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): July 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 24,667,734.85 6.500000% 351,340.08 133,616.90 484,956.98 0.00 0.00
1A2 41,644,069.97 6.650000% 593,132.32 230,777.55 823,909.87 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,895,264.35 7.000000% 0.00 11,055.71 11,055.71 0.00 0.00
1A5 75,014,008.64 6.750000% 2,611,071.04 421,953.80 3,033,024.84 0.00 0.00
1A6 31,842,247.94 8.149794% 1,101,498.09 81,336.53 1,182,834.62 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 18,503,940.95 6.500000% 1,215,578.71 100,229.68 1,315,808.39 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 23,057,094.72 6.500000% 86,034.44 124,892.60 210,927.04 0.00 0.00
1X1 0.00 0.052978% 0.00 0.00 0.00 0.00 0.00
1X2 100,118,962.43 0.052978% 0.00 4,411.28 4,411.28 0.00 0.00
1X3 56,838,000.00 0.052978% 0.00 2,504.31 2,504.31 0.00 0.00
1X4 76,249,776.19 0.052978% 0.00 3,359.60 3,359.60 0.00 0.00
2X 1,318,149.17 6.500000% 0.00 7,139.97 7,139.97 0.00 0.00
2PO 262,334.62 0.000000% 1,021.22 0.00 1,021.22 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 98,143,143.08 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,855,014.67 6.750000% 5,156.46 32,934.46 38,090.92 0.00 0.00
1B1 2,690,355.96 6.750000% 2,369.37 15,133.25 17,502.62 0.00 0.00
1B2 1,423,898.38 6.750000% 1,254.01 8,009.43 9,263.44 0.00 0.00
1B3 1,108,026.63 6.750000% 975.83 6,232.65 7,208.48 0.00 0.00
1B4 791,164.68 6.750000% 696.77 4,450.30 5,147.07 0.00 0.00
1B5 791,880.85 6.750000% 697.40 4,454.33 5,151.73 0.00 0.00
2M 891,016.68 6.500000% 3,324.71 4,826.34 8,151.05 0.00 0.00
2B1 416,255.37 6.500000% 1,553.20 2,254.72 3,807.92 0.00 0.00
2B2 296,366.15 6.500000% 1,105.85 1,605.32 2,711.17 0.00 0.00
2B3 356,790.32 6.500000% 1,331.31 1,932.61 3,263.92 0.00 0.00
2B4 178,395.16 6.500000% 665.66 966.31 1,631.97 0.00 0.00
2B5 237,563.04 6.500000% 886.42 1,286.80 2,173.22 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 348,212,052.56 - 5,979,692.90 1,860,110.92 7,839,803.82 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 24,316,394.77 0.00
1A2 41,050,937.65 0.00
1A3 31,774,000.00 0.00
1A4 1,878,291.13 0.00
1A5 72,402,937.60 0.00
1A6 30,875,669.80 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 17,288,362.24 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 22,971,060.28 0.00
1X1 0.00 0.00
1X2 99,192,181.29 0.00
1X3 56,838,000.00 0.00
1X4 72,651,329.24 0.00
2X 1,298,209.68 0.00
2PO 261,313.40 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 94,726,998.60 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,849,858.22 0.00
1B1 2,687,986.60 0.00
1B2 1,422,644.37 0.00
1B3 1,107,050.80 0.00
1B4 790,467.91 0.00
1B5 791,183.45 0.00
2M 887,691.97 0.00
2B1 414,702.17 0.00
2B2 295,260.30 0.00
2B3 355,459.00 0.00
2B4 177,729.50 0.00
2B5 236,676.63 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 342,367,279.66 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 24,667,734.85 6.500000% 055240FD2 14.053603 5.344676 972.655791
1A2 41,644,069.97 6.650000% 055240FE0 14.053603 5.468014 972.655791
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,895,264.35 7.000000% 055240FG5 0.000000 5.784344 982.721361
1A5 75,014,008.64 6.750000% 055240FH3 22.555511 3.645011 625.446499
1A6 31,842,247.94 8.149794% 055240GJ8 24.868641 1.836344 697.083329
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 5.833334 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 18,503,940.95 6.500000% 055240FZ3 27.784656 2.290964 395.162565
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 23,057,094.72 6.500000% 055240GC3 3.578804 5.195200 955.534953
1X1 0.00 0.052978% 055240FT7 0.000000 0.000000 0.000000
1X2 100,118,962.43 0.052978% 055240FU4 0.000000 0.044060 990.742829
1X3 56,838,000.00 0.052978% 055240FV2 0.000000 0.044060 1,000.000000
1X4 76,249,776.19 0.052978% 055240FW0 0.000000 0.024841 537.178380
2X 1,318,149.17 6.500000% 055240GH2 0.000000 3.981221 723.876865
2PO 262,334.62 0.000000% 055240GD1 3.245436 0.000000 830.453722
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 98,143,143.08 0.000000% 0.000000 0.000000 635.965080
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,855,014.67 6.750000% 055240FQ3 0.872055 5.569839 989.321532
1B1 2,690,355.96 6.750000% 055240FR1 0.872054 5.569838 989.321531
1B2 1,423,898.38 6.750000% 055240FS9 0.872051 5.569840 989.321537
1B3 1,108,026.63 6.750000% 055240GK5 0.872055 5.569839 989.321537
1B4 791,164.68 6.750000% 055240GM1 0.872053 5.569837 989.321539
1B5 791,880.85 6.750000% 055240GP4 0.872052 5.569844 989.322397
2M 891,016.68 6.500000% 055240GE9 3.578805 5.195199 955.534952
2B1 416,255.37 6.500000% 055240GF6 3.578802 5.195207 955.534954
2B2 296,366.15 6.500000% 055240GG4 3.578803 5.195210 955.534951
2B3 356,790.32 6.500000% 055240GR0 3.578790 5.195188 955.534946
2B4 178,395.16 6.500000% 055240GT6 3.578817 5.195215 955.534946
2B5 237,563.04 6.500000% 055240GV1 3.578751 5.195191 955.533393
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 348,212,052.56 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 248,070,023.50 94,297,255.91 342,367,279.41
Loan count 769 291 1060
Average loan rate 7.431990% 7.049050% 7.33
Prepayment amount 4,310,937.81 954,757.24 5,265,695.05
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 81,392.62 36,825.38 118,218.00
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 947.26 358.53 1,305.80
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 2,526,032.95 956,087.57 3,482,120.52
Special Hazard 2,526,032.95 1,817,152.03 4,343,184.98
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.687233% 100.000000% 333,175,324.69
-----------------------------------------------------------------------------
Junior 4.312767% 0.000000% 15,016,710.92
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 1 254,524.70
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 254,524.70
- --------------------------------------------------------------------------------
<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 7,839,803.82 7,839,803.82
Principal remittance amount 5,979,692.90 5,979,692.90
Interest remittance amount 1,860,110.92 1,860,110.92
