BANK OF AMERICA MORTGAGE SECURITIES INC
8-K, 1999-02-02
ASSET-BACKED SECURITIES
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                      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): August 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  August  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  August  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: August 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 August 25, 1998



                             Payment Date: 08/25/98


          ------------------------------------------------------------
                          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       114,271,862.30    6.750000%       949,407.05    642,779.23    1,592,186.27       0.00       0.00
                        1A6        44,440,803.31    8.049385%       126,836.78    267,103.31      393,940.09       0.00       0.00
                        1A7        12,874,666.67    7.000000%     2,500,973.91     75,102.22    2,576,076.13       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        43,192,624.71    6.500000%     1,108,564.84    233,960.05    1,342,524.89       0.00       0.00
                        2A4         1,005,416.67    6.500000%             0.00          0.00            0.00       0.00       0.00
                        2A5           856,615.00    6.500000%             0.00          0.00            0.00       0.00       0.00
                        2A6        23,961,829.79    6.500000%        79,050.04    129,793.24      208,843.28       0.00       0.00
                        1X1         6,899,770.28    0.055088%             0.00        316.75          316.75       0.00       0.00
                        1X2       100,119,000.00    0.055088%             0.00      4,596.16        4,596.16       0.00       0.00
                        1X3        56,838,000.00    0.055088%             0.00      2,609.26        2,609.26       0.00       0.00
                        1X4       134,311,737.36    0.055088%             0.00      6,165.85        6,165.85       0.00       0.00
                        2X          1,784,266.62    6.500000%             0.00      9,664.78        9,664.78       0.00       0.00
                        2PO           313,600.04    0.000000%         3,520.67          0.00        3,520.67       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          0.09            0.09       0.00       0.00
                        R3                  0.00    6.750000%             0.00          0.00            0.00       0.00       0.00
                        SEG       147,653,458.97    0.000000%             0.00          0.00            0.00       0.00       0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate             1M          5,908,406.65    6.750000%         4,630.74     33,234.79       37,865.53       0.00       0.00
                        1B1         2,714,889.37    6.750000%         2,127.81     15,271.25       17,399.06       0.00       0.00
                        1B2         1,436,882.93    6.750000%         1,126.16      8,082.47        9,208.63       0.00       0.00
                        1B3         1,118,130.74    6.750000%           876.34      6,289.49        7,165.83       0.00       0.00
                        1B4           798,379.32    6.750000%           625.73      4,490.88        5,116.62       0.00       0.00
                        1B5           799,101.76    6.750000%           626.26      4,494.95        5,121.21       0.00       0.00
                        2M            925,979.20    6.500000%         3,054.80      5,015.72        8,070.52       0.00       0.00
                        2B1           432,588.77    6.500000%         1,427.11      2,343.19        3,770.30       0.00       0.00
                        2B2           307,995.23    6.500000%         1,016.08      1,668.31        2,684.38       0.00       0.00
                        2B3           370,790.38    6.500000%         1,223.24      2,008.45        3,231.68       0.00       0.00
                        2B4           185,395.19    6.500000%           611.62      1,004.22        1,615.84       0.00       0.00
                        2B5           246,884.59    6.500000%           814.47      1,337.29        2,151.76       0.00       0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals          -        -        441,551,735.62     -            4,786,513.64  2,492,530.45    7,279,044.09     -          -     
- ----------------------------------------------------------------------------------------------------------------------------------
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       113,322,455.25              0.00   
                                1A6        44,344,964.18              0.00   
                                1A7        10,373,692.76              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        42,084,059.87              0.00   
                                2A4         1,010,862.68              0.00   
                                2A5           861,255.00              0.00   
                                2A6        23,882,779.75              0.00   
                                1X1         6,526,238.82              0.00   
                                1X2       100,119,000.00              0.00   
                                1X3        56,838,000.00              0.00   
                                1X4       131,151,712.38              0.00   
                                2X          1,771,830.63              0.00   
                                2PO           310,079.37              0.00   
Residual                        R1                  0.00              0.00   
                                R2                  0.00              0.00   
                                R3                  0.00              0.00   
                                SEG       146,735,049.57              0.00   
- --------------------------------------------------------------------------------
Subordinate                     1M          5,903,775.91              0.00   
                                1B1         2,712,761.56              0.00   
                                1B2         1,435,756.77              0.00   
                                1B3         1,117,254.40              0.00   
                                1B4           797,753.59              0.00   
                                1B5           798,475.46              0.00   
                                2M            922,924.39              0.00   
                                2B1           431,161.66              0.00   
                                2B2           306,979.16              0.00   
                                2B3           369,567.14              0.00   
                                2B4           184,783.57              0.00   
                                2B5           246,070.13              0.00   
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals            -              -        436,806,305.60     -
- --------------------------------------------------------------------------------

