8-K 1 0001.txt SECURITIES AND EXCHANGE COMMISSION 450 Fifth Street, NW Washington, DC 20549 ------------------------------------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Month of May, 2000 PNC MORTGAGE SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES: 2000-3 (Exact name of the registrant as specified in charter) Delaware 333-72879 36-4369664 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification Incorporation) Number) 75 NORTH FAIRWAY DRIVE VERNON HILLS, IL 60061 (Address of principal executive offices) Registrant's telephone number, including area code: (847) 549-6500 ITEM 5. See Exhibit A, the Distribution Report for the Month of May, 2000, attached hereto. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS: EXHIBITS: A. PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates, SERIES: 2000-3 , Monthly Distribution Report for May 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: June 9, 2000 PNC MORTGAGE SECURITIES CORP. (Registrant) By: /s/ (RICHIE MOORE) ------------------ RICHIE MOORE SECOND VICE PRESIDENT
EXHIBIT A PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/2000 DISTRIBUTION REPORT SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 7.75219% POOL NUMBER: 1669 ____________________________________________________________________________________________ ISSUE DATE: 04/28/2000 CERTIFICATE BALANCE AT ISSUE: $25,772,043.96 CERTIFICATE TOTAL ACCOUNT CERTIFICATE NUMBER OF ACTIVITY BALANCE MORTGAGES (@PC RATE) OUTSTANDING _________ __________________ __________________ BALANCES FROM LAST FISCAL MONTH-END: 231 $25,772,042.83 PRINCIPAL POOL COLLECTION(S): Scheduled Principal Collection Due Current Month $67,981.27 Unscheduled Principal Collection/Reversals $8,786.78 Liquidations-in-full 1 $74,792.69 Net principal Distributed $151,560.74 ($151,560.74) CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00 BALANCE CURRENT FISCAL MONTH-END: 230 $25,620,482.09 SCHEDULED INTEREST AT MORTGAGE RATE: $178,399.35 UNSCHEDULED INTEREST AT MORTGAGE RATE: Unscheduled Interest Collection/Reversals $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: $12,209.77 UNSCHEDULED SERVICING FEES: Unscheduled Service Fee Collections/Reversals $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: $317,750.32
PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/2000 DISTRIBUTION REPORT SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 7.75219% POOL NUMBER: 1669 ____________________________________________________________________________________________ AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL Loan Count Of Aggregate Loss Incurred Loss Amount __________________ _________________ 0 $0.00 *Aggregate Loss Amount and Count do not include this month's activity SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE Principal Scheduled Interest Net Interest Total Distribution Interest Due Adjustment Distribution Other Distribution __________________ ________________ ________________ ________________ ________________ ________________ $151,560.74 $166,189.58 $0.00 $166,189.58 $0.00 $317,750.32 INSURANCE RESERVES Original Claims In Claims Coverage Coverage Insurance Type Balance Progress Paid Adjustments Remaining ___________________ ________________ ________________ ________________ ________________ ________________ MPI $0.00 $0.00 $0.00 $0.00 $0.00 Special Hazard $3,951,854.00 $0.00 $0.00 $0.00 $3,951,854.00 Bankruptcy Bond Single-Units $134,389.00 $0.00 $0.00 $0.00 $134,389.00 Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00 Mortgage Repurchase $6,511,368.58 $0.00 $0.00 $0.00 $6,511,368.58 DELINQUENT INSTALLMENTS ONE TWO THREE Count Principal Balance Count Principal Balance Count Principal Balance _____ _________________ _____ _________________ _____ _________________ 4 $715,307.51 0 $0.00 0 $0.00 FOUR IN FORECLOSURE ACQUIRED Count Principal Balance Count Principal Balance Count Principal Balance _____ _________________ _____ _________________ _____ _________________ 0 $0.00 0 $0.00 0 $0.00
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 I,II & III Certificates. The "Prospectus Supplement" is that certain Prospectus Supplement, dated May 2, 2000, to that certain prospectus dated March 29, 2000, to which certain of the Groups I,II & III certificates were offered. The special hazard,bankruptcy, and Fraud coverage (collectively, "Credit Enhancements") provided by the D-B certificates provide coverage to the Group I,II & III Loans, subject to the conditions and limitations to payment specified thereunder. The Class Principal Balances of each Class of the Class DB1, DB2, DB3, DB4, DB5, DB6 Certificates immediately after the principal and interest distribution on 05/25/2000 are as follows:
Class Class Principal Balance DB1 $9,759,870.81 DB2 $5,855,922.68 DB3 $3,578,618.53 DB4 $2,114,639.86 DB5 $1,301,315.37 DB6 $1,789,311.26 __________________ Total $24,399,678.52 ==================
Capitalized items 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 $3,951,854.00, $134,389.00, $6,511,368.58 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."
