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): March 25, 2000
BAMS
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-3)
(Exact name of registrant as specified in charter)
North Carolina 33-63714 13-4078651
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
100 N. Tryon St., Charlotte, NC 28255
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (704)-388-5770
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 March 25, 2000, 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 March 25, 2000 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: March 25, 2000
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 March 25, 2000
Payment Date: 03/25/00
------------------------------------------------------------
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 21,970,335.86 6.500000% 219,225.34 119,005.99 338,231.33 0.00 0.00
1A2 37,090,321.00 6.650000% 370,096.23 205,542.20 575,638.42 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,764,953.12 7.000000% 0.00 10,295.56 10,295.56 0.00 0.00
1A5 71,234,595.41 6.750000% 0.00 400,694.60 400,694.60 0.00 0.00
1A6 30,223,795.06 8.118590% 150,176.86 76,356.52 226,533.38 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 25,801,500.49 6.500000% 422,521.38 139,758.13 562,279.51 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 22,347,941.75 6.500000% 91,999.19 121,051.35 213,050.54 0.00 0.00
1X1 0.00 0.052421% 0.00 0.00 0.00 0.00 0.00
1X2 92,820,151.29 0.052421% 0.00 4,054.78 4,054.78 0.00 0.00
1X3 56,838,000.00 0.052421% 0.00 2,482.93 2,482.93 0.00 0.00
1X4 71,245,463.32 0.052421% 0.00 3,112.31 3,112.31 0.00 0.00
2X 1,220,101.16 6.500000% 0.00 6,608.88 6,608.88 0.00 0.00
2PO 242,780.70 0.000000% 1,568.89 0.00 1,568.89 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 5,812,469.98 6.750000% 5,572.26 32,695.14 38,267.41 0.00 0.00
1B1 2,670,806.85 6.750000% 2,560.43 15,023.29 17,583.72 0.00 0.00
1B2 1,413,551.81 6.750000% 1,355.14 7,951.23 9,306.36 0.00 0.00
1B3 1,099,975.30 6.750000% 1,054.52 6,187.36 7,241.88 0.00 0.00
1B4 785,415.79 6.750000% 752.96 4,417.96 5,170.92 0.00 0.00
1B5 786,127.15 6.750000% 753.50 4,421.97 5,175.46 0.00 0.00
2M 863,612.22 6.500000% 3,555.21 4,677.90 8,233.11 0.00 0.00
2B1 403,452.86 6.500000% 1,660.88 2,185.37 3,846.25 0.00 0.00
2B2 287,251.00 6.500000% 1,182.52 1,555.94 2,738.46 0.00 0.00
2B3 345,816.73 6.500000% 1,423.61 1,873.17 3,296.79 0.00 0.00
2B4 172,908.37 6.500000% 711.81 936.59 1,648.39 0.00 0.00
2B5 230,256.53 6.500000% 947.89 1,247.22 2,195.11 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 328,342,257.88 - 1,277,118.62 1,753,083.19 3,030,201.81 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 21,751,110.52 0.00
1A2 36,720,224.77 0.00
1A3 31,774,000.00 0.00
1A4 1,754,362.36 0.00
1A5 71,234,595.41 0.00
1A6 30,201,740.52 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 25,378,979.11 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 22,255,942.57 0.00
1X1 0.00 0.00
1X2 92,220,065.39 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,213,778.51 0.00
2PO 241,211.82 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 5,806,897.71 0.00
1B1 2,668,246.42 0.00
1B2 1,412,196.68 0.00
1B3 1,098,920.78 0.00
1B4 784,662.83 0.00
1B5 785,373.65 0.00
2M 860,057.01 0.00
2B1 401,791.97 0.00
2B2 286,068.48 0.00
2B3 344,393.12 0.00
2B4 172,196.56 0.00
2B5 229,308.64 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 327,193,261.57 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/00
------------------------------------------------------------
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 21,970,335.86 6.500000% 055240FD2 8.769014 4.760239 870.044421
1A2 37,090,321.00 6.650000% 055240FE0 8.769014 4.870091 870.044421
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,764,953.12 7.000000% 055240FG5 0.000000 5.386634 917.881864
1A5 71,234,595.41 6.750000% 055240FH3 0.000000 3.461366 615.353876
1A6 30,223,795.06 8.118590% 055240GJ8 3.390559 1.723909 681.867955
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 25,801,500.49 6.500000% 055240FX8 15.476974 5.119345 929.632934
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 22,347,941.75 6.500000% 055240GC3 3.826921 5.035414 925.787960
1X1 0.00 0.052421% 055240FT7 0.000000 0.000000 0.000000
1X2 92,820,151.29 0.052421% 055240FU4 0.000000 0.040500 921.104539
1X3 56,838,000.00 0.052421% 055240FV2 0.000000 0.043684 1,000.000000
1X4 71,245,463.32 0.052421% 055240FW0 0.000000 0.023012 526.783514
2X 1,220,101.16 6.500000% 055240GH2 0.000000 3.685088 676.798361
2PO 242,780.70 0.000000% 055240GD1 4.985926 0.000000 766.570909
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.027023 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 5,812,469.98 6.750000% 055240FQ3 0.942375 5.529366 982.056099
1B1 2,670,806.85 6.750000% 055240FR1 0.942375 5.529366 982.056098
1B2 1,413,551.81 6.750000% 055240FS9 0.942375 5.529366 982.056104
1B3 1,099,975.30 6.750000% 055240GK5 0.942375 5.529366 982.056104
1B4 785,415.79 6.750000% 055240GM1 0.942375 5.529366 982.056106
1B5 786,127.15 6.750000% 055240GP4 0.942196 5.529374 982.057631
2M 863,612.22 6.500000% 055240GE9 3.826921 5.035414 925.787959
2B1 403,452.86 6.500000% 055240GF6 3.826921 5.035414 925.787961
2B2 287,251.00 6.500000% 055240GG4 3.826921 5.035414 925.787958
2B3 345,816.73 6.500000% 055240GR0 3.826921 5.035414 925.787953
2B4 172,908.37 6.500000% 055240GT6 3.826921 5.035414 925.787953
2B5 230,256.53 6.500000% 055240GV1 3.826916 5.035407 925.786648
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 328,342,257.88 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 239,238,860.71 87,954,399.65 327,193,260.36
Loan count 735 279 1014
Average loan rate 7.425504% 7.045036% 7.32
Prepayment amount 393,464.37 161,341.59 554,805.96
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 86,479.63 34,561.68 121,041.31
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 899.48 331.80 1,231.28
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 2,398,622.86 884,799.71 3,283,422.57
Special Hazard 2,398,622.86 1,748,179.92 4,146,802.78
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.476949% 100.000000% 313,470,613.29
-----------------------------------------------------------------------------
Junior 4.523051% 0.000000% 14,850,113.86
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 1 256,855.65
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 256,855.65
- --------------------------------------------------------------------------------
<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 3,030,201.81 3,030,201.81
Principal remittance amount 1,277,118.62 1,277,118.62
Interest remittance amount 1,753,083.19 1,753,083.19
