7.500000 2,733.32 0.00 0.00 2,733.32
- ---------------------------------------------------------------------------------------------------------------------------
Totals 63,514,413.81 425,053.08 0.00 0.00 425,053.08
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------
Net Unscheduled
Prepayment Interest Interest
Class Int Shortfall Adjustment Paid
- ---------------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 0.00 0.00 0.00
A-3 243.81 0.00 52,734.34
A-4 484.21 0.00 104,728.94
A-5 589.52 0.00 127,505.96
A-6 1.68 0.00 362.85
A-7 314.87 0.00 68,103.64
A-8 26.28 0.00 5,684.73
PO 0.00 0.00 0.00
X 170.00 0.00 36,769.13
AR 0.00 0.00 0.00
- ---------------------------------------------------------------------
B1 47.17 0.00 10,202.74
B2 31.45 0.00 6,801.83
B3 18.87 0.00 4,081.10
B4 9.43 0.00 2,040.55
B5 6.29 0.00 1,360.36
B6 12.58 0.00 2,720.74
- ---------------------------------------------------------------------
Totals 1,956.16 0.00 423,096.91
- ---------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1996-N
RESIDENTIAL ASSET SECURITIZATION TRUST A-10
Current Payment Information
Factors per $1,000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Original Beginning Cert.
Certificate Notional Principal Interest
Class Cusip Balance Balance Distribution Distribution
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 126691B37 25,567,870.00 0.000000000 0.000000000 0.000000000
A-2 126691B45 18,875,000.00 0.000000000 0.000000000 0.000000000
A-3 126691B52 18,224,602.00 465.113314017 92.857519634 2.893579890
A-4 126691B60 16,834,104.00 1,000.000000000 0.000000000 6.221236423
A-5 126691B78 20,495,277.00 1,000.000000000 0.000000000 6.221236423
A-6 126691B86 125,400.00 465.113314017 0.000000000 2.893579890
A-7 126691B94 12,110,000.00 903.960547577 3.900920401 5.623752284
A-8 126691C28 2,090,000.00 465.113314017 92.857519634 2.719965097
PO 126691C44 1,913,325.00 740.167416881 5.848614220 0.000000000
X 126691C51 95,112,365.00 481.797525380 0.000000000 0.386586274
AR 126691C77 100.00 0.000000000 0.000000000 0.000000000
- -----------------------------------------------------------------------------------------------------------------------------
B1 126691C85 1,814,223.00 903.960710006 3.900919187 5.623753294
B2 126691C93 1,209,482.00 903.960710006 3.900919187 5.623753294
B3 126691D27 725,689.00 903.960710006 3.900919187 5.623753294
B4 362,844.00 903.960710006 3.900919187 5.623753294
B5 241,896.00 903.960710006 3.900919187 5.623753294
B6 483,795.19 903.960710006 3.900919187 5.623753294
- -----------------------------------------------------------------------------------------------------------------------------
Totals 120,948,207.19 525.137290462 16.235597332 3.498166032
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------
Ending Cert. Pass
Notional Through
Class Balance Rate (%)
- ------------------------------------------------------------
<S> <C> <C>
A-1 0.000000000 7.500000
A-2 0.000000000 7.500000
A-3 372.255794383 7.500000
A-4 1,000.000000000 7.500000
A-5 1,000.000000000 7.500000
A-6 372.255794383 7.500000
A-7 900.059627176 7.500000
A-8 372.255794383 7.050000
PO 734.318802661 0.000000
X 463.075853387 0.967312
AR 0.000000000 7.500000
- ------------------------------------------------------------
B1 900.059790819 7.500000
B2 900.059790819 7.500000
B3 900.059790819 7.500000
B4 900.059790819 7.500000
B5 900.059790819 7.500000
B6 900.059790819 7.500000
- ------------------------------------------------------------
Totals 508.901693295
- ------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1996-N
RESIDENTIAL ASSET SECURITIZATION TRUST A-10
<TABLE>
Pool Level Data
<S> <C>
Distribution Date 3/25/99
Cut-off Date 10/1/99
Determination Date 3/1/99
Accrual Period Begin 2/1/99
End 3/1/99
Number of Days in Accrual Period 28
</TABLE>
- --------------------------------------------------------------------------------
Collateral Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
<S> <C>
Cut-Off Date Balance 0.00
Beginning Aggregate Pool Stated Principal Balance 63,514,412.99
Ending Aggregate Pool Stated Principal Balance 61,550,746.61
Beginning Aggregate Certificate Stated Principal Balance 63,514,413.82
Ending Aggregate Certificate Stated Principal Balance 61,550,747.45
Beginning Aggregate Loan Count 659
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 17
Ending Aggregate Loan Count 642
Beginning Weighted Average Loan Rate (WAC) 8.404875%
Ending Weighted Average Loan Rate (WAC) 8.391446%
Beginning Net Weighted Average Loan Rate 8.030676%
Ending Net Weighted Average Loan Rate 8.017762%
Weighted Average Maturity (WAM) (Months) 151
Servicer Advances 22,061.45
Aggregate Pool Prepayment 1,688,230.22
</TABLE>
Page 1
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
Certificate Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
<S> <C>
Senior Percentage 75.3289918286%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 24.6710081714%
Subordinate Prepayment Percentage 0.0000000000%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 2,400,343.63
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
---------------
Total Deposits 2,400,343.63
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 36,939.14
Payment of Sub Servicer Fees 13,580.34
Payment of Other Fees 0.00
Payment of Insurance Premium(s) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Service Agreement 0.00
Payment of Principal and Interest 2,386,763.29
---------------
Total Withdrawals 2,437,282.77
Ending Balance -36,939.14
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 7,705.31
Compensation for Gross PPIS from Servicing Fees 7,705.31
Other Gross PPIS Compensation 0.00
---------------
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 36,939.14
Sub Servicing Fees Paid 13,580.34
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 0.00
---------------
Total Fees 50,519.47
</TABLE>
Page 2
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
Delinquency Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
------------ ------------ -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 1,637,781.48 97,432.24 227,933.53 1,963,147.25
Percentage of Total Pool Balance 2.660864% 0.158296% 0.370318% 3.189478%
Number of Loans 18 1 1 20
Percentage of Total Loans 2.803738% 0.155763% 0.155763% 3.115265%
Foreclosure
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Bankruptcy
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 0.00
</TABLE>
- --------------------------------------------------------------------------------
Subordination/Credit Enhancement Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Protection Original Current
-------- -------
<S> <C> <C>
Bankruptcy Loss 0.00 0.00
Bankruptcy Percentage 0.000000% 0.000000%
Credit/Fraud Loss 0.00 0.00
Credit/Fraud Loss Percentage 0.000000% 0.000000%
Special Hazard Loss 0.00 0.00
Special Hazard Loss Percentage 0.000000% 0.000000%
Credit Support Original Current
Class A 116,110,278.00 57,196,321.91
Class A Percentage 95.999999% 92.925471%
Class B1 1,814,223.00 1,632,909.17
Class B1 Percentage 1.500000% 2,652948%
</TABLE>
Page 3
<PAGE>
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN
212-815-2007
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1996-N
RESIDENTIAL ASSET SECURITIZATION TRUST A-10
<TABLE>
<CAPTION>
Credit Support Original Current
-------- -------
<S> <C> <C>
Class B2 1,209,482.00 1,088,606.12
Class B2 Percentage 1.000000% 1.768632%
Class B3 725,689.00 653,163.49
Class B3 Percentage 0.600000% 1.061179%
Class B4 362,844.00 326,581.29
Class B4 Percentage 0.299999% 0.530589%
Class B5 241,896.00 217,720.86
Class B5 Percentage 0.200000% 0.353726%
Class B6 483,795.19 435,444.60
Class B6 Percentage 0.400002% 0.707456%
</TABLE>
Page 4
<PAGE>
<PAGE>
PROSPECTUS
MARCH 26, 1999
DLJ MORTGAGE ACCEPTANCE CORP.
DEPOSITOR
MORTGAGE PASS-THROUGH CERTIFICATES
MORTGAGE-BACKED NOTES
(ISSUABLE IN SERIES)
This Prospectus relates to Mortgage Pass-Through Certificates (the
'Certificates') and Mortgage-Backed Notes (the 'Notes', and together with the
Certificates, the 'Securities') which may be sold from time to time under this
Prospectus and related Prospectus Supplement in one or more series (each a
'Series') by DLJ Mortgage Acceptance Corp. (the 'Depositor'). Capitalized terms
not otherwise defined herein have the meanings specified in the Glossary
attached hereto.
Each Certificate of a Series will evidence a beneficial ownership interest
in a related trust (a 'Trust Fund'), the assets of which have been deposited by
the Depositor pursuant to a Pooling and Servicing Agreement executed by the
Depositor, the Trustee and the Master Servicer for such Series specified in the
related Prospectus Supplement. Each Note of a Series will represent indebtedness
of a Trust Fund, the assets of which have been deposited by the Depositor
pursuant to a Sale and Servicing Agreement executed by the Depositor, the
Trustee and the Master Servicer or pursuant to an Indenture executed by the
Issuer and the Trustee for such Series specified in the related Prospectus
Supplement. The Trust Fund will consist of Mortgage Assets, which may include
Mortgage Loans or participation interests therein, Manufactured Home Loans or
participation interests therein, Agency Securities, Private Mortgage-Backed
Securities or any combination of the foregoing and other assets, including any
insurance policies, reserve funds or other forms of credit support specified in
the related Prospectus Supplement. Manufactured Home Loans and the Mortgage
Loans in the Trust Fund for a Series will have been originated by various
financial institutions and other entities engaged generally in the business of
originating and/or servicing housing loans and will have been acquired by the
Depositor from one or more Sellers on or prior to the Closing Date. Some of the
Mortgage Loans or Manufactured Home Loans may have been originated by an
affiliate of the Depositor. The Mortgage Loans and the Manufactured Home Loans
may include (without limitation) fixed rate or adjustable rate Conventional
Loans, FHA Loans or VA Loans and may provide for graduated equity, graduated
payment, balloon payment, 'buy-down' or other payment features, and may call for
payments from the obligors other than monthly, as specified in the related
Prospectus Supplement, Mortgage Loans underlying or comprising the Mortgage
Assets will be secured by property consisting of single family (one-to-four
family) attached or detached residential housing or multifamily residential
rental properties or cooperatively owned properties consisting of five or more
attached or detached dwelling units. Mortgage Loans that are Cooperative Loans
will be secured by assignments of shares and a proprietary lease or occupancy
agreement on a cooperative apartment. Manufactured Home Loans underlying or
comprising the Mortgage Assets will be secured by property consisting of a
Manufactured Home. See 'The Trust Funds' herein. Manufactured Home Loans and the
Mortgage Loans (or participation interests therein) will be serviced by various
servicers under the supervision of the Master Servicer or by the Master Servicer
directly as specified in the related Prospectus Supplement. The Master
Servicer's and any Servicer's obligations will be limited to its contractual,
supervisory and/or servicing obligations and such other obligations as are
specified in the related Prospectus Supplement. See 'Servicing of Loans' herein.
(cover continued on next page)
FOR A DISCUSSION OF SIGNIFICANT MATTERS AFFECTING INVESTMENT IN THE
SECURITIES, SEE 'RISK FACTORS,' WHICH BEGINS ON PAGE 9.
------------------------
PROCEEDS OF THE ASSETS IN THE TRUST FUND ARE THE SOLE SOURCE OF PAYMENTS ON
THE SECURITIES. THE SECURITIES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
THE DEPOSITOR, THE MASTER SERVICER OR ANY OF THEIR AFFILIATES. NEITHER THE
SECURITIES NOR THE UNDERLYING MORTGAGE LOANS OR MORTGAGE SECURITIES WILL BE
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY THE
DEPOSITOR, THE MASTER SERVICER OR ANY OF THEIR AFFILIATES.
------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
Securities of a Series offered hereby and by the related Prospectus
Supplement may be made through one or more different methods, including
offerings through Donaldson, Lufkin & Jenrette Securities Corporation, an
affiliate of the Depositor, as more fully described herein and in the related
Prospectus Supplement. See 'Plan of Distribution' herein.
The Securities are offered when, as and if delivered to and accepted by the
Underwriters subject to prior sale, withdrawal or modification of the offer
without notice, the approval of counsel and other conditions. Retain this
Prospectus for future reference. This Prospectus may not be used to consummate
sales of the securities offered hereby unless accompanied by a Prospectus
Supplement.
DONALDSON, LUFKIN & JENRETTE
SECURITIES CORPORATION
<PAGE>
<PAGE>
(cover continued)
Each Series of Securities will consist of one or more Classes, and any
Class may include subclasses. If a Series includes multiple Classes, such
Classes may vary with respect to the amount, percentage and timing of
distributions of principal, interest or both and one or more Classes may be
subordinated to other Classes with respect to distributions of principal,
interest or both as described herein and in the related Prospectus Supplement.
If so specified in the related Prospectus Supplement, the Mortgage Assets held
under the related Agreement may be divided into one or more Asset Groups and the
Securities of each separate Class will evidence beneficial ownership of each
corresponding Asset Group. See 'Description of the Securities' herein.
Distribution of principal and interest of the Securities of each Series
will be made on each Distribution Date for a Series. The rate of reduction of
the aggregate principal balance of each Class of a Series will depend
principally upon the rate of payment (including prepayments) with respect to the
Loans comprising or underlying the Mortgage Assets. A rate of prepayment lower
or higher than anticipated may affect yield on the Securities of a Series in the
manner described herein and in the related Prospectus Supplement. Under certain
limited circumstances described herein and in the related Prospectus Supplement,
the Mortgage Assets may be purchased by the entity specified in the related
Prospectus Supplement and the related Trust Fund terminated prior to the
maturity of the Mortgage Assets or the Final Scheduled Distribution Date of the
Securities of the related Series. See 'Description of the Securities' and
'Yield, Prepayment and Maturity Considerations' herein.
The Depositor's only obligations with respect to any Series will be
pursuant to certain representations and warranties, if any, set forth in the
related Agreement as described herein or in the related Prospectus Supplement.
See 'The Agreements' herein.
If specified in the related Prospectus Supplement, one or more separate
elections may be made to treat the Trust Fund for a Series of Certificates as a
'Real Estate Mortgage Investment Conduit' (a 'REMIC') for federal income tax
purposes. See 'Certain Federal Income Tax Considerations' herein.
------------------------
NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS AND ANY PROSPECTUS
SUPPLEMENT WITH RESPECT HERETO AND, IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON. THIS PROSPECTUS AND ANY PROSPECTUS
SUPPLEMENT WITH RESPECT HERETO DO NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OTHER THAN THE SECURITIES OFFERED
HEREBY AND THEREBY OR AN OFFER OF SUCH SECURITIES TO ANY PERSON IN ANY STATE OR
OTHER JURISDICTION IN WHICH SUCH OFFER WOULD BE UNLAWFUL. THE DELIVERY OF THIS
PROSPECTUS AT ANY TIME DOES NOT IMPLY THAT INFORMATION HEREIN IS CORRECT AS OF
ANY TIME SUBSEQUENT TO ITS DATE; HOWEVER, IF ANY MATERIAL CHANGE OCCURS WHILE
THIS PROSPECTUS IS REQUIRED BY LAW TO BE DELIVERED, THIS PROSPECTUS WILL BE
AMENDED OR SUPPLEMENTED ACCORDINGLY.
UNTIL 90 DAYS AFTER THE DATE OF EACH PROSPECTUS SUPPLEMENT, ALL DEALERS
EFFECTING TRANSACTIONS IN THE SECURITIES OFFERED HEREBY, WHETHER OR NOT
PARTICIPATING IN THE DISTRIBUTION THEREOF, MAY BE REQUIRED TO DELIVER THIS
PROSPECTUS AND THE RELATED PROSPECTUS SUPPLEMENT. THIS DELIVERY REQUIREMENT IS
IN ADDITION TO THE OBLIGATION OF DEALERS TO DELIVER A PROSPECTUS SUPPLEMENT AND
PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO THEIR UNSOLD
ALLOTMENTS OR SUBSCRIPTIONS.
ADDITIONAL INFORMATION
The Depositor has filed with the Securities and Exchange Commission (the
'Commission') a Registration Statement under the Securities Act of 1933, as
amended, with respect to the Securities. This Prospectus, which forms a part of
the Registration Statement, omits certain information contained in such
Registration Statement pursuant to the Rules and Regulations of the Commission.
The Registration Statement and the exhibits thereto can be inspected and copied
at the public reference facilities maintained by the Commission at 450 Fifth
Street, N.W., Washington, D.C. 20549, and at certain of its Regional Offices
located as follows: Chicago Regional Office, 500 West Madison Street, 14th
Floor, Chicago, Illinois 60661; and New York Regional Office, Seven World Trade
Center, New York, New York 10048. Copies of such material can also be obtained
from the Public Reference Section of the Commission, 450 Fifth Street, N.W.,
Washington, D.C. 20549, at prescribed rates and electronically through the
Commission's Electronic Data Gathering, Analysis and Retrieval System at the
Commission's website (http://www.sec.gov).
2
<PAGE>
<PAGE>
REPORTS TO SECURITYHOLDERS
Periodic and annual reports concerning the related Trust Fund are required
under the related Agreement to be forwarded to Securityholders. With respect to
each Series of Certificates or Notes, Securityholders will be referred to as the
'Certificateholders' or the 'Noteholders', respectively. Unless otherwise
specified in the related Prospectus Supplement, such reports will not be
examined and reported on by an independent public accountant. See 'The
Agreements -- Reports to Securityholders' herein.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
All documents subsequently filed by the Depositor on behalf of the Trust
Fund referred to in the accompanying Prospectus Supplement with the Commission
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934, as amended (the 'Exchange Act'), after the date of such Prospectus
Supplement and prior to the termination of any offering of the Securities issued
by such Trust Fund shall be deemed to be incorporated by reference in this
Prospectus and to be a part of this Prospectus from the date of the filing of
such documents. Any statement contained in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Prospectus to the extent that a statement contained herein
(or in the accompanying Prospectus Supplement) or in any other subsequently
filed document which also is or is deemed to be incorporated by reference
modifies or replaces such statement. Any such statement so modified or
superseded shall not be deemed, except as modified or superseded, to constitute
a part of this Prospectus.
The Depositor on behalf of any Trust Fund will provide without charge to
each person to whom this Prospectus is delivered, on the written or oral request
of such person, a copy of any or all of the documents referred to above that
have been or may be incorporated by reference in this Prospectus (not including
exhibits to the information that is incorporated by reference unless such
exhibits are specifically incorporated by reference into the information that
this Prospectus incorporates). Such requests should be directed to: DLJ Mortgage
Acceptance Corp., 277 Park Avenue, 9th Floor, New York, New York 10172,
Attention: Paul Najarian.
3
<PAGE>
<PAGE>
SUMMARY OF PROSPECTUS
The following is qualified in its entirety by reference to the detailed
information appearing elsewhere in this Prospectus and in the Prospectus
Supplement with respect to the Series offered thereby and to the terms and
provisions of the related Agreement executed by the Depositor, the Master
Servicer and the Trustee as specified in the related Prospectus Supplement. All
capitalized terms not otherwise defined in this Prospectus or the related
Prospectus Supplement for a Series have the respective meanings assigned to them
in the Glossary attached hereto.
<TABLE>
<S> <C>
SECURITIES OFFERED............... The Mortgage Pass-Through Certificates (the 'Certificates') or the Mort-
gage-Backed Notes (the 'Notes', and together with the Certificates, the
'Securities') are issuable from time to time in separate Series pursuant to
separate Pooling and Servicing Agreements or separate Indentures, respec-
tively. Each Certificate of a Series will evidence a beneficial ownership
interest in, and each Note of a Series will represent indebtedness of the
related Trust Fund for such Series, or in an Asset Group specified in the
related Prospectus Supplement.
The Certificates of a Series will evidence interests in, and the Notes of a
Series will represent indebtedness of the related Trust Fund only and will not
be guaranteed by any governmental agency, by the Depositor, the Trustee, the
Master Servicer or by any of their respective affiliates, or unless otherwise
specified in the related Prospectus Supplement, by any other person or entity.
See 'Risk Factors' and 'Credit Support' herein.
Each Series of Securities will consist of one or more Classes. If a Series
consists of multiple Classes, the respective Classes may differ with respect
to the amount, percentage and timing of distributions of principal, interest
or both. Additionally, one or more Classes may consist of Subordinate
Securities which are subordinated to other Classes of Securities with respect
to the right to receive distributions of principal, interest, or both under
the circumstances and in such amounts as described herein and in the related
Prospectus Supplement. With respect to any Series of Notes, the related Equity
Certificates, insofar as they represent the beneficial ownership interest in
the Issuer, will be subordinate to the related Notes. Unless otherwise
specified in the related Prospectus Supplement, any Class of Securities of a
Series will be offered hereby and by such Prospectus Supplement only if rated
by at least one Rating Agency in one of its four highest rating categories.
See 'Description of the Securities -- General,' 'Credit Support --
Subordinated Securities' and 'Risk Factors' herein.
DEPOSITOR........................ DLJ Mortgage Acceptance Corp., a Delaware corporation (the 'Depositor'), is a
limited purpose corporation organized primarily for the purpose of investing
in the Mortgage Assets for each Trust Fund. All of the outstanding capital
stock of the Depositor is owned by Donaldson, Lufkin & Jenrette, Inc. See 'The
Depositor.'
MASTER SERVICER.................. The entity named as Master Servicer in the related Prospectus Supplement. See
'The Agreements.'
ISSUER........................... With respect to each Series of Notes, the issuer (the 'Issuer') will be the
Depositor or an owner trust established by it for the purpose of issuing such
Series of Notes. Each such owner trust will be created pursuant to a trust
agreement (the 'Owner Trust Agreement') between the Depositor, acting as
depositor and the owner trustee (the 'Owner Trustee'). Each Series of Notes
will represent indebtedness of the Issuer and will be issued pursuant to an
indenture (the 'Indenture') between the Issuer and the Trustee whereby the
</TABLE>
4
<PAGE>
<PAGE>
<TABLE>
<S> <C>
Issuer will pledge the Trust Fund to secure the Notes under the lien of the
Indenture. As to each Series of Notes where the Issuer is an owner trust, the
ownership of the Trust Fund will be evidenced by certificates (the 'Equity
Certificates') issued under the Owner Trust Agreement. The Notes will
represent nonrecourse obligations solely of the Issuer, and the proceeds of
the Trust Fund will be the sole source of payments on the Notes, except as
described herein under 'Credit Support' and in the related Prospectus
Supplement.
TRUSTEES......................... The Trustee or Indenture Trustee (each, the 'Trustee') with respect to each
Series of Certificates and each Series of Notes, respectively, will be
specified in the related Prospectus Supplement. The Owner Trustee with respect
to each Series of Notes will be specified in the related Prospectus
Supplement.
INTEREST DISTRIBUTIONS........... Interest Distributions on the Securities of a Series will be made from amounts
available therefor in the related Certificate Account on each Distribution
Date at the applicable security interest rate (a 'Security Interest Rate')
specified in (or, with respect to Floating Interest Securities, determined in
the manner set forth in) the related Prospectus Supplement. The Security
Interest Rate of each Security offered hereby will be stated in the related
Prospectus Supplement as the 'Pass-Through Rate' with respect to a Series of a
single Class of Certificates, the 'Certificate Rate' with respect to a
Multiple Class Series of Certificates and the 'Note Interest Rate' with
respect to any Series of Notes. The Security Interest Rate on Securities of a
Series may be variable and change with changes in the mortgage rate or
pass-through rates of the Mortgage Assets included in the related Trust Fund
and/or as prepayments occur with respect to such Mortgage Assets.
Principal Weighted Securities may not be entitled to receive any interest
distributions or may be entitled to receive only nominal interest
distributions.
Compound Interest Securities will not receive distributions of interest but
interest accruing with respect to the principal balance of such compound
Interest Securities will be added to such principal balance on each
Distribution Date until the Accrual Termination Date. Following the Accrual
Termination Date, interest distributions with respect to such Compound
Interest Securities will be made on the basis of their Compound Value.
A Multiple Class Series may include one or more Classes of Floating Interest
Securities. With respect to any such Class of Floating Interest Securities,
the related Prospectus Supplement will set forth: (a) the initial Floating
Rate (or manner of determining the initial Floating Rate); (b) the method by
which the Floating Rate will be determined from time to time; (c) the periodic
intervals at which such determination will be made; and (d) the Maximum
Floating Rate and the Minimum Floating Rate, if any. See 'Description of the
Securities' and 'Yield, Prepayment and Maturity Considerations' herein.
PRINCIPAL DISTRIBUTIONS.......... Principal distributions on the Securities of a Series will be made from
amounts available therefor in the related Certificate Account on each
Distribution Date in an aggregate amount determined as specified in the
related Prospectus Supplement. Principal distributions will be allocated among
the respective Classes of a Series in the manner and in the priority set forth
in the related Prospectus Supplement.
</TABLE>
5
<PAGE>
<PAGE>
<TABLE>
<S> <C>
Interest Weighted Securities may not be entitled to any principal distribu-
tions or may be entitled to receive only nominal principal distributions.
See 'Description of the Securities' and 'Yield, Prepayment and Maturity
Considerations' herein.
FUNDING ACCOUNT.................. If so specified in the related Prospectus Supplement, a portion of the
proceeds of the sale of one or more Classes of Securities of a Series or a
portion of collections on the Loans in respect of principal may be deposited
in a segregated account to be applied to acquire additional Loans, subject to
the limitations set forth herein under 'Description of the Securities --
Funding Account.' Monies on deposit in the Funding Account and not applied to
acquire such additional Loans within the time set forth in the related
Agreement or other applicable agreement may be treated as principal and
applied in the manner described in the related Prospectus Supplement.
OPTIONAL TERMINATION............. If so specified in the related Prospectus Supplement, the Depositor, the
Master Servicer, or such other entity that is specified in the related
Prospectus Supplement, may, at its option, cause an early termination of the
related Trust Fund by repurchasing all of the Mortgage Assets remaining in the
Trust Fund on or after a specified date, or on or after such time as the
aggregate unpaid principal balance of the Mortgage Assets is less than the
percentage specified in the related Prospectus Supplement. See 'Description of
the Securities -- Optional Termination.'
THE TRUST FUND................... The Trust Fund for a Series will consist of Private Mortgage-Backed
Securities, Agency Securities, Mortgage Loans or participation interests
therein, Manufactured Home Loans or participation interests therein, or any
combination of the foregoing (the 'Mortgage Assets'), together with certain
accounts, reserve funds, insurance policies and related agreements specified
in the related Prospectus Supplement. (Mortgage Loans and Manufactured Home
Loans are referred to herein as 'Loans.') If so specified in the related
Prospectus Supplement, the Mortgage Assets may be divided into Asset Groups
and the Securities of separate Classes will evidence beneficial interests of a
corresponding Asset Group. The Trust Fund for a Series will also include the
Collection Account, the Certificate Account, and may include certain policies
of insurance relating to the Mortgage Assets, and various forms of credit
support, all as specified in the related Prospectus. See 'The Trust
Funds -- Collection Account and Certificate Account' and 'Credit Support' and
'Description of Mortgage and Other Insurance' herein.
CREDIT SUPPORT................... Credit support in the form of reserve funds, subordination, overcollateraliza-
tion, insurance policies, letters of credit or other types of credit support
may be provided with respect to the Mortgage Assets or with respect to one or
more Classes of Securities of a Series. If the Mortgage Assets are divided
into separate Asset Groups, the beneficial ownership of which is evidenced by
a separate Class or Classes of a Series, credit support may be provided by a
cross-support feature which requires that distributions be made with respect
to Securities evidencing beneficial ownership of one Asset Group prior to
distributions to Subordinate Securities evidencing a beneficial ownership
interest in another Asset Group within the Trust Fund. With respect to any
Series of Notes, the related Equity Certificates, insofar as they represent
the beneficial ownership interest in the Issuer, will be subordinate to the
related Notes.
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The type, characteristics and amount of credit support will be determined
based on the characteristics of the Loans underlying or comprising the
Mortgage Assets and other factors and will be established on the basis of
requirements of each Rating Agency rating the Securities of such Series. The
protection against losses provided by such credit support will be limited. See
'Credit Support' and 'Risk Factors' herein.
SERVICING OF LOANS............... The Master Servicer identified in the related Prospectus Supplement will
service the Loans directly or administer and supervise the performance by
Servicers of their duties and responsibilities under separate servicing
agreements (the 'Sub-Servicing Agreements') entered into between the Master
Servicer and such Servicers. Unless otherwise specified in the related
Prospectus Supplement, the Master Servicer and each Servicer must be approved
by either FNMA or FHLMC as a seller/servicer of Mortgage Loans and, in the
case of FHA Loans, approved by HUD as an FHA mortgagee. Each Servicer will be
obligated under its Sub-Servicing Agreement to perform customary servicing
functions. Advances with respect to delinquent payments of principal or
interest on a Loan will be made by the Master Servicer or the Servicers only
to the extent described in the related Prospectus Supplement. Such advances
will be intended to provide liquidity only and, unless otherwise specified in
the related Prospectus Supplement, will be reimbursable to the Master Servicer
or the Servicer, as the case may be, from scheduled payments of principal and
interest, late collections, or from the proceeds of liquidation of the related
Loans, from other recoveries relating to such Loans (including any insurance
proceeds or payments from other forms of credit support). See 'Servicing of
Loans.'
FEDERAL INCOME TAX
CONSIDERATIONS................. If an election is made for treatment of the Trust Fund as a REMIC or as REMICs
under the Internal Revenue Code of 1986 (the 'Code'), one or more Classes of
Certificates will be REMIC 'Regular Interests' and one Class will be REMIC
'Residual Interests' in the related REMIC. If a REMIC election will not be
made for a Trust Fund, the federal income consequences of the purchase,
ownership and disposition of the related Certificates will be set forth in the
related Prospectus Supplement. Each Series of Notes offered hereby will
represent indebtedness of the related Trust Fund.
Investors are advised to consult their tax advisors and to review 'Certain
Federal Income Tax Considerations' herein and in the related Prospectus
Supplement. See 'Certain Federal Income Tax Considerations.'
ERISA CONSIDERATIONS............. A fiduciary of any employee benefit plan subject to the Employee Retirement
Income Security Act of 1974, as amended ('ERISA'), or the Code should
carefully review with its own legal advisors whether the purchase or holding
of Securities could give rise to a transaction prohibited or otherwise
impermissible under ERISA or the Code. See 'ERISA Considerations.'
LEGAL INVESTMENT................. At the date of issuance, as to each Series, it will be a requirement for
issuance of any Series that the Securities offered by this Prospectus and such
Prospectus Supplement be rated by at least one Rating Agency in one of its
four highest applicable rating categories. The rating or ratings applicable to
Securities of each Series offered hereby and by the related Prospectus
Supplement will be as set forth in the related Prospectus Supplement. Unless
otherwise specified in the related Prospectus Supplement, Securities of each
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Series offered by this Prospectus and such Prospectus Supplement will
constitute 'mortgage related securities' under the Secondary Mortgage Market
Enhancement Act of 1984 ('SMMEA') so long as they are rated by at least one
Rating Agency in one of its two highest categories and, as such, will be legal
investments for certain types of institutional investors to the extent
provided in SMMEA, subject, in any case, to any other regulations which may
govern investments by such institutional investors. Any Class of Securities
that represents an interest in a Trust Fund that includes junior mortgage
loans will not constitute 'mortgage related securities' for purposes of SMMEA.
See 'Legal Investment.'
USE OF PROCEEDS.................. The Depositor will use the net proceeds from the sale of each Series for one
or more of the following purposes: (i) to purchase the related Mortgage
Assets, (ii) to repay indebtedness which has been incurred to obtain funds to
acquire such Mortgage Assets, (iii) to establish any reserve funds described
in the related Prospectus Supplement and (iv) to pay costs of structuring,
guaranteeing and issuing such Securities. If so specified in the related
Prospectus Supplement, the purchase of the Mortgage Assets for a Series may be
effected by an exchange of Securities with the Depositor of such Mortgage
Assets. See 'Use of Proceeds.'
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RISK FACTORS
Investors should consider, among other things, the following factors in
connection with an investment in the Securities.
LIMITED LIQUIDITY
There can be no assurance that a secondary market for the Securities of any
Series will develop or, if it does develop, that it will provide Securityholders
with a sufficient level of liquidity or will continue for the life of the
Securities. Donaldson, Lufkin & Jenrette Securities Corporation (or one or more
of its affiliates) intends to make a secondary market in the Securities, but has
no obligation to do so. In addition, the market value of Securities of each
Series will fluctuate with changes in prevailing rates of interest.
Consequently, sale of the Securities by a Holder in any secondary market which
may develop may be at a discount from par value or from their purchase price.
Securityholders have no optional redemption rights. The Securities will not be
listed on any securities exchange.
YIELD, PREPAYMENT AND MATURITY
The rate at which prepayments (which include both voluntary prepayments by
the obligors on the Loans and liquidations due to defaults and foreclosures)
occur on the Loans underlying or comprising the Mortgage Assets for a Series
will be affected by a variety of factors, including, without limitation, the
level of prevailing mortgage market interest rates and economic, demographic,
tax, social, legal and other factors. Prepayments on the Loans comprising or
underlying the Mortgage Assets for a Series generally will result in a faster
rate of distributions of principal on the Securities. Thus, the prepayment
experience on the Loans comprising or underlying the Mortgage Assets will affect
the average life and yield to investors of each Class and the extent to which
each such Class is paid prior to its Final Scheduled Distribution Date. A Series
may include an Interest Weighted Class offered at a significant premium or a
Principal Weighted Class offered at a substantial discount. Yields on such
Classes of Securities will be extremely sensitive to prepayments on the Loans
comprising or underlying the Mortgage Assets for such Series. In general, if a
Security, including a Security of an Interest Weighted Class, is purchased at a
premium and principal distributions on the Loans occur at a rate faster than
anticipated at the time of purchase, the investor's actual yield to maturity
could be significantly lower than that assumed at the time of purchase. Where
the amount of interest allocated with respect to an Interest Weighted Class is
extremely disproportionate to principal, a Securityholder of such Class could,
under some such prepayment scenarios, fail to recoup its original investment.
Conversely, if a Security, including a Security of a Principal Weighted Class,
is purchased at a discount and principal distributions thereon occur at a rate
slower than assumed at the time of purchase, the investor's actual yield to
maturity could be significantly lower than that originally anticipated. Any
rating assigned to the Securities by a Rating Agency will reflect only such
Rating Agency's assessment of the likelihood that timely distributions will be
made with respect to such Securities in accordance with the related Agreement.
Such rating will not constitute an assessment of the likelihood that principal
prepayments on the Loans underlying or comprising the Mortgage Assets will be
made by borrowers or of the degree to which the rate of such prepayments might
differ from that originally anticipated. As a result, such rating will not
address the possibility that prepayment rates higher or lower than anticipated
by an investor may cause such investor to experience a lower than anticipated
yield, or that an investor purchasing an Interest Weighted Security at a
significant premium might fail to recoup its initial investment. See 'Yield,
Prepayment and Maturity Considerations.'
CREDIT SUPPORT LIMITATIONS
The amount, type and nature of insurance policies, subordination,
overcollateralization, Financial Guarantee Insurance, letters of credit and
other credit support, if any, required with respect to a Series will be
determined on the basis of criteria established by each Rating Agency rating
such Series. Such criteria are necessarily based upon an actuarial analysis of
the behavior of Loans in a larger group. Such actuarial analysis is the basis
upon which each Rating Agency determines (a) required amounts and types of pool
insurance, special hazard insurance, reserve funds, subordination,
overcollateralization or other credit support and (b) limits on the number and
amount of Loans which have various special payment characteristics, have various
Loan-to-Value Ratios and/or were made for various purposes (e.g., primary
residence, second home, refinancing). There can be
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no assurance that the historical data supporting such actuarial analysis will
accurately reflect future experience nor any assurance that the data derived
from a large pool of housing loans accurately predicts the delinquency,
foreclosure or loss experience of any particular pool of Loans.
In addition, if distributions in reduction of the principal balance of
Securities of a Multiple Class Series are made in order of the respective Final
Scheduled Distribution Dates of the Class, any limits with respect to the
aggregate amount of losses covered by credit support may be exhausted before the
principal of the later-maturing Classes has been repaid. As a result, the impact
of significant losses on the Mortgage Loans may bear primarily upon the
Securities of the later-maturing Classes.
The Prospectus Supplement for a Series will describe any reserve funds,
insurance policies, letter of credit or other third-party credit support
relating to the Mortgage Assets or to the Securities of such Series. Use of such
reserve funds and payments under such insurance policies, letter of credit or
other third-party credit support will be subject to the conditions and
limitations described herein and in the related Prospectus Supplement. Moreover,
such reserve funds, insurance policies, letter of credit or other credit support
will not cover all potential losses or risks. The obligations of the issuers of
any credit support such as a pool insurance policy, special hazard insurance
policy, bankruptcy bond, letter of credit, Financial Guarantee Insurance,
repurchase bond or other third-party credit support will not be guaranteed or
insured by the United States, or by any agency or instrumentality thereof. A
Series of Securities may include a Class or multiple Classes of Subordinate
Securities to the extent described in the related Prospectus Supplement.
Although such subordination is intended to reduce the risk of delinquent
distributions or ultimate losses to Holders of Senior Securities, the
Subordinated Amount will be limited and will decline under certain circumstances
and the related Subordination Reserve Fund, if any, could be depleted in certain
circumstances. See 'Description of the Securities,' 'The Trust Funds' and
'Credit Support.'
CERTAIN LOANS AND MORTGAGED PROPERTY
Reliable prepayment, loss and foreclosure statistics relating to certain
types of Loans may not be available for a Series. Such Loans may be underwritten
on the basis of an assessment that the borrower will have the ability to make
payments in higher amounts in later years and, in the case of Loans with
adjustable mortgage rates, after relatively short periods of time. See 'Loan
Underwriting Procedures and Standards' and 'Credit Support.' Other loans may be
underwritten principally on the basis of the initial Loan-to-Value Ratio of the
Loans. To the extent losses on Loans exceed the amount of credit support, the
Trust Fund may experience a loss. Furthermore, Multifamily Loans, Manufactured
Homes or Cooperative Dwellings may entail risks of loss in the event of
delinquency and foreclosure or repossession that are greater than similar risks
associated with traditional single-family property. To the extent losses on such
Loans exceed levels estimated by the Rating Agency in determining required
levels of subordination or other credit support, the Trust Fund may experience a
loss. See 'Servicing of Loans -- Maintenance of Insurance Policies and Other
Servicing Procedures' and 'Credit Support.'
LIMITED OBLIGATIONS AND ASSETS OF DEPOSITOR
Unless otherwise set forth in the Prospectus Supplement for a Series of
Securities, the Trust Fund for a Series will be the only available source of
funds to make distributions on the Securities of such Series. The only
obligations of the Depositor with respect to the Securities of any Series will
be pursuant to certain representations and warranties, if any, in the related
Agreement. See 'The Agreements -- Assignment of Mortgage Assets' herein. The
Depositor does not have, and is not expected in the future to have, any
significant assets with which to meet any obligation to repurchase Mortgage
Assets with respect to which there has been a breach of any representation or
warranty. If, for example, the Depositor were required to repurchase a Loan
which constitutes a Mortgage Asset, its only sources of funds to make such
repurchase would be from funds obtained from the enforcement of a corresponding
obligation, if any, on the part of the Seller, the Servicer or the Master
Servicer, as the case may be, or from a reserve fund established to provide
funds for such repurchases. See 'The Depositor.'
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INABILITY OF TRUSTEE TO LIQUIDATE THE COLLATERAL SECURING THE NOTES
Although the Trustee or the holders of a majority of the then aggregate
outstanding amount of the Notes of a Series may declare the principal amount of
all the Notes of such Series to be due and payable immediately if an Event of
Default occurs and is continuing under the related Indenture, there is no
assurance that the market value of the related collateral will at any time be
equal to or greater than the aggregate outstanding amount of the related Notes.
Therefore, upon an Event of Default with respect to the related Notes, there can
be no assurance that sufficient funds will be available to repay the related
Noteholders in full. In addition, the amount of principal required to be
distributed to Noteholders under the Indenture is generally limited to amounts
available to be deposited in the applicable Certificate Account. Therefore, the
failure to pay principal on a class of the related Notes may not result in the
occurrence of an Event of Default until the Final Scheduled Distribution Date
for such class of Notes.
SUMMARY OF ERISA CONSIDERATIONS
Generally, ERISA applies to investments made by employee benefit plans and
transactions involving the assets of such plans. Due to the complexity of
regulations which govern such plans, prospective investors that are subject to
ERISA are urged to consult their own counsel regarding consequences under ERISA
of acquisition, ownership and disposition of the Securities of any Series. See
'ERISA Considerations' herein and in the related Prospectus Supplement.
CERTAIN FEDERAL TAX CONSIDERATIONS REGARDING REMIC RESIDUAL INTERESTS
Holders of REMIC Residual Interests will be required to report on their
federal income tax returns as ordinary income their pro rata share of the
taxable income of the related REMIC regardless of the amount or timing of their
receipt of cash payments as described in 'Certain Federal Income Tax
Considerations -- Residual Interests in a REMIC.' Accordingly, under certain
circumstances, holders of Certificates which constitute REMIC Residual Interests
might have taxable income and tax liabilities arising from such investment
during a taxable year in excess of the cash received during such period. The
requirement that Holders of Residual Interest Certificates report their pro rata
share of the taxable income and net loss of the related REMIC will continue
until the principal balances of all Classes of Certificates of the related
Series have been reduced to zero, even though holders of Residual Interests have
received full payment of their stated interest and principal. A portion (or, in
certain circumstances, all) of a Residual Interest Certificateholder's share of
the related REMIC's taxable income may be treated as 'excess inclusion' income
to such holder which (i) except in the case of certain thrift institutions, will
not be subject to offset by losses from other activities, (ii) for a tax-exempt
Holder, will be treated as unrelated business taxable income and (iii) for a
foreign holder, will not qualify for exemption from withholding tax. Individual
Holders of Certificates constituting Residual Interests may be limited in their
ability to deduct servicing fees and other expenses of the related REMIC.
Because of the special tax treatment of REMIC residual interests, the taxable
income arising in a given year on a REMIC residual interest will not be equal to
the taxable income associated with investment in a corporate bond or stripped
instrument having similar cash flow characteristics and pre-tax yield.
Therefore, the after-tax yield on the Residual Interest Certificates may be
negative or significantly less than that of a corporate bond or stripped
instrument having similar cash flow characteristics.
DESCRIPTION OF THE SECURITIES
GENERAL
The Securities will be issued in Series. Each Series of Certificates will
be issued pursuant to separate Pooling and Servicing Agreements among the
Depositor, the Master Servicer and the Trustee for the related Series identified
in the related Prospectus Supplement. Each Series of Notes will be issued
pursuant to separate Indentures between the related Issuer and the Trustee for
the related Series identified in the related Prospectus Supplement. The Trust
Fund for each Series of Notes will be created pursuant to an Owner Trust
Agreement between the Depositor and the Owner Trustee. The following summaries
describe certain provisions common to each Series. The summaries do not purport
to be complete and are subject to, and are qualified in their entirety by
reference to, the provisions of the Agreements and the Prospectus Supplement
relating to each Series. When
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particular provisions or terms used in each Agreement are referred to, such
provisions or terms shall be as specified in such Agreement.
Each Series will consist of one or more Classes, one or more of which may
consist of Compound Interest Securities, Floating Interest Securities, Interest
Weighted Securities or Principal Weighted Securities. A Series may also include
one or more Classes of Subordinate Securities. Unless otherwise specified in the
related Prospectus Supplement, a Class of Subordinate Securities will be offered
hereby or by such Prospectus Supplement only if rated by a Rating Agency in at
least its fourth highest applicable rating category. If so specified in the
related Prospectus Supplement, the Mortgage Assets in a Trust Fund may be
divided into multiple Asset Groups and the Securities of each separate Class
will evidence beneficial ownership of, or be secured by, each corresponding
Asset Group.
The Securities for each Series will be issued in fully registered form, in
the minimum original principal amount, notional amount or percentage interest
specified in the related Prospectus Supplement. The transfer of the Securities
may be registered, and the Securities may be exchanged, without the payment of
any service charge payable in connection with such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with any transfer
or exchange of Securities. If specified in the related Prospectus Supplement,
one or more Classes of a Series may be available in book-entry form only.
DISTRIBUTIONS ON THE SECURITIES
General. Commencing on the date specified in the related Prospectus
Supplement, distributions of principal and interest on the Securities will be
made on each Distribution Date to the extent of the 'Available Distribution
Amount' as set forth in the related Prospectus Supplement.
Distributions of interest on Securities which receive interest will be made
periodically at the intervals and at the Security Interest Rate specified or,
with respect to Floating Interest Securities, determined in the manner described
in the related Prospectus Supplement. Interest on the Securities will be
calculated on the basis of a 360-day year consisting of twelve 30-day months
unless otherwise specified in the related Prospectus Supplement.
Distributions of principal of and interest on Securities of a Series will
be made by check mailed to Securityholders of such Series registered as such on
the close of business on the record date specified in the related Prospectus
Supplement at their addresses appearing on the security register (the 'Security
Register'), except that (a) distributions may be made by wire transfer in
certain circumstances described in the related Prospectus Supplement and (b) the
final distribution in retirement of a Security will be made only upon
presentation and surrender of such Security at the corporate trust office of the
Trustee for such Series or such other office of the Trustee as specified in the
Prospectus Supplement. If specified in the related Prospectus Supplement, the
Securities of a Series or certain Classes of a Series may be available only in
book-entry form. See 'Book-Entry Registration' herein. With respect to each
Series of Certificates or Notes, the Security Register will be referred to as
the 'Certificate Register' or 'Note Register,' respectively.
With respect to reports to be furnished to Securityholders concerning a
distribution, see 'The Agreements -- Reports to Securityholders.'
Single Class Series. With respect to a Series other than a Multiple Class
Series, distributions on the Securities on each Distribution Date will generally
be allocated to each Security entitled thereto on the basis of the undivided
percentage interest (the 'Percentage Interest') evidenced by such Security in
the Trust Fund or on the basis of their outstanding principal amounts or
notional amounts. If the Mortgage Assets for a Series have adjustable or
variable interest or pass-through rates, then the Security Interest Rate of the
Securities of such Series may also vary, due to changes in such rates and due to
prepayments with respect to Loans comprising or underlying the related Mortgage
Assets. If the Mortgage Assets for a Series have fixed interest or pass-through
rates, then the Security Interest Rate on the Securities of the related Series
may be fixed, or may vary, to the extent prepayments cause changes in the
weighted average interest rate or pass-through rate of the Mortgage Assets. If
the Mortgage Assets have lifetime or periodic adjustment caps on their
respective pass-through rates, then the Security Interest Rate on the Securities
of the related Series may also reflect such caps.
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Multiple Class Series. Each Security of a Multiple Class Series will have a
principal amount or a notional amount and a specified Security Interest Rate
(which may be zero). Interest distributions on a Multiple Class Series will be
made on each Security entitled to an interest distribution on each Distribution
Date at the Security Interest Rate specified or, with respect to Floating
Interest Securities, determined as described in the related Prospectus
Supplement, to the extent funds are available in the Certificate Account,
subject to any subordination of the rights of any Subordinate Securities to
receive current distributions. See 'Subordinate Securities' below and 'Credit
Support.'
Interest on all Securities of a Multiple Class Series currently entitled to
receive interest will be distributed on the Distribution Date specified in the
related Prospectus Supplement, to the extent funds are available in the
Certificate Account, subject to any subordination of the rights of any
Subordinate Class to receive current distributions. See 'Subordinate Securities'
below and 'Credit Support.' Distributions of interest on a Class of Compound
Interest Securities will commence only after the related Accrual Termination
Date specified in the related Prospectus Supplement. On each Distribution Date
prior to and including the Accrual Termination Date, interest on such Class of
Compound Interest Securities will accrue and the amount of interest accrued on
such Distribution Date will be added to the principal balance thereof on the
related Distribution Date. On each Distribution Date after the Accrual
Termination Date, interest distributions will be made on Classes of Compound
Interest Securities on the basis of the current Compound Value of such Class.
The Compound Value of a Class of Compound Interest Securities equals the initial
aggregate principal balance of the Class, plus accrued and undistributed
interest added to such Class through the immediately preceding Distribution
Date, less any principal distributions previously made in reduction of the
aggregate outstanding principal balance of such Class.
To the extent provided in the related Prospectus Supplement, the Securities
of a Multiple Class Series may include one or more Classes of Floating Interest
Securities. The Security Interest Rate of a Floating Interest Security will be a
variable or adjustable rate, subject to a Maximum Floating Rate, Minimum
Floating Rate, or both. For each Class of Floating Interest Securities, the
related Prospectus Supplement will set forth the initial Floating Rate (or the
method of determining it), the Floating Interest Period, and the formula, index,
or other method by which the Floating Rate for each Floating Interest Period
will be determined.
If so specified in the related Prospectus Supplement, a Series may include
one or more Classes of Interest Weighted Securities, Principal Weighted
Securities, or both. Unless otherwise specified in the Prospectus Supplement,
payments received from the Mortgage Assets will be allocated on the basis of the
Percentage Interest of each Class in the principal component of such
distributions, the interest component of such distributions, or both, and will
be further allocated on a pro rata basis among the Securities within each Class.
The method or formula for determining the Percentage Interest of a Security will
be set forth in the related Prospectus Supplement.
In the case of a Multiple Class Series, the timing, sequential order,
priority of payment or amount of distributions in respect of principal, and any
schedule or formula or other provisions applicable to the determination thereof
of each Class of Securities shall be as set forth in the related Prospectus
Supplement. A Multiple Class Series may contain two or more classes of
Securities as to which distributions of principal or interest or both on any
class may be made upon the occurrence of specified events, in accordance with a
schedule or formula (including 'planned amortization classes' and 'targeted
amortization classes'), or on the basis of collections from designated portions
of the Trust Fund.
Subordinate Securities. One or more Classes of a Series may consist of
Subordinate Securities. Subordinate Securities may be included in a Series to
provide credit support as described herein under 'Credit Support' in lieu of or
in addition to other forms of credit support. The extent of subordination of a
Class of Subordinate Securities may be limited as described in the related
Prospectus Supplement. See 'Credit Support.' If the Mortgage Assets are divided
into separate Asset Groups, beneficial ownership of which is evidenced by
separate Classes of a Series, credit support may be provided by a cross-support
feature which requires that distributions be made to Senior Securities
evidencing beneficial ownership of one Asset Group prior to making distributions
on Subordinate Securities evidencing a beneficial ownership interest in another
Asset Group within the Trust Fund. Subordinate Securities will not be offered
hereby or by such related Prospectus Supplement unless they are rated in one of
the four highest rating categories by at least one Rating Agency. With respect
to any Series of Notes, the Equity Certificates, insofar as they represent the
beneficial ownership interest in the Issuer, will be subordinate to the related
Notes.
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FUNDING ACCOUNT
If so specified in the related Prospectus Supplement, the related Agreement
may provide for the transfer by the Seller of additional Loans to the related
Trust Fund after the Closing Date. Such additional Loans will be required to
conform to the requirements set forth in the related Agreement or other
agreement providing for such transfer. As specified in the related Prospectus
Supplement, such transfer may be funded by the establishment of a Funding
Account (a 'Funding Account'). If a Funding Account is established, all or a
portion of the proceeds of the sale of one or more Classes of Securities of the
related Series or a portion of collections on the Loans in respect of principal
will be deposited in such account to be released as additional Loans are
transferred. Unless otherwise specified in the related Prospectus Supplement,
all amounts deposited in a Funding Account will be required to be invested in
Eligible Investments and the amount held therein shall at no time exceed 25% of
the aggregate outstanding principal balance of the Securities. Unless otherwise
specified in the related Prospectus Supplement, the related Agreement or other
agreement providing for the transfer of additional Loans will provide that all
such transfers must be made within 3 months after the Closing Date, and that
amounts set aside to fund such transfers (whether in a Funding Account or
otherwise) and not so applied within the required period of time will be deemed
to be principal prepayments and applied in the manner set forth in such
Prospectus Supplement. A Funding Account can affect the application of the
requirements under ERISA. See 'ERISA Considerations.'
OPTIONAL TERMINATION
If so specified in the related Prospectus Supplement for a Series, the
Depositor, the Master Servicer, or another entity designated in the related
Prospectus Supplement may, at its option, cause an early termination of a Trust
Fund by repurchasing all of the Mortgage Assets from such Trust Fund on or after
a date specified in the related Prospectus Supplement, or on or after such time
as the aggregate outstanding principal amount of the Mortgage Assets is less
than a specified percentage of their initial aggregate principal amount. In the
case of a Trust Fund for which a REMIC election or elections have been made, the
Trustee shall receive a satisfactory opinion of counsel that the repurchase
price will not jeopardize the REMIC status of the REMIC or REMICs and that the
optional termination will be conducted so as to constitute a 'qualified
liquidation' under Section 860F of the Code. See 'The
Agreements -- Termination.'
