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): March 25, 1999
BAMS
(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
BAMS
Mortgage Pass-Through Certificates
Series 1998-3
On March 25, 1999, The Bank of New York, as Trustee for BAMS, 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 BAMS 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 BAMS, Mortgage Pass-Through
Certificates Series 1998-3 relating to the distribution date
of March 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: March 25, 1999
BAMS
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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 87,967,202.98 6.750000% 2,645,036.72 494,815.52 3,139,852.24 0.00 0.00
1A6 36,497,942.23 8.101119% 1,102,120.39 88,177.61 1,190,297.99 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 29,915,807.93 6.500000% 4,987,269.31 162,043.96 5,149,313.27 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 23,394,785.27 6.500000% 83,320.04 126,721.75 210,041.79 0.00 0.00
1X1 3,214,035.18 0.053687% 0.00 143.79 143.79 0.00 0.00
1X2 100,119,000.00 0.053687% 0.00 4,479.24 4,479.24 0.00 0.00
1X3 56,838,000.00 0.053687% 0.00 2,542.88 2,542.88 0.00 0.00
1X4 91,481,094.49 0.053687% 0.00 4,092.79 4,092.79 0.00 0.00
2X 1,535,712.69 6.500000% 0.00 8,318.44 8,318.44 0.00 0.00
2PO 290,360.10 0.000000% 17,150.22 0.00 17,150.22 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
R2 0.00 6.500000% 0.00 0.03 0.03 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 115,090,207.09 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,875,171.76 6.750000% 4,973.27 33,047.84 38,021.11 0.00 0.00
1B1 2,699,618.07 6.750000% 2,285.20 15,185.35 17,470.55 0.00 0.00
1B2 1,428,800.44 6.750000% 1,209.46 8,037.00 9,246.47 0.00 0.00
1B3 1,111,841.24 6.750000% 941.16 6,254.11 7,195.27 0.00 0.00
1B4 793,888.43 6.750000% 672.02 4,465.62 5,137.64 0.00 0.00
1B5 794,607.02 6.750000% 672.63 4,469.66 5,142.29 0.00 0.00
2M 904,066.37 6.500000% 3,219.81 4,897.03 8,116.84 0.00 0.00
2B1 422,351.78 6.500000% 1,504.20 2,287.74 3,791.94 0.00 0.00
2B2 300,706.69 6.500000% 1,070.96 1,628.83 2,699.79 0.00 0.00
2B3 362,015.81 6.500000% 1,289.31 1,960.92 3,250.23 0.00 0.00
2B4 181,007.91 6.500000% 644.66 980.46 1,625.12 0.00 0.00
2B5 241,042.24 6.500000% 858.47 1,305.65 2,164.11 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 378,570,109.27 - 8,854,237.82 2,011,054.74 10,865,292.56 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 85,322,166.26 0.00
1A6 35,554,039.37 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 24,928,538.62 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,311,465.23 0.00
1X1 2,485,106.64 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 88,631,013.25 0.00
2X 1,475,374.34 0.00
2PO 273,209.88 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 111,629,623.89 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,870,198.50 0.00
1B1 2,697,332.87 0.00
1B2 1,427,590.98 0.00
1B3 1,110,900.07 0.00
1B4 793,216.41 0.00
1B5 793,934.39 0.00
2M 900,846.55 0.00
2B1 420,847.58 0.00
2B2 299,635.72 0.00
2B3 360,726.50 0.00
2B4 180,363.25 0.00
2B5 240,183.78 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 369,874,088.97 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 87,967,202.98 6.750000% 055240FH3 22.848920 4.274421 737.048135
1A6 36,497,942.23 8.101119% 055240GJ8 24.882691 1.990795 802.707383
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 29,915,807.93 6.500000% 055240FZ3 113.994727 3.703862 569.795169
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 23,394,785.27 6.500000% 055240GC3 3.465892 5.271288 969.694893
1X1 3,214,035.18 0.053687% 055240FT7 0.000000 0.019910 344.102276
1X2 100,119,000.00 0.053687% 055240FU4 0.000000 0.044739 1,000.000000
1X3 56,838,000.00 0.053687% 055240FV2 0.000000 0.044739 1,000.000000
1X4 91,481,094.49 0.053687% 055240FW0 0.000000 0.030262 655.330943
2X 1,535,712.69 6.500000% 055240GH2 0.000000 4.638334 822.663359
2PO 290,360.10 0.000000% 055240GD1 54.503467 0.000000 868.261852
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.126509 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.557142 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 115,090,207.09 0.000000% 0.000000 0.000000 749.443598
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,875,171.76 6.750000% 055240FQ3 0.841073 5.589014 992.761457
1B1 2,699,618.07 6.750000% 055240FR1 0.841073 5.589014 992.761455
1B2 1,428,800.44 6.750000% 055240FS9 0.841073 5.589014 992.761460
1B3 1,111,841.24 6.750000% 055240GK5 0.841073 5.589014 992.761461
1B4 793,888.43 6.750000% 055240GM1 0.841073 5.589014 992.761463
1B5 794,607.02 6.750000% 055240GP4 0.841074 5.589019 992.762266
2M 904,066.37 6.500000% 055240GE9 3.465892 5.271288 969.694891
2B1 422,351.78 6.500000% 055240GF6 3.465892 5.271288 969.694883
2B2 300,706.69 6.500000% 055240GG4 3.465892 5.271288 969.694901
2B3 362,015.81 6.500000% 055240GR0 3.465892 5.271288 969.694891
2B4 181,007.91 6.500000% 055240GT6 3.465892 5.271288 969.694891
2B5 241,042.24 6.500000% 055240GV1 3.465893 5.271289 969.695086
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 378,570,109.27 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 267,549,271.28 102,324,817.67 369,874,088.95
Aggregated loan count 827 320 1147
average loan rate 7.446203% 7.061669% 7.34
prepayment amount 3,370,157.73 4,713,751.17 8,083,908.90
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 91,353.39 33,933.70 125,287.09
sub servicer fees 0.00 0.00 0.00
trustee fees 1,016.81 402.83 1,419.64
Aggregate advances N/A N/A N/A
Advances this period 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 2,711,489.65 1,074,211.45 3,785,701.09
Special Hazard 2,711,489.65 1,850,461.82 4,561,951.47
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.012219% 100.000000% 363,454,991.52
-----------------------------------------------------------------------------
Junior 3.987781% 0.000000% 15,095,776.61
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 1 102,754.76
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 10,865,292.56 10,865,292.56
Principal remittance amount 8,854,237.82 8,854,237.82
Interest remittance amount 2,011,054.74 2,011,054.74
