<PAGE>
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: February 22, 1999
(Date of earliest event reported)
Commission File No. 333-67267
Bank of America Mortgage Securities, Inc.
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Delaware 94-324470
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(State of Incorporation) (I.R.S. Employer Identification No.)
345 Montgomery Street, Lower Level #2, Unit #8152, San Francisco, CA 94104
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Address of principal executive offices (Zip Code)
(415) 445-4779
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Registrant's Telephone Number, including area code
BA Mortgage Securities, Inc.
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(Former name, former address and former fiscal year, if changed since last
report)
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ITEM 5. Other Events
------------
Attached as an exhibit are the Computational Materials (as defined in
the no-action letter dated May 21, 1994 issued by the Securities and Exchange
Commission to Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co.
Incorporated and Kidder Structured Asset Corporation (the "Kidder Letter"))
prepared by NationsBanc Montgomery Securities LLC, which are hereby filed
pursuant to such letter.
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<PAGE>
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(99) Computational Materials
prepared by NationsBanc
Montgomery Securities LLC in
connection with Bank of America
Mortgage Securities, Inc., Mortgage
Pass-Through Certificates,
Series 1999-1
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<PAGE>
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 hereunto duly authorized.
BANK OF AMERICA MORTGAGE
SECURITIES, INC.
February 22, 1999
By: /s/ Russell Thompson
--------------------------------------------
Russell Thompson
Senior Vice President
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<PAGE>
INDEX TO EXHIBITS
-----------------
Paper (P) or
Exhibit No. Description Electronic (E)
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(99) Collateral Term Sheets E
prepared by NationsBanc
Montgomery Securities
LLC in connection
with Bank of America
Mortgage Securities, Inc., Mortgage
Pass-Through Certificates, Series 1999-1
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<PAGE>
Exhibit No. 99
<PAGE>
WAC IO-PO Calculator
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p/l coup 6.5000
srv fee 0.2535
number: 15
<TABLE>
<CAPTION>
owac net wac loan balance discount loans premium loans po size par bonds orig term wam age
- ---- ------- ------------ -------------- ------------- ------- --------- --------- --- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.375 6.122 $ 2,355,057.92 $ 2,355,057.92 $ - $ 137,136.83 $ 2,217,921.09 360 358 2
6.500 6.247 $ 15,480,098.70 $ 15,480,098.70 $ - $ 603,723.85 $ 14,876,374.85 360 358 2
6.625 6.372 $ 21,198,526.54 $ 21,198,526.54 $ - $ 419,078.56 $ 20,779,447.98 360 358 2
6.750 6.497 $ 85,535,445.36 $ 85,535,445.38 $ - $ 46,057.55 $ 85,489,387.83 360 358 2
6.875 6.622 $ 73,375,467.21 $ - $ 73,375,467.21 $ - $ 73,375,467.21 360 358 2
7.000 6.747 $ 87,374,579.13 $ - $ 87,374,579.13 $ - $ 87,374,579.13 360 358 2
7.125 6.872 $ 103,527,146.42 $ - $ 103,527,146.42 $ - $ 103,527,146.42 360 358 2
7.250 6.997 $ 64,263,058.62 $ - $ 64,263,058.62 $ - $ 64,263,058.62 360 358 2
7.375 7.122 $ 57,214,322.72 $ - $ 57,214,322.72 $ - $ 57,214,322.72 360 358 2
7.500 7.247 $ 31,216,411.57 $ - $ 31,216,411.57 $ - $ 31,216,411.57 360 358 2
7.625 7.372 $ 21,590,994.48 $ - $ 21,590,994.48 $ - $ 21,590,994.48 360 358 2
7.750 7.497 $ 9,391,758.20 $ - $ 9,391,758.20 $ - $ 9,391,758.20 360 358 2
7.875 7.622 $ 5,560,591.83 $ - $ 5,560,591.83 $ - $ 5,560,591.83 360 358 2
8.000 7.747 $ 791,721.21 $ - $ 791,721.21 $ - $ 791,721.21 360 358 2
8.125 7.872 $ 786,560.00 $ - $ 786,560.00 $ - $ 786,560.00 360 358 2
8.250 7.997 $ - $ - $ - $ - $ - 360 358 2
8.375 8.122 $ - $ - $ - $ - $ - 360 358 2
8.500 8.247 $ - $ - $ - $ - $ - 360 358 2
8.625 8.372 $ - $ - $ - $ - $ - 360 358 2
8.750 8.497 $ - $ - $ - $ - $ - 360 358 2
8.875 8.622 $ - $ - $ - $ - $ - 360 358 2
9.000 8.747 $ - $ - $ - $ - $ - 360 358 2
9.125 8.872 $ - $ - $ - $ - $ - 360 358 2
6.950 6.697 $ 649,174.37 $ - $ 649,174.37 $ - $ 649,174.37 360 358 2
7.083957965 6.830 $ 600,310,914.30 $ 124,569,128.54 $ 475,741,785.76 $ 1,205,996.79 $ 599,104,917.51 360 358 2
7,18696308 6.5387705035
scale $600,000,000.00 $ 124,504,611.43 $ 475,495,388.57 $ 1,205,372.18 $ 598,794,627.82
amount gross wac servicing fee net wac orig term wam age
discount pool $ 124,504,611.43 6.69057125 0.25350000 6.43707125 360 358 2
Rep Lines discount pool $ 475,495,388.57 7.18696308 0.25350000 6.93346308 360 358 2
- ---------
total $ 600,000,000.00 7.08395796 0.25350000 6.830457965 360 358 2
<CAPTION>
</TABLE>
----------------------------------------------
- - -
- -
- -
- -
4233200.03 ####### 6,915,119 61,291,444.95