BOOK-ENTRY REGISTRATION
If so specified in the related Prospectus Supplement, the Securities will
be issued in book-entry form in the minimum denominations specified in such
Prospectus Supplement and integral multiples thereof, and each Class will be
represented by a single Security registered in the name of the nominee of the
depository, The Depository Trust Company ('DTC'), a limited-purpose trust
company organized under the laws of the State of New York. If so specified in
the related Prospectus Supplement, no person acquiring an interest in the
Securities (a 'Securityowner') will be entitled to receive a Security issued in
fully registered, certificated form (a 'Definitive Security') representing such
person's interest in the Securities except in the event that the book-entry
system for the Securities is discontinued (as described below). Unless and until
Definitive Securities are issued, it is anticipated that the only Securityholder
of the Securities will be Cede & Co., as nominee of DTC. Securityowners will not
be registered 'Securityholders' or registered 'Holders' under the related
Agreement, and Securityowners will only be permitted to exercise the rights of
Securityholders indirectly through DTC Participants. With respect to each Series
of Certificates or Notes, Securityowners and Securityholders will be referred to
as 'Certificateowners' and 'Certificateholders' or 'Noteowners' and
'Noteholders', respectively.
DTC was created to hold securities for its participating organizations
('Participants') and facilitate the clearance and settlement of securities
transactions between Participants through electronic book-entry changes in
accounts of its Participants. Participants include securities brokers and
dealers, banks, trust companies and clearing corporations and may include
certain other organizations. Indirect access to the DTC system also is available
to entities that clear through or maintain a custodial relationship with a
Participant, either directly or indirectly ('Indirect Participants').
Securityowners that are not Participants or Indirect Participants but
desire to purchase, sell or otherwise transfer ownership of Securities may do so
only though Participants and Indirect Participants. Because DTC can only act on
behalf of Participants and Indirect Participants, the ability of a Securityowner
to pledge such owner's
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Security to persons or entities that do not participate in the DTC system, or
otherwise take actions in respect of such Security, may be limited. In addition,
under a book-entry format, Securityowners may experience some delay in their
receipt of principal and interest distributions with respect to the Securities
since such distributions will be forwarded to DTC and DTC will then forward such
distributions to its Participants which in turn will forward them to Indirect
Participants or Securityowners.
Under the rules, regulations and procedures creating and affecting DTC and
its operations (the 'Rules'), DTC Participants may make book-entry transfers
among Participants through DTC facilities with respect to the Securities and
DTC, as registered holder, is required to receive and transmit principal and
interest distributions and distributions with respect to the Securities.
Participants and Indirect Participants with which Securityowners have accounts
with respect to Securities similarly are required to make book-entry transfers
and receive and transmit such distributions on behalf of their respective
Securityowners. Accordingly, although Securityowners will not possess
certificates or notes, the Rules provide a mechanism by which Securityowners
will receive distributions and will be able to transfer their interests.
The Depositor understands that DTC will take any action permitted to be
taken by a Securityholder under the related Agreement only at the direction of
one or more Participants to whose account with DTC the Securities are credited.
Additionally, the Depositor understands that DTC will take such actions with
respect to holders of a certain specified interest in the certificates or notes
or holders having a certain specified voting interest only at the direction of
and on behalf of Participants whose holdings represent that specified interest
or voting interest. DTC may take conflicting actions with respect to other
Holders of Securities to the extent that such actions are taken on behalf of
Participants whose holdings represent that specified interest or voting
interest.
DTC may discontinue providing its services as securities depository with
respect to the Securities at any time by giving reasonable notice to the
Depositor or the Trustee. Under such circumstances, in the event that a
successor securities depository is not obtained, Definitive Securities will be
printed and delivered. In addition, the Depositor may at its option elect to
discontinue use of the book-entry system through DTC. In that event, too,
Definitive Securities will be printed and delivered.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
PAYMENT DELAYS
With respect to any Series, a period of time will elapse between receipt of
payments or distributions on the Mortgage Assets and the Distribution Date on
which such payments or distributions are passed through to Securityholders. Such
a delay will effectively reduce the yield that would otherwise be obtained if
payments or distributions were distributed on or near the date of receipt. The
related Prospectus Supplement may set forth an example of the timing of receipts
and the distribution thereof to Securityholders.
PRINCIPAL PREPAYMENTS
With respect to a Series for which the Mortgage Assets consist of Loans or
participation interests therein, when a Loan prepays in full, the borrower will
generally be required to pay interest on the amount of prepayment only to the
prepayment date. In addition, the prepayment may not be required to be passed
through to Securityholders until the month following receipt. The effect of
these provisions is to reduce the aggregate amount of interest which would
otherwise be available for distributions on the Securities, thus effectively
reducing the yield that would be obtained if interest continued to accrue on the
Loan until the date on which the principal prepayment was scheduled to be paid.
To the extent specified in the related Prospectus Supplement, this effect on
yield may be mitigated by, among other things, an adjustment to the servicing
fee otherwise payable to the Master Servicer or Servicer with respect to any
such prepaid Loans. See 'Servicing of Loans -- Advances and Limitations
Thereon.'
TIMING OF REDUCTION OF PRINCIPAL BALANCE
A Multiple Class Series may provide that, for purposes of calculating
interest distributions, the principal amount of the Securities is deemed reduced
as of a date prior to the Distribution Date on which principal thereon is
actually distributed. Consequently, the amount of interest accrued during any
Interest Accrual Period
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will be less than the amount that would have accrued on the actual principal
balance of the Security outstanding. The effect of such provisions is to produce
a lower yield on the Securities than would be obtained if interest were to
accrue on the Securities on the actual unpaid principal amount of such
Securities to each Distribution Date. The related Prospectus Supplement will
specify the time at which the principal amounts of the Securities are determined
or are deemed to reduce for purposes of calculating interest distributions on
Securities of a Multiple Class Series.
INTEREST OR PRINCIPAL WEIGHTED SECURITIES
If a Class of Securities consists of Interest Weighted Securities or
Principal Weighted Securities, a lower rate of principal prepayments than
anticipated will negatively affect the yield to investors in Principal Weighted
Securities, and a higher rate of principal prepayments than anticipated will
negatively affect the yield to investors in Interest Weighted Securities. The
Prospectus Supplement for a Series including such Securities will include a
table showing the effect of various levels of prepayment on yields on such
Securities. Such tables will be intended to illustrate the sensitivity of yields
to various prepayment rates and will not be intended to predict, or provide
information which will enable investors to predict, yields or prepayment rates.
FUNDING ACCOUNT
If the applicable Agreement for a Series of Securities provides for a
Funding Account or other means of funding the transfer of additional Loans to
the related Trust Fund, as described under 'Description of the
Securities -- Funding Account' herein, and the Trust Fund is unable to acquire
such additional Loans within any applicable time limit, the amounts set aside
for such purpose may be applied as principal payments on one or more Classes of
Securities of such Series. See 'Risk Factors -- Yield, Prepayment and Maturity.'
FINAL SCHEDULED DISTRIBUTION DATE
The Final Scheduled Distribution Date of each Class of any Series other
than a Multiple Class Series will be the Distribution Date following the latest
stated maturity of any Mortgage Asset in the related Trust Fund. The Final
Scheduled Distribution Date of each Class of any Multiple Class Series, if
specified in the related Prospectus Supplement, will be the date (calculated on
the basis of the assumptions applicable to such Series described therein) on
which the aggregate principal balance of such Class will be reduced to zero.
Since prepayments on the Loans underlying or comprising the Mortgage Assets will
be used to make distributions in reduction of the outstanding principal amount
of the Securities, it is likely that the actual maturity of any Class will occur
earlier, and may occur substantially earlier, than its Final Scheduled
Distribution Date.
PREPAYMENTS AND WEIGHTED AVERAGE LIFE
Weighted average life refers to the average amount of time that will elapse
from the date of issue of a security until each dollar of the principal of such
security will be repaid to the investor. The weighted average life of the
Securities of a Series will be influenced by the rate at which principal on the
Loans comprising or underlying the Mortgage Assets for such Securities is paid,
which may be in the form of scheduled amortization or prepayments (for this
purpose, the term 'prepayment' includes prepayments, in whole or in part, and
liquidations due to default).
The rate of principal prepayments on pools of housing loans is influenced
by a variety of economic, demographic, geographic, legal, tax, social and other
factors. The rate of prepayments of conventional housing loans has fluctuated
significantly in recent years. In general, however, if prevailing mortgage
market interest rates fall significantly below the interest rates on the Loans
comprising or underlying the Mortgage Assets for a Series, such Loans are likely
to prepay at rates higher than if prevailing interest rates remain at or above
the interest rates borne by such Loans. In this regard, it should be noted that
the Loans comprising or underlying the Mortgage Assets of a Series may have
different interest rates, and the stated pass-through or interest rate of
certain Mortgage Assets or the Security Interest Rate on the Securities may be a
number of percentage points less than interest rates on such Loans. In addition,
the weighted average life of the Securities may be affected by the varying
maturities of the Loans comprising or underlying the Mortgage Assets. If any
Loans comprising or underlying the Mortgage Assets for a Series have actual
terms-to-stated maturity of less than those assumed in calculating the Final
Scheduled Distribution Date of the related Securities, one or more Class of the
Series may
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be fully paid prior to its Final Scheduled Distribution Date, even in the
absence of prepayments and a reinvestment return higher than assumed.
Prepayments on loans are commonly measured relative to a prepayment
standard or model, such as the Constant Prepayment Rate ('CPR') prepayment model
or the Standard Prepayment Assumption ('SPA') prepayment model. CPR represents a
constant assumed rate of prepayment each month relative to the then outstanding
principal balance of a pool of loans for the life of such loans. SPA represents
an assumed rate of prepayment each month relative to the then outstanding
principal balance of a pool of loans. A prepayment assumption of 100% of SPA
assumes prepayment rates of 0.2% per annum of the then outstanding principal
balance of such loans in the first month of the life of the loans and an
additional 0.2% per annum in each month thereafter until the thirtieth month.
Beginning in the thirtieth month and in each month thereafter during the life of
the loans, 100% of SPA assumes a constant prepayment rate of 6% per annum.
Neither CPR or SPA nor any other prepayment model or assumption purports to
be an historical description of prepayment experience or a prediction of the
anticipated rate of prepayment of any pool of loans, including the Loans
underlying or comprising the Mortgage Assets. Thus, it is likely that prepayment
of any Loans comprising or underlying the Mortgage Assets for any Series will
not conform to any level of CPR or SPA.
The Prospectus Supplement for each Multiple Class Series may describe the
prepayment standard or model used to prepare the illustrative tables setting
forth the weighted average life of each Class of such Series under a given set
of prepayment assumptions. The related Prospectus Supplement may also describe
the percentage of the initial principal balance of each Class of such Series
that would be outstanding on specified Distribution Dates for such Series based
on the assumptions stated in such Prospectus Supplement, including assumptions
that prepayments on the Loans comprising or underlying the related Mortgage
Assets are made at rates corresponding to various percentages of CPR, SPA or at
such other rates specified in such Prospectus Supplement. Such tables and
assumptions are intended to illustrate the sensitivity of weighted average life
of the Securities to various prepayment rates and will not be intended to
predict or to provide information which will enable investors to predict the
actual weighted average life of the Securities or prepayment rates of the Loans
comprising or underlying the related Mortgage Assets.
OTHER FACTORS AFFECTING WEIGHTED AVERAGE LIFE
Type of Loan. Multifamily Loans may have provisions which prevent
prepayment for a number of years and may provide for payments of interest only
during a certain period followed by amortization of principal on the basis of a
schedule extending beyond the maturity of the related mortgage loan. Additional
Collateral Loans, ARMs, Balloon Loans, Bi-Weekly Loans, GEM Loans, GPM Loans or
Buy-Down Loans comprising or underlying the Mortgage Assets may experience a
rate of principal prepayments which is different from the principal prepayment
rate for Additional Collateral Loans, ARMs, Balloon Loans, Bi-Weekly Loans, GEM
Loans, GPM Loans or Buy-Down Loans included in any other mortgage pool or from
conventional Fixed Rate Loans or from other adjustable rate or graduated equity
mortgages having different characteristics.
In the case of Negatively Amortizing ARMs, if interest rates rise without a
simultaneous increase in the related Scheduled Payment, Deferred Interest and
Negative Amortization may result. However, borrowers may pay amounts in addition
to their Scheduled Payments in order to avoid such Negative Amortization and to
increase tax deductible interest payments. To the extent that any of such
Mortgage Loans negatively amortize over their respective terms, future interest
accruals are computed on the higher outstanding principal balance of such
mortgage loan and a smaller portion of the Scheduled Payment is applied to
principal than would be required to amortize the unpaid principal over its
remaining term. Accordingly, the weighted average life of such Loans will
increase. During a period of declining interest rates, the portion of each
Scheduled Payment in excess of the scheduled interest and principal due will be
applied to reduce the outstanding principal balance of the related Loan, thereby
resulting in accelerated amortization of such Negatively Amortizing ARM. Any
such acceleration in amortization of the principal balance of any Negatively
Amortizing ARM will shorten the weighted average life of such Mortgage Loan. The
application of partial prepayments to reduce the outstanding principal balance
of a Negatively Amortizing ARM will tend to reduce the weighted average life of
the mortgage loan and will adversely affect the yield to Holders who purchased
their Securities at a premium, if any, and Holders of an Interest Weighted
Class. The pooling of Negatively Amortizing ARMs having Rate Adjustment Dates in
different months, together with different initial Mortgage Rates, Maximum
Mortgage Rates, Minimum Mortgage Rates and stated maturity dates, could result
in some Negatively Amortizing ARMs
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which comprise or underlie the Mortgage Assets experiencing negative
amortization while the amortization of other Negatively Amortizing ARMs may be
accelerated.
If the Loans comprising or underlying the Mortgage Assets for a Series
include ARMs that permit the borrower to convert to a long-term fixed interest
rate loan, the Master Servicer, the Servicer, the applicable Seller, the PMBS
Servicer or another party, as applicable, may, if specified in the related
Prospectus Supplement, be obligated to repurchase any Loan so converted. Any
such conversion and repurchase would reduce the average weighted life of the
Securities of the related Series.
Because of the payment terms of Balloon Loans, there is a risk that such
Mortgage Loans, including Multifamily Loans and Additional Collateral Loans,
that require Balloon Payments may default at maturity, or that the maturity of
such Mortgage Loans may be extended in connection with a workout. With respect
to Balloon Loans, payment of the Balloon Payment (which, based on the
amortization schedule of such Mortgage Loans, is expected to be the entire or a
substantial amount of the original principal balance) will generally depend on
the Mortgagor's ability to obtain refinancing of such Mortgage Loans, to sell
the Mortgaged Property prior to the maturity of the Balloon Loan or to otherwise
have sufficient funds to pay such Balloon Payment. The ability to obtain
refinancing will depend on a number of factors prevailing at the time
refinancing or sale is required, including, without limitation, real estate
values, the Mortgagor's financial situation, prevailing mortgage market interest
rates, the Mortgagor's equity in the related Mortgaged Property, tax laws and
prevailing general economic conditions. Unless otherwise specified in the
related Prospectus Supplement, none of the Depositor, the Master Servicer, or
any of their affiliates will be obligated to refinance or repurchase any
Mortgage Loan or to sell the Mortgaged Property.
A GEM Loan provides for scheduled annual increases in the borrower's
Scheduled Payment. Because the additional portion of the Scheduled Payment is
applied to reduce the unpaid principal balance of the GEM Loan, the stated
maturity of a GEM Loan will be significantly shorter than the 25 to 30 year term
used as the basis for calculating the installments of principal and interest
applicable until the first adjustment date.
The prepayment experience with respect to Manufactured Home Loans will
generally not correspond to the prepayment experience on other types of housing
loans.
Foreclosures and Payment Plans. The number of foreclosures and the
principal amount of the Loans comprising or underlying the Mortgage Assets which
are foreclosed in relation to the number of Loans which are repaid in accordance
with their terms will affect the weighted average life of the Loans comprising
or underlying the Mortgage Assets and that of the related Series of Securities.
Servicing decisions made with respect to the Loans, including the use of payment
plans prior to a demand for acceleration and the restructuring of Loans in
bankruptcy proceedings, may also have an impact upon the payment patterns of
particular Loans. In particular, the return to Holders of Securities who
purchased their Securities at a premium, if any, and the yield on an Interest
Weighted Class may be adversely affected by servicing policies and decisions
relating to foreclosures.
Due on Sale Clauses. The acceleration of prepayment as a result of certain
transfers of the Mortgaged Property securing a Loan is another factor affecting
prepayment rates. Whereas FHA Loans are assumable by a purchaser of the
underlying mortgaged property, the Loans constituting or underlying the Mortgage
Assets may include 'due-on-sale' clauses. Except as otherwise described in the
Prospectus Supplement for a Series, the PMBS Servicer of Loans underlying
Private Mortgage-Backed Securities and the Master Servicer or the Servicer of
Loans constituting or underlying the Mortgage Assets for a Series will be
required, to the extent it knows of any conveyance or prospective conveyance of
the related residence by any borrower, to enforce any 'due-on-sale' clause
applicable to the related Loan under the circumstances and in the manner it
enforces such clauses with respect to other similar loans in its portfolio.
Certain of the Multifamily Loans in a Trust Fund may also contain a
due-on-encumbrance clause that entitles the lender to accelerate the maturity of
the Mortgage Loan upon the creation of any other lien or encumbrance upon the
Mortgaged Property. FHA Loans and VA Loans are not permitted to contain
'due-on-sale' clauses and are freely assumable by qualified persons. However, as
homeowners move or default on their housing loans, the Mortgaged Property is
generally sold and the loans prepaid, even though, by their terms, the loans are
not 'due-on-sale' and could have been assumed by new buyers.
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Optional Termination. If so specified in the related Prospectus Supplement,
the entity specified therein may cause an early termination of the related Trust
Fund by its repurchase of the remaining Mortgage Assets therein. See
'Description of the Securities -- Optional Termination.'
THE TRUST FUNDS
GENERAL
The Trust Fund for each Series will be held by the Trustee for the benefit
of the related Securityholders. Each Trust Fund will consist of (a) the Mortgage
Assets; (b) amounts held from time to time in the Collection Account and the
Certificate Account established for such Series; (c) Mortgaged Property which
secured a Loan and which is acquired on behalf of the Securityholders by
foreclosure, deed in lieu of foreclosure or repossession and certain proceeds
from the disposition of any related Additional Collateral; (d) any reserve fund
for such Series, if specified in the related Prospectus Supplement; (e) the
Sub-Servicing Agreements, if any, relating to Loans in the Trust Fund; (f) any
primary mortgage insurance policies relating to Loans in the Trust Fund; (g) any
pool insurance policy, any special hazard insurance policy, any bankruptcy bond
or other credit support relating to the Series; (h) investments held in any fund
or account or any Guaranteed Investment Contract and, if so specified in the
Prospectus Supplement, income from the reinvestment of such funds; and (i) any
other instrument or agreement relating to the Trust Fund and specified in the
related Prospectus Supplement (which may include an interest rate swap agreement
or an interest rate cap agreement or similar agreement issued by a bank,
insurance company or savings and loan association); provided, that if so
specified in the related Prospectus Supplement, certain of the items listed
above may be held outside of the Trust Fund.
To the extent specified in the related Prospectus Supplement, certain
amounts ('Retained Interests') which are received with respect to a Private
Mortgage-Backed Security or Loan comprising the Mortgage Assets for a Series
will not be included in the Trust Fund for such Series, but will be retained by
or payable to the originator, Servicer or seller of such Private Mortgage-Backed
Security or Loan, free and clear of the interest of Securityholders under the
related Agreement.
Mortgage Assets in the Trust Fund for a Series may consist of any
combination of the following to the extent and as specified in the related
Prospectus Supplement: (a) Private Mortgage-Backed Securities, (b) Mortgage
Loans or participation interests therein and Manufactured Home Loans or
participation interests therein or (c) Agency Securities. Loans which comprise
the Mortgage Assets will be purchased by the Depositor directly or through an
affiliate in the open market or in privately negotiated transactions from the
Seller. Some of the Loans may have been originated by an affiliate of the
Depositor. Participation interests in Loans may be purchased by the Depositor,
or an affiliate, pursuant to a participation agreement. See 'The Agreements --
Assignment of Mortgage Assets.'
PRIVATE MORTGAGE-BACKED SECURITIES
General. Private Mortgage-Backed Securities may consist of (a) mortgage
pass-through certificates, evidencing an undivided interest in a pool of Loans,
(b) collateralized mortgage obligations secured by Loans or (c) pass-through
certificates representing beneficial interests in Agency Securities. Private
Mortgage-Backed Securities will have been issued pursuant to a pooling and
servicing agreement, an indenture or similar agreement (a 'PMBS Agreement'). The
seller/servicer of the underlying Loans will have entered into the PMBS
Agreement with the trustee under such PMBS Agreement (the 'PMBS Trustee'). The
PMBS Trustee or its agent, or a custodian, will possess the Loans underlying
such Private Mortgage-Backed Security. Loans underlying a Private
Mortgage-Backed Security will be serviced by a servicer (the 'PMBS Servicer')
directly or by one or more subservicers who may be subject to the supervision of
the PMBS Servicer. The PMBS Servicer will be a FNMA- or FHLMC-approved servicer
and, if FHA Loans underlie the Private Mortgage-Backed Securities, approved by
HUD as a FHA mortgagee.
The issuer of the Private Mortgage-Backed Securities (the 'PMBS Issuer')
will be a financial institution or other entity engaged generally in the
business of mortgage lending, a public agency or instrumentality of a state,
local or federal government, or a limited purpose corporation organized for the
purpose of, among other things, establishing trusts and acquiring and selling
housing loans to such trusts, and selling beneficial interests in such trusts.
If so specified in the Prospectus Supplement, the PMBS Issuer may be the
Depositor or an affiliate of the Depositor. The obligations of the PMBS Issuer
will generally be limited to certain representations and
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warranties with respect to the assets conveyed by it to the related trust.
Unless otherwise specified in the related Prospectus Supplement, the PMBS Issuer
will not have guaranteed any of the assets conveyed to the related trust or any
of the Private Mortgage-Backed Securities issued under the PMBS Agreement.
Additionally, although the Loans underlying the Private Mortgage-Backed
Securities may be guaranteed by an agency or instrumentality of the United
States, the Private Mortgage-Backed Securities themselves will not be so
guaranteed.
Distributions of principal and interest will be made on the Private
Mortgage-Backed Securities on the dates specified in the related Prospectus
Supplement. The Private Mortgage-Backed Securities may be entitled to receive
nominal or no principal distributions or nominal or no interest distributions.
Principal and interest distributions will be made on the Private Mortgage-Backed
Securities by the PMBS Trustee or the PMBS Servicer. The PMBS Issuer or the PMBS
Servicer may have the right to repurchase assets underlying the Private
Mortgage-Backed Securities after a certain date or under other circumstances
specified in the related Prospectus Supplement.
Underlying Loans. The Loans underlying the Private Mortgage-Backed
Securities may consist of fixed rate, level payment, fully amortizing Loans or
Additional Collateral Loans, GEM Loans, GPM Loans, Balloon Loans, Buy-Down
Loans, Bi-Weekly Loans, ARMs, or Loans having other special payment features.
Loans may be secured by Single Family Property, Multifamily Property,
Manufactured Homes, or, in the case of Cooperative Loans, by an assignment of
the proprietary lease or occupancy agreement relating to a Cooperative Dwelling
and the shares issued by the related cooperative. Except as otherwise specified
in the related Prospectus Supplement, (i) no Loan will have had a Loan-to-Value
Ratio at origination in excess of 95%, (ii) each Mortgage Loan secured by Single
Family Property and having a Loan-to-Value Ratio in excess of 80% at origination
will be covered by a primary mortgage insurance policy, (iii) each Loan will
have had an original term to stated maturity of not less than 10 years and not
more than 40 years, (iv) no Loan that was more than 30 days delinquent as to the
payment of principal or interest will have been eligible for inclusion in the
assets under the related PMBS Agreement, (v) each Loan (other than a Cooperative
Loan) will be required to be covered by a standard hazard insurance policy
(which may be a blanket policy), and (vi) each Loan (other than a Cooperative
Loan or a Loan secured by a Manufactured Home) will be covered by a title
insurance policy.
Credit Support Relating to Private Mortgage-Backed Securities. Credit
support in the form of reserve funds, subordination of other private mortgage
certificates issued under the PMBS Agreement, overcollateralization, letters of
credit, insurance policies or other types of credit support may be provided with
respect to the Loans underlying the Private Mortgage-Backed Securities or with
respect to the Private Mortgage-Backed Securities themselves. The type,
characteristics and amount of credit support, if any, will be a function of
certain characteristics of the Loans and other factors and will have been
established for the Private Mortgage-Backed Securities on the basis of
requirements of the rating agencies which initially assigned a rating to the
Private Mortgage-Backed Securities.
Additional Information. The Prospectus Supplement for a Series for which
the Trust Fund includes Private Mortgage-Backed Securities will specify (i) the
aggregate approximate principal amount and type of the Private Mortgage-Backed
Securities to be included in the Trust Fund, (ii) certain characteristics of the
Loans which comprise the underlying assets for the Private Mortgage-Backed
Securities including (A) the payment features of such Loans (i.e., whether they
are fixed rate or adjustable rate and whether they provide for fixed level
payments or other payment features), (B) the approximate aggregate principal
balance, if known, of underlying Loans insured or guaranteed by a governmental
entity, (C) the servicing fee or range of servicing fees with respect to the
Loans, and (D) the minimum and maximum stated maturities of the underlying Loans
at origination, (iii) the maximum original term-to-stated maturity of the
Private Mortgage-Backed Securities, (iv) the weighted average term-to-stated
maturity of the Private Mortgage-Backed Securities, (v) the note interest rate,
pass-through or certificate rate or ranges thereof for the Private
Mortgage-Backed Securities, (vi) the weighted average note interest rate,
pass-through or certificate rate of the Private Mortgage-Backed Securities,
(vii) the PMBS Issuer, the PMBS Servicer (if other than the PMBS Issuer) and the
PMBS Trustee for such Private Mortgage-Backed Securities, (viii) certain
characteristics of credit support, if any, such as reserve funds, insurance
policies, letters of credit or guarantees relating to the Loans underlying the
Private Mortgage-Backed Securities or to such Private Mortgage-Backed Securities
themselves, (ix) the terms on which the underlying Loans for such Private
Mortgage-Backed Securities may, or are required to, be purchased prior to their
stated maturity or the stated maturity of the Private Mortgage-Backed Securities
and (x) the terms on which Loans may be substituted for those originally
underlying the Private Mortgage-Backed Securities.
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THE AGENCY SECURITIES
All of the Agency Securities will be registered in the name of the Trustee
or its nominee or, in the case of Agency Securities issued only in book-entry
form, a financial intermediary (which may be the Trustee) that is a member of
the Federal Reserve System or of a clearing corporation on the books of which
the security is held. Each Agency Security will evidence an interest in a pool
of mortgage loans and/or cooperative loans and/or in principal distributions and
interest distributions thereon.
The descriptions of GNMA, FHLMC and FNMA Certificates that are set forth
below are descriptions of certificates representing proportionate interests in a
pool of mortgage loans and in the payments of principal and interest thereon.
GNMA, FHLMC or FNMA may also issue mortgage-backed securities representing a
right to receive distributions of interest only or principal only or
disproportionate distributions of principal or interest or to receive
distributions of principal and/or interest prior or subsequent to distributions
on other certificates representing interests in the same pool of mortgage loans.
In addition, any of such issuers may issue certificates representing interests
in mortgage loans having characteristics that are different from the types of
mortgage loans described below. The terms of any such certificates to be
included in a Trust Fund (and of the underlying mortgage loans) will be
described in the related Prospectus Supplement, and the descriptions that follow
are subject to modification as appropriate to reflect the terms of any such
certificates that are actually included in a Trust Fund.
GNMA. GNMA is a wholly-owned corporate instrumentality of the United States
within HUD. Section 306(g) of Title III of the National Housing Act of 1934, as
amended (the 'Housing Act'), authorizes GNMA to guarantee the timely payment of
the principal of and interest on certificates representing interests in a pool
of mortgages (i) insured by the FHA, under the Housing Act or under Title V of
the Housing Act of 1949, or (ii) partially guaranteed by the VA under the
Servicemen's Readjustment Act of 1944, as amended, or under Chapter 37 of Title
38, United States Code.
Section 306(g) of the Housing Act provides that 'the full faith and credit
of the United States is pledged to the payment of all amounts which may be
required to be paid under any guarantee under this subsection.' In order to meet
its obligations under any such guarantee, GNMA may, under Section 306(d) of the
Housing Act, borrow from the United States Treasury an amount that is at any
time sufficient to enable GNMA to perform its obligations under its guarantee.
See 'Additional Information' for the availability of further information
regarding GNMA and GNMA Certificates.
GNMA Certificates. Unless otherwise specified in the related Prospectus
Supplement, each GNMA Certificate relating to a Series (which may be a 'GNMA I
Certificate' or a 'GNMA II Certificate' as referred to by GNMA) will be a 'fully
modified pass-through' mortgage-backed certificate issued and serviced by a
mortgage banking company or other financial concern approved by GNMA, except
with respect to any stripped mortgage-backed securities guaranteed by GNMA or
any REMIC securities issued by GNMA. The characteristics of any GNMA
Certificates included in the Trust Fund for a Series of Certificates will be set
forth in the related Prospectus Supplement.
FHLMC. FHLMC is a corporate instrumentality of the United States created
pursuant to Title III of the Emergency Home Finance Act of 1970, as amended (the
'FHLMC Act'). FHLMC was established primarily for the purpose of increasing the
availability of mortgage credit for the financing of needed housing. The
principal activity of FHLMC currently consists of purchasing first-lien,
conventional, residential mortgage loans or participation interests in such
mortgage loans and reselling the mortgage loans so purchased in the form of
guaranteed mortgage securities, primarily FHLMC Certificates. In 1981, FHLMC
initiated its Home Mortgage Guaranty Program under which it purchases mortgage
loans from sellers with FHLMC Certificates representing interests in the
mortgage loans so purchased. All mortgage loans purchased by FHLMC must meet
certain standards set forth in the FHLMC Act. FHLMC is confined to purchasing,
so far as practicable, mortgage loans that it deems to be of such quality and
type as to meet generally the purchase standards imposed by private
institutional mortgage investors. See 'Additional Information' for the
availability of further information regarding FHLMC and FHLMC Certificates.
Neither the United States nor any agency thereof is obligated to finance FHLMC's
operations or to assist FHLMC in any other manner.
FHLMC Certificates. Unless otherwise specified in the related Prospectus
Supplement, each FHLMC Certificate relating to a Series will represent an
undivided interest in a pool of mortgage loans that typically
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consists of conventional loans (but may include FHA Loans and VA Loans)
purchased by FHLMC, except with respect to any stripped mortgage-backed
securities issued by FHLMC. Each such pool will consist of mortgage loans (i)
substantially all of which are secured by one- to four-family residential
properties or (ii) if specified in the related Prospectus Supplement, are
secured by five or more family residential properties. The characteristics of
any FHLMC Certificates included in the Trust Fund for a Series of Certificates
will be set forth in the related Prospectus Supplement.
FNMA. FNMA is a federally chartered and privately owned corporation
organized and existing under the Federal National Mortgage Association Charter
Act (12 U.S.C. 'SS' 1716 et seq.). It is the nation's largest supplier of
residential mortgage funds. FNMA was originally established in 1938 as a United
States government agency to provide supplemental liquidity to the mortgage
market and was transformed into a stockholder-owned and privately managed
corporation by legislation enacted in 1968. FNMA provides funds to the mortgage
market primarily by purchasing home mortgage loans from local lenders, thereby
replenishing their funds for additional lending. See 'Additional Information'
for the availability of further information respecting FNMA and FNMA
Certificates. Although the Secretary of the Treasury of the United States has
authority to lend FNMA up to $2.25 billion outstanding at any time, neither the
United States nor any agency thereof is obligated to finance FNMA's operations
or to assist FNMA in any other manner.
FNMA Certificates. Unless otherwise specified in the related Prospectus
Supplement, each FNMA Certificate relating to a Series will represent a
fractional undivided interest in a pool of mortgage loans formed by FNMA, except
with respect to any stripped mortgage-backed securities issued by FNMA. Mortgage
loans underlying FNMA Certificates will consist of (i) fixed, variable or
adjustable rate conventional mortgage loans or (ii) fixed-rate FHA Loans or VA
Loans. Such mortgage loans may be secured by either one- to four-family or
multi-family residential properties. The characteristics of any FNMA
Certificates included in the Trust Fund for a Series of Certificates will be set
forth in the related Prospectus Supplement.
THE MORTGAGE LOANS
The Trust Fund for a Series may consist of Mortgage Loans or participation
interests therein. Mortgage Loans comprising the Mortgage Assets and Mortgage
Loans in which participation interests are conveyed to the Trustee are both
referred to herein as the 'Mortgage Loans.' If so specified in the related
Prospectus Supplement, the Mortgage Loans will have been originated by mortgage
lenders which are FNMA- or FHLMC-approved seller/servicers or by their
wholly-owned subsidiaries, and, in the case of FHA Loans, approved by HUD as an
FHA mortgagee. Some of the Mortgage Loans may have been originated by an
affiliate of the Depositor. The Mortgage Loans may include Conventional Loans,
FHA Loans or VA Loans. The Mortgage Loans may have fixed interest rates or
adjustable interest rates and may provide for fixed level payments or may be
Additional Collateral Loans, GPM Loans, GEM Loans, Balloon Loans, Buy-Down
Loans, Bi-Weekly Loans or Mortgage Loans with other payment characteristics as
described below and under 'Yield, Prepayment and Maturity Considerations' herein
or in the related Prospectus Supplement. ARMs may have a feature which permits
the borrower to convert the rate thereon to a long-term fixed rate. The Mortgage
Loans may be secured by mortgages or deeds of trust or other similar security
instruments creating a first lien or a junior lien on Mortgaged Property. The
Mortgage Loans may also include Cooperative Loans evidenced by promissory notes
secured by a lien on the shares issued by private, non-profit, cooperative
housing corporations and on the related proprietary leases or occupancy
agreements granting exclusive rights to occupy specific Cooperative Dwellings.
The Mortgage Loans may also include Condominium Loans secured by a Mortgage on a
Condominium Unit together with such Condominium Unit's appurtenant interest in
the common elements.
The Mortgaged Properties may include Single Family Property (i.e., one- to
four-family residential housing, including Condominium Units, and Cooperative
Dwellings) or Multifamily Property (i.e., multifamily residential rental
properties or cooperatively-owned properties consisting of five or more dwelling
units). The Mortgaged Properties may consist of detached individual dwellings,
individual condominiums, townhouses, duplexes, row houses, individual units in
planned unit developments and other attached dwelling units. Multifamily
Property may include mixed commercial and residential structures. Each Single
Family Property and Multifamily Property will be located on land owned in fee
simple by the borrower or on land leased by the borrower. The fee interest in
any leased land will be subject to the lien securing the related Mortgage Loan.
Attached dwellings may include owner-occupied structures where each borrower
owns the land upon which the unit is built, with the remaining adjacent land
owned in common or dwelling units subject to a proprietary lease
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or occupancy agreement in a cooperatively owned apartment building. The
proprietary lease or occupancy agreement securing a Cooperative Loan is
generally subordinate to any blanket mortgage on the related cooperative
apartment building and/or on the underlying land. Additionally, in the case of a
Cooperative Loan, the proprietary lease or occupancy agreement is subject to
termination and the cooperative shares are subject to cancellation by the
cooperative if the tenant-stockholder fails to pay maintenance or other
obligations or charges owed by such tenant-stockholder. See 'Certain Legal
Aspects of Loans.'
If specified in the related Prospectus Supplement, certain of the mortgage
pools may contain Mortgage Loans secured by junior liens, and the related senior
liens ('Senior Liens') may not be included in the mortgage pool. The primary
risk to holders of Mortgage Loans secured by junior liens is the possibility
that adequate funds will not be received in connection with a foreclosure of the
related Senior Liens to satisfy fully both the Senior Liens and the Mortgage
Loan. In the event that a holder of a Senior Lien forecloses on a Mortgaged
Property, the proceeds of the foreclosure or similar sale will be applied first
to the payment of court costs and fees in connection with the foreclosure,
second to real estate taxes, third in satisfaction of all principal, interest,
prepayment or acceleration penalties, if any, and any other sums due and owing
to the holder of the Senior Liens. The claims of the holders of the Senior Liens
will be satisfied in full out of proceeds of the liquidation of the Mortgage
Loan, if such proceeds are sufficient, before the Trust Fund as holder of the
junior lien receives any payments in respect of the Mortgage Loan. If the Master
Servicer were to foreclose on any Mortgage Loan, it would do so subject to any
related Senior Liens. In order for the debt related to the Mortgage Loan to be
paid in full at such sale, a bidder at the foreclosure sale of such Mortgage
Loan would have to bid an amount sufficient to pay off all sums due under the
Mortgage Loan and the Senior Liens or purchase the Mortgaged Property subject to
the Senior Liens. In the event that such proceeds from a foreclosure or similar
sale of the related Mortgaged Property are insufficient to satisfy all Senior
Liens and the Mortgage Loan in the aggregate, the Trust Fund, as the holder of
the junior lien, and, accordingly, holders of one or more Classes of the
Securities bear (i) the risk of delay in distributions while a deficiency
judgment against the borrower is obtained and (ii) the risk of loss if the
deficiency judgment is not realized upon. Moreover, deficiency judgments may not
be available in certain jurisdictions. In addition, a junior mortgagee may not
foreclose on the property securing a junior mortgage unless it forecloses
subject to the senior mortgages.
Liquidation expenses with respect to defaulted junior mortgage loans do not
vary directly with the outstanding principal balance of the loan at the time of
default. Therefore, assuming that the Master Servicer took the same steps in
realizing upon a defaulted junior mortgage loan having a small remaining
principal balance as it would in the case of a defaulted junior mortgage loan
having a large remaining principal balance, the amount realized after expenses
of liquidation would be smaller as a percentage of the outstanding principal
balance of the small junior mortgage loan than would be the case with the
defaulted junior mortgage loan having a large remaining principal balance.
Because the average outstanding principal balance of the Mortgage Loans is
smaller relative to the size of the average outstanding principal balance of the
loans in a typical pool of first priority mortgage loans, liquidation proceeds
may also be smaller as a percentage of the principal balance of a Mortgage Loan
than would be the case in a typical pool of first priority mortgage loans.
If specified in the related Prospectus Supplement, a Trust Fund will
contain Additional Collateral Loans. Unless otherwise specified in the related
Prospectus Supplement, the security agreements and other similar security
instruments related to the Additional Collateral for the Loans in a Trust Fund
will, in the case of Additional Collateral consisting of personal property,
create first liens thereon, and, in the case of Additional Collateral consisting
of real estate, create first or junior liens thereon. Additional Collateral, or
the liens thereon in favor of the related Additional Collateral Loans, may be
greater or less in value than the principal balances of such Additional
Collateral Loans, the Appraised Values of the underlying Mortgaged Properties or
the differences, if any, between such principal balances and such Appraised
Values, and the requirements that Additional Collateral be maintained may be
terminated upon the reduction of the Loan-to-Value Ratios or principal balances
of the related Additional Collateral Loans to certain pre-determined amounts.
Additional Collateral (including any related third-party guarantees) may be
provided either in addition to or in lieu of primary mortgage insurance policies
for the Additional Collateral Loans in a Trust Fund, as specified in the related
Prospectus Supplement. Guarantees supporting Additional Collateral Loans may be
guarantees of payment or guarantees of collectability and may be full guarantees
or limited guarantees. If a Trust Fund includes Additional Collateral Loans, the
related Prospectus Supplement will specify the nature and extent of such
Additional Collateral Loans and of the related Additional Collateral. If
specified in such Prospectus Supplement, the Trustee, on behalf of the related
Securityholders, will have only the right to receive certain
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proceeds from the disposition of any such Additional Collateral consisting of
personal property and the liens thereon will not be assigned to the Trustee. No
assurance can be given as to the amount of proceeds, if any, that might be
realized from the disposition of the Additional Collateral for any of the
Additional Collateral Loans. See 'Certain Legal Aspects of
Loans -- Anti-Deficiency Legislation and Other Limitations on Lenders' herein.
Additional Collateral Loans may include Nest Egg Mortgage LoansSM. Such
Mortgage Loans are interest-only Mortgage Loans for an initial period specified
in the related Prospectus Supplement. If the related Mortgagor pledges an
eligible life insurance policy as Additional Collateral after such initial
period, the Mortgagor will continue to make interest-only payments with respect
to the Mortgage Loan until the final scheduled payment on such Mortgage Loan, as
described in the Prospectus Supplement.
The percentage of Mortgage Loans which are owner-occupied will be disclosed
in the related Prospectus Supplement. Unless otherwise specified in the
Prospectus Supplement, the sole basis for a representation that a given
percentage of the Mortgage Loans are secured by Single Family Property that is
owner-occupied will be either (i) the making of a representation by the
Mortgagor at origination of the Mortgage Loan either that the underlying
Mortgaged Property will be used by the borrower for a period of at least six
months every year or that the borrower intends to use the Mortgaged Property as
a primary residence, or (ii) a finding that the address of the underlying
Mortgaged Property is the borrower's mailing address as reflected in the
Servicer's records. To the extent specified in the related Prospectus
Supplement, the Mortgaged Properties may include non-owner occupied investment
properties and vacation and second homes. Mortgage Loans secured by investment
properties and Multifamily Property may also be secured by an assignment of
leases and rents and operating or other cash flow guarantees relating to the
Loans to the extent specified in the related Prospectus Supplement.
The characteristics of the Mortgage Loans comprising or underlying the
Mortgage Assets for a Series may vary to the extent that credit support is
provided in levels satisfactory to the Rating Agency which assigns a rating to a
Series of Securities. Unless otherwise specified in the related Prospectus
Supplement for a Series, the following selection criteria shall apply with
respect to the Mortgage Loans comprising the Mortgage Assets:
(a) no Mortgage Loan will have had a Loan-to-Value Ratio at
origination in excess of 95%;
(b) no Mortgage Loan that is a Conventional Loan secured by a Single
Family Property may have a Loan-to-Value Ratio in excess of 80%, unless
covered by a primary mortgage insurance policy as described herein;
(c) each Mortgage Loan must have an original term to maturity of not
less than 10 years and not more than 40 years;
(d) no Mortgage Loan may be included which, as of the Cut-off Date,
is more than 30 days delinquent as to payment of principal or interest; and
(e) no Mortgage Loan (other than a Cooperative Loan) may be included
unless a title insurance policy and a standard hazard insurance policy
(which may be a blanket policy) is in effect with respect to the Mortgaged
Property securing such Mortgage Loan.
Each Mortgage Loan will be selected by the Depositor for inclusion in a
Trust Fund from among those purchased by the Depositor, either directly or
through its affiliates, from a Seller or Sellers. The related Prospectus
Supplement will specify the extent of Mortgage Loans so acquired. Other mortgage
loans available for purchase by the Depositor may have characteristics which
would make them eligible for inclusion in a Trust Fund but were not selected for
inclusion in such Trust Fund.
Unless otherwise specified in the related Prospectus Supplement, the
Mortgage Loans to be included in a Trust Fund will be delivered either directly
or indirectly to the Depositor by one or more Sellers identified in the related
Prospectus Supplement, concurrently with the issuance of the related Series of
Securities (a 'Designated Seller Transaction'). Such Securities may be sold in
whole or in part to any such Seller in exchange for the related Mortgage Loans,
or may be offered under any of the other methods described herein under 'Methods
of Distribution.' The related Prospectus Supplement for a Trust Fund composed of
Mortgage Loans acquired by the Depositor pursuant to a Designated Seller
Transaction will generally include information, provided by the related Seller,
about the Seller, the Mortgage Loans and the underwriting standards applicable
to the Mortgage Loans. Neither the Depositor nor any of its affiliates (other
than the Seller, if applicable) will make any representation or warranty with
respect to such Mortgage Loans, or any representation as to the accuracy or
completeness of such information provided by the Seller and no assurances are
made as to any such Seller's
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financial strength, stability or wherewithal to honor its repurchase obligations
for breaches of representations and warranties or otherwise honor its
obligations.
The Depositor will not require that a standard hazard or flood insurance
policy be maintained for any Cooperative Loan. Generally, the cooperative itself
is responsible for maintenance of hazard insurance for the property owned by the
cooperative and the tenant-stockholders of that cooperative do not maintain
individual hazard insurance policies. To the extent, however, a cooperative and
the related borrower on a Cooperative Note do not maintain such insurance or do
not maintain adequate coverage or any insurance proceeds are not applied to the
restoration of the damaged property, damage to such borrower's Cooperative
Dwelling or such cooperative's building could significantly reduce the value of
the collateral securing such Cooperative Note.
The initial Loan-to-Value Ratio of any Mortgage Loan represents the ratio
of the principal amount of the Mortgage Loan at origination, plus in the case of
a Mortgage Loan secured by a junior lien, the principal amount of the related
Senior Lien, to the Appraised Value of such Mortgaged Property.
Unless otherwise specified in the related Prospectus Supplement, with
respect to Buy-Down Loans, during the period (the 'Buy-Down Period') when the
borrower is not obligated to pay the full Scheduled Payment otherwise due on
such loan, each of the Buy-Down Loans will provide for Scheduled Payments based
on a hypothetical reduced interest rate (the 'Buy-Down Mortgage Rate') that will
not have been more than 3% below the mortgage rate at origination, and for
annual increases in the Buy-Down Mortgage Rate during the Buy-Down Period that
will not exceed 1%. The Buy-Down Period will not exceed three years. Unless
specified otherwise in the related Prospectus Supplement, the maximum amount of
funds ('Buy-Down Amounts') that may be contributed by the Servicer of the
related Buy-Down Loan is limited to 6% of the Appraised Value of the related
Mortgaged Property. This limitation does not apply to contributions from
immediate relatives or the employer of the mortgagor. Except as may be otherwise
indicated in the related Prospectus Supplement, the borrower under each Buy-Down
Loan will have been qualified at a mortgage rate which is not more than 3% per
annum below the current mortgage rate at origination. Accordingly, the repayment
of a Buy-Down Loan is dependent on the ability of the borrower to make larger
Scheduled Payments after the Buy-Down Amounts have been depleted and, for
certain Buy-Down Loans, while such Buy-Down Amounts are being depleted.
Unless otherwise specified in the related Prospectus Supplement, with
respect to Multifamily Loans, (a) no Mortgage Loan will have been delinquent for
more than 30 days within the 12-month period ending with the Cut-off Date, (b)
no more than two payments will have been 30 days or more delinquent during a
three-year period ending on the Cut-off Date, (c) Mortgage Loans with respect to
any single borrower will not exceed 5% of the aggregate principal balance of the
Loans comprising the Mortgage Assets as of the Cut-off Date, and (d) the debt
service coverage ratio with respect to each Mortgage Loan (calculated as
described in the related Prospectus Supplement) will not be less than 11:1.
Unless otherwise specified in the related Prospectus Supplement, the
Bi-Weekly Loans will consist of fixed-rate, bi-weekly payment, conventional,
fully-amortizing Mortgage Loans payable on every other Friday during the term
thereof and secured by first mortgages on one- to four-family residential
properties.
Unless otherwise specified in the related Prospectus Supplement, ARMs will
provide for a fixed initial mortgage rate for either the first six or twelve
Scheduled Payments. Thereafter, the Mortgage Rates are subject to periodic
adjustment based, subject to the applicable limitations, on changes in the
relevant Index described in the applicable Prospectus Supplement, to a rate
equal to the Index plus the Gross Margin, which is a fixed percentage spread
over the Index established contractually for each ARM, at the time of its
origination. An ARM may be convertible into a fixed-rate Mortgage Loan. To the
extent specified in the related Prospectus Supplement, any ARM so converted may
be subject to repurchase by the Seller, the Servicer or the Master Servicer.
ARMs have features that can cause payment increases that some borrowers may
find difficult to make. However, each of the ARMs provides that its mortgage
rate may not be adjusted to a rate above the applicable lifetime mortgage rate
cap (the 'Maximum Mortgage Rate') or below the applicable lifetime minimum
mortgage rate (the 'Minimum Mortgage Rate'), if any, for such ARM. In addition,
certain of the ARMs provide for limitations on the maximum amount by which their
mortgage rates may adjust for any single adjustment period (the 'Periodic Rate
Cap'). Some ARMs are payable in self-amortizing payments of principal and
interest. Other ARMs ('Negatively Amortizing ARMs') instead provide for
limitations on changes in the Scheduled Payment on such ARMs to protect
borrowers from payment increases due to rising interest rates.
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Such limitations can result in Scheduled Payments which are greater or less than
the amount necessary to amortize a Negatively Amortizing ARM by its original
maturity at the mortgage rate in effect during any particular adjustment period.
In the event that the Scheduled Payment is not sufficient to pay the interest
accruing on a Negatively Amortizing ARM, then the Deferred Interest is added to
the principal balance of such ARM causing the negative amortization thereof, and
will be repaid through future Scheduled Payments. If specified in the related
Prospectus Supplement, Negatively Amortizing ARMs may provide for the extension
of their original stated maturity to accommodate changes in their mortgage rate.
The relevant Prospectus Supplement will specify whether the ARMs comprising or
underlying the Mortgage Assets are Negatively Amortizing ARMs.
If applicable, the Prospectus Supplement for each Series will specify the
Index to be used with respect to any Mortgage Loans underlying such Series.
The related Prospectus Supplement for each Series will provide information
with respect to the Mortgage Loans as of the Cut-off Date, generally including,
among other things, (a) the aggregate outstanding principal balance of the
Mortgage Loans; (b) the weighted average mortgage rate on the Mortgage Loans,
and, in the case of ARMs, the weighted average of the current mortgage rates and
the Maximum Mortgage Rates, if any; (c) the average outstanding principal
balance of the Mortgage Loans; (d) the weighted average remaining term-to-stated
maturity of the Mortgage Loans and the range of remaining terms-to-stated
maturity; (e) the range of Loan-to-Value Ratios of the Mortgage Loans; (f) the
relative percentage (by outstanding principal balance as of the Cut-off Date) of
Mortgage Loans that are Additional Collateral Loans, ARMs, Balloon Loans,
Buy-Down Loans, GEM Loans, GPM Loans, Cooperative Loans, Conventional Loans,
Bi-Weekly Loans, FHA Loans and VA Loans, (g) the percentage of Mortgage Loans
(by outstanding principal balance as of the Cut-off Date) that are covered by
primary mortgage insurance policies; (h) any pool insurance policy, special
hazard insurance policy or bankruptcy bond or other credit support relating to
the Mortgage Loans; (i) the geographic distribution of the Mortgaged Properties
securing the Mortgage Loans, (j) the percentage of Mortgage Loans (by principal
balance as of the Cut-off Date) that are secured by Single Family Property,
Multifamily Property, Cooperative Dwellings, investment property and vacation or
second homes and (k) with respect to Mortgage Loans secured by a junior lien,
the amount of the related Senior Liens. The related Prospectus Supplement will
also specify any other limitations on the types or characteristics of Mortgage
Loans which may comprise or underlie the Mortgage Assets for a Series.
If information of the nature described above respecting the Mortgage Loans
is not known to the Depositor at the time the Securities are initially offered,
more general information of the nature described above will be provided in the
Prospectus Supplement and the final specific information will be set forth in a
Current Report on Form 8-K to be available to investors on the date of issuance
of the related Series and to be filed, together with the related Pooling and
Servicing Agreement, with respect to each Series of Certificates, or the related
Servicing Agreement, Owner Trust Agreement and Indenture, with respect to each
Series of Notes, with the Commission within 15 days after the initial issuance
of such Securities.
THE MANUFACTURED HOME LOANS
The Manufactured Home Loans comprising or underlying the Mortgage Assets
for a Series of Securities will consist of manufactured housing conditional
sales contracts and installment loan agreements originated by a manufactured
housing dealer in the ordinary course of business and purchased by the
Depositor. Each Manufactured Home Loan will have been originated by a bank or
savings institution which is a FNMA- or FHLMC-approved seller/servicer or by any
financial institution approved for insurance by the Secretary of Housing and
Urban Development pursuant to Section 2 of the National Housing Act.
The Manufactured Home Loans may be Conventional Loans, FHA Loans or VA
Loans. Each Manufactured Home Loan will be secured by a Manufactured Home.
Unless otherwise specified in the related Prospectus Supplement, the
Manufactured Home Loans will be fully amortizing and will bear interest at a
fixed interest rate.
Unless otherwise specified in the related Prospectus Supplement for a
Series, the Manufactured Homes securing the Manufactured Home Loans consist of
manufactured homes within the meaning of 42 United States Code, Section 5402(6).
In addition, unless otherwise specified in the related Prospectus Supplement for
a Series,
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the following restrictions apply with respect to Manufactured Home Loans
comprising or underlying the Mortgage Assets for a Series:
(a) no Manufactured Home Loan will have had a Loan-to-Value Ratio at
origination in excess of 95%;
(b) each Manufactured Home Loan must have an original term to maturity
of not less than three years and not more than 25 years;
(c) no Manufactured Home Loan may be more than 30 days delinquent as
to payment of principal or interest as of the Cut-off Date; and
(d) each Manufactured Home Loan must have, as of the Cut-off Date, a
standard hazard insurance policy (which may be a blanket policy) in effect
with respect thereto.
The initial Loan-to-Value Ratio of any Manufactured Home Loan represents
the ratio of the principal amount of the Manufactured Home Loan at origination
to the Appraised Value of such Manufactured Home. With respect to underwriting
of Manufactured Home Loans, see 'Loan Underwriting Procedures and Standards.'
With respect to servicing of Manufactured Home Loans, see 'Servicing of Loans.'
