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Previous: NORWEST ASSET SECURITIES CORP, 8-K, 1998-03-18 |
Next: BANK OF AMERICA FSB/CA, 8-K, 1998-03-18 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
---------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event report): February 28, 1998
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST III
BANK OF AMERICA, FSB
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHAPTER)
UNITED STATES
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
333-3200
------------------------
(COMMISSION FILE NUMBER)
91-0221850
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(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
555 CALIFORNIA STREET
SAN FRANCISCO, CA 94104
(415) 622-2220
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(ADDRESS AND TELEPHONE NUMBER OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
<PAGE>
Item 5. Other Events
(a) Monthly Report
The following are filed herewith. The exhibit numbers correspond with
Item 601 (b) of Regulation S-K.
<TABLE>
<CAPTION>
EXhibit No. Description
<S> <C>
20 Monthly Statements mailed to Certificate
holders pursuant to the Pooling and
Servicing Agreement by and between
BankAmerica Housing Services, an
unincorporated division of Bank of
America, FSB, and The First National
Bank of Chicago, as Trustee, dated as of
November 30, 1997 (a copy of which
agreement was filed by the registrant
with the Commission on November 24, 1997
as an exhibit to a report on Form 8-K).
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
BANK OF AMERICA, FSB
BY: /s/ JOHN WHEELER
-----------------------------
John W. Wheeler*
Dated: March 17, 1998
San Diego, California
* Mr. Wheeler is president and Division Chief Executive Officer of Bank of
America, FSB.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST III
SENIOR/ SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1997-2, INVESTOR NUMBER 19972002
<TABLE>
<CAPTION>
MONTHLY SERVICING SUMMARY PERIOD ENDING: 02/28/98
- -------------------------------------------------------------------------------------------------------------------------------
Pass Through
Rate Balance Pool Factor
------------ --------------- ---------------
<S> <C> <C> <C> <C> <C>
BOP Scheduled Pool $493,426,699.19 98.6853610%
Determination Date: 03/05/98 EOP Scheduled Pool 490,614,215.19 98.1228640%
Remittance Date: 03/10/98 Class A-1 Certificate 5.8250% 20,114,322.19 68.1841430%
Class A-2 Certificate 6.1300% 49,000,000.00 100.0000000%
Class A-3 Certificate 6.2300% 45,000,000.00 100.0000000%
Class A-4 Certificate 6.3100% 50,000,000.00 100.0000000%
Class A-5 Certificate 6.3900% 33,000,000.00 100.0000000%
Prior Period WAC 10.53% Class A-6 Certificate 6.4700% 32,000,000.00 100.0000000%
Current Period WAC 10.53% Class A-7 Certificate 6.6900% 51,000,000.00 100.0000000%
Class A-8 Certificate 6.7900% 52,000,000.00 100.0000000%
Senior Percentage 100.00% Class A-9 Certificate 7.0900% 68,500,000.00 100.0000000%
Class M Percentage 0.00% Class A-IO Certificate 0.1500%
Class B Percentage 0.00% Class M Certificate 6.9000% 41,250,000.00 100.0000000%
Class B-1 Certificate 7.0700% 32,500,000.00 100.0000000%
Class B-2 Certificate 8.4000% 16,249,893.00 100.0000000%
</TABLE>
<TABLE>
<CAPTION>
I. RECAP OF POOL: Loan
Count CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------- ----------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 15,868 $22,926,806.19 $49,000,000.00 $45,000,000.00 $50,000,000.00
Scheduled Principal Reduction (662,631.88) 0.00 0.00 0.00
Partial Principal (191,054.13) 0.00 0.00 0.00
Principal Prepayments In Full (57) (1,508,880.27) 0.00 0.00 0.00
Contract Liquidations (15) (449,917.72) 0.00 0.00 0.00
Contract Repurchases 0 0.00 0.00 0.00 0.00
Previously Undistributed
Shortfalls 0.00 0.00 0.00 0.00
------- ----------------- -------------- -------------- ---------------
Remaining Certificate Balance 15,796 $20,114,322.19 $49,000,000.00 $45,000,000.00 $50,000,000.00
------- ----------------- -------------- -------------- ---------------
------- ----------------- -------------- -------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
----------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Beginning Certificate Balance $33,000,000.00 $32,000,000.00 $51,000,000.00 $52,000,000.00
Scheduled Principal Reduction 0.00 0.00 0.00 0.00
Partial Principal Prepayments 0.00 0.00 0.00 0.00
Principal Prepayments In Full 0.00 0.00 0.00 0.00
Contract Liquidations 0.00 0.00 0.00 0.00
Contract Repurchases 0.00 0.00 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00 0.00 0.00
----------------- -------------- -------------- ---------------
Remaining Certificate Balance $33,000,000.00 $32,000,000.00 $51,000,000.00 $52,000,000.00
----------------- -------------- -------------- ---------------
----------------- -------------- -------------- ---------------
CLASS A-9 CLASS M CLASS B-1 CLASS B-2
----------------- -------------- -------------- ---------------
Beginning Certificate Balance $68,500,000.00 $41,250,000.00 $32,500,000.00 $16,249,893.00