6721121.47 0.24650 21,537,834 150,764,836.29
9954533.31 0.37150 38,460,335 274,029,886.13
9722650.61 0.49650 41,636,609 303,315,412.39
7701928.06 0.62150 35,658,702 262,245,424.08
4802524.86 0.74650 23,303,051 174,772,684.28
3736902.69 0.87150 18,616,552 143,476,206.63
1806107.35 0.99650 9,358,687 72,531,374.61
1176279.04 1.12150 6,236,204 49,110,104.43
182704.69 1.24650 986,880 7,695,043.91
196640.00 1.37150 1,078,767 8,764,982.20
0.00 1.49650 - -
0.00 1.62150 - -
0.00 1.74650 - -
0.00 1.87150 - -
0.00 1.99650 - -
0.00 2.12150 - -
0.00 2.24650 - -
0.00 2.37150 - -
44942.84 0.19650 127,563 886,561.21
- -
0.10568663 0.41472
206,216,502 1,509,084,161.10
7.318%
10Wac
----------------------------------------------
<PAGE>
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NationsBanc Montgomery Securities
-------------------------------------------
NationsBanc Montgomery Securities LLC
NationsBank
Bank of America Mortgage Securities, Inc.
BOAMS 1999-1
30 Year Jumbo Fixed Rate Product
Collateral Description
<TABLE>
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<S> <C>
Product Jumbo 30 Year Fixed
Amount 600,000,000 +/2%
Settle February 23, 1999
Gross WAC 7.070% +/-5bps
WAC Range Range less than 200 bps
Servicing Fee 25 bps
WAM 356 +/2 mos
Weighted Average LTV (less than or equal to) 75.00%
LTV (greater than) 80% and (less than) 90.01% (less than) 10.00%
LTV (greater than) 90% (less than) 4.00%
Maximum Loan Amount $1,250,000
Average Loan Balance $340,000 +/-$20,000
Occupancy (greater than) 90% Owner Occupied
(greater than) 95% Primary
(less than) 4% Secondary
(less than) 2% Investor
Delinquency All Current
Property Type (less than) 95% SF and PUD
Documentation Type (more than) 97% Full/Alt
Loan Purpose (less than) 16% cash-out
State Concentration (less than or equal to) 35% CA
Zip Code Concentration No Greater than 2%
Delivery Variance Plus/Minus 2%
PMI All Loans (greater than) 80% LTV
Approximate Subordination 4.00% +/-50 bps
Expected Rating Agencies Moody's or S & P plus 1 other
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</TABLE>
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter consider reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matter reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities herein or otherwise, will be superceded by the information
contained in any final prospectus for any securities actually sold to you. This
material is furnished solely by the Underwriter and not by the issuer of the
securities. The issuer of the securities has not prepared, reviewed or
participated in the preparation of this material, is not responsible for the
accuracy of this material and has not authorized the dissemination of this
material. The Underwriter is acting as underwriter and not acting as agent for
the issuer in connection with the proposed transaction.
- --------------------------------------------------------------------------------
<PAGE>
---------------------------------------
NationsBanc Montgomery Securities
---------------------------------------
NationsBanc Montgomery Securities LLC
NationsBank
Bank of America Mortgage Securities, Inc.
BOAMS 1999-1
30 Year Jumbo Fixed Rate Product
Collateral Description
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Product Jumbo 30 Year Fixed
Amount 600,000,000 +/-5%
Settle February 26, 1999
Gross WAC 7.070% +/-10bps
WAC Range Range (less than) 200bps
Servicing Fee 25 bps
WAM 356 +/-2mos
Weighted Average LTV (less than or equal to) 75.00%
LTV (more than) 80% and (less than) 90.01% (less than) 10.00%
LTV (more than) 90% (less than) 4.00%
Maximum Loan Amount $1,250,000
Average Loan Balance $340,000 +/-$20,
Occupancy (more than) 90% Owner Occupied
(more than) 95% Primary
(less than) 4% Secondary
(less than) 2% Investor
Delinquency All Current
Property Type (more than) 95% SF and PUD
Documentation Type (more than) 97% Full/Alt
Loan Purpose (less than) 20% cash-out
State Concentration (less than or equal to) 35% CA
Zip Code Concentration No Greater than 2%
Delivery Variance Plus/Minus 2%
PMI All Loans (more than) 80% LTV
Approximate Subordination 4.00% +/-50 bps
Expected Rating Agencies Moody's or S & P plus 1 other
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</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter consider reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matter reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities herein or otherwise, will be superceded by the information
contained in any final prospectus for any securities actually sold to you. This
material is furnished solely by the Underwriter and not by the issuer of the
securities. The issuer of the securities has not prepared, reviewed or
participated in the preparation of this material, is not responsible for the
accuracy of this material and has not authorized the dissemination of this
material. The Underwriter is acting as underwriter and not acting as agent for
the issuer in connection with the proposed transaction.