The related Prospectus Supplement for each Series will provide information
with respect to the Manufactured Home Loans comprising the Mortgage Assets as of
the Cut-off Date, including, among other things, (a) the aggregate outstanding
principal balance of the Manufactured Home Loans comprising or underlying the
Mortgage Assets; (b) the weighted average interest rate on the Manufactured Home
Loans; (c) the average outstanding principal balance of the Manufactured Home
Loans; (d) the weighted average remaining scheduled term to maturity of the
Manufactured Home Loans and the range of remaining scheduled terms to maturity;
(e) the range of Loan-to-Value Ratios of the Manufactured Home Loans; (f) the
relative percentages (by principal balance as of the Cut-off Date) of
Manufactured Home Loans that were made on new Manufactured Homes and on used
Manufactured Homes; (g) any pool insurance policy, special hazard insurance
policy or bankruptcy bond or other credit support relating to the Manufactured
Home Loans; and (h) the distribution by state of Manufactured Homes securing the
Loans. The related Prospectus Supplement will also specify any other limitations
on the types or characteristics of Manufactured Home Loans which may be included
in the Mortgage Assets for a Series.
If information of the nature specified above respecting the Manufactured
Home Loans is not known to the Depositor at the time the Securities are
initially offered, more general information of the nature described above will
be provided in the Prospectus Supplement and the final specific information will
be set forth in a Current Report on Form 8-K to be available to investors on the
date of issuance of the related Series and to be filed with the Commission
within 15 days after the initial issuance of such Securities.
COLLECTION ACCOUNT AND CERTIFICATE ACCOUNT
Unless otherwise specified in the related Prospectus Supplement, a separate
Collection Account for each Series will be established by the Master Servicer in
the name of the Trustee for deposit of all distributions received with respect
to the Mortgage Assets for such Series, all Advances (other than Advances
deposited into the Certificate Account), the amount of cash to be initially
deposited therein, if any, reinvestment income thereon and certain other amounts
required to be deposited therein pursuant to the related Pooling and Servicing
Agreement or the related Servicing Agreement and Indenture. Unless otherwise
specified in the related Prospectus Supplement or related Agreement, any
reinvestment income or other gain from investments of funds in the Collection
Account will be credited to such Collection Account, and any loss resulting from
such investments will be charged to such Collection Account. Such reinvestment
income may, however, be payable to the Master Servicer or to a Servicer as
additional servicing compensation. See 'Servicing of Loans' and 'The
Agreements -- Investment of Funds.' In such a case, such reinvestment income
would not be included in calculation of the Available Distribution Amount. See
'Description of the Securities -- Distributions on the Securities.'
Funds on deposit in the Collection Account will be available for deposit
into the Certificate Account for certain payments provided for in the related
Pooling and Servicing Agreement or the related Servicing Agreement and
Indenture. Unless otherwise specified in the Prospectus Supplement or the
related Agreement, amounts in the Collection Account constituting reinvestment
income which is payable to the Master Servicer as additional servicing
compensation or for the reimbursement of advances or expenses, amounts in
respect of any
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Servicing Fee, Retained Interest, and amounts to be deposited into any reserve
fund will not be included in determining amounts to be remitted to the Trustee
for deposit into the Certificate Account.
A separate Certificate Account will be established by the Trustee or, if so
specified in the related Prospectus Supplement, by the Master Servicer, in
either case in the name of the Trustee for the benefit of the Securityholders
into which all funds received from the Master Servicer and all required
withdrawals from any reserve funds and any draws on any Financial Guarantee
Insurance for such Series will be deposited, pending distribution to the
Securityholders. Unless otherwise specified in the related Prospectus
Supplement, any reinvestment income or other gain from investments of funds in
the Certificate Account will be credited to the Certificate Account and any loss
resulting from such investments will be charged to such Certificate Account.
Such reinvestment income, may, however, be payable to the Master Servicer or the
Trustee as additional servicing compensation. On each Distribution Date, all
funds on deposit in the Certificate Account, subject to certain permitted
withdrawals by the Trustee as set forth in the related Agreement, will be
available for remittance to the Securityholders; provided that, if it is
specified in the related Prospectus Supplement that the Certificate Account will
be maintained by the Master Servicer in the name of the Trustee, then, prior to
each Distribution Date, funds in the Certificate Account will be transferred to
a separate account established by and in the name of the Trustee from which the
funds on deposit therein will, subject to permitted withdrawals by the Trustee
as specified above, be available for remittance to the Securityholders. See also
'The Agreements -- Certificate Account' herein.
OTHER FUNDS OR ACCOUNTS
A Trust Fund may include certain other funds and accounts or a security
interest in certain funds and accounts for the purpose of, among other things,
paying certain administrative fees and expenses of the Trust Fund and
accumulating funds pending their distribution. If so specified in the related
Prospectus Supplement, certain funds may be established with the Trustee with
respect to Buy-Down Loans, GPM Loans, or other Loans having special payment
features included in the Trust Fund in addition to or in lieu of any such
similar funds to be held by the Servicer. See 'Servicing of Loans -- Payments on
Loans; Deposits to Collection Accounts.' If Private Mortgage-Backed Securities
are backed by GPM Loans and the value of a Multiple Class Series is determined
on the basis of the scheduled maximum principal balance of the GPM Loans, a GPM
Fund will be established which will be similar to that which would be
established if GPM Loans constituted the Mortgage Assets. See 'Servicing of
Loans -- Payments on Loans; Deposits to Collection Accounts' herein. Other
similar accounts may be established as specified in the related Prospectus
Supplement.
LOAN UNDERWRITING PROCEDURES AND STANDARDS
UNDERWRITING STANDARDS
The Depositor expects that all Loans comprising the Mortgage Assets for a
Series will have been originated in accordance with the underwriting procedures
and standards described herein, except as otherwise set forth in the related
Prospectus Supplement.
The Seller of the Loans (or other entity specified in the related
Prospectus Supplement, which may be the originator) will make representations
and warranties concerning compliance with such underwriting procedures and
standards. Additionally, unless otherwise specified in the related Prospectus
Supplement, all or a sample of the Loans comprising Mortgage Assets for a Series
will be reviewed by or on behalf of the Depositor to determine compliance with
such underwriting standards and procedures and compliance with other
requirements for inclusion in the Trust Fund.
Mortgage Loans will have been originated by a savings and loan association,
savings bank, commercial bank, credit union, insurance company or similar
institution which is supervised and examined by a federal or state authority or
by a mortgagee approved by the Secretary of Housing and Urban Development
pursuant to Sections 203 and 211 of the National Housing Act or a wholly-owned
subsidiary thereof. Manufactured Home Loans may have been originated by such
institutions or by a financial institution approved for insurance by the
Secretary of Housing and Urban Development pursuant to Section 2 of the National
Housing Act. Except as otherwise set forth in the related Prospectus Supplement
for a Series of Securities, the originator of a Loan will have applied
underwriting procedures intended to evaluate the borrower's credit standing and
repayment ability
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and the value and adequacy of the related property as collateral. FHA Loans and
VA Loans will have been originated in compliance with the underwriting policies
of FHA and VA, respectively.
Each borrower will have been required to complete an application designed
to provide to the original lender pertinent credit information about the
borrower. As part of the description of the borrower's financial condition, the
borrower will have furnished information with respect to its assets,
liabilities, income, credit history, employment history and personal
information, and an authorization to apply for a credit report which summarizes
the borrower's credit history with local merchants and lenders and any record of
bankruptcy. If the borrower was self-employed, the borrower will have been
required to submit copies of recent tax returns. The borrower may also have been
required to authorize verifications of deposits at financial institutions where
the borrower had demand or savings accounts. Certain considerations may cause an
originator of Loans to depart from these guidelines. For example, when two
individuals co-sign the loan documents, the incomes and expenses of both
individuals may be included in the computation. In the case of a Multifamily
Loan, the Mortgagor will also be required to provide certain information
regarding the related Multifamily Property, including a current rent roll and
operating income statements (which may be pro forma and unaudited). In addition,
the originator will generally also consider the location of the Multifamily
Property, the availability of competitive lease space and rental income of
comparable properties in the relevant market area, the overall economy and
demographic features of the geographic area and the Mortgagor's prior experience
in owning and operating properties similar to the Multifamily Properties.
The adequacy of the property financed by the related Loan as security for
repayment of such Loan will generally have been determined by appraisal in
accordance with pre-established appraisal procedure guidelines for appraisals
established by or acceptable to the originator. Appraisers may be staff
appraisers employed by the Loan originator or independent appraisers selected in
accordance with pre-established guidelines established by the Loan originator.
The appraisal procedure guidelines will have required that the appraiser or an
agent on its behalf to personally inspect the property and to verify that it was
in good condition and that construction, if new, had been completed. The
appraisal will have been based upon a market data analysis of recent sales of
comparable properties and, when deemed applicable, a replacement cost analysis
based on the current cost of constructing or purchasing a similar property. With
respect to Multifamily Properties, the appraisal must specify whether an income
analysis, a market analysis or a cost analysis was used. An appraisal employing
the income approach to value analyzes a property's projected net cash flow,
capitalization and other operational information in determining the property's
value. The market approach to value analyzes the prices paid for the purchase of
similar properties in the property's area, with adjustments made for variations
between those other properties and the property being appraised. The cost
approach to value requires the appraiser to make an estimate of land value and
then determine the current cost of reproducing the improvements less any accrued
depreciation. In any case, the value of the property being financed, as
indicated by the appraisal, must be such that it currently supports, and is
anticipated to support in the future, the outstanding loan balance. Unless
otherwise specified in the related Prospectus Supplement, all appraisals are
required to conform to the Uniform Standards of Professional Appraisal Practice
and the Financial Institutions Reform, Recovery and Enforcement Act of 1989
('FIRREA') and must be on forms acceptable to the FNMA and/or FHLMC.
Based on the data provided, certain verifications and the appraisal, a
determination will have been made by the original lender that the borrower's
monthly income would be sufficient to enable the borrower to meet its monthly
obligations on the Loan and other expenses related to the property (such as
property taxes, utility costs, standard hazard and primary mortgage insurance
and, if applicable, maintenance fees and other levies assessed by a Cooperative)
and certain other fixed obligations other than housing expenses. The originating
lender's guidelines for Loans secured by Single Family Property generally will
specify that Scheduled Payments plus taxes and insurance and all Scheduled
Payments extending beyond one year (including those mentioned above and other
fixed obligations, such as car payments) would equal no more than specified
percentages of the prospective borrower's gross income. These guidelines will
generally be applied only to the payments to be made during the first year of
the Loan. Except as otherwise specified in the related Prospectus Supplement,
with respect to Mortgage Loans that are Conventional Loans, underwriting
guidelines used to establish the relevant percentages of gross income will be
similar to underwriting guidelines used by FNMA and FHLMC at the time of
origination of the Loan, except that the ratio of Scheduled Payments and certain
other fixed obligations to monthly gross income may exceed the comparable FNMA
or FHLMC limits as specified in the related Prospectus Supplement.
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With respect to FHA Loans and VA Loans, traditional underwriting guidelines
used by the FHA and the VA, as the case may be, which were in effect at the time
of origination of each Loan will generally have been applied. With respect to
Manufactured Home Loans that are Conventional Loans, the related Prospectus
Supplement will specify the required minimum down payment, the maximum amount of
purchase price eligible for financing, the maximum original principal amount
that may be financed, and the limitations on ratios of borrower's Scheduled
Payment to gross monthly income and monthly income net of other fixed payment
obligations.
In the case of the Multifamily Loans, lenders typically look to the Debt
Service Coverage Ratio of a loan as an important measure of the risk of default
on such a loan. Unless otherwise defined in the related Prospectus Supplement,
the 'Debt Service Coverage Ratio' of a Multifamily Loan at any given time is the
ratio of (i) the Net Operating Income of the related Mortgaged Property for a
twelve-month period to (ii) the annualized scheduled payments on the Mortgage
Loan and on any other loan that is secured by a lien on the Mortgaged Property
prior to the lien of the related Mortgage. Unless otherwise defined in the
related Prospectus Supplement, 'Net Operating Income' means, for any given
period, the total operating revenues derived from a Multifamily Property during
such period, minus the total operating expenses incurred in respect of such
property during such period other than (i) non-cash items such as depreciation
and amortization, (ii) capital expenditures and (iii) debt service on loans
(including the related Mortgage Loan) secured by liens on such property. The Net
Operating Income of a Multifamily Property will fluctuate over time and may or
may not be sufficient to cover debt service on the related Mortgage Loan at any
given time. As the primary source of the operating revenues of a Multifamily
Property, rental income (and maintenance payments from tenant-stockholders of a
cooperatively owned Multifamily Property) may be affected by the condition of
the applicable real estate market and/or area economy. Increases in operating
expenses due to the general economic climate or economic conditions in a
locality or industry segment, such as increases in interest rates, real estate
tax rates, energy costs, labor costs and other operating expenses, and/or to
changes in governmental rules, regulations and fiscal policies, may also affect
the risk of default on a Multifamily Loan. Lenders also look to the
Loan-to-Value Ratio of a Multifamily Loan as a measure of risk of loss if a
property must be liquidated following a default.
If so specified in the related Prospectus Supplement, the underwriting of a
Multifamily Loan may also include environmental testing. Under the laws of
certain states, contamination of real property may give rise to a lien on the
property to assure the costs of cleanup. In several states, such a lien has
priority over an existing mortgage lien on such property. In addition, under the
laws of some states and under the federal Comprehensive Environmental Response,
Compensation and Liability Act of 1980 ('CERCLA'), a lender may be liable, as an
'owner' or 'operator,' for costs of addressing releases or threatened releases
of hazardous substances at a property, if agents or employees of the lender have
become sufficiently involved in the operations of the borrower, regardless of
whether or not the environmental damage or threat was caused by the borrower or
a prior owner. A lender also risks such liability on foreclosure of the
mortgage. See 'Certain Legal Aspects of Mortgage Loans -- Environmental
Legislation.'
With respect to Multifamily Property, the Loan originator will have made an
assessment of the capabilities of the management of the project, including a
review of management's past performance record, its management reporting and
control procedures (to determine its ability to recognize and respond to
problems) and its accounting procedures to determine cash management ability.
Income derived from the Mortgaged Property constituting investment property may
have been considered for underwriting purposes, rather than the income of the
borrower from other sources.
With respect to Mortgaged Property consisting of vacation or second homes,
no income derived from the property will have been considered for underwriting
purposes.
Certain types of Loans that may be included in the Mortgage Assets for a
Series are recently developed and may involve additional uncertainties not
present in traditional types of loans. For example, Balloon Loans, Buy-Down
Loans, GEM Loans and GPM Loans provide for escalating or variable payments by
the borrower. These types of Loans are underwritten on the basis of a judgment
that the borrower will have the ability to make larger Scheduled Payments in
subsequent years. ARMs may involve similar assessments.
To the extent specified in the related Prospectus Supplement, the Depositor
may purchase Loans (or participation interests therein) for inclusion in a Trust
Fund that are underwritten under standards and procedures which vary from and
are less stringent than those described herein. For instance, Loans may be
underwritten under a 'limited documentation program,' if specified in the
Prospectus Supplement. With respect to such
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Loans, minimal investigation into the borrowers' credit history and income
profile is undertaken by the originator and such Loans may be underwritten
primarily on the basis of an appraisal of the Mortgaged Property and
Loan-to-Value Ratio on origination. Thus, if the Loan-to-Value Ratio is less
than a percentage specified in the related Prospectus Supplement, the originator
may forego certain aspects of the review relating to monthly income, and
traditional ratios of monthly or total expenses to gross income may not be
applied.
In addition, Mortgage Loans may have been originated in connection with a
governmental program under which underwriting standards were significantly less
stringent and designed to promote home ownership or the availability of
affordable residential rental property notwithstanding higher risks of default
and losses. The related Prospectus Supplement will specify the underwriting
standards applicable to such Mortgage Loans.
The underwriting standards applied by the Loan originator require that the
underwriting officers be satisfied that the value of the property being
financed, as indicated by an appraisal, currently supports and is anticipated to
support in the future the outstanding loan balance, and provides sufficient
value to mitigate the effects of adverse shifts in real estate values. Certain
states where the Mortgaged Properties may be located have 'antideficiency' laws
requiring, in general, that lenders providing credit on Single Family Property
look solely to the property for repayment in the event of foreclosure. See
'Certain Legal Aspects of Loans' herein.
With respect to the underwriting standards applicable to any Mortgage
Loans, such underwriting standards generally include a set of specific criteria
pursuant to which the underwriting evaluation is made. However, the application
of such underwriting standards does not imply that each specific criterion was
satisfied individually. Rather, a Mortgage Loan will be considered to be
originated in accordance with a given set of underwriting standards if, based on
an overall qualitative evaluation, the loan is in substantial compliance with
such underwriting standards. For example, a Mortgage Loan may be considered to
comply with a set of underwriting standards, even if one or more specific
criteria included in such underwriting standards were not satisfied, if other
factors compensated for the criteria that were not satisfied or if the Mortgage
Loan is considered to be in substantial compliance with the underwriting
standards.
LOSS EXPERIENCE
The general appreciation of real estate values experienced in the past has
been a factor in limiting the general loss experience on Conventional Loans.
However, there can be no assurance that the past pattern of appreciation in
value of the real property securing such Loans will continue. Further, there is
no assurance that appreciation of real estate values generally will limit loss
experiences on non-traditional housing such as Multifamily Property,
Manufactured Homes or Cooperative Dwellings. Similarly, no assurance can be
given that the value of the Mortgaged Property (including Cooperative Dwellings)
securing a Loan has remained or will remain at the level existing on the date of
origination of such Loan. If the residential real estate market should
experience an overall decline in property values such that the outstanding
balances of the Loans and any secondary financing on the Mortgaged Properties
securing such Loans become equal to or greater than the value of such Mortgaged
Properties, then the actual rates of delinquencies, foreclosures and losses
could be higher than those now generally experienced in the mortgage lending
industry. In addition, the value of property securing Cooperative Loans and the
delinquency rates with respect to Cooperative Loans, could be adversely affected
if the current favorable tax treatment of cooperative tenant stockholders were
to become less favorable. See 'Certain Legal Aspects of Loans' herein.
No assurance can be given that values of Manufactured Homes have or will
remain at the levels existing on the dates of origination of the related Loan.
Manufactured Homes are less likely to experience appreciation in value and more
likely to experience depreciation in value over time than other types of
Mortgaged Property. Additionally, delinquency, loss and foreclosure experience
on Manufactured Home Loans may be adversely affected to a greater degree by
regional and local economic conditions than more traditional Mortgaged Property.
Loans secured by Multifamily Property may also be more susceptible to losses due
to changes in local and regional economic conditions than Loans secured by
Single Family Property. For example, unemployment resulting from an economic
downturn in local industry may sharply affect occupancy rates. Also, interest
rate fluctuations can make home ownership a more attractive alternative to
renting, causing occupancy rates and market rents to decline. New construction
can create an oversupply, particularly in a market that has experienced high
vacancy rates.
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To the extent that losses resulting from delinquencies, losses and
foreclosures or repossession of Mortgaged Property with respect to Loans
included in the Mortgage Assets for a Series of Securities are not covered by
the methods of credit support or the insurance policies described herein or in
the related Prospectus Supplement, such losses will be borne by Holders of the
Securities of such Series. Even where credit support covers all losses resulting
from delinquency and foreclosure or repossession, the effect of foreclosures and
repossessions may be to increase prepayment experience on the Mortgage Assets,
thus reducing average weighted life and affecting yield to maturity. See 'Yield,
Prepayment and Maturity Considerations.'
REPRESENTATIONS AND WARRANTIES
Unless otherwise specified in the related Prospectus Supplement or in the
related Agreement, the Seller (or other party as described in the related
Prospectus Supplement) will represent and warrant to the Depositor and the
Trustee with respect to the Mortgage Loans comprising the Mortgage Assets in a
Trust Fund, upon delivery of the Mortgage Loans to the Trustee hereunder, among
other things, generally that: (i) any required hazard and primary mortgage
insurance policies were effective at the origination of such Mortgage Loan, and
each such policy remained in effect on the date of purchase of such Mortgage
Loan from the Seller by or on behalf of the Depositor; (ii) either (A) a title
insurance policy insuring (subject only to permissible title insurance
exceptions) the lien status of the Mortgage was effective at the origination of
such Mortgage Loan and such policy remained in effect on the date of purchase of
the Mortgage Loan from the Seller by or on behalf of the Depositor or (B) if the
Mortgaged Property securing such Mortgage Loan is located in an area where such
policies are generally not available, there is in the related mortgage file an
attorney's certificate of title indicating (subject to such permissible
exceptions set forth therein) the first lien status of the mortgage; (iii) the
Seller has good title to such Mortgage Loan and such Mortgage Loan was subject
to no offsets, defenses or counterclaims except as may be provided under the
Relief Act and except to the extent that any buydown agreement exists for a
Buy-Down Loan; (iv) there are no mechanics' liens or claims for work, labor or
material affecting the related Mortgaged Property which are, or may be a lien
prior to, or equal with, the lien of the related Mortgage (subject only to
permissible title insurance exceptions); (v) the related Mortgaged Property is
free from material damage and at least in adequate repair; (vi) there are no
delinquent tax or assessment liens against the related Mortgaged Property; (vii)
such Mortgage Loan is not more than 30 days' delinquent as to any scheduled
payment of principal and/or interest; (viii) if a primary mortgage insurance
policy is required with respect to such Mortgage Loan, such Mortgage Loan is the
subject of such a policy; and (ix) such Mortgage Loan was made in compliance
with, and is enforceable under, all applicable local, state and federal laws in
all material respects.
If the Mortgage Loans include Cooperative Loans, no representations or
warranties with respect to title insurance or hazard insurance will be given. In
addition, if the Mortgage Loans include Condominium Loans, no representation
regarding hazard insurance will be given. Generally, the Cooperative or
Condominium Association itself is responsible for the maintenance of hazard
insurance for property owned by the Cooperative and the Condominium Association
is responsible for maintaining standard hazard insurance, insuring the entire
Condominium Building (including each individual Condominium Unit), and the
borrowers of that Cooperative or Condominium do not maintain separate hazard
insurance on their individual Cooperative Dwellings or Condominium Units. See
'Servicing of Loans -- Maintenance of Insurance Policies and Other Servicing
Procedures' herein. With respect to a Cooperative Loan, the Seller (or other
party as described in the related Prospectus Supplement) will represent and
warrant that (i) the security interest created by the cooperative security
agreements is a valid first lien on the collateral securing the Cooperative Loan
(subject to the right of the related Cooperative to cancel shares and terminate
the proprietary lease for unpaid assessments) and (ii) the related Cooperative
Dwelling is free of material damage and in good repair.
Unless otherwise specified in the related Prospectus Supplement, with
respect to each Manufactured Home Loan, the Seller (or other party as described
in the related Prospectus Supplement) will represent and warrant, among other
things that (i) immediately prior to the transfer and assignment of the
Manufactured Home Loans to the Trustee, the Seller had good title to, and was
the sole owner of, each Manufactured Home Loan; (ii) as of the date of such
transfer and assignment, the Manufactured Home Loans are subject to no offsets,
defenses or counterclaims; (iii) each Manufactured Home Loan at the time it was
made complied in all material respects with applicable state and federal laws,
including usury, equal credit opportunity and truth-in-lending or similar
disclosure laws; (iv) as of the date of such transfer and assignment, each
Manufactured Home Loan constitutes a valid first lien on the related
Manufactured Home and such Manufactured Home is free of material damage and
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is in good repair; (v) as of the date of such representation and warranty, no
Manufactured Home Loan is more than 30 days delinquent and there are no
delinquent tax or assessment liens against the related Manufactured Home; and
(vi) with respect to each Manufactured Home Loan, any required hazard insurance
policy was effective at the origination of each Manufactured Home Loan and
remained in effect on the date of the transfer and assignment of the
Manufactured Home Loan from the Depositor and that all premiums due on such
insurance have been paid in full.
Upon the discovery of the breach of any representation or warranty made by
the Master Servicer in respect of a Loan that materially and adversely affects
the interest of the Securityholder in such Loan, the Seller (or other party as
described in the Prospectus Supplement) will be obligated to cure such breach in
all material respects, repurchase such Loan from the Trustee, or deliver a
Qualified Substitute Mortgage Loan as described below under 'The
Agreements -- Assignment of Mortgage Assets.' See 'Risk Factors -- Limited
Obligations and Assets of the Depositor.' If the Seller or other party fails to
cure or repurchase, another party may be required to cure or repurchase as
described in the Prospectus Supplement. The PMBS Trustee (in the case of Private
Mortgage-Backed Securities) or the Trustee, as applicable, will be required to
enforce this obligation following the practices it would employ in its good
faith business judgment were it the owner of such Loan. If so specified in the
related Prospectus Supplement, the Master Servicer may be obligated to enforce
such obligations rather than the Trustee or PMBS Trustee.
SERVICING OF LOANS
GENERAL
Customary servicing functions with respect to Loans constituting the
Mortgage Assets in the Trust Fund will be provided by the Master Servicer
directly or through one or more servicers (the 'Servicers') subject to
supervision by the Master Servicer. If the Master Servicer is not directly
servicing the Loans, then the Master Servicer will (i) administer and supervise
the performance by the Servicers of their servicing responsibilities under their
servicing agreements ('Sub-Servicing Agreements') with the Master Servicer, (ii)
maintain any standard or special hazard insurance policy, primary mortgage
insurance bankruptcy bond or pool insurance policy required for the related
Loans and (iii) advance funds as described below under 'Advances.' If the Master
Servicer services the Loans through Servicers as its agents, the Master Servicer
will be ultimately responsible for the performance of all servicing activities,
including those performed by the Servicers, notwithstanding its delegation of
certain responsibilities to such Servicer.
The Master Servicer will be a party to the Pooling and Servicing Agreement
or Servicing Agreement for any Series for which Loans comprise the Mortgage
Assets and may be a party to a Participation Agreement executed with respect to
any Participation Securities which constitute the Mortgage Assets. The Master
Servicer may be an affiliate of the Depositor. Unless otherwise specified in the
related Prospectus Supplement, the Master Servicer and each Servicer will be
required to be a FNMA- or FHLMC-approved seller/servicer and, in the case of FHA
Loans, approved by HUD as an FHA mortgagee.
The Master Servicer will be paid a Servicing Fee for the performance of its
services and duties under each Pooling and Servicing Agreement or Servicing
Agreement as specified in the related Prospectus Supplement. Each Servicer, if
any, will be entitled to receive a portion of the Servicing Fee. In addition,
the Master Servicer or Servicer may be entitled to retain late charges,
assumption fees and similar charges to the extent collected from mortgagors. If
a Servicer is terminated by the Master Servicer, the servicing function of the
Servicer will be either transferred to a substitute Servicer or performed by the
Master Servicer. The Master Servicer will be entitled to retain the portion of
the Servicing Fee paid to the Servicer under a terminated Sub-Servicing
Agreement if the Master Servicer elects to perform such servicing functions
itself.
The Master Servicer, at its election, may pay itself the Servicing Fee for
a Series with respect to each Mortgage Loan either by (a) withholding the
Servicing Fee from any scheduled payment of interest prior to the deposit of
such payment in the Collection Account for such Series, (b) withdrawing the
Servicing Fee from the Collection Account after the entire Scheduled Payment has
been deposited in the Collection Account, or (c) requesting that the Trustee pay
the Servicing Fee out of amounts in the Certificate Account.
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COLLECTION PROCEDURES; ESCROW ACCOUNTS
The Master Servicer will make reasonable efforts to collect all payments
required to be made under the Mortgage Loans and will, consistent with the
related Pooling and Servicing Agreement or Servicing Agreement for a Series and
any applicable insurance policies and other forms of credit support, follow such
collection procedures as it follows with respect to comparable loans held in its
own portfolio. Consistent with the above, the Master Servicer may, in its
discretion, (i) waive any assumption fee, late payment charge, or other charge
in connection with a Loan and (ii) arrange with a mortgagor a schedule for the
liquidation of delinquencies by extending the Due Dates for Scheduled Payments
on such Loan, provided, however, that the Master Servicer shall first determine
that any such waiver or extension will not impair the coverage of any related
insurance policy or materially and adversely affect the lien of the related
Mortgage or the lien on any related Additional Collateral. In addition, unless
otherwise specified in the related Prospectus Supplement, if a material default
occurs or a payment default is reasonably foreseeable with respect to a
Multifamily Loan, the Master Servicer will be permitted, subject to any specific
limitations set forth in the related Pooling and Servicing Agreement or
Servicing Agreement and described in the related Prospectus Supplement, to
modify, waive or amend any term of such Mortgage Loan, including deferring
payments, extending the stated maturity date or otherwise adjusting the payment
schedule, provided that such modification, waiver or amendment (i) is reasonably
likely to produce a greater recovery with respect to such Mortgage Loan on a
present value basis than would liquidation and (ii) will not adversely affect
the coverage under any applicable instrument of credit enhancement.
In the case of Multifamily Loans, a Mortgagor's failure to make required
Mortgage Loan payments may mean that operating income is insufficient to service
the mortgage debt, or may reflect the diversion of that income from the
servicing of the mortgage debt. In addition, a Mortgagor under a Multifamily
Loan that is unable to make Mortgage Loan payments may also be unable to make
timely payment of taxes and otherwise to maintain and insure the related
Mortgaged Property. In general, the related Master Servicer will be required to
monitor any Multifamily Loan that is in default, evaluate whether the causes of
the default can be corrected over a reasonable period without significant
impairment of the value of the related Mortgaged Property, initiate corrective
action in cooperation with the Mortgagor if cure is likely, inspect the related
Mortgaged Property and take such other actions as are consistent with the
servicing standard. A significant period of time may elapse before the Master
Servicer is able to assess the success of any such corrective action or the need
for additional initiatives. The time within which the Master Servicer can make
the initial determination of appropriate action, evaluate the success of
corrective action, develop additional initiatives, institute foreclosure
proceedings and actually foreclose (or accept a deed to a Mortgaged Property in
lieu of foreclosure) on behalf of the Securityholders of the related Series may
vary considerably depending on the particular Multifamily Loan, the Mortgaged
Property, the Mortgagor, the presence of an acceptable party to assume the
Multifamily Loan and the laws of the jurisdiction in which the Mortgaged
Property is located. If a Mortgagor files a bankruptcy petition, the Master
Servicer may not be permitted to accelerate the maturity of the related
Multifamily Loan or to foreclose on the Mortgaged Property for a considerable
period of time. See 'Certain Legal Aspects of Mortgage Loans.'
Unless otherwise specified in the related Prospectus Supplement, the Master
Servicer, to the extent permitted by law, will establish and maintain escrow
accounts ('Escrow Accounts') in which payments by borrowers to pay taxes,
assessments, mortgage and hazard insurance premiums, and other comparable items
that are required to be paid to the mortgagee will be deposited. Mortgage Loans
and Manufactured Home Loans may not require such payments under the loan related
documents, in which case the Master Servicer would not be required to establish
any Escrow Account with respect to such Loans. Withdrawals from the Escrow
Accounts are to be made to effect timely payment of taxes, assessments, mortgage
and hazard insurance, to refund to borrowers amounts determined to be overages,
to pay interest to borrowers on balances in the Escrow Account to the extent
required by law, to repair or otherwise protect the property securing the
related Loan and to clear and terminate such Escrow Account. The Master Servicer
will be responsible for the administration of the Escrow Accounts and generally
will make advances to such account when a deficiency exists therein.
DEPOSITS TO AND WITHDRAWALS FROM THE COLLECTION ACCOUNT
Unless otherwise indicated in the related Prospectus Supplement, the
Collection Account will be an Eligible Account and the funds held therein may be
invested, pending remittance to the Trustee, in Eligible Investments. Unless
otherwise specified in the related Prospectus Supplement, the Master Servicer
will be
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entitled to receive as additional compensation any interest or other income
earned on funds in the Collection Account.
Unless otherwise specified in the related Prospectus Supplement, the Master
Servicer will deposit into the Collection Account for each Series on the
Business Day following the Closing Date any amounts representing Scheduled
Payments due after the related Cut-off Date but received by the Master Servicer
on or before the related Cut-off Date, and thereafter, after the date of receipt
thereof, the following payments and collections received or made by it (other
than in respect of principal of and interest on the related Loans due on or
before such Cut-off Date):
(i) All payments on account of principal, including prepayments, on
such Loans;
(ii) All payments on account of interest on such Loans net of any
portion thereof retained by the related Servicer (including the Master
Servicer), if any, as servicing compensation on the Loans in accordance
with the related Pooling and Servicing Agreement or Servicing Agreement;
(iii) All Insurance Proceeds and all amounts received by the Master
Servicer in connection with the liquidation of defaulted Loans or property
acquired in respect thereof, whether through foreclosure sale or otherwise,
including payments in connection with such Loans received from the
mortgagor, other than amounts required to be paid to the mortgagor pursuant
to the terms of the applicable Mortgage or otherwise pursuant to law
('Liquidation Proceeds'), exclusive of proceeds to be applied to the
restoration or repair of the Mortgaged Property or released to the
Mortgagor in accordance with the Master Servicer's normal servicing
procedures, net of expenses incurred by the Master Servicer (or the related
Servicer) in connection with the liquidation of any defaulted Mortgage Loan
and not recovered under a primary mortgage insurance policy ('Liquidation
Expenses');
(iv) Any Buydown Funds (and, if applicable, investment earnings
thereon) required to be paid as described herein;
(v) All proceeds of any Mortgage Loan in such Trust Fund purchased
(or, in the case of a substitution, certain amounts representing a
principal adjustment) by the Master Servicer, the Seller or any other
person pursuant to the terms of the related Pooling and Servicing Agreement
or Servicing Agreement;
(vi) All amounts required to be deposited therein in connection with
any losses on Eligible Investments pursuant to the related Pooling and
Servicing Agreement or Servicing Agreement; and
(vii) All other amounts required to be deposited therein pursuant to
the related Pooling and Servicing Agreement or Servicing Agreement.
The Master Servicer is permitted, from time to time, to make withdrawals
from the Collection Account for certain purposes, as specifically set forth in
the related Pooling and Servicing Agreement or Servicing Agreement, which
generally will include the following, except as otherwise provided therein:
(i) to make deposits to the Certificate Account in the amounts and in
the manner provided in the Pooling and Servicing Agreement or Servicing
Agreement;
(ii) to reimburse itself for Advances, including amounts advanced in
respect of taxes, insurance premiums or similar expenses as to any
Mortgaged Property, out of late payments or collections on the related
Mortgage Loan with respect to which such Advances were made;
(iii) to pay to itself unpaid Servicing Fees, out of payments or
collections of interest on each Mortgage Loan;
(iv) to pay to itself as additional servicing compensation any
investment income on funds deposited in the Collection Account, and, if so
provided in the related Pooling and Servicing Agreement or Servicing
Agreement, any profits realized upon disposition of a Mortgaged Property
acquired by deed in lieu of foreclosure or otherwise allowed under the
related Pooling and Servicing Agreement or Servicing Agreement;
(v) to pay to itself or the Seller all amounts received with respect
to each Mortgage Loan purchased, repurchased or removed pursuant to the
terms of the related Pooling and Servicing Agreement or Servicing Agreement
and not required to be distributed as of the date on which the related
purchase price is determined;
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(vi) to reimburse itself for any Advance previously made which the
Master Servicer has determined to not be ultimately recoverable from
Liquidation Proceeds, Insurance Proceeds or otherwise, subject, in the case
of a Series with Senior Securities and Subordinate Securities, to certain
limitations set forth in the related Pooling and Servicing Agreement or
Servicing Agreement as described in the related Prospectus Supplement;
(vii) to pay for costs and expenses incurred by the Trust Fund for
environmental site assessments performed with respect to Multifamily
Properties that constitute security for defaulted Mortgage Loans, and for
any containment, clean-up or remediation of hazardous wastes and materials
present on such Mortgaged Properties, as described below under
' -- Presentation of Claims; Realization Upon Defaulted Loans';
(viii) to reimburse itself, the Trustee or the Depositor for certain
other expenses incurred for which it, the Trustee or the Depositor is
entitled to reimbursement or against which it, the Trustee or the Depositor
is indemnified pursuant to the related Pooling and Servicing Agreement or
the related Servicing Agreement and Indenture;
(ix) to make any other withdrawals permitted by the related Pooling
and Servicing Agreement or Servicing Agreement and described in the related
Prospectus Supplement; and
(x) to clear the Collection Account of amounts relating to the
corresponding Loans in connection with the termination of the Trust Fund
pursuant to the Pooling and Servicing Agreement or Servicing Agreement.
SERVICING ACCOUNTS
Unless otherwise specified in the related Prospectus Supplement, in those
cases where a Servicer is servicing a Mortgage Loan, the Servicer will establish
and maintain an account (a 'Servicing Account') that will be an Eligible Account
and which is otherwise acceptable to the Master Servicer. The Servicer is
required to deposit into the Servicing Account all proceeds of Mortgage Loans
received by the Servicer, less its servicing compensation and any reimbursed
expenses and advances, to the extent permitted by the Sub-Servicing Agreement.
On the date specified in the related Prospectus Supplement, the Servicer will
remit to the Master Servicer all funds held in the Servicing Account with
respect to each Mortgage Loan, after deducting from such remittance an amount
equal to the servicing compensation and unreimbursed expenses and advances to
which it is then entitled pursuant to the related Sub-Servicing Agreement, to
the extent not previously paid to or retained by it. In addition on each such
date the Servicer will be required to remit to the Master Servicer any amount
required to be advanced pursuant to the related Sub-Servicing Agreement, and the
Servicer will also be required to the Master Servicer, within one business day
of receipt, the proceeds of any principal Prepayments and all Insurance Proceeds
and Liquidation Proceeds.
BUY-DOWN LOANS, GPM LOANS AND OTHER SUBSIDIZED LOANS
With respect to each Buy-Down Loan, if any, included in a Trust Fund the
Master Servicer will deposit all Buy-Down Amounts in a custodial account (which
may be interest-bearing) complying with the requirements set forth above for the
Collection Account (the 'Buy-Down Fund'). The amount of such deposit, together
with investment earnings thereon at the rate specified in the related Prospectus
Supplement, will provide sufficient funds to support the payments on such
Buy-Down Loan on a level debt service basis. The Master Servicer will not be
obligated to add to the Buy-Down Account should amounts therein and investment
earnings prove insufficient to maintain the scheduled level of payments on the
Buy-Down Loans, in which event distributions to the Securityholders may be
affected. Unless otherwise provided in the related Prospectus Supplement, a Buy-
Down Fund will not be included in or deemed to be a part of the Trust Fund.
The terms of certain of the Loans may provide for the contribution of
subsidy funds by the seller of the related Mortgaged Property or by another
entity. With respect to each such Loan, the Master Servicer will deposit the
subsidy funds in a custodial account (which may be interest-bearing) complying
with the requirements set forth above for the Collection Account set forth above
(a 'Subsidy Fund'). Unless otherwise specified in the related Prospectus
Supplement, the terms of each such Loan will provide for the contribution of the
entire undiscounted amount of subsidy amounts necessary to maintain the
scheduled level of payments due during the early years of such Loan. Neither the
Master Servicer, any Servicer nor the Depositor will be
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obligated to add to such Subsidy Fund any of its own funds. Unless otherwise
provided in the related Prospectus Supplement, such Subsidy Fund will not be
included in or deemed to be a part of the Trust Fund.
If the Depositor values any GPM Loans deposited into the Trust Fund for a
Multiple Class Series on the basis of such GPM Loan's scheduled maximum
principal balance, the Master Servicer will, if and to the extent provided in
the related Prospectus Supplement, deposit in a custodial account (which may be
interest-bearing) (the 'GPM Fund') complying with the requirements set forth
above for the Collection Account an amount which, together with reinvestment
income thereon at the rate set forth in the related Prospectus Supplement, will
be sufficient to cover the amount by which payments of principal and interest on
such GPM Loans assumed in calculating payments due on the Securities of such
Multiple Class Series exceed the scheduled payments on such GPM Loans. The
Trustee will withdraw amounts from the GPM Fund for a Series upon a prepayment
of such GPM Loan as necessary and apply such amounts to the payment of principal
and interest on the Securities of such Series. Neither the Depositor, the Master
Servicer nor any Servicer will be obligated to supplement the GPM Fund should
amounts therein and investment earnings thereon prove insufficient to maintain
the scheduled level of payments, in which event, distributions to the
Securityholders may be affected. Unless otherwise specified in the related
Prospectus Supplement, such GPM Fund will not be included in or deemed to be
part of the Trust Fund.
With respect to any other type of Loan which provides for payments other
than on the basis of level payments, an account may be established as described
in the related Prospectus Supplement on terms similar to those relating to the
Buy-Down Fund, Subsidiary Fund or the GPM Fund.
ADVANCES AND LIMITATIONS THEREON
General. The related Prospectus Supplement will describe the circumstances
under which the Master Servicer or Servicer will make Advances with respect to
delinquent payments on Loans. Unless otherwise specified in the related
Prospectus Supplement, neither the Master Servicer nor any Servicer will be
obligated to make Advances, and such obligation may be limited in amount, may be
limited to advances received from the Servicers, if any, or may not be activated
until a certain portion of a specified reserve fund is depleted. If the Master
Servicer is obligated to make Advances, a surety bond or other credit support
may be provided with respect to such obligation as described in the related
Prospectus Supplement. Advances are intended to provide liquidity and not to
guarantee or insure against losses. Accordingly, any funds advanced are
recoverable by the Servicer or the Master Servicer, as the case may be, out of
amounts received on particular Loans which represent late recoveries of
principal or interest, proceeds of insurance polices or Liquidation Proceeds
respecting which any such Advance was made. If an Advance is made and
subsequently determined to be nonrecoverable from late collections, proceeds of
insurance polices or Liquidation Proceeds from the related Loan, the Servicer or
Master Servicer will be entitled to reimbursement from other funds in the
Certificate Account, Collection Account or Servicing Account, as the case may
be, or from a specified reserve fund as applicable, to the extent specified in
the related Prospectus Supplement. With respect to any Multiple Class Series, so
long as the related Subordinate Securities remain outstanding and subject to
certain limitations as described in the related Prospectus Supplement, such
Advances by the Master Servicer may also be reimbursable out of amounts
otherwise distributable to holders of the Subordinate Securities, if any.
Advances in Connection With Prepaid Loans. In addition when a borrower
makes a principal prepayment in full between Due Dates on the related Loan, the
borrower will generally be required to pay interest on the principal amount
prepaid only to the date of such prepayment. If and to the extent provided in
the related Prospectus Supplement, in order that one or more Classes of the
Securityholders of a Series will not be adversely affected by any resulting
shortfall in interest, the Master Servicer may be obligated to advance moneys
from its own funds to the extent necessary to include in its remittance to the
Trustee for deposit into the Certificate Account an amount equal to a full
Scheduled Payment of interest on the related Loan (less any related Servicing
Fees). Any such principal prepayment, together with a full Scheduled Payment of
interest thereon (to the extent of such adjustment or advance), will be
distributed to Securityholders on the related Distribution Date. If the amount
necessary to include a full Scheduled Payment of interest as described above
exceeds the amount which the Master Servicer is obligated to advance, as
applicable, a shortfall may occur as a result of a prepayment in full. See
'Yield, Prepayment and Maturity Considerations.'
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MAINTENANCE OF INSURANCE POLICIES AND OTHER SERVICING PROCEDURES
Standard Hazard Insurance; Flood Insurance. Except as otherwise specified
in the related Prospectus Supplement, the Master Servicer will be required to
maintain or to cause the borrower on each Loan to maintain or will use its best
reasonable efforts to cause each Servicer of a Loan to maintain a standard
hazard insurance policy providing coverage of the standard form of fire
insurance with extended coverage for certain other hazards as is customary in
the state in which the property securing the related Loan is located. See
'Description of Mortgage and Other Insurance' herein. Unless otherwise specified
in the related Prospectus Supplement, coverage will be in an amount at least
equal to the greater of (i) the amount necessary to avoid the enforcement of any
co-insurance clause contained in the policy or (ii) the outstanding principal
balance of the related Loan. The Master Servicer will also maintain on REO
Property that secured a defaulted Loan and that has been acquired upon
foreclosure, deed in lieu of foreclosure, or repossession, a standard hazard
insurance policy in an amount that is at least equal to the maximum insurable
value of such REO Property. No earthquake or other additional insurance will be
required of any borrower or will be maintained on REO Property acquired in
respect of a defaulted Loan, other than pursuant to such applicable laws and
regulations as shall at any time be in force and shall require such additional
insurance. When, at the time of origination of a Loan or at any time during the
term of the Loan the Master Servicer or the related Servicer determines that the
related Mortgaged Property is located in an area identified on a Flood Hazard
Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency
Management Agency as having special flood hazards and flood insurance has been
made available, the borrower will cause to be maintained a flood insurance
policy meeting the requirements of the current guidelines of the Federal
Insurance Administration with a generally acceptable insurance carrier, in an
amount representing coverage not less than the lesser of (i) the outstanding
principal balance of the Loan or (ii) the maximum amount of insurance which is
available under the National Flood Insurance Act of 1968, the Flood Disaster
Protection Act of 1983 or the National Flood Insurance Reform Act of 1994, as
amended. The Pooling and Servicing Agreement or Servicing Agreement will
obligate the Mortgagor to obtain and maintain all requisite flood insurance
coverage at the Mortgagor's cost and expense, and on the Mortgagor's failure to
do so, authorizes the Master Servicer or Servicer to obtain and maintain such
coverage at the Mortgagor's cost and expense and to seek reimbursement therefor
from the Mortgagor.
Any amounts collected by the Master Servicer or the Servicer, as the case
may be, under any such policies of insurance (other than amounts to be applied
to the restoration or repair of the Mortgaged Property, released to the borrower
in accordance with normal servicing procedures or used to reimburse the Master
Servicer for amounts to which it is entitled to reimbursement) will be deposited
in the Collection Account. In the event that the Master Servicer obtains and
maintains a blanket policy insuring against hazard losses on all of the Loans,
written by an insurer then acceptable to each Rating Agency which assigns a
rating to such Series, it will conclusively be deemed to have satisfied its
obligations to cause to be maintained a standard hazard insurance policy for
each Loan or related REO Property. This blanket policy may contain a deductible
clause, in which case the Master Servicer will, in the event that there has been
a loss that would have been covered by such policy absent such deductible
clause, deposit in the Collection Account the amount not otherwise payable under
the blanket policy because of the application of such deductible clause.
The Depositor will not require that a standard hazard or flood insurance
policy be maintained on the Cooperative Dwelling relating to any Cooperative
Loan. Generally, the Cooperative itself is responsible for maintenance of hazard
insurance for the property owned by the cooperative and the tenant-stockholders
of that cooperative do not maintain individual hazard insurance policies. To the
extent, however, that a Cooperative and the related borrower on a Cooperative
Loan do not maintain such insurance or do not maintain adequate coverage or any
insurance proceeds are not applied to the restoration of damaged property, any
damage to such borrower's Cooperative Dwelling or such Cooperative's building
could significantly reduce the value of the collateral securing such Cooperative
Loan to the extent not covered by other credit support. Similarly, the Depositor
will not require that a standard hazard or flood insurance policy be maintained
on a Condominium Unit relating to any Condominium Loan. Generally, the
Condominium Association is responsible for maintenance of hazard insurance
insuring the entire Condominium building (including each individual Condominium
Unit), and the owner(s) of an individual Condominium Unit do not maintain
separate hazard insurance policies. To the extent, however, that a Condominium
Association and the related borrower on a Condominium Loan do not maintain such
insurance or do not maintain adequate coverage or any insurance proceeds are not
applied to the restoration of damaged property, any damage to such borrower's
Condominium
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Unit or the related Condominium Building could significantly reduce the value of
the collateral securing such Condominium Loan to the extent not covered by other
credit support.
Special Hazard Insurance Policy. If, and to the extent specified in the
related Prospectus Supplement, the Master Servicer will maintain a special
hazard insurance policy, in the amount set forth in the related Prospectus
Supplement, in full force and effect with respect to the Loans unless otherwise
specified in the related Prospectus Supplement, the special hazard insurance
policy will provide for a fixed premium rate based on the declining aggregate
outstanding principal balance of the Loans. The Master Servicer will agree to
pay the premium for any special hazard insurance policy on a timely basis. If
the special hazard insurance policy is canceled or terminated for any reason
(other than the exhaustion of total policy coverage), the Master Servicer will
exercise its best reasonable efforts to obtain from another insurer a
replacement policy comparable to the special hazard insurance policy with a
total coverage which is equal to the then existing coverage of the terminated
special hazard insurance policy; provided that if the cost of any such
replacement policy is greater than the cost of the terminated special hazard
insurance policy, the amount of coverage under the replacement policy will,
unless otherwise specified in the related Prospectus Supplement, be reduced to a
level such that the applicable premium does not exceed 150% of the cost of the
special hazard insurance policy that was replaced. Any amounts collected by the
Master Servicer under the special hazard insurance policy in the nature of
insurance proceeds will be deposited in the Collection Account (net of amounts
to be used to repair, restore or replace the related property securing the Loan
or to reimburse the Master Servicer (or a Servicer) for related amounts owed to
it). Certain characteristics of the special hazard insurance policy are
described under 'Description of Mortgage and Other Insurance -- Hazard Insurance
on the Loans.'
Primary Mortgage Insurance. To the extent described in the related
Prospectus Supplement, the Master Servicer will be required to use its best
reasonable efforts to keep, or to cause each Servicer to keep, in full force and
effect, a primary mortgage insurance policy with respect to each Conventional
Loan secured by Single Family Property for which such coverage is required for
as long as the related mortgagor is obligated to maintain such primary mortgage
insurance under the terms of the related Loan. The Master Servicer will not
cancel or refuse to renew any such primary mortgage insurance policy in effect
at the date of the initial issuance of the Securities that is required to be
kept in force unless a replacement primary mortgage insurance policy for such
cancelled or nonrenewed policy is maintained with a Qualified Insurer.
Primary insurance policies will be required with respect to Manufactured
Home Loans only to the extent described in the related Prospectus Supplement. If
primary mortgage insurance is to be maintained with respect to Manufactured Home
Loans, the Master Servicer will be required to maintain such insurance as
described above. For further information regarding the extent of coverage under
a primary mortgage insurance policy, see 'Description of Mortgage and Other
Insurance -- Mortgage Insurance on the Loans.'
FHA Insurance and VA Guarantees. To the extent specified in the related
Prospectus Supplement, all or a portion of the Loans may be insured by the FHA
or guaranteed by the VA. The Master Servicer will be required to take such steps
as are reasonably necessary to keep such insurance and guarantees in full force
and effect. See 'Description of Mortgage and Other Insurance -- Mortgage
Insurance on the Loans.'
Pool Insurance Policy. If so specified in the related Prospectus
Supplement, the Master Servicer will be obligated to use its best reasonable
efforts to maintain a pool insurance policy with respect to the Loans in the
amount and with the coverage described in the related Prospectus Supplement.
Unless otherwise specified in the related Prospectus Supplement, the pool
insurance policy will provide for a fixed premium rate on the declining
aggregate outstanding principal balance of the Loans. The Master Servicer will
be obligated to pay the premiums for such pool insurance policy on a timely
basis.
The Prospectus Supplement will identify the pool insurer for the related
Series of Securities. If the pool insurer ceases to be a Qualified Insurer
because it is not approved as an insurer by FHLMC or FNMA or because its
claims-paying ability is no longer rated in the category required by the related
Prospectus Supplement, the Master Servicer will be obligated to review, no less
often than monthly, the financial condition of the pool insurer to determine
whether recoveries under the pool insurance policy are jeopardized by reason of
the financial condition of the pool insurer. If the Master Servicer determines
that recoveries may be so jeopardized or if the pool insurer ceases to be
qualified under applicable law to transact a mortgage guaranty insurance
business, the Master Servicer will exercise its best reasonable efforts to
obtain from another Qualified Insurer a comparable replacement pool insurance
policy with a total coverage equal to the then outstanding coverage of the pool
insurance policy to be replaced; provided that, if the premium rate on the
replacement
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policy is greater than that of the existing pool insurance policy, then the
coverage of the replacement policy will, unless otherwise specified in the
related Prospectus Supplement, be reduced to a level such that its premium rate
does not exceed 150% of the premium rate on the pool insurance policy to be
replaced. Payments made under a pool insurance policy will be deposited into the
Collection Account (net of expenses of the Master Servicer or any related
unreimbursed Advances or unpaid Servicing Fee). Certain characteristics of the
pool insurance policy are described under 'Description of Mortgage and Other
Insurance -- Mortgage Insurance on the Loans.'
Bankruptcy Bond. If so specified in the related Prospectus Supplement, the
Master Servicer will be obligated to use its best reasonable efforts to obtain
and thereafter maintain a bankruptcy bond or similar insurance or guaranty in
full force and effect throughout the term of the related Agreement, unless
coverage thereunder has been exhausted through payment of claims. If so
specified in the Prospectus Supplement, the Master Servicer will be required to
pay from its servicing compensation the premiums for the bankruptcy bond on a
timely basis. Coverage under the bankruptcy bond may be cancelled or reduced by
the Master Servicer at any time, provided that such cancellation or reduction
does not adversely affect the then current rating of the related Series of
Securities. See 'Description of Mortgage and Other Insurance -- Bankruptcy Bond'
herein.
PRESENTATION OF CLAIMS; REALIZATION UPON DEFAULTED LOANS
The Master Servicer, on behalf of the Trustee and the Securityholders, will
be required to present or cause to be presented, claims with respect to any
standard hazard insurance policy, pool insurance policy, special hazard
insurance policy, bankruptcy bond, or primary mortgage insurance policy, and to
the FHA and the VA, if applicable in respect of any FHA insurance or VA
guarantee respecting defaulted Mortgage Loans.
