Residential Accredit Loans, Inc.
Depositor
Residential Funding Corporation
Master Servicer
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-QS11
$ 8,041,000 7.50% Class M-1 Certificates
$ 2,608,000 7.50% Class M-2 Certificates
Supplement dated September 28, 1999
to
prospectus supplement dated September 24, 1999
to
prospectus dated March 24, 1999
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The Class M underwriter, an affiliate of the depositor, will offer to the
public the Class M-1 Certificates and Class M-2 Certificates on a best efforts
basis, from time to time, directly or through dealers. The termination of the
offering of such underwritten certificates is the earlier to occur of September
28, 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-1 Certificates and Class M-2 Certificates will be offered
pursuant to an underwriting agreement among the depositor, the master servicer
and the Class M underwriter. The Class M underwriter and any dealers that may
participate with the Class M underwriter in the resale of the Class M
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 underwriter in the form of discounts, concessions or commissions. The
underwriting agreement provides that the depositor will indemnify the Class M
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-1 Certificates or Class
M-2 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-1 Certificates and Class M-2 Certificates, whether
or not participating in this offering, may be required to deliver a supplement,
prospectus supplement and prospectus until December 28, 1999.
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RESIDENTIAL FUNDING SECURITIES CORPORATION
Class M Underwriter
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