Residential Accredit Loans, Inc.
Depositor
Residential Funding Corporation
Master Servicer
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-QS10
$3,703,600 7.25% Class M-3 Certificates
----------
Supplement dated August 27, 1999
to
prospectus supplement dated August 25, 1999
to
prospectus dated March 24, 1999
----------
The Class M-3 underwriter, an affiliate of the depositor, will offer to the
public the Class M-3 Certificates on a best efforts basis, from time to time,
directly or through dealers. The termination of the offering of this portion of
such underwritten certificates is the earlier to occur of August 27, 2000 and
the date on which all such underwritten certificates have been sold. Proceeds of
such offering will not be placed in escrow, trust or similar arrangement. The
proceeds to the depositor from any sale of such underwritten certificates will
be equal to the purchase price paid by the purchaser thereof, net of any
expenses payable by the depositor and any compensation payable to Residential
Funding Securities Corporation and any dealer.
The Class M-3 Certificates will be offered pursuant to a Class M-3
underwriting agreement among the depositor, the master servicer and the Class
M-3 underwriter. The Class M-3 underwriter and any dealers that may participate
with the Class M-3 underwriter in the resale of the Class M-3 Certificates may
receive compensation from the depositor in the form of discounts or commissions
or, in the case of dealers, compensation from the Class M-3 underwriter in the
form of discounts, concessions or commissions. The Class M-3 underwriting
agreement provides that the depositor will indemnify the Class M-3 underwriter
against certain civil liabilities under the Securities Act of 1933, as amended,
or contribute to payments required to be made in respect thereof. There is
currently no secondary market for the Class M-3 Certificates. There can be no
assurance that an active secondary market will develop, or if it does develop,
that it will continue.
This supplement may be used to offer or sell the certificates offered
hereby only if accompanied by the prospectus supplement and prospectus.
Dealers will be required to deliver a supplement, prospectus supplement and
prospectus when acting as underwriters of the certificates offered hereby and
with respect to their unsold allotments or subscriptions. In addition, all
dealers selling the Class M-3 Certificates, whether or not participating in this
offering, may be required to deliver a supplement, prospectus supplement and
prospectus until November 25, 1999.
RESIDENTIAL FUNDING SECURITIES CORPORATION
Class M-3 Underwriter
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