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): December 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 December 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 December 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
<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 23,322,463.76 6.500000% 475,017.27 126,330.01 601,347.28 0.00 0.00
1A2 39,372,983.32 6.650000% 801,924.15 218,191.95 1,020,116.10 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,830,274.37 7.000000% 0.00 10,676.60 10,676.60 0.00 0.00
1A5 71,234,595.41 6.750000% 0.00 400,694.60 400,694.60 0.00 0.00
1A6 30,359,047.21 8.145962% 175,599.55 77,964.05 253,563.61 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% 324,535.94 147,875.00 472,410.94 0.00 0.00
2A2 24,109,000.00 6.500000% 0.00 130,590.42 130,590.42 0.00 0.00
2A3 13,675,450.01 6.500000% 0.00 74,075.35 74,075.35 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 22,619,687.97 6.500000% 89,859.91 122,523.31 212,383.22 0.00 0.00
1X1 0.00 0.052563% 0.00 0.00 0.00 0.00 0.00
1X2 96,559,318.78 0.052563% 0.00 4,229.52 4,229.52 0.00 0.00
1X3 56,838,000.00 0.052563% 0.00 2,489.63 2,489.63 0.00 0.00
1X4 71,245,463.32 0.052563% 0.00 3,120.71 3,120.71 0.00 0.00
2X 1,251,767.39 6.500000% 0.00 6,780.41 6,780.41 0.00 0.00
2PO 247,736.74 0.000000% 1,034.64 0.00 1,034.64 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 0.00 0.00 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 93,198,420.45 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,828,788.71 6.750000% 5,391.10 32,786.94 38,178.04 0.00 0.00
1B1 2,678,305.24 6.750000% 2,477.19 15,065.47 17,542.66 0.00 0.00
1B2 1,417,520.41 6.750000% 1,311.08 7,973.55 9,284.63 0.00 0.00
1B3 1,103,063.52 6.750000% 1,020.23 6,204.73 7,224.97 0.00 0.00
1B4 787,620.87 6.750000% 728.48 4,430.37 5,158.84 0.00 0.00
1B5 788,334.05 6.750000% 728.98 4,434.38 5,163.36 0.00 0.00
2M 874,113.56 6.500000% 3,472.54 4,734.78 8,207.32 0.00 0.00
2B1 408,358.76 6.500000% 1,622.26 2,211.94 3,834.21 0.00 0.00
2B2 290,743.91 6.500000% 1,155.02 1,574.86 2,729.88 0.00 0.00
2B3 350,021.79 6.500000% 1,390.51 1,895.95 3,286.46 0.00 0.00
2B4 175,010.90 6.500000% 695.26 947.98 1,643.23 0.00 0.00
2B5 233,056.37 6.500000% 925.82 1,262.39 2,188.21 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 333,950,795.52 - 1,888,889.93 1,785,345.95 3,674,235.88 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 22,847,446.49 0.00
1A2 38,571,059.17 0.00
1A3 31,774,000.00 0.00
1A4 1,807,326.30 0.00
1A5 71,234,595.41 0.00
1A6 30,311,569.97 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 26,975,464.06 0.00
2A2 24,109,000.00 0.00
2A3 13,675,450.01 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 22,529,828.06 0.00
1X1 0.00 0.00
1X2 95,244,314.40 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,245,242.74 0.00
2PO 246,702.09 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 93,198,420.45 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,823,397.61 0.00
1B1 2,675,828.06 0.00
1B2 1,416,209.34 0.00
1B3 1,102,043.29 0.00
1B4 786,892.39 0.00
1B5 787,605.07 0.00
2M 870,641.02 0.00
2B1 406,736.50 0.00
2B2 289,588.89 0.00
2B3 348,631.28 0.00
2B4 174,315.64 0.00
2B5 232,130.55 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 332,190,027.90 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
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BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
<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 23,322,463.76 6.500000% 055240FD2 19.000691 5.053200 913.897860
1A2 39,372,983.32 6.650000% 055240FE0 19.000691 5.169813 913.897860
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,830,274.37 7.000000% 055240FG5 0.000000 5.585994 945.592584
1A5 71,234,595.41 6.750000% 055240FH3 0.000000 3.461366 615.353876
1A6 30,359,047.21 8.145962% 055240GJ8 3.964530 1.760203 684.347586
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 11.887763 5.416667 988.112237
2A2 24,109,000.00 6.500000% 055240FY6 0.000000 5.416667 1,000.000000
2A3 13,675,450.01 6.500000% 055240FZ3 0.000000 1.693151 312.581714
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 22,619,687.97 6.500000% 055240GC3 3.737933 5.096644 937.180868
1X1 0.00 0.052563% 055240FT7 0.000000 0.000000 0.000000
1X2 96,559,318.78 0.052563% 055240FU4 0.000000 0.042245 951.311084
1X3 56,838,000.00 0.052563% 055240FV2 0.000000 0.043802 1,000.000000
1X4 71,245,463.32 0.052563% 055240FW0 0.000000 0.023074 526.783514
2X 1,251,767.39 6.500000% 055240GH2 0.000000 3.780729 694.342699
2PO 247,736.74 0.000000% 055240GD1 3.288090 0.000000 784.019006
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 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 93,198,420.45 0.000000% 0.000000 0.000000 625.702722
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,828,788.71 6.750000% 055240FQ3 0.911737 5.544890 984.846544
1B1 2,678,305.24 6.750000% 055240FR1 0.911737 5.544890 984.846543
1B2 1,417,520.41 6.750000% 055240FS9 0.911737 5.544890 984.846548
1B3 1,103,063.52 6.750000% 055240GK5 0.911737 5.544890 984.846549
1B4 787,620.87 6.750000% 055240GM1 0.911737 5.544890 984.846551
1B5 788,334.05 6.750000% 055240GP4 0.911544 5.544897 984.847865
2M 874,113.56 6.500000% 055240GE9 3.737933 5.096643 937.180866
2B1 408,358.76 6.500000% 055240GF6 3.737933 5.096644 937.180868
2B2 290,743.91 6.500000% 055240GG4 3.737933 5.096643 937.180866
2B3 350,021.79 6.500000% 055240GR0 3.737933 5.096643 937.180861
2B4 175,010.90 6.500000% 055240GT6 3.737933 5.096643 937.180861
2B5 233,056.37 6.500000% 055240GV1 3.737812 5.096636 937.179540
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 333,950,795.52 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 242,331,538.39 89,858,488.47 332,190,026.86
loan count 744 281 1025
average loan rate 7.427536% 7.046922% 7.32
prepayment amount 1,110,693.79 66,040.92 1,176,734.71
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 79,856.86 35,371.12 115,227.97
sub servicer fees 0.00 0.00 0.00
trustee fees 913.75 338.56 1,252.32
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 2,436,676.14 902,831.80 3,339,507.95
Special Hazard 2,436,676.14 1,774,418.46 4,211,094.60
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.533787% 100.000000% 319,015,857.41
-----------------------------------------------------------------------------
Junior 4.466213% 0.000000% 14,914,019.64
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 3,674,235.88 3,674,235.88
Principal remittance amount 1,888,889.93 1,888,889.93
Interest remittance amount 1,785,345.95 1,785,345.95
