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): February 25, 1999
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 February 25, 1999, 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 February 25, 1999 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: February 25, 1999
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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 91,769,320.38 6.750000% 3,802,117.39 516,202.43 4,318,319.82 0.00 0.00
1A6 37,854,648.84 8.079876% 1,521,762.61 89,828.06 1,611,590.67 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 32,285,040.92 6.500000% 2,369,232.98 174,877.30 2,544,110.29 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 23,477,413.04 6.500000% 82,627.77 127,169.32 209,797.09 0.00 0.00
1X1 3,892,775.37 0.053671% 0.00 174.11 174.11 0.00 0.00
1X2 100,119,000.00 0.053671% 0.00 4,477.88 4,477.88 0.00 0.00
1X3 56,838,000.00 0.053671% 0.00 2,542.11 2,542.11 0.00 0.00
1X4 95,676,634.33 0.053671% 0.00 4,279.19 4,279.19 0.00 0.00
2X 1,568,326.96 6.500000% 0.00 8,495.10 8,495.10 0.00 0.00
2PO 293,340.08 0.000000% 2,979.98 0.00 2,979.98 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.00 0.00 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 120,064,634.64 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,880,070.82 6.750000% 4,899.06 33,075.40 37,974.46 0.00 0.00
1B1 2,701,869.17 6.750000% 2,251.10 15,198.01 17,449.11 0.00 0.00
1B2 1,429,991.86 6.750000% 1,191.42 8,043.70 9,235.12 0.00 0.00
1B3 1,112,768.35 6.750000% 927.12 6,259.32 7,186.44 0.00 0.00
1B4 794,550.42 6.750000% 661.99 4,469.35 5,131.34 0.00 0.00
1B5 795,269.46 6.750000% 662.44 4,473.39 5,135.83 0.00 0.00
2M 907,259.43 6.500000% 3,193.06 4,914.32 8,107.38 0.00 0.00
2B1 423,843.48 6.500000% 1,491.70 2,295.82 3,787.52 0.00 0.00
2B2 301,768.75 6.500000% 1,062.06 1,634.58 2,696.64 0.00 0.00
2B3 363,294.41 6.500000% 1,278.60 1,967.84 3,246.44 0.00 0.00
2B4 181,647.21 6.500000% 639.30 983.92 1,623.22 0.00 0.00
2B5 241,893.58 6.500000% 851.33 1,310.26 2,161.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 386,202,883.18 - 7,797,829.91 2,047,869.95 9,845,699.86 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 87,967,202.98 0.00
1A6 36,497,942.23 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 29,915,807.93 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,394,785.27 0.00
1X1 3,214,035.18 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 91,481,094.49 0.00
2X 1,535,712.69 0.00
2PO 290,360.10 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 115,090,207.09 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,875,171.76 0.00
1B1 2,699,618.07 0.00
1B2 1,428,800.44 0.00
1B3 1,111,841.24 0.00
1B4 793,888.43 0.00
1B5 794,607.02 0.00
2M 904,066.37 0.00
2B1 422,351.78 0.00
2B2 300,706.69 0.00
2B3 362,015.81 0.00
2B4 181,007.91 0.00
2B5 241,042.24 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 378,570,109.27 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 91,769,320.38 6.750000% 055240FH3 32.844261 4.459170 759.897056
1A6 37,854,648.84 8.079876% 055240GJ8 34.356999 2.028058 824.017980
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 32,285,040.92 6.500000% 055240FZ3 54.153897 3.997196 683.789896
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 23,477,413.04 6.500000% 055240GC3 3.437095 5.289905 973.160785
1X1 3,892,775.37 0.053671% 055240FT7 0.000000 0.024108 445.033949
1X2 100,119,000.00 0.053671% 055240FU4 0.000000 0.044726 1,000.000000
1X3 56,838,000.00 0.053671% 055240FV2 0.000000 0.044726 1,000.000000
1X4 95,676,634.33 0.053671% 055240FW0 0.000000 0.031640 676.404226
2X 1,568,326.96 6.500000% 055240GH2 0.000000 4.736839 856.307804
2PO 293,340.08 0.000000% 055240GD1 9.470376 0.000000 922.765320
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.236934 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 120,064,634.64 0.000000% 0.000000 0.000000 772.676785
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,880,070.82 6.750000% 055240FQ3 0.828523 5.593675 993.602531
1B1 2,701,869.17 6.750000% 055240FR1 0.828523 5.593675 993.602528
1B2 1,429,991.86 6.750000% 055240FS9 0.828523 5.593675 993.602533
1B3 1,112,768.35 6.750000% 055240GK5 0.828523 5.593675 993.602534
1B4 794,550.42 6.750000% 055240GM1 0.828523 5.593675 993.602536
1B5 795,269.46 6.750000% 055240GP4 0.828338 5.593678 993.603340
2M 907,259.43 6.500000% 055240GE9 3.437095 5.289905 973.160783
2B1 423,843.48 6.500000% 055240GF6 3.437095 5.289905 973.160775
2B2 301,768.75 6.500000% 055240GG4 3.437095 5.289905 973.160793
2B3 363,294.41 6.500000% 055240GR0 3.437095 5.289905 973.160783
2B4 181,647.21 6.500000% 055240GT6 3.437095 5.289905 973.160783
2B5 241,893.58 6.500000% 055240GV1 3.437096 5.289906 973.160978
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 386,202,883.18 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 271,148,964.60 107,421,144.65 378,570,109.25
loan count 841 327 1168
average loan rate 7.447488% 7.063497% 7.34
prepayment amount 4,939,187.03 2,076,623.28 7,015,810.31
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 92,964.13 41,499.62 134,463.74
sub servicer fees 0.00 0.00 0.00
trustee fees 1,036.19 412.07 1,448.26
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 2,763,183.82 1,098,845.01 3,862,028.83
Special Hazard 2,930,026.42 1,858,669.78 4,788,696.20
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.086030% 100.000000% 371,068,656.26
-----------------------------------------------------------------------------
Junior 3.913970% 0.000000% 15,115,117.74
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 1 102,754.76
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 102,754.76
- --------------------------------------------------------------------------------
<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 9,845,699.86 9,845,699.86
Principal remittance amount 7,797,829.91 7,797,829.91
Interest remittance amount 2,047,869.95 2,047,869.95
