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): September 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 September 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 September 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: September 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 September 25, 1999
Payment Date: 09/25/99
------------------------------------------------------------
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 23,946,478.47 6.500000% 388,341.96 129,710.09 518,052.05 0.00 0.00
1A2 40,426,444.95 6.650000% 655,598.90 224,029.88 879,628.78 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,860,420.49 7.000000% 0.00 10,852.45 10,852.45 0.00 0.00
1A5 71,246,618.33 6.750000% 12,022.92 400,762.23 412,785.15 0.00 0.00
1A6 30,426,090.50 8.157036% 171,264.78 78,678.33 249,943.11 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 15,941,578.44 6.500000% 1,195,701.36 86,350.22 1,282,051.58 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 22,884,389.43 6.500000% 87,433.35 123,957.11 211,390.46 0.00 0.00
1X1 0.00 0.052587% 0.00 0.00 0.00 0.00 0.00
1X2 98,216,790.90 0.052587% 0.00 4,304.11 4,304.11 0.00 0.00
1X3 56,838,000.00 0.052587% 0.00 2,490.78 2,490.78 0.00 0.00
1X4 71,311,843.21 0.052587% 0.00 3,125.06 3,125.06 0.00 0.00
2X 1,279,203.67 6.500000% 0.00 6,929.02 6,929.02 0.00 0.00
2PO 260,140.99 0.000000% 8,024.79 0.00 8,024.79 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 93,214,150.41 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,844,659.30 6.750000% 5,240.52 32,876.21 38,116.73 0.00 0.00
1B1 2,685,597.72 6.750000% 2,408.00 15,106.49 17,514.49 0.00 0.00
1B2 1,421,380.03 6.750000% 1,274.46 7,995.26 9,269.72 0.00 0.00
1B3 1,106,066.93 6.750000% 991.74 6,221.63 7,213.36 0.00 0.00
1B4 789,765.40 6.750000% 708.13 4,442.43 5,150.56 0.00 0.00
1B5 790,480.30 6.750000% 708.58 4,446.45 5,155.03 0.00 0.00
2M 884,342.67 6.500000% 3,378.77 4,790.19 8,168.96 0.00 0.00
2B1 413,137.48 6.500000% 1,578.46 2,237.83 3,816.28 0.00 0.00
2B2 294,146.27 6.500000% 1,123.83 1,593.29 2,717.12 0.00 0.00
2B3 354,117.84 6.500000% 1,352.96 1,918.14 3,271.10 0.00 0.00
2B4 177,058.92 6.500000% 676.48 959.07 1,635.55 0.00 0.00
2B5 235,783.66 6.500000% 900.85 1,277.16 2,178.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 338,312,170.62 - 2,538,730.83 1,809,799.90 4,348,530.73 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 23,558,136.51 0.00
1A2 39,770,846.06 0.00
1A3 31,774,000.00 0.00
1A4 1,841,659.71 0.00
1A5 71,234,595.41 0.00
1A6 30,382,969.65 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 14,745,877.07 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 22,796,956.08 0.00
1X1 0.00 0.00
1X2 97,193,183.59 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,264,547.79 0.00
2PO 252,116.20 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 5,839,418.77 0.00
1B1 2,683,189.72 0.00
1B2 1,420,105.57 0.00
1B3 1,105,075.20 0.00
1B4 789,057.27 0.00
1B5 789,771.73 0.00
2M 880,963.90 0.00
2B1 411,559.02 0.00
2B2 293,022.44 0.00
2B3 352,764.88 0.00
2B4 176,382.44 0.00
2B5 234,882.81 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 335,901,583.73 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
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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 23,946,478.47 6.500000% 055240FD2 15.533678 5.188404 942.325460
1A2 40,426,444.95 6.650000% 055240FE0 15.533678 5.308136 942.325460
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,860,420.49 7.000000% 055240FG5 0.000000 5.678000 963.555811
1A5 71,246,618.33 6.750000% 055240FH3 0.103859 3.461950 615.353876
1A6 30,426,090.50 8.157036% 055240GJ8 3.866663 1.776329 685.959584
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 15,941,578.44 6.500000% 055240FZ3 27.330317 1.973719 337.048619
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 22,884,389.43 6.500000% 055240GC3 3.636995 5.156286 948.292682
1X1 0.00 0.052587% 055240FT7 0.000000 0.000000 0.000000
1X2 98,216,790.90 0.052587% 055240FU4 0.000000 0.042990 970.776612
1X3 56,838,000.00 0.052587% 055240FV2 0.000000 0.043823 1,000.000000
1X4 71,311,843.21 0.052587% 055240FW0 0.000000 0.023106 526.783514
2X 1,279,203.67 6.500000% 055240GH2 0.000000 3.863596 705.107123
2PO 260,140.99 0.000000% 055240GD1 25.502767 0.000000 801.225037
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.243207 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 93,214,150.41 0.000000% 0.000000 0.000000 625.702722
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,844,659.30 6.750000% 055240FQ3 0.886271 5.559988 987.556025
1B1 2,685,597.72 6.750000% 055240FR1 0.886271 5.559988 987.556023
1B2 1,421,380.03 6.750000% 055240FS9 0.886271 5.559988 987.556029
1B3 1,106,066.93 6.750000% 055240GK5 0.886271 5.559988 987.556029
1B4 789,765.40 6.750000% 055240GM1 0.886271 5.559988 987.556032
1B5 790,480.30 6.750000% 055240GP4 0.886027 5.559993 987.557133
2M 884,342.67 6.500000% 055240GE9 3.636995 5.156286 948.292680
2B1 413,137.48 6.500000% 055240GF6 3.636995 5.156286 948.292683
2B2 294,146.27 6.500000% 055240GG4 3.636995 5.156286 948.292680
2B3 354,117.84 6.500000% 055240GR0 3.636995 5.156286 948.292675
2B4 177,058.92 6.500000% 055240GT6 3.636995 5.156286 948.292675
2B5 235,783.66 6.500000% 055240GV1 3.636989 5.156278 948.291221
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 338,312,170.62 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-3
Bank of America Mortgage Trust
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 244,348,057.65 91,553,525.24 335,901,582.89
loan count 747 285 1032
average loan rate 7.428235% 7.046654% 7.32
prepayment amount 890,317.90 945,418.64 1,835,736.54
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 86,860.92 35,417.05 122,277.97
sub servicer fees 0.00 0.00 0.00
trustee fees 920.47 348.20 1,268.67
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 2,454,584.74 928,536.96 3,383,121.70
Special Hazard 2,454,584.74 1,800,206.48 4,254,791.22
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.572996% 100.000000% 323,315,634.11
-----------------------------------------------------------------------------
Junior 4.427004% 0.000000% 14,976,193.74
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 4,348,530.73 4,348,530.73
Principal remittance amount 2,538,730.83 2,538,730.83
Interest remittance amount 1,809,799.90 1,809,799.90
