<PAGE> 1
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 REPORTED) December 1, 1997
BA Mortgage Securities, Inc. (as depositor under a Pooling and Servicing
Agreement to be dated as of December 1, 1997 providing for, inter alia, the
issuance of Mortgage Pass-Through Certificates, Series 1997-3)
BA Mortgage Securities, Inc.
-------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 333-34225 94-324470
---------------------------- ------------ ------------------
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
345 Montgomery Street, Lower Level #2, Unit #8152, San Francisco, CA 94104
--------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (415) 622-3676
-----------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE> 2
Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits
Sequential
Numbered
Exhibit Exhibit
Number Page
- ------ ----
99.1 Collateral Term Sheet prepared by Morgan Stanley
Dean Witter in connection with Registrant's
Mortgage Pass-Through Certificates, Series 1997-3
<PAGE> 3
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 thereunto duly authorized.
BA MORTGAGE SECURITIES, INC.
By: /s/ DAVID JAMES
-----------------------------
Name: David James
Title: Vice President
Dated: December 1, 1997
<PAGE> 4
Exhibit 99.1
Collateral Term Sheet
<PAGE> 1
<TABLE>
EXHIBIT 99.1
BANK OF AMERICA MORGAN STANLEY DEAN WITTER
BAMS 1997-3
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Current Balance Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
1 - 50,000 1 39,621.50 0.01
50,001 - 100,000 2 189,866.70 0.05
100,001 - 150,000 13 1,636,869.30 0.43
150,001 - 200,000 2 358,523.75 0.09
200,001 - 250,000 332 77,850,725.24 20.36
250,001 - 300,000 384 105,781,124.59 27.66
300,001 - 350,000 175 56,747,561.46 14.84
350,001 - 400,000 104 38,941,750.62 10.18
400,001 - 450,000 72 30,746,113.45 8.04
450,001 - 500,000 50 23,880,161.98 6.24
500,001 - 550,000 23 12,226,107.88 3.20
550,001 - 600,000 28 16,120,463.98 4.22
600,001 - 650,000 23 14,660,083.24 3.83
650,001 - 700,000 1 664,000.00 0.17
750,001 - 800,000 1 791,855.90 0.21
800,001 - 850,000 1 815,899.96 0.21
950,001 - 1,000,000 1 998,073.81 0.26
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
Min: 39,621.50
Max: 998,073.81
Average: 315,291.68
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Current Coupon Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
6.501 - 7.000 3 888,943.68 0.23
7.001 - 7.500 257 84,604,663.31 22.12
7.501 - 8.000 792 251,684,781.09 65.81
8.001 - 8.500 156 44,162,706.41 11.55
8.501 - 9.000 4 895,831.19 0.23
9.001 - 9.500 1 211,877.68 0.06
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
Min: 6.88
Max: 9.25
WAC: 7.77
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Original LTV Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
= or less than 50.00 49 16,497,519.23 4.31
50.01 - 55.00 27 9,542,814.56 2.50
55.01 - 60.00 47 14,016,059.80 3.66
60.01 - 65.00 64 22,163,210.66 5.80
65.01 - 70.00 96 31,520,751.13 8.24
70.01 - 75.00 233 73,490,036.58 19.22
75.01 - 80.00 481 157,114,130.32 41.08
80.01 - 85.00 34 9,140,160.15 2.39
85.01 - 90.00 131 36,235,832.15 9.47
90.01 - 95.00 50 12,504,792.60 3.27
95.01 - 100.00 1 223,496.18 0.06
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
Min: 23.81
Max: 95.75
Weighted Average: 74.60
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Product Type Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
Fixed - 30 Year 1,205 380,255,296.81 99.43
Fixed - 25 Year 6 1,611,385.99 0.42
Fixed - 20 Year 2 582,120.56 0.15
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Property Type Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
Single Family Detached 898 284,852,243.61 74.48
Planned Unit Developments 253 80,037,727.91 20.93
Condo 51 14,224,401.78 3.72
Two- to four-family units 8 2,619,230.06 0.68
Unknown 2 485,500.00 0.13
Townhouse 1 229,700.00 0.06
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Loan Purpose Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
Purchase 639 202,668,750.41 52.99
Refinance - Rate Term 442 138,728,122.72 36.27
Refinance - Cashout 131 40,842,525.66 10.68
Unknown 1 209,404.57 0.05
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Occupancy Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
Primary 1,190 376,718,608.28 98.50
Second Home 13 4,319,623.63 1.13
Investment 10 1,410,571.45 0.37
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
<TABLE>
<CAPTION>
% by
Number of Current Current
Mortgage Principal Principal
Top 10 States Loans Balance Balance
- ----------------------------------- ----------------------------
<S> <C> <C> <C>
California-Northern 448 140,634,682.84 36.77
California-Southern 350 111,683,712.20 29.20
Massachusetts 60 17,970,497.96 4.70
Washington 45 14,117,952.56 3.69
New Jersey 35 10,576,706.45 2.77
Oregon 28 9,119,691.47 2.38
Arizona 24 7,449,213.45 1.95
Texas 19 6,927,549.25 1.81
Connecticut 21 6,778,439.13 1.77
New York 18 6,109,797.12 1.60
Other 165 51,080,560.93 13.36
- ----------------------------------- ----------------------------
Total: 1,213 382,448,803.36 100.00
- ----------------------------------- ----------------------------
</TABLE>
<PAGE> 2
- -------------------------------------------------------------------------------
The information herein has been provided solely by the underwriter. Neither the
issuer of the certificates nor any of its affiliates makes any representation as
to the accuracy or completeness of the information herein. The information
herein is preliminary, and will be superseded by the applicable prospectus
supplement and by any other information subsequently filed with the securities
and exchange commission. The information contained herein will be superseded by
the description of the mortgage pool contained in the prospectus supplement
relating to the certificates and supersedes all information contained in any
collateral term sheets relating to the mortgage pool previously provided by the
underwriter. This memorandum is based on or derived from information generally
available to the public from sources believed to be reliable. No representation
is made that it is accurate or complete. Certain assumptions may have been made
in this analysis which have resulted in any returns detailed herein. No
representation is made that any returns indicated will be achieved. Changes to
the assumptions may have a material impact on any returns detailed. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. The foregoing has
been prepared solely for informational purposes and is not an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. Morgan Stanley & Co.
Incorporated and others associated with it may have positions in, and may effect
transactions in securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuer of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition, please note that this
publication has been issued by Morgan Stanley & Co. Incorporated and approved by
Morgan Stanley & Co. International Limited, a member of The Securities and
Futures Authority Limited and Morgan Stanley Japan, Ltd. We recommend that
investors obtain the advice of their Morgan Stanley & Co. International Limited
or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT
FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