The Master Servicer will use its reasonable best efforts to foreclose upon,
repossess or otherwise comparably convert the ownership of the real properties
securing such of the related Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent
payments. In connection with such foreclosure or other conversion, the Master
Servicer will follow such practices and procedures as it deems necessary or
advisable and as are normal and usual in its servicing activities with respect
to comparable loans serviced by it. However, the Master Servicer will not be
required to expend its own funds in connection with any foreclosure or towards
the restoration of the property unless it determines: (i) that such restoration
or foreclosure will increase the Liquidation Proceeds in respect of the related
Mortgage Loan available to the Securityholders after reimbursement to itself for
such expenses and (ii) that such expenses will be recoverable by it either
through Liquidation Proceeds or the proceeds of insurance. Notwithstanding
anything to the contrary herein, in the case of a Trust Fund for which a REMIC
election or elections have been made, the Master Servicer shall not liquidate
any collateral acquired through foreclosure later than two years after the
acquisition of such collateral, unless a longer period of time is necessary for
the orderly liquidation of the collateral and the Master Servicer has obtained
from the Internal Revenue Service (the 'IRS') an extension of the two year
period within which it would otherwise be required to liquidate the collateral.
While the holder of Mortgaged Property acquired through foreclosure can often
maximize its recovery by providing financing to a new purchaser, the Trust Fund
will have no ability to do so and neither the Master Servicer nor any Servicer
will be required to do so.
With respect to a Mortgage Loan in default, the Master Servicer may pursue
foreclosure (or similar remedies) concurrently with pursuing any remedy for a
breach of a representation and warranty. However, the Master Servicer is not
required to continue to pursue both such remedies if it determines that one such
remedy is more likely to result in a greater recovery. If such Mortgage Loan is
an Additional Collateral Loan, the Master Servicer (or the related Servicer, if
the lien on the Additional Collateral for such Additional Collateral Loan is not
assigned to the Trustee on behalf of the Securityholders) may proceed against
the related Mortgaged Property or the related Additional Collateral first or may
proceed against both concurrently (as permitted by applicable law and the terms
under which such Additional Collateral is held, including any third-party
guarantee). Upon the first to occur of final liquidation (by foreclosure or
otherwise) and a repurchase or substitution pursuant to a breach of a
representation and warranty, such Mortgage Loan will be removed from the related
Trust Fund if it has not been removed previously.
If any property securing a defaulted Loan is damaged and proceeds, if any,
from the related standard hazard insurance policy or the applicable special
hazard insurance policy, if any, are insufficient to restore the damaged
property to a condition sufficient to permit recovery under any pool insurance
policy or any primary mortgage insurance policy, FHA insurance, or VA guarantee,
neither the Master Servicer nor any Servicer will be required
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to expend its own funds to restore the damaged property unless it determines (i)
that such restoration will increase the Liquidation Proceeds in respect of the
Loan after reimbursement of the expenses incurred by such Servicer or the Master
Servicer and (ii) that such expenses will be recoverable by it through proceeds
of the sale of the property or proceeds of the related pool insurance policy or
any related primary mortgage insurance policy, FHA insurance, or VA guarantee.
As to collateral securing a Cooperative Loan, any prospective purchaser
will generally have to obtain the approval of the board of directors of the
relevant cooperative before purchasing the shares and acquiring rights under the
proprietary lease or occupancy agreement securing that Cooperative Loan. See
'Certain Legal Aspects of Loans -- Foreclosure on Shares of Cooperatives'
herein. This approval is usually based on the purchaser's income and net worth
and numerous other factors. Although the Cooperative's approval is unlikely to
be unreasonably withheld or delayed, the necessity of acquiring such approval
could limit the number of potential purchasers for those shares and otherwise
limit the Trust Fund's ability to sell and realize the value of those shares.
With respect to a defaulted Manufactured Home Loan, the value of the
related Manufactured Home can be expected to be less on resale than a new
Manufactured Home. To the extent equity does not cushion the loss in market
value, and such loss is not covered by other credit support, a loss may be
experienced by the Trust Fund.
Notwithstanding the foregoing, unless otherwise specified in the related
Prospectus Supplement, the Master Servicer may not acquire title to any
Multifamily Property securing a Mortgage Loan or take any other action that
would cause the related Trustee, for the benefit of Securityholders of the
related Series, or any other specified person to be considered to hold title to,
to be a 'mortgagee-in-possession' of, or to be an 'owner' or an 'operator' of
such Mortgaged Property within the meaning of certain federal environmental
laws, unless the Master Servicer has previously determined, based on a report
prepared by a person who regularly conducts environmental audits (which report
will be an expense of the Trust Fund), that either:
(i) the Mortgaged Property is in compliance with applicable
environmental laws and regulations or, if not, that taking such actions as
are necessary to bring the Mortgaged Property into compliance therewith is
reasonably likely to produce a greater recovery on a present value basis
than not taking such actions; and
(ii) there are no circumstances or conditions present at the Mortgaged
Property that have resulted in any contamination for which investigation,
testing, monitoring, containment, clean-up or remediation could be required
under any applicable environmental laws and regulations or, if such
circumstances or conditions are present for which any such action could be
required, taking such actions with respect to the Mortgaged Property is
reasonably likely to produce a greater recovery on a present value basis
than not taking such actions. See 'Certain Legal Aspects of Mortgage
Loans -- Environmental Legislation.'
With respect to a Loan secured by a Multifamily Property, the market value
of any property obtained in foreclosure or by deed in lieu of foreclosure will
be based substantially on the operating income obtained by renting the dwelling
units. As a default on a Loan secured by Multifamily Property is likely to have
occurred because operating income, net of expenses, is insufficient to make debt
service payments on the related Loan, it can be anticipated that the market
value of such property will be less than anticipated when such Loan was
originated. To the extent that equity does not cushion the loss in market value
and such loss is not covered by other credit support, a loss may be experienced
by the related Trust Fund.
ENFORCEMENT OF DUE-ON-SALE CLAUSES
Unless otherwise specified in the related Prospectus Supplement for a
Series, when any Mortgaged Property is about to be conveyed by the borrower, the
Master Servicer will, to the extent it has knowledge of such prospective
conveyance and prior to the time of the consummation of such conveyance,
exercise the Trustee's right to accelerate the maturity of such Loan under the
applicable 'due-on-sale' clause, if any, unless the Master Servicer reasonably
believes that such clause is not enforceable under applicable law or if the
enforcement of such clause would result in loss of coverage under any primary
mortgage insurance policy. If such conditions are not met or the Master Servicer
reasonably believes that enforcement of a due-on-sale clause will not be
enforceable, the Master Servicer is authorized to accept from or enter into a
substitution or assumption agreement, on behalf of the Trustee, with the person
to whom such property has been or is about to be conveyed, pursuant to which
such person becomes liable under the Loan and pursuant to which the original
borrower is released from liability and such person is substituted as the
borrower and becomes liable under the
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Loan. Any fee collected in connection with an assumption will be retained by the
Master Servicer as additional servicing compensation. The terms of a Loan may
not be changed in connection with a substitution or assumption.
SERVICING COMPENSATION AND PAYMENT OF EXPENSES
Except as otherwise provided in the related Prospectus Supplement, the
Master Servicer or any Servicer will be entitled to a servicing fee in an amount
to be determined as specified in the related Prospectus Supplement. The
servicing fee may be fixed or variable, as specified in the related Prospectus
Supplement. The Master Servicer or any Servicer will be entitled to additional
servicing compensation, unless otherwise specified in the related Prospectus
Supplement, in the form of assumption fees, late payment charges, or excess
proceeds following disposition of property in connection with defaulted Loans
and as otherwise specified herein.
Unless otherwise specified in the related Prospectus Supplement, the Master
Servicer will pay the fees of the Servicers, if any, and certain expenses
incurred in connection with the servicing of the Loans, including, without
limitation, the payment of the fees and expenses of the Trustee and independent
accountants, payment of insurance policy premiums and the cost of credit
support, if any, payment of expenses incurred in enforcing the obligations of
Servicers and Sellers and in the preparation of reports to Securityholders.
Certain of these expenses may be reimbursable pursuant to the terms of the
related Agreement from Liquidation Proceeds and the proceeds of insurance
policies and, in the case of enforcement of the obligations of Servicers and
Sellers, from any recoveries in excess of amounts due with respect to the
related Loans or from specific recoveries of costs.
The Master Servicer will be entitled to reimbursement for certain expenses
incurred by it in connection with the liquidation of defaulted Loans. The
related Trust Fund will suffer no loss by reason of such expenses to the extent
claims are paid under related insurance policies or from the Liquidation
Proceeds. If claims are either not made or paid under the applicable insurance
policies or if coverage thereunder has been exhausted, the related Trust Fund
will suffer a loss to the extent that Liquidation Proceeds, after reimbursement
of the Master Servicer's expenses, are less than the outstanding principal
balance of and unpaid interest on the related Loan which would be distributable
to Securityholders. In addition, the Master Servicer will be entitled to
reimbursement of expenditures incurred by it in connection with the restoration
of property securing a defaulted Loan, such right of reimbursement being prior
to the rights of the Securityholders to receive any related proceeds of
insurance policies, Liquidation Proceeds or amounts derived from other forms of
credit support. The Master Servicer is also entitled to reimbursement from the
Collection Account and the Certificate Account for Advances.
Unless otherwise provided in the Prospectus Supplement, the rights of the
Master Servicer to receive funds from the Collection Account or the Certificate
Account for a Series, whether as the Servicing Fee or other compensation, or for
the reimbursement of Advances, expenses or otherwise, are not subordinate to the
rights of Securityholders of such Series.
EVIDENCE AS TO COMPLIANCE
Each Pooling and Servicing Agreement and each Servicing Agreement will
provide for delivery (on or before a specified date in each year) to the Trustee
of an annual statement signed by an officer of the Master Servicer, unless
otherwise specified in the related Prospectus Supplement, to the effect that the
Master Servicer has complied in all material respects with the minimum servicing
standards set forth in the Uniform Single Attestation Program for Mortgage
Bankers and has fulfilled in all material respects its obligations under the
related Agreement throughout the preceding year or, if there has been material
noncompliance with such servicing standards or a material default in the
fulfillment of any such obligation, such statement shall include a description
of such noncompliance or specify each such known default, as the case may be,
and the nature and status thereof. Such statement may be provided as a single
form making the required statements as to more than one Agreement.
Each Pooling and Servicing Agreement and each Servicing Agreement will also
provide that on or before a specified date in each year, beginning the first
such date that is at least a specified number of months after the Cut-off Date,
a firm of independent public accountants will furnish a report to the Depositor
and the Trustee stating the opinion of such firm that, unless otherwise
specified in the related Prospectus Supplement, on the
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basis of an examination by such firm conducted substantially in accordance with
standards established by the American Institute of Certified Public Accountants,
the assertion by management of the Master Servicer regarding the Master
Servicer's compliance with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers during the preceding
year is fairly stated in all material respects, subject to such exceptions and
other qualifications that, in the opinion of such firm, such accounting
standards require it to report. In rendering its statement such firm may rely,
as to the matters relating to the direct servicing of mortgage loans by
Servicers, upon comparable statements for examinations conducted by independent
public accountants substantially in accordance with standards established by the
American Institute of Certified Public Accountants (rendered within one year of
such statement) with respect to those Servicers which also have been the subject
of such an examination.
CERTAIN MATTERS REGARDING THE MASTER SERVICER AND THE DEPOSITOR
The Master Servicer for each Series will be identified in the related
Prospectus Supplement. The Master Servicer may be an affiliate of the Depositor
and may have other business relationships with the Depositor and its affiliates.
Unless otherwise provided in the related Prospectus Supplement, the Master
Servicer may not resign from its obligations and duties under the related
Pooling and Servicing Agreement or Servicing Agreement except upon its
determination that its duties thereunder are no longer permissible under
applicable law or except in connection with a permitted transfer of servicing.
No such resignation will become effective until the Trustee or a successor
Master Servicer has assumed the Master Servicer's obligations and duties under
the related Agreement.
In the event of an Event of Default under the related Pooling and Servicing
Agreement or Servicing Agreement, the Master Servicer may be replaced by the
Trustee or a successor Master Servicer. See 'The Agreements -- Rights upon
Events of Default' herein.
Unless otherwise provided in the Prospectus Supplement, the Master Servicer
has the right, with the consent of the Trustee, which consent shall not be
unreasonably withheld, to assign its rights and delegate its duties and
obligations under the Pooling and Servicing Agreement or Servicing Agreement for
each Series; provided that the purchaser or transferee accepting such assignment
or delegation (i) is qualified to sell loans to and service mortgage loans for
FNMA or FHLMC; (ii) has a net worth of not less than $10,000,000; (iii) is
acceptable to each Rating Agency for purposes of maintaining its then-current
ratings of the Securities; (iv) is reasonably acceptable to the Trustee; and (v)
executes and delivers to the Depositor and the Trustee an agreement, in form and
substance reasonably satisfactory to the Trustee, which contains an assumption
by such purchaser or transferee of the due and punctual performance and
performed or observed by the Master Servicer under the related Pooling and
Servicing Agreement or Servicing Agreement from and after the date of such
agreement. To the extent that the Master Servicer transfers its obligations to a
wholly-owned subsidiary or affiliate, such subsidiary or affiliate need not
satisfy the criteria set forth above. However, in such instance the assigning
Master Servicer will remain liable for the servicing obligations under the
related Agreement. Any entity into which the Master Servicer is merged or
consolidated or any successor corporation resulting from any merger, conversion
or consolidation will succeed to the Master Servicer's obligations under the
related Agreement, provided that such successor or surviving entity meets the
requirements for a successor Master Servicer set forth above.
Each Pooling and Servicing Agreement and each Servicing Agreement will also
provide that neither the Master Servicer, the Depositor, nor any director,
officer, employee or agent of the Master Servicer or the Depositor, will be
under any liability to the related Trust Fund or the Securityholders for any
action taken or for failing to take any action in good faith pursuant to the
related Agreement or for errors in judgment; provided, however, that neither the
Master Servicer, the Depositor, nor any such person will be protected against
any breach of warranty or representations made by such party under the related
Agreement or the failure to perform its obligations in compliance with any
standard of care set forth in the related Agreement or liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of their duties or by reason of reckless disregard of their
obligations and duties thereunder. Each Pooling and Servicing Agreement and each
Servicing Agreement will further provide that the Master Servicer, the Depositor
and any director, officer, employee or agent of the Master Servicer or the
Depositor is entitled to indemnification from the related Trust Fund and will be
held harmless against any loss, liability or expense incurred in
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connection with any legal action relating to the related Agreement or the
Securities, other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of duties
thereunder or by reason of reckless disregard of obligations and duties
thereunder. In addition, the related Agreement provides that neither the Master
Servicer nor the Depositor is under any obligation to appear in, prosecute or
defend any legal action which is not incidental to its servicing
responsibilities under the related Agreement which, in its opinion, may involve
it in any expense or liability. The Master Servicer or the Depositor may, in its
discretion, undertake any such action which it may deem necessary or desirable
with respect to the related Agreement and the rights and duties of the parties
thereto and the interests of the Securityholders thereunder. In such event, the
legal expenses and costs of such action and any liability resulting therefrom
will be expenses, costs, and liabilities of the Trust Fund and the Master
Servicer or the Depositor will be entitled to be reimbursed therefor out of the
Collection Account (or the Certificate Account, if applicable).
CREDIT SUPPORT
GENERAL
For any Series, credit support may be provided with respect to one or more
Classes thereof or the related Mortgage Assets. Credit support may be in the
form of a letter of credit, the subordination of one or more Classes of the
Securities of such Series, subordination created through overcollateralization,
the establishment of one or more reserve funds, use of a pool insurance policy,
bankruptcy bond, repurchase bond or special hazard insurance policy, financial
guarantee insurance, the use of cross-support features or another method of
credit support described in the related Prospectus Supplement, or any
combination of the foregoing, in any case, in such amounts and having such terms
and conditions as are acceptable to each Rating Agency which assigns a rating to
the Securities of the related Series. Credit support may also be provided in the
form of an insurance policy covering the risk of collection and adequacy of any
Additional Collateral provided in connection with any Additional Collateral
Loan, subject to the limitations set forth in any such insurance policy.
Unless otherwise specified in the related Prospectus Supplement for a
Series, the credit support will not provide protection against all risks of loss
and will not guarantee repayment of the entire principal balance of the
Securities and interest thereon at the Security Interest Rate. If losses occur
which exceed the amount covered by credit support or which are not covered by
credit support, such losses will be borne by the Securityholders. If credit
support is provided with respect to a Series, the related Prospectus Supplement
will include a description of (a) the amount payable under such credit support,
(b) any conditions to payment thereunder not otherwise described herein, (c) the
conditions under which the amount payable under such credit support may be
reduced and under which such credit support may be terminated or replaced and
(d) the material provisions of any agreement relating to such credit support.
Additionally, the related Prospectus Supplement will set forth certain
information with respect to the issuer of any third-party credit support,
including (a) a brief description of its principal business activities, (b) its
principal place of business, place of incorporation and the jurisdiction under
which it is chartered or licensed to do business, (c) if applicable, the
identity of regulatory agencies which exercise primary jurisdiction over the
conduct of its business and (d) its total assets, and its stockholders' or
policyholders' surplus, if applicable, as of the date specified in the
Prospectus Supplement.
SUBORDINATE SECURITIES; SUBORDINATION RESERVE FUND
If so specified in the related Prospectus Supplement, one or more Classes
of a Series may be Subordinate Securities. If so specified in the related
Prospectus Supplement, the rights of the Subordinate Securityholders to receive
distributions of principal and interest from the Certificate Account on any
Distribution Date will be subordinated to such rights of the Senior
Securityholders to the extent of the then applicable Subordinated Amount as
defined in the related Prospectus Supplement. The Subordinated Amount will
decrease whenever amounts otherwise payable to the Subordinate Securityholders
are paid to the Senior Securityholders (including amounts withdrawn from the
Subordination Reserve Fund, if any, and paid to the Senior Securityholders), and
will (unless otherwise specified in the related Prospectus Supplement) increase
whenever there is distributed to the Subordinate Securityholders amounts in
respect of which subordination payments have previously been paid to the Senior
Securityholders (which will occur when subordination payments in respect of
delinquencies and certain other deficiencies have been recovered).
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A Series may include a Class of Subordinate Securities entitled to receive
cash flows remaining after distributions made to all other Classes. Such right
will effectively be subordinate to the rights of other Securityholders, but will
not be limited to the Subordinated Amount. If so specified in the related
Prospectus Supplement, the subordination of a Class may apply only in the event
of certain types of losses not covered by insurance policies or other credit
support, such as losses arising from damage to property securing a Loan not
covered by standard hazard insurance policies, losses resulting from the
bankruptcy of a borrower and application of certain provisions of the Bankruptcy
Code, or losses resulting from the denial of insurance coverage due to fraud or
misrepresentation in connection with the origination of a Loan.
With respect to any Series which includes one or more Classes of
Subordinate Securities, a Subordination Reserve Fund may be established if so
specified in the related Prospectus Supplement. The Subordination Reserve Fund,
if any, will be funded with cash, a letter of credit, a demand note or Eligible
Reserve Fund Investments, or by the retention of amounts of principal or
interest otherwise payable to Holders of Subordinate Securities, or both, as
specified in the related Prospectus Supplement. The Subordination Reserve Fund
will not be a part of the Trust Fund, unless otherwise specified in the related
Prospectus Supplement. If the Subordination Reserve Fund is not a part of the
Trust Fund, the Trustee will have a security interest therein on behalf of the
Senior Securityholders. Moneys will be withdrawn from the Subordination Reserve
Fund to make distributions of principal of or interest on Senior Securities
under the circumstances set forth in the related Prospectus Supplement.
Moneys deposited in any Subordination Reserve Fund will be invested in
Eligible Reserve Fund Investments. Unless otherwise specified in the related
Prospectus Supplement, any reinvestment income or other gain from such
investments will be credited to the Subordination Reserve Fund for such Series,
and any loss resulting from such investments will be charged to such
Subordination Reserve Fund. Amounts in any Subordination Reserve Fund in excess
of the Required Reserve Fund Balance may be periodically released to the
Subordinate Securityholders under the conditions and to the extent specified in
the related Prospectus Supplement. Additional information concerning any
Subordination Reserve Fund will be set forth in the related Prospectus
Supplement, including the amount of any initial deposit to such Subordination
Reserve Fund, the Required Reserve Fund Balance to be maintained therein, the
purposes for which funds in the Subordination Reserve Fund may be applied to
make distributions to Senior Securityholders and the employment of reinvestment
earnings on amounts in the Subordination Reserve Fund, if any.
OVERCOLLATERALIZATION
If so specified in the related Prospectus Supplement, subordination may be
provided by one or more Classes of Senior Securities through
overcollateralization; i.e., by having a greater amount of aggregate principal
balance of the Mortgage Assets for a Series than the aggregate principal balance
of the Securities of such Series. Such subordination may exist on the Closing
Date or may be effected through the allocation of interest payments on the Loans
to reduce the principal balances of certain Classes of Securities.
In a Series with overcollateralization, the allocation of losses to the
Securities is handled through the priority of payment process, first by interest
that otherwise would pay down principal on the Securities, and then such losses
would be allocated to the Senior Securities only if the principal balance of the
Mortgage Loans was reduced to less than the principal balance of the Senior
Securities. If so specified in the related Prospectus Supplement, the level of
overcollateralization required under the provisions of the related Pooling and
Servicing Agreement or Indenture will be subject to various tests based
primarily on the loss and delinquency experience of the related Mortgage Assets,
and will be raised and lowered accordingly.
CROSS-SUPPORT FEATURES
If the Mortgage Assets for a Series are divided into separate Asset Groups,
the beneficial ownership of which is evidenced by a separate Class or Classes of
a Series, credit support may be provided by a cross-support feature which
requires that distributions be made on Senior Securities evidencing the
beneficial ownership of one Asset Group prior to distributions on Subordinate
Securities evidencing the beneficial ownership interest in another Asset Group
within the Trust Fund. The related Prospectus Supplement for a Series which
includes a cross-support feature will describe the manner and conditions for
applying such cross-support feature.
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INSURANCE
Credit support with respect to a Series may be provided by various forms of
insurance policies, subject to limits on the aggregate dollar amount of claims
that will be payable under each such insurance policy, with respect to all Loans
comprising or underlying the Mortgage Assets for a Series, or such of the Loans
as have certain characteristics. Such insurance policies include primary
mortgage insurance and standard hazard insurance and may, if specified in the
related Prospectus Supplement, include a pool insurance policy covering losses
in amounts in excess of coverage of any primary insurance policy, a special
hazard insurance policy covering certain risks not covered by standard hazard
insurance policies, a bankruptcy bond covering certain losses resulting from the
bankruptcy of a borrower and application of certain provisions of the Bankruptcy
Code, a repurchase bond covering the repurchase of a Loan for which mortgage
insurance or hazard insurance coverage has been denied due to misrepresentations
in connection with the organization of the related Loan, or other insurance
covering other risks associated with the particular type of Loan. See
'Description of Mortgage and Other Insurance.' Copies of the actual pool
insurance policy, special hazard insurance policy, bankruptcy bond or repurchase
bond, if any, relating to the Loans comprising the Mortgage Assets for a Series
will be filed with the Commission as an exhibit to a Current Report on Form 8-K
to be filed within 15 days of issuance of the Securities of the related Series.
LETTER OF CREDIT
The letter of credit, if any, with respect to a Series of Securities will
be issued by the bank or financial institution specified in the related
Prospectus Supplement (the 'L/C Bank'). Under the letter of credit, the L/C Bank
will be obligated to honor drawings thereunder in an aggregate fixed dollar
amount, net of unreimbursed payments thereunder, equal to the percentage
specified in the related Prospectus Supplement of the aggregate principal
balance of the Loans on the related Cut-off Date or of one or more Classes of
Securities (the 'L/C Percentage'). If so specified in the related Prospectus
Supplement, the letter of credit may permit drawings in the event of losses not
covered by insurance policies or other credit support, such as losses arising
from damage not covered by standard hazard insurance policies, losses resulting
from the bankruptcy of a borrower and the application of certain provisions of
the Bankruptcy Code, or losses resulting from denial of insurance coverage due
to misrepresentations in connection with the origination of a Loan. The amount
available under the letter of credit will, in all cases, be reduced to the
extent of the unreimbursed payments thereunder. The obligations of the L/C Bank
under the letter of credit for each Series of Securities will expire at the
earlier of the date specified in the related Prospectus Supplement or the
termination of the Trust Fund. See 'Description of the Securities -- Optional
Termination' and 'The Agreements -- Termination.' A copy of the letter of credit
for a Series, if any, will be filed with the Commission as an exhibit to a
Current Report on Form 8-K to be filed within 15 days of issuance of the
Securities of the related Series.
FINANCIAL GUARANTEE INSURANCE
Financial Guarantee Insurance, if any, with respect to a Series of
Securities will be provided by one or more insurance companies. Such Financial
Guarantee Insurance will guarantee, with respect to one or more Classes of
Securities of the related Series, timely distributions of interest and full
distributions of principal on the basis of a schedule of principal distributions
set forth in or determined in the manner specified in the related Prospectus
Supplement. If so specified in the related Prospectus Supplement, the Financial
Guarantee Insurance will also guarantee against any payment made to a
Securityholder which is subsequently recovered as a 'voidable preference'
payment under the Bankruptcy Code. A copy of the financial guarantee insurance
for a Series, if any, will be filed with the Commission as an exhibit to a
Current Report on Form 8-K to be filed with the Commission within 15 days of
issuance of the Securities of the related Series.
RESERVE FUNDS
One or more Reserve Funds may be established with respect to a Series, in
which cash, a letter of credit, Eligible Reserve Fund Investments, a demand note
or a combination thereof, in the amounts, if any, so specified in the related
Prospectus Supplement will be deposited. The Reserve Funds for a Series may also
be funded over time by depositing therein a specified amount of the
distributions received on the related Mortgage Assets as specified in the
related Prospectus Supplement.
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Amounts on deposit in any reserve fund for a Series, together with the
reinvestment income thereon, will be applied by the Trustee for the purposes, in
the manner, and to the extent specified in the related Prospectus Supplement. A
Reserve Fund may be provided to increase the likelihood of timely payments of
principal of and interest on the Securities, if required as a condition to the
rating of such Series by each Rating Agency rating such Series. If so specified
in the related Prospectus Supplement, Reserve Funds may be established to
provide limited protection, in an amount satisfactory to each Rating Agency
which assigns a rating to the Securities, against certain types of losses not
covered by insurance policies or other credit support, such as losses arising
from damage not covered by standard hazard insurance policies, losses resulting
from the bankruptcy of a borrower and the application of certain provisions of
the Bankruptcy Code or losses resulting from denial of insurance coverage due to
fraud or misrepresentation in connection with the origination of a Loan.
Following each Distribution Date amounts in such Reserve Fund in excess of any
required reserve fund balance may be released from the Reserve Fund under the
conditions and to the extent specified in the related Prospectus Supplement and
will not be available for further application by the Trustee.
Moneys deposited in any Reserve Funds will be invested in Eligible Reserve
Fund Investments, except as otherwise specified in the related Prospectus
Supplement. Unless otherwise specified in the related Prospectus Supplement, any
reinvestment income or other gain from such investments will be credited to the
related Reserve Fund for such Series, and any loss resulting from such
investments will be charged to such Reserve Fund. However, such income may be
payable to the Master Servicer or a Servicer as additional servicing
compensation. See 'Servicing of Loans' and 'The Agreements -- Investment of
Funds.' The Reserve Fund, if any, for a Series will not be a part of the Trust
Fund unless otherwise specified in the related Prospectus Supplement.
Additional information concerning any Reserve Fund will be set forth in the
related Prospectus Supplement, including the initial balance of such Reserve
Fund, the required Reserve Fund balance to be maintained, the purposes for which
funds in the Reserve Fund may be applied to make distributions to
Securityholders and use of investment earnings from the Reserve Fund, if any.
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DESCRIPTION OF MORTGAGE AND OTHER INSURANCE
The following descriptions of primary mortgage insurance policies, pool
insurance policies, special hazard insurance policies, standard hazard insurance
policies, bankruptcy bonds, repurchase bonds and other insurance and the
respective coverages thereunder are general descriptions only and do not purport
to be complete.
MORTGAGE INSURANCE ON THE LOANS
General. Unless otherwise specified in the related Prospectus Supplement,
all Mortgage Loans that are Conventional Loans secured by Single Family Property
and which had initial Loan-to-Value Ratios of greater than 80% will be covered
by primary mortgage insurance policies providing coverage on the amount of each
such Mortgage Loan in excess of 75% of the original Appraised Value of the
related Mortgaged Property and remaining in force until the principal balance of
such Mortgage Loan is reduced to 80% of such original Appraised Value.
Multifamily Loans will not be covered by a primary mortgage insurance policy,
regardless of the related Loan-to-Value Ratio.
A pool insurance policy will be obtained if so specified in the related
Prospectus Supplement to cover any loss (subject to limitations described
herein) occurring as a result of default by the borrowers to the extent not
covered by any primary mortgage insurance policy, FHA Insurance or VA Guarantee.
See 'Pool Insurance Policy' below. Neither the primary mortgage insurance
policies nor any pool insurance policy will insure against certain losses
sustained in the event of a personal bankruptcy of the borrower under a Mortgage
Loan. See 'Certain Legal Aspects of Loans' herein. Such losses will be covered
to the extent described in the related Prospectus Supplement by the bankruptcy
bond or other credit support, if any.
To the extent that the primary mortgage insurance policies do not cover all
losses on a defaulted or foreclosed Mortgage Loan, and to the extent such losses
are not covered by the pool insurance policy or other credit support for such
Series, such losses, if any, would affect payments to Securityholders. In
addition, the pool insurance policy and primary mortgage insurance policies do
not provide coverage against hazard losses. See 'Hazard Insurance on the Loans'
below. Certain hazard risks will not be insured and the occurrence of such
hazards could adversely affect payments to the Securityholders.
Primary Mortgage Insurance. While the terms and conditions of the primary
mortgage insurance policies issued by one primary mortgage guaranty insurer (a
'Primary Insurer') will differ from those in primary mortgage insurance policies
issued by other Primary Insurers, each primary mortgage insurance policy
generally will pay either: (i) the insured percentage of the loss on the related
Mortgaged Property; (ii) the entire amount of such loss, after receipt by the
Primary Insurer of good and merchantable title to, and possession of, the
Mortgaged Property; or (iii) at the option of the Primary Insurer under certain
primary mortgage insurance policies, the sum of the delinquent monthly payments
plus any advances made by the insured, both to the date of the claim payment
and, thereafter, monthly payments in the amount that would have become due under
the Mortgage Loan if it had not been discharged plus any advances made by the
insured until the earlier of (a) the date the Mortgage Loan would have been
discharged in full if the default had not occurred or (b) an approved sale. The
amount of the loss as calculated under a primary mortgage insurance policy
covering a Mortgage Loan will generally consist of the unpaid principal amount
of such Mortgage Loan and accrued and unpaid interest thereon and reimbursement
of certain expenses, less (i) rents or other payments collected or received by
the insured (other than the proceeds of hazard insurance) that are derived from
the related Mortgaged Property, (ii) hazard insurance proceeds in excess of the
amount required to restore such Mortgaged Property and which have not been
applied to the payment of the Mortgage Loan, (iii) amounts expended but not
approved by the Primary Insurer, (iv) claim payments previously made on such
Mortgage Loan and (v) unpaid premiums and certain other amounts.
As conditions precedent to the filing or payment of a claim under a primary
mortgage insurance policy, in the event of default by the Mortgagor, the insured
will typically be required, among other things, to: (i) advance or discharge
(a) hazard insurance premiums and (b) as necessary and approved in advance by
the Primary Insurer, real estate taxes, protection and preservation expenses and
foreclosure and related costs; (ii) in the event of any physical loss or damage
to the Mortgaged Property, have the Mortgaged Property restored to at least its
condition at the effective date of the primary mortgage insurance policy
(ordinary wear and tear excepted); and (iii) tender to the Primary Insurer good
and merchantable title to, and possession of, the Mortgaged Property.
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The Pooling and Servicing Agreement or Servicing Agreement for a Series
generally will require that the Master Servicer or Servicer maintain, or cause
to be maintained, coverage under a primary mortgage insurance policy to the
extent such coverage was in place on the Cut-off Date. In the event that the
Depositor gains knowledge that, as of the Closing Date, a Mortgage Loan had a
Loan-to-Value Ratio at origination in excess of 80% and was not the subject of a
primary mortgage insurance policy (and was not included in any exception to such
standard disclosed in the related Prospectus Supplement) and that such Mortgage
Loan has a then current Loan-to-Value Ratio in excess of 80%, then the Master
Servicer or the Servicer is required to use its reasonable efforts to obtain and
maintain a primary mortgage insurance policy to the extent that such a policy is
obtainable at a reasonable price.
Any primary mortgage insurance or primary credit insurance policies
relating to Loans secured by Manufactured Homes will be described in the related
Prospectus Supplement.
FHA Insurance and VA Guarantees. The Housing Act authorizes various FHA
mortgage insurance programs. Some of the Mortgage Loans may be insured under
either Section 203(b), Section 234 or Section 235 of the Housing Act. Under
Section 203(b), FHA insures mortgage loans of up to 30 years' duration for the
purchase of one- to four-family dwelling units. Mortgage loans for the purchase
of condominium units are insured by FHA under Section 234. Loans insured under
these programs must bear interest at a rate not exceeding the maximum rate in
effect at the time the loan is made, as established by HUD, and may not exceed
specified percentages of the lesser of the appraised value of the property and
the sales price, less seller paid closing costs for the property, up to certain
specified maximums. In addition, FHA imposes initial investment minimums and
other requirements on mortgage loans insured under the Section 203(b) and
Section 234 programs.
Under Section 235, assistance payments are paid by HUD to the mortgagee on
behalf of eligible mortgagors for as long as the mortgagors continue to be
eligible for the payments. To be eligible, a mortgagor must be part of a family,
have income within the limits prescribed by HUD at the time of initial
occupancy, occupy the property and meet requirements for recertification at
least annually.
The regulations governing these programs provide that insurance benefits
are payable either (i) upon foreclosure (or other acquisition of possession) and
conveyance of the mortgaged premises to HUD or (ii) upon assignment of the
defaulted mortgage loan to HUD. The FHA insurance that may be provided under
these programs upon the conveyance of the home to HUD is equal to 100% of the
outstanding principal balance of the mortgage loan, plus accrued interest, as
described below, and certain additional costs and expenses. When entitlement to
insurance benefits results from assignment of the mortgage loan to HUD, the
insurance payment is computed as of the date of the assignment and includes the
unpaid principal amount of the mortgage loan plus mortgage interest accrued and
unpaid to the assignment date.
When entitlement to insurance benefits results from foreclosure (or other
acquisition of possession) and conveyance, the insurance payment is equal to the
unpaid principal amount of the mortgage loan, adjusted to reimburse the
mortgagee for certain tax, insurance and similar payments made by it and to
deduct certain amounts received or retained by the mortgagee after default, plus
reimbursement not to exceed two-thirds of the mortgagee's foreclosure costs. Any
FHA insurance relating to Loans underlying a Series of Securities will be
described in the related Prospectus Supplement.
The Servicemen's Readjustment Act of 1944, as amended, permits a veteran
(or, in certain instances, his or her spouse) to obtain a mortgage loan guaranty
by the VA covering mortgage financing of the purchase of a one-to four-family
dwelling unit to be occupied as the veteran's home at an interest rate not
exceeding the maximum rate in effect at the time the loan is made, as
established by HUD. The program has no limit on the amount of a mortgage loan,
requires no down payment from the purchaser and permits the guaranty of mortgage
loans with terms, limited by the estimated economic life of the property, up to
30 years. The maximum guaranty that may be issued by the VA under this program
is 50% of the original principal amount of the mortgage loan up to a certain
dollar limit established by the VA. The liability on the guaranty is reduced or
increased on a pro rata basis with any reduction or increase in the amount of
indebtedness, but in no event will the amount payable on the guaranty exceed the
amount of the original guaranty. Notwithstanding the dollar and percentage
limitations of the guaranty, a mortgagee will ordinarily suffer a monetary loss
only when the difference between the unsatisfied indebtedness and the proceeds
of a foreclosure sale of mortgaged premises is greater than the original
guaranty as adjusted. The VA may, at its option, and without regard to the
guaranty, make full payment to a mortgagee of the unsatisfied indebtedness on a
mortgage upon its assignment to the VA.
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Since there is no limit imposed by the VA on the principal amount of a
VA-guaranteed mortgage loan but there is a limit on the amount of the VA
guaranty, additional coverage under a Primary Mortgage Insurance Policy may be
required by the Depositor for VA loans in excess of certain amounts. The amount
of any such additional coverage will be set forth in the related Prospectus
Supplement. Any VA guaranty relating to Loans underlying a Series of Securities
will be described in the related Prospectus Supplement.
Pool Insurance Policy. If so specified in the related Prospectus
Supplement, the Master Servicer will be required to maintain the pool insurance
policy and to present or cause the Servicers, if any, to present claims
thereunder on behalf of the Trustee and the Securityholders. See 'Servicing of
Loans -- Maintenance of Insurance Policies and Other Servicing Procedures.'
Although the terms and conditions of pool insurance policies vary to some
degree, the following describes material aspects of such policies generally. The
related Prospectus Supplement will describe any provisions of a pool insurance
policy which are materially different from those described below.
The responsibilities of the Master Servicer, the amount of claim for
benefits, the conditions precedent to the filing or payment of a claim, the
policy provisions and the payment of claims under a pool insurance policy are
generally similar to those described above for primary mortgage insurance
policies, subject to the aggregate limit on the amount of coverage. It may also
be a condition precedent to the payment of any claim under the pool insurance
policy that the insured maintain a primary mortgage insurance policy that is
acceptable to the pool insurer on all Mortgage Loans in the related Trust Fund
that have Loan-to-Value Ratios at the time of origination in excess of 80% and
that a claim under such primary mortgage insurance policy has been submitted and
settled. FHA Insurance and VA Guarantees will be deemed to be acceptable primary
insurance policies under the pool insurance policy. Assuming satisfaction of
these conditions, the pool insurer will pay to the insured the amount of the
loss which will generally be: (i) the amount of the unpaid principal balance of
the defaulted Mortgage Loan immediately prior to the sale of the Mortgaged
Property, (ii) the amount of the accumulated unpaid interest on such Mortgage
Loan to the date of claim settlement at the contractual rate of interest and
(iii) advances made by the insured as described above less certain payments. An
'approved sale' is (i) a sale of the Mortgaged Property acquired by the insured
because of a default by the borrower to which the pool insurer has given prior
approval, (ii) a foreclosure or trustee's sale of the Mortgaged Property at a
price exceeding the maximum amount specified by the pool insurer, (iii) the
acquisition of the Mortgaged Property under the primary mortgage insurance
policy by the mortgage insurer or (iv) the acquisition of the Mortgaged Property
by the pool insurer.
As a condition precedent to the payment of any loss, the insured must
provide the pool insurer with good and merchantable title to the Mortgaged
Property. If any Mortgaged Property securing a defaulted Mortgage Loan is
damaged and the proceeds, if any, from the related standard hazard insurance
policy or the applicable special hazard insurance policy, if any, are
insufficient to restore the damaged Mortgaged Property to a condition sufficient
to permit recovery under the pool insurance policy, the Master Servicer will not
be required to expend its own funds to restore the damaged property unless it
determines (i) that such restoration will increase the proceeds to the
Securityholders on liquidation of the Mortgage Loan after reimbursement of the
Master Servicer for its expenses and (ii) that such expenses will be recoverable
by it through liquidation proceeds or insurance proceeds.
The original amount of coverage under the pool insurance policy will be
reduced over the life of the Securities by the aggregate net dollar amount of
claims paid less the aggregate net dollar amount realized by the pool insurer
upon disposition of all foreclosed Mortgaged Properties covered thereby. The
amount of claims paid includes certain expenses incurred by the Master Servicer
as well as accrued interest at the applicable interest rate on delinquent
Mortgage Loans to the date of payment of the claim. See 'Certain Legal Aspects
of Loans' herein. Accordingly, if aggregate net claims paid under a pool
insurance policy reach the original policy limit, coverage under the pool
insurance policy will lapse and any further losses will be borne by the Trust
Fund, and thus will affect adversely payments on the Securities. In addition,
the exhaustion of coverage under any pool insurance policy may affect the Master
Servicer's or Servicer's willingness or obligation to make Advances. If the
Master Servicer or a Servicer determines that an Advance in respect of a
delinquent Loan would not be recoverable from the proceeds of the liquidation of
such Loan or otherwise, it will not be obligated to make an advance respecting
any such delinquency since the Advance would not be ultimately recoverable by
it. See 'Servicing of Loans -- Advances and Limitations Thereon.'
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Mortgage Insurance with Respect to Manufactured Home Loans. A Manufactured
Home Loan may be an FHA Loan or a VA Loan. Any primary mortgage or similar
insurance and any pool insurance policy with respect to Manufactured Home Loans
will be described in the related Prospectus Supplement.
HAZARD INSURANCE ON THE LOANS
Standard Hazard Insurance Policies for Mortgage Loans. The terms of the
Mortgage Loans require each Mortgagor to maintain a hazard insurance policy
covering the related Mortgaged Property and providing for coverage at least
equal to that of the standard form of fire insurance policy with extended
coverage customary in the state in which the property is located. Such coverage
generally will be in an amount equal to the lesser of the principal balance of
such Mortgage Loan or 100% of the insurable value of the improvements securing
the Mortgage Loan. The Pooling and Servicing Agreement or Servicing Agreement
will provide that the Master Servicer or Servicer shall cause such hazard
policies to be maintained or shall obtain a blanket policy insuring against
losses on the Mortgage Loans. The ability of the Master Servicer or Servicer to
ensure that hazard insurance proceeds are appropriately applied may be dependent
on its being named as an additional insured under any hazard insurance policy
and under any flood insurance policy referred to below, or upon the extent to
which information in this regard is furnished to the Master Servicer or the
Servicer by Mortgagors.
In general, the standard form of fire and extended coverage policy covers
physical damage to or destruction of the improvements on the property by fire,
lightning, explosion, smoke, windstorm, hail, riot, strike and civil commotion,
subject to the conditions and exclusions specified in each policy. The policies
relating to the Mortgage Loans will be underwritten by different insurers under
different state laws in accordance with different applicable state forms and
therefore will not contain identical terms and conditions, the basic terms
thereof are dictated by respective state laws. Such policies typically do not
cover any physical damage resulting from the following: war, revolution,
governmental actions, floods and other water-related causes, earth movement
(including earthquakes, landslides and mudflows), nuclear reactions, wet or dry
rot, vermin, rodents, insects or domestic animals, theft and, in certain cases,
vandalism. The foregoing list is merely indicative of certain kinds of uninsured
risks and is not intended to be all-inclusive. Where the improvements securing a
Mortgage Loan are located in a federally designated flood area at the time of
origination of such Mortgage Loan, the Pooling and Servicing Agreement or
Servicing Agreement generally requires the Master Servicer or Servicer to cause
to be maintained for each such Mortgage Loan serviced, flood insurance as
described under 'Servicing of Loans -- Maintenance of Insurance Policies and
Other Servicing Procedures.'
Standard Hazard Insurance Policies for Manufactured Home Loans. The terms
of the Pooling and Servicing Agreement or Servicing Agreement will require the
Servicer or the Master Servicer, as applicable, to cause to be maintained with
respect to each Manufactured Home Loan one or more standard hazard insurance
policies which provide, at a minimum, the same coverage as a standard form fire
and extended coverage insurance policy that is customary for manufactured
housing, issued by a company authorized to issue such policies in the state in
which the Manufactured Home is located, and in an amount which is not less than
the maximum insurable value of such Manufactured Home or the principal balance
due from the Mortgagor on the related Manufactured Home Loan, whichever is less.
Such coverage may be provided by one or more blanket insurance policies covering
losses on the Manufactured Home Loans resulting from the absence or
insufficiency of individual standard hazard insurance policies. If a
Manufactured Home's location was, at the time of origination of the related
Manufactured Home Loan, within a federally designated flood area, the Servicer
or the Master Servicer also will be required to maintain flood insurance.
If the Servicer or the Master Servicer repossesses a Manufactured Home on
behalf of the Trustee, the Servicer or the Master Servicer will either (i)
maintain at its expense hazard insurance with respect to such Manufactured Home
or (ii) indemnify the Trustee against any damage to such Manufactured Home prior
to resale or other disposition.
Special Hazard Insurance Policy. Although the terms of such policies vary
to some degree, a special hazard insurance policy typically provides that, where
there has been damage to property securing a defaulted or foreclosed Loan (title
to which has been acquired by the insured) and to the extent such damage is not
covered by the standard hazard insurance policy or any flood insurance policy,
if applicable, required to be maintained with respect to such property, or in
connection with partial loss resulting from the application of the coinsurance
clause in a standard hazard insurance policy, the special hazard insurer will
pay the lesser of (i) the cost of repair or replacement of such property or
(ii) upon transfer of the property to the special hazard insurer, the unpaid
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principal balance of such Loan at the time of acquisition of such property by
foreclosure or deed in lieu of foreclosure, plus accrued interest to the date of
claim settlement and certain expenses incurred by the Master Servicer or the
Servicer with respect to such property. If the unpaid principal balance plus
accrued interest and certain expenses is paid by the special hazard insurer, the
amount of further coverage under the special hazard insurance policy will be
reduced by such amount less any net proceeds from the sale of the property. Any
amount paid as the cost of repair of the property will reduce coverage by such
amount. Special hazard insurance policies typically do not cover losses
occasioned by war, civil insurrection, certain governmental actions, errors in
design, faulty workmanship or materials (except under certain circumstances),
nuclear reaction, flood (if the mortgaged property is in a federally designated
flood area), chemical contamination and certain other risks.
Restoration of the property with the proceeds described under (i) above is
expected to satisfy the condition under the pool insurance policy that the
property be restored before a claim under such pool insurance policy may be
validly presented with respect to the defaulted Loan secured by such property.
The payment described under (ii) above will render unnecessary presentation of a
claim in respect of such Loan under the pool insurance policy. Therefore, so
long as the pool insurance policy remains in effect, the payment by the special
hazard insurer of the cost of repair or of the unpaid principal balance of the
related Loan plus accrued interest and certain expenses will not affect the
total insurance proceeds paid to holders of the Securities, but will affect the
relative amounts of coverage remaining under the special hazard insurance policy
and pool insurance policy.
Other Hazard-Related Insurance; Liability Insurance. With respect to Loans
secured by Multifamily Property, certain additional insurance policies may be
required with respect to the Multifamily Property; for example, general
liability insurance for bodily injury and property damage, steam boiler coverage
where a steam boiler or other pressure vessel is in operation, and rent loss
insurance to cover operating income losses following damage or destruction of
the Mortgaged Property. With respect to a Series for which Loans secured by
Multifamily Property are included in the Trust Fund, the related Prospectus
Supplement will specify the required types and amounts of additional insurance
and describe the general terms of such insurance and conditions to payment
thereunder.
BANKRUPTCY BOND
In the event of a bankruptcy of a borrower, the bankruptcy court may
establish the value of the property securing the related Loan (and, if specified
in the related Prospectus Supplement, any related Additional Collateral) at an
amount less than the then outstanding principal balance of such Loan. The amount
of the secured debt could be reduced to such value, and the holder of such Loan
thus would become an unsecured creditor to the extent the outstanding principal
balance of such Loan exceeds the value so assigned to the property (and any
related Additional Collateral) by the bankruptcy court. In addition, certain
other modifications of the terms of a Loan can result from a bankruptcy
proceeding. See 'Certain Legal Aspects of Loans' herein. If so provided in the
related Prospectus Supplement, the Master Servicer will obtain a bankruptcy bond
or similar insurance contract (the 'bankruptcy bond') for proceedings with
respect to borrowers under the Bankruptcy Code. The bankruptcy bond will cover
certain losses resulting from a reduction by a bankruptcy court of scheduled
payments of principal of and interest on a Loan or a reduction by such court of
the principal amount of a Loan and will cover certain unpaid interest on the
amount of such a principal reduction from the date of the filing of a bankruptcy
petition.
The bankruptcy bond will provide coverage in the aggregate amount specified
in the related Prospectus Supplement for all Loans in the Trust Fund secured by
single unit primary residences. Such amount will be reduced by payments made
under such bankruptcy bond in respect of such Loans, unless otherwise specified
in the related Prospectus Supplement, and will not be restored.
REPURCHASE BOND
If so specified in the related Prospectus Supplement, the Seller, the
Depositor or the Master Servicer will be obligated to repurchase any Loan (up to
an aggregate dollar amount specified in the related Prospectus Supplement) for
which insurance coverage is denied due to dishonesty, misrepresentation or fraud
in connection with the origination or sale of such Loan. Such obligation may be
secured by a surety bond guaranteeing payment of the amount to be paid by the
Seller, the Depositor or the Master Servicer.
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THE AGREEMENTS
The following summaries describe certain provisions of the Agreements. The
summaries do not purport to be complete and are subject to, and qualified in
their entirety by reference to, the provisions of the related Agreements. Where
particular provisions or terms used in the related Agreements are referred to,
such provisions or terms are as specified in the related Agreements.
ASSIGNMENT OF MORTGAGE ASSETS
General. The Depositor will transfer, convey and assign to the Trustee all
right, title and interest of the Depositor in the Mortgage Assets and other
property to be included in the Trust Fund for a Series. Such assignment will
include all principal and interest due on or with respect to the Mortgage Assets
after the Cut-off Date specified in the related Prospectus Supplement (except
for any Retained Interests). The Trustee will, concurrently with such
assignment, execute and deliver the Securities.
Assignment of Private Mortgage-Backed Securities. The Depositor will cause
Private Mortgage-Backed Securities to be registered in the name of the Trustee
(or its nominee or correspondent). The Trustee (or its agent or correspondent)
will have possession of any certificated Private Mortgage-Backed Securities.
Unless otherwise specified in the related Prospectus Supplement, the Trustee
will not be in possession of or be assignee of record of any underlying assets
for a Private Mortgage-Backed Security. See 'The Trust Funds -- Private
Mortgage-Backed Securities' herein. Each Private Mortgage-Backed Security will
be identified in a schedule appearing as an exhibit to the related Agreement
(the 'Mortgage Certificate Schedule'), which will specify the original principal
amount, outstanding principal balance as of the Cut-off Date, annual
pass-through rate or interest rate and maturity date for each Private
Mortgage-Backed Security conveyed to the Trustee. In the related Agreement, the
Depositor will represent and warrant to the Trustee regarding the Private
Mortgage-Backed Securities: (i) that the information contained in the Mortgage
Certificate Schedule is true and correct in all material respects; (ii) that,
immediately prior to the conveyance of the Private Mortgage-Backed Securities,
the Depositor had good title thereto, and was the sole owner thereof (subject to
any Retained Interests); (iii) that there has been no other sale by it of such
Private Mortgage-Backed Securities and (iv) that there is no existing lien,
charge, security interest or other encumbrance (other than any Retained
Interest) on such Private Mortgage-Backed Securities.
Assignment of Agency Securities. The Depositor will transfer, convey and
assign to the Trustee (or its nominee or correspondent) all right, title and
interest of the Depositor in the Agency Securities and other property to be
included in the Trust Fund for a Series. Such assignment will include all
principal and interest due on or with respect to the Agency Securities after the
Cut-off Date specified in the related Prospectus Supplement (except for any
Retained Interest). The Depositor will cause the Agency Securities to be
registered in the name of the Trustee (or its nominee or correspondent), and the
Trustee will concurrently authenticate and deliver the Securities. Each Agency
Security will be identified in a schedule appearing as an exhibit to the related
Agreement, which will specify as to each Agency Security the original principal
amount and outstanding principal balance as of the Cut-off Date and the annual
pass-through rate or interest rate for each Agency Security conveyed to the
Trustee.
Assignment of Mortgage Loans. In addition, the Depositor will, as to each
Mortgage Loan, deliver or cause to be delivered to the Trustee, or, as specified
in the related Prospectus Supplement, the Custodian, the Mortgage Note endorsed
without recourse to the order of the Trustee or in blank, the original Mortgage
with evidence of recording indicated thereon (except for any Mortgage not
returned from the public recording office, in which case a copy of such Mortgage
will be delivered, together with a certificate that the original of such
mortgage was delivered to such recording office), an assignment of the Mortgage
in recordable form and, if applicable, any riders or modifications to such
Mortgage Note and Mortgage, together with certain other documents as set forth
in the related Agreement. The Trustee, or, if so specified in the related
Prospectus Supplement, the Custodian, will hold such documents in trust for the
benefit of the Securityholders.
Unless otherwise specified in the related Prospectus Supplement, the
Depositor will, at the time of delivery of the Securities, cause assignments to
the Trustee of the Mortgage Loans to be recorded in the appropriate public
office for real property records, except in states where, in the opinion of
counsel acceptable to the Trustee, such recording is not required to protect the
Trustee's interest in the Mortgage Loan. As promptly as possible, the Depositor
will cause such assignments to be so recorded, in which event, the related
Agreement
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may require the Depositor to repurchase from the Trustee any Mortgage Loan
required to be recorded but not recorded within such time, at the price
described above with respect to repurchase by reason of defective documentation.
Unless otherwise provided in the related Prospectus Supplement, the enforcement
of the repurchase obligation would constitute the sole remedy available to the
Securityholders or the Trustee for the failure of a Mortgage Loan to be
recorded.
With respect to any Mortgage Loans which are Cooperative Loans, the
Depositor will cause to be delivered to the Trustee, its agent, or a custodian,
the related original cooperative note endorsed to the order of the Trustee, the
original security agreement, the proprietary lease or occupancy agreement, the
recognition agreement, an executed financing agreement and the relevant stock
certificate and related blank stock powers. The Depositor will file in the
appropriate office an assignment and a financing statement evidencing the
Trustee's security interest in each Cooperative Loan.
