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): November 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 November 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 November 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
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 111,309,902.32 6.750000% 8,065,679.44 626,118.20 8,691,797.64 0.00 0.00
1A6 44,253,336.53 8.028481% 2,500,730.33 99,488.64 2,600,218.97 0.00 0.00
1A7 1,872,531.10 7.000000% 1,883,454.20 0.00 1,883,454.20 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 40,551,283.42 6.500000% 3,896,373.75 219,652.79 4,116,026.54 0.00 0.00
2A4 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2A5 732,815.28 6.500000% 736,784.70 0.00 736,784.70 0.00 0.00
2A6 23,722,894.39 6.500000% 81,023.54 128,499.01 209,522.55 0.00 0.00
1X1 5,625,616.53 0.054373% 0.00 254.90 254.90 0.00 0.00
1X2 100,119,000.00 0.054373% 0.00 4,536.48 4,536.48 0.00 0.00
1X3 56,838,000.00 0.054373% 0.00 2,575.38 2,575.38 0.00 0.00
1X4 121,470,603.17 0.054373% 0.00 5,503.94 5,503.94 0.00 0.00
2X 1,699,402.68 6.500000% 0.00 9,205.10 9,205.10 0.00 0.00
2PO 307,884.54 0.000000% 10,045.79 0.00 10,045.79 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 0.55 0.55 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 145,010,003.66 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,894,475.68 6.750000% 4,751.52 33,156.43 37,907.94 0.00 0.00
1B1 2,708,488.14 6.750000% 2,183.30 15,235.25 17,418.55 0.00 0.00
1B2 1,433,495.02 6.750000% 1,155.54 8,063.41 9,218.95 0.00 0.00
1B3 1,115,494.39 6.750000% 899.20 6,274.66 7,173.85 0.00 0.00
1B4 796,496.89 6.750000% 642.05 4,480.29 5,122.35 0.00 0.00
1B5 797,217.62 6.750000% 642.57 4,484.35 5,126.91 0.00 0.00
2M 916,745.79 6.500000% 3,131.07 4,965.71 8,096.77 0.00 0.00
2B1 428,275.21 6.500000% 1,462.74 2,319.82 3,782.56 0.00 0.00
2B2 304,924.06 6.500000% 1,041.44 1,651.67 2,693.11 0.00 0.00
2B3 367,093.04 6.500000% 1,253.78 1,988.42 3,242.20 0.00 0.00
2B4 183,546.52 6.500000% 626.89 994.21 1,621.10 0.00 0.00
2B5 244,422.83 6.500000% 834.81 1,323.96 2,158.76 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 423,330,215.77 - 17,192,716.64 2,215,971.66 19,408,688.30 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 103,244,222.89 0.00
1A6 41,949,190.12 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 36,654,909.67 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,641,870.85 0.00
1X1 5,098,764.71 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 110,015,003.00 0.00
2X 1,643,847.60 0.00
2PO 297,838.75 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 135,077,603.81 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,889,724.16 0.00
1B1 2,706,304.84 0.00
1B2 1,432,339.48 0.00
1B3 1,114,595.19 0.00
1B4 795,854.83 0.00
1B5 796,575.05 0.00
2M 913,614.72 0.00
2B1 426,812.47 0.00
2B2 303,882.62 0.00
2B3 365,839.27 0.00
2B4 182,919.63 0.00
2B5 243,588.03 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 406,348,975.57 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
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 111,309,902.32 6.750000% 055240FH3 69.674672 5.408668 891.866268
1A6 44,253,336.53 8.028481% 055240GJ8 56.459259 2.246166 947.091392
1A7 1,872,531.10 7.000000% 055240FJ9 147.144859 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 40,551,283.42 6.500000% 055240FZ3 89.059971 5.020635 837.826507
2A4 0.00 6.500000% 055240GA7 0.000000 0.000000 0.000000
2A5 732,815.28 6.500000% 055240GB5 864.770776 0.000000 0.000000
2A6 23,722,894.39 6.500000% 055240GC3 3.370363 5.345217 983.438887
1X1 5,625,616.53 0.054373% 055240FT7 0.000000 0.035295 706.004529
1X2 100,119,000.00 0.054373% 055240FU4 0.000000 0.045311 1,000.000000
1X3 56,838,000.00 0.054373% 055240FV2 0.000000 0.045311 1,000.000000
1X4 121,470,603.17 0.054373% 055240FW0 0.000000 0.040696 813.442530
2X 1,699,402.68 6.500000% 055240GH2 0.000000 5.132729 916.603433
2PO 307,884.54 0.000000% 055240GD1 31.925552 0.000000 946.532470
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 10.941684 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 145,010,003.66 0.000000% 0.000000 0.000000 906.865417
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,894,475.68 6.750000% 055240FQ3 0.803572 5.607378 996.063615
1B1 2,708,488.14 6.750000% 055240FR1 0.803572 5.607378 996.063613
1B2 1,433,495.02 6.750000% 055240FS9 0.803572 5.607378 996.063618
1B3 1,115,494.39 6.750000% 055240GK5 0.803572 5.607378 996.063619
1B4 796,496.89 6.750000% 055240GM1 0.803572 5.607378 996.063621
1B5 797,217.62 6.750000% 055240GP4 0.803485 5.607381 996.064240
2M 916,745.79 6.500000% 055240GE9 3.370363 5.345217 983.438885
2B1 428,275.21 6.500000% 055240GF6 3.370363 5.345217 983.438877
2B2 304,924.06 6.500000% 055240GG4 3.370364 5.345217 983.438896
2B3 367,093.04 6.500000% 055240GR0 3.370363 5.345217 983.438885
2B4 183,546.52 6.500000% 055240GT6 3.370363 5.345217 983.438885
2B5 244,422.83 6.500000% 055240GV1 3.370364 5.345218 983.439083
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 423,330,215.77 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 291,908,699.14 114,440,276.56 406,348,975.70
Aggregated loan count 909 348 1257
Aggregated ave loan rate 7.463192% 7.073700% 7.35
Aggregated prepay amt 12,007,435.81 4,321,600.88 16,329,036.69
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 100,265.69 44,170.93 144,436.62
sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 1,140.60 446.88 1,587.49
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 3,041,613.30 1,191,688.86 4,233,302.16
Special Hazard 3,179,142.20 1,883,011.29 5,062,153.49
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.415867% 100.000000% 408,139,540.58
-----------------------------------------------------------------------------
Junior 3.584133% 0.000000% 15,172,050.29
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 19,408,688.30 19,408,688.30
Principal remittance amount 17,192,716.64 17,192,716.64
Interest remittance amount 2,215,971.66 2,215,971.66
