BCC MatchMove in Avid, why is the background now part of the fg and moving along as well?


I’m trying to do a very basic matchmove application - V1 has the background plate that has some camera movement. V2 has an element that needs to follow the same movement.
I apply matchmove to V1 to track the movement and save the project to get the tracking data, and exit. And then check on the bypass box.
On V2, my element is a matte key element which I promote to resize and position. I alt-drag the Match Move onto that. Enter the Mocha tracker mode, merge project with previously saved out project. Save and exit.

Then I set Apply to Title-Matte on - which actually cuts out the elemnt to show the plate below. Set Render to Move only, MM Foreground:Filter Layer, MM Background: 1st Below, Apply Tracking to: Absolute.
Besides not seeing my element, the BG seems to be attached to the FG and is not visible full frame, if I do any size, position adjustments and so forth, it affects the BG as well.
And it doesn’t seem to use the movement either.

Somewhere I am doing something fundamentally wrong but I can’t figure it out.