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): July 25, 1998
BAMSI
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-3)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
BAMSI
Mortgage Pass-Through Certificates
Series 1998-3
On July 25, 1998, The Bank of New York, as Trustee for BAMSI, Mortgage
Pass-Through Certificates Series 1998-3, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of June 1, 1998, among BAMSI as Depositor, BA
MORTGAGE SECURITIES, INC., Seller and Master Servicer and The Bank of New York,
as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of BAMSI, Mortgage Pass-Through
Certificates Series 1998-3 relating to the distribution date
of July 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of June 1, 1998.
<PAGE>
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.
Dated: July 25, 1998
BAMSI
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated July 25, 1998
Payment Date: 07/25/98
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior 1A1 25,000,000.00 6.500000% 0.00 135,416.67 135,416.67 0.00 0.00
1A2 42,205,000.00 6.650000% 0.00 233,886.04 233,886.04 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,911,316.07 7.000000% 0.00 11,149.34 11,149.34 0.00 0.00
1A5 115,762,000.00 6.750000% 945,530.29 651,161.25 1,596,691.54 0.00 0.00
1A6 44,292,652.73 8.063634% 38,092.87 297,633.13 335,726.00 0.00 0.00
1A7 12,800,000.00 7.000000% 0.00 74,666.67 74,666.67 0.00 0.00
1A8 33,200,000.00 7.000000% 0.00 193,666.67 193,666.67 0.00 0.00
1A9 1,800,893.00 7.000000% 0.00 10,505.21 10,505.21 0.00 0.00
2A1 27,300,000.00 6.500000% 0.00 147,875.00 147,875.00 0.00 0.00
2A2 24,109,000.00 6.500000% 0.00 130,590.42 130,590.42 0.00 0.00
2A3 43,750,000.00 6.500000% 538,108.53 236,979.17 775,087.70 0.00 0.00
2A4 1,000,000.00 6.500000% 0.00 5,416.67 5,416.67 0.00 0.00
2A5 852,000.00 6.500000% 0.00 4,615.00 4,615.00 0.00 0.00
2A6 24,040,000.00 6.500000% 76,749.55 130,216.67 206,966.22 0.00 0.00
1X1 7,222,000.00 0.033421% 0.00 201.14 201.14 0.00 0.00
1X2 100,119,000.00 0.033421% 0.00 2,788.40 2,788.40 0.00 0.00
1X3 56,838,000.00 0.033421% 0.00 1,582.98 1,582.98 0.00 0.00
1X4 135,246,190.00 0.033421% 0.00 3,766.72 3,766.72 0.00 0.00
2X 1,793,412.00 6.500000% 0.00 9,714.31 9,714.31 0.00 0.00
2PO 314,663.00 0.000000% 11,865.54 0.00 11,865.54 0.00 0.00
Residual R1 50.00 6.750000% 50.00 0.28 50.28 0.00 0.00
R2 50.00 6.500000% 50.00 0.27 50.27 0.00 0.00
R3 50.00 6.750000% 50.00 0.28 50.28 0.00 0.00
SEG 148,950,000.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,913,000.00 6.750000% 4,548.37 33,260.62 37,809.00 0.00 0.00
1B1 2,717,000.00 6.750000% 0.00 1,856.89 1,856.89 0.00 0.00
1B2 1,438,000.00 6.750000% 0.00 0.00 0.00 0.00 0.00
1B3 1,119,000.00 6.750000% 0.00 0.00 0.00 0.00 0.00
1B4 799,000.00 6.750000% 0.00 0.00 0.00 0.00 0.00
1B5 799,722.57 6.750000% 0.00 0.00 0.00 0.00 0.00
2M 929,000.00 6.500000% 569.63 5,032.08 5,601.72 0.00 0.00
2B1 434,000.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2B2 309,000.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2B3 372,000.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2B4 186,000.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2B5 247,690.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 443,463,771.30 - 1,615,614.79 2,494,091.04 4,109,705.83 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 25,000,000.00 0.00
1A2 42,205,000.00 0.00
1A3 31,774,000.00 0.00
1A4 1,911,316.07 0.00
1A5 114,271,862.30 0.00
1A6 44,440,803.31 0.00
1A7 12,874,666.67 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 27,300,000.00 0.00
2A2 24,109,000.00 0.00
2A3 43,192,624.71 0.00
2A4 1,005,416.67 0.00
2A5 856,615.00 0.00
2A6 23,961,829.79 0.00
1X1 6,899,770.28 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 134,311,737.36 0.00
2X 1,784,266.62 0.00
2PO 313,600.04 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 147,653,458.97 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,908,406.65 0.00
1B1 2,714,889.37 0.00
