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, 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 August 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 August 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: August 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
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 24,316,394.77 6.500000% 369,916.30 131,713.81 501,630.11 0.00 0.00
1A2 41,050,937.65 6.650000% 624,492.70 227,490.61 851,983.31 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,878,291.13 7.000000% 0.00 10,956.70 10,956.70 0.00 0.00
1A5 72,402,937.60 6.750000% 1,156,319.27 407,266.52 1,563,585.79 0.00 0.00
1A6 30,875,669.80 8.152928% 579,802.99 79,548.92 659,351.91 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 17,288,362.24 6.500000% 1,346,783.80 93,645.30 1,440,429.10 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 22,971,060.28 6.500000% 86,670.85 124,426.58 211,097.43 0.00 0.00
1X1 0.00 0.050644% 0.00 0.00 0.00 0.00 0.00
1X2 99,192,181.29 0.050644% 0.00 4,345.97 4,345.97 0.00 0.00
1X3 56,838,000.00 0.050644% 0.00 2,490.28 2,490.28 0.00 0.00
1X4 72,651,329.24 0.050644% 0.00 3,183.12 3,183.12 0.00 0.00
2X 1,298,209.68 6.500000% 0.00 7,031.97 7,031.97 0.00 0.00
2PO 261,313.40 0.000000% 1,172.41 0.00 1,172.41 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.05 0.05 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 94,726,998.60 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,849,858.22 6.750000% 5,198.92 32,905.45 38,104.38 0.00 0.00
1B1 2,687,986.60 6.750000% 2,388.88 15,119.92 17,508.81 0.00 0.00
1B2 1,422,644.37 6.750000% 1,264.34 8,002.37 9,266.72 0.00 0.00
1B3 1,107,050.80 6.750000% 983.87 6,227.16 7,211.03 0.00 0.00
1B4 790,467.91 6.750000% 702.51 4,446.38 5,148.89 0.00 0.00
1B5 791,183.45 6.750000% 703.15 4,450.41 5,153.55 0.00 0.00
2M 887,691.97 6.500000% 3,349.30 4,808.33 8,157.63 0.00 0.00
2B1 414,702.17 6.500000% 1,564.69 2,246.30 3,810.99 0.00 0.00
2B2 295,260.30 6.500000% 1,114.03 1,599.33 2,713.36 0.00 0.00
2B3 355,459.00 6.500000% 1,341.16 1,925.40 3,266.57 0.00 0.00
2B4 177,729.50 6.500000% 670.58 962.70 1,633.28 0.00 0.00
2B5 236,676.63 6.500000% 892.97 1,282.00 2,174.97 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 342,367,279.66 - 4,185,332.72 1,830,822.04 6,016,154.76 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 23,946,478.47 0.00
1A2 40,426,444.95 0.00
1A3 31,774,000.00 0.00
1A4 1,860,420.49 0.00
1A5 71,246,618.33 0.00
1A6 30,426,090.50 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 15,941,578.44 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 22,884,389.43 0.00
1X1 0.00 0.00
1X2 98,216,790.90 0.00
1X3 56,838,000.00 0.00
1X4 71,311,843.21 0.00
2X 1,279,203.67 0.00
2PO 260,140.99 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 93,214,150.41 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,844,659.30 0.00
1B1 2,685,597.72 0.00
1B2 1,421,380.03 0.00
1B3 1,106,066.93 0.00
1B4 789,765.40 0.00
1B5 790,480.30 0.00
2M 884,342.67 0.00
2B1 413,137.48 0.00
2B2 294,146.27 0.00
2B3 354,117.84 0.00
2B4 177,058.92 0.00
2B5 235,783.66 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 338,312,170.62 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
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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 24,316,394.77 6.500000% 055240FD2 14.796652 5.268552 957.859139
1A2 41,050,937.65 6.650000% 055240FE0 14.796652 5.390134 957.859139
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,878,291.13 7.000000% 055240FG5 0.000000 5.732541 973.371447
1A5 72,402,937.60 6.750000% 055240FH3 9.988764 3.518137 615.457735
1A6 30,875,669.80 8.152928% 055240GJ8 13.090275 1.795985 686.933128
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 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 17,288,362.24 6.500000% 055240FZ3 30.783630 2.140464 364.378936
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 22,971,060.28 6.500000% 055240GC3 3.605277 5.175814 951.929677
1X1 0.00 0.050644% 055240FT7 0.000000 0.000000 0.000000
1X2 99,192,181.29 0.050644% 055240FU4 0.000000 0.043408 981.000518
1X3 56,838,000.00 0.050644% 055240FV2 0.000000 0.043814 1,000.000000
1X4 72,651,329.24 0.050644% 055240FW0 0.000000 0.023536 527.274322
2X 1,298,209.68 6.500000% 055240GH2 0.000000 3.921000 713.279182
2PO 261,313.40 0.000000% 055240GD1 3.725918 0.000000 826.727804
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.921193 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 94,726,998.60 0.000000% 0.000000 0.000000 625.808328
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,849,858.22 6.750000% 055240FQ3 0.879236 5.564934 988.442296
1B1 2,687,986.60 6.750000% 055240FR1 0.879236 5.564934 988.442295
1B2 1,422,644.37 6.750000% 055240FS9 0.879236 5.564934 988.442301
1B3 1,107,050.80 6.750000% 055240GK5 0.879236 5.564934 988.442301
1B4 790,467.91 6.750000% 055240GM1 0.879236 5.564934 988.442303
1B5 791,183.45 6.750000% 055240GP4 0.879237 5.564938 988.443160
2M 887,691.97 6.500000% 055240GE9 3.605277 5.175814 951.929675
2B1 414,702.17 6.500000% 055240GF6 3.605277 5.175814 951.929677
2B2 295,260.30 6.500000% 055240GG4 3.605277 5.175814 951.929675
2B3 355,459.00 6.500000% 055240GR0 3.605277 5.175814 951.929670
2B4 177,729.50 6.500000% 055240GT6 3.605277 5.175814 951.929670
2B5 236,676.63 6.500000% 055240GV1 3.605183 5.175806 951.928211
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 342,367,279.66 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 245,458,473.89 92,853,696.09 338,312,169.98
loan count 755 288 1043
average loan rate 7.427840% 7.048169% 7.32
prepayment amount 2,391,121.69 1,087,780.31 3,478,902.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 83,612.79 35,773.55 119,386.35
sub servicer fees 0.00 0.00 0.00
trustee fees 930.26 353.61 1,283.88
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 2,480,700.73 942,972.56 3,423,673.29
Special Hazard 2,480,700.73 1,808,703.71 4,289,404.44
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.619494% 100.000000% 327,350,568.74
-----------------------------------------------------------------------------
Junior 4.380506% 0.000000% 14,996,536.51
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 6,016,154.76 6,016,154.76
Principal remittance amount 4,185,332.72 4,185,332.72
Interest remittance amount 1,830,822.04 1,830,822.04
