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): April 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 April 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 April 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: April 25, 2000
BAMS
By: /s/ David Gresser
------------------------------
Name: David Gresser
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated April 25, 2000
Payment Date: 04/25/00
------------------------------------------------------------
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 21,751,110.52 6.500000% 440,848.66 117,818.52 558,667.18 0.00 0.00
1A2 36,720,224.77 6.650000% 744,240.71 203,491.25 947,731.96 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,754,362.36 7.000000% 0.00 10,233.78 10,233.78 0.00 0.00
1A5 71,234,595.41 6.750000% 0.00 400,694.60 400,694.60 0.00 0.00
1A6 30,201,740.52 8.114934% 172,241.80 76,115.30 248,357.09 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 25,378,979.11 6.500000% 643,596.59 137,469.47 781,066.06 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 22,255,942.57 6.500000% 92,951.86 120,553.02 213,504.88 0.00 0.00
1X1 0.00 0.052423% 0.00 0.00 0.00 0.00 0.00
1X2 92,220,065.39 0.052423% 0.00 4,028.69 4,028.69 0.00 0.00
1X3 56,838,000.00 0.052423% 0.00 2,483.00 2,483.00 0.00 0.00
1X4 71,245,463.32 0.052423% 0.00 3,112.40 3,112.40 0.00 0.00
2X 1,213,778.51 6.500000% 0.00 6,574.63 6,574.63 0.00 0.00
2PO 241,211.82 0.000000% 1,046.83 0.00 1,046.83 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 0.01 0.01 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 5,806,897.71 6.750000% 5,635.73 32,663.80 38,299.53 0.00 0.00
1B1 2,668,246.42 6.750000% 2,589.60 15,008.89 17,598.48 0.00 0.00
1B2 1,412,196.68 6.750000% 1,370.57 7,943.61 9,314.18 0.00 0.00
1B3 1,098,920.78 6.750000% 1,066.53 6,181.43 7,247.96 0.00 0.00
1B4 784,662.83 6.750000% 761.53 4,413.73 5,175.26 0.00 0.00
1B5 785,373.65 6.750000% 762.12 4,417.73 5,179.84 0.00 0.00
2M 860,057.01 6.500000% 3,592.02 4,658.64 8,250.67 0.00 0.00
2B1 401,791.97 6.500000% 1,678.08 2,176.37 3,854.46 0.00 0.00
2B2 286,068.48 6.500000% 1,194.76 1,549.54 2,744.30 0.00 0.00
2B3 344,393.12 6.500000% 1,438.36 1,865.46 3,303.82 0.00 0.00
2B4 172,196.56 6.500000% 719.18 932.73 1,651.91 0.00 0.00
2B5 229,308.64 6.500000% 957.71 1,242.09 2,199.80 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 327,193,261.57 - 2,116,692.64 1,746,575.48 3,863,268.13 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 21,310,261.85 0.00
1A2 35,975,984.06 0.00
1A3 31,774,000.00 0.00
1A4 1,733,064.98 0.00
1A5 71,234,595.41 0.00
1A6 30,157,621.03 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 24,735,382.51 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 22,162,990.71 0.00
1X1 0.00 0.00
1X2 91,002,454.26 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,202,989.23 0.00
2PO 240,164.99 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 5,801,261.98 0.00
1B1 2,665,656.82 0.00
1B2 1,410,826.11 0.00
1B3 1,097,854.25 0.00
1B4 783,901.29 0.00
1B5 784,611.53 0.00
2M 856,464.99 0.00
2B1 400,113.89 0.00
2B2 284,873.72 0.00
2B3 342,954.76 0.00
2B4 171,477.38 0.00
2B5 228,350.93 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 325,204,691.24 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/00
------------------------------------------------------------
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 21,751,110.52 6.500000% 055240FD2 17.633947 4.712741 852.410474
1A2 36,720,224.77 6.650000% 055240FE0 17.633947 4.821496 852.410474
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,754,362.36 7.000000% 055240FG5 0.000000 5.354311 906.739081
1A5 71,234,595.41 6.750000% 055240FH3 0.000000 3.461366 615.353876
1A6 30,201,740.52 8.114934% 055240GJ8 3.888722 1.718463 680.871864
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 25,378,979.11 6.500000% 055240FX8 23.574967 5.035512 906.057967
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 22,255,942.57 6.500000% 055240GC3 3.866550 5.014685 921.921411
1X1 0.00 0.052423% 055240FT7 0.000000 0.000000 0.000000
1X2 92,220,065.39 0.052423% 055240FU4 0.000000 0.040239 908.942901
1X3 56,838,000.00 0.052423% 055240FV2 0.000000 0.043686 1,000.000000
1X4 71,245,463.32 0.052423% 055240FW0 0.000000 0.023013 526.783514
2X 1,213,778.51 6.500000% 055240GH2 0.000000 3.665991 670.782299
2PO 241,211.82 0.000000% 055240GD1 3.326813 0.000000 763.244096
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.214440 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 5,806,897.71 6.750000% 055240FQ3 0.953109 5.524066 981.102990
1B1 2,668,246.42 6.750000% 055240FR1 0.953109 5.524066 981.102989
1B2 1,412,196.68 6.750000% 055240FS9 0.953109 5.524066 981.102995
1B3 1,098,920.78 6.750000% 055240GK5 0.953109 5.524066 981.102995
1B4 784,662.83 6.750000% 055240GM1 0.953109 5.524066 981.102997
1B5 785,373.65 6.750000% 055240GP4 0.952978 5.524074 981.104653
2M 860,057.01 6.500000% 055240GE9 3.866550 5.014685 921.921409
2B1 401,791.97 6.500000% 055240GF6 3.866550 5.014685 921.921411
2B2 286,068.48 6.500000% 055240GG4 3.866550 5.014685 921.921409
2B3 344,393.12 6.500000% 055240GR0 3.866550 5.014685 921.921404
2B4 172,196.56 6.500000% 055240GT6 3.866550 5.014685 921.921404
2B5 229,308.64 6.500000% 055240GV1 3.866544 5.014678 921.920104
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 327,193,261.57 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 237,997,465.66 87,207,224.26 325,204,689.92
loan count 734 279 1013
average loan rate 7.425457% 7.044853% 7.32
prepayment amount 1,009,197.34 379,846.64 1,389,043.98
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
master servicing fees 84,506.20 33,006.80 117,513.00
sub servicer fees 0.00 0.00 0.00
trustee fees 897.15 329.83 1,226.97
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 2,392,388.61 879,544.00 3,271,932.60
Special Hazard 2,392,388.61 1,739,332.27 4,131,720.88
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.467714% 100.000000% 312,343,147.71
-----------------------------------------------------------------------------
Junior 4.532286% 0.000000% 14,828,347.66
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 3,863,268.13 3,863,268.13
Principal remittance amount 2,116,692.64 2,116,692.64
Interest remittance amount 1,746,575.48 1,746,575.48
