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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 25,000,000.00 6.500000% 332,265.15 135,416.67 467,681.82 0.00 0.00
1A2 42,205,000.00 6.650000% 560,930.03 233,886.04 794,816.07 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,911,316.07 7.000000% 0.00 11,149.34 11,149.34 0.00 0.00
1A5 78,328,233.89 6.750000% 3,314,225.25 440,596.32 3,754,821.57 0.00 0.00
1A6 33,058,272.88 8.144135% 1,356,905.85 83,478.29 1,440,384.13 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 19,876,539.06 6.500000% 1,372,598.11 107,664.59 1,480,262.69 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 23,142,581.89 6.500000% 85,487.17 125,355.65 210,842.82 0.00 0.00
1X1 877,767.19 0.053239% 0.00 38.94 38.94 0.00 0.00
1X2 100,119,000.00 0.053239% 0.00 4,441.85 4,441.85 0.00 0.00
1X3 56,838,000.00 0.053239% 0.00 2,521.66 2,521.66 0.00 0.00
1X4 80,771,071.42 0.053239% 0.00 3,583.46 3,583.46 0.00 0.00
2X 1,352,573.65 6.500000% 0.00 7,326.44 7,326.44 0.00 0.00
2PO 263,349.87 0.000000% 1,015.25 0.00 1,015.25 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 0.02 0.02 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 102,479,246.29 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,860,126.76 6.750000% 5,112.09 32,963.21 38,075.31 0.00 0.00
1B1 2,692,704.95 6.750000% 2,348.99 15,146.47 17,495.45 0.00 0.00
1B2 1,425,141.60 6.750000% 1,243.23 8,016.42 9,259.65 0.00 0.00
1B3 1,108,994.06 6.750000% 967.43 6,238.09 7,205.53 0.00 0.00
1B4 791,855.46 6.750000% 690.78 4,454.19 5,144.96 0.00 0.00
1B5 792,572.23 6.750000% 691.38 4,458.22 5,149.60 0.00 0.00
2M 894,320.24 6.500000% 3,303.56 4,844.23 8,147.79 0.00 0.00
2B1 417,798.69 6.500000% 1,543.32 2,263.08 3,806.40 0.00 0.00
2B2 297,464.97 6.500000% 1,098.82 1,611.27 2,710.08 0.00 0.00
2B3 358,113.16 6.500000% 1,322.85 1,939.78 3,262.63 0.00 0.00
2B4 179,056.58 6.500000% 661.42 969.89 1,631.31 0.00 0.00
2B5 238,443.84 6.500000% 880.80 1,291.57 2,172.37 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 355,114,463.12 - 7,043,291.46 1,894,402.14 8,937,693.60 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 24,667,734.85 0.00
1A2 41,644,069.97 0.00
1A3 31,774,000.00 0.00
1A4 1,895,264.35 0.00
1A5 75,014,008.64 0.00
1A6 31,842,247.94 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 18,503,940.95 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 23,057,094.72 0.00
1X1 0.00 0.00
1X2 100,118,962.43 0.00
1X3 56,838,000.00 0.00
1X4 76,249,776.19 0.00
2X 1,318,149.17 0.00
2PO 262,334.62 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 98,143,143.08 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,855,014.67 0.00
1B1 2,690,355.96 0.00
1B2 1,423,898.38 0.00
1B3 1,108,026.63 0.00
1B4 791,164.68 0.00
1B5 791,880.85 0.00
2M 891,016.68 0.00
2B1 416,255.37 0.00
2B2 296,366.15 0.00
2B3 356,790.32 0.00
2B4 178,395.16 0.00
2B5 237,563.04 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 348,212,052.56 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 25,000,000.00 6.500000% 055240FD2 13.290606 5.416667 986.709394
1A2 42,205,000.00 6.650000% 055240FE0 13.290606 5.541667 986.709394
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,911,316.07 7.000000% 055240FG5 0.000000 5.833333 991.601747
1A5 78,328,233.89 6.750000% 055240FH3 28.629648 3.806053 648.002010
1A6 33,058,272.88 8.144135% 055240GJ8 30.635010 1.884698 718.905868
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 19,876,539.06 6.500000% 055240FZ3 31.373671 2.460905 422.947222
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 23,142,581.89 6.500000% 055240GC3 3.556039 5.214461 959.113757
1X1 877,767.19 0.053239% 055240FT7 0.000000 0.005392 0.000000
1X2 100,119,000.00 0.053239% 055240FU4 0.000000 0.044366 999.999625
1X3 56,838,000.00 0.053239% 055240FV2 0.000000 0.044366 1,000.000000
1X4 80,771,071.42 0.053239% 055240FW0 0.000000 0.026496 563.785022
2X 1,352,573.65 6.500000% 055240GH2 0.000000 4.085196 734.995050
2PO 263,349.87 0.000000% 055240GD1 3.226462 0.000000 833.699152
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.494473 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 102,479,246.29 0.000000% 0.000000 0.000000 658.899920
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,860,126.76 6.750000% 055240FQ3 0.864552 5.574702 990.193585
1B1 2,692,704.95 6.750000% 055240FR1 0.864552 5.574702 990.193582
1B2 1,425,141.60 6.750000% 055240FS9 0.864552 5.574702 990.193587
1B3 1,108,994.06 6.750000% 055240GK5 0.864552 5.574702 990.193588
1B4 791,855.46 6.750000% 055240GM1 0.864552 5.574702 990.193590
1B5 792,572.23 6.750000% 055240GP4 0.864521 5.574707 990.194447
2M 894,320.24 6.500000% 055240GE9 3.556039 5.214461 959.113755
2B1 417,798.69 6.500000% 055240GF6 3.556039 5.214461 959.113747
2B2 297,464.97 6.500000% 055240GG4 3.556039 5.214461 959.113765
2B3 358,113.16 6.500000% 055240GR0 3.556039 5.214461 959.113755
2B4 179,056.58 6.500000% 055240GT6 3.556039 5.214461 959.113755
2B5 238,443.84 6.500000% 055240GV1 3.556033 5.214452 959.112110
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 355,114,463.12 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 252,603,294.94 95,608,757.45 348,212,052.39
Loan count 786 295 1081
Average loan rate 7.437350% 7.049716% 7.33
Prepayment amount 5,209,388.34 1,109,322.92 6,318,711.26
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 79,067.84 35,588.69 114,656.53
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 967.64 364.04 1,331.68
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 2,580,377.94 970,766.69 3,551,144.63
Special Hazard 2,580,377.94 1,825,551.72 4,405,929.66
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.765430% 100.000000% 340,057,870.58
-----------------------------------------------------------------------------
Junior 4.234570% 0.000000% 15,036,727.87
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 8,937,693.60 8,937,693.60
Principal remittance amount 7,043,291.46 7,043,291.46
Interest remittance amount 1,894,402.14 1,894,402.14
