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): April 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 April 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 April 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: April 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 April 25, 1999
Payment Date: 04/25/99
------------------------------------------------------------
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 85,322,166.26 6.750000% 4,563,152.50 479,937.19 5,043,089.69 0.00 0.00
1A6 35,554,039.37 8.107537% 1,781,786.42 86,752.92 1,868,539.34 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 24,928,538.62 6.500000% 2,754,623.02 135,029.58 2,889,652.60 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 23,311,465.23 6.500000% 84,098.03 126,270.44 210,368.47 0.00 0.00
1X1 2,485,106.64 0.053405% 0.00 110.60 110.60 0.00 0.00
1X2 100,119,000.00 0.053405% 0.00 4,455.72 4,455.72 0.00 0.00
1X3 56,838,000.00 0.053405% 0.00 2,529.53 2,529.53 0.00 0.00
1X4 88,631,013.25 0.053405% 0.00 3,944.45 3,944.45 0.00 0.00
2X 1,475,374.34 6.500000% 0.00 7,991.61 7,991.61 0.00 0.00
2PO 273,209.88 0.000000% 7,084.17 0.00 7,084.17 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.08 0.08 0.00 0.00
R2 0.00 6.500000% 0.00 0.06 0.06 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 111,629,623.89 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,870,198.50 6.750000% 5,009.73 33,019.87 38,029.59 0.00 0.00
1B1 2,697,332.87 6.750000% 2,301.95 15,172.50 17,474.45 0.00 0.00
1B2 1,427,590.98 6.750000% 1,218.33 8,030.20 9,248.53 0.00 0.00
1B3 1,110,900.07 6.750000% 948.06 6,248.81 7,196.87 0.00 0.00
1B4 793,216.41 6.750000% 676.94 4,461.84 5,138.79 0.00 0.00
1B5 793,934.39 6.750000% 677.56 4,465.88 5,143.44 0.00 0.00
2M 900,846.55 6.500000% 3,249.88 4,879.59 8,129.46 0.00 0.00
2B1 420,847.58 6.500000% 1,518.24 2,279.59 3,797.83 0.00 0.00
2B2 299,635.72 6.500000% 1,080.96 1,623.03 2,703.99 0.00 0.00
2B3 360,726.50 6.500000% 1,301.35 1,953.94 3,255.29 0.00 0.00
2B4 180,363.25 6.500000% 650.68 976.97 1,627.64 0.00 0.00
2B5 240,183.78 6.500000% 866.48 1,301.00 2,167.48 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 369,874,088.97 - 9,210,244.30 1,966,633.88 11,176,878.18 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 80,759,013.76 0.00
1A6 33,925,713.12 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 22,173,915.61 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,227,367.20 0.00
1X1 1,706,253.92 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 83,230,450.61 0.00
2X 1,417,634.88 0.00
2PO 266,125.71 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 105,659,510.62 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,865,188.77 0.00
1B1 2,695,030.92 0.00
1B2 1,426,372.65 0.00
1B3 1,109,952.01 0.00
1B4 792,539.46 0.00
1B5 793,256.83 0.00
2M 897,596.68 0.00
2B1 419,329.34 0.00
2B2 298,554.76 0.00
2B3 359,425.15 0.00
2B4 179,712.57 0.00
2B5 239,317.29 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 360,817,304.84 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/99
------------------------------------------------------------
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 85,322,166.26 6.750000% 055240FH3 39.418397 4.145896 697.629738
1A6 35,554,039.37 8.107537% 055240GJ8 40.227584 1.958630 765.944486
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 24,928,538.62 6.500000% 055240FZ3 62.962812 3.086390 506.832357
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 23,311,465.23 6.500000% 055240GC3 3.498254 5.252514 966.196639
1X1 2,485,106.64 0.053405% 055240FT7 0.000000 0.015314 236.257812
1X2 100,119,000.00 0.053405% 055240FU4 0.000000 0.044504 1,000.000000
1X3 56,838,000.00 0.053405% 055240FV2 0.000000 0.044504 1,000.000000
1X4 88,631,013.25 0.053405% 055240FW0 0.000000 0.029165 615.399595
2X 1,475,374.34 6.500000% 055240GH2 0.000000 4.456093 790.468048
2PO 273,209.88 0.000000% 055240GD1 22.513520 0.000000 845.748333
Residual R1 0.00 6.750000% 055240FM2 0.000000 1.532093 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 1.232496 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 111,629,623.89 0.000000% 0.000000 0.000000 709.362273
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,870,198.50 6.750000% 055240FQ3 0.847239 5.584283 991.914218
1B1 2,697,332.87 6.750000% 055240FR1 0.847239 5.584283 991.914215
1B2 1,427,590.98 6.750000% 055240FS9 0.847239 5.584283 991.914221
1B3 1,110,900.07 6.750000% 055240GK5 0.847239 5.584283 991.914221
1B4 793,216.41 6.750000% 055240GM1 0.847239 5.584283 991.914223
1B5 793,934.39 6.750000% 055240GP4 0.847240 5.584288 991.915026
2M 900,846.55 6.500000% 055240GE9 3.498254 5.252514 966.196637
2B1 420,847.58 6.500000% 055240GF6 3.498254 5.252514 966.196629
2B2 299,635.72 6.500000% 055240GG4 3.498254 5.252514 966.196647
2B3 360,726.50 6.500000% 055240GR0 3.498254 5.252514 966.196637
2B4 180,363.25 6.500000% 055240GT6 3.498254 5.252514 966.196637
2B5 240,183.78 6.500000% 055240GV1 3.498255 5.252515 966.196831
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 369,874,088.97 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 261,346,959.96 99,470,344.86 360,817,304.82
loan count 815 307 1122
average loan rate 7.442577% 7.058846% 7.34
prepayment amount 5,973,969.04 2,485,330.93 8,459,299.97
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 85,091.47 33,418.05 118,509.52
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 1,003.31 383.72 1,387.03
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 2,675,492.71 1,023,248.18 3,698,740.89
Special Hazard 2,675,492.71 1,842,206.33 4,517,699.04
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.923729% 100.000000% 354,778,312.36
-----------------------------------------------------------------------------
Junior 4.076271% 0.000000% 15,076,276.45
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 11,176,878.18 11,176,878.18
Principal remittance amount 9,210,244.30 9,210,244.30
Interest remittance amount 1,966,633.88 1,966,633.88
