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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 97,236,296.12 6.750000% 5,466,975.74 546,954.17 6,013,929.91 0.00 0.00
1A6 39,805,439.16 8.060182% 2,125,679.21 92,477.01 2,218,156.22 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 33,962,330.53 6.500000% 1,677,289.61 183,962.62 1,861,252.24 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 23,559,979.37 6.500000% 82,566.33 127,616.55 210,182.89 0.00 0.00
1X1 4,521,089.15 0.053881% 0.00 203.00 203.00 0.00 0.00
1X2 100,119,000.00 0.053881% 0.00 4,495.45 4,495.45 0.00 0.00
1X3 56,838,000.00 0.053881% 0.00 2,552.09 2,552.09 0.00 0.00
1X4 102,453,264.84 0.053881% 0.00 4,600.26 4,600.26 0.00 0.00
2X 1,591,967.00 6.500000% 0.00 8,623.15 8,623.15 0.00 0.00
2PO 294,639.88 0.000000% 1,299.80 0.00 1,299.80 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.29 0.29 0.00 0.00
R2 0.00 6.500000% 0.00 0.08 0.08 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 127,217,247.76 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,884,922.91 6.750000% 4,852.09 33,102.69 37,954.78 0.00 0.00
1B1 2,704,098.68 6.750000% 2,229.52 15,210.56 17,440.07 0.00 0.00
1B2 1,431,171.85 6.750000% 1,179.99 8,050.34 9,230.34 0.00 0.00
1B3 1,113,686.58 6.750000% 918.23 6,264.49 7,182.72 0.00 0.00
1B4 795,206.06 6.750000% 655.64 4,473.03 5,128.68 0.00 0.00
1B5 795,925.69 6.750000% 656.24 4,477.08 5,133.32 0.00 0.00
2M 910,450.12 6.500000% 3,190.69 4,931.60 8,122.29 0.00 0.00
2B1 425,334.07 6.500000% 1,490.59 2,303.89 3,794.48 0.00 0.00
2B2 302,830.02 6.500000% 1,061.27 1,640.33 2,701.60 0.00 0.00
2B3 364,572.06 6.500000% 1,277.65 1,974.77 3,252.41 0.00 0.00
2B4 182,286.03 6.500000% 638.82 987.38 1,626.21 0.00 0.00
2B5 242,744.28 6.500000% 850.70 1,314.86 2,165.57 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 395,400,806.42 - 9,372,812.12 2,091,414.22 11,464,226.34 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 91,769,320.38 0.00
1A6 37,854,648.84 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 32,285,040.92 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,477,413.04 0.00
1X1 3,892,775.37 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 95,676,634.33 0.00
2X 1,568,326.96 0.00
2PO 293,340.08 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 120,064,634.64 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,880,070.82 0.00
1B1 2,701,869.17 0.00
1B2 1,429,991.86 0.00
1B3 1,112,768.35 0.00
1B4 794,550.42 0.00
1B5 795,269.46 0.00
2M 907,259.43 0.00
2B1 423,843.48 0.00
2B2 301,768.75 0.00
2B3 363,294.41 0.00
2B4 181,647.21 0.00
2B5 241,893.58 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 386,202,883.18 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 97,236,296.12 6.750000% 055240FH3 47.225996 4.724816 792.741317
1A6 39,805,439.16 8.060182% 055240GJ8 47.991689 2.087863 854.648492
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 33,962,330.53 6.500000% 055240FZ3 38.338048 4.204860 737.943792
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 23,559,979.37 6.500000% 055240GC3 3.434540 5.308509 976.597880
1X1 4,521,089.15 0.053881% 055240FT7 0.000000 0.028109 539.016252
1X2 100,119,000.00 0.053881% 055240FU4 0.000000 0.044901 1,000.000000
1X3 56,838,000.00 0.053881% 055240FV2 0.000000 0.044901 1,000.000000
1X4 102,453,264.84 0.053881% 055240FW0 0.000000 0.034014 707.425727
2X 1,591,967.00 6.500000% 055240GH2 0.000000 4.808240 874.493404
2PO 294,639.88 0.000000% 055240GD1 4.130779 0.000000 932.235695
Residual R1 0.00 6.750000% 055240FM2 0.000000 5.868136 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 1.648350 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 127,217,247.76 0.000000% 0.000000 0.000000 806.073411
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,884,922.91 6.750000% 055240FQ3 0.820580 5.598290 994.431054
1B1 2,704,098.68 6.750000% 055240FR1 0.820580 5.598290 994.431051
1B2 1,431,171.85 6.750000% 055240FS9 0.820580 5.598290 994.431057
1B3 1,113,686.58 6.750000% 055240GK5 0.820580 5.598290 994.431058
1B4 795,206.06 6.750000% 055240GM1 0.820580 5.598290 994.431059
1B5 795,925.69 6.750000% 055240GP4 0.820580 5.598294 994.431678
2M 910,450.12 6.500000% 055240GE9 3.434540 5.308509 976.597878
2B1 425,334.07 6.500000% 055240GF6 3.434539 5.308509 976.597870
2B2 302,830.02 6.500000% 055240GG4 3.434540 5.308509 976.597889
2B3 364,572.06 6.500000% 055240GR0 3.434540 5.308509 976.597878
2B4 182,286.03 6.500000% 055240GT6 3.434540 5.308509 976.597878
2B5 242,744.28 6.500000% 055240GV1 3.434540 5.308510 976.598074
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 395,400,806.42 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 276,318,381.87 109,884,501.44 386,202,883.31
Aggregated loan count 860 332 1192
Aggregated ave loan rate 7.452542% 7.064281% 7.34
Aggregated prepay amt 7,194,298.41 1,378,379.51 8,572,677.92
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 92,272.18 43,665.63 135,937.81
sub servicer fees 0.00 0.00 0.00
trustee fees 1,064.05 418.70 1,482.75
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 2,837,466.40 1,116,541.67 3,954,008.07
Special Hazard 3,173,563.86 1,866,830.50 5,040,394.36
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.172250% 100.000000% 380,247,578.07
-----------------------------------------------------------------------------
Junior 3.827750% 0.000000% 15,134,226.92
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 1 102,754.76
60 to 89 days 0 0.00
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 11,464,226.34 11,464,226.34
Principal remittance amount 9,372,812.12 9,372,812.12
Interest remittance amount 2,091,414.22 2,091,414.22