Scheduled Principal Reduction 0.00 0.00 0.00 0.00
Partial Principal Prepayments 0.00 0.00 0.00 0.00
Principal Prepayments In Full 0.00 0.00 0.00 0.00
Contract Liquidations 0.00 0.00 0.00 0.00
Contract Repurchases 0.00 0.00 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00 0.00 0.00
----------------- -------------- -------------- ---------------
Remaining Certificate Balance $68,500,000.00 $41,250,000.00 $32,500,000.00 $16,249,893.00
----------------- -------------- -------------- ---------------
----------------- -------------- -------------- ---------------
</TABLE>
<PAGE>
II. DISTRIBUTIONS:
<TABLE>
<CAPTION>
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
----------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Principal Distribution Amount $2,812,484.00 $0.00 $0.00 $0.00
Interest Distribution Amount 103,871.17 250,308.33 233,625.00 262,916.67
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
----------------- -------------- -------------- ---------------
Total Distribution $2,916,355.17 $250,308.33 $233,625.00 $262,916.67
----------------- -------------- -------------- ---------------
----------------- -------------- -------------- ---------------
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
----------------- -------------- -------------- ---------------
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00
Interest Distribution Amount 175,725.00 172,533.33 284,325.00 294,233.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
----------------- -------------- -------------- ---------------
Total Distribution $175,725.00 $172,533.33 $284,325.00 $294,233.33
----------------- -------------- -------------- ---------------
----------------- -------------- -------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-9 CLASS A-IO CLASS M
----------------- -------------- --------------
<S> <C> <C> <C>
Principal Distribution Amount $0.00 $0.00
Interest Distribution Amount 404,720.83 61,678.34 237,187.50
Unpaid Interest Shortfall 0.00 0.00
----------------- -------------- --------------
Total Distribution $404,720.83 $61,678.34 $237,187.50
----------------- -------------- --------------
----------------- -------------- --------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-1 CLASS B-2
----------------- --------------
<S> <C> <C>
Principal Distribution Amount $0.00 $0.00
Interest Distribution Amount 191,479.17 113,749.25
Unpaid Interest Shortfall 0.00 0.00
----------------- --------------
Total Distribution $191,479.17 $113,749.25
----------------- --------------
----------------- --------------
</TABLE>
III. SCHEDULED MONTHLY MORTGAGE PAYMENTS
(P&I):
<TABLE>
<CAPTION>
<S> <C>
Total P&I ... $4,992,451.17
Gross Interest ... (4,329,819.29)
-----------------
Scheduled Principal ... 662,631.88
-----------------
-----------------
IV. SERVICING FEE: $411,188.92
-----------------
</TABLE>
V. DELINQUENCY INFORMATION:
<TABLE>
<CAPTION>
Days Delinquent Number Actual Balance
------------------- -------------- -----------------
<S> <C> <C>
31 - 59 154 $4,826,981.08
60 - 89 47 1,403,074.44
90 or more 56 1,782,949.26
------------------- -------------- -----------------
Total Delinquent 257 $8,013,004.78
-------------- -----------------
-------------- -----------------
</TABLE>
VI. REPOSSESSION INFORMATION:
<TABLE>
<CAPTION>
Number Actual Balance
-------------- -----------------
<S> <C> <C>
BOP Repossessions 38 $1,262,314.98
Plus Repossessions this Month 37 1,089,503.45
Less Liquidations (15) ($451,878.18)
-------------- -----------------
EOP Repossessions 60 $1,899,940.25
-------------- -----------------
-------------- -----------------
</TABLE>
<PAGE>
VII. REPURCHASES:
<TABLE>
<CAPTION>
Number Actual Balance
-------------- -----------------
<S> <C> <C>
Contracts Repurchased or
Replaced 0 $0.00
Eligible Substitute Contracts 0 $0.00
Difference Paid by Servicer 0 $0.00
-------------- -----------------
Total Repurchases 0 $0.00
-------------- -----------------
-------------- -----------------
</TABLE>
VIII. RESERVE ACCOUNT ACTIVITY
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Reserve Fund Beginning Balance $0.00
Reserve Fund Draw Amount $0.00
Reserve Fund Deposit Amount $0.00
IX. MONTHLY ADVANCE
Monthly Advance Amount $0.00
Outstanding Amount Advanced $0.00
X. DELINQUENCY RATIOS
Average 30-Day Delinquency Ratio 1.13%
Average 60-Day Delinquency Ratio 0.56%
Cumulative Realized Loss Ratio 0.08%
Current Realized Loss Ratio 0.04%
XI. RESIDUAL INTEREST DISTRIBUTION
AMOUNT $985,908.81
------------------
------------------
XII. LIQUIDATION LOSSES:
Previous Period Aggregate
Net Liquidation Losses: $199,824.97
Current Period Aggregate
Net Liquidation Losses: $389,140.98
Current Period Liquidation Losses: $189,316.01
XIII. MISC.
Class M Principal Distribution Test Met? NO
Class B-1 Principal Distribution Test Met? NO
Clause X Amount 16,249,893.00
Clause Y Amount 9,999,998.00
Clause X Amount equal to or less
than Clause Y Amount? NO
XIV. CERTIFICATE ACCOUNT INTEREST: $21,888.15
</TABLE>
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