EXHIBIT A DELINQUENT* MORTGAGE LOANS (As of April 30, 2000): SERIES: 2000-3 POOL NUMBER: 1669 I II III Total Loans In Total Delinquent Loans Delinquent Mortgage Pool Loans 1 Month -------------------- --------------------- --------------------- Dollar Amount: $25,620,482.09** $715,307.51*** $715,307.51*** Number: 230 4 4 % of Pool: 100.00% 2.79% 2.79% (Dollars) % of Pool: 100.00% 1.74% 1.74% (No. of Loans) IV V VI Loans Delinquent Loans Delinquent Loans In 2 Month 3 Month Foreclosure -------------------- --------------------- --------------------- Dollar Amount: $0.00*** $0.00*** $0.00*** Number: 0 0 0 % of Pool: 0.00% 0.00% 0.00% (Dollars) % of Pool: 0.00% 0.00% 0.00% (No. of Loans) VII Loans Acquired -------------------- Dollar Amount: $0.00*** Number: 0 % of Pool: 0.00% (Dollars) % of Pool: 0.00% (No. of Loans) * A Mortgage Loan is considered delinquent in a given month when a payment due on the first day of the prior month has not been made on or before the first day of such prior month. ** Reflects the outstanding principal balance of the Mortgage Pool after the application of all May 01, 2000 scheduled payments and April 01, 2000 unscheduled payments on the mortgage loans. *** Reflects outstanding principal balance of delinquent mortgage loans as of April 30, 2000. Trading Factor, calculated as of distribution date : 0.07869461. By multiplying this factor by the original balance of the Mortgage Pool as of the Cut-Off Date, current outstanding balance of the Mortgage Pool (after application of scheduled payments up to and including May 01, 2000, and unscheduled prepayments in months prior to May ) can be calculated.
EXHIBIT A PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/2000 DISTRIBUTION REPORT SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.32243% POOL NUMBER: 1664 ____________________________________________________________________________________________ ISSUE DATE: 04/28/2000 CERTIFICATE BALANCE AT ISSUE: $218,322,225.30 CERTIFICATE TOTAL ACCOUNT CERTIFICATE NUMBER OF ACTIVITY BALANCE MORTGAGES (@PC RATE) OUTSTANDING _________ __________________ __________________ BALANCES FROM LAST FISCAL MONTH-END: 587 $218,322,225.51 PRINCIPAL POOL COLLECTION(S): Scheduled Principal Collection Due Current Month $125,141.85 Unscheduled Principal Collection/Reversals $1,935.20 Liquidations-in-full 8 $3,220,954.31 Net principal Distributed $3,348,031.36 ($3,348,031.36) CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00 BALANCE CURRENT FISCAL MONTH-END: 579 $214,974,194.15 SCHEDULED INTEREST AT MORTGAGE RATE: $1,634,985.56 UNSCHEDULED INTEREST AT MORTGAGE RATE: Unscheduled Interest Collection/Reversals $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: $115,211.48 UNSCHEDULED SERVICING FEES: Unscheduled Service Fee Collections/Reversals $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: $4,867,805.44
PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/2000 DISTRIBUTION REPORT SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.32243% POOL NUMBER: 1664 ____________________________________________________________________________________________ AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL Loan Count Of Aggregate Loss Incurred Loss Amount __________________ _________________ 0 $0.00 *Aggregate Loss Amount and Count do not include this month's activity SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE Principal Scheduled Interest Net Interest Total Distribution Interest Due Adjustment Distribution Other Distribution __________________ ________________ ________________ ________________ ________________ ________________ $3,348,031.36 $1,519,774.08 $0.00 $1,519,774.08 $0.00 $4,867,805.44 INSURANCE RESERVES Original Claims In Claims Coverage Coverage Insurance Type Balance Progress Paid Adjustments Remaining ___________________ ________________ ________________ ________________ ________________ ________________ MPI $0.00 $0.00 $0.00 $0.00 $0.00 Special Hazard $3,951,854.00 $0.00 $0.00 $0.00 $3,951,854.00 Bankruptcy Bond Single-Units $134,389.00 $0.00 $0.00 $0.00 $134,389.00 Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00 Mortgage Repurchase $6,511,368.58 $0.00 $0.00 $0.00 $6,511,368.58 DELINQUENT INSTALLMENTS ONE TWO THREE Count Principal Balance Count Principal Balance Count Principal Balance _____ _________________ _____ _________________ _____ _________________ 7 $2,988,974.60 0 $0.00 0 $0.00 FOUR IN FORECLOSURE ACQUIRED Count Principal Balance Count Principal Balance Count Principal Balance _____ _________________ _____ _________________ _____ _________________ 0 $0.00 0 $0.00 0 $0.00
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 I,II & III Certificates. The "Prospectus Supplement" is that certain Prospectus Supplement, dated May 2, 2000, to that certain prospectus dated March 29, 2000, to which certain of the Groups I,II & III certificates were offered. The special hazard,bankruptcy, and Fraud coverage (collectively, "Credit Enhancements") provided by the D-B certificates provide coverage to the Group I,II & III Loans, subject to the conditions and limitations to payment specified thereunder. The Class Principal Balances of each Class of the Class DB1, DB2, DB3, DB4, DB5, DB6 Certificates immediately after the principal and interest distribution on 05/25/2000 are as follows:
Class Class Principal Balance DB1 $9,759,870.81 DB2 $5,855,922.68 DB3 $3,578,618.53 DB4 $2,114,639.86 DB5 $1,301,315.37 DB6 $1,789,311.26 __________________ Total $24,399,678.52 ==================
Capitalized items 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 $3,951,854.00, $134,389.00, $6,511,368.58 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."
EXHIBIT A DELINQUENT* MORTGAGE LOANS (As of April 30, 2000): SERIES: 2000-3 POOL NUMBER: 1664 I II III Total Loans In Total Delinquent Loans Delinquent Mortgage Pool Loans 1 Month -------------------- --------------------- --------------------- Dollar Amount: $214,974,194.15** $2,988,974.60*** $2,988,974.60*** Number: 579 7 7 % of Pool: 100.00% 1.39% 1.39% (Dollars) % of Pool: 100.00% 1.21% 1.21% (No. of Loans) IV V VI Loans Delinquent Loans Delinquent Loans In 2 Month 3 Month Foreclosure -------------------- --------------------- --------------------- Dollar Amount: $0.00*** $0.00*** $0.00*** Number: 0 0 0 % of Pool: 0.00% 0.00% 0.00% (Dollars) % of Pool: 0.00% 0.00% 0.00% (No. of Loans) VII Loans Acquired -------------------- Dollar Amount: $0.00*** Number: 0 % of Pool: 0.00% (Dollars) % of Pool: 0.00% (No. of Loans) * A Mortgage Loan is considered delinquent in a given month when a payment due on the first day of the prior month has not been made on or before the first day of such prior month. ** Reflects the outstanding principal balance of the Mortgage Pool after the application of all May 01, 2000 scheduled payments and April 01, 2000 unscheduled payments on the mortgage loans. *** Reflects outstanding principal balance of delinquent mortgage loans as of April 30, 2000. Trading Factor, calculated as of distribution date : 0.66030418. By multiplying this factor by the original balance of the Mortgage Pool as of the Cut-Off Date, current outstanding balance of the Mortgage Pool (after application of scheduled payments up to and including May 01, 2000, and unscheduled prepayments in months prior to May ) can be calculated.