Each Mortgage Loan will be identified in a schedule appearing as an exhibit
to the related Agreement (the 'Mortgage Loan Schedule'). Such Mortgage Loan
Schedule will specify, among other things, with respect to each Mortgage Loan:
the original principal amount and unpaid principal balance as of the Cut-off
Date; the current interest rate; the current Scheduled Payment of principal and
interest; the maturity date of the related mortgage note; if the Mortgage Loan
is an ARM, the Minimum Mortgage Rate, the Maximum Mortgage Rate, if any, and the
Periodic Rate Cap; and whether the Mortgage Loan is an Additional Collateral
Loan, a Balloon Loan, a Cooperative Loan, a GPM Loan, a GEM Loan, a Buy-Down
Loan or a Mortgage Loan with other than fixed Scheduled Payments and level
amortization.
Assignment of Manufactured Home Loans. The Depositor will cause any
Manufactured Home Loans included in the Mortgage Assets for a Series of
Securities to be assigned to the Trustee, together with principal and interest
due on or with respect to the Manufactured Home Loans after the Cut-off Date
specified in the related Prospectus Supplement. Each Manufactured Home Loan will
be identified in a loan schedule (the 'Loan Schedule') appearing as an exhibit
to the related Agreement. Such Loan Schedule will specify, with respect to each
Manufactured Home Loan, among other things: the original principal balance and
the outstanding principal balance as of the close of business on the Cut-off
Date; the interest rate; the current Scheduled Payment of principal and
interest; and the maturity date of the Manufactured Home Loan.
In addition, with respect to each Manufactured Home Loan, the Depositor
will deliver or cause to be delivered to the Trustee, or, as specified in the
related Prospectus Supplement, the custodian, the original Manufactured Home
Loan and copies of documents and instruments related to each Manufactured Home
Loan and the security interest in the Manufactured Home securing each
Manufactured Home Loan. To give notice of the right, title and interest of the
Securityholders to the Manufactured Home Loans, the Depositor will cause a UCC-1
financing statement to be filed identifying the Trustee as the secured party and
identifying all Manufactured Home Loans as collateral. Unless otherwise
specified in the related Prospectus Supplement, the Manufactured Home Loans will
not be stamped or otherwise marked to reflect their assignment from the
Depositor to the Trustee. Therefore, if a subsequent purchaser were able to take
physical possession of the Manufactured Home Loans without notice of such
assignment, the interest of the Securityholders in the Manufactured Home Loans
could be defeated. See 'Certain Legal Aspects of Loans -- Manufactured Home
Loans.'
The Seller (or other party as described in the related Prospectus
Supplement) will provide limited representations and warranties to the Depositor
and the Trustee concerning the Manufactured Home Loans. Such representations and
warranties will include: (i) that the information contained in the Loan Schedule
provides an accurate listing of the Manufactured Home Loans and that the
information respecting such Manufactured Home Loans set forth in such Loan
Schedule is true and correct in all material respects at the date or dates
respecting which such information is furnished; (ii) that, immediately prior to
the conveyance of the Manufactured Home Loans, the Depositor had good title to,
and was sole owner of, each such Manufactured Home Loan (subject to any Retained
Interests); (iii) that there has been no other sale by it of such Manufactured
Home Loans and that the Manufactured Home Loan is not subject to any lien,
charge, security interest or other encumbrance; (iv) if the Master Servicer will
not directly service the Manufactured Home Loans, each Sub-Servicing Agreement
entered into with a Servicer with respect to Manufactured Home Loans comprising
the Mortgage Assets has been assigned and conveyed to the Trustee and is not
subject to any offset, counterclaim, encumbrance or other charge; and (v) the
Depositor has obtained from each of the Master Servicer, the Servicer, the
originator of the Manufactured Home Loans or such other entity that is the
seller of the related Manufactured Home Loan
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representations and warranties relating to certain information respecting the
origination of and current status of the Manufactured Home Loans, and has no
knowledge of any fact which would cause it to believe that such representations
and warranties are inaccurate in any material respect. See 'Loan Underwriting
Procedures and Standards' herein.
Assignment of Participation Securities. The Depositor will cause any
Participation Securities obtained under a participation agreement to be assigned
to the Trustee by delivering to the Trustee the Participation Security, which
will be reregistered in the name of the Trustee. Unless otherwise specified in
the related Prospectus Supplement, the Trustee will not be in possession of or
be assignee of record with respect to the Loans represented by the Participation
Security. Each Participation Security will be identified in a 'Participation
Security Schedule' which will specify the original principal balance,
outstanding principal balance as of the Cut-off Date, pass-through rate and
maturity date for each Participation Security. In the related Agreement, the
Depositor will represent and warrant to the Trustee regarding the Participation
Security: (i) that the information contained in the Participation Security
Schedule is true and correct in all material respects; (ii) that, immediately
prior to the conveyance of the Participation Securities, the Depositor had good
title to and was sole owner of the Participation Security; (iii) that there has
been no other sale by it of such Participation Security and (iv) that such
Participation Security is not subject to any existing lien, charge, security
interest or other encumbrance (other than any Retained Interests).
REPURCHASE AND SUBSTITUTION OF LOANS
Unless otherwise provided in the related Prospectus Supplement, if any
document in the Loan file delivered by the Depositor to the Trustee, or
Custodian on behalf of the Trustee, is found by the Trustee within 90 days of
the execution of the related Agreement (or promptly after the Trustee's receipt
of any document permitted to be delivered after the Closing Date) to be
defective in any material respect and the related Servicer or Seller does not
cure such defect within 60 days from the date the Master Servicer was notified
of the defect by the Trustee, or within such other period specified in the
related Prospectus Supplement, the related Servicer or Seller if, and to the
extent it is obligated to do so under the related servicing agreement or
mortgage loan sale agreement will, not later than 90 days or within such other
period specified in the related Prospectus Supplement, from the date the Seller
or the Master Servicer was notified of the defect by the Depositor, the Master
Servicer or the Trustee, repurchase the related Mortgage Loan or any property
acquired in respect thereof from the Trustee at a price equal to the outstanding
principal balance of such Mortgage Loan (or, in the case of a foreclosed
Mortgage Loan, the outstanding principal balance of such Mortgage Loan
immediately prior to foreclosure), plus accrued and unpaid interest to the date
of the next scheduled payment on such Mortgage Loan at the related Mortgage
Rate.
Unless otherwise provided in the related Prospectus Supplement, the Master
Servicer may, rather than repurchase the Loan as described above, remove such
Loan from the Trust Fund (the 'Deleted Loan') and substitute in its place one or
more other Loans (each, a 'Qualified Substitute Mortgage Loan') provided,
however, that (i) with respect to a Trust Fund for which no REMIC election is
made, such substitution must be effected within 120 days of the date of initial
issuance of the Securities and (ii) with respect to a Trust Fund for which a
REMIC election or elections are made, the Trustee must have received a
satisfactory opinion of counsel that such substitution will not result in a
prohibited transactions tax under the Code or cause the Trust Fund to lose its
status as a REMIC, or in the case of a Trust Fund consisting of two or more
REMICs, that such substitution will not cause any such REMIC to lose its status
as a REMIC.
Any Qualified Substitute Mortgage Loan will have, unless otherwise
specified in the related Prospectus Supplement, on the date of substitution,
(i) an outstanding principal balance, after deduction of all Scheduled Payments
due in the month of substitution, not in excess of the outstanding principal
balance of the Deleted Loan (the amount of any shortfall to be deposited to the
Certificate Account in the month of substitution for distribution to
Securityholders), (ii) an interest rate not lower than and not more than 1% of
the interest rate of the Deleted Loan, (iii) have a Loan-to-Value Ratio at the
time of substitution no higher than that of the Deleted Loan at the time of
substitution, (iv) have a remaining term to maturity not greater than (and not
more than one year less than) that of the Deleted Loan, and (v) comply with all
of the representations and warranties set forth in the related Agreement as of
the date of substitution. The related Agreement may include additional
requirements relating to ARMs or other specific types of Mortgage Loans, or
additional provisions relating to
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meeting the foregoing requirements on an aggregate basis where a number of
substitutions occur contemporaneously.
Unless otherwise provided in the related Prospectus Supplement, the
above-described cure, repurchase or substitution obligations constitute the sole
remedies available to the Securityholders or the Trustee for a material defect
in a Loan document.
Unless otherwise specified in the related Prospectus Supplement, the Seller
(or other party as described in the related Prospectus Supplement) will make
representations and warranties with respect to Loans which comprise the Mortgage
Assets for a Series. See 'Loan Underwriting Procedures and Standards --
Representations and Warranties' above. If the related Seller (or other party)
cannot cure a breach of any such representations and warranties in all material
respects within 60 days after notification by the Master Servicer, the Depositor
or the Trustee of such breach, and if such breach is of a nature that materially
and adversely affects interest of the Securityholders in such Loan, the Seller
is obligated to cure, substitute or repurchase the affected Mortgage Loan if
such Seller is required to do so under the applicable agreement.
REPORTS TO SECURITYHOLDERS
The Master Servicer will prepare and will forward or will provide to the
Trustee for forwarding to each Securityholder on each Distribution Date, or as
soon thereafter as is practicable, a statement setting forth, to the extent
applicable to any Series as specified in the related Agreement, among other
things:
(i) as applicable, either (A) the amount of such distribution
allocable to principal on the Mortgage Assets, separately identifying the
aggregate amount of any principal prepayments included therein and the
amount, if any, advanced by the Master Servicer or by a Servicer or (B) the
amount of the principal distribution in reduction of stated principal
amount (or Compound Value) of each Class and the aggregate unpaid principal
amount (or Compound Value) of each Class following such distribution;
(ii) as applicable, either (A) the amount of such distribution
allocable to interest on the Mortgage Assets and the amount, if any,
advanced by the Master Servicer or a Servicer or (B) the amount of the
interest distribution;
(iii) the amount of servicing compensation with respect to the
Mortgage Assets paid during the Due Period commencing on the Due Date to
which such distribution relates and the amount of servicing compensation
during such period attributable to penalties and fees;
(iv) with respect to Compound Interest Securities, prior to the
Accrual Termination Date in addition to the information specified in
(i)(B) above, the amount of interest accrued on such Securities during the
related Interest Accrual Period and added to the Compound Value thereof;
(v) in the case of Floating Interest Securities, the Floating Rate
applicable to the distribution being made;
(vi) if applicable, the number and aggregate principal balances of
Loans (A) delinquent for 31 to 60 days, (B) delinquent for 61 days to 90
days and (C) delinquent 91 days or more, as of the close of business on the
Determination Date to which such distribution relates;
(vii) if applicable, the book value of any REO Property acquired on
behalf of Securityholders through foreclosure, grant of a deed in lieu of
foreclosure or repossession as of the close of business on the last
Business Day of the calendar month preceding the Distribution Date to which
such distribution relates;
(viii) if applicable, the amount of coverage under any pool insurance
policy as of the close of business on the applicable Distribution Date;
(ix) if applicable, the amount of coverage under any special hazard
insurance policy as of the close of business on the applicable Distribution
Date;
(x) if applicable, the amount of coverage under any bankruptcy bond as
of the close of business on the applicable Distribution Date;
(xi) in the case of any other credit support described in the related
Prospectus Supplement, the amount of coverage of such credit support as of
the close of business on the applicable Distribution Date;
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(xii) in the case of any Series which includes a Subordinate Class,
the Subordinated Amount, if any, determined as of the related Determination
Date and if the distribution to the Senior Securityholders is less than
their required distribution, the amount of the shortfall;
(xiii) the amount of any withdrawal from any applicable Reserve Fund
included in amounts actually distributed to Securityholders and the
remaining balance of each Reserve Fund (including any Subordination Reserve
Fund), if any, on such Distribution Date, after giving effect to
distributions made on such date; and
(xiv) such other information as specified in the related Agreement.
With respect to each Series of Certificates or Notes, Securityholders will
be referred to as the 'Certificateholders' or the 'Noteholders', respectively.
In addition, within a reasonable period of time after the end of each
calendar year the Master Servicer, unless otherwise specified in the related
Prospectus Supplement, will furnish to each Securityholder of record at any time
during such calendar year a report summarizing the items provided to
Securityholders as specified in the related Agreement to enable Securityholders
to prepare their tax returns including, without limitation, the amount of
original issue discount accrued on the Securities, if applicable. Information in
the Distribution Date and annual reports provided to the Securityholders will
not have been examined and reported upon by an independent public accountant.
However, the Master Servicer will provide to the Trustee a report by independent
public accountants with respect to the Master Servicer's servicing of the Loans.
See 'Servicing of Loans -- Evidence as to Compliance' herein.
INVESTMENT OF FUNDS
The Certificate Account, Collection Account or Custodial Account, if any,
and any other funds and accounts for a Series that may be invested by the
Trustee or by the Master Servicer or by the Servicer, if any, can be invested
only in Eligible Investments acceptable to each Rating Agency rating such
Series, which may include, without limitation, (i) direct obligations of, or
obligations fully guaranteed as to principal and interest by, the United States
of America or any agency or instrumentality thereof, provided that such
obligations are backed by the full faith and credit of the United States of
America; (ii) commercial paper (having original maturities of not more than nine
months) of any corporation incorporated under the laws of the United States or
any state thereof or the District of Columbia which on the date of acquisition
has been rated by each Rating Agency in its highest short-term rating, or such
lower category as will not result in the downgrading or withdrawal of the
ratings then assigned to the Securities by each Rating Agency; (iii)
certificates of deposit, demand or time deposits, federal funds or bankers'
acceptances issued by any bank or trust company incorporated under the laws of
the United States of America or of any state thereof or the District of
Columbia, provided that the short-term commercial paper of such bank or trust
company (or in the case of the principal depository institution in a depository
institution holding company, the long-term unsecured debt obligations of such
holding company) at the date of acquisition thereof has been rated by each
Rating Agency in its highest short-term rating; (iv) money market funds or
mutual funds organized under the Investment Company Act of 1940 rated in the
highest rating category by each Rating Agency; (v) repurchase obligations (the
collateral of which is held by a third party or the Trustee) with respect to any
security described in (i) above, provided that the long-term unsecured
obligations of the party agreeing to repurchase such obligations are at the time
rated by each Rating Agency in one of its two highest long-term rating
categories; and (vi) such other investments which do not adversely affect the
rating on the Securities of such Series as confirmed in writing by each Rating
Agency.
Funds held in a Reserve Fund or Subordinated Reserve Fund may be invested
in certain Eligible Reserve Fund Investments which may include Eligible
Investments, mortgage loans, mortgage pass-through or participation securities,
mortgage-backed bonds or notes or other investments to the extent specified in
the related Prospectus Supplement.
Eligible Investments or Eligible Reserve Fund Investments with respect to a
Series will include only obligations or securities that mature on or before the
date on which the amounts in the Collection Account are required to be remitted
to the Trustee and amounts in the Certificate Account, any Reserve Fund or the
Subordinated Reserve Fund for such Series are required or may be anticipated to
be required to be applied for the benefit of Securityholders of such Series.
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Unless provided in the related Prospectus Supplement, the reinvestment
income from the Subordination Reserve Fund, other Reserve Fund, Servicer
Account, Collection Account or the Certificate Account will be property of the
Trustee, the Master Servicer or a Servicer and not available for distributions
to Securityholders. See 'Servicing of Loans' herein.
EVENT OF DEFAULT AND RIGHTS UPON EVENTS OF DEFAULT
Pooling and Servicing Agreement and Servicing Agreement. Events of Default
under the Pooling and Servicing Agreement or Servicing Agreement for each Series
of Certificates or Notes, respectively, generally include (i) any failure by the
Master Servicer to remit to the Trustee for distribution to the Securityholders
(or distribution to Holders of the Equity Certificates with respect to a Series
of Notes) of such Series any required payment which continues unremedied for the
number of days specified in the related Pooling and Servicing Agreement or
Servicing Agreement, after the giving of written notice of such failure,
requiring the same to be remedied, to the Master Servicer by the Trustee or the
Depositor with respect to each Series of Certificates or by the Trustee or the
Issuer with respect to each Series of Notes, or to the Master Servicer, the
Depositor and the Trustee with respect to each Series of Certificates or to the
Master Servicer, the Issuer and the Trustee with respect to each Series of Notes
by the related Holders of Securities of such Series evidencing at least 25% of
Voting Rights of the Securities for such Series, (ii) any failure by the Master
Servicer duly to observe or perform in any material respect any other of its
covenants or agreements in the related Pooling and Servicing Agreement or
Servicing Agreement which continues unremedied for 30 days after the giving of
written notice of such failure to the Master Servicer by the Trustee or the
Depositor with respect to each Series of Certificates or by the Trustee or the
Issuer with respect to each Series of Notes, or to the Master Servicer, the
Depositor and the Trustee with respect to each Series of Certificates or to the
Master Servicer, the Issuer and the Trustee with respect to each Series of Notes
by the Holders of Securities of such Series evidencing at least 25% of the
Voting Rights of the Securities and (iii) certain events in insolvency,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings and certain actions by the Master Servicer indicating its
insolvency, reorganization or inability to pay its obligations.
Unless otherwise specified in the related Prospectus Supplement, so long as
an Event of Default remains unremedied under the Pooling and Servicing Agreement
or Servicing Agreement for a Series, the Trustee for such Series or Holders of
Securities of such Series evidencing at least 51% of the aggregate outstanding
principal amount of the Securities for such Series (the first 51% who provide
such notice) or the Depositor may terminate all of the rights and obligations of
the Master Servicer as servicer under the Pooling and Servicing Agreement or
Servicing Agreement and in and to the Mortgage Loans (other than its right as a
Securityholder (or as Holder of the Equity Certificates with respect to a Series
of Notes) under the Pooling and Servicing Agreement or Servicing Agreement, as
applicable, which rights the Master Servicer will retain under all
circumstances), whereupon the Trustee will succeed to all the responsibilities,
duties and liabilities of the Master Servicer under the Pooling and Servicing
Agreement or Servicing Agreement and will be entitled to reasonable servicing
compensation not to exceed the applicable servicing fee, together with other
servicing compensation in the form of assumption fees, late payment charges or
otherwise as provided in the related Pooling and Servicing Agreement or
Servicing Agreement. Unless otherwise specified in the related Prospectus
Supplement, in the event that the Trustee would be obligated to succeed the
Master Servicer but is unwilling so to act, it may appoint (or if it is unable
so to act, it shall appoint) or petition a court of competent jurisdiction for
the appointment of, a FNMA- or FHLMC-approved mortgage servicing institution
with a net worth of at least $10,000,000 or such other amount as specified in
the related Prospectus Supplement to act as a successor to the Master Servicer
under the related Pooling and Servicing Agreement or Servicing Agreement (unless
otherwise set forth in the related Pooling and Servicing Agreement or Servicing
Agreement). Pending such appointment, the Trustee is obligated to act in such
capacity.
No Securityholder of a Series, solely by virtue of such Holder's status as
a Securityholder, will have any right under the Pooling and Servicing Agreement
or Servicing Agreement for such Series to institute any proceeding with respect
to the related Pooling and Servicing Agreement or Servicing Agreement, unless
such Holder previously has given to the Trustee for such Series written notice
of default and unless the Holders of Securities evidencing at least 25% of the
aggregate outstanding principal amount of the Securities for such Series have
made written request upon the Trustee to institute such proceeding in its own
name as Trustee
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thereunder and have offered to the Trustee reasonable indemnity, and the Trustee
for 60 days has neglected or refused to institute any such proceeding.
Indenture. Unless otherwise provided in the related Prospectus Supplement
for a Series of Notes, an Event of Default under the Indenture generally will
include: (i) a default for five days or more (or other period of time described
in the related Prospectus Supplement) in the payment of any principal of or
interest on any Note or Equity Certificates of such Series; (ii) failure to
perform any other covenant of the Issuer in the Indenture which continues for a
period of 30 days after notice thereof is given in accordance with the
procedures described in the related Prospectus Supplement; (iii) any
representation or warranty made by the Issuer in the Indenture or in any
certificate or other writing delivered pursuant thereto or in connection
therewith with respect to or affecting such Series having been incorrect in a
material respect as of the time made, and such breach is not cured within 30
days after notice thereof is given in accordance with the procedures described
in the related Prospectus Supplement; (iv) certain events of bankruptcy,
insolvency, receivership or liquidation of the Issuer; or (v) any other Event of
Default provided with respect to Notes of that Series.
If an Event of Default with respect to the Notes of any Series at the time
outstanding occurs and is continuing, the Trustee or the holders of a majority
of the then aggregate outstanding amount of the Notes of such Series may declare
the principal amount (or, if the Notes of that Series are Compound Interest
Securities, such portion of the principal amount as may be specified in the
terms of that Series, as provided in the related Prospectus Supplement) of all
the Notes of such Series to be due and payable immediately. Such declaration
may, under certain circumstances, be rescinded and annulled by the holders of a
majority in aggregate outstanding amount of the related Notes.
If following an Event of Default with respect to any Series of Notes, the
Notes of such Series have been declared to be due and payable, the Trustee may,
in its discretion, notwithstanding such acceleration, elect to maintain
possession of the collateral securing the Notes of such Series and to continue
to apply payments on such collateral as if there had been no declaration of
acceleration if such collateral continues to provide sufficient funds for the
payment of principal of and interest on the Notes of such Series as they would
have become due if there had not been such a declaration. In addition, the
Trustee may not sell or otherwise liquidate the collateral securing the Notes of
a Series following an Event of Default, unless (a) the holders of 100% of the
then aggregate outstanding amount of the Notes of such Series consent to such
sale, (b) the proceeds of such sale or liquidation are sufficient to pay in full
the principal of and accrued interest, due and unpaid, on the outstanding Notes
of such Series at the date of such sale or (c) the Trustee determines that such
collateral would not be sufficient on an ongoing basis to make all payments on
such Notes as such payments would have become due if such Notes had not been
declared due and payable, and the Trustee obtains the consent of the holders of
66 2/3% of the then aggregate outstanding amount of the Notes of such Series.
In the event that the Trustee liquidates the collateral in connection with
an Event of Default, the Indenture provides that the Trustee will have a prior
lien on the proceeds of any such liquidation for unpaid fees and expenses. As a
result, upon the occurrence of such an Event of Default, the amount available
for payments to the Noteholders would be less than would otherwise be the case.
However, the Trustee may not institute a proceeding for the enforcement of its
lien except in connection with a proceeding for the enforcement of the lien of
the Indenture for the benefit of the Noteholders after the occurrence of such an
Event of Default.
In the event the principal of the Notes of a Series is declared due and
payable, as described above, the holders of any such Notes issued at a discount
from par may be entitled to receive no more than an amount equal to the unpaid
principal amount thereof less the amount of such discount that is unamortized.
No Noteholder or Holder of an Equity Certificate of a Series, solely by
virtue of such Holder's status as a Noteholder or Holder of an Equity
Certificate, will have any right under an Owner Trust Agreement or Indenture for
such Series to institute any proceeding with respect to such Agreement unless
such holder previously has given to the Trustee for such Series written notice
of default and unless the Holders of Notes or Equity Certificates of any class
evidencing at least 25% of the aggregate Percentage Interests constituting such
class have made written request upon the Trustee to institute such proceeding in
its own name as Trustee thereunder and have offered to the Trustee reasonable
indemnity, and the Trustee for 60 days has neglected or refused to institute any
such proceeding.
Pursuant to the terms of the Indenture, if an Event of Default occurs and
is continuing, Senior Securityholders may be entitled to exercise certain rights
of the Holders of the Securities, without the consent of
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Subordinate Securityholders, and the Subordinate Securityholders may exercise
such rights only with the prior consent of the Senior Securityholders.
THE OWNER TRUSTEE
The identity of the commercial bank, national banking association, banking
corporation, savings and loan association or trust company named as the Owner
Trustee for each Series of Notes will be set forth in the related Prospectus
Supplement. The entity serving as Owner Trustee may have normal banking
relationships with the Depositor or the Master Servicer.
THE TRUSTEE
The identity of the commercial bank, national banking association, banking
corporation, savings and loan association or trust company named as the Trustee
for each Series of Securities will be set forth in the related Prospectus
Supplement. The entity serving as Trustee may have normal banking relationships
with the Depositor or the Master Servicer. In addition, for the purpose of
meeting the legal requirements of certain local jurisdictions, the Trustee will
have the power to appoint co-trustees or separate trustees of all or any part of
the Trust Fund relating to a Series of Securities. In the event of such
appointment, all rights, powers, duties and obligations conferred or imposed
upon the Trustee by the Pooling and Servicing Agreement or Indenture relating to
such Series will be conferred or imposed upon the Trustee and each such separate
trustee or co-trustee jointly, or, in any jurisdiction in which the Trustee
shall be incompetent or unqualified to perform certain acts, singly upon such
separate trustee or co-trustee who shall exercise and perform such rights,
powers, duties and obligations solely at the direction of the Trustee. The
Trustee may also appoint agents to perform any of the responsibilities of the
Trustee, which agents shall have any or all of the rights, powers, duties and
obligations of the Trustee conferred on them by such appointment; provided that
the Trustee shall continue to be responsible for its duties and obligations
under the related Agreement.
DUTIES OF THE TRUSTEE
The Trustee makes no representations as to the validity or sufficiency of
any related Agreement, the Securities or of any Mortgage Asset or related
documents. If no Event of Default (as defined in the related Pooling and
Servicing Agreement, Sale and Servicing Agreement or Indenture) has occurred,
the Trustee is required to perform only those duties specifically required of it
under the related Agreement. Upon receipt of the various certificates,
statements, reports or other instruments required to be furnished to it, the
Trustee is required to examine them to determine whether they are in the form
required by the related Agreement. However, the Trustee will not be responsible
for the accuracy or content of any such documents furnished by it or the
Securityholders to the Master Servicer under the related Agreement.
The Trustee may be held liable for its own grossly negligent action or
failure to act, or for its own willful misconduct; provided, however, that the
Trustee will not be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of
the Securityholders in an Event of Default. See 'Event of Default and Rights
Upon Events of Default' above. The Trustee is not required to expend or risk its
own funds or otherwise incur any financial liability in the performance of any
of its duties under the related Agreement, or in the exercise of any of its
rights or powers, if it has reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.
RESIGNATION OF TRUSTEE
The Trustee may, upon written notice to the Depositor, the Master Servicer
and to all Securityholders; provided, that such resignation shall not be
effective until a successor trustee is appointed. If no successor Trustee has
been appointed and has accepted the appointment within 60 days after giving such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for appointment of a successor Trustee; provided, that such the
resigning Trustee shall not resign and be discharged until such time as the
successor trustee is approved by each Rating Agency. The Trustee may also be
removed at any time (i) by the Depositor, if the Trustee ceases to be eligible
to continue as such under the related Pooling and Servicing Agreement or
Indenture, (ii) if the Trustee becomes insolvent, (iii) if a tax is imposed or
threatened with respect
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to the Trust Fund by any state in which the Trustee or the Trust Fund held by
the Trustee pursuant to the related Agreement is located, or (iv) by the Holders
of Securities evidencing at least 51% of the aggregate outstanding principal
amount of the Securities in the Trust Fund upon notice to the Trustee and to the
Depositor. Any resignation or removal of the Trustee and appointment of a
successor Trustee will not become effective until acceptance of the appointment
by the successor Trustee.
CERTIFICATE ACCOUNT
The Trustee will establish a separate account (the 'Certificate Account')
in its name as Trustee for the Securityholders, or if it is so specified in the
related Prospectus Supplement, the Certificate Account may be established by the
Master Servicer in the name of the Trustee. Unless otherwise specified in the
related Prospectus Supplement, the Certificate Account will be an Eligible
Account, and the funds held therein may be invested, pending disbursement to
Securityholders of the related Series, pursuant to the terms of the related
Pooling and Servicing Agreement or the related Servicing Agreement and
Indenture, in Eligible Investments. Unless otherwise specified in the related
Prospectus Supplement, the Master Servicer or the Trustee will be entitled to
receive, as additional compensation, any interest or other income earned on
funds in the Certificate Account. There will be deposited into the Certificate
Account monthly all funds received from the Master Servicer and required
withdrawals from any reserve funds. Unless otherwise specified in the related
Prospectus Supplement, the Trustee is permitted from time to time to make
withdrawals from the Certificate Account for each Series to remove amounts
deposited therein in error, to pay to itself or the Master Servicer any
reinvestment income on funds held in the Certificate Account to the extent it is
entitled, to remit to the Master Servicer its Servicing Fee, assumption or
substitution fees, late payment charges and other mortgagor charges,
reimbursement of Advances and expenses, to make deposits to any reserve fund, to
make regular distributions to the Securityholders, to clear and terminate the
Certificate Account and to make other withdrawals as required or permitted by
the related Agreements.
EXPENSE RESERVE FUND
If specified in the Prospectus Supplement relating to a Series, the
Depositor may deposit on the related Closing Date in an account to be
established with the Trustee (the 'Expense Reserve Fund') cash or Eligible
Investments which will be available to pay anticipated fees and expenses of the
Trustee or other agents. The Expense Reserve Fund for a Series may also be
funded over time through the deposit therein of all or a portion of cash flow,
to the extent described in the related Prospectus Supplement. The Expense
Reserve Fund, if any, will not be part of the Trust Fund held for the benefit of
the Holders. Amounts on deposit in any Expense Reserve Fund will be invested in
one or more Eligible Investments.
AMENDMENT OF AGREEMENTS
Unless otherwise specified in the Prospectus Supplement, the Pooling and
Servicing Agreement for each Series of Certificates may be amended by the
Depositor, the Master Servicer, and the Trustee with respect to such Series,
without notice to or consent of the Certificateholders (i) to cure any
ambiguity, (ii) to correct or supplement any provision therein which may be
defective or inconsistent with any other provision therein, (iii) to make any
other provisions with respect to matters or questions arising under such Pooling
and Servicing Agreement which are not inconsistent with any other provisions of
such Pooling and Servicing Agreement or (iv) to comply with any requirements
imposed by the Code; provided that such amendment (other than pursuant to clause
(iv) above) will not adversely affect in any material respect the interests of
any Certificateholders of such Series.
Unless otherwise specified in the related Prospectus Supplement, the
Pooling and Servicing Agreement for each Series of Certificates may also be
amended by the Trustee, the Master Servicer and the Depositor with respect to
such Series with the consent of the Holders possessing not less than 66 2/3% of
the aggregate outstanding principal amount of the Certificates of each Class of
such Series affected thereby, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of such Pooling and
Servicing Agreement or modifying in any manner the rights of Certificateholders
of such Series; provided, however, that no such amendment may (i) reduce the
amount or delay the timing of payments on any Certificate without the consent of
the Holder of such Certificate; (ii) adversely affect the REMIC status, if a
REMIC
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election or elections have been made, for the related Trust Fund of a Series; or
(iii) reduce the aforesaid percentage of aggregate outstanding principal amount
of Certificates of each Class, the Holders of which are required to consent to
any such amendment without the consent of the Holders of 100% of the aggregate
outstanding principal amount of each Class of Certificates affected thereby.
Notwithstanding the foregoing, if a REMIC election or elections have been
made with respect to the related Trust Fund, the Trustee will not be entitled to
consent to any amendment to a Pooling and Servicing Agreement without having
first received an opinion of counsel to the effect that such amendment or the
exercise of any power granted to the Master Servicer, the Depositor or the
Trustee in accordance with such amendment will not result in the imposition of a
tax on the related Trust Fund or any related REMIC or cause such Trust Fund or
any such REMIC to fail to qualify as a REMIC.
Unless otherwise specified in the Prospectus Supplement, the Servicing
Agreement or Indenture for each Series of Notes may be amended by the parties
thereto without the consent of any of the Noteholders covered by such Agreement
(i) to cure any ambiguity, (ii) to correct, modify or supplement any provision
therein which may be defective or inconsistent with any other provision therein
or (iii) to make any other provisions with respect to matters or questions
arising under the Agreement which are not inconsistent with the provisions
thereof, provided that such action will not adversely affect in any material
respect the interests of any Noteholder covered by the Agreement.
Unless otherwise specified in the related Prospectus Supplement, the
Servicing Agreement or Indenture for each Series of Notes may also be amended by
the parties thereto with the consent of the Holders evidencing not less than
66 2/3% of the aggregate outstanding principal amount of the Notes of each Class
of such Series affected thereby, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of such Agreement or
modifying in any manner the rights of Noteholders of such Series; provided,
however, that no such amendment may (i) reduce the amount of or delay the timing
of, payments received on any Note without the consent of the holder of such
Note, (ii) adversely affect in any material respect the interests of the holders
of any Class of Notes in a manner other than as described in (i), without the
consent of the holders of Notes of such Class evidencing not less than 66 2/3%
of the aggregate outstanding principal amount of the Notes of each Class of such
Series affected thereby or (iii) reduce the aforesaid percentage of aggregate
outstanding principal amount of Notes of each Class, the Holders of which are
required to consent to any such amendment without the consent of the Holders of
100% of the aggregate outstanding principal amount of each Class of Notes
affected thereby.
VOTING RIGHTS
The related Prospectus Supplement will set forth the method of determining
allocation of voting rights with respect to a Series, if other than as set forth
herein. If specified in the related Prospectus Supplement, a provider of credit
enhancement may be entitled to certain Voting Rights of the Securityholders.
REMIC ADMINISTRATOR
With respect to any Multiple Class Series of Certificates as to which a
REMIC election is made, preparation of certain reports and certain other
administrative duties with respect to the Trust Fund may be performed by a REMIC
administrator, who may be an affiliate of the Depositor.
TERMINATION
The obligations created by the related Agreements for a Series will
terminate upon the distribution to Securityholders of all amounts distributable
to them pursuant to such Agreements after (i) the later of the final payment or
other liquidation of the last Mortgage Loan remaining in the Trust Fund for such
Series or the disposition of all property acquired upon foreclosure or deed in
lieu of foreclosure in respect of any Mortgage Loan or (ii) the repurchase by
the Master Servicer or the Depositor (or other party as specified in the
Prospectus Supplement) from the Trustee for such Series of all Mortgage Loans at
that time subject to the related Agreements and all property acquired in respect
of any Mortgage Loan. The exercise of such right will effect early retirement of
the Securities of such Series, but such right to so purchase is subject to the
aggregate principal balances of the Mortgage Loans at the time of repurchase
being less than a fixed percentage, to be set forth in the related Prospectus
Supplement, of the Cut-off Date Aggregate Principal Balance. In no event,
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however, will the trust created by the related Agreements continue beyond the
expiration of 21 years from the death of the last survivor of certain persons
identified therein. For each Series, the Master Servicer or the Trustee, as
applicable, will give written notice of termination of the related Agreements to
each Securityholder, and the final distribution will be made only upon surrender
and cancellation of the Securities at an office or agency specified in the
notice of termination. See 'Description of the Securities -- Optional
Termination' herein.
CERTAIN LEGAL ASPECTS OF LOANS
The following discussion contains summaries of certain legal aspects of
housing loans which are general in nature. Because such legal aspects are
governed by applicable state law (which laws may differ substantially), the
summaries do not purport to be complete nor to reflect the laws of any
particular state, nor to encompass the laws of all states in which the
properties securing the housing loans are situated. The summaries are qualified
in their entirety by reference to the applicable federal and state laws
governing the Loans.
MORTGAGES
The Mortgage Loans comprising or underlying the Mortgage Assets for a
Series will be secured by either mortgages or deeds of trust or deeds to secure
debt, depending upon the prevailing practice in the state in which the property
subject to a Mortgage Loan is located. The filing of a mortgage, deed of trust
or deed to secure debt creates a lien or title interest upon the real property
covered by such instrument and represents the security for the repayment of an
obligation that is customarily evidenced by a promissory note. It is not prior
to the lien for real estate taxes and assessments or other charges imposed under
governmental police powers. Priority with respect to such instruments depends on
their terms and in some cases the term of separate subordination or
intercreditor agreements, the knowledge of the parties to the mortgage and
generally on the order of recording with the applicable state, county or
municipal office. There are two parties to a mortgage, the mortgagor, who is the
borrower/homeowner or the land trustee (as described below), and the mortgagee,
who is the lender. Under the mortgage instrument, the mortgagor delivers to the
mortgagee a note or bond and the mortgage. In the case of a land trust, there
are three parties because title to the property is held by a land trustee under
a land trust agreement of which the borrower/homeowner is the beneficiary. At
origination of a mortgage loan, the borrower executes a separate undertaking to
make payments on the mortgage note. A deed of trust transaction normally has
three parties, the trustor, who is the borrower/homeowner, the beneficiary, who
is the lender, and the trustee, a third-party grantee. Under a deed of trust,
the trustor grants the property, irrevocably until the debt is paid, in trust,
generally with a power of sale, to the trustee to secure payment of the
obligation. A deed to secure debt typically has two parties, pursuant to which
the borrower, or grantor, conveys title to the real property to the grantee, or
lender a power of sale, until such times as the debt is repaid. The mortgagee's
authority under a mortgage or a deed to secure debt and the trustee's authority
under a deed of trust are governed by the law of the state in which the real
property is located, the express provisions of the mortgage, the deed to secure
debt, or deed of trust, and, in some cases, in deed of trust transactions, the
directions of the beneficiary.
COOPERATIVE LOANS
If specified in the Prospectus Supplement relating to a Series of
Securities, the Mortgage Loans may also contain Cooperative Loans evidenced by
promissory notes secured by security interests in shares issued by private
corporations which are entitled to be treated as housing cooperatives under the
Code and in the related proprietary leases or occupancy agreements granting
exclusive rights to occupy specific dwelling units in the corporations'
buildings. The security agreement will create a lien upon, or grant a title
interest in, the cooperative shares and proprietary leases or occupancy
agreements, the priority of which will depend on the terms of the particular
security agreement as well as the order of recordation of the agreement or the
filing of the financing statements related thereto in the appropriate recording
office, or the taking of possession of the cooperative shares; depending on the
law of the state where the cooperative is located. Such a lien or security
interest is not, in general, prior to liens in favor of the cooperative
corporation for unpaid assessments or common charges. Such a lien or security
interest is not prior to the lien for real estate taxes and assessments and
other charges imposed under governmental police powers.
Unless otherwise specified in the related Prospectus Supplement, all
cooperative apartments relating to the Cooperative Loans are located in the
State of New York. A corporation which is entitled to be treated as a
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housing cooperative under the Code owns all the real property or some interest
therein sufficient to permit it to own the building and all separate dwelling
units therein. The Cooperative is directly responsible for property management
and, in most cases, payment of real estate taxes and hazard and liability
insurance. If there is a blanket mortgage or mortgages on the cooperative
apartment building and/or underlying land, as is generally the case, or an
underlying lease of the land, as is the case in some instances, the Cooperative,
as property mortgagor, is also responsible for meeting these mortgage or rental
obligations. The interest of the occupant under proprietary leases or occupancy
agreements as to which that Cooperative is the landlord are generally
subordinate to the interest of the holder of a blanket mortgage and to the
interest of the holder of a land lease. If the Cooperative is unable to meet the
payment obligations (i) arising under a blanket mortgage, the mortgagee holding
a blanket mortgage could foreclose on that mortgage and terminate all
subordinate proprietary leases and occupancy agreements or (ii) arising under
its land lease, the holder of the land lease could terminate it and all
subordinate proprietary leases and occupancy agreements. Also, a blanket
mortgage on a Cooperative may provide financing in the form of a mortgage that
does not fully amortize, with a significant portion of principal being due in
one final payment at maturity. The inability of the Cooperative to refinance a
mortgage and its consequent inability to make such final payment could lead to
foreclosure by the mortgagee. Similarly, a land lease has an expiration date and
the inability of the Cooperative to extend its term or, in the alternative, to
purchase the land could lead to termination of the Cooperative's interest in the
property and termination of all proprietary leases and occupancy agreements. A
foreclosure by the holder of a blanket mortgage could eliminate or significantly
diminish the value of any collateral held by the lender who financed an
individual tenant-stockholder of Cooperative shares or, in the case of the
Mortgage Loans, the collateral securing the Cooperative Loans. Similarly, the
termination of the land lease by its holder could eliminate or significantly
diminish the value of any collateral held by the lender who financed an
individual tenant-stockholder of the Cooperative shares or, in the case of the
Mortgage Loans, the collateral securing the Cooperative Loans.
The Cooperative is owned by tenant-stockholders who, through ownership of
stock or shares in the corporation, receive proprietary leases or occupancy
agreements which confer exclusive rights to occupy specific units. Generally, a
tenant-stockholder of a Cooperative must make a monthly payment to the
Cooperative representing such tenant-stockholder's pro rata share of the
Cooperative's payments for its blanket mortgage, real property taxes,
maintenance expenses and other capital or ordinary expenses. An ownership
interest in a Cooperative and accompanying occupancy rights are financed through
a Cooperative share loan evidenced by a promissory note and secured by a
security interest in the occupancy agreement or proprietary lease and in the
related Cooperative shares. The lender takes possession of the share certificate
and a counterpart of the proprietary lease or occupancy agreement and a
financing statement covering the proprietary lease or occupancy agreement and
the Cooperative shares is filed in the appropriate state and local offices to
perfect the lender's interest in its collateral. Subject to the limitations
discussed below, upon default of the tenant-stockholder, the lender may sue for
judgment on the promissory note, dispose of the collateral at a public or
private sale or otherwise proceed against the collateral or tenant-stockholder
as an individual as provided in the security agreement covering the assignment
of the proprietary lease or occupancy agreement and the pledge of cooperative
shares. See 'Realizing on Cooperative Loan Security' below.
Tax Aspects of Cooperative Ownership. In general, a 'tenant-stockholder'
(as defined in Section 216(b)(2) of the Code) of a corporation that qualifies as
a 'cooperative housing corporation' within the meaning of Section 216(b)(1) of
the Code is allowed a deduction for amounts paid or accrued within his taxable
year to the corporation representing his proportionate share of certain interest
expenses and certain real estate taxes allowable as a deduction under Section
216(a) of the Code to the corporation under Sections 163 and 164 of the Code. In
order for a corporation to qualify under Section 216(b)(1) of the Code for its
taxable year in which such items are allowable as a deduction to the
corporation, such section requires, among other things, that at least 80% of the
gross income of the corporation be derived from its tenant-stockholders. By
virtue of this requirement, the status of a corporation for purposes of Section
216(b)(1) of the Code must be determined on a year-to-year basis. Consequently,
there can be no assurance that cooperatives relating to the Cooperative Loans
will qualify under such section for any particular year. In the event that such
a cooperative fails to qualify for one or more years, the value of the
collateral securing any related Cooperative Loans could be significantly
impaired because no deduction would be allowable to tenant-stockholders under
Section 216(a) of the Code with respect to those years. In view of the
significance of the tax benefits accorded tenant-stockholders of a corporation
that qualifies under Section 216(b)(1) of the Code, the likelihood that such a
failure would be permitted to continue over a period of years appears remote.
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FORECLOSURE ON MORTGAGES
Foreclosure of a deed of trust or a deed to secure debt is generally
accomplished by a non-judicial trustee's sale under a specific provision in the
deed of trust which authorizes the trustee to sell the property upon any default
by the borrower under the terms of the note or deed of trust. In some states,
the trustee must record a notice of default and send a copy to the
borrower-trustor and to any person who has recorded a request for a copy of a
notice of default and notice of sale. In addition, the trustee in some states
must provide notice to any other individual having an interest in the real
property, including any junior lienholders. The trustor, borrower, or any person
having a junior encumbrance on the real estate, may, during a reinstatement
period, cure the default by paying the entire amount in arrears plus the costs
and expenses incurred in enforcing the obligation. Generally, state law controls
the amount of foreclosure expenses and costs, including attorney's fees, which
may be recovered by a lender. If the deed of trust is not reinstated, a notice
of sale must be posted in a public place and, in most states, published for a
specific period of time in one or more newspapers. In addition, some state laws
require that a copy of the notice of sale be posted on the property, recorded
and sent to all parties having an interest in the real property.
An action to foreclose a mortgage is an action to recover the mortgage debt
by enforcing the mortgagee's rights under the mortgage. It is regulated by
statutes and rules and subject throughout to the court's equitable powers.
Generally, a mortgagor is bound by the terms of the mortgage note and the
mortgage as made and cannot be relieved from his default if the mortgagee has
exercised his rights in a commercially reasonable manner. However, since a
foreclosure action historically was equitable in nature, the court may exercise
equitable powers to relieve a mortgagor of a default and deny the mortgagee
foreclosure on proof that either the mortgagor's default was neither willful nor
in bad faith or the mortgagee's action established a waiver, fraud, bad faith,
or oppressive or unconscionable conduct such as to warrant a court of equity to
refuse affirmative relief to the mortgagee. Under certain circumstances a court
of equity may relieve the mortgagor from an entirely technical default where
such default was not willful.
A foreclosure action is subject to most of the delays and expenses of other
lawsuits if defenses or counterclaims are interposed, sometimes requiring up to
several years to complete. Similarly, a suit against the debtor on the mortgage
note may take several years and, generally, is a remedy alternative to
foreclosure, the mortgagee being precluded from pursuing both at the same time.
In case of foreclosure under either a mortgage, a deed of trust, or a deed
to secure debt, the sale by the referee or other designated officer or by the
trustee is a public sale. However, because of the difficulty potential third
party purchasers at the sale have in determining the exact status of title and
because the physical condition of the property may have deteriorated during the
foreclosure proceedings, it is uncommon for a third party to purchase the
property at a foreclosure sale. It is common for the lender to purchase the
property from the trustee or referee for an amount which may be equal to the
principal amount of the mortgage or deed of trust plus accrued and unpaid
interest and the expenses of foreclosure, in which event the mortgagor's debt
will be extinguished or the lender may purchase for a lesser amount in order to
preserve its right against a borrower to seek a deficiency judgment in states
where such a judgment is available. Thereafter, the lender will assume the
burdens of ownership, including obtaining casualty insurance, paying taxes and
making such repairs at its own expense as are necessary to render the property
suitable for sale. The lender will commonly obtain the services of a real estate
broker and pay the broker's commission in connection with the sale of the
property. Depending upon market conditions, the ultimate proceeds of the sale of
the property may not equal the lender's investment in the property. Any loss may
be reduced by the receipt of any mortgage guaranty insurance proceeds.
A junior mortgagee may not foreclose on the property securing a junior
mortgage unless it forecloses subject to the senior mortgages, in which case it
must either pay the entire amount due on the senior mortgages to the senior
mortgagees prior to or at the time of the foreclosure sale or undertake the
obligation to make payments on the senior mortgages in the event the mortgagor
is in default thereunder, in either event adding the amounts expended to the
balance due on be subrogated to the rights of the senior mortgagees. In
addition, in the event that the foreclosure of a junior mortgage triggers the
enforcement of a 'due-on-sale' clause in a senior mortgage, the junior mortgagee
may be required to pay the full amount of the senior mortgages to the senior
mortgagees. Accordingly, with respect to those Mortgage Loans which are junior
mortgage loans, if the lender purchases the property, the lender's title will be
subject to all senior liens and claims and certain governmental liens. The
proceeds received by the referee or trustee from the sale are applied first to
the costs, fees and expenses of sale and then in satisfaction of the
indebtedness secured by the mortgage or deed of trust under
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which the sale was conducted. Any remaining proceeds are generally payable to
the holders of junior mortgages or deeds of trust and other liens and claims in
order of their priority, whether or not the borrower is in default. Any
additional proceeds are generally payable to the mortgagor or trustor. The
payment of the proceeds to the holders of junior mortgages may occur in the
foreclosure action of the senior mortgagee or may require the institution of
separate legal proceeds.
The proceeds received by the referee or trustee from the sale are applied
first to the costs, fees and expenses of sale and then in satisfaction of the
indebtedness secured by the mortgage or deed of trust under which the sale was
conducted. Any remaining proceeds are generally payable to the holders of junior
mortgages or deeds of trust and other liens and claims in order of their
priority, whether or not the borrower is in default. Any additional proceeds are
generally payable to the mortgagor or trustor. The payment of the proceeds to
the holders of junior mortgages may occur in the foreclosure action of the
senior mortgagee or may require the institution of separate legal proceedings.
The purposes of a foreclosure action are to enable the mortgagee to realize
upon its security and to bar the mortgagor, and all persons who have an interest
in the property which is subordinate to the foreclosing mortgagee, from their
'equity of redemption.' The doctrine of equity of redemption provides that,
until the property covered by a mortgage has been sold in accordance with a
properly conducted foreclosure and foreclosure sale, those having an interest
which is subordinate to that of the foreclosing mortgagee have an equity of
redemption and may redeem the property by paying the entire debt with interest.
In addition, in some states, when a foreclosure action has been commenced, the
redeeming party must pay certain costs of such action. Those having an equity of
redemption must be made parties and duly summoned to the foreclosure action in
order for their equity of redemption to be barred.
REALIZING UPON COOPERATIVE LOAN SECURITY
The Cooperative shares and proprietary lease or occupancy agreement owned
by the tenant-stockholder and pledged to the lender are, in almost all cases,
subject to restrictions on transfer as set forth in the Cooperative's
certificate of incorporation and by-laws, as well as in the proprietary lease or
occupancy agreement. The proprietary lease or occupancy agreement, even while
pledged, may be cancelled by the Cooperative for failure by the
tenant-stockholder to pay rent or other obligations or charges owed by such
tenant-stockholder, including mechanics' liens against the Cooperative apartment
building incurred by such tenant-stockholder. Commonly, rent and other
obligations and charges arising under a proprietary lease or occupancy agreement
which are owed to the Cooperative are made liens upon the shares to which the
proprietary lease or occupancy agreement relates. In addition, the proprietary
lease or occupancy agreement generally permits the Cooperative to terminate such
lease or agreement in the event the borrower defaults in the performance of
covenants thereunder. Typically, the lender and the Cooperative enter into a
recognition agreement which establishes the rights and obligations of both
parties in the event of a default by the tenant-stockholder on its obligations
under the proprietary lease or occupancy agreement. A default by the
tenant-stockholder under the proprietary lease or occupancy agreement will
usually constitute a default under the security agreement between the lender and
the tenant-stockholder.
The recognition agreement generally provides that, in the event that the
tenant-stockholder has defaulted under the proprietary lease or occupancy
agreement, the Cooperative will take no action to terminate such lease or
agreement until the lender has been provided with an opportunity to cure the
default. The recognition agreement typically provides that if the proprietary
lease or occupancy agreement is terminated, the Cooperative will recognize the
lender's lien against proceeds from a sale of the Cooperative apartment,
subject, however, to the Cooperative's right to sums due under such proprietary
lease or occupancy agreement or which have become liens on the shares relating
to the proprietary lease or occupancy agreement. The total amount owed to the
Cooperative by the tenant-stockholder, which the lender generally cannot
restrict and does not monitor, could reduce the value of the collateral below
the outstanding principal balance of the Cooperative Loan and accrued and unpaid
interest thereon.
Recognition agreements also generally provide that in the event the lender
succeeds to the tenant-shareholder's shares and proprietary lease or occupancy
agreement as the result of realizing upon its collateral for a Cooperative Loan,
the lender must obtain the approval or consent of the Cooperative as required by
the proprietary lease before transferring the Cooperative shares and assigning
the proprietary lease. Generally, the lender is not limited in any rights it may
have to dispossess the tenant-stockholder.
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The terms of the Cooperative Loans do not require either the
tenant-stockholder or the Cooperative to obtain title insurance of any type.
Consequently, the existence of any prior liens or other imperfections of title
also may adversely affect the marketability of the cooperative dwelling unit in
the event of foreclosure.
In New York, lenders generally have realized upon the pledged shares and
proprietary lease or occupancy agreement given to secure a Cooperative Loan by
public sale in accordance with the provisions of Article 9 of the New York
Uniform Commercial Code (the 'UCC') and the security agreement relating to those
shares. Article 9 of the UCC requires that a sale be conducted in a
'commercially reasonable' manner. Whether a sale has been conducted in a
'commercially reasonable' manner will depend on the facts in each case. In
determining commercial reasonableness, a court will look to the notice given the
debtor and the method, manner, time, place and terms of the sale. Generally, a
sale conducted according to the usual practice of banks selling similar
collateral will be considered reasonably conducted.
Article 9 of the UCC provides that the proceeds of the sale will be applied
first to pay the costs and expenses of the sale and then to satisfy the
indebtedness secured by the lender's security interest. The recognition
agreement, however, generally provides that the lender's right to reimbursement
is subject to the right of the Cooperative corporation to receive sums due under
the proprietary lease or occupancy agreement. If there are proceeds remaining,
the lender must account to the tenant-stockholder for the surplus. Conversely,
if a portion of the indebtedness remains unpaid, the tenant-stockholder is
generally responsible for the deficiency. See 'Anti-Deficiency Legislation and
Other Limitations on Lenders' below.
RIGHTS OF REDEMPTION
In some states, after sale pursuant to a deed of trust or a deed to secure
debt or foreclosure of a mortgage, the trustor or mortgagor and foreclosed
junior lienors are given a statutory period in which to redeem the property from
the foreclosure sale. The right of redemption should be distinguished from the
equity of redemption, which is a nonstatutory right that must be exercised prior
to the foreclosure sale. In some states, redemption may occur only upon payment
of the entire principal balance of the loan, accrued interest and expenses of
foreclosure. In other states, redemption may be authorized if the former
borrower pays only a portion of the sums due. The effect of a statutory right of
redemption is to diminish the ability of the lender to sell the foreclosed
property. The right of redemption would defeat the title of any purchaser from
the lender subsequent to foreclosure or sale under a deed of trust or a deed to
secure debt. Consequently, the practical effect of a right of redemption is to
force the lender to retain the property and pay the expenses of ownership until
the redemption period has run. In some states, there is no right to redeem
property after a trustee's sale under a deed of trust.