1B2 1,436,882.93 0.00
1B3 1,118,130.74 0.00
1B4 798,379.32 0.00
1B5 799,101.76 0.00
2M 925,979.20 0.00
2B1 432,588.77 0.00
2B2 307,995.23 0.00
2B3 370,790.38 0.00
2B4 185,395.19 0.00
2B5 246,884.59 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 441,551,735.62 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/98
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior 1A1 25,000,000.00 6.500000% 055240FD2 0.000000 5.416667 1,000.000000
1A2 42,205,000.00 6.650000% 055240FE0 0.000000 5.541667 1,000.000000
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,911,316.07 7.000000% 055240FG5 0.000000 5.833333 1,000.000000
1A5 115,762,000.00 6.750000% 055240FH3 8.167881 5.625000 987.127575
1A6 44,292,652.73 8.063634% 055240GJ8 0.860027 6.719695 1,003.344812
1A7 12,800,000.00 7.000000% 055240FJ9 0.000000 5.833333 1,005.833334
1A8 33,200,000.00 7.000000% 055240FK6 0.000000 5.833333 1,000.000000
1A9 1,800,893.00 7.000000% 055240FL4 0.000000 5.833333 1,000.000000
2A1 27,300,000.00 6.500000% 055240FX8 0.000000 5.416667 1,000.000000
2A2 24,109,000.00 6.500000% 055240FY6 0.000000 5.416667 1,000.000000
2A3 43,750,000.00 6.500000% 055240FZ3 12.299624 5.416667 987.259993
2A4 1,000,000.00 6.500000% 055240GA7 0.000000 5.416667 1,005.416670
2A5 852,000.00 6.500000% 055240GB5 0.000000 5.416667 1,005.416667
2A6 24,040,000.00 6.500000% 055240GC3 3.192577 5.416667 996.748327
1X1 7,222,000.00 0.033421% 055240FT7 0.000000 0.027851 955.382204
1X2 100,119,000.00 0.033421% 055240FU4 0.000000 0.027851 1,000.000000
1X3 56,838,000.00 0.033421% 055240FV2 0.000000 0.027851 1,000.000000
1X4 135,246,190.00 0.033421% 055240FW0 0.000000 0.027851 993.090729
2X 1,793,412.00 6.500000% 055240GH2 0.000000 5.416667 994.900569
2PO 314,663.00 0.000000% 055240GD1 37.708720 0.000000 996.621910
Residual R1 50.00 6.750000% 055240FM2 1,000.000000 5.625000 0.000000
R2 50.00 6.500000% 055240FN0 1,000.000000 5.416667 0.000000
R3 50.00 6.750000% 055240FP5 1,000.000000 5.625000 0.000000
SEG 148,950,000.00 0.000000% 0.000000 0.000000 991.295461
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,913,000.00 6.750000% 055240FQ3 0.769216 5.625000 999.223178
1B1 2,717,000.00 6.750000% 055240FR1 0.000000 0.683435 999.223176
1B2 1,438,000.00 6.750000% 055240FS9 0.000000 0.000000 999.223178
1B3 1,119,000.00 6.750000% 055240GK5 0.000000 0.000000 999.223181
1B4 799,000.00 6.750000% 055240GM1 0.000000 0.000000 999.223179
1B5 799,722.57 6.750000% 055240GP4 0.000000 0.000000 999.223718
2M 929,000.00 6.500000% 055240GE9 0.613169 5.416667 996.748332
2B1 434,000.00 6.500000% 055240GF6 0.000000 0.000000 996.748318
2B2 309,000.00 6.500000% 055240GG4 0.000000 0.000000 996.748317
2B3 372,000.00 6.500000% 055240GR0 0.000000 0.000000 996.748333
2B4 186,000.00 6.500000% 055240GT6 0.000000 0.000000 996.748333
2B5 247,690.00 6.500000% 055240GV1 0.000000 0.000000 996.748314
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 443,463,771.30 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg stated prin bal 318,343,015.70 123,208,720.17 441,551,735.87
Aggregated loan count 948 355 1303
Aggregated ave loan rate 7.476133% 7.077649% 7.36
Aggregated prepay amt 745,465.42 231,976.71 977,442.13
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Servicing fees 124,020.88 51,140.68 175,161.57
Sub servicer fees 42,795.58 15,693.38 58,488.96
Trustee fees 1,197.51 464.41 1,661.92
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period)0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazard 3,519,272.00 1,914,817.00 5,434,089.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.562055% 100.000000% 428,200,358.73
-----------------------------------------------------------------------------
Junior 3.437945% 0.000000% 15,245,424.13
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 0 0.00
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 4,109,705.83 4,109,705.83
Principal remittance amount 1,615,614.79 1,615,614.79
Interest remittance amount 2,494,091.04 2,494,091.04
