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): May 25, 1999
BAMS
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-4)
(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 1998-4
On May 25, 1999, The Bank of New York, as Trustee for BAMS, Mortgage
Pass-Through Certificates Series 1998-4, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of July 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 1998-4 relating to the distribution date
of May 25, 1999 prepared by The Bank of New York, as Trustee
under the Pooling and Servicing Agreement dated as of July
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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-4
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
<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 IA-1 16,000,000.00 6.650000% 0.00 88,666.67 88,666.67 0.00 0.00
IA-2 25,000,000.00 6.250000% 0.00 130,208.33 130,208.33 0.00 0.00
IA-3 6,800,000.00 6.650000% 0.00 37,683.33 37,683.33 0.00 0.00
IA-4 23,800,000.00 6.600000% 0.00 130,900.00 130,900.00 0.00 0.00
IA-5 50,000,000.00 6.500000% 0.00 270,833.33 270,833.33 0.00 0.00
IA-6 4,570,370.37 6.750000% 0.00 25,708.33 25,708.33 0.00 0.00
IA-7 84,076,062.43 5.402500% 5,022,560.32 378,517.44 5,401,077.76 0.00 0.00
IA-8 16,192,426.84 13.487000% 967,307.91 181,989.39 1,149,297.30 0.00 0.00
IA-9 5,605,070.83 7.500000% 334,837.35 35,031.69 369,869.05 0.00 0.00
IA-10 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
IA-11 3,155,337.42 6.750000% 0.00 0.00 0.00 0.00 0.00
IA-12 59,500,000.00 6.750000% 0.00 334,687.50 334,687.50 0.00 0.00
IIA-1 27,000,000.00 6.500000% 0.00 146,250.00 146,250.00 0.00 0.00
IIA-2 25,828,000.00 6.500000% 0.00 139,901.67 139,901.67 0.00 0.00
IIA-3 29,120,756.07 6.500000% 1,573,559.08 157,737.43 1,731,296.51 0.00 0.00
IIA-4 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
IIA-5 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
IIA-6 25,233,183.14 6.500000% 89,007.75 136,679.74 225,687.49 0.00 0.00
I-X-1 2,909,313.11 0.249459% 0.00 604.79 604.79 0.00 0.00
I-X-2 114,336,000.00 0.249459% 0.00 23,768.42 23,768.42 0.00 0.00
I-X-3 70,972,000.00 0.249459% 0.00 14,753.82 14,753.82 0.00 0.00
I-X-4 97,758,793.48 0.249459% 0.00 20,322.32 20,322.32 0.00 0.00
II-X 987,243.38 6.500000% 0.00 5,347.57 5,347.57 0.00 0.00
I-PO 101,866.95 0.000000% 124.91 0.00 124.91 0.00 0.00
II-PO 253,961.83 0.000000% 1,153.35 0.00 1,153.35 0.00 0.00
Residual R-I 0.00 6.750000% 0.00 0.36 0.36 0.00 0.00
R-II 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
R-III 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate IM 6,852,327.94 6.750000% 5,771.24 38,544.34 44,315.58 0.00 0.00
IB-1 3,148,179.06 6.750000% 2,651.49 17,708.51 20,360.00 0.00 0.00
IB-2 1,666,916.64 6.750000% 1,403.93 9,376.41 10,780.33 0.00 0.00
IB-3 1,296,601.02 6.750000% 1,092.04 7,293.38 8,385.42 0.00 0.00
IB-4 926,285.42 6.750000% 780.15 5,210.36 5,990.50 0.00 0.00
IB-5 926,282.44 6.750000% 780.14 5,210.34 5,990.48 0.00 0.00
IIM 1,197,605.69 6.500000% 4,224.44 6,487.03 10,711.48 0.00 0.00
IIB-1 440,610.19 6.500000% 1,554.21 2,386.64 3,940.85 0.00 0.00
IIB-2 315,414.79 6.500000% 1,112.60 1,708.50 2,821.09 0.00 0.00
IIB-3 377,527.24 6.500000% 1,331.69 2,044.94 3,376.63 0.00 0.00
IIB-4 189,248.87 6.500000% 667.56 1,025.10 1,692.66 0.00 0.00
IIB-5 315,307.18 6.500000% 1,112.20 1,707.91 2,820.11 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 415,318,971.98 - 8,011,032.35 2,358,295.59 10,369,327.94 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior IA-1 16,000,000.00 0.00
IA-2 25,000,000.00 0.00
IA-3 6,800,000.00 0.00
IA-4 23,800,000.00 0.00
IA-5 50,000,000.00 0.00
IA-6 4,570,370.37 0.00
IA-7 79,053,502.11 0.00
IA-8 15,225,118.92 0.00
IA-9 5,270,233.47 0.00
IA-10 0.00 0.00
IA-11 3,173,086.19 0.00
IA-12 59,500,000.00 0.00