ANTI-DEFICIENCY LEGISLATION AND OTHER LIMITATIONS ON LENDERS
Certain states have imposed statutory prohibitions which limit the remedies
of a beneficiary under a deed of trust or a mortgagee under a mortgage or a deed
to secure debt. In some states, statutes limit the right of the beneficiary or
mortgagee to obtain a deficiency judgment against the borrower following
foreclosure or sale under a deed of trust. A deficiency judgment is a personal
judgment against the former borrower equal in most cases to the difference
between the net amount realized upon the public sale of the real property and
the amount due to the lender. Other statutes require the beneficiary or
mortgagee to exhaust the security afforded under a deed of trust, deed to secure
debt or mortgage by foreclosure in an attempt to satisfy the full debt before
bringing a personal action against the borrower. In certain other states, the
lender has the option of bringing a personal action against the borrower on the
debt without first exhausting such security; however in some of these states,
the lender, following judgment on such personal action, may be deemed to have
elected a remedy and may be precluded from exercising remedies with respect to
the security. Consequently, the practical effect of the election requirement, in
those states permitting such election, is that lenders will usually proceed
against the security first rather than bringing a personal action against the
borrower. Finally, other statutory provisions limit any deficiency judgment
against the former borrower following a judicial sale to the excess of the
outstanding debt over the fair market value of the property at the time of the
public sale. The purpose of these statutes is generally to prevent a beneficiary
or a mortgagee from obtaining a large deficiency judgment against the former
borrower as a result of low or no bids at the judicial sale. Certain state laws
also place a limitation on the mortgagee with respect to late payment charges.
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With respect to mortgage loans secured by collateral in addition to the
related properties, realization upon the additional collateral may be governed
by the Uniform Commercial Code in effect under the law of the state applicable
thereto. Some courts have interpreted the Uniform Commercial Code to prohibit or
limit a deficiency award in certain circumstances, including those in which the
disposition of the collateral was not conducted in a commercially reasonable
manner. In some states, the Uniform Commercial Code does not apply to liens upon
additional collateral consisting of certain types of personal property
(including, for example, bank accounts and, to a certain extent, insurance
policies and annuities). Realization upon such additional collateral will be
governed by state laws applicable thereto rather than by the Uniform Commercial
Code, and the availability of deficiency awards under such state laws may be
limited. Whether realization upon any Additional Collateral is governed by the
Uniform Commercial Code or by other state laws, the ability of secured parties
to realize upon the additional collateral may be limited by statutory
prohibitions that limit remedies in respect of the related mortgage loans. Such
prohibitions may affect secured parties either independently or in conjunction
with statutory requirements that secured parties proceed against the related
mortgaged properties first or against both such mortgaged properties and the
additional collateral concurrently. Some state statutes require secured parties
to exhaust the security afforded by the mortgaged properties through foreclosure
before attempting to realize upon the related additional collateral (including
any third-party guarantees). Other state statutes require secured parties to
foreclose upon mortgaged properties and additional collateral concurrently. In
states where statutes limit the rights of secured parties to obtain deficiency
judgments against borrowers or guarantors following foreclosure upon the related
mortgaged properties and where secured parties either are required or elect to
proceed against such mortgaged properties before proceeding against the related
additional collateral, limitations upon the amounts of deficiency judgments may
reduce the amounts that may be realized by the secured parties upon the
disposition of such additional collateral. Further, in certain states where
secured parties may choose whether to proceed against the related mortgaged
properties or additional collateral first or against both concurrently, the
secured parties, following a proceeding against one, may be deemed to have
elected a remedy and may be precluded from exercising remedies with respect to
the other. Consequently, the practical effect of the election requirement, in
those states permitting such election, is that secured parties will usually
proceed against both concurrently or against the mortgaged properties first if
prohibited from proceeding against both by state law.
For Cooperative Loans. Generally, lenders realize on cooperative shares and
the accompanying proprietary lease given to secure a Cooperative Loan under
Article 9 of the UCC. Some courts have interpreted section 9-504 of the UCC to
prohibit a deficiency award unless the creditor establishes that the sale of the
collateral (which, in the case of a Cooperative Loan, would be the shares of the
Cooperative and the related proprietary lease or occupancy agreement) was
conducted in a commercially reasonable manner.
Federal Bankruptcy and Other Laws Affecting Creditors' Rights. In addition
to laws limiting or prohibiting deficiency judgments, numerous other statutory
provisions, including the federal bankruptcy laws, the Relief Act, and state
laws affording relief to debtors, may interfere with or affect the ability of
the secured lender to realize upon collateral and/or enforce a deficiency
judgment. For example, with respect to federal bankruptcy law, the filing of a
petition acts as a stay against the enforcement of remedies for collection of a
debt. Moreover, a court with federal bankruptcy jurisdiction may permit a debtor
through a Chapter 13 under the Bankruptcy Code rehabilitative plan to cure a
monetary default with respect to a loan on a debtor's residence by paying
arrearages within a reasonable time period and reinstating the original loan
payment schedule even though the lender accelerated the loan and the lender has
taken all steps to realize upon his security (provided no sale of the property
has yet occurred) prior to the filing of the debtor's Chapter 13 petition. Some
courts with federal bankruptcy jurisdiction have approved plans, based on the
particular facts of the reorganization case, that effected the curing of a loan
default by permitting the obligor to pay arrearages over a number of years.
Courts with federal bankruptcy jurisdiction have also indicated that the
terms of a loan secured by property of the debtor may be modified if the
borrower has filed a petition under Chapter 13. These courts have suggested that
such modifications may include reducing the amount of each monthly payment,
changing the rate of interest, altering the repayment schedule and reducing the
lender's security interest to the value of the residence, thus leaving the
lender a general unsecured creditor for the difference between the value of the
residence and the outstanding balance of the loan. Federal bankruptcy law and
limited case law indicate that the foregoing modifications could not be applied
to the terms of a loan secured by property that is the principal residence of
the debtor. In all cases, the secured creditor is entitled to the value of its
security plus post-petition interest, attorney's fees and costs to the extent
the value of the security exceeds the debt. Therefore, with respect to any
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Additional Collateral Loan secured by property of the debtor in addition to the
debtor's principal residence, courts with federal bankruptcy jurisdiction may
reduce the amount of each monthly payment, change the rate of interest, alter
the repayment schedule, forgive all or a portion of the debt, reduce the
lender's security interest to the value of the collateral and otherwise subject
such mortgage loan to the cramdown provisions of Chapter 13.
In a Chapter 11 case under the Bankruptcy Code, the lender is precluded
from foreclosing without authorization from the bankruptcy court. The lender's
lien may be transferred to other collateral and/or be limited in amount to the
value of the lender's interest in the collateral as of the date of the
bankruptcy. The loan term may be extended, the interest rate may be adjusted to
market rates and the priority of the loan may be subordinated to bankruptcy
court-approved financing. The bankruptcy court can, in effect, invalidate
due-on-sale clauses through confirmed Chapter 11 plans of reorganization.
The Bankruptcy Code provides priority to certain tax liens over the
lender's security. This may delay or interfere with the enforcement of rights in
respect of a defaulted Loan. In addition, substantive requirements are imposed
upon lenders in connection with the origination and the servicing of mortgage
loans by numerous federal and some state consumer protection laws. The laws
include the federal Truth-in-Lending Act, Real Estate Settlement Procedures Act,
Equal Credit Opportunity Act, Fair Credit Billing Act, Fair Credit Reporting Act
and related statutes and regulations. These federal laws impose specific
statutory liabilities upon lenders who originate loans and who fail to comply
with the provisions of the law. In some cases, this liability may affect
assignees of the loans. With respect to mortgage loans secured by collateral in
addition to the related mortgaged properties, such tax liens may in certain
circumstances provide priority over the lien on such additional collateral.
Certain of the Mortgage Loans may be subject to special rules, disclosure
requirements and other provisions that were added to the federal
Truth-in-Lending Act by the Homeownership and Equity Protection Act of 1994
(such Mortgage Loans, 'High Cost Loans'), if such Mortgage Loans were originated
on or after October 1, 1995, are not mortgaged loans made to finance the
purchase of the mortgaged property and have interest rates or origination costs
in excess of certain prescribed levels. Purchasers or assignees of any High Cost
Loan could be liable for all claims and subject to all defenses arising under
such provisions that the borrower could assert against the originator thereof.
Remedies available to the borrower include monetary penalties, as well as
rescission rights if the appropriate disclosures were not given as required. See
'Loan Underwriting Procedures and Standards -- Representations and Warranties.'
Soldiers' and Sailors' Civil Relief Act. Generally, under the terms of the
Soldiers' and Sailors' Civil Relief Act of 1940, as amended (the 'Relief Act'),
a borrower who enters military service after the origination of such borrower's
Mortgage Loan (including a borrower who is a member of the National Guard or is
in reserve status at the time of the origination of the Mortgage Loan and is
later called to active duty) may not be charged interest above an annual rate of
6% during the period of such borrower's active duty status, unless a court
orders otherwise upon application of the lender. It is possible that such
interest rate limitation could have an effect, for an indeterminate period of
time, on the ability of the Trust Fund to collect full amounts of interest on
certain of the Mortgage Loans. Unless otherwise provided in the applicable
Prospectus Supplement, any shortfall in interest collections resulting from the
application of the Relief Act could result in losses to the holders of the
Securities. In addition, the Relief Act imposes limitations which would impair
the ability of the Trust Fund to foreclose on an affected Mortgage Loan during
the borrower's period of active duty status. Thus, in the event that such a
Mortgage Loan goes into default, there may be delays and losses occasioned by
the inability to realize upon the Mortgaged Property in a timely fashion.
JUNIOR MORTGAGES
Some of the Mortgage Loans may be secured by junior mortgages or deeds of
trust, which are junior to senior mortgages or deeds of trust which are not part
of the Trust Fund. The rights of the Securityholders as the holders of a junior
deed of trust or a junior mortgage are subordinate in lien priority and in
payment priority to those of the holder of the senior mortgage or deed of trust,
including the prior rights of the senior mortgagee or beneficiary to receive and
apply hazard insurance and condemnation proceeds and, upon default of the
mortgagor, to cause a foreclosure on the property. Upon completion of the
foreclosure proceedings by the holder of the senior mortgage or the sale
pursuant to the deed of trust, the junior mortgagee's or junior beneficiary's
lien will be extinguished unless the junior lienholder satisfies the defaulted
senior loan or asserts its subordinate interest in a property in foreclosure
proceedings. See ' -- Foreclosure on Mortgages' herein.
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Furthermore, the terms of the junior mortgage or deed of trust are
subordinate to the terms of the senior mortgage or deed of trust. In the event
of a conflict between the terms of the senior mortgage or deed of trust and the
junior mortgage or deed of trust, the terms of the senior mortgage or deed of
trust will govern generally. Upon a failure of the mortgagor or trustor to
perform any of its obligations, the senior mortgagee or beneficiary, subject to
the terms of the senior mortgage or deed of trust, may have the right to perform
the obligation itself. Generally, all sums so expended by the mortgagee or
beneficiary become part of the indebtedness secured by the mortgage or deed of
trust. To the extent a senior mortgagee expends such sums, such sums will
generally have priority over all sums due under the junior mortgage.
DUE-ON-SALE CLAUSES IN MORTGAGE LOANS
Unless the Prospectus Supplement indicates otherwise, the Loans generally
contain due-on-sale clauses. These clauses permit the lender to accelerate the
maturity of the loan if the borrower sells, transfers or conveys the property.
The enforceability of these clauses has been the subject of legislation or
litigation in many states, and in some cases the enforceability of these clauses
has been limited or denied. However, the Garn-St Germain Depository Institutions
Act of 1982 (the 'Garn-St Germain Act'), preempts state constitutional,
statutory and case law that prohibit the enforcement of due-on-sale clauses and
permits lenders to enforce these clauses in accordance with their terms, subject
to certain limited exceptions. The Garn-St Germain Act does 'encourage' lenders
to permit assumption of loans at the original rate of interest or at some other
rate less than the average of the original rate and the market rate.
The Garn-St Germain Act also sets forth nine specific instances in which a
mortgage lender covered by the Garn-St Germain Act may not exercise a
due-on-sale clause, notwithstanding the fact that a transfer of the property may
have occurred. These include intra-family transfers, certain transfers by
operation of law, leases of fewer than three years and the creation of a junior
encumbrance. Regulations promulgated under the Garn-St Germain Act also prohibit
the imposition of a prepayment penalty upon the acceleration of a loan pursuant
to a due-on-sale clause.
The inability to enforce a due-on-sale clause may result in a mortgage loan
bearing an interest rate below the current market rate being assumed by a new
home buyer rather than being paid off, which may have an impact upon the average
life of the Mortgage Loans and the number of Mortgage Loans which may be
outstanding until maturity.
Upon foreclosure, courts have imposed general equitable principles. These
equitable principles are generally designed to relieve the borrower from the
legal effect of its defaults under the loan documents. Examples of judicial
remedies that have been fashioned include judicial requirements that the lender
undertake affirmative and expensive actions to determine the causes for the
borrower's default and the likelihood that the borrower will be able to
reinstate the loan. In some cases, courts have required that lenders reinstate
loans or recast payment schedules in order to accommodate borrowers who are
suffering from temporary financial disability. In other cases, courts have
limited the right of the lender to foreclose if the default under the mortgage
instrument is not monetary, such as the borrower failing to adequately maintain
the property or the borrower executing a second mortgage or deed of trust
affecting the property. Finally, some courts have been faced with the issue of
whether or not federal or state constitutional provisions reflecting due process
concerns for adequate notice require that borrowers under deeds of trust or
mortgages receive notices in addition to the statutorily prescribed minimum. For
the most part, these cases have upheld the notice provisions as being reasonable
or have found that the sale by a trustee under a deed of trust, or under a
mortgage having a power of sale, does not involve sufficient state action to
afford constitutional protections to the borrower.
ENFORCEABILITY OF PREPAYMENT AND LATE PAYMENT FEES
Forms of notes, mortgages and deeds of trust used by lenders may contain
provisions obligating the borrower to pay a late charge if payments are not
timely made, and in some circumstances may provide for prepayment fees or
penalties if the obligation is paid prior to maturity. In certain states, there
are or may be specific limitations upon the late charges which a lender may
collect from a borrower for delinquent payments. Certain states also limit the
amounts that a lender may collect from a borrower as an additional charge if the
loan is prepaid. Late charges and prepayment fees are typically retained by
servicers as additional servicing compensation.
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EQUITABLE LIMITATIONS ON REMEDIES
In connection with lenders' attempts to realize upon their security, courts
have invoked general equitable principles. The equitable principles are
generally designed to relieve the borrower from the legal effect of his defaults
under the loan documents. Examples of judicial remedies that have been fashioned
include judicial requirements that the lender undertake affirmative and
expensive actions to determine the causes for the borrower's default and the
likelihood that the borrower will be able to reinstate the loan. In some cases,
courts have substituted their judgment for the lender's judgment and have
required that lenders reinstate loans or recast payment schedules in order to
accommodate borrowers who are suffering from temporary financial disability. In
other cases, courts have limited the right of a lender to realize upon his
security if the default under the security agreement is not monetary, such as
the borrower's failure to adequately maintain the property or the borrower's
execution of secondary financing affecting the property. Finally, some courts
have been faced with the issue of whether or not federal or state constitutional
provisions reflecting due process concerns for adequate notice require that
borrowers under security agreements receive notices in addition to the
statutorily prescribed minimums. For the most part, these cases have upheld the
notice provisions as being reasonable or have found that, in cases involving the
sale by a trustee under a deed of trust or by a mortgagee under a mortgage
having a power of sale, there is insufficient state action to afford
constitutional protections to the borrower.
The Mortgage Loans may include a debt-acceleration clause, which permits
the lender to accelerate the debt upon a monetary default of the borrower, after
the applicable cure period. The courts of all states will enforce clauses
providing for acceleration in the event of a material payment default. However,
courts of any state, exercising equity jurisdiction, may refuse to allow a
lender to foreclose a mortgage or deed of trust when an acceleration of the
indebtedness would be inequitable or unjust and the circumstances would render
the acceleration unconscionable.
Most conventional single-family mortgage loans may be prepaid in full or in
part without penalty. The regulations of the Federal Home Loan Bank Board, as
succeeded by the OTS, prohibit the imposition of a prepayment penalty or
equivalent fee for or in connection with the acceleration of a loan by exercise
of a due-on-sale clause. A mortgagee to whom a prepayment in full has been
tendered may be compelled to give either a release of the mortgage or an
instrument assigning the existing mortgage. The absence of a restraint on
prepayment, particularly with respect to Mortgage Loans having higher mortgage
rates, may increase the likelihood of refinancing or other early retirements of
the Mortgage Loans.
SUBORDINATE FINANCING
When the mortgagor encumbers mortgaged property with one or more junior
liens, the senior lender is subjected to additional risk. First, the mortgagor
may have difficulty servicing and repaying multiple loans. In addition, if the
junior loan permits recourse to the mortgagor (as junior loans often do) and the
senior loan does not, a mortgagor may be more likely to repay sums due on the
junior loan than those on the senior loan. Second, acts of the senior lender
that prejudice the junior lender or impair the junior lender's security may
create a superior equity in favor of the junior lender. For example, if the
mortgagor and the senior lender agree to an increase in the principal amount of
or the interest rate payable on the senior loan, the senior lender may lose its
priority to the extent an existing junior lender is harmed or the mortgagor is
additionally burdened. Third, if the mortgagor defaults on the senior loan
and/or any junior loan or loans, the existence of junior loans and actions taken
by junior lenders can impair the security available to the senior lender and can
interfere with or delay the taking of action by the senior lender. Moreover, the
bankruptcy of a junior lender may operate to stay foreclosure or similar
proceeds by the senior lender.
APPLICABILITY OF USURY LAWS
Title V of the Depository Institutions Deregulation and Monetary Control
Act of 1980, enacted in March 1980 ('Title V'), provides that state usury
limitations shall not apply to certain types of residential first mortgage loans
originated by certain lenders after March 31, 1980. Similar federal statutes
were in effect with respect to mortgage loans made during the first three months
of 1980. The OTS, as successor to the Federal Home Loan Bank Board, is
authorized to issue rules and regulations and to publish interpretations
governing implementation of Title V. Title V authorizes any state to reimpose
interest rate limits by adopting, before April 1, 1983, a state law, or by
certifying that the voters of such state have voted in favor of any provision,
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constitutional or otherwise, which expressly rejects an application of the
federal law. Fifteen states adopted such a law prior to the April 1, 1983
deadline. In addition, even where Title V is not so rejected, any state is
authorized by the law to adopt a provision limiting discount points or other
charges on mortgage loans covered by Title V.
In any state in which application of Title V has been expressly rejected or
a provision limiting discount points or other charges is adopted, no Mortgage
Loans originated after the date of such state action will be eligible as
Mortgage Assets if such Mortgage Loans bear interest or provide for discount
points or charges in excess of permitted levels. No Mortgage Loan originated
prior to January 1, 1980 will bear interest or provide for discount points or
charges in excess of permitted levels.
ADJUSTABLE INTEREST RATE LOANS
ARMs originated by non-federally chartered lenders have historically been
subject to a variety of restrictions. Such restrictions differed from state to
state, resulting in difficulties in determining whether a particular alternative
mortgage instrument originated by a state-chartered lender complied with
applicable law. These difficulties were alleviated substantially as a result of
the enactment of Title VIII of the Garn-St Germain Act ('Title VIII'). Title
VIII provides that, notwithstanding any state law to the contrary,
state-chartered banks may originate 'alternative mortgage instruments'
(including ARMs) in accordance with regulations promulgated by the Comptroller
of the Currency with respect to origination of alternative mortgage instruments
by national banks; state-chartered credit unions may originate alternative
mortgage instruments in accordance with regulations promulgated by the National
Credit Union Administration with respect to origination of alternative mortgage
instruments by federal credit unions and all other non-federally chartered
housing creditors, including state-chartered savings and loan associations; and
state-chartered savings banks and mortgage banking companies may originate
alternative mortgage instruments in accordance with the regulations promulgated
by the Federal Home Loan Bank Board, as succeeded by the OTS, with respect to
origination of alternative mortgage instruments by federal savings and loan
associations. Title VIII provides that any state may reject applicability of the
provisions of Title VIII by adopting, prior to October 15, 1985, a law or
constitutional provision expressly rejecting the applicability of such
provisions. Certain states have taken such action.
ENVIRONMENTAL LEGISLATION
Certain states impose a statutory lien for associated costs on property
that is the subject of a cleanup action by the state on account of hazardous
wastes or hazardous substances released or disposed of on the property. Such a
lien will generally have priority over all subsequent liens on the property and,
in certain of these states, will have priority over prior recorded liens
including the lien of a mortgage. In addition, under federal environmental
legislation and possibly under state law in a number of states, a secured party
which takes a deed in lieu of foreclosure or acquires a mortgaged property at a
foreclosure sale or otherwise is deemed an 'owner' or 'operator' of the property
may be liable for the costs of cleaning up a contaminated site. Although such
costs could be substantial, it is unclear whether they would be imposed on a
secured lender.
MANUFACTURED HOME LOANS
Security Interests in the Manufactured Homes. Law governing perfection of a
security interest in a Manufactured Home varies from state to state. Security
interests in Manufactured Homes may be perfected either by notation of the
secured party's lien on the certificate of title or by delivery of the required
documents and payment of a fee to the state motor vehicle authority, depending
on state law. In some nontitle states, perfection pursuant to the provisions of
the UCC is required. The lender or a servicer may effect such notation or
delivery of the required documents and fees, and obtain possession of the
certificate of title, as appropriate under the laws of the state in which any
manufactured home securing a Manufactured Home Loan is registered. In the event
such notation or delivery is not effected or the security interest is not filed
in accordance with the applicable law (for example, is filed under a motor
vehicle title statute rather than under the UCC, in a few states), a first
priority security interest in the Manufactured Home securing a Manufactured Home
Loan may not be obtained.
As Manufactured Homes have become larger and often have been attached to
their sites without any apparent intention to move them, courts in many states
have held that Manufactured Homes, under certain
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circumstances, may become subject to real estate title and recording laws. As a
result, a security interest in a Manufactured Home could be rendered subordinate
to the interests of other parties claiming an interest in the Manufactured Home
under applicable state real estate law. In order to perfect a security interest
in a Manufactured Home under real estate laws, the holder of the security
interest must file either a 'fixture filing' under the provisions or the UCC or
a real estate mortgage under the real estate laws of the state where the home is
located. These filings must be made in the real estate records office of the
county where the home is located. Manufactured Home Loans typically contain
provisions prohibiting the borrower from permanently attaching the Manufactured
Home to its site. So long as the borrower does not violate this agreement, a
security interest in the Manufactured Home will be governed by the certificate
of title laws or the UCC, and the notation of the security interest on the
certificate of title or the filing of a UCC financing statement will be
effective to maintain the priority of the security interest in the Manufactured
Home. If, however, a Manufactured Home is permanently attached to its site,
other parties could obtain an interest in the manufactured home which is prior
to the security interest originally retained by the lender or its assignee.
With respect to a Series of Securities evidencing interests in a Trust Fund
that includes Manufactured Home Loans and as described in the related Prospectus
Supplement, the Master Servicer may be required to perfect a security interest
in the Manufactured Home under applicable real estate laws. If such real estate
filings are not made and if any of the foregoing events were to occur, the only
recourse of the Securityholders would be against the Seller pursuant to its
repurchase obligation for breach of warranties. A PMBS Agreement pursuant to
which Private Mortgage-Backed Securities backed by Manufactured Home Loans are
issued will, unless otherwise specified in the related Prospectus Supplement,
have substantially similar requirements for perfection of a security interest.
In general, upon an assignment of a Manufactured Home Loan, the certificate
of title relating to the Manufactured Home will not be amended to identify the
assignee as the new secured party. In most states, an assignment is an effective
conveyance of such security interest without amendment of any lien noted on the
related certificate of title and the new secured party succeeds to the
assignor's rights as the secured party. However, in some states there exists a
risk that, in the absence of an amendment to the certificate of title, such
assignment of the security interest might not be held effective against
creditors of the assignor.
Relocation of a Manufactured Home. In the event that the owner of a
Manufactured Home moves the home to a state other than the state in which such
Manufactured Home initially is registered, under the laws of most states the
perfected security interest in the Manufactured Home would continue for four
months after such relocation and thereafter only if and after the owner
reregisters the Manufactured Home in such state. If the owner were to relocate a
Manufactured Home to another state and not reregister the Manufactured Home in
such state, and if steps are not taken to reperfect the Trustee's security
interest in such state, the security interest in the Manufactured Home would
cease to be perfected. A majority of states generally require surrender of a
certificate of title to reregister a Manufactured Home; accordingly, possession
of the certificate of title to such Manufactured Home must be surrendered or, in
the case of Manufactured Homes registered in states which provide for notation
of lien, the notice of surrender must be given to any person whose security
interest in the Manufactured Home is noted on the certificate of title.
Accordingly, the owner of the Manufactured Home Loan would have the opportunity
to reperfect its security interest in the Manufactured Home in the state of
relocation. In states which do not require a certificate of title for a
registration of a Manufactured Home, reregistration could defeat perfection. In
the ordinary course of servicing the Manufactured Home Loans, the Master
Servicer will be required to take steps to effect reperfection upon receipt of
notice of reregistration or information from the borrower as to relocation.
Similarly, when a borrower under a Manufactured Home Loan sells the related
Manufactured Home, the Trustee must surrender possession of the certificate of
title or the Trustee will receive notice as a result of its lien noted thereon
and accordingly will be an opportunity to require satisfaction of the related
Manufactured Home Loan before release of the lien. Under the related Pooling and
Servicing Agreement or Servicing Agreement, the Master Servicer is obligated to
take such steps, at the Master Servicer's expense, as are necessary to maintain
perfection of security interests in the Manufactured Homes. PMBS Agreements
pursuant to which Private Mortgage-Backed Securities backed by Manufactured Home
Loans are issued will impose substantially similar requirements.
Intervening Liens. Under the laws of most states, liens for repairs
performed on a Manufactured Home take priority even over a perfected security
interest. The Master Servicer or the originator of such Loans will represent
that it has no knowledge of any such liens with respect to any Manufactured Home
securing payment
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on any Manufactured Home Loan. However, such liens could arise at any time
during the term of a Manufactured Home Loan. No notice will be given to the
Trustee or Securityholders in the event such a lien arises. PMBS Agreements
pursuant to which Private Mortgage-Backed Securities backed by Manufactured Home
Loans are issued will contain substantially similar requirements.
Enforcement of Security Interests in Manufactured Homes. So long as the
Manufactured Home has not become subject to the real estate law, a creditor can
repossess a Manufactured Home securing a Manufactured Home Loan by voluntary
surrender, by 'self-help' repossession that is 'peaceful' (i.e., without breach
of the peace) or in the absence of voluntary surrender and the ability to
repossess without breach of the peace, by judicial process. The holder of a
Manufactured Home Loan must give the debtor a number of days notice, which
varies from 10 to 30 days depending on the state, prior to commencement of any
repossession. The UCC and consumer protection laws in most states place
restrictions on repossession sales, including requiring prior notice to the
debtor and commercial reasonableness in effecting such a sale. The law in most
states also requires that the debtor be given notice of any sale prior to resale
of the unit so that the debtor may redeem at or before such resale. In the event
of such repossession and resale of a Manufactured Home, the holder of a
Manufactured Home Loan would be entitled to be paid out of the sale proceeds
before such proceeds could be applied to the payment of the claims of unsecured
creditors or the holders or subsequently perfected interests or, thereafter, to
the borrower.
Under the laws applicable in most states, a creditor is entitled to obtain
a deficiency judgment from a borrower for any deficiency on repossession and
resale of the Manufactured Home securing such borrower's loan. However, some
states impose prohibitions or limitations on deficiency judgments. See
'Anti-deficiency Legislation and Other Limitations on Lenders' above.
Certain other statutory provisions, including federal and state bankruptcy
and insolvency laws and general equitable principles, may limit or delay the
ability of a lender to repossess and resell collateral or enforce a deficiency
judgment. See 'Federal Bankruptcy and Other Laws Affecting Creditors' Rights'
and 'Equitable Limitations on Remedies' above.
Consumer Protection Laws. The so-called 'Holder-In-Due-Course' rule of the
Federal Trade Commission is intended to defeat the ability of the transferor of
a consumer credit contract who is the seller of goods which gave rise to the
transaction (and certain related lenders and assignees) to transfer such
contract free of notice of claims by the borrower thereunder. The effect of this
rule is to subject the assignee of such a contract to all claims and defenses
which the borrower could assert against the seller of goods. Liability under
this rule is limited to amounts paid under a Manufactured Home Loan; however,
the borrower also may be able to assert the rule to set off remaining amounts
due as a defense against a claim brought against such borrower. Numerous other
federal and state consumer protection laws impose requirements applicable to the
origination and lending pursuant to the Manufactured Home Loan, including the
Truth-in-Lending Act, the Federal Trade Commission Act, the Fair Credit Billing
Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Fair
Debt Collection Practices Act and the Uniform Consumer Credit Code. In the case
of some of these laws, the failure to comply with their provisions may affect
the enforceability of the related Manufactured Home Loan.
Transfers of Manufactured Homes; Enforceability of 'Due-on-Sale' Clauses.
Loans and installment sale contracts relating to a Manufactured Home Loan
typically prohibit the sale or transfer of the related Manufactured Homes
without the consent of the lender and permit the acceleration of the maturity of
the Manufactured Home Loans by the lender upon any such sale or transfer for
which no such consent is granted.
In the case of a transfer of a Manufactured Home, the lender's ability to
accelerate the maturity of the related Manufactured Home Loan will depend on the
enforceability under state law of the 'due-on-sale' clause. The Garn-St Germain
Depository Institutions Act of 1982 preempts, subject to certain exceptions and
conditions, state laws prohibiting enforcement of 'due-on-sale' clauses
applicable to the Manufactured Homes. See 'Due-on-Sale Clauses in Mortgage
Loans' above. With respect to any Manufactured Home Loan secured by a
Manufactured Home occupied by the borrower, the ability to accelerate will not
apply to those types of transfers discussed in 'Due-on-Sale Clauses in Mortgage
Loans' above. FHA Loans and VA Loans are not permitted to contain 'due-on-sale'
clauses, and so are freely assumable.
Applicability of Usury Laws. Title V provides that, subject to the
following conditions, state usury limitations shall not apply to any loan which
is secured by a first lien on certain kinds of Manufactured Homes. The
Manufactured Home Loans would be covered if they satisfy certain conditions,
among other things,
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governing the terms of any prepayments, late charges and deferral fees and
requiring a 30-day notice period prior to instituting any action leading to
repossession of or foreclosure with respect to the related unit. See
'Applicability of Usury Laws' above.
Louisiana Law. Any contract secured by a manufactured home located in
Louisiana will be governed by Louisiana law rather than Article 9 of the UCC.
Louisiana laws provide similar mechanisms for perfection and enforcement of
security interests in manufactured housing used as collateral for an installment
sale contract or installment loan agreement.
Under Louisiana law, a manufactured home that has been permanently affixed
to real estate will nevertheless remain subject to the motor vehicle
registration laws unless the obligor and any holder of a security interest in
the property execute and file in the real estate records for the parish in which
the property is located a document converting the unit into real property. A
manufactured home that is converted into real property but is then removed from
its site can be converted back to personal property governed by the motor
vehicle registration laws if the obligor executes and files various documents in
the appropriate real estate records and all mortgagees under real estate
mortgages on the property and the land to which it was affixed file releases
with the motor vehicle commission.
So long as a manufactured home remains subject to the Louisiana motor
vehicle laws, liens are recorded on the certificate of title by the motor
vehicle commissioner and repossession can be accomplished by voluntary consent
of the obligor, executory process (repossession proceedings which must be
initiated through the courts but which involve minimal court supervision) or a
civil suit for possession. In connection with a voluntary surrender, the obligor
must be given a full release from liability for all amounts due under the
contract. In executory process repossessions, a sheriff's sale (without court
supervision) is permitted, unless the obligor brings suit to enjoin the sale,
and the lender is prohibited from seeking a deficiency judgment against the
obligor unless the lender obtained an appraisal of the manufactured home prior
to the sale and the property was sold for at least two-thirds of its appraised
value.
Formaldehyde Litigation. A number of lawsuits are pending in the United
States alleging personal injury from exposure to the chemical formaldehyde,
which is present in many building materials, including such components of
manufactured housing as plywood flooring and wall paneling. Some of these
lawsuits are pending against manufacturers of manufactured housing, suppliers of
component parts, and related persons in the distribution process. The Depositor
is aware of a limited number of cases in which plaintiffs have won judgments in
these lawsuits.
Under the FTC Rule, which is described above under 'Consumer Protection
Laws', the holder of any Loan secured by a Manufactured Home with respect to
which a formaldehyde claim has been successfully asserted may be liable to the
obligor for the amount paid by the obligor on the related Loan and may be unable
to collect amounts still due under the Loan. In the event an obligor is
successful in asserting such a claim, the related Securityholders could suffer a
loss if (i) the related Seller fails or cannot be required to repurchase the
affected Loan for a breach of representation and warranty and (ii) the Master
Servicer or the Trustee were unsuccessful in asserting any claim of contribution
or subrogation on behalf of the Securityholders against the manufacturer or
other persons who were directly liable to the plaintiff for the damages. Typical
products liability insurance policies held by manufacturers and component
suppliers of manufactured homes may not cover liabilities arising from
formaldehyde in manufactured housing, with the result that recoveries from such
manufacturers, suppliers or other persons may be limited to their corporate
assets without the benefit of insurance.
Soldiers' and Sailors' Civil Relief Act. Generally, under the terms of the
Relief Act, a borrower who enters military service after the origination of such
borrower's Manufactured Home Loan (including a borrower who is a member of the
National Guard or is in reserve status at the time of the origination of the
Manufactured Home Loan and is later called to active duty) may not be charged
interest above an annual rate of 6% during the period of such borrower's active
duty status, unless a court orders otherwise upon application of the lender. It
is possible that such interest rate limitation could have an effect, for an
indeterminate period of time, on the ability of the Trust Fund to collect full
amounts of interest on certain of the Manufactured Home Loans. Unless otherwise
provided in the applicable Prospectus Supplement, any shortfall in interest
collections resulting from the application of the Relief Act could result in
losses to the holders of the Securities. In addition, the Relief Act imposes
limitations which would impair the ability of the Trust Fund to enforce the lien
with respect to an affected Manufactured Home Loan during the borrower's period
of active duty status. Thus, in the event that
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such a Manufactured Home Loan goes into default, there may be delays and losses
occasioned by the inability to enforce the lien with respect to the Manufactured
Home in a timely fashion.
Forfeitures in Drug and RICO Proceedings. Federal law provides that
property owned by persons convicted of drug-related crimes or of criminal
violations of the Racketeer Influenced and Corrupt Organizations ('RICO')
statute can be seized by the government if the property was used in, or
purchased with the proceeds of, such crimes. Under procedures contained in the
Comprehensive Crime Control Act of 1984 (the 'Crime Control Act'), the
government may seize the property even before conviction. The government must
publish notice of the forfeiture proceeding and may give notice to all parties
'known to have an alleged interest in the property,' including the holders of
mortgage loans.
A lender may avoid forfeiture of its interest in the property if it
establishes that: (i) its mortgage was executed and recorded before the
commission of the crime upon which the forfeiture is based, or (ii) the lender
was, at the time of the execution of the mortgage, 'reasonably without cause to
believe' that the property was used in, or purchased with the proceeds of,
illegal drug or RICO activities.
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CERTAIN FEDERAL INCOME TAX CONSEQUENCES
GENERAL
The following is a general discussion of the anticipated material federal
income tax consequences of the purchase, ownership and disposition of the
Certificates and Notes offered hereunder where Thacher Proffitt & Wood, Brown &
Wood LLP or Stroock & Stroock & Lavan LLP is identified in the applicable
Prospectus Supplement as counsel to the Depositor (hereinafter 'Counsel to the
Depositor'). This discussion is directed solely to Securityholders that hold the
Securities as capital assets within the meaning of Section 1221 of the Internal
Revenue Code of 1986 (the 'Code') and does not purport to discuss all federal
income tax consequences that may be applicable to particular categories of
investors, some of which (such as banks, insurance companies and foreign
investors) may be subject to special rules. Further, the authorities on which
this discussion, and the opinion referred to below, are based are subject to
change or differing interpretations, which could apply retroactively. Taxpayers
and preparers of tax returns (including those filed by any REMIC or other
issuer) should be aware that under applicable Treasury regulations a provider of
advice on specific issues of law is not considered an income tax return preparer
unless the advice (i) is given with respect to events that have occurred at the
time the advice is rendered and is not given with respect to the consequences of
contemplated actions and (ii) is directly relevant to the determination of an
entry on a tax return. Accordingly, taxpayers should consult their own tax
advisors and tax return preparers regarding the preparation of any item on a tax
return, even where the anticipated tax treatment has been discussed herein. In
addition to the federal income tax consequences described herein, potential
investors should consider the state and local tax consequences, if any, of the
purchase, ownership and disposition of the Securities. See 'State and Other Tax
Consequences.' Securityholders are advised to consult their own tax advisors
concerning the federal, state, local or other tax consequences to them of the
purchase, ownership and disposition of the Certificates offered hereunder.
The following discussion addresses securities of two general types: (i)
certificates (the 'REMIC Certificates') representing interests in a Trust Fund,
or a portion thereof, that the Trustee will elect to have treated as a real
estate mortgage investment conduit ('REMIC') under Sections 860A through 860G
(the 'REMIC Provisions') of the Code andebtedness of the Issuer for federal
income tax purposes. The Prospectus Supplement for each Series of Securities
will indicate which of the foregoing treatments will apply to such Series and,
if a REMIC election (or elections) will be made with respect to a Series of
Certificates, will identify all 'regular interests' and 'residual interests' in
the REMIC.
REMICS
As to each Series of Certificates, unless otherwise disclosed in the
related Prospectus Supplement, the Trustee will covenant to elect to have
treated the Trust Fund, or a portion thereof, as one or more REMICs. The
Prospectus Supplement for each Series of Certificates will identify all
Certificates representing 'regular interests' and the 'residual interest' in
each such REMIC. If a REMIC election or elections will not be made for a Trust
Fund, the federal income tax consequences of the purchase, ownership and
disposition of the related Certificates will be set forth in the related
Prospectus Supplement. For purposes of this tax discussion, references to a
'Certificateholder' or a 'holder' are to the beneficial owner of a Certificate.
The following discussion is based in part upon the rules governing original
issue discount that are set forth in Sections 1271-1273 and 1275 of the Code and
in the Treasury regulations issued thereunder (the 'OID Regulations'), and in
part upon the REMIC Provisions and the Treasury regulations issued thereunder
(the 'REMIC Regulations'). The OID Regulations do not adequately address certain
issues relevant to, and in some instances provide that they are not applicable
to, securities such as the Certificates.
Classification of REMICs
Upon the issuance of each Series of REMIC Certificates, Counsel to the
Depositor will deliver its opinion generally to the effect that, assuming
compliance with all provisions of the related Pooling and Servicing Agreement,
the related Trust Fund (or each applicable portion thereof) will qualify as a
REMIC and the REMIC Certificates offered with respect thereto will be considered
to evidence ownership of 'regular interests' ('REMIC Regular Certificates') or
'residual interests' ('REMIC Residual Certificates') in that REMIC within the
meaning of the REMIC Provisions.
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If an entity electing to be treated as a REMIC fails to comply with one or
more of the ongoing requirements of the Code for such status during any taxable
year, the Code provides that the entity will not be treated as a REMIC for such
year and thereafter. In that event, such entity may be taxable as a corporation
under Treasury regulations, and the related REMIC Certificates may not be
accorded the status or given the tax treatment described below. Although the
Code authorizes the Treasury Department to provide relief in the event of an
inadvertent termination of REMIC status, no regulations have been issued
implementing this provision. Any such relief, moreover, may be accompanied by
sanctions, such as the imposition of a corporate tax on all or a portion of the
Trust Fund's income for the period in which the requirements for such status are
not satisfied. The Pooling and Servicing Agreement with respect to each REMIC
will include provisions designed to maintain the Trust Fund's status as a REMIC
under the REMIC Provisions.
Characterization of Investments in REMIC Certificates
In general, the REMIC Certificates will be 'real estate assets' within the
meaning of Section 856(c)(4)(A) of the Code and assets described in Section
7701(a)(19)(C) of the Code in the same proportion that the assets of the REMIC
underlying such Certificates would be so treated. Moreover, if 95% or more of
the assets of the REMIC qualify for any of the foregoing treatments at all times
during a calendar year, the REMIC Certificates will qualify for the
corresponding status in their entirety for that calendar year. Interest
(including original issue discount) on the REMIC Regular Certificates and income
allocated to the class of REMIC Residual Certificates will be interest described
in Section 856(c)(3)(B) of the Code to the extent that such Certificates are
treated as 'real estate assets' within the meaning of Section 856(c)(4)(A) of
the Code. In addition, the REMIC Regular Certificates will be 'qualified
mortgages' within the meaning of Section 860G(a)(3) of the Code. The
determination as to the percentage of the REMIC's assets that constitute assets
described in the foregoing sections of the Code will be made with respect to
each calendar quarter based on the average adjusted basis of each category of
the assets held by the REMIC during such calendar quarter. The REMIC will report
those determinations to Certificateholders in the manner and at the times
required by applicable Treasury regulations.
The assets of the REMIC will include, in addition to Loans, payments on
Loans (including temporary investments of such proceeds) held pending
distribution on the REMIC Certificates and may include property acquired by
foreclosure held pending sale, and amounts in reserve accounts. It is unclear
whether property acquired by foreclosure held pending sale, or amounts in
reserve accounts would be considered to be part of the Loans, or whether such
assets (to the extent not invested in assets described in the foregoing
sections) otherwise would receive the same treatment as the Loans for purposes
of all the foregoing sections. In addition, in some instances Loans (including
Additional Collateral Loans) may not be treated entirely as assets described in
the foregoing sections. If the assets of a REMIC include Additional Collateral
Loans, the non-real property collateral, while itself not an asset of the REMIC,
could cause the Loans not to qualify for one or more of such characterizations.
If so, the related Prospectus Supplement will describe the Loans (including
Additional Collateral Loans) that may not be so treated. The REMIC Regulations
do provide, however, that payments on Loans held pending distribution are
considered part of the Loans for purposes of Section 856(c)(4)(A) of the Code.
Tiered REMIC Structures
For certain Series of REMIC Certificates, two or more separate elections
may be made to treat designated portions of the related Trust Fund as REMICs
('Tiered REMICs') for federal income tax purposes. Upon the issuance of any such
Series of REMIC Certificates, Counsel to the Depositor will deliver its opinion
generally to the effect that, assuming compliance with all provisions of the
related Pooling and Servicing Agreement, the Tiered REMICs will each qualify as
a REMIC and the REMIC Certificates issued by the Tiered REMICs will be
considered to evidence ownership of REMIC regular interests or REMIC residual
interests in the related REMIC within the meaning of the REMIC Provisions.
Solely for purposes of determining whether the REMIC Certificates will be
'real estate assets' within the meaning of Section 856(c)(4)(A) of the Code, and
'loans secured by an interest in real property' under Section 7701(a)(19)(C) of
the Code, and whether the income on such Certificates is interest described in
Section 856(c)(3)(B) of the Code, the Tiered REMICs will be treated as one
REMIC.
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TAXATION OF OWNERS OF REMIC REGULAR CERTIFICATES
General
Except as otherwise stated in this discussion, REMIC Regular Certificates
will be treated for federal income tax purposes as debt instruments issued by
the REMIC and not as ownership interests in the REMIC or its assets. Moreover,
holders of REMIC Regular Certificates that otherwise report income under a cash
method of accounting will be required to report income with respect to REMIC
Regular Certificates under an accrual method.
Original Issue Discount
Certain REMIC Regular Certificates may be issued with 'original issue
discount' within the meaning of Section 1273(a) of the Code. Any holders of
REMIC Regular Certificates issued with original issue discount generally will be
required to include original issue discount in income as it accrues, in
accordance with the 'constant yield' method described below, in advance of the
receipt of the cash attributable to such income. In addition, Section 1272(a)(6)
of the Code provides special rules applicable to REMIC Regular Certificates and
certain other debt instruments issued with original issue discount. Regulations
have not been issued under that section.
The Code requires that a reasonable prepayment assumption be used with
respect to Loans held by, or Loans underlying Mortgage Assets held by, a REMIC
in computing the accrual of original issue discount on REMIC Regular
Certificates issued by that REMIC, and that adjustments be made in the amount
and rate of accrual of such discount to reflect differences between the actual
prepayment rate and the prepayment assumption. The prepayment assumption is to
be determined in a manner prescribed in Treasury regulations; as noted above,
those regulations have not been issued. The Conference Committee Report (the
'Committee Report') accompanying the Tax Reform Act of 1986 indicates that the
regulations will provide that the prepayment assumption used with respect to a
REMIC Regular Certificate must be the same as that used in pricing the initial
offering of such REMIC Regular Certificate. The prepayment assumption (the
'Prepayment Assumption') used in reporting original issue discount for each
Series of REMIC Regular Certificates will be consistent with this standard and
will be disclosed in the related Prospectus Supplement. However, neither the
Depositor, any Master Servicer nor the Trustee will make any representation that
the Loans will in fact prepay at a rate conforming to the Prepayment Assumption
or at any other rate.
The original issue discount, if any, on a REMIC Regular Certificate will be
the excess of its stated redemption price at maturity over its issue price. The
issue price of a particular class of REMIC Regular Certificates will be the
first cash price at which a substantial amount of REMIC Regular Certificates of
that class is sold (excluding sales to bond houses, brokers and underwriters).
If less than a substantial amount of a particular class of REMIC Regular
Certificates is sold for cash on or prior to the date of their initial issuance
(the 'Closing Date'), the issue price for such class will be the fair market
value of such class on the Closing Date. Under the OID Regulations, the stated
redemption price of a REMIC Regular Certificate is equal to the total of all
payments to be made on such Certificate other than 'qualified stated interest.'
'Qualified stated interest' is interest that is unconditionally payable at least
annually (during the entire term of the instrument) at a single fixed rate, at a
'qualified floating rate,' an 'objective rate,' a combination of a single fixed
rate and one or more 'qualified floating rates' or one 'qualified inverse
floating rate,' or a combination of 'qualified floating rates' that does not
operate in a manner that accelerates or defers interest payments on such REMIC
Regular Certificate.
In the case of REMIC Regular Certificates bearing adjustable interest
rates, the determination of the total amount of original issue discount and the
timing of the inclusion thereof will vary according to the characteristics of
such REMIC Regular Certificates. If the original issue discount rules apply to
such Certificates, the related Prospectus Supplement will describe the manner in
which such rules will be applied with respect to those Certificates in preparing
information returns to the Certificateholders and the IRS.
In addition, if the accrued interest to be paid on the first Distribution
Date is computed with respect to a period that begins prior to the Closing Date,
a portion of the purchase price paid for a REMIC Regular Certificate will
reflect such accrued interest. In such cases, information returns provided to
the Certificateholders and the IRS will be based on the position that the
portion of the purchase price paid for the interest accrued with respect to
periods prior to the Closing Date is treated as part of the overall cost of such
REMIC Regular
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Certificate (and not as a separate asset the cost of which is recovered entirely
out of interest received on the next Distribution Date) and that the portion of
the interest paid on the first Distribution Date in excess of interest accrued
for a number of days corresponding to the number of days from the Closing Date
to the first Distribution Date should be included in the stated redemption price
of such REMIC Regular Certificate. However, the OID Regulations state that all
or some portion of such accrued interest may be treated as a separate asset the
cost of which is recovered entirely out of interest paid on the first
Distribution Date. It is unclear how an election to do so would be made under
the OID Regulations and whether such an election could be made unilaterally by a
Certificateholder.
Notwithstanding the general definition of original issue discount, original
issue discount on a REMIC Regular Certificate will be considered to be de
minimis if it is less than 0.25% of the stated redemption price of the REMIC
Regular Certificate multiplied by its weighted average life. For this purpose,
the weighted average life of the REMIC Regular Certificate is computed as the
sum of the amounts determined, as to each payment included in the stated
redemption price of such REMIC Regular Certificate, by multiplying (i) the
number of complete years (rounding down for partial years) from the issue date
until such payment is expected to be made (presumably taking into account the
Prepayment Assumption) by (ii) a fraction, the numerator of which is the amount
of payment, and the denominator of which is the stated redemption price at
maturity of such REMIC Regular Certificate. Under the OID Regulations, original
issue discount of only a de minimis amount (other than de minimis original issue
discount attributable to a so-called 'teaser' interest rate or an initial
interest holiday) will be included in income as each payment of stated principal
is made, based on the product of the total amount of such de minimis original
issue discount and a fraction, the numerator of which is the amount of such
principal payment and the denominator of which is the outstanding stated
principal amount of the REMIC Regular Certificate. The OID Regulations also
would permit a Certificateholder to elect to accrue de minimis original issue
discount into income currently based on a constant yield method. See 'Taxation
of Owners of REMIC Regular Certificates -- Market Discount' for a description of
such election under the OID Regulations.
If original issue discount on a REMIC Regular Certificate is in excess of a
de minimis amount, the holder of such Certificate must include in ordinary gross
income the sum of the 'daily portions' of original issue discount for each day
during its taxable year on which it held such REMIC Regular Certificate,
including the purchase date but excluding the disposition date. In the case of
an original holder of a REMIC Regular Certificate, the daily portions of
original issue discount will be determined as follows.
As to each 'accrual period,' that is, unless otherwise stated in the
related Prospectus Supplement, each period that ends on a date that corresponds
to a Distribution Date and begins on the first day following the immediately
preceding accrual period (or in the case of the first such period, begins on the
Closing Date), a calculation will be made of the portion of the original issue
discount that accrued during such accrual period. The portion of original issue
discount that accrues in any accrual period will equal the excess, if any, of
(i) the sum of (A) the present value, as of the end of the accrual period, of
all of the distributions remaining to be made on the REMIC Regular Certificate,
if any, in future periods and (B) the distributions made on such REMIC Regular
Certificate during the accrual period of amounts included in the stated
redemption price, over (ii) the adjusted issue price of such REMIC Regular
Certificate at the beginning of the accrual period. The present value of the
remaining distributions referred to in the preceding sentence will be calculated
(i) assuming that distributions on the REMIC Regular Certificate will be
received in future periods based on the Loans being prepaid at a rate equal to
the Prepayment Assumption, and in the case of Mortgage Assets other than Loans,
that distributions will be made with respect to each Mortgage Asset in
accordance with the participation agreement or other organizational document
under which such Mortgage Asset was issued, and (ii) using a discount rate equal
to the original yield to maturity of the Certificate. For these purposes, the
original yield to maturity of the Certificate will be calculated based on its
issue price and assuming that distributions on the Certificate will be made in
all accrual periods based on the Loans being prepaid at a rate equal to the
Prepayment Assumption, and in the case of Mortgage Assets other than Loans, that
distributions will be made with respect to each Mortgage Asset in accordance
with the participation agreement or other organizational document under which
such Mortgage Asset was issued. The adjusted issue price of a REMIC Regular
Certificate at the beginning of any accrual period will equal the issue price of
such Certificate, increased by the aggregate amount of original issue discount
that accrued with respect to such Certificate in prior accrual periods, and
reduced by the amount of any distributions made on such REMIC Regular
Certificate in prior accrual periods of amounts included in the stated
redemption price. The original issue discount accruing during any accrual
period, computed as described above,
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will be allocated ratably to each day during the accrual period to determine the
daily portion of original issue discount for such day.
A subsequent purchaser of a REMIC Regular Certificate that purchases such
Certificate at a cost (excluding any portion of such cost attributable to
accrued qualified stated interest) less than its remaining stated redemption
price will also be required to include in gross income the daily portions of any
original issue discount with respect to such Certificate. However, each such
daily portion will be reduced, if such cost is in excess of the REMIC Regular
Certificate's 'adjusted issue price,' in proportion to the ratio such excess
bears to the aggregate original issue discount remaining to be accrued on such
REMIC Regular Certificate. The adjusted issue price of a REMIC Regular
Certificate on any given day equals (i) the adjusted issue price (or, in the
case of the first accrual period, the issue price) of such Certificate at the
beginning of the accrual period which includes such day plus (ii) the daily
portions of original issue discount for all days during such accrual period
prior to such day minus (iii) any principal payments made during such accrual
period prior to such day with respect to such certificate.
Market Discount
A Certificateholder that purchases a REMIC Regular Certificate at a market
discount, that is, in the case of a REMIC Regular Certificate issued without
original issue discount, at a purchase price less than its remaining stated
principal amount, or in the case of a REMIC Regular Certificate issued with
original issue discount, at a purchase price less than its adjusted issue price
will recognize gain upon receipt of each distribution representing stated
redemption price. In particular, under Section 1276 of the Code such a
Certificateholder generally will be required to allocate the portion of each
such distribution representing stated redemption price first to accrued market
discount not previously included in income, and to recognize ordinary income to
that extent. A Certificateholder may elect to include market discount in income
currently as it accrues rather than including it on a deferred basis in
accordance with the foregoing. If made, such election will apply to all market
discount bonds acquired by such Certificateholder on or after the first day of
the first taxable year to which such election applies. In addition, the OID
Regulations permit a Certificateholder to elect to accrue all interest, discount
(including de minimis market or original issue discount) and premium in income
as interest, based on a constant yield method. If such an election were made
with respect to a REMIC Regular Certificate with market discount, the
Certificateholder would be deemed to have made an election to include currently
market discount in income with respect to all other debt instruments having
market discount that such Certificateholder acquires during the taxable year of
the election or thereafter. Similarly, a Certificateholder that made this
election for a Certificate that is acquired at a premium would be deemed to have
made an election to amortize bond premium with respect to all debt instruments
having amortizable bond premium that such Certificateholder owns or acquires.
