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): September 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 September 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 September 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: September 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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
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 113,322,455.25 6.750000% 889,610.11 637,438.81 1,527,048.93 0.00 0.00
1A6 44,344,964.18 8.038253% 277,223.39 102,139.89 379,363.29 0.00 0.00
1A7 10,373,692.76 7.000000% 3,964,837.88 0.00 3,964,837.88 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 42,084,059.87 6.500000% 1,128,347.03 227,955.32 1,356,302.35 0.00 0.00
2A4 1,010,862.68 6.500000% 1,016,338.18 0.00 1,016,338.18 0.00 0.00
2A5 861,255.00 6.500000% 137,052.88 0.00 137,052.88 0.00 0.00
2A6 23,882,779.75 6.500000% 79,496.02 129,365.06 208,861.07 0.00 0.00
1X1 6,526,238.82 0.054693% 0.00 297.45 297.45 0.00 0.00
1X2 100,119,000.00 0.054693% 0.00 4,563.16 4,563.16 0.00 0.00
1X3 56,838,000.00 0.054693% 0.00 2,590.53 2,590.53 0.00 0.00
1X4 131,151,712.38 0.054693% 0.00 5,977.55 5,977.55 0.00 0.00
2X 1,771,830.63 6.500000% 0.00 9,597.42 9,597.42 0.00 0.00
2PO 310,079.37 0.000000% 1,085.08 0.00 1,085.08 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.15 0.15 0.00 0.00
R2 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 146,735,049.57 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,903,775.91 6.750000% 4,667.72 33,208.74 37,876.45 0.00 0.00
1B1 2,712,761.56 6.750000% 2,144.80 15,259.28 17,404.08 0.00 0.00
1B2 1,435,756.77 6.750000% 1,135.16 8,076.13 9,211.29 0.00 0.00
1B3 1,117,254.40 6.750000% 883.34 6,284.56 7,167.89 0.00 0.00
1B4 797,753.59 6.750000% 630.73 4,487.36 5,118.09 0.00 0.00
1B5 798,475.46 6.750000% 631.30 4,491.42 5,122.72 0.00 0.00
2M 922,924.39 6.500000% 3,072.04 4,999.17 8,071.21 0.00 0.00
2B1 431,161.66 6.500000% 1,435.16 2,335.46 3,770.62 0.00 0.00
2B2 306,979.16 6.500000% 1,021.81 1,662.80 2,684.61 0.00 0.00
2B3 369,567.14 6.500000% 1,230.14 2,001.82 3,231.96 0.00 0.00
2B4 184,783.57 6.500000% 615.07 1,000.91 1,615.98 0.00 0.00
2B5 246,070.13 6.500000% 819.03 1,332.88 2,151.91 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 436,806,305.60 - 7,512,276.85 2,240,264.40 9,752,541.24 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 112,432,845.14 0.00
1A6 44,262,647.58 0.00
1A7 6,469,368.09 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 40,955,712.84 0.00
2A4 0.00 0.00
2A5 728,867.25 0.00
2A6 23,803,283.73 0.00
1X1 6,101,485.47 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 131,151,712.38 0.00
2X 1,706,086.39 0.00
2PO 308,994.29 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 145,937,502.64 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,899,108.19 0.00
1B1 2,710,616.76 0.00
1B2 1,434,621.61 0.00
1B3 1,116,371.06 0.00
1B4 797,122.86 0.00
1B5 797,844.16 0.00
2M 919,852.35 0.00
2B1 429,726.50 0.00
2B2 305,957.35 0.00
2B3 368,337.00 0.00
2B4 184,168.50 0.00
2B5 245,251.10 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 429,559,589.40 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
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 113,322,455.25 6.750000% 055240FH3 7.684820 5.506460 971.241384
1A6 44,344,964.18 8.038253% 055240GJ8 6.258902 2.306023 999.322571
1A7 10,373,692.76 7.000000% 055240FJ9 309.752959 0.000000 505.419382
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 42,084,059.87 6.500000% 055240FZ3 25.790789 5.210407 936.130579
2A4 1,010,862.68 6.500000% 055240GA7 1,016.338183 0.000000 0.000000
2A5 861,255.00 6.500000% 055240GB5 160.860182 0.000000 855.477998
2A6 23,882,779.75 6.500000% 055240GC3 3.306823 5.381242 990.153234
1X1 6,526,238.82 0.054693% 055240FT7 0.000000 0.041187 844.847060
1X2 100,119,000.00 0.054693% 055240FU4 0.000000 0.045577 1,000.000000
1X3 56,838,000.00 0.054693% 055240FV2 0.000000 0.045577 1,000.000000
1X4 131,151,712.38 0.054693% 055240FW0 0.000000 0.044198 969.725745
2X 1,771,830.63 6.500000% 055240GH2 0.000000 5.351484 951.307558
2PO 310,079.37 0.000000% 055240GD1 3.448394 0.000000 981.984816
Residual R1 0.00 6.750000% 055240FM2 0.000000 2.906305 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.000000 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 146,735,049.57 0.000000% 0.000000 0.000000 979.775110
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,903,775.91 6.750000% 055240FQ3 0.789399 5.616225 997.650633
1B1 2,712,761.56 6.750000% 055240FR1 0.789399 5.616225 997.650631
1B2 1,435,756.77 6.750000% 055240FS9 0.789399 5.616225 997.650636
1B3 1,117,254.40 6.750000% 055240GK5 0.789399 5.616225 997.650637
1B4 797,753.59 6.750000% 055240GM1 0.789399 5.616225 997.650639
1B5 798,475.46 6.750000% 055240GP4 0.789399 5.616228 997.651172
2M 922,924.39 6.500000% 055240GE9 3.306823 5.381242 990.153231
2B1 431,161.66 6.500000% 055240GF6 3.306823 5.381242 990.153224
2B2 306,979.16 6.500000% 055240GG4 3.306823 5.381242 990.153242
2B3 369,567.14 6.500000% 055240GR0 3.306823 5.381242 990.153231
2B4 184,783.57 6.500000% 055240GT6 3.306823 5.381242 990.153231
2B5 246,070.13 6.500000% 055240GV1 3.306661 5.381242 990.153430
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 436,806,305.60 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 309,900,438.12 119,659,151.48 429,559,589.60
Aggregated loan count 936 353 1289
Aggregated ave loan rate 7.470580% 7.077694% 7.36
Agg prepay amt 4,637,452.16 1,954,214.56 6,591,666.72
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Servicing fees 110,801.19 46,144.64 156,945.82
Sub servicer fees 0.00 0.00 0.00
Trustee fees 1,180.45 457.57 1,638.02
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 3,513,756.00 1,899,006.39 5,412,762.39
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.517996% 100.000000% 421,579,041.86
-----------------------------------------------------------------------------
Junior 3.482004% 0.000000% 15,208,977.46
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 9,752,541.24 9,752,541.24
Principal remittance amount 7,512,276.85 7,512,276.85
Interest remittance amount 2,240,264.40 2,240,264.40
