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): January 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 January 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 January 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: January 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 January 25, 2000
Payment Date: 01/25/00
------------------------------------------------------------
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 22,847,446.49 6.500000% 587,889.81 123,757.00 711,646.82 0.00 0.00
1A2 38,571,059.17 6.650000% 992,475.58 213,747.95 1,206,223.54 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,807,326.30 7.000000% 0.00 10,542.74 10,542.74 0.00 0.00
1A5 71,234,595.41 6.750000% 0.00 400,694.60 400,694.60 0.00 0.00
1A6 30,311,569.97 8.138088% 186,892.88 77,442.88 264,335.75 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 26,975,464.06 6.500000% 863,329.78 146,117.10 1,009,446.88 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 22,529,828.06 6.500000% 90,554.09 122,036.57 212,590.66 0.00 0.00
1X1 0.00 0.052572% 0.00 0.00 0.00 0.00 0.00
1X2 95,244,314.40 0.052572% 0.00 4,172.68 4,172.68 0.00 0.00
1X3 56,838,000.00 0.052572% 0.00 2,490.09 2,490.09 0.00 0.00
1X4 71,245,463.32 0.052572% 0.00 3,121.29 3,121.29 0.00 0.00
2X 1,245,242.74 6.500000% 0.00 6,745.06 6,745.06 0.00 0.00
2PO 246,702.09 0.000000% 2,843.67 0.00 2,843.67 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.11 0.11 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 5,823,397.61 6.750000% 5,437.19 32,756.61 38,193.80 0.00 0.00
1B1 2,675,828.06 6.750000% 2,498.37 15,051.53 17,549.90 0.00 0.00
1B2 1,416,209.34 6.750000% 1,322.29 7,966.18 9,288.46 0.00 0.00
1B3 1,102,043.29 6.750000% 1,028.95 6,198.99 7,227.95 0.00 0.00
1B4 786,892.39 6.750000% 734.71 4,426.27 5,160.97 0.00 0.00
1B5 787,605.07 6.750000% 735.37 4,430.28 5,165.65 0.00 0.00
2M 870,641.02 6.500000% 3,499.37 4,715.97 8,215.34 0.00 0.00
2B1 406,736.50 6.500000% 1,634.80 2,203.16 3,837.95 0.00 0.00
2B2 289,588.89 6.500000% 1,163.94 1,568.61 2,732.55 0.00 0.00
2B3 348,631.28 6.500000% 1,401.25 1,888.42 3,289.67 0.00 0.00
2B4 174,315.64 6.500000% 700.63 944.21 1,644.84 0.00 0.00
2B5 232,130.55 6.500000% 933.00 1,257.37 2,190.38 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 332,190,027.90 - 2,745,075.67 1,775,222.52 4,520,298.19 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 22,259,556.68 0.00
1A2 37,578,583.58 0.00
1A3 31,774,000.00 0.00
1A4 1,778,925.37 0.00
1A5 71,234,595.41 0.00
1A6 30,252,799.40 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 26,112,134.27 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 22,439,273.97 0.00
1X1 0.00 0.00
1X2 93,616,544.16 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,226,366.55 0.00
2PO 243,858.43 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 5,817,960.43 0.00
1B1 2,673,329.69 0.00
1B2 1,414,887.05 0.00
1B3 1,101,014.33 0.00
1B4 786,157.69 0.00
1B5 786,869.70 0.00
2M 867,141.66 0.00
2B1 405,101.70 0.00
2B2 288,424.94 0.00
2B3 347,230.03 0.00
2B4 173,615.01 0.00
2B5 231,197.55 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 329,573,074.54 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/00
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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 22,847,446.49 6.500000% 055240FD2 23.515593 4.950280 890.382267
1A2 38,571,059.17 6.650000% 055240FE0 23.515593 5.064517 890.382267
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,807,326.30 7.000000% 055240FG5 0.000000 5.515957 930.733225
1A5 71,234,595.41 6.750000% 055240FH3 0.000000 3.461366 615.353876
1A6 30,311,569.97 8.138088% 055240GJ8 4.219501 1.748436 683.020717
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 26,975,464.06 6.500000% 055240FX8 31.623802 5.352275 956.488435
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 22,529,828.06 6.500000% 055240GC3 3.766809 5.076396 933.414059
1X1 0.00 0.052572% 055240FT7 0.000000 0.000000 0.000000
1X2 95,244,314.40 0.052572% 055240FU4 0.000000 0.041677 935.052729
1X3 56,838,000.00 0.052572% 055240FV2 0.000000 0.043810 1,000.000000
1X4 71,245,463.32 0.052572% 055240FW0 0.000000 0.023079 526.783514
2X 1,245,242.74 6.500000% 055240GH2 0.000000 3.761023 683.817403
2PO 246,702.09 0.000000% 055240GD1 9.037170 0.000000 774.981836
Residual R1 0.00 6.750000% 055240FM2 0.000000 2.155951 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.833252 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 5,823,397.61 6.750000% 055240FQ3 0.919531 5.539762 983.927013
1B1 2,675,828.06 6.750000% 055240FR1 0.919531 5.539762 983.927012
1B2 1,416,209.34 6.750000% 055240FS9 0.919531 5.539762 983.927018
1B3 1,102,043.29 6.750000% 055240GK5 0.919531 5.539762 983.927018
1B4 786,892.39 6.750000% 055240GM1 0.919531 5.539762 983.927020
1B5 787,605.07 6.750000% 055240GP4 0.919532 5.539769 983.928333
2M 870,641.02 6.500000% 055240GE9 3.766809 5.076396 933.414057
2B1 406,736.50 6.500000% 055240GF6 3.766809 5.076396 933.414059
2B2 289,588.89 6.500000% 055240GG4 3.766809 5.076396 933.414057
2B3 348,631.28 6.500000% 055240GR0 3.766809 5.076396 933.414052
2B4 174,315.64 6.500000% 055240GT6 3.766809 5.076396 933.414052
2B5 232,130.55 6.500000% 055240GV1 3.766804 5.076389 933.412736
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 332,190,027.90 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 240,680,645.56 88,892,427.94 329,573,073.50
loan count 741 281 1022
average loan rate 7.427604% 7.046791% 7.32
prepayment amount 1,424,621.25 604,905.83 2,029,527.08
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 86,360.45 34,402.46 120,762.91
sub servicer fees 0.00 0.00 0.00
trustee fees 908.74 336.97 1,245.71
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 2,423,315.38 898,584.88 3,321,900.27
Special Hazard 2,423,315.38 1,765,722.72 4,189,038.10
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.516459% 100.000000% 317,276,008.26
-----------------------------------------------------------------------------
Junior 4.483541% 0.000000% 14,892,929.78
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 4,520,298.19 4,520,298.19
Principal remittance amount 2,745,075.67 2,745,075.67
Interest remittance amount 1,775,222.52 1,775,222.52