See 'Taxation of Owners of REMIC Regular Certificates -- Premium.' Each of these
elections to accrue interest, discount and premium with respect to a Certificate
on a constant yield method or as interest may not be revoked without the consent
of the IRS.
However, market discount with respect to a REMIC Regular Certificate will
be considered to be de minimis for purposes of Section 1276 of the Code if such
market discount is less than 0.25% of the remaining stated redemption price of
such REMIC Regular Certificate multiplied by the number of complete years to
maturity remaining after the date of its purchase. In interpreting a similar
rule with respect to original issue discount on obligations payable in
installments, the OID Regulations refer to the weighted average maturity of
obligations, and it is likely that the same rule will be applied with respect to
market discount, presumably taking into account the Prepayment Assumption. If
market discount is treated as de minimis under this rule, it appears that the
actual discount would be treated in a manner similar to original issue discount
of a de minimis amount. See 'Taxation of Owners of REMIC Regular
Certificates -- Original Issue Discount.' Such treatment may result in discount
being included in income at a slower rate than discount would be required to be
included in income using the method described above.
Section 1276(b)(3) of the Code specifically authorizes the Treasury
Department to issue regulations providing for the method for accruing market
discount on debt instruments, the principal of which is payable in more than one
installment. Until regulations are issued by the Treasury Department certain
rules described in the Committee Report should apply. The Committee Report
indicates that in each accrual period market discount on REMIC Regular
Certificates accrues, at the Certificateholder's option: (i) on the basis of a
constant yield method, (ii) in the case of a REMIC Regular Certificate issued
without original issue discount, in an amount that
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bears the same ratio to the total remaining market discount as the stated
interest paid in the accrual period bears to the total amount of stated interest
remaining to be paid on the REMIC Regular Certificate as of the beginning of the
accrual period, or (iii) in the case of a REMIC Regular Certificate issued with
original issue discount, in an amount that bears the same ratio to the total
remaining market discount as the original issue discount accrued in the accrual
period bears to the total original issue discount remaining on the REMIC Regular
Certificate at the beginning of the accrual period. Moreover, the Prepayment
Assumption used in calculating the accrual of original issue discount is also
used in calculating the accrual of market discount. Because the regulations
referred to in this paragraph have not been issued, it is not possible to
predict what effect such regulations might have on the tax treatment of a REMIC
Regular Certificate purchased at a discount in the secondary market.
To the extent that REMIC Regular Certificates provide for monthly or other
periodic distributions throughout their term, the effect of these rules may be
to require market discount to be includible in income at a rate that is not
significantly slower than the rate at which such discount would accrue if it
were original issue discount. Moreover, in any event a holder of a REMIC Regular
Certificate generally will be required to treat a portion of any gain on the
sale or exchange of such Certificate as ordinary income to the extent of the
market discount accrued to the date of disposition under one of the foregoing
methods, less any accrued market discount previously reported as ordinary
income.
Further, under Section 1277 of the Code a holder of a REMIC Regular
Certificate may be required to defer a portion of its interest deductions for
the taxable year attributable to any indebtedness incurred or continued to
purchase or carry a REMIC Regular Certificate purchased with market discount.
For these purposes, the de minimis rule referred to above applies. Any such
deferred interest expense would not exceed the market discount that accrues
during such taxable year and is, in general, allowed as a deduction not later
than the year in which such market discount is includible in income. If such
holder elects to include market discount in income currently as it accrues on
all market discount instruments acquired by such holder in that taxable year or
thereafter, the interest deferral rule described above will not apply.
Premium
A REMIC Regular Certificate purchased at a cost (excluding any portion of
such cost attributable to accrued qualified stated interest) greater than its
remaining stated redemption price will be considered to be purchased at a
premium. The holder of such a REMIC Regular Certificate may elect under Section
171 of the Code to amortize such premium under the constant yield method over
the life of the Certificate. If made, such an election will apply to all debt
instruments having amortizable bond premium that the holder owns or subsequently
acquires. Amortizable premium will be treated as an offset to interest income on
the related debt instrument rather than as a separate interest deduction. By
analogy to recently finalized bond premium regulations, any allocable premium in
excess of the interest income may be deductible to the extent of prior accruals
of interest. The OID Regulations also permit Certificateholders to elect to
include all interest, discount and premium in income based on a constant yield
method, further treating such Certificateholder as having made the election to
amortize premium generally. See 'Taxation of Owners of REMIC Regular
Certificates -- Market Discount.' The Committee Report states that the same
rules that apply to accrual of market discount (which rules presumably will
require use of a prepayment assumption in accruing market discount with respect
to REMIC Regular Certificates without regard to whether such Certificates have
original issue discount) will also apply in amortizing bond premium under
Section 171 of the Code.
Realized Losses
Under Section 166 of the Code, both corporate holders of the REMIC Regular
Certificates and noncorporate holders of the REMIC Regular Certificates that
acquire such Certificates in connection with a trade or business should be
allowed to deduct, as ordinary losses, any losses sustained during a taxable
year in which their Certificates become wholly or partially worthless as the
result of one or more realized losses on the Loans. However, it appears that a
noncorporate holder that does not acquire a REMIC Regular Certificate in
connection with a trade or business will not be entitled to deduct a loss under
Section 166 of the Code until such holder's Certificate becomes wholly worthless
(i.e., until its outstanding principal balance has been reduced to zero) and
that the loss will be characterized as a short-term capital loss.
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Each holder of a REMIC Regular Certificate will be required to accrue
interest and original issue discount with respect to such Certificate, without
giving effect to any reductions in distributions attributable to defaults or
delinquencies on the Loans until it can be established that any such reduction
ultimately will not be recoverable. As a result, the amount of taxable income
reported in any period by the holder of a REMIC Regular Certificate could exceed
the amount of economic income actually realized by the holder in such period.
Although the holder of a REMIC Regular Certificate eventually will recognize a
loss or reduction in income attributable to previously accrued and included
income that as the result of a realized loss ultimately will not be realized,
the law is unclear with respect to the timing and character of such loss or
reduction in income.
Taxation of Owners of REMIC Residual Certificates
GENERAL
Although a REMIC is a separate entity for federal income tax purposes, a
REMIC generally is not subject to entity-level taxation, except with regard to
prohibited transactions and certain other transactions. See ' -- Prohibited
Transactions and Other Possible REMIC Taxes' below. Rather, the taxable income
or net loss of a REMIC is generally taken into account by the Holder of the
REMIC Residual Certificates. Accordingly, the REMIC Residual Certificates will
be subject to tax rules that differ significantly from those that would apply if
the REMIC Residual Certificates were treated for federal income tax purposes as
direct ownership interests in the Loans or as debt instruments issued by the
REMIC.
A holder of a REMIC Residual Certificate generally will be required to
report its daily portion of the taxable income or, subject to the limitations
noted in this discussion, the net loss of the REMIC for each day during a
calendar quarter that such holder owned such REMIC Residual Certificate. For
this purpose, the taxable income or net loss of the REMIC will be allocated to
each day in the calendar quarter ratably using a '30 days per month/90 days per
quarter/360 days per year' convention unless otherwise disclosed in the related
Prospectus Supplement. The daily amounts so allocated will then be allocated
among the REMIC Residual Certificateholders in proportion to their respective
ownership interests on such day. Any amount included in the gross income of or
allowed as a loss to any REMIC Residual Certificateholder by virtue of this
paragraph will be treated as ordinary income or loss. The taxable income of the
REMIC will be determined under the rules described below in 'Taxable Income of
the REMIC' and will be taxable to the REMIC Residual Certificateholders without
regard to the timing or amount of cash distributions by the REMIC. Ordinary
income derived from REMIC Residual Certificates will be 'portfolio income' for
purposes of the taxation of taxpayers subject to limitations under Section 469
of the Code on the deductibility of 'passive activity losses.'
A holder of a REMIC Residual Certificate that purchased such Certificate
from a prior holder also will be required to report on its federal income tax
return amounts representing its daily share of the taxable income (or net loss)
of the REMIC for each day that it holds such Certificate. Those daily amounts
generally will equal the amounts of taxable income or net loss determined as
described above. The Committee Report indicates that certain modifications of
the general rules may be made, by regulations or otherwise, to reduce (or
increase) the income of a REMIC Residual Certificateholder that purchased such
Certificate from a prior holder of such Certificate at a price greater than (or
less than) the adjusted basis (as defined below) such REMIC Residual Certificate
would have had in the hands of an original holder of such Certificate. The REMIC
Regulations, however, do not provide for any such modifications.
Any payments received by a holder of a REMIC Residual Certificate in
connection with the acquisition of such REMIC Residual Certificate will be taken
into account in determining the income of such holder for federal income tax
purposes. Although it appears likely that any such payment would be includible
in income immediately upon its receipt, the IRS might assert that such payment
should be included in income over time according to an amortization schedule or
according to some other method. Because of the uncertainty concerning the
treatment of such payments, holders of REMIC Residual Certificates should
consult their tax advisors concerning the treatment of such payments for income
tax purposes.
The amount of income REMIC Residual Certificateholders will be required to
report (or the tax liability associated with such income) may exceed the amount
of cash distributions received from the REMIC for the corresponding period.
Consequently, REMIC Residual Certificateholders should have other sources of
funds sufficient to pay any federal income taxes due as a result of their
ownership of REMIC Residual Certificates or unrelated deductions against which
income may be offset, subject to the rules relating to 'excess inclusions'
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and 'noneconomic' residual interests discussed below. The fact that the tax
liability associated with the income allocated to REMIC Residual
Certificateholders may exceed the cash distributions received by such REMIC
Residual Certificateholders for the corresponding period may significantly
adversely affect such REMIC Residual Certificateholders' after-tax rate of
return. Such disparity between income and distributions may not be offset by
corresponding losses or reductions of income attributable to the REMIC Residual
Certificateholder until subsequent tax years and, then, may not be completely
offset due to changes in the Code, tax rates or character of the income or loss.
Taxable Income of the REMIC
The taxable income of the REMIC will equal the income from the Loans and
other assets of the REMIC plus any cancellation of indebtedness income due to
the allocation of realized losses to REMIC Regular Certificates, less the
deductions allowed to the REMIC for interest (including original issue discount
and reduced by amortization of any premium on issuance) on the REMIC Regular
Certificates (and any other class of REMIC Certificates constituting 'regular
interests' in the REMIC not offered hereby), amortization of any premium on the
Loans, bad debt losses with respect to the Loans and, except as described below,
servicing, administrative and other expenses.
For purposes of determining its taxable income, the REMIC will have an
initial aggregate basis in its assets equal to the sum of the issue prices of
all REMIC Certificates (or, if a class of REMIC Certificates is not sold
initially, their fair market values). The issue price of any REMIC Certificates
offered hereby will be determined in the manner described above under
' -- Taxation of Owners of REMIC Regular Certificates -- Original Issue
Discount.' The issue price of a REMIC Certificate received in exchange for an
interest in the Loans or other property will equal the fair market value of such
interests in the Loans or other property. Accordingly, if one or more classes of
REMIC Certificates are retained initially rather than sold, the Trustee may be
required to estimate the fair market value of such interests in order to
determine the basis of the REMIC in the Loans and other property held by the
REMIC.
Subject to possible application of the de minimis rules, the method of
accrual by the REMIC of original issue discount income and market discount
income with respect to Loans that it holds will be equivalent to the method for
accruing original issue discount income for holders of REMIC Regular
Certificates (that is, under the constant yield method taking into account the
Prepayment Assumption). However, a REMIC that acquires loans at a market
discount must include such market discount in income currently as it accrues, on
a constant yield basis. See ' -- Taxation of Owners of REMIC Regular
Certificates' above, which describes a method for accruing such discount income
that is analogous to that required to be used by a REMIC as to Loans with market
discount that it holds.
A Loan will be deemed to have been acquired with discount (or premium) to
the extent that the REMIC's basis therein, determined as described above, is
less than (or greater than) its stated redemption price. Any such discount will
be includible in the income of the REMIC as it accrues, in advance of receipt of
the cash attributable to such income, under a method similar to the method
described above for accruing original issue discount on the REMIC Regular
Certificates. It is anticipated that each REMIC will elect under Section 171 of
the Code to amortize any premium on the Loans. Premium on any Loan to which such
election applies may be amortized under a constant yield method, presumably
taking into account the Prepayment Assumption. Further, such an election would
not apply to any Loan originated on or before September 27, 1985. Instead,
premium on such a Loan should be allocated among the principal payments thereon
and be deductible by the REMIC as those payments become due or upon the
prepayment of such Loan.
A REMIC will be allowed deductions for interest (including original issue
discount) on the REMIC Regular Certificates (including any other class of REMIC
Certificates constituting 'regular interests' in the REMIC not offered hereby)
equal to the deductions that would be allowed if the REMIC Regular Certificates
(including any other class of REMIC Certificates constituting 'regular
interests' in the REMIC not offered hereby) were indebtedness of the REMIC.
Original issue discount will be considered to accrue for this purpose as
described above under ' -- Taxation of Owners of REMIC Regular
Certificates -- Original Issue Discount,' except that the de minimis rule and
the adjustments for subsequent holders of REMIC Regular Certificates (including
any other class of REMIC Certificates constituting 'regular interests' in the
REMIC not offered hereby) described therein will not apply.
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If a class of REMIC Regular Certificates is issued at a price in excess of
the stated redemption price of such class (such excess 'Issue Premium'), the net
amount of interest deductions that are allowed the REMIC in each taxable year
with respect to the REMIC Regular Certificates of such class will be reduced by
an amount equal to the portion of the Issue Premium that is considered to be
amortized or repaid in that year. Although the matter is not entirely certain,
it is likely that Issue Premium would be amortized under a constant yield method
in a manner analogous to the method of accruing original issue discount
described above under ' -- Taxation of Owners of REMIC Regular
Certificates -- Original Issue Discount.'
As a general rule, the taxable income of a REMIC will be determined in the
same manner as if the REMIC were an individual having the calendar year as its
taxable year and using the accrual method of accounting. However, no item of
income, gain, loss or deduction allocable to a prohibited transaction will be
taken into account. See ' -- Prohibited Transactions and Other Possible REMIC
Taxes' below. Further, the limitation on miscellaneous itemized deductions
imposed on individuals by Section 67 of the Code (which allows such deductions
only to the extent they exceed in the aggregate two percent of the taxpayer's
adjusted gross income) will not be applied at the REMIC level so that the REMIC
will be allowed deductions for servicing, administrative and other non-interest
expenses in determining its taxable income. All such expenses will be allocated
as a separate item to the holders of REMIC Certificates, subject to the
limitation of Section 67 of the Code. See ' -- Possible Pass-Through of
Miscellaneous Itemized Deductions.' If the deductions allowed to the REMIC
exceed its gross income for a calendar quarter, such excess will be the net loss
for the REMIC for that calendar quarter.
Basis Rules, Net Losses and Distributions
The adjusted basis of a REMIC Residual Certificate will be equal to the
amount paid for such Certificate, increased by amounts included in the income of
the REMIC Residual Certificateholder and decreased (but not below zero) by
distributions made, and by net losses allocated, to such REMIC Residual
Certificateholder.
A REMIC Residual Certificateholder is not allowed to take into account any
net loss for any calendar quarter to the extent such net loss exceeds such REMIC
Residual Certificateholder's adjusted basis in its REMIC Residual Certificate as
of the close of such calendar quarter (determined without regard to such net
loss). Any loss that is not currently deductible by reason of this limitation
may be carried forward indefinitely to future calendar quarters and, subject to
the same limitation, may be used only to offset income from the REMIC Residual
Certificate. The ability of REMIC Residual Certificateholders to deduct net
losses may be subject to additional limitations under the Code, as to which
REMIC Residual Certificateholders should consult their tax advisors.
Any distribution on a REMIC Residual Certificate will be treated as a
non-taxable return of capital to the extent it does not exceed the holder's
adjusted basis in such Certificate. To the extent a distribution on a REMIC
Residual Certificate exceeds such adjusted basis, it will be treated as gain
from the sale of such Certificate. Holders of certain REMIC Residual
Certificates may be entitled to distributions early in the term of the related
REMIC under circumstances in which their bases in such REMIC Residual
Certificates will not be sufficiently large that such distributions will be
treated as nontaxable returns of capital. Their bases in such REMIC Residual
Certificates will initially equal the amount paid for such REMIC Residual
Certificates and will be increased by their allocable shares of the taxable
income of the REMIC. However, such bases increases may not occur until the end
of the calendar quarter, or perhaps the end of the calendar year, with respect
to which such REMIC taxable income is allocated to the REMIC Residual
Certificateholders. To the extent such REMIC Residual Certificateholders'
initial bases are less than the distributions to such REMIC Residual
Certificateholders, and increases in such initial bases either occur after such
distributions or (together with their initial bases) are less than the amount of
such distributions, gain will be recognized to such REMIC Residual
Certificateholders on such distributions and will be treated as gain from the
sale of their REMIC Residual Certificates.
The effect of these rules is that a REMIC Residual Certificateholder may
not amortize its basis in a REMIC Residual Certificate, but may only recover its
basis through distributions, through the deduction of any net losses of the
REMIC or upon the sale of its REMIC Residual Certificate. See ' -- Sales of
REMIC Certificates,' below. For a discussion of possible modifications of these
rules that may require adjustments to income of a holder of a REMIC Residual
Certificate other than an original holder in order to reflect any difference
between the cost of such REMIC Residual Certificate to such REMIC Residual
Certificateholder and the adjusted basis such REMIC
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Residual Certificate would have had in the hands of an original holder, see
' -- Taxation of Owners of REMIC Residual Certificates -- General.'
Excess Inclusions
Any 'excess inclusions' with respect to a REMIC Residual Certificate will
be subject to federal income tax in all events.
In general, the 'excess inclusions' with respect to a REMIC Residual
Certificate for any calendar quarter will be the excess, if any, of (i) the
daily portions of REMIC taxable income allocable to such REMIC Residual
Certificate over (ii) the sum of the 'daily accruals' (as defined below) for
each day during such quarter that such REMIC Residual Certificate was held by
the REMIC Residual Certificateholder. The daily accruals of a REMIC Residual
Certificateholder will be determined by allocating to each day during a calendar
quarter its ratable portion of the product of the 'adjusted issue price' of the
REMIC Residual Certificate at the beginning of the calendar quarter and 120% of
the 'long-term Federal rate' in effect on the Closing Date. For this purpose,
the adjusted issue price of a REMIC Residual Certificate as of the beginning of
any calendar quarter will be equal to the issue price of the REMIC Residual
Certificate, increased by the sum of the daily accruals for all prior quarters
and decreased (but not below zero) by any distributions made with respect to
such REMIC Residual Certificate before the beginning of such quarter. The issue
price of a REMIC Residual Certificate is the initial offering price to the
public (excluding bond houses and brokers) at which a substantial amount of the
REMIC Residual Certificates were sold. The 'long-term Federal rate' is an
average of current yields on Treasury securities with a remaining term of
greater than nine years, computed and published monthly by the IRS.
For REMIC Residual Certificateholders, an excess inclusion (i) will not be
permitted to be offset by deductions, losses or loss carryovers from other
activities, (ii) will be treated as 'unrelated business taxable income' to an
otherwise tax-exempt organization and (iii) will not be eligible for any rate
reduction or exemption under any applicable tax treaty with respect to the 30%
United States withholding tax imposed on distributions to REMIC Residual
Certificateholders that are foreign investors. See, however, ' -- Foreign
Investors in REMIC Certificates,' below.
Recently enacted provisions governing the relationship between excess
inclusions and the alternative minimum tax provide that (i) the alternative
minimum taxable income of the taxpayer is based on the taxpayer's regular
taxable income computed without regard to the rule that taxable income cannot be
less than the amount of excess inclusions, (ii) the alternative minimum taxable
of a taxpayer for a taxable year cannot be less than the amount of excess
inclusions for that year, and (iii) the amount of any alternative minimum tax
net operating loss is computed without regard to any excess inclusions.
Under Treasury regulations yet to be issued, in the case of any REMIC
Residual Certificates held by a real estate investment trust, the aggregate
excess inclusions with respect to such Certificates, reduced (but not below
zero) by the real estate investment trust taxable income (within the meaning of
Section 857(b)(2) of the Code, excluding any net capital gain), will be
allocated among the shareholders of such trust in proportion to the dividends
received by such shareholders from such trust, and any amount so allocated will
be treated as an excess inclusion with respect to a REMIC Residual Certificate
as if held directly by such shareholder. A similar rule will apply with respect
to regulated investment companies, common trust funds and certain cooperatives.
Noneconomic REMIC Residual Certificates
Under the REMIC Regulations, transfers of 'noneconomic' REMIC Residual
Certificates will be disregarded for all federal income tax purposes if 'a
significant purpose of the transfer was to enable the transferor to impede the
assessment or collection of tax.' If such transfer is disregarded, the purported
transferor will continue to remain liable for any taxes due with respect to the
income on such 'noneconomic' REMIC Residual Certificate. The REMIC Regulations
provide that a REMIC Residual Certificate is noneconomic unless, based on the
Prepayment Assumption and on any required or permitted clean up calls or
required qualified liquidation provided for in the REMIC's organizational
documents, (1) the present value of the expected future distributions
(discounted using the 'applicable Federal rate' for obligations whose term ends
on the close of the last quarter in which excess inclusions are expected to
accrue with respect to the REMIC Residual Certificate, which rate is computed
and published monthly by the IRS) on the REMIC Residual Certificate equals at
least the present value of the expected tax on the anticipated excess
inclusions, and (2) the
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transferor reasonably expects that for each anticipated excess inclusion the
transferee will receive distributions with respect to the REMIC Residual
Certificate at or after the time the taxes accrue on the anticipated excess
inclusions in an amount sufficient to satisfy the accrued taxes. Accordingly,
all transfers of REMIC Residual Certificates that may constitute noneconomic
residual interests will be subject to certain restrictions under the terms of
the related Pooling and Servicing Agreement that are intended to reduce the
possibility of any such transfer being disregarded. Such restrictions will
require each party to a transfer to provide an affidavit that no purpose of such
transfer is to impede the assessment or collection of tax, including certain
representations as to the financial condition of the prospective transferee, as
to which the transferor will also be required to make a reasonable investigation
to determine such transferee's historic payments of its debts and ability to
continue to pay its debts as they come due in the future. Prior to purchasing a
REMIC Residual Certificate, prospective purchasers should consider the
possibility that a purported transfer of such REMIC Residual Certificate by such
a purchaser to another purchaser at some future date might be disregarded in
accordance with the above-described rules, which would result in the retention
of tax liability by such purchaser.
The related Prospectus Supplement will disclose whether offered REMIC
Residual Certificates may be considered 'noneconomic' residual interests under
the REMIC Regulations; provided, however, that any disclosure that a REMIC
Residual Certificate will not be considered 'noneconomic' will be based upon
certain assumptions, and the Depositor will make no representation that a REMIC
Residual Certificate will not be considered 'noneconomic' for purposes of the
above-described rules. See ' -- Foreign Investors In REMIC Certificates -- REMIC
Residual Certificates' below for additional restrictions applicable to transfers
of certain REMIC Residual Certificates to foreign persons.
Mark-to-Market Rules
On December 24, 1996, the IRS released final regulations (the
'Mark-to-Market Regulations') relating to the requirement that a securities
dealer mark to market securities held for sale to customers. This mark-to-market
requirement applies to all securities owned by a dealer, except to the extent
that the dealer has specifically identified a security as held for investment.
The Mark-to-Market Regulations provide that for purposes of this mark-to-market
requirement, any REMIC Residual Certificate acquired after January 4, 1995 will
not be treated as a security and therefore generally may not be marked to
market.
Possible Pass-Through of Miscellaneous Itemized Deductions
Fees and expenses of a REMIC generally will be allocated to the holders of
the related REMIC Residual Certificates. The applicable Treasury regulations
indicate, however, that in the case of a REMIC that is similar to a single class
grantor trust, all or a portion of such fees and expenses should be allocated to
the holders of the related REMIC Regular Certificates. Unless otherwise stated
in the related Prospectus Supplement, such fees and expenses will be allocated
to holders of the related REMIC Residual Certificates in their entirety and not
to the holders of the related REMIC Regular Certificates.
With respect to REMIC Residual Certificates or REMIC Regular Certificates
the holders of which receive an allocation of fees and expenses in accordance
with the preceding discussion, if any holder thereof is an individual, estate or
trust, or a 'pass-through entity' beneficially owned by one or more individuals,
estates or trusts, (i) an amount equal to such individual's, estate's or trust's
share of such fees and expenses will be added to the gross income of such holder
and (ii) such individual's, estate's or trust's share of such fees and expenses
will be treated as a miscellaneous itemized deduction allowable subject to the
limitation of Section 67 of the Code, which permits such deductions only to the
extent they exceed in the aggregate two percent of a taxpayer's adjusted gross
income. For taxable years beginning after December 31, 1997, in the case of a
partnership that has 100 or more partners and elects to be treated as an
'electing large partnership,' 70 percent of such partnership's miscellaneous
itemized deductions will be disallowed, although the remaining deductions will
generally be allowed at the partnership level and will not be subject to the 2
percent floor that would otherwise be applicable to individual partners. In
addition, Section 68 of the Code provides that the amount of itemized deductions
otherwise allowable for an individual whose adjusted gross income exceeds a
specified amount will be reduced by the lesser of (i) 3% of the excess of the
individual's adjusted gross income over such amount or (ii) 80% of the amount of
itemized deductions otherwise allowable for the taxable year. The amount of
additional taxable income reportable by holders of such Certificates that are
subject to the limitations of either Section 67 or Section 68 of the Code may be
substantial. Furthermore, in determining the alternative minimum
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taxable income of such a holder of a REMIC Certificate that is an individual,
estate or trust, or a 'pass-through entity' beneficially owned by one or more
individuals, estates or trusts, no deduction will be allowed for such holder's
allocable portion of servicing fees and other miscellaneous itemized deductions
of the REMIC, even though an amount equal to the amount of such fees and other
deductions will be included in such holder's gross income. Accordingly, such
REMIC Certificates may not be appropriate investments for individuals, estates
or trusts, or pass-through entities beneficially owned by one or more
individuals, estates or trusts. Such prospective investors should carefully
consult with their own tax advisors prior to making an investment in such
Certificates.
Sales of REMIC Certificates
If a REMIC Certificate is sold, the selling Certificateholder will
recognize gain or loss equal to the difference between the amount realized on
the sale and its adjusted basis in the REMIC Regular Certificate. The adjusted
basis of a REMIC Regular Certificate generally will equal the cost of such REMIC
Regular Certificate to such Certificateholder, increased by income reported by
such Certificateholder with respect to such REMIC Regular Certificate (including
original issue discount and market discount income) and reduced (but not below
zero) by distributions on such REMIC Regular Certificate received by such
Certificateholder and by any amortized premium. The adjusted basis of a REMIC
Residual Certificate will be determined as described under ' -- Taxation of
Owners of REMIC Residual Certificates -- Basis Rules, Net Losses and
Distributions.' Except as provided in the following five paragraphs, any such
gain or loss will be capital gain or loss provided such REMIC Certificate is
held as a capital asset (generally property held for investment) within the
meaning of Section 1221 of the Code.
Gain from the sale of a REMIC Regular Certificate that might otherwise be
capital gain will be treated as ordinary income to the extent such gain does not
exceed the excess, if any, of (i) the amount that would have been includible in
the seller's income with respect to such REMIC Regular Certificate assuming that
income had accrued thereon at a rate equal to 110% of the 'applicable Federal
rate' (generally a rate based on an average of current yields on Treasury
securities having a maturity comparable to that of the Certificate based on the
application of the Prepayment Assumption to such Certificate, which rate is
computed and published monthly by the IRS), determined as of the date of
purchase of such Certificate, over (ii) the amount of ordinary income actually
includible in the seller's income prior to such sale. In addition, gain
recognized on the sale of a REMIC Regular Certificate by a seller who purchased
such Certificate at a market discount will be taxable as ordinary income in an
amount not exceeding the portion of such discount that accrued during the period
such REMIC Certificate was held by such holder, reduced by any market discount
included in income under the rules described above under ' -- Taxation of Owners
of REMIC Regular Certificates -- Market Discount and -- Premium.'
REMIC Certificates will be 'evidences of indebtedness' within the meaning
of Section 582(c)(1) of the Code, so that gain or loss recognized from the sale
of a REMIC Certificate by a bank or thrift institution to which such section
applies will be ordinary income or loss.
A portion of any gain from the sale of a REMIC Regular Certificate that
might otherwise be capital gain may be treated as ordinary income to the extent
that such Certificate is held as part of a 'conversion transaction' within the
meaning of Section 1258 of the Code. A conversion transaction generally is one
in which the taxpayer has taken two or more positions in the same or similar
property that reduce or eliminate market risk, if substantially all of the
taxpayer's return is attributable to the time value of the taxpayer's net
investment in such transaction. The amount of gain so realized in a conversion
transaction that is recharacterized as ordinary income generally will not exceed
the amount of interest that would have accrued on the taxpayer's net investment
at 120% of the appropriate 'applicable Federal rate' (which rate is computed and
published monthly by the IRS) at the time the taxpayer enters into the
conversion transaction, subject to appropriate reduction for prior inclusion of
interest and other ordinary income items from the transaction.
Finally, a taxpayer may elect to have net capital gain taxed at ordinary
income rates rather than capital gains rates in order to include such net
capital gain in total net investment income for the taxable year, for purposes
of the rule that limits the deduction of interest on indebtedness incurred to
purchase or carry property held for investment to a taxpayer's net investment
income.
Except as may be provided in Treasury regulations yet to be issued, if the
seller of a REMIC Residual Certificate reacquires a REMIC Residual Certificate,
or acquires any other residual interest in a REMIC or any
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similar interest in a 'taxable mortgage pool' (as defined in Section 7701(i) of
the Code) during the period beginning six months before, and ending six months
after, the date of such sale, such sale will be subject to the 'wash sale' rules
of Section 1091 of the Code. In that event, any loss realized by the Residual
Certificateholder on the sale will not be deductible, but instead will be added
to such REMIC Residual Certificateholder's adjusted basis in the newly acquired
asset.
Prohibited Transactions and Other Possible REMIC Taxes
The Code imposes a tax on REMICs equal to 100% of the net income derived
from 'prohibited transactions' (a 'Prohibited Transaction Tax'). In general,
subject to certain specified exceptions, a prohibited transaction means the
disposition of a Loan, the receipt of income from a source other than a Loan or
certain other permitted investments, the receipt of compensation for services,
or gain from the disposition of an asset purchased with the payments on the
Loans for temporary investment pending distribution on the REMIC Certificates.
It is not anticipated that any REMIC will engage in any prohibited transactions
in which it would recognize a material amount of net income.
In addition, certain contributions to a REMIC made after the day on which
the REMIC issues all of its interests could result in the imposition of a tax on
the REMIC equal to 100% of the value of the contributed property (a
'Contributions Tax'). Each Pooling and Servicing Agreement will include
provisions designed to prevent the acceptance of any contributions that would be
subject to such tax.
REMICs also are subject to federal income tax at the highest corporate rate
on 'net income from foreclosure property,' determined by reference to the rules
applicable to real estate investment trusts. 'Net income from foreclosure
property' generally means gain from the sale of a foreclosure property that is
inventory property and gross income from foreclosure property other than
qualifying rents and other qualifying income for a real estate investment trust.
Unless otherwise disclosed in the related Prospectus Supplement, it is not
anticipated that any REMIC will recognize 'net income from foreclosure property'
subject to federal income tax.
Unless otherwise stated in the related Prospectus Supplement, and to the
extent permitted by then applicable laws, any Prohibited Transactions Tax,
Contributions Tax, tax on 'net income from foreclosure property' or state or
local income or franchise tax that may be imposed on the REMIC will be borne by
the related Master Servicer or Trustee, in either case out of its own funds,
provided that the Master Servicer or the Trustee, as the case may be, has
sufficient assets to do so, and provided further that such tax arises out of a
breach of the Master Servicer's or the Trustee's obligations, as the case may
be, under the related Pooling and Servicing Agreement and in respect of
compliance with applicable laws and regulations. Any such tax not borne by the
Master Servicer or the Trustee will be charged against the related Trust Fund,
resulting in a reduction in amounts payable to holders of the related REMIC
Certificates.
Tax and Restrictions on Transfers of REMIC Residual Certificates to Certain
Organizations.
If a REMIC Residual Certificate is transferred to a 'disqualified
organization' (as defined below), a tax would be imposed in an amount
(determined under the REMIC Regulations) equal to the product of (i) the present
value (discounted using the 'applicable Federal rate' for obligations whose term
ends on the close of the last quarter in which excess inclusions are expected to
accrue with respect to the REMIC Residual Certificate, which rate is computed
and published monthly by the IRS) of the total anticipated excess inclusions
with respect to such REMIC Residual Certificate for periods after the transfer
and (ii) the highest marginal federal income tax rate applicable to
corporations. The anticipated excess inclusions must be determined as of the
date that the REMIC Residual Certificate is transferred and must be based on
events that have occurred up to the time of such transfer, the Prepayment
Assumption and any required or permitted clean up calls or required qualified
liquidation provided for in the REMIC's organizational documents. Such a tax
would be generally imposed on the transferor of the REMIC Residual Certificate,
except that where such transfer is through an agent for a disqualified
organization, the tax would instead be imposed on such agent. However, a
transferor of a REMIC Residual Certificate would in no event be liable for such
tax with respect to a transfer if the transferee furnishes to the transferor an
affidavit that the transferee is not a disqualified organization, and, as of the
time of the transfer, the transferor did not have actual knowledge that such
affidavit was false. Moreover, an entity will not qualify as a REMIC unless
there are reasonable arrangements designed to ensure that (i) residual interests
in
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such entity are not held by disqualified organizations and (ii) information
necessary for the application of the tax described herein will be made
available. Restrictions on the transfer of REMIC Residual Certificates and
certain other provisions that are intended to meet this requirement will be
included in the related Pooling and Servicing Agreement, and will be discussed
more fully in any Prospectus Supplement relating to the offering of any REMIC
Residual Certificate.
In addition, if a 'pass-through entity' (as defined below) includes in
income excess inclusions with respect to a REMIC Residual Certificate and a
disqualified organization is the record holder of an interest in such entity,
then a tax will be imposed on such entity equal to the product of (i) the amount
of excess inclusions on the REMIC Residual Certificate that are allocable to the
interest in the pass-through entity held by such disqualified organization and
(ii) the highest marginal federal income tax rate imposed on corporations. A
pass-through entity will not be subject to this tax for any period, however, if
each record holder of an interest in such pass-through entity furnishes to such
pass-through entity (i) such holder's social security number and a statement
under penalty of perjury that such social security number is that of the record
holder or (ii) a statement under penalty of perjury that such record holder is
not a disqualified organization. For taxable years beginning after December 31,
1997, notwithstanding the preceding two sentences, in the case of a REMIC
Residual Certificate held by an 'electing large partnership,' all interests in
such partnership shall be treated as held by disqualified organizations (without
regard to whether the record holders of the partnership furnish statements
described in the preceding sentence) and the amount that would be subject to tax
under the second preceding sentence is excluded from the gross income of the
partnership (in lieu of a deduction in the amount of such tax generally allowed
to pass-through entities).
For these purposes, a 'disqualified organization' means (i) the United
States, any State or political subdivision thereof, any foreign government, any
international organization, or any agency or instrumentality of the foregoing
(not including instrumentalities described in Section 168(h)(2)(D) of the Code
or the Federal Home Loan Mortgage Corporation), (ii) any organization (other
than a cooperative described in Section 521 of the Code) that is exempt from
federal income tax, unless it is subject to the tax imposed by Section 511 of
the Code or (iii) any organization described in Section 1381(a)(2)(C) of the
Code. For these purposes, a 'pass-through entity' means any regulated investment
company, real estate investment trust, trust, partnership or certain other
entities described in Section 860E(e)(6) of the Code. In addition, a person
holding an interest in a pass-through entity as a nominee for another person
will, with respect to such interest, be treated as a pass-through entity.
Termination and Liquidation
A REMIC will terminate immediately after the Distribution Date following
receipt by the REMIC of the final payment in respect of the Loans or upon a sale
of the REMIC's assets following the adoption by the REMIC of a plan of complete
liquidation. The last distribution on a REMIC Regular Certificate will be
treated as a payment in retirement of a debt instrument. In the case of a REMIC
Residual Certificate, if the last distribution on such REMIC Residual
Certificate is less than the REMIC Residual Certificateholder's adjusted basis
in such Certificate, such REMIC Residual Certificateholder should (but may not)
be treated as realizing a loss equal to the amount of such difference, and such
loss may be treated as a capital loss. If the REMIC adopts a plan of complete
liquidation, within the meaning of Section 860F(a)(4)(A)(i) of the Code, which
may be accomplished by designating in the REMIC's final tax return a date on
which such adoption is deemed to occur, and sells all of its assets (other than
cash) within a 90-day period beginning on such date, the REMIC will not be
subjected to any 'prohibited transactions taxes' solely on account of such
qualified liquidation, provided that the REMIC credits or distributes in
liquidation all of the sale proceeds plus its cash (other than the amounts
retained to meet claims) to holders of Regular and Residual Certificates within
the 90-day period.
Reporting and Other Administrative Matters
Solely for purposes of the administrative provisions of the Code, the REMIC
will be treated as a partnership and REMIC Residual Certificateholders will be
treated as partners. Unless otherwise stated in the related Prospectus
Supplement, the Trustee will file REMIC federal income tax returns on behalf of
the REMIC, will generally hold at least a nominal amount of REMIC Residual
Certificates, and will be designated as and will act as the 'tax matters person'
with respect to the REMIC in all respects.
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The Trustee, as the tax matters person or as agent for the tax matters
person, subject to certain notice requirements and various restrictions and
limitations, generally will have the authority to act on behalf of the REMIC and
the REMIC Residual Certificateholders in connection with the administrative and
judicial review of items of income, deduction, gain or loss of the REMIC, as
well as the REMIC's classification. REMIC Residual Certificateholders will
generally be required to report such REMIC items consistently with their
treatment on the related REMIC's tax return and may in some circumstances be
bound by a settlement agreement between the Trustee, as the tax matters person
or as agent for the tax matters person, and the IRS concerning any such REMIC
item. Adjustments made to the REMIC tax return may require a REMIC Residual
Certificateholder to make corresponding adjustments on its return, and an audit
of the REMIC's tax return, or the adjustments resulting from such an audit,
could result in an audit of a REMIC Residual Certificateholder's return. Any
person that holds a REMIC Residual Certificate as a nominee for another person
may be required to furnish to the related REMIC, in a manner to be provided in
Treasury regulations, with the name and address of such person and other
information.
Reporting of interest income, including any original issue discount, with
respect to REMIC Regular Certificates is required annually, and may be required
more frequently under Treasury regulations. These information reports generally
are required to be sent to certain trusts and individual holders of REMIC
Regular Interests and the IRS; holders of REMIC Regular Certificates that are
corporations, trusts described in Sections 664(c) and 4947(a)(1) of the Code,
securities dealers and certain other non-individuals will be provided interest
and original issue discount income information and the information set forth in
the following paragraph upon request in accordance with the requirements of the
applicable regulations. The information must be provided by the later of 30 days
after the end of the quarter for which the information was requested, or two
weeks after the receipt of the request. The REMIC must also comply with rules
requiring a REMIC Regular Certificate issued with original issue discount to
disclose on its face the amount of original issue discount and the issue date
among other things, and requiring such information to be reported to the IRS.
Reporting with respect to the REMIC Residual Certificates, including income,
excess inclusions, investment expenses and relevant information regarding
qualification of the REMIC's assets, will be made as required under the Treasury
regulations, generally on a quarterly basis.
As applicable, the REMIC Regular Certificate information reports will
include a statement of the adjusted issue price of the REMIC Regular Certificate
at the beginning of each accrual period. In addition, the reports will include
information required by regulations with respect to computing the accrual of any
market discount. Because exact computation of the accrual of market discount on
a constant yield method would require information relating to the holder's
purchase price that the REMIC may not have, such regulations only require that
information pertaining to the appropriate proportionate method of accruing
market discount be provided. See ' -- Taxation of Owners of REMIC Regular
Certificates -- Market Discount.'
The responsibility for complying with the foregoing reporting rules will be
borne by the Trustee.
Backup Withholding With Respect to REMIC Certificates
Payments of interest and principal, as well as payments of proceeds from
the sale of REMIC Certificates, may be subject to the 'backup withholding tax'
under Section 3406 of the Code at a rate of 31% if recipients of such payments
fail to furnish to the payor certain information, including their taxpayer
identification numbers, or otherwise fail to establish an exemption from such
tax. Treasury regulations (the 'Final Withholding Regulations'), which are
generally effective with respect to payments made after December 31, 1999,
consolidate and modify the current certification requirements and means by which
a holder may claim exemption from United States federal income tax withholding
and provide certain presumptions regarding the status of holders when payments
to the holders cannot be reliably associated with appropriate documentation
provided to the payor. All holders should consult their tax advisors regarding
the application of the Final Withholding Regulations. Any amounts deducted and
withheld from a distribution to a recipient would be allowed as a credit against
such recipient's federal income tax. Furthermore, certain penalties may be
imposed by the IRS on a recipient of payments that is required to supply
information but that does not do so in the proper manner.
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Foreign Investors in REMIC Certificates
A REMIC Regular Certificateholder that is not a 'United States person' (as
defined below) and is not subject to federal income tax as a result of any
direct or indirect connection to the United States in addition to its ownership
of a REMIC Regular Certificate will not, unless otherwise disclosed in the
related Prospectus Supplement, be subject to United States federal income or
withholding tax in respect of a distribution on a REMIC Regular Certificate,
provided that the holder complies to the extent necessary with certain
identification requirements (including delivery of a statement, signed by the
Certificateholder under penalties of perjury, certifying that such
Certificateholder is not a United States person and providing the name and
address of such Certificateholder). The Final Withholding Regulations
consolidate and modify the current certification requirements and means by which
a non-United States person may claim exemption from United States federal income
tax withholding. All holders that are non-United States persons should consult
their tax advisors regarding the application of the Final Withholding
Regulations, which are generally effective with respect to payments made after
December 31, 1999. For these purposes, 'United States person' means a citizen or
resident of the United States, a corporation or partnership or entity treated as
a partnership or corporation for United States Federal income tax purposes
created or organized in, or under the laws of, the United States, any state
thereof or the District of Columbia (except, in the case of a partnership, to
the extent provided in regulations), an estate whose income is subject to United
States federal income tax regardless of its source, or a trust if a court within
the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the
authority to control all substantial decisions of the trust. To the extent
prescribed in regulations by the Secretary of the Treasury, which regulations
have not yet been issued, a trust which was in existence on August 20, 1996
(other than a trust treated as owned by the grantor under subpart E of part I of
subchapter J of chapter 1 of the Code), and which was treated as a United States
person on August 19, 1996, may elect to continue to be treated as a United
States person notwithstanding the previous sentence. It is possible that the IRS
may assert that the foregoing tax exemption should not apply with respect to a
REMIC Regular Certificate held by a REMIC Residual Certificateholder that owns
directly or indirectly a 10% or greater interest in the related REMIC Residual
Certificates. If the holder does not qualify for exemption, distributions of
interest, including distributions in respect of accrued original issue discount,
to such holder may be subject to a tax rate of 30%, subject to reduction under
any applicable tax treaty.
In addition, the foregoing rules will not apply to exempt a United States
shareholder of a controlled foreign corporation from taxation on such United
States shareholder's allocable portion of the interest income received by such
controlled foreign corporation.
Further, it appears that a REMIC Regular Certificate would not be included
in the estate of a non-resident alien individual and would not be subject to
United States estate taxes. However, Certificateholders who are non-resident
alien individuals should consult their tax advisors concerning this question.
Unless otherwise stated in the related Prospectus Supplement, transfers of REMIC
Residual Certificates to investors that are not United States persons will be
prohibited under the related Pooling and Servicing Agreement.
NOTES
On or prior to the date of the related Prospectus Supplement with respect
to the proposed issuance of each Series of Notes, Counsel to the Depositor will
deliver its opinion to the effect that, assuming compliance with all provisions
of the Indenture, Owner Trust Agreement and certain related documents and upon
issuance of the Notes, for federal income tax purposes (i) the Notes will be
treated as indebtedness and (ii) the Issuer, as created pursuant to the terms
and conditions of the Owner Trust Agreement, will not be characterized as an
association (or publicly traded partnership) taxable as a corporation or as a
taxable mortgage pool.
STATUS AS REAL PROPERTY LOANS
Notes held by a domestic building and loan association will not constitute
'loans . . . secured by an interest in real property' within the meaning of Code
section 7701(a)(19)(C)(v); and (ii) Notes held by a real estate investment trust
will not constitute 'real estate assets' within the meaning of Code section
856(c)(4)(A) and interest on Notes will not be considered 'interest on
obligations secured by mortgages on real property' within the meaning of Code
section 856(c)(3)(B).
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Taxation of Noteholders
Notes generally will be subject to the same rules of taxation as REMIC
Regular Certificates issued by a REMIC, as described above, except that (i)
income reportable on the Notes is not required to be reported under the accrual
method unless the holder otherwise uses the accrual method and (ii) the special
rule treating a portion of the gain on sale or exchange of a REMIC Regular
Certificate as ordinary income is inapplicable to the Notes. See
' -- REMICs -- Taxation of Owners of REMIC Regular Certificates' and ' -- Sales
of REMIC Certificates.'
STATE AND OTHER TAX CONSEQUENCES
In addition to the federal income tax consequences described in 'Certain
Federal Income Tax Consequences,' potential investors should consider the state
and local tax consequences of the acquisition, ownership, and disposition of the
Securities offered hereunder. State tax law may differ substantially from the
corresponding federal tax law, and this discussion does not purport to describe
any aspect of the tax laws of any state or other jurisdiction. Therefore,
prospective investors should consult their own tax advisors with respect to the
various tax consequences of investments in the Securities offered hereunder.
ERISA CONSIDERATIONS
ERISA imposes certain fiduciary and prohibited transaction restrictions on
employee pension and welfare benefit plans subject to ERISA ('ERISA Plans').
Section 4975 of the Code imposes similar prohibited transaction restrictions on
tax-qualified retirement plans described in Section 401(a) of the Code
('Qualified Retirement Plans') and on Individual Retirement Accounts ('IRAs')
described in Section 408 of the Code (collectively, 'Tax-Favored Plans';
Tax-Favored Plans and ERISA Plans, collectively, 'Plans').
Certain employee benefit plans, such as governmental plans (as defined in
Section 3(32) of ERISA), and, if no election has been made under Section 410(d)
of the Code, church plans (as defined in Section 3(33) of ERISA), are not
subject to the ERISA requirements discussed herein. Accordingly, assets of such
plans may be invested in Securities without regard to the ERISA considerations
described below, subject to the provisions of applicable federal and state law.
Any such plan that is a qualified retirement plan and exempt from taxation under
Sections 401(a) and 501(a) of the Code, however, is subject to the prohibited
transaction rules set forth in Section 503 of the Code.
In addition to imposing general fiduciary requirements, including those of
investment prudence and diversification and the requirement that a Plan's
investment be made in accordance with the documents governing the Plan, Section
406 of ERISA and Section 4975 of the Code prohibit a broad range of transactions
involving 'Plan Assets' of Plans and persons ('parties in interest' under
Section 3(14) of ERISA or 'disqualified persons' under Section 4975(e)(2) of the
Code; collectively, 'Parties In Interest') who have certain specified
relationships to the Plans, unless a statutory, regulatory or administrative
exemption is available. Certain Parties in Interest that participate in a
prohibited transaction may be subject to a penalty, or an excise tax, imposed
pursuant to Section 502(i) of ERISA or Section 4975 of the Code, unless a
statutory, regulatory or administrative exemption is available.
Plan Asset Regulations. Certain transactions involving a Trust Fund might
be deemed to constitute prohibited transactions under ERISA and the Code with
respect to a Plan that purchases the Securities, if the underlying Mortgage
Assets and other assets included in the Trust Fund are deemed to be assets of
the Plan. The U.S. Department of Labor (the 'DOL') has promulgated regulations
at 29 C.F.R. 'SS'2510.3-101 (the 'Plan Asset Regulations') defining the term
'Plan Assets' for purposes of applying the general fiduciary responsibility
provisions of ERISA and the prohibited transaction provisions of ERISA and the
Code. Under the Plan Asset Regulations, generally, when a Plan acquires an
'equity interest' in another entity (such as the Trust Fund), the underlying
assets of that entity may be considered to be Plan Assets unless certain
exceptions apply. In addition to several exceptions not applicable to an entity
like the Trust Fund, a Plan's Assets will not include an undivided interest in
each asset of an entity in which such Plan makes an equity investment if Benefit
Plan Investors (i.e., Plans and certain employee benefit plans not subject to
ERISA) do not own 25% or more in value of any class of equity securities issued
by the entity. Neither Plans nor persons investing Plan Assets should acquire or
hold Securities in reliance upon the availability of any exception under the
Plan Asset Regulations. The Plan Asset Regulations provide that the term 'equity
interest' means any interest in an entity other than an
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instrument which is treated as indebtedness under applicable local law and which
has no 'substantial equity features.' Under the Plan Asset Regulations, Plan
Assets will be deemed to include an interest in the instrument evidencing the
equity interest of a Plan (such as a Certificate or a Note with 'substantial
equity features'), and, because of the factual nature of certain of the rules
set forth in the Plan Asset Regulations, Plan Assets may be deemed to include an
interest in the underlying assets of the entity in which a Plan acquires an
interest (such as the Trust Fund). Without regard to whether the Notes are
characterized as equity interests, the purchase, sale and holding of Notes by or
on behalf of a Plan could be considered to give rise to a prohibited transaction
if the Issuer, the applicable Trustee or any of their respective affiliates is
or becomes a Party in Interest with respect to such Plan.
Any person who has discretionary authority or control respecting the
management or disposition of Plan Assets, and any person who provides investment
advice with respect to such assets for a fee, is a fiduciary of the investing
Plan. If the Mortgage Assets and other assets included in a Trust Fund
constitute Plan Assets, then any party exercising management or discretionary
control regarding those assets, such as the Master Servicer, any Servicer, any
sub-servicer, the Trustee, the obligor under any credit enhancement mechanism,
or certain affiliates thereof may be deemed to be a Plan 'fiduciary' and thus
subject to the fiduciary responsibility provisions and prohibited transaction
provisions of ERISA and the Code with respect to the investing Plan. In
addition, if the Mortgage Assets and other assets included in a Trust Fund
constitute Plan Assets, the purchase of Certificates by a Plan, as well as the
operation of the Trust Fund, may constitute or involve a prohibited transaction
under ERISA or the Code.
The Plan Asset Regulations provide that where a Plan acquires a 'guaranteed
governmental mortgage pool certificate', the Plan's assets include such
certificate but do not solely by reason of the Plan's holdings of such
certificate include any of the mortgages underlying such certificate. The Plan
Asset Regulations include in the definition of a 'guaranteed governmental
mortgage pool certificate' FHLMC Certificates, GNMA Certificates and FNMA
Certificates. Accordingly, even if such Agency Securities included in a Trust
Fund were deemed to be assets of Plan investors, the mortgages underlying such
Agency Securities would not be treated as assets of such Plans. Private Mortgage
Backed Securities are not 'guaranteed governmental mortgage pool certificates'
within the meaning of the Plan Asset Regulations. Potential Plan investors
should consult their counsel and review the ERISA discussion herein and in the
related Prospectus Supplement before purchasing any such Certificates.
Prohibited Transaction Exemption. The DOL has granted to Donaldson, Lufkin
& Jenrette Securities Corporation ('DLJ') an individual prohibited transaction
exemption, as amended (Prohibited Transaction Exemption 90-83, the 'Exemption'),
which generally exempts from the application of the prohibited transaction
provisions of Section 406 of ERISA, and the excise taxes imposed on such
prohibited transactions pursuant to Section 4975(a) and (b) of the Code, certain
transactions, among others, relating to the servicing and operation of mortgage
pools and the purchase, sale, holding and disposition of mortgage pass-through
securities underwritten by an Underwriter (as hereinafter defined), provided
that certain conditions set forth in the Exemption are satisfied. For purposes
of this Section 'ERISA Considerations,' the term 'Underwriter' includes (a) DLJ,
(b) any person directly or indirectly, through one or more intermediaries,
controlling, controlled by or under common control with DLJ and (c) any member
of the underwriting syndicate or selling group of which a person described in
(a) or (b) is a manager or co-manager with respect to a class of Securities.
'Securities' potentially covered by the Exemptions would include Certificates,
Notes that are treated as 'equity interests' under the Plan Assets Regulation,
and interests issued by a Trust Fund that elects to be treated as a REMIC or
FASIT.
