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 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 December 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 December 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: December 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 103,244,222.89 6.750000% 6,007,926.77 580,748.75 6,588,675.52 0.00 0.00
1A6 41,949,190.12 8.037651% 2,329,445.68 95,282.74 2,424,728.42 0.00 0.00
1A7 0.00 7.000000% 0.00 0.00 0.00 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 36,654,909.67 6.500000% 2,692,579.14 198,547.43 2,891,126.57 0.00 0.00
2A4 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2A5 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2A6 23,641,870.85 6.500000% 81,891.48 128,060.13 209,951.61 0.00 0.00
1X1 5,098,764.71 0.053983% 0.00 229.37 229.37 0.00 0.00
1X2 100,119,000.00 0.053983% 0.00 4,503.93 4,503.93 0.00 0.00
1X3 56,838,000.00 0.053983% 0.00 2,556.90 2,556.90 0.00 0.00
1X4 110,015,003.00 0.053983% 0.00 4,949.11 4,949.11 0.00 0.00
2X 1,643,847.60 6.500000% 0.00 8,904.17 8,904.17 0.00 0.00
2PO 297,838.75 0.000000% 3,198.86 0.00 3,198.86 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.02 0.02 0.00 0.00
R2 0.00 6.500000% 0.00 0.01 0.01 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 135,077,603.81 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,889,724.16 6.750000% 4,801.25 33,129.70 37,930.94 0.00 0.00
1B1 2,706,304.84 6.750000% 2,206.15 15,222.96 17,429.12 0.00 0.00
1B2 1,432,339.48 6.750000% 1,167.63 8,056.91 9,224.54 0.00 0.00
1B3 1,114,595.19 6.750000% 908.61 6,269.60 7,178.21 0.00 0.00
1B4 795,854.83 6.750000% 648.77 4,476.68 5,125.46 0.00 0.00
1B5 796,575.05 6.750000% 649.36 4,480.73 5,130.10 0.00 0.00
2M 913,614.72 6.500000% 3,164.61 4,948.75 8,113.35 0.00 0.00
2B1 426,812.47 6.500000% 1,478.41 2,311.90 3,790.31 0.00 0.00
2B2 303,882.62 6.500000% 1,052.60 1,646.03 2,698.63 0.00 0.00
2B3 365,839.27 6.500000% 1,267.21 1,981.63 3,248.84 0.00 0.00
2B4 182,919.63 6.500000% 633.60 990.81 1,624.42 0.00 0.00
2B5 243,588.03 6.500000% 843.75 1,319.44 2,163.18 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 406,348,975.57 - 11,133,863.87 2,143,816.23 13,277,680.10 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 97,236,296.12 0.00
1A6 39,805,439.16 0.00
1A7 0.00 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 33,962,330.53 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,559,979.37 0.00
1X1 4,521,089.15 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 102,453,264.84 0.00
2X 1,591,967.00 0.00
2PO 294,639.88 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 127,217,247.76 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,884,922.91 0.00
1B1 2,704,098.68 0.00
1B2 1,431,171.85 0.00
1B3 1,113,686.58 0.00
1B4 795,206.06 0.00
1B5 795,925.69 0.00
2M 910,450.12 0.00
2B1 425,334.07 0.00
2B2 302,830.02 0.00
2B3 364,572.06 0.00
2B4 182,286.03 0.00
2B5 242,744.28 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 395,400,806.42 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 103,244,222.89 6.750000% 055240FH3 51.898954 5.016748 839.967313
1A6 41,949,190.12 8.037651% 055240GJ8 52.592147 2.151209 898.691695
1A7 0.00 7.000000% 055240FJ9 0.000000 0.000000 0.000000
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 36,654,909.67 6.500000% 055240FZ3 61.544666 4.538227 776.281841
2A4 0.00 6.500000% 055240GA7 0.000000 0.000000 0.000000
2A5 0.00 6.500000% 055240GB5 0.000000 0.000000 0.000000
2A6 23,641,870.85 6.500000% 055240GC3 3.406467 5.326961 980.032420
1X1 5,098,764.71 0.053983% 055240FT7 0.000000 0.031760 626.016221
1X2 100,119,000.00 0.053983% 055240FU4 0.000000 0.044986 1,000.000000
1X3 56,838,000.00 0.053983% 055240FV2 0.000000 0.044986 1,000.000000
1X4 110,015,003.00 0.053983% 055240FW0 0.000000 0.036593 757.531616
2X 1,643,847.60 6.500000% 055240GH2 0.000000 4.964935 887.675003
2PO 297,838.75 0.000000% 055240GD1 10.165995 0.000000 936.366475
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.391615 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.278288 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 135,077,603.81 0.000000% 0.000000 0.000000 854.093641
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,889,724.16 6.750000% 055240FQ3 0.811981 5.602858 995.251634
1B1 2,706,304.84 6.750000% 055240FR1 0.811981 5.602858 995.251631
1B2 1,432,339.48 6.750000% 055240FS9 0.811981 5.602858 995.251636
1B3 1,114,595.19 6.750000% 055240GK5 0.811981 5.602858 995.251637
1B4 795,854.83 6.750000% 055240GM1 0.811981 5.602858 995.251639
1B5 796,575.05 6.750000% 055240GP4 0.811982 5.602861 995.252258
2M 913,614.72 6.500000% 055240GE9 3.406467 5.326961 980.032418
2B1 426,812.47 6.500000% 055240GF6 3.406467 5.326961 980.032410
2B2 303,882.62 6.500000% 055240GG4 3.406467 5.326961 980.032428
2B3 365,839.27 6.500000% 055240GR0 3.406467 5.326961 980.032417
2B4 182,919.63 6.500000% 055240GT6 3.406467 5.326961 980.032417
2B5 243,588.03 6.500000% 055240GV1 3.406468 5.326962 980.032615
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 406,348,975.57 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 283,746,639.64 111,654,166.91 395,400,806.55
Aggregated loan count 878 338 1216
Aggregated ave loan rate 7.455752% 7.068274% 7.35
Aggregated prepay amt 7,924,086.50 2,389,713.50 10,313,800.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 85,289.72 42,035.52 127,325.24
sub servicer fees 0.00 0.00 0.00
trustee fees 1,094.66 429.15 1,523.81
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 2,919,086.99 1,144,402.77 4,063,489.76
Special Hazard 3,175,969.12 1,874,944.24 5,050,913.36
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.270710% 100.000000% 391,176,925.27
-----------------------------------------------------------------------------
Junior 3.729290% 0.000000% 15,153,228.35
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 13,277,680.10 13,277,680.10
Principal remittance amount 11,133,863.87 11,133,863.87
Interest remittance amount 2,143,816.23 2,143,816.23
