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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 80,759,013.76 6.750000% 2,430,779.86 454,269.45 2,885,049.32 0.00 0.00
1A6 33,925,713.12 8.130062% 1,012,693.14 84,595.56 1,097,288.70 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 22,173,915.61 6.500000% 2,297,376.55 120,108.71 2,417,485.26 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 23,227,367.20 6.500000% 84,785.31 125,814.91 210,600.21 0.00 0.00
1X1 1,706,253.92 0.053273% 0.00 75.75 75.75 0.00 0.00
1X2 100,119,000.00 0.053273% 0.00 4,444.68 4,444.68 0.00 0.00
1X3 56,838,000.00 0.053273% 0.00 2,523.26 2,523.26 0.00 0.00
1X4 83,230,450.61 0.053273% 0.00 3,694.93 3,694.93 0.00 0.00
2X 1,417,634.88 6.500000% 0.00 7,678.86 7,678.86 0.00 0.00
2PO 266,125.71 0.000000% 2,775.84 0.00 2,775.84 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 105,659,510.62 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,865,188.77 6.750000% 5,062.01 32,991.69 38,053.70 0.00 0.00
1B1 2,695,030.92 6.750000% 2,325.97 15,159.55 17,485.52 0.00 0.00
1B2 1,426,372.65 6.750000% 1,231.05 8,023.35 9,254.39 0.00 0.00
1B3 1,109,952.01 6.750000% 957.96 6,243.48 7,201.44 0.00 0.00
1B4 792,539.46 6.750000% 684.01 4,458.03 5,142.04 0.00 0.00
1B5 793,256.83 6.750000% 684.61 4,462.07 5,146.68 0.00 0.00
2M 897,596.68 6.500000% 3,276.44 4,861.98 8,138.42 0.00 0.00
2B1 419,329.34 6.500000% 1,530.65 2,271.37 3,802.02 0.00 0.00
2B2 298,554.76 6.500000% 1,089.79 1,617.17 2,706.97 0.00 0.00
2B3 359,425.15 6.500000% 1,311.99 1,946.89 3,258.87 0.00 0.00
2B4 179,712.57 6.500000% 655.99 973.44 1,629.44 0.00 0.00
2B5 239,317.29 6.500000% 873.45 1,296.30 2,169.75 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 360,817,304.84 - 5,848,094.62 1,922,709.93 7,770,804.55 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 78,328,233.89 0.00
1A6 33,058,272.88 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 19,876,539.06 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,142,581.89 0.00
1X1 877,767.19 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 80,771,071.42 0.00
2X 1,352,573.65 0.00
2PO 263,349.87 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 102,479,246.29 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,860,126.76 0.00
1B1 2,692,704.95 0.00
1B2 1,425,141.60 0.00
1B3 1,108,994.06 0.00
1B4 791,855.46 0.00
1B5 792,572.23 0.00
2M 894,320.24 0.00
2B1 417,798.69 0.00
2B2 297,464.97 0.00
2B3 358,113.16 0.00
2B4 179,056.58 0.00
2B5 238,443.84 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 355,114,463.12 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 80,759,013.76 6.750000% 055240FH3 20.998081 3.924167 676.631657
1A6 33,925,713.12 8.130062% 055240GJ8 22.863682 1.909923 746.360194
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 22,173,915.61 6.500000% 055240FZ3 52.511464 2.745342 454.320893
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 23,227,367.20 6.500000% 055240GC3 3.526843 5.233565 962.669796
1X1 1,706,253.92 0.053273% 055240FT7 0.000000 0.010488 121.540735
1X2 100,119,000.00 0.053273% 055240FU4 0.000000 0.044394 1,000.000000
1X3 56,838,000.00 0.053273% 055240FV2 0.000000 0.044394 1,000.000000
1X4 83,230,450.61 0.053273% 055240FW0 0.000000 0.027320 597.215134
2X 1,417,634.88 6.500000% 055240GH2 0.000000 4.281702 754.190143
2PO 266,125.71 0.000000% 055240GD1 8.821628 0.000000 836.926704
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 105,659,510.62 0.000000% 0.000000 0.000000 688.011053
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,865,188.77 6.750000% 055240FQ3 0.856082 5.579517 991.058136
1B1 2,695,030.92 6.750000% 055240FR1 0.856082 5.579517 991.058134
1B2 1,426,372.65 6.750000% 055240FS9 0.856082 5.579517 991.058139
1B3 1,109,952.01 6.750000% 055240GK5 0.856082 5.579517 991.058140
1B4 792,539.46 6.750000% 055240GM1 0.856082 5.579518 991.058142
1B5 793,256.83 6.750000% 055240GP4 0.856057 5.579522 991.058969
2M 897,596.68 6.500000% 055240GE9 3.526843 5.233565 962.669793
2B1 419,329.34 6.500000% 055240GF6 3.526843 5.233565 962.669786
2B2 298,554.76 6.500000% 055240GG4 3.526843 5.233565 962.669804
2B3 359,425.15 6.500000% 055240GR0 3.526843 5.233565 962.669793
2B4 179,712.57 6.500000% 055240GT6 3.526843 5.233565 962.669793
2B5 239,317.29 6.500000% 055240GV1 3.526395 5.233566 962.670436
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 360,817,304.84 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg principal balance 258,037,794.23 97,076,668.74 355,114,462.97
Agg loan count 795 301 1096
Agg average loan rate 7.439342% 7.053338% 7.33
Agg prepay amount 3,083,596.21 2,030,590.51 5,114,186.72
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 89,837.23 34,263.48 124,100.71
Sub servicer fees 0.00 0.00 0.00
Trustee fees 980.05 373.01 1,353.06
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 2,613,469.60 994,703.45 3,608,173.05
Special Hazard 2,613,469.60 1,833,903.06 4,447,372.66
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.826859% 100.000000% 345,741,028.39
-----------------------------------------------------------------------------
Junior 4.173141% 0.000000% 15,056,592.53
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 7,770,804.55 7,770,804.55
Principal remittance amount 5,848,094.62 5,848,094.62
Interest remittance amount 1,922,709.93 1,922,709.93