The Exemption sets forth six general conditions which must be satisfied for
a transaction involving the purchase, sale and holding of Securities to be
eligible for exemptive relief thereunder. First, the acquisition of Securities
by a Plan or with Plan Assets must be on terms that are at least as favorable to
the Plan as they would be in an arm's-length transaction with an unrelated
party. Second, the Exemption only applies to Securities evidencing rights and
interests that are not subordinated to the rights and interests evidenced by the
other Securities of the same Trust Fund. Third, the Securities at the time of
acquisition by or with Plan Assets must be rated in one of the three highest
generic rating categories by Standard and Poor's, a Division of the McGraw-Hill
Companies, Inc., Moody's Investors Service, Inc., Duff & Phelps, Inc. or Fitch
IBCA, Inc. (collectively, the 'Exemption Rating Agencies'). Fourth, the Trustee
cannot be an affiliate of any other member of the 'Restricted Group,' which
consists of any Underwriter, the Master Servicer, any Servicer, any subservicer,
the
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Trustee and any obligor with respect to assets of a Trust Fund constituting more
than 5% of the aggregate unamortized principal balance of the assets in the
Trust Fund as of the date of initial issuance of the Securities. Fifth, the sum
of all payments made to and retained by the Underwriters must represent not more
than reasonable compensation for underwriting the Securities; the sum of all
payments made to and retained by the Depositor pursuant to the assignment of the
assets to the related Trust Fund must represent not more than the fair market
value of such obligations, and the sum of all payments made to and retained by
the Master Servicer, any Servicer and any subservicer must represent not more
than reasonable compensation for such person's services under the related
Agreement and reimbursement of such person's reasonable expenses in connection
therewith. Sixth, the Exemption requires that the investing Plan be an
accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities and Exchange Commission under the Securities Act of 1933, as amended.
The Exemption also requires that a Trust Fund meet the following
requirements: (i) the Trust Fund must consist solely of assets of a type that
have been included in other investment pools; (ii) securities in such other
investment pools must have been rated in one of the three highest categories of
one of the Exemption Rating Agencies for at least one year prior to the Plan's
acquisition of Securities; and (iii) securities in such other investment pools
must have been purchased by investors other than Plans for at least one year
prior to any Plan's acquisition of Securities.
A fiduciary of any Plan or other investor of Plan Assets contemplating
purchasing a Certificate or Note must make its own determination that the
general conditions set forth above will be satisfied with respect to such
Certificate or Note.
If the general conditions of the Exemption are satisfied, the Exemption may
provide an exemption from the restrictions imposed by Sections 406(a) and 407 of
ERISA (as well as the excise taxes imposed by Sections 4975(a) and (b) of the
Code by reason of Sections 4975(c)(1)(A) through (D) of the Code) in connection
with the direct or indirect sale, exchange, transfer, holding, acquisition or
disposition in the secondary market of Securities by Plans or with Plan Assets.
However, no exemption is provided from the restrictions of Sections 406(a)(1)(E)
and 406(a)(2) of ERISA in connection with the direct or indirect sale, exchange,
transfer, holding, acquisition or disposition of a Certificate or Note by, or
with Plan Assets of, an 'Excluded Plan' (as hereinafter defined) by any person
who has discretionary authority or renders investment advice with respect to
Plan Assets of such Excluded Plan. For purposes of the Securities, an Excluded
Plan is a Plan sponsored by any member of the Restricted Group.
If certain specific conditions of the Exemption are also satisfied, the
Exemption may provide an exemption from the restrictions imposed by Sections
406(b)(1) and (b)(2) of ERISA and the taxes imposed by Section 4975(c)(1)(E) of
the Code in connection with (i) the direct or indirect sale, exchange or
transfer of Securities in the initial issuance of Securities between the Company
or an Underwriter and a Plan when the person who has discretionary authority or
renders investment advice with respect to the investment of the relevant Plan
Assets in the Securities is (a) a mortgagor with respect to 5% or less of the
fair market value of the assets of the related Trust Fund or (b) an affiliate of
such a person, (ii) the direct or indirect acquisition or disposition of
Securities in the secondary market by a Plan or an entity investing Plan Assets
and (iii) the holding of Securities by a Plan or an Entity investing Plan
Assets.
Further, if certain specific conditions of the Exemption are satisfied, the
Exemption may provide an exemption from the restrictions imposed by Sections
406(a), 406(b) and 407(a) of ERISA, and the taxes imposed by Sections 4975(a)
and (b) of the Code by reason of Section 4975(c) of the Code for transactions in
connection with the servicing, management and operation of the Trust Funds. The
Depositor expects that the specific conditions of the Exemption required for
this purpose will be satisfied with respect to the Securities so that the
Exemption would provide an exemption from the restrictions imposed by Sections
406(a) and (b) and 407(a) of ERISA (as well as the excise taxes imposed by
Sections 4975(a) and (b) of the Code by reason of Section 4975(c) of the Code)
for transactions in connection with the servicing, management and operation of
the Trust Funds, provided that the general conditions of the Exemption are
satisfied.
The Exemption also may provide an exemption from the restrictions imposed
by Sections 406(a) and 407(a) of ERISA, and the taxes imposed by Section 4975(a)
and (b) of the Code by reason of Sections 4975(c)(1)(A) through (D) of the Code
if such restrictions would to otherwise apply merely because a person is deemed
to be a Party In Interest with respect to an investing Plan (or the investing
entity holding Plan Assets) by
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virtue of providing services to the Plan (or by virtue of having certain
specified relationships to such a person) solely as a result of the ownership of
Securities by a Plan or the investment of Plan Assets in Securities.
On July 21, 1997, the DOL amended the Exemption to extend exemptive relief
to certain mortgage-backed and asset-backed securities transactions using
Funding Accounts for trusts issuing pass-through certificates. With respect to
the Securities, the amendment generally allows Mortgage Loans supporting
payments to Securityholders, and having a value equal to no more than 25% of the
total principal amount of the Securities being offered by a Trust Fund, to be
transferred to such Trust Fund within a period no longer than 90 days or three
months following the Closing Date ('Pre-Funding Period') instead of requiring
that all such Mortgage Loans be either identified or transferred on or before
the Closing Date. In general, the relief applies to the purchase, sale and
holding of Securities which otherwise qualify for the Exemption, provided that
the following general conditions are met:
(1) the ratio of the amount allocated to the Funding Account to the
total principal amount of the Securities being offered ('Pre-Funding
Limit') must be less than or equal to 25%;
(2) all additional Mortgage Loans transferred to the related Trust
Fund after the Closing Date ('Subsequent Mortgage Loans') must meet the
same terms and conditions for eligibility as the original Mortgage Loans
used to create the Trust Fund, which terms and conditions have been
approved by one of the Exemption Rating Agencies;
(3) the transfer of such Subsequent Mortgage Loans to the Trust Fund
during the Pre-Funding Period must not result in the Securities to be
covered by the Exemption receiving a lower credit rating from an Exemption
Rating Agency upon termination of the Pre-Funding Period than the rating
that was obtained at the time of the initial issuance of the Securities by
the Trust Fund;
(4) solely as a result of the use of pre-funding, the weighted average
annual percentage interest rate (the 'Average Interest Rate') for all of
the Mortgage Loans and Subsequent Mortgage Loans in the Trust Fund at the
end of the Pre-Funding Period must not be more than 100 basis points lower
than the Average Interest Rate for the Mortgage Loans which were
transferred to the Trust Fund on the Closing Date;
(5) in order to ensure that the characteristics of the Subsequent
Mortgage Loans are substantially similar to those of the Original Mortgage
Loans:
(i) the characteristics of the Subsequent Mortgage Loans must be
monitored by an insurer or other credit support provider which is
independent of the Depositor; or
(ii) an independent accountant retained by the Depositor must
provide the Depositor with a letter (with copies provided to the
Exemption Rating Agency rating the Securities, the Underwriter and the
Trustee) stating whether or not the characteristics of the Subsequent
Mortgage Loans conform to the characteristics described in the
Prospectus or Prospectus Supplement and/or Agreement. In preparing such
letter, the independent accountant must use the same type of procedures
as were applicable to the Mortgage Loans which were transferred to the
Trust Fund as of the Closing Date;
(6) the Pre-Funding Period must end no later than three months or 90
days after the Closing Date or earlier in certain circumstances if the
Funding Accounts falls below the minimum level specified in the Agreement
or an event of default occurs;
(7) amounts transferred to any Funding Accounts and/or capitalized
interest accounts used in connection with the pre-funding may be invested
only in certain permitted investments;
(8) the Prospectus or Prospectus Supplement must describe the duration
of the Pre-Funding Period; and
(9) the Trustee (or any agent with which the Trustee contracts to
provide trust services) must be a substantial financial institution or
trust company experienced in trust activities and familiar with its duties,
responsibilities and liabilities as a fiduciary under ERISA. The Trustee,
as legal owner of the Trust Fund, must enforce all the rights created in
favor of Securityholders of the Trust Fund, including employee benefit
plans subject to ERISA.
Before purchasing a Certificate or Note, a fiduciary of a Plan or other
investor of Plan Assets should itself confirm (a) that the Securities constitute
'certificates' for purposes of the Exemption and (b) that the specific and
general conditions set forth in the Exemption and the other requirements set
forth in the Exemption would
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be satisfied. In addition to making its own determination as to the availability
of the exemptive relief provided in the Exemption, the fiduciary or other Plan
investor should consider its general fiduciary obligations under ERISA in
determining whether to purchase any Securities by or with Plan Assets.
Any fiduciary or other Plan investor which proposes to purchase Securities
on behalf of or with Plan Assets should consult with its counsel with respect to
the potential applicability of ERISA and the Code to such investment and the
availability of the Exemption or any other prohibited transaction exemption in
connection therewith. In particular, in connection with a contemplated purchase
of Securities representing a beneficial ownership interest in a pool of
single-family residential first mortgage loans, such fiduciary or other Plan
investor should consider the availability of the Exemption or Prohibited
Transaction Class Exemption ('PTCE') 83-1 ('PTCE 83-1') for certain transactions
involving mortgage pool investment trusts. However, PTCE 83-1 does not provide
exemptive relief with respect to Securities evidencing interests in Trust Funds
which include Cooperative Loans and may not provide exemptive relief for
Securities having certain cash-flow characteristics that may be issued by a
Trust Fund. In addition, such fiduciary or other Plan investor should consider
the availability of PTCE 96-23, regarding transactions effected by 'in-house
asset managers', PTCE 95-60, regarding investments by insurance company general
accounts, PTCE 90-1, regarding investments by insurance company pooled separate
accounts, PTCE 91-38, regarding investments by bank collective investment funds,
and PTCE 84-14, regarding transactions effected by 'qualified professional asset
managers.' The Prospectus Supplement with respect to a Series of Securities may
contain additional information regarding the application of the Exemption, PTCE
83-1, or any other exemption, with respect to the Securities offered thereby.
There can be no assurance that any of these exemptions will apply with respect
to any particular Plan's or other Plan investor's investment in the Securities
or, even if an exemption were deemed to apply, that any exemption would apply to
all prohibited transactions that may occur in connection with such investment.
In addition to any exemption that may be available under PTCE 95-60 for the
purchase and holding of the Securities by an insurance company general account,
the Small Business Job Protection Act of 1996 added a new Section 401(c) to
ERISA, which provides certain exemptive relief from the provisions of Part 4 of
Title I of ERISA and Section 4975 of the Code, including the prohibited
transaction restrictions imposed by ERISA and the related excise taxes imposed
by the Code, for transactions involving an insurance company general account.
Pursuant to Section 401(c) of ERISA, the DOL published proposed regulations
('Proposed 401(c) Regulations') on December 22, 1997; however the required final
regulations have not been issued as of the date hereof. The Proposed 401(c)
Regulations provide guidance for the purpose of determining, in cases where
insurance policies supported by an insurer's general account are issued to or
for the benefit of a Plan on or before December 31, 1998, which general account
assets constitute Plan Assets. Section 401(c) of ERISA generally provides that,
until the date which is 18 months after the Proposed 401(c) Regulations become
final, no person shall be subject to liability under Part 4 of Title I of ERISA
and Section 4975 of the Code on the basis of a claim that the assets of an
insurance company general account constitute Plan Assets, unless (i) as
otherwise provided by the Secretary of Labor in the Proposed 401(c) Regulations
to prevent avoidance of the regulations or (ii) an action is brought by the
Secretary of Labor for certain breaches of fiduciary duty which would also
constitute a violation of federal or state criminal law. Any assets of an
insurance company general account which support insurance policies issued to a
Plan after December 31, 1998 or issued to Plans on or before December 31, 1998
for which the insurance company does not comply with the Proposed 401(c)
Regulations may be treated as Plan Assets. In addition, because Section 401(c)
does not relate to insurance company separate accounts, separate account assets
are still treated as Plan Assets of any Plan invested in such separate account.
Insurance companies contemplating the investment of general account assets in
the Securities should consult with their legal counsel with respect to the
applicability of Section 401(c) of ERISA, including the general account's
ability to continue to hold the Securities after the date which is 18 months
after the date the Proposed 401(c) Regulations become final.
Representations from Plans Investing in Notes with 'Substantial Equity
Features' or in Certain Securities. Because the exemptive relief afforded by the
Exemption (or any similar exemption that might be available) will not apply to
the purchase, sale or holding of certain Securities, such as Notes with
'substantial equity features,' Subordinate Securities, REMIC Residual
Certificates, any Securities which are not rated in one of the three highest
generic rating categories by the Exemption Rating Agencies, transfers of any
such Securities to a Plan, to a trustee or other person acting on behalf of any
Plan, or to any other person investing Plan Assets to effect such acquisition
will not be registered by the Trustee unless the transferee provides the
Depositor, the Trustee and the Master Servicer with an opinion of counsel
satisfactory to the Depositor, the Trustee and the Master Servicer, which
opinion will not be at the expense of the Depositor, the Trustee or the Master
Servicer, that the
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purchase of such Securities by or on behalf of such Plan is permissible under
applicable law, will not constitute or result in any non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the
Depositor, the Trustee or the Master Servicer to any obligation in addition to
those undertaken in the related Agreement.
In lieu of such opinion of counsel, the transferee may provide a
certification substantially to the effect that the purchase of Securities by or
on behalf of such Plan is permissible under applicable law, will not constitute
or result in any non-exempt prohibited transaction under ERISA or Section 4975
of the Code and will not subject the Depositor, the Trustee or the Master
Servicer to any obligation in addition to those undertaken in the Agreement and
that the following statements are correct: (i) the transferee is an insurance
company; (ii) the source of funds used to purchase such Securities is an
'insurance company general account' (as such term is defined in PTCE 95-60);
(iii) the conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied; and (iv) there is no Plan with respect to which the amount of such
general account's reserves and liabilities for contracts held by or on behalf of
such Plan and all other Plans maintained by the same employer (or any
'affiliate' thereof, as defined in PTCE 95-60) or by the same employee
organization exceed 10% of the total of all reserves and liabilities of such
general account (as determined under PTCE 95-60) as of the date of the
acquisition of such Securities.
An opinion of counsel or certification will not be required with respect to
the purchase of Securities registered through DTC. Any purchaser of a Security
registered through DTC will be deemed to have represented by such purchase that
either (a) such purchaser is not a Plan and is not purchasing such Securities on
behalf of, or with Plan Assets of, any Plan or (b) the purchase of any such
Security by or on behalf of, or with Plan Assets of, any Plan is permissible
under applicable law, will not result in any non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Depositor, the
Trustee or the Master Servicer to any obligation in addition to those undertaken
in the related Agreement.
Tax Exempt Investors. A Plan that is exempt from federal income taxation
pursuant to Section 501 of the Code (a 'Tax Exempt Investor') nonetheless will
be subject to federal income taxation to the extent that its income is
'unrelated business taxable income' ('UBTI') within the meaning of Section 512
of the Code. All 'excess inclusions' of a REMIC allocated to a REMIC Residual
Certificate held by a Tax-Exempt Investor will be considered UBTI and thus will
be subject to federal income tax. See 'Certain Federal Income Tax
Consequences -- Taxation of Owners of REMIC Residual Certificates -- Excess
Inclusions.'
Consultation With Counsel. Any fiduciary of a Plan or other Plan investor
that proposes to acquire or hold Securities on behalf of a Plan or with Plan
Assets should consult with its counsel with respect to the potential
applicability of the fiduciary responsibility provisions of ERISA and the
prohibited transaction provisions of ERISA and the Code to the proposed
investment and the availability of the Exemption, PTCE 83-1 or any other
prohibited transaction exemption.
LEGAL INVESTMENT
Each class of Securities offered hereby and by the related Prospectus
Supplement will be rated at the date of issuance in one of the four highest
rating categories by at least one Rating Agency. Unless otherwise set forth in
the related Prospectus Supplement, Securities of any Series will constitute
'mortgage related securities' for purposes of the Secondary Mortgage Market
Enhancement Act of 1984 ('SMMEA') so long as they are rated by a Rating Agency
in one of its two highest categories and, as such, will be legal investments for
persons, trusts, corporations, partnerships, associations, business trusts and
business entities (including, but not limited to, state-chartered savings banks,
commercial banks, savings and loan associations and insurance companies, as well
as trustees and state government employee retirement systems) created pursuant
to or existing under the laws of the United States or of any State (including
the District of Columbia and Puerto Rico) whose authorized investments are
subject to State regulation to the same extent that, under applicable law,
obligations issued by or guaranteed as to principal and interest by the United
States or any agency or instrumentality thereof constitute legal investments for
such entities. Any Class of Securities that represents an interest in a Trust
Fund that includes junior mortgage loans will not constitute 'mortgage related
securities' for purposes of SMMEA.
Under SMMEA, if a State enacted legislation prior to October 4, 1991
specifically limiting the legal investment authority of any such entities with
respect to 'mortgage related securities,' the Securities will constitute legal
investments for entities subject to such legislation only to the extent provided
in such legislation.
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Certain States have enacted legislation which overrides the preemption
provisions of SMMEA. SMMEA provides, however, that in no event will the
enactment of any such legislation affect the validity of any contractual
commitment to purchase, hold or invest in 'mortgage related securities,' or
require the sale or other disposition of such securities so long as such
contractual commitment was made or such securities acquired prior to the
enactment of such legislation.
SMMEA also amended the legal investment authority of federally chartered
depository institutions as follows: federal savings and loan associations and
federal savings banks may invest in, sell or otherwise deal with
mortgage-related securities without limitations as to the percentage of their
assets represented thereby; federal credit unions may invest in mortgage-related
securities, and national banks may purchase mortgage-related securities for
their own account without regard to the limitations generally applicable to
investment securities set forth in 12 U.S.C. 24 (Seventh), subject in each case
to such regulations as the applicable federal regulatory authority may
prescribe.
The Federal Financial Institution Examination Council has adopted a
supervisory policy statement (the 'Policy Statement'), applicable to all
depository institutions, setting forth guidelines for and significant
restrictions on investments in 'high-risk mortgage securities.' The Policy
Statement has been adopted by the Federal Reserve Board, the Office of the
Comptroller of the Currency, the FDIC and the Office of Thrift Supervision with
an effective date of February 10, 1992. The Policy Statement generally indicates
that a mortgage derivative product will be deemed to be high risk if it exhibits
greater price volatility than a standard fixed rate thirty-year mortgage
security. According to the Policy Statement, prior to purchase, a depository
institution will be required to determine whether a mortgage derivative product
that it is considering acquiring is high-risk, and if so that the proposed
acquisition would reduce the institution's overall interest rate risk. Reliance
on analysis and documentation obtained from a securities dealer or other outside
party without internal analysis by the institution would be unacceptable. There
can be no assurance as to which Classes of the Securities of any Series will be
treated as high-risk under the Policy Statement.
The predecessor to the OTS issued a bulletin, entitled, 'Mortgage
Derivative Products and Mortgage Swaps,' which is applicable to thrift
institutions regulated by the OTS. The bulletin established guidelines for the
investment by savings institutions in certain 'high-risk' mortgage derivative
securities and limitations on the use of such securities by insolvent,
undercapitalized or otherwise 'troubled' institutions. According to the
bulletin, such 'high-risk' mortgage derivative securities include securities
having certain specified characteristics, which may include certain classes of
Securities. In addition, the National Credit Union Administration has issued
regulations governing federal credit union investments which prohibit investment
in certain specified types of securities, which may include certain Classes of
Securities. Similar policy statements have been issued by regulators having
jurisdiction over other types of depository institutions.
Certain classes of Securities offered hereby, including any class that is
not rated in one of the two highest categories by at least one Rating Agency,
will not constitute 'mortgage related securities' for purposes of SMMEA. Any
such class of Securities will be identified in the related Prospectus
Supplement. Prospective investors in such classes of Securities, in particular,
should consider the matters discussed in the following paragraph.
There may be other restrictions on the ability of certain investors either
to purchase certain Classes of Securities or to purchase any Class of Securities
representing more than a specified percentage of the investors' assets. The
Depositor will make no representations as to the proper characterization of any
Class of Securities for legal investment or other purposes, or as to the ability
of particular investors to purchase any Class of Securities under applicable
legal investment restrictions. These uncertainties may adversely affect the
liquidity of any Class of Securities. Accordingly, all investors whose
investment activities are subject to legal investment laws and regulations,
regulatory capital requirements or review by regulatory authorities should
consult with their own legal advisors in determining whether and to what extent
the Securities of any Class constitute legal investments under SMMEA or are
subject to investment, capital or other restrictions, and, if applicable,
whether SMMEA has been overridden in any jurisdiction applicable to such
investor.
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LEGAL MATTERS
Certain legal matters in connection with the Securities offered hereby will
be passed upon for the Depositor and for the Underwriters by Thacher Proffitt &
Wood, New York, New York, Brown and Wood LLP, New York, New York or Stroock &
Stroock & Lavan LLP, New York, New York.
THE DEPOSITOR
The Depositor was incorporated in the State of Delaware on April 14, 1988
and is a wholly-owned subsidiary of Donaldson, Lufkin & Jenrette Inc., a
Delaware corporation. The principal executive offices of the Depositor are
located at 277 Park Avenue, 9th Floor, New York, New York 10172. Its telephone
number is (212) 892-3000.
The Depositor was organized, among other things, for the purposes of
establishing trusts, selling beneficial interests therein and acquiring and
selling mortgage assets to such trusts. The Depositor has one class of common
stock, all of which is owned by Donaldson, Lufkin & Jenrette Inc.
Neither the Depositor, its parent nor any of the Depositor's affiliates
will ensure or guarantee distributions on the Securities of any Series.
As described herein, the only obligations of the Depositor will be pursuant
to certain representations and warranties with respect to the Mortgage Assets.
See 'Loan Underwriting Standards -- Representations and Warranties' and 'The
Agreements -- Assignment of Mortgage Assets' herein. The Depositor will have no
ongoing servicing responsibilities or other responsibilities with respect to any
Mortgage Asset. The Depositor does not have nor is it expected in the future to
have any significant assets with which to meet any obligations with respect to
any Trust Fund. If the Depositor were required to repurchase or substitute a
Loan, its only source of funds to make the required payment would be funds
obtained from the Seller of such Loan, or if applicable, the Master Servicer or,
the Servicer. See 'Risk Factors' herein.
USE OF PROCEEDS
The Depositor will apply all or substantially all of the net proceeds from
the sale of each Series offered hereby and by the related Prospectus Supplement
to purchase the Mortgage Assets, to repay indebtedness which has been incurred
to obtain funds to acquire the Mortgage Assets, to establish the reserve funds,
if any, for the Series and to pay costs of structuring, guaranteeing and issuing
the Securities. If so specified in the related Prospectus Supplement, Securities
may be exchanged by the Depositor for Mortgage Assets. The Depositor expects
that it will make additional sales of securities similar to the Securities from
time to time, but the timing and amount of any such additional offerings will be
dependent upon a number of factors, including the volume of mortgage loans
purchased by the Depositor, prevailing interest rates, availability of funds and
general market conditions.
PLAN OF DISTRIBUTION
The Securities offered hereby and by the related Prospectus Supplements
will be offered in Series may be sold directly by the Depositor or may be
offered through Donaldson, Lufkin & Jenrette Securities Corporation, an
affiliate of the Depositor, or through underwriting syndicates represented by
Donaldson, Lufkin & Jenrette Securities Corporation (the 'Underwriters') through
one or more of the methods described below. The Prospectus Supplement prepared
for each Series will describe the method of offering being utilized for that
Series and will state the net proceeds to the Depositor from such sale.
The Depositor intends that Securities will be offered through the following
methods from time to time and that offerings may be made concurrently through
more than one of these methods or that an offering of a particular Series of
Securities may be made through a combination of two or more of these methods.
Such methods are as follows:
1. by negotiated firm commitment or best efforts underwriting and
public re-offering by the Underwriters;
2. by placements by the Depositor with institutional investors through
dealers; and
3. by direct placements by the Depositor with institutional investors.
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In addition, if specified in the related Prospectus Supplement, a Series of
Securities may be offered in whole or in part in exchange for the Loans (and
other assets, if applicable) that would comprise the Trust Fund for such
Securities.
If Underwriters are used in a sale of any Securities (other than in
connection with an underwriting on a best efforts basis), such Securities will
be acquired by the Underwriters for their own account and may be resold from
time to time in one or more transactions, including negotiated transactions, at
fixed public offering prices or at varying prices to be determined at the time
of sale or at the time of commitment therefor. The managing underwriter or
underwriters with respect to the offer and sale of a particular Series of
Securities will be set forth on the cover of the Prospectus Supplement relating
to such Series and the members of the underwriting syndicate, if any, will be
named in such Prospectus Supplement.
In connection with the sale of the Securities, the Underwriters may receive
compensation from the Depositor or from purchasers of the Securities in the form
of discounts, concessions or commissions. Underwriters and dealers participating
in the distribution of the Securities may be deemed to be underwriters in
connection with such Securities, and any discounts or commissions received by
them from the Depositor and any profit on the resale of Securities by them may
be deemed to be underwriting discounts and commissions under the Securities Act
of 1933, as amended.
It is anticipated that the underwriting agreement pertaining to the sale of
any Series of Securities will provide that the obligations of the Underwriters
will be subject to certain conditions precedent, that the Underwriters will be
obligated to purchase all such Securities if any are purchased (other than in
connection with an underwriting on a best efforts basis) and that, in limited
circumstances, the Depositor will indemnify the several Underwriters and the
Underwriters will indemnify the Depositor against certain civil liabilities,
including liabilities under the Securities Act of 1933, as amended, or will
contribute to payments required to be made in respect thereof.
The Prospectus Supplement with respect to any Series offered by placements
through dealers will contain information regarding the nature of such offering
and any agreements to be entered into between the Depositor and purchasers of
Securities of such Series.
The Depositor anticipates that the Securities offered hereby will be sold
primarily to institutional investors or sophisticated non-institutional
investors. Purchasers of Securities, including dealers, may, depending on the
facts and circumstances of such purchases, be deemed to be 'underwriters' within
the meaning of the Securities Act of 1933, as amended, in connection with
reoffers and sales by them of Securities. Holders of Securities should consult
with their legal advisors in this regard prior to any such reoffer or sale.
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GLOSSARY
The following are abbreviated definitions of certain capitalized terms used
in this Prospectus. Unless otherwise defined in the Prospectus Supplement for a
Series, such definitions will apply to capitalized terms used in such Prospectus
Supplement. The definitions may vary from those in the Agreements and the
Agreements generally provides a more complete definition of certain of the
terms. Reference should be made to the Agreements for a more complete definition
of such terms.
'Accrual Date' means, with respect to any Multiple Class Series, the date
upon which interest begins accruing on the Securities of the Series, as
specified in such Securities and the related Prospectus Supplement.
'Accrual Termination Date' means, with respect to a Class of Compound
Interest Securities, the Distribution Date on which all Securities of the
related Series with Final Scheduled Distribution Dates earlier than that of such
Class of Compound Interest Securities have been fully paid, or such other date
or period as may be specified in the related Prospectus Supplement.
'Additional Collateral' means marketable securities, insurance policies,
annuities, certificates of deposit, cash, accounts or other personal property
and, in the case of Additional Collateral owned by any guarantor, may consist of
real estate.
'Additional Collateral Loan' means a Mortgage Loan that, in addition to
being secured by the related Mortgaged Property, is secured by other collateral
owned by the related Mortgagors or are supported by third-party guarantees
secured by collateral owned by the related guarantors.
'Advance' means a cash advance by the Master Servicer or a Servicer in
respect of delinquent payments of principal of and interest on a Loan, and for
the other purposes specified herein and in the related Prospectus Supplement.
'Agency Securities' means mortgage pass-through securities issued or
guaranteed by GNMA, FNMA, FHLMC or other government agencies or
government-sponsored agencies.
'Agreement' means a Pooling and Servicing Agreement, Indenture, Owner Trust
Agreement or Servicing Agreement.
'Appraised Value' means, unless otherwise specified in the related
Prospectus Supplement (i) with respect to a Mortgaged Property securing a Single
Family or Multifamily Property, the lesser of (x) the appraised value determined
in an appraisal obtained at origination of such Mortgage Loan, if any, or, if
the related Mortgaged Property has been appraised subsequent to origination, the
value determined in such subsequent appraisal and (y) the sales price for the
related Mortgaged Property (except in certain circumstances in which there has
been a subsequent appraisal); (ii) with respect to certain refinanced, modified
or converted Single Family or Multifamily Properties, the lesser of (x) the
appraised value of the related Mortgaged Property determined at origination or
in an appraisal, if any, obtained at the time of refinancing, modification or
conversion and (y) the sales price of the related Mortgage Property or, if the
Mortgage Loan is not a rate and term refinance Mortgage Loan and if the
Mortgaged Property was owned for a relatively short period of time prior to
refinancing, modification or conversion, the sum of the sales price of the
related Mortgaged Property plus the added value of any improvements; and (iii)
with respect to a Mortgaged Property securing a Manufactured Home Loan, the
least of the sale price, the appraised value, and the National Automobile
Dealer's Association book value plus prepaid taxes and hazard insurance
premiums.
'ARM' or 'Adjustable Rate Mortgage' means a Mortgage Loan as to which the
related Mortgage Note provides for periodic adjustments in the interest rate
component of the Scheduled Payment pursuant to an Index as described in the
related Prospectus Supplement.
'Asset Group' means a group of individual Mortgage Assets which share
similar characteristics and are aggregated into one group.
'Available Distribution Amount' means the amount in the Certificate Account
(including amounts deposited therein from any reserve fund or other fund or
account) eligible for distribution to Securityholders on a Distribution Date.
'Balloon Loan' means Mortgage Loan with payments similar to a Conventional
Loan, calculated on the basis of an assumed amortization term, but providing for
a Balloon Payment of all outstanding principal and interest to be made at the
end of a specified term that is shorter than such assumed amortization term.
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'Balloon Payment' means the payment of all outstanding principal and
interest made at the end of the term of a Balloon Loan.
'Bankruptcy Code' means the federal bankruptcy code, 11 United States Code
101 et seq., and regulations promulgated thereunder.
'Bi-Weekly Loan' means a Mortgage Loan which provides for payments of
principal and interest by the borrower once every two weeks.
'Business Day' means a day that, in the City of New York or in the city or
cities in which the corporate trust office of the Trustee are located, is
neither a legal holiday nor a day on which banking institutions are authorized
or obligated by law, regulation or executive order to be closed.
'Buy-Down Fund' means a custodial account, established by the Master
Servicer or the Servicer for a Buy-Down Loan, that meets the requirements set
forth herein.
'Buy-Down Loan' means a level payment Mortgage Loan for which funds have
been provided by a Person other than the mortgagor to reduce the mortgagor's
Scheduled Payment during the early years of such Mortgage Loan.
'Certificate Account' means, with respect to a Series, the account
established in the name of the Trustee for the deposit of remittances received
from the Master Servicer in respect of the Mortgage Assets in a Trust Fund.
'Certificateholder' or 'Holder' means the Person in whose name a
Certificate is registered in the Certificate Register.
'Certificate Rate' means, with respect to any Multiple Class Series, the
per annum rate at which interest accrues on the principal balance of the
Certificates of such Series or a Class of such Series, which rate may be fixed
or variable, as specified in the related Prospectus Supplement.
'Certificates' means the Mortgage Pass-Through Certificates.
'Class' means a Class of Securities of a Series.
'Closing Date' means, with respect to a Series, the date specified in the
related Prospectus Supplement as the date on which Securities of such Series are
first issued.
'Code' means the Internal Revenue Code of 1986, as amended, and regulations
promulgated thereunder.
'Collection Account' means, with respect to a Series, the account
established in the name of the Master Servicer for the deposit by the Master
Servicer of payments received from the Mortgage Assets in a Trust Fund (or from
the Servicers, if any).
'Compound Interest Security' means any Security of a Multiple Class Series
on which interest accrues and is added to the principal balance of such Security
periodically, but with respect to which no interest or principal will be payable
except during the period or periods specified in the related Prospectus
Supplement.
'Compound Value' means, with respect to a Class of Compound Interest
Securities, as of any Determination Date, the original principal balance of such
Class, plus all accrued and unpaid interest, if any, previously added to the
principal balance thereof and reduced by any payments of principal previously
made on such Class of Compound Interest Securities.
'Condominium' means a form of ownership of real property wherein each owner
is entitled to the exclusive ownership and possession of his or her individual
Condominium Unit and also owns a proportionate undivided interest in all parts
of the Condominium Building (other than the individual Condominium Units) and
all areas or facilities, if any, for the common use of the Condominium Units.
'Condominium Association' means the person(s) appointed or elected by the
Condominium Unit owners to govern the affairs of the Condominium.
'Condominium Building' means a multi-unit building or buildings, or a group
of buildings whether or not attached to each other, located on property subject
to Condominium ownership.
'Condominium Loan' means a Loan secured by a Mortgage on a Condominium Unit
(together with its appurtenant interest in the common elements).
'Condominium Unit' means an individual housing unit in a Condominium
Building.
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'Conventional Loan' means a Loan that is not insured or guaranteed by the
FHA or the VA.
'Cooperative' means a corporation owned by tenant-stockholders who, through
the ownership of stock, shares or membership certificates in the corporation,
receive proprietary leases or occupancy agreements which confer exclusive rights
to occupy specific units.
'Cooperative Dwelling' means an individual housing unit in a building owned
by a cooperative.
'Cooperative Loan' means a housing loan made with respect to a Cooperative
Dwelling and secured by an assignment by the borrower (tenant-stockholder) of a
security interest in shares issued by the applicable Cooperative.
'Cut-off Date' means the date designated in the Pooling and Servicing
Agreement or Indenture for a Series on or before which amounts due and payable
with respect to a Mortgage Asset will not inure to the benefit of
Securityholders of the Series.
'Deferred Interest' means excess interest resulting when the amount of
interest paid by a Mortgagor on a Negatively Amortizing ARM in any month is less
than the amount of interest accrued on the Stated Principal Balance thereof.
'Depositor' means DLJ Mortgage Acceptance Corp.
'Determination Date' means the day specified in the related Prospectus
Supplement as the day on which the Master Servicer calculates the amounts to be
distributed to Securityholders on the next succeeding Distribution Date.
'Distribution Date' means, with respect to a Series or Class, each date
specified as a distribution date for such Series or Class in the related
Prospectus Supplement.
'Due Date' means each date, as specified in the related Prospectus
Supplement for a Series, on which any payment of principal or interest is due
and payable to the Trustee or its nominee on any Mortgage Asset.
'Eligible Account' means an account maintained with a federal or state
chartered depository institution (i) the short-term obligations of which are
rated by each Rating Agency in its highest rating at the time of any deposit
therein, or (ii) insured by the FDIC (to the limits established by such
Corporation), the uninsured deposits in which account are otherwise secured such
that, as evidenced by an opinion of counsel delivered to the Trustee prior to
the establishment of such account, the holders of the Securities will have a
claim with respect to the funds in such account and a perfected first priority
security interest against any collateral securing such funds that is superior to
claims of any other depositors or general creditors of the depository
institution with which such account is maintained or (iii) a trust account or
accounts maintained with a federal or state chartered depository institution or
trust company with trust powers acting in its fiduciary capacity or (iv) an
account or accounts of a depository institution acceptable to the Rating
Agencies. Eligible Accounts may bear interest.
'Eligible Investments' means any one or more of the obligations or
securities described as such at 'The Agreements -- Investment of Funds.'
'Eligible Reserve Fund Investments' means Eligible Investments and any
other obligations or securities described as Eligible Reserve Fund Investments
in the applicable Agreement, as described in the related Prospectus Supplement
for a Series.
'Equity Certificates' means with respect to each Series of Notes where the
Issuer is an owner trust, the ownership interest of the Trust Fund.
'ERISA' means the Employee Retirement Income Security Act of 1974, as
amended.
'Escrow Account' means an account, established and maintained by the Master
Servicer or the Servicer for a Loan, into which payments by borrowers to pay
taxes, assessments, mortgage and hazard insurance premium and other comparable
items that are required to be paid to the mortgagee are deposited.
'FDIC' means the Federal Deposit Insurance Corporation.
'FHA' means the Federal Housing Administration, a division of HUD.
'FHA Loan' means a fixed-rate housing loan insured by the FHA.
'FHLMC' means the Federal Home Loan Mortgage Corporation.
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'Final Scheduled Distribution Date' means, with respect to a Class of a
Series, the date after which no Securities of such Class will remain outstanding
assuming timely payments or distributions are made on the Mortgage Assets in the
related Trust Fund.
'Financial Guarantee Insurance' means an insurance policy issued by one or
more insurance companies which will guarantee timely distributions of interest
and full distributions of principal of a Series on the basis of a schedule of
principal distributions set forth in or determined in the manner specified in
the related Prospectus Supplement for the Series.
'Floating Interest Period' means the period of time during which a given
Security Rate applies to a Class of Floating Interest Securities.
'Floating Interest Security' means any Security of a Multiple Class Series
which accrues interest at a Floating Rate.
'Floating Rate' means a Security Rate which is subject to change from time
to time.
'FNMA' means the Federal National Mortgage Association.
'GEM Loan' means, unless specified otherwise in the related Prospectus
Supplement for a Series, a fixed rate, fully amortizing mortgage loan providing
for monthly payments based on a 10- to 30-year amortization schedule, with
further provisions for scheduled annual payment increases for a number of years
with the full amount of such increases being applied to principal, and with
further provision for level payments thereafter.
'GNMA' means the Government National Mortgage Association.
'GPM Fund' means a trust account established by the Master Servicer or the
Servicer of a GPM Loan into which funds sufficient to cover the amount by which
payments of principal and interest on such GPM Loan assumed in calculating
payments due on the Securities of the related Multiple Class Series exceed
scheduled payments on such GPM Loan.
'GPM Loan' means a mortgage loan providing for graduated payments, having
an amortization schedule (a) requiring the mortgagor's monthly installments of
principal and interest to increase at a predetermined rate annually for a
predetermined period of time after which the monthly installments became fixed
for the remainder of the mortgage term, (b) providing for deferred payment of a
portion of the interest due monthly during such period of time and (c) providing
for recoupment of the interest deferred through negative amortization whereby
the difference between the scheduled payment of interest on the mortgage note
and the amount of interest actually accrued is added monthly to the outstanding
principal balance of the mortgage note.
'Guaranteed Investment Contract' means a guaranteed investment contract or
reinvestment agreement providing for the investment of funds held in a fund or
account, guaranteeing a minimum or a fixed rate of return on the investment of
moneys deposited therein.
'HUD' means the United States Department of Housing and Urban Development.
'Indenture' means the agreement relating to a Series of Notes between the
Issuer and the Trustee.
'Index' means the index applicable to any adjustments in the Mortgage Rates
of any ARMs included in the Mortgage Assets.
'Insurance Policies' means certain mortgage insurance, hazard insurance and
other insurance policies required to be maintained with respect to Loans.
'Insurance Proceeds' means amounts paid by the insurer under any of the
Insurance Policies covering any Loan or Mortgaged Property.
'Interest Accrual Period' means the period specified in the related
Prospectus Supplement for a Multiple Class Series, during which interest accrues
on the Securities or a Class of Securities of such Series with respect to any
Distribution Date.
'Interest Weighted Securities' means a Class of Securities entitled to a
greater percentage of interest on the Loans underlying or comprising the
Mortgage Assets for the Series than the percentage of principal, if any, on such
Loans to which it is entitled.
'IRS' means the Internal Revenue Service.
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'Issuer' means with respect to each Series of Notes, the Depositor or an
owner trust established by it for the purpose of issuing such Series of Notes.
'L/C Bank' means the issuer of a letter of credit.
'L/C Percentage' means the maximum liability of an L/C Bank under a letter
of credit, equal to the percentage specified in the related Prospectus
Supplement for a Series for which a letter of credit is issued of the initial
aggregate principal balance of the Loans in the related Trust Fund or one or
more Classes of Securities of the Series.
'Letter of Credit' means an irrevocable letter of credit issued by the L/C
Bank to provide limited protection against certain losses relating to Loans, as
described in the related Prospectus Supplement for a Series.
'Liquidation Proceeds' means amounts received by the Master Servicer or
Servicer in connection with the liquidation of a mortgage, net of liquidation
expenses.
'Loan' means a Mortgage Loan (including an interest therein) or a
Manufactured Home Loan (including an interest therein) that is deposited by the
Depositor into the Trust Fund for a Series.
'Loan-to-Value Ratio' means the ratio, expressed as a percentage, of the
principal amount of a Loan, plus in the case of a Loan secured by a junior lien,
the principal amount of the related Senior Lien, at the date of determination to
the Appraised Value.
'Manufactured Home' means a manufactured home within the meaning of 42
United States Code, Section 5402(6), which defines a 'manufactured home' as 'a
structure, transportable in one or more sections, which in the traveling mode,
is eight body feet or more in width or forty body feet or more in length, or,
when erected on site, is three hundred twenty or more square feet, and which is
built on a permanent chassis and designed to be used as a dwelling with or
without a permanent foundation when connected to the required utilities, and
includes the plumbing, heating, air-conditioning, and electrical systems
contained therein; except that such term shall include any structure which meets
all the requirements of this paragraph except the size requirements and with
respect to which the manufacturer voluntarily files a certification required by
the Secretary of Housing and Urban Development and complies with the standards
established under this chapter.'
'Manufactured Home Loan' means a loan secured by a Manufactured Home.
'Master Servicer' means, with respect to a Series secured by Loans, the
Person, if any, designated in the related Prospectus Supplement to manage and
supervise the administration and servicing by the Servicers of the Loans
comprising or underlying the Mortgage Assets for that Series, or the successors
or assigns of such Person.
'Maximum Floating Rate' means, as to any Multiple Class Series, the per
annum interest rate cap specified for any Floating Rate Securities of such
Series in the related Prospectus Supplement.
'Maximum Mortgage Rate' means the maximum permissible Mortgage Rate during
the life of each ARM.
'Minimum Floating Rate' means, as to any Multiple Class Series, the per
annum interest rate floor specified for any Floating Rate Security of such
Series in the related Prospectus Supplement.
'Minimum Mortgage Rate' means the lifetime minimum Mortgage Rate during the
life of each ARM.
'Mortgage' means the mortgage, deed of trust or other instrument securing a
Mortgage Note.
'Mortgage Assets' means the Private Mortgage-Backed Securities, Agency
Securities or Loans, as the case may be, which are included in the Trust Fund
for such Series. A Mortgage Asset refers to a specific Private Mortgage-Backed
Security, Agency Security or Loan, as the case may be.
'Mortgage Loan' means a mortgage loan (including an interest therein)
secured by Mortgaged Property including Cooperative Loans and Condominium Loans.
'Mortgage Note' means the note or other evidence of indebtedness of a
Mortgagor under the Mortgage Loan.
'Mortgage Rate' means, unless otherwise indicated herein or in the
Prospectus Supplement, the interest rate borne by each Loan.
'Mortgaged Property' means the real property securing a Mortgage.
'Multifamily Loan' means any Loan secured by a Multifamily Property.
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'Multifamily Property' means any property securing a Loan consisting of
multifamily residential rental property or cooperatively owned multifamily
property consisting of five or more dwelling units.
'Multiple Class Series' means a Series of Securities that may include
Floating Interest Securities, Compound Interest Securities and Planned
Amortization Securities, and/or Subordinate and Senior Classes embodying a
subordination feature which protects the Senior Class or Classes in the event of
failure of timely payment of Mortgage Assets.
'1986 Act' means the Tax Reform Act of 1986.
'Negatively Amortizing ARMs' means ARMs which provide for limitations on
changes in the Scheduled Payment which can result in Scheduled Payments which
are greater or less than the amount necessary to amortize such ARM by its stated
maturity at the Mortgage Rate in effect in any particular month.
'Nest Egg Mortgage LoanSM' means a Mortgage Loan originated under the Nest
Egg Mortgage Loan ProgramSM, a mortgage loan origination program of DLJ Mortgage
Capital, Inc., an affiliate of the Depositor, and the Nest Egg Mortgage Company
LLC.
'Note Interest Rate' means, with respect to a Series of a single Class of
Notes, the rate of interest paid to the Noteholders in respect of the Mortgage
Assets and with respect to any Multiple Class Series, the per annum rate at
which interest accrues on the principal balance of the Notes of such Series or a
Class of such Series, which rate may be fixed or variable, as specified in the
related Prospectus Supplement.
'Noteholder' or 'Holder' means the Person in whose name a Note is
registered in the Note Register.
'Notes' means the Mortgage-Backed Notes.
'OTS' means the Office of Thrift Supervision.
'Owner Trust Agreement' means the agreement relating to a Series of Notes
between the Depositor and the Owner Trustee.
'Owner Trustee' means the owner trustee for each Series of Notes under an
Owner Trust Agreement, and its successors.
'Participation Security' means a certificate or note evidencing a
participation interest in a pool of Loans.
'Pass-Through Rate' means, with respect to a Series of a single Class of
Certificates, the rate of interest paid to the Certificateholders in respect of
the Mortgage Assets.
'Percentage Interest' means, with respect to a Security, the proportion
(expressed as a percentage) of the percentage amounts of all of the Securities
in the related Class represented by such Security, as specified in the related
Prospectus Supplement.
'Person' means any individual, corporation, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization, or government or any agency or political
subdivision thereof.
'PMBS Agreement' means the pooling and servicing agreement, indenture,
trust agreement or similar agreement pursuant to which a Private
Mortgaged-Backed Security is issued.
'PMBS Issuer' means, with respect to Private Mortgage-Backed Securities,
the depositor or seller/servicer under a PMBS Agreement.
'PMBS Servicer' means the servicer of the housing loans underlying a
Private Mortgage-Backed Security.
'PMBS Trustee' means the trustee designated under a PMBS Agreement.
'Pooling and Servicing Agreement' means the agreement relating to a Series
of Certificates among the Depositor, the Master Servicer and the Trustee.
'Prepayment Assumption' means the prepayment standard or model used with
respect to the Securities of a Series, such as the Constant Prepayment
Assumption or the Standard Prepayment Assumption, as described in 'Yield,
Prepayment and Maturity Considerations -- Prepayments and Weighted Average
Life.'
'Prepayment Period' means with respect to any Distribution Date, the period
specified in the related Prospectus Supplement for a Series.
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'Principal Weighted Security' means a Class of Securities entitled to a
greater percentage of principal on the Loans underlying or comprising the
Mortgage Assets in the Trust Fund for the related Series than the percentage of
interest to which it is entitled.
'Private Mortgage-Backed Security' means a mortgage participation or
pass-through certificate representing a fractional, undivided interest in (i)
Loans, (ii) collateralized mortgage obligations secured by Loans or (iii) Agency
Securities.
'Qualified Insurer' means a mortgage guarantee or insurance company duly
qualified as such under the laws of the states in which the Mortgaged Properties
are located, duly authorized and licensed in such states to transact the
applicable insurance business and to write the insurance provided.
'Rating Agency' means a nationally recognized statistical rating
organization.
'Regular Interest' means a regular interest in a REMIC as described herein
under 'Certain Federal Income Tax Considerations -- Tax Status as a REMIC.'
'Reinvestment Income' means any interest or other earnings on funds or
accounts that are part of the Trust Fund for a Series.
'REMIC' means a real estate mortgage investment conduit under Section 860D
of the Code.
'REMIC Administrator' means the Person, if any, specified in the related
Prospectus Supplement for a Series for which a REMIC election is made, to serve
as administrator of the Series.
'Remittance Date' means the calendar day or days of each month, as
specified in the related Prospectus Supplement for a Series, on which the
Servicer is required to withdraw funds from the related Servicer Account for
remittance to the Master Servicer.
'REO Property' means real property which secured a defaulted Loan which has
been acquired upon foreclosure, deed in lieu of foreclosure or repossession.
'Reserve Fund' means, with respect to a Series, any Reserve Fund
established pursuant to the Pooling and Servicing Agreement or Indenture.
'Residual Interest' means a residual interest in a REMIC as described
herein under 'Certain Federal Income Tax Considerations -- Tax Status as a
REMIC.'
'Retained Interest' means, with respect to a Mortgage Asset, the amount or
percentage specified in the related Prospectus Supplement which is not sold by
the Depositor or seller of the Mortgage Asset and, therefore, is not included in
the Trust Fund for the related Series.
'Sale and Servicing Agreement' means the sale and servicing agreement
relating to a Series of Notes among the Depositor, the Master Servicer and the
Trustee.
'Scheduled Payments' means the scheduled payments of principal and interest
to be made by the borrower on a Mortgage Loan in accordance with the terms of
the related Mortgage Note.
'Security Interest Rate' means Pass-Through Rate, Certificate Rate or Note
Interest Rate.
'Securityholder' or 'Holder' means Certificateholder or Noteholder.
'Securities' means Certificates or Notes.
'Seller' means the Person or Persons, which may include banks, savings and
loan associations, mortgage bankers, investment banking firms, the Resolution
Trust Corporation (the 'RTC'), the Federal Deposit Insurance Corporation (the
'FDIC') and other mortgage loan originators or sellers affiliated or not
affiliated with the Depositor, or who may be the Master Servicer or a Servicer,
who sell the Loans to the Depositor for deposit into the Trust Fund.
'Senior Lien' means a lien which is senior to a related junior lien.
'Senior Securities' means a Class of Securities as to which the Holders'
rights to receive distributions of principal and interest are senior to the
rights of Holders of Subordinate Securities, to the extent specified in the
related Prospectus Supplement.
'Senior Securityholder' means the Holder of a Senior Security.
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'Servicer' means the entity which has primary liability for servicing Loans
if other than the Master Servicer.
'Servicer Account' means an account established by a Servicer (other than
the Master Servicer) who is directly servicing Loans, into which such Servicer
will be required to deposit all receipts received by it with respect to the
Mortgage Assets serviced by such Servicer.
'Servicing Agreement' means the Sale and Servicing Agreement or another
servicing agreement relating to a Series of Notes among the Depositor, the
Master Servicer and the Trustee.
'Servicing Fee' means the amount paid to the Master Servicer on a given
Distribution Date, generally determined on a loan-by-loan basis, and calculated
at a specified per annum rate.
'Single Family Property' means property securing a Loan consisting of one-
to four-family attached or detached residential housing, including Cooperative
Dwellings.
'Subordinate Securities' means a Class of Securities as to which the rights
of Holders to receive distributions of principal and interest are subordinated
to the rights of Holders of Senior Securities, to the extent and under the
circumstances specified in the related Prospectus Supplement.
'Subordinate Securityholder' means a Holder of a Subordinate Security.
'Subordinated Amount' means the amount, if any, specified in the related
Prospectus Supplement for a Series with a Class of Subordinated Securities, that
the Subordinate Securities are subordinated to the Senior Securities of the same
Series.
'Subordination Reserve Fund' means the subordination reserve fund, if any,
for a Series with a Class of Subordinate Securities, established pursuant to the
related Pooling and Servicing Agreement or Indenture.
'Trustee' means the trustee under a Pooling and Servicing Agreement or the
indenture trustee under an Indenture, and its successors.
'Trust Fund' means all property and assets held for the benefit of the
Securityholders by the Trustee under the related Agreement for a Series of
Securities as described under 'The Trust Funds -- General.'
'UCC' means the Uniform Commercial Code.
'VA' means the Department of Veterans Affairs.
'VA Loans' means housing loans partially guaranteed by the VA.
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RESECURITIZATION MORTGAGE TRUST, SERIES 1999-A
$13,128,498 CLASS A-1 PRINCIPAL ONLY CERTIFICATES'D'
DLJ MORTGAGE ACCEPTANCE CORP.
Depositor
---------------------------
PROSPECTUS SUPPLEMENT
---------------------------
DONALDSON, LUFKIN & JENRETTE
'D' Based on the approximate aggregate principal balance of the
underlying certificates as of the March 1999 underlying remittance
dates. We expect the actual balance of the certificates to be lower
than the indicated amount as a result of payments made on the
underlying certificates on the April 1999 underlying remittance
dates.
YOU SHOULD RELY ON THE INFORMATION CONTAINED OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING
PROSPECTUS. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH
DIFFERENT INFORMATION.
WE ARE NOT OFFERING THE CERTIFICATES IN ANY STATE WHERE THE OFFER IS
NOT PERMITTED.
UNTIL THE EXPIRATION OF 90 DAYS AFTER THE DATE OF THIS PROSPECTUS
SUPPLEMENT, ALL DEALERS SELLING THE CERTIFICATES, WHETHER OR NOT
PARTICIPATING IN THIS DISTRIBUTION, WILL DELIVER A PROSPECTUS
SUPPLEMENT AND THE PROSPECTUS TO WHICH IT RELATES. THIS DELIVERY
REQUIREMENT IS IN ADDITION TO THE OBLIGATION OF DEALERS TO DELIVER A
PROSPECTUS SUPPLEMENT AND PROSPECTUS WHEN ACTING AS UNDERWRITERS AND
WITH RESPECT TO THEIR UNSOLD ALLOTMENT OR SUBSCRIPTIONS.
STATEMENT OF DIFFERENCES
------------------------
The dagger symbol shall be expressed as................................ 'D'