</TABLE>
<PAGE>
                             Payment Date: 08/25/98


          ------------------------------------------------------------
                          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   114,271,862.30     6.750000% 055240FH3     8.201370      5.552593    978.926204  
                           1A6    44,440,803.31     8.049385% 055240GJ8     2.863608      6.030420  1,001.181041  
                           1A7    12,874,666.67     7.000000% 055240FJ9   195.388586      5.867361    810.444747  
                           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    43,192,624.71     6.500000% 055240FZ3    25.338625      5.347658    961.921368  
                           2A4     1,005,416.67     6.500000% 055240GA7     0.000000      0.000000  1,010.862677  
                           2A5       856,615.00     6.500000% 055240GB5     0.000000      0.000000  1,010.862674  
                           2A6    23,961,829.79     6.500000% 055240GC3     3.288271      5.399053    993.460056  
                           1X1     6,899,770.28     0.055088% 055240FT7     0.000000      0.043859    903.660872  
                           1X2   100,119,000.00     0.055088% 055240FU4     0.000000      0.045907  1,000.000000  
                           1X3    56,838,000.00     0.055088% 055240FV2     0.000000      0.045907  1,000.000000  
                           1X4   134,311,737.36     0.055088% 055240FW0     0.000000      0.045590    969.725745  
                           2X      1,784,266.62     6.500000% 055240GH2     0.000000      5.389045    987.966307  
                           2PO       313,600.04     0.000000% 055240GD1    11.188697      0.000000    985.433209  
Residual                   R1              0.00     6.750000% 055240FM2     0.000000      0.000000      0.000000  
                           R2              0.00     6.500000% 055240FN0     0.000000      1.881893      0.000000  
                           R3              0.00     6.750000% 055240FP5     0.000000      0.000000      0.000000  
                           SEG   147,653,458.97     0.000000%               0.000000      0.000000    985.129571  
- ------------------------------------------------------------------------------------------------------------------------
Subordinate                1M      5,908,406.65     6.750000% 055240FQ3     0.783146      5.620630    998.440032  
                           1B1     2,714,889.37     6.750000% 055240FR1     0.783146      5.620630    998.440029  
                           1B2     1,436,882.93     6.750000% 055240FS9     0.783146      5.620630    998.440035  
                           1B3     1,118,130.74     6.750000% 055240GK5     0.783146      5.620630    998.440036  
                           1B4       798,379.32     6.750000% 055240GM1     0.783146      5.620630    998.440038  
                           1B5       799,101.76     6.750000% 055240GP4     0.783096      5.620633    998.440572  
                           2M        925,979.20     6.500000% 055240GE9     3.288271      5.399053    993.460054  
                           2B1       432,588.77     6.500000% 055240GF6     3.288271      5.399053    993.460046  
                           2B2       307,995.23     6.500000% 055240GG4     3.288271      5.399053    993.460065  
                           2B3       370,790.38     6.500000% 055240GR0     3.288271      5.399053    993.460054  
                           2B4       185,395.19     6.500000% 055240GT6     3.288271      5.399053    993.460054  
                           2B5       246,884.59     6.500000% 055240GV1     3.288271      5.399053    993.460091  
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals       -             -     441,551,735.62       -            -           -             -           -      
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 314,786,782.53  122,019,523.31   436,806,305.84 
Aggregated loan count          946             355             1301 
Aggregated ave loan rate 7.475014%       7.077470%             7.36 
Aggregated prepay amt 3,306,718.96      782,727.99     4,089,446.95 

- --------------------------------------------------------------------------------
                                FEES AND ADVANCES
- --------------------------------------------------------------------------------
                                                            Total
                                                            -----
Servicing fees         116,285.92        48,323.92       164,609.84 
Sub servicer fees            0.00             0.00             0.00 
Trustee fees             1,193.79           462.03         1,655.82 


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                           0.00           0.00             0.00 
Special Hazard          3,516,713.42   1,906,934.96     5,423,648.38 


                         Aggregate Certificate Information
   -----------------------------------------------------------------------------
   Class            Aggregate           Aggregate                     Aggregate
   Type            Percentage           Prepay Pct.              End Cert. Bal.
   -----------------------------------------------------------------------------
   Senior           96.551278%           100.000000%            426,306,311.49
   -----------------------------------------------------------------------------
   Junior            3.448722%             0.000000%             15,227,263.74
   -----------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          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            7,279,044.09          7,279,044.09
Principal remittance amount            4,786,513.64          4,786,513.64
Interest remittance amount             2,492,530.45          2,492,530.45





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