EXHIBIT A PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/2000 DISTRIBUTION REPORT SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.50696% POOL NUMBER: 1670 ____________________________________________________________________________________________ ISSUE DATE: 04/28/2000 CERTIFICATE BALANCE AT ISSUE: $81,474,164.94 CERTIFICATE TOTAL ACCOUNT CERTIFICATE NUMBER OF ACTIVITY BALANCE MORTGAGES (@PC RATE) OUTSTANDING _________ __________________ __________________ BALANCES FROM LAST FISCAL MONTH-END: 675 $81,474,162.63 PRINCIPAL POOL COLLECTION(S): Scheduled Principal Collection Due Current Month $46,591.68 Unscheduled Principal Collection/Reversals $6,799.39 Liquidations-in-full 3 $481,829.24 Net principal Distributed $535,220.31 ($535,220.31) CAPITAL LOSS (PRINCIPAL WRITTEN OFF): $0.00 BALANCE CURRENT FISCAL MONTH-END: 672 $80,938,942.32 SCHEDULED INTEREST AT MORTGAGE RATE: $620,683.94 UNSCHEDULED INTEREST AT MORTGAGE RATE: Unscheduled Interest Collection/Reversals $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: $38,619.16 UNSCHEDULED SERVICING FEES: Unscheduled Service Fee Collections/Reversals $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: $1,117,285.09
PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/2000 DISTRIBUTION REPORT SERIES: 2000-3 WEIGHTED AVERAGE PC RATE: 8.50696% POOL NUMBER: 1670 ____________________________________________________________________________________________ AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL Loan Count Of Aggregate Loss Incurred Loss Amount __________________ _________________ 0 $0.00 *Aggregate Loss Amount and Count do not include this month's activity SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE Principal Scheduled Interest Net Interest Total Distribution Interest Due Adjustment Distribution Other Distribution __________________ ________________ ________________ ________________ ________________ ________________ $535,220.31 $582,064.78 $0.00 $582,064.78 $0.00 $1,117,285.09 INSURANCE RESERVES Original Claims In Claims Coverage Coverage Insurance Type Balance Progress Paid Adjustments Remaining ___________________ ________________ ________________ ________________ ________________ ________________ MPI $0.00 $0.00 $0.00 $0.00 $0.00 Special Hazard $3,951,854.00 $0.00 $0.00 $0.00 $3,951,854.00 Bankruptcy Bond Single-Units $134,389.00 $0.00 $0.00 $0.00 $134,389.00 Multi-Units $0.00 $0.00 $0.00 $0.00 $0.00 Mortgage Repurchase $6,511,368.58 $0.00 $0.00 $0.00 $6,511,368.58 DELINQUENT INSTALLMENTS ONE TWO THREE Count Principal Balance Count Principal Balance Count Principal Balance _____ _________________ _____ _________________ _____ _________________ 14 $1,801,027.49 0 $0.00 0 $0.00 FOUR IN FORECLOSURE ACQUIRED Count Principal Balance Count Principal Balance Count Principal Balance _____ _________________ _____ _________________ _____ _________________ 0 $0.00 0 $0.00 0 $0.00
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 I,II & III Certificates. The "Prospectus Supplement" is that certain Prospectus Supplement, dated May 2, 2000, to that certain prospectus dated March 29, 2000, to which certain of the Groups I,II & III certificates were offered. The special hazard,bankruptcy, and Fraud coverage (collectively, "Credit Enhancements") provided by the D-B certificates provide coverage to the Group I,II & III Loans, subject to the conditions and limitations to payment specified thereunder. The Class Principal Balances of each Class of the Class DB1, DB2, DB3, DB4, DB5, DB6 Certificates immediately after the principal and interest distribution on 05/25/2000 are as follows:
Class Class Principal Balance DB1 $9,759,870.81 DB2 $5,855,922.68 DB3 $3,578,618.53 DB4 $2,114,639.86 DB5 $1,301,315.37 DB6 $1,789,311.26 __________________ Total $24,399,678.52 ==================
Capitalized items 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 $3,951,854.00, $134,389.00, $6,511,368.58 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."
EXHIBIT A DELINQUENT* MORTGAGE LOANS (As of April 30, 2000): SERIES: 2000-3 POOL NUMBER: 1670 I II III Total Loans In Total Delinquent Loans Delinquent Mortgage Pool Loans 1 Month -------------------- --------------------- --------------------- Dollar Amount: $80,938,942.32** $1,801,027.49*** $1,801,027.49*** Number: 672 14 14 % of Pool: 100.00% 2.23% 2.23% (Dollars) % of Pool: 100.00% 2.08% 2.08% (No. of Loans) IV V VI Loans Delinquent Loans Delinquent Loans In 2 Month 3 Month Foreclosure -------------------- --------------------- --------------------- Dollar Amount: $0.00*** $0.00*** $0.00*** Number: 0 0 0 % of Pool: 0.00% 0.00% 0.00% (Dollars) % of Pool: 0.00% 0.00% 0.00% (No. of Loans) VII Loans Acquired -------------------- Dollar Amount: $0.00*** Number: 0 % of Pool: 0.00% (Dollars) % of Pool: 0.00% (No. of Loans) * A Mortgage Loan is considered delinquent in a given month when a payment due on the first day of the prior month has not been made on or before the first day of such prior month. ** Reflects the outstanding principal balance of the Mortgage Pool after the application of all May 01, 2000 scheduled payments and April 01, 2000 unscheduled payments on the mortgage loans. *** Reflects outstanding principal balance of delinquent mortgage loans as of April 30, 2000. Trading Factor, calculated as of distribution date : 0.24860808. By multiplying this factor by the original balance of the Mortgage Pool as of the Cut-Off Date, current outstanding balance of the Mortgage Pool (after application of scheduled payments up to and including May 01, 2000, and unscheduled prepayments in months prior to May ) can be calculated.