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<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): January 31, 1998
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST III
BANK OF AMERICA, FSB
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANTS AS SPECIFIED IN ITS CHARTER)
UNITED STATES
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)
333-3200
-----------------------
(COMMISSION FILE NUMBER)
91-0221850
- --------------------------------------------------------------------------------
(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
555 CALIFORNIA STREET
SAN FRANCISCO, CA 94104
(415) 622-2220
- --------------------------------------------------------------------------------
(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: 01/31/98
- -------------------------------------------------------------------------------------------------------------------------------
Pass Through
Rate Balance Pool Factor
-------------- ------------------------------------
<S> <C> <C> <C> <C> <C>
BOP Scheduled Pool $495,760,060.32 99.1520333%
Determination Date: 02/05/98 EOP Scheduled Pool 493,426,699.19 98.6853610%
Remittance Date: 02/10/98 Class A-1 Certificate 5.8250% 22,926,806.19 77.7179871%
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%
<CAPTION>
I. RECAP OF POOL: Loan
Count CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------- --------------------- --------------- ----------------- ------------------
Beginning Certificate Balance 15,932 $25,260,167.32 $49,000,000.00 $45,000,000.00 $50,000,000.00
Scheduled Principal Return (661,058.56) 0.00 0.00 0.00
Partial Principal Prepayments (97,461.12) 0.00 0.00 0.00
Principal Prepayments In Full (53) (1,345,051.76) 0.00 0.00 0.00
Contract Liquidations (11) (229,789.69) 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 15,868 $22,926,806.19 $49,000,000.00 $45,000,000.00 $50,000,000.00
------- --------------------- --------------- ----------------- ------------------
------- --------------------- --------------- ----------------- ------------------
<CAPTION>
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
--------------------- --------------- ----------------- ------------------
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
--------------------- --------------- ----------------- ------------------
--------------------- --------------- ----------------- ------------------
<CAPTION>
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
--------------------- --------------- ----------------- ------------------
--------------------- --------------- ----------------- ------------------
<PAGE>
<CAPTION>
II. DISTRIBUTIONS:
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
--------------------- --------------- ----------------- ------------------
Principal Distribution Amount $2,333,361.13 $0.00 $0.00 $0.00
Interest Distribution Amount 118,529.83 250,308.33 233,625.00 262,916.67
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
--------------------- --------------- ----------------- ------------------
Total Distribution $2,451,890.96 $250,308.33 $233,625.00 $262,916.67
--------------------- --------------- ----------------- ------------------
--------------------- --------------- ----------------- ------------------
<CAPTION>
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
--------------------- --------------- ----------------- ------------------
--------------------- --------------- ----------------- ------------------
<CAPTION>
CLASS A-9 CLASS A-IO CLASS M
--------------------- --------------- -----------------
Principal Distribution Amount $0.00 $0.00
Interest Distribution Amount 404,720.83 61,970.01 237,187.50
Unpaid Interest Shortfall 0.00 0.00
--------------------- --------------- -----------------
Total Distribution $404,720.83 $61,970.01 $237,187.50
--------------------- --------------- -----------------
--------------------- --------------- -----------------
<CAPTION>
CLASS B-1 CLASS B-2
--------------------- ---------------
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
--------------------- ---------------
--------------------- ---------------
<CAPTION>
III. SCHEDULED MONTHLY MORTGAGE PAYMENTS (P&I):
Total P&I ... $5,011,353.09
Gross Interest ... (4,350,294.53)
---------------------
Scheduled Principal ... 661,058.56
---------------------
---------------------
<CAPTION>
IV. SERVICING FEE:
$413,133.38
<CAPTION>
V. DELINQUENCY INFORMATION:
Days Delinquent Number Actual Balance
--------------------- --------------- -----------------
31 - 59 194 $5,621,181.92
60 - 89 70 2,086,352.57
90 or more 31 1,020,781.72
--------------------- --------------- -----------------
Total Delinquent 295 $8,728,316.21
--------------- -----------------
--------------- -----------------
<CAPTION>
VI. REPOSSESSION INFORMATION:
NUMBER ACTUAL BALANCE
--------------- -----------------
BOP Repossessions 17 $540,462.56
Plus Repossessions this 32 954,276.04
Month
Less Liquidations (11) ($232,423.62)
--------------- -----------------
EOP Repossessions 38 $1,262,314.98
--------------- -----------------
--------------- -----------------
<PAGE>
<CAPTION>
VII. REPURCHASES:
NUMBER ACTUAL BALANCE
--------------- -----------------
Contracts Repurchased 0 $0.00
or Replaced
Eligible Substitute Contracts 0 $0.00
Difference Paid by Servicer 0 $0.00
--------------- -----------------
Total Repurchases 0 $0.00
--------------- -----------------
--------------- -----------------
<CAPTION>
VIII. RESERVE ACCOUNT ACTIVITY
Reserve Fund Beginning Balance $0.00
Reserve Fund Draw Amount $0.00
Reserve Fund Deposit $0.00
Amount
<CAPTION>
IX. MONTHLY ADVANCE
Monthly Advance Amount $0.00
Outstanding Amount $0.00
Advanced
<CAPTION>
X. DELINQUENCY RATIOS
Average 30-Day Delinquency Ratio 1.11%
Average 60-Day Delinquency Ratio 0.37%
Cumulative Realized Loss Ratio 0.04%
Current Realized Loss Ratio 0.02%
<CAPTION>
XI. RESIDUAL INTEREST DISTRIBUTION AMOUNT
$926,910.62
-----------------
-----------------
<CAPTION>
XII. LIQUIDATION LOSSES:
Previous Period Aggregate Net Liquidation $63,890.62
Losses:
Current Period Aggregate Net Liquidation Losses: $199,824.97
Current Period Liquidation Losses: $135,934.35
<CAPTION>
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 NO
Amount?
<CAPTION>
XIV. CERTIFICATE ACCOUNT INTEREST:
$25,095.34
</TABLE>
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