Item 1. Business.
Not applicable.
Item 2.
Item 2. Properties.
Not applicable.
Item 3.
Item 3. Legal Proceedings.
There are no material pending legal proceedings involving the mortgage loans related to the Certificates, the trustee under the Pooling Agreement or the registrant with respect to the mortgage loans, other than ordinary routine litigation incidental to the trustee's or the registrant's duties under the Pooling Agreement.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of holders of Certificates has been solicited for any purpose during 1999.
Part II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
Not applicable.
Item 6.
Item 6. Selected Financial Data.
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.
Not applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
No material disagreement concerning accounting procedures or change of accountants has occurred.
Part III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not applicable.
Item 11.
Item 11. Executive Compensation.
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Part IV
Item 14.
Item 14. Exhibits, Financial Statement, Schedules, and Reports on Form 8-K.
The Pooling Agreement requires an officer's certificate to be delivered to the trustee under the Pooling Agreement on or before April 30, 2000 and each April 30 thereafter stating as to the signer thereof, that (i) a review of the activities of the master servicer under the Pooling Agreement during the calendar year ended December 31, 1999 and each December 31 thereafter and performance under the Pooling Agreement had been made under such officer's supervision, and (ii) to the best of such officer's knowledge, based on such review, the master servicer had fulfilled all its obligations under the Pooling Agreement throughout such year, or if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. Such officer's certificate dated as of March 30, 2000 is attached hereto as Exhibit 99.1.
The Pooling Agreement requires a statement from a firm of independent public accountants to be furnished to the trustee under the Pooling Agreement on or before April 30, 2000 and each April 30 thereafter to the effect that, in connection with the firm's examination of the financial statements as of December 31, 1999 and each December 31 thereafter of the parent corporation of the master servicer under the Pooling Agreement (which included a limited examination of the master servicer's financial statements) nothing came to their attention that indicated that the master servicer was not in compliance with certain sections of the Pooling Agreement, except for (i) such exceptions as such firm believes to be immaterial, and (ii) such other exceptions as are set forth in such statement. Such statement is incorporated by reference to the registrant's Report on Form 8-K filed on March 30, 2000.
The registrant filed Reports on Form 8-K that described distributions made to Certificateholders on the Distribution Date occurring in the month preceding the month in which such Report on Form 8-K was filed and also provided certain information regarding delinquent Mortgage Loans and credit enhancements as of such Distribution Date. Such Reports on Form 8-K are incorporated by reference as follows:
PNC Mortgage Securities Corp., Mortgage Pass-Through Certificates, Series: 1999-1, Monthly Distribution Report for month indicated, 1999. Date Filed February March 10, 1999 March April 12, 1999 April May 7, 1999 May June 10, 1999 June July 9, 1999 July August 10, 1999 August September 10, 1999 September October 12, 1999 October November 9, 1999 November December 6, 1999 December January 10, 2000
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PNC MORTGAGE SECURITIES CORP. (Registrant)
By: /s/ Richard Careaga --------------------------- Richard Careaga Second Vice President Date: March 30, 2000
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Michael L. Parker - ------------------------------------ Michael L. Parker President and Director Date March 30, 2000
By /s/ Douglas H. Burr - ------------------------------------ Douglas H. Burr Senior Vice President, Chief Financial Officer and Director Date March 30, 2000
By /s/ Alexander T. Topping, Jr. - ------------------------------------ Alexander T. Topping, Jr. Senior Vice President and Director Date March 30, 2000
By /s/ Peter Maroutsos - ------------------------------------ Peter Maroutsos Vice President and Controller Date March 30, 2000
By /s/ Saiyid T. Naqvi - ------------------------------------ Saiyid T. Naqvi Director Date March 30, 2000
Exhibit 99.1 Officer's Certificate as to Compliance for the Series 1999-1 Certificates dated as of March 30, 2000
The undersigned officer of PNC Mortgage Securities Corp., a Delaware corporation (the "Company") hereby certifies on behalf of the Company for purposes of the Company's Mortgage Pass-Through Certificates, Series 1999-1, as follows:
1. I am the duly appointed, qualified and acting President of the Company.
2. Capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the Pooling and Servicing Agreement related to the above-referenced series of Certificates.
3. I am duly authorized to execute and deliver this Officer's Certificate on behalf of the Company.
4. A review of the activities of the Master Servicer during the preceding calendar year and performance under this Agreement has been made under my supervision.
5. To the best of my knowledge, based on such review, the Master Servicer has fulfilled all its obligations under the Agreement throughout such year.
IN WITNESS WHEREOF, I have signed my name as of March 30, 2000.
By: /s/ Michael L. Parker - - - - - - - - - - - Michael L. Parker President