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): October 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 October 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 October 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: October 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 October 25, 1998
Payment Date: 10/25/98
------------------------------------------------------------
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 112,432,845.14 6.750000% 1,122,942.82 632,434.75 1,755,377.57 0.00 0.00
1A6 44,262,647.58 8.034315% 204,754.89 100,906.21 305,661.10 0.00 0.00
1A7 6,469,368.09 7.000000% 4,634,574.97 0.00 4,634,574.97 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 40,955,712.84 6.500000% 404,429.42 221,843.44 626,272.86 0.00 0.00
2A4 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2A5 728,867.25 6.500000% 0.00 0.00 0.00 0.00 0.00
2A6 23,803,283.73 6.500000% 80,389.35 128,934.45 209,323.80 0.00 0.00
1X1 6,101,485.47 0.053703% 0.00 273.06 273.06 0.00 0.00
1X2 100,119,000.00 0.053703% 0.00 4,480.56 4,480.56 0.00 0.00
1X3 56,838,000.00 0.053703% 0.00 2,543.64 2,543.64 0.00 0.00
1X4 131,151,712.38 0.053703% 0.00 5,869.35 5,869.35 0.00 0.00
2X 1,706,086.39 6.500000% 0.00 9,241.30 9,241.30 0.00 0.00
2PO 308,994.29 0.000000% 1,109.75 0.00 1,109.75 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.12 0.12 0.00 0.00
R2 0.00 6.500000% 0.00 0.01 0.01 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 145,937,502.64 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,899,108.19 6.750000% 4,632.52 33,182.48 37,815.00 0.00 0.00
1B1 2,710,616.76 6.750000% 2,128.62 15,247.22 17,375.84 0.00 0.00
1B2 1,434,621.61 6.750000% 1,126.60 8,069.75 9,196.34 0.00 0.00
1B3 1,116,371.06 6.750000% 876.68 6,279.59 7,156.26 0.00 0.00
1B4 797,122.86 6.750000% 625.97 4,483.82 5,109.79 0.00 0.00
1B5 797,844.16 6.750000% 626.54 4,487.87 5,114.41 0.00 0.00
2M 919,852.35 6.500000% 3,106.56 4,982.53 8,089.09 0.00 0.00
2B1 429,726.50 6.500000% 1,451.29 2,327.69 3,778.97 0.00 0.00
2B2 305,957.35 6.500000% 1,033.29 1,657.27 2,690.56 0.00 0.00
2B3 368,337.00 6.500000% 1,243.96 1,995.16 3,239.12 0.00 0.00
2B4 184,168.50 6.500000% 621.98 997.58 1,619.56 0.00 0.00
2B5 245,251.10 6.500000% 828.27 1,328.44 2,156.71 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 429,559,589.40 - 6,466,503.48 2,226,764.81 8,693,268.28 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 111,309,902.32 0.00
1A6 44,253,336.53 0.00
1A7 1,872,531.10 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 40,551,283.42 0.00
2A4 0.00 0.00
2A5 732,815.28 0.00
2A6 23,722,894.39 0.00
1X1 5,625,616.53 0.00
1X2 100,119,000.00 0.00
1X3 56,838,000.00 0.00
1X4 121,470,603.17 0.00
2X 1,699,402.68 0.00
2PO 307,884.54 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 145,010,003.66 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,894,475.68 0.00
1B1 2,708,488.14 0.00
1B2 1,433,495.02 0.00
1B3 1,115,494.39 0.00
1B4 796,496.89 0.00
1B5 797,217.62 0.00
2M 916,745.79 0.00
2B1 428,275.21 0.00
2B2 304,924.06 0.00
2B3 367,093.04 0.00
2B4 183,546.52 0.00
2B5 244,422.83 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 423,330,215.77 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
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 112,432,845.14 6.750000% 055240FH3 9.700444 5.463233 961.540940
1A6 44,262,647.58 8.034315% 055240GJ8 4.622773 2.278170 999.112354
1A7 6,469,368.09 7.000000% 055240FJ9 362.076170 0.000000 146.291492
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 40,955,712.84 6.500000% 055240FZ3 9.244101 5.070707 926.886478
2A4 0.00 6.500000% 055240GA7 0.000000 0.000000 0.000000
2A5 728,867.25 6.500000% 055240GB5 0.000000 0.000000 860.111837
2A6 23,803,283.73 6.500000% 055240GC3 3.343983 5.363330 986.809251
1X1 6,101,485.47 0.053703% 055240FT7 0.000000 0.037809 778.955487
1X2 100,119,000.00 0.053703% 055240FU4 0.000000 0.044752 1,000.000000
1X3 56,838,000.00 0.053703% 055240FV2 0.000000 0.044752 1,000.000000
1X4 131,151,712.38 0.053703% 055240FW0 0.000000 0.043398 898.144363
2X 1,706,086.39 6.500000% 055240GH2 0.000000 5.152916 947.580743
2PO 308,994.29 0.000000% 055240GD1 3.526794 0.000000 978.458022
Residual R1 0.00 6.750000% 055240FM2 0.000000 2.320623 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.209663 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 145,937,502.64 0.000000% 0.000000 0.000000 973.548195
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,899,108.19 6.750000% 055240FQ3 0.783446 5.611785 996.867187
1B1 2,710,616.76 6.750000% 055240FR1 0.783446 5.611785 996.867184
1B2 1,434,621.61 6.750000% 055240FS9 0.783446 5.611785 996.867190
1B3 1,116,371.06 6.750000% 055240GK5 0.783446 5.611785 996.867190
1B4 797,122.86 6.750000% 055240GM1 0.783446 5.611785 996.867192
1B5 797,844.16 6.750000% 055240GP4 0.783447 5.611788 996.867726
2M 919,852.35 6.500000% 055240GE9 3.343983 5.363330 986.809248
2B1 429,726.50 6.500000% 055240GF6 3.343983 5.363330 986.809241
2B2 305,957.35 6.500000% 055240GG4 3.343983 5.363330 986.809259
2B3 368,337.00 6.500000% 055240GR0 3.343983 5.363330 986.809248
2B4 184,168.50 6.500000% 055240GT6 3.343983 5.363330 986.809248
2B5 245,251.10 6.500000% 055240GV1 3.343983 5.363331 986.809447
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 429,559,589.40 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 304,161,330.33 119,168,885.64 423,330,215.97
Aggregated loan count 925 348 1273
Aggregated avee loan rate 7.467090% 7.073725% 7.36
Aggregated prepay amt 5,495,731.61 86,149.68 5,581,881.29
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 107,790.38 49,193.28 156,983.66
sub servicer fees 0.00 0.00 0.00
trustee fees 1,162.13 448.72 1,610.85
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 3,099,004.38 1,196,591.51 4,295,595.90
Special Hazard 3,511,161.83 1,891,031.92 5,402,193.75
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.463512% 100.000000% 414,350,611.93
-----------------------------------------------------------------------------
Junior 3.536488% 0.000000% 15,190,675.18
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 8,693,268.28 8,693,268.28
Principal remittance amount 6,466,503.48 6,466,503.48
Interest remittance amount 2,226,764.81 2,226,764.81
