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): February 25, 2000
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 February 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 February 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: February 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 February 25, 2000
Payment Date: 02/25/00
------------------------------------------------------------
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 22,259,556.68 6.500000% 289,220.82 120,572.60 409,793.42 0.00 0.00
1A2 37,578,583.58 6.650000% 488,262.59 208,247.98 696,510.57 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,778,925.37 7.000000% 0.00 10,377.06 10,377.06 0.00 0.00
1A5 71,234,595.41 6.750000% 0.00 400,694.60 400,694.60 0.00 0.00
1A6 30,252,799.40 8.124321% 157,126.65 76,697.23 233,823.88 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 26,112,134.27 6.500000% 310,633.79 141,440.73 452,074.52 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 22,439,273.97 6.500000% 91,332.22 121,546.07 212,878.28 0.00 0.00
1X1 0.00 0.052448% 0.00 0.00 0.00 0.00 0.00
1X2 93,616,544.16 0.052448% 0.00 4,091.70 4,091.70 0.00 0.00
1X3 56,838,000.00 0.052448% 0.00 2,484.22 2,484.22 0.00 0.00
1X4 71,245,463.32 0.052448% 0.00 3,113.92 3,113.92 0.00 0.00
2X 1,226,366.55 6.500000% 0.00 6,642.82 6,642.82 0.00 0.00
2PO 243,858.43 0.000000% 1,077.72 0.00 1,077.72 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 0.04 0.04 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 5,817,960.43 6.750000% 5,490.45 32,726.03 38,216.48 0.00 0.00
1B1 2,673,329.69 6.750000% 2,522.84 15,037.48 17,560.32 0.00 0.00
1B2 1,414,887.05 6.750000% 1,335.24 7,958.74 9,293.98 0.00 0.00
1B3 1,101,014.33 6.750000% 1,039.03 6,193.21 7,232.24 0.00 0.00
1B4 786,157.69 6.750000% 741.90 4,422.14 5,164.04 0.00 0.00
1B5 786,869.70 6.750000% 742.55 4,426.14 5,168.69 0.00 0.00
2M 867,141.66 6.500000% 3,529.44 4,697.02 8,226.45 0.00 0.00
2B1 405,101.70 6.500000% 1,648.84 2,194.30 3,843.14 0.00 0.00
2B2 288,424.94 6.500000% 1,173.95 1,562.30 2,736.25 0.00 0.00
2B3 347,230.03 6.500000% 1,413.29 1,880.83 3,294.12 0.00 0.00
2B4 173,615.01 6.500000% 706.65 940.41 1,647.06 0.00 0.00
2B5 231,197.55 6.500000% 941.02 1,252.32 2,193.34 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 329,573,074.54 - 1,358,938.97 1,760,146.70 3,119,085.67 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 21,970,335.86 0.00
1A2 37,090,321.00 0.00
1A3 31,774,000.00 0.00
1A4 1,764,953.12 0.00
1A5 71,234,595.41 0.00
1A6 30,223,795.06 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 25,801,500.49 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 22,347,941.75 0.00
1X1 0.00 0.00
1X2 92,820,151.29 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,220,101.16 0.00
2PO 242,780.70 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 5,812,469.98 0.00
1B1 2,670,806.85 0.00
1B2 1,413,551.81 0.00
1B3 1,099,975.30 0.00
1B4 785,415.79 0.00
1B5 786,127.15 0.00
2M 863,612.22 0.00
2B1 403,452.86 0.00
2B2 287,251.00 0.00
2B3 345,816.73 0.00
2B4 172,908.37 0.00
2B5 230,256.53 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 328,342,257.88 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/00
------------------------------------------------------------
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 22,259,556.68 6.500000% 055240FD2 11.568833 4.822904 878.813434
1A2 37,578,583.58 6.650000% 055240FE0 11.568833 4.934202 878.813434
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,778,925.37 7.000000% 055240FG5 0.000000 5.429277 923.422950
1A5 71,234,595.41 6.750000% 055240FH3 0.000000 3.461366 615.353876
1A6 30,252,799.40 8.124321% 055240GJ8 3.547465 1.731602 682.365882
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 26,112,134.27 6.500000% 055240FX8 11.378527 5.180979 945.109908
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 22,439,273.97 6.500000% 055240GC3 3.799177 5.055993 929.614882
1X1 0.00 0.052448% 055240FT7 0.000000 0.000000 0.000000
1X2 93,616,544.16 0.052448% 055240FU4 0.000000 0.040868 927.098266
1X3 56,838,000.00 0.052448% 055240FV2 0.000000 0.043707 1,000.000000
1X4 71,245,463.32 0.052448% 055240FW0 0.000000 0.023024 526.783514
2X 1,226,366.55 6.500000% 055240GH2 0.000000 3.704011 680.323848
2PO 243,858.43 0.000000% 055240GD1 3.425001 0.000000 771.556835
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.897210 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 5,817,960.43 6.750000% 055240FQ3 0.928539 5.534589 982.998474
1B1 2,673,329.69 6.750000% 055240FR1 0.928539 5.534589 982.998473
1B2 1,414,887.05 6.750000% 055240FS9 0.928539 5.534589 982.998479
1B3 1,101,014.33 6.750000% 055240GK5 0.928539 5.534589 982.998479
1B4 786,157.69 6.750000% 055240GM1 0.928539 5.534589 982.998481
1B5 786,869.70 6.750000% 055240GP4 0.928506 5.534597 982.999827
2M 867,141.66 6.500000% 055240GE9 3.799177 5.055993 929.614880
2B1 405,101.70 6.500000% 055240GF6 3.799177 5.055993 929.614882
2B2 288,424.94 6.500000% 055240GG4 3.799177 5.055993 929.614880
2B3 347,230.03 6.500000% 055240GR0 3.799177 5.055993 929.614875
2B4 173,615.01 6.500000% 055240GT6 3.799177 5.055993 929.614875
2B5 231,197.55 6.500000% 055240GV1 3.799172 5.055986 929.613564
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 329,573,074.54 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 239,862,285.78 88,479,971.03 328,342,256.81
Loan count 736 279 1015
Average loan rate 7.425981% 7.045188% 7.32
Prepayment amount 591,216.08 50,659.90 641,875.98
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 86,242.56 34,730.63 120,973.19
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 902.55 333.35 1,235.90
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net real. 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 2,406,806.46 888,924.28 3,295,730.73
Special Hazard 2,406,806.46 1,756,976.64 4,163,783.10
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.487312% 100.000000% 314,680,144.76
-----------------------------------------------------------------------------
Junior 4.512688% 0.000000% 14,871,644.59
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 3,119,085.67 3,119,085.67
Principal remittance amount 1,358,938.97 1,358,938.97
Interest remittance amount 1,760,146.70 1,760,146.70