IIA-1 27,000,000.00 0.00
IIA-2 25,828,000.00 0.00
IIA-3 27,547,196.99 0.00
IIA-4 0.00 0.00
IIA-5 0.00 0.00
IIA-6 25,144,175.39 0.00
I-X-1 1,997,829.26 0.00
I-X-2 114,336,000.00 0.00
I-X-3 70,972,000.00 0.00
I-X-4 92,731,045.68 0.00
II-X 971,956.80 0.00
I-PO 101,742.05 0.00
II-PO 252,808.47 0.00
Residual R-I 0.00 0.00
R-II 0.00 0.00
R-III 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate IM 6,846,556.70 0.00
IB-1 3,145,527.57 0.00
IB-2 1,665,512.71 0.00
IB-3 1,295,508.99 0.00
IB-4 925,505.27 0.00
IB-5 925,502.30 0.00
IIM 1,193,381.24 0.00
IIB-1 439,055.98 0.00
IIB-2 314,302.19 0.00
IIB-3 376,195.55 0.00
IIB-4 188,581.32 0.00
IIB-5 314,194.99 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 407,325,688.41 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-4
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
<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 IA-1 16,000,000.00 6.650000% 055240GY5 0.000000 5.541667 1,000.000000
IA-2 25,000,000.00 6.250000% 055240GZ2 0.000000 5.208333 1,000.000000
IA-3 6,800,000.00 6.650000% 055240HA6 0.000000 5.541667 1,000.000000
IA-4 23,800,000.00 6.600000% 055240HB4 0.000000 5.500000 1,000.000000
IA-5 50,000,000.00 6.500000% 055240HC2 0.000000 5.416667 1,000.000000
IA-6 4,570,370.37 6.750000% 055240HD0 0.000000 5.625000 1,000.000000
IA-7 84,076,062.43 5.402500% 055240HE8 38.236537 2.881637 601.830932
IA-8 16,192,426.84 13.487000% 055240HF5 38.236537 7.193825 601.830932
IA-9 5,605,070.83 7.500000% 055240HG3 38.236537 4.000422 601.830932
IA-10 0.00 6.750000% 055240HH1 0.000000 0.000000 0.000000
IA-11 3,155,337.42 6.750000% 055240HJ7 0.000000 0.000000 1,057.695397
IA-12 59,500,000.00 6.750000% 055240HK4 0.000000 5.625000 1,000.000000
IIA-1 27,000,000.00 6.500000% 055240HL2 0.000000 5.416667 1,000.000000
IIA-2 25,828,000.00 6.500000% 055240HM0 0.000000 5.416667 1,000.000000
IIA-3 29,120,756.07 6.500000% 055240HN8 33.986157 3.406856 594.971857
IIA-4 0.00 6.500000% 055240HP3 0.000000 0.000000 0.000000
IIA-5 0.00 6.500000% 055240HQ1 0.000000 0.000000 0.000000
IIA-6 25,233,183.14 6.500000% 055240HR9 3.423375 5.256913 967.083669
I-X-1 2,909,313.11 0.249459% 055240HS7 0.000000 0.071752 237.018538
I-X-2 114,336,000.00 0.249459% 055240HT5 0.000000 0.207882 1,000.000000
I-X-3 70,972,000.00 0.249459% 055240HU2 0.000000 0.207882 1,000.000000
I-X-4 97,758,793.48 0.249459% 055240HV0 0.000000 0.127205 580.436876
II-X 987,243.38 6.500000% 055240HW8 0.000000 3.988234 724.888655
I-PO 101,866.95 0.000000% 055240HX6 1.213672 0.000000 988.592425
II-PO 253,961.83 0.000000% 055240HY4 3.957152 0.000000 867.385356
Residual R-I 0.00 6.750000% 055240JF3 0.000000 7.186890 0.000000
R-II 0.00 6.500000% 055240JG1 0.000000 0.000000 0.000000
R-III 0.00 6.750000% 055240JH9 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate IM 6,852,327.94 6.750000% 055240HZ1 0.836169 5.584518 991.967067
IB-1 3,148,179.06 6.750000% 055240JA4 0.836169 5.584518 991.967068
IB-2 1,666,916.64 6.750000% 055240JB2 0.836169 5.584518 991.967070
IB-3 1,296,601.02 6.750000% 055240JJ5 0.836169 5.584518 991.967065
IB-4 926,285.42 6.750000% 055240JK2 0.836169 5.584518 991.967065
IB-5 926,282.44 6.750000% 055240JL0 0.836168 5.584513 991.966177
IIM 1,197,605.69 6.500000% 055240JC0 3.423375 5.256913 967.083665
IIB-1 440,610.19 6.500000% 055240JD8 3.423375 5.256913 967.083661
IIB-2 315,414.79 6.500000% 055240JE6 3.423375 5.256913 967.083657
IIB-3 377,527.24 6.500000% 055240JM8 3.423375 5.256913 967.083677
IIB-4 189,248.87 6.500000% 055240JN6 3.423375 5.256913 967.083667
IIB-5 315,307.18 6.500000% 055240JP1 3.423311 5.256913 967.083630
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 415,318,971.98 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-4
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg principal balance 298,727,797.06 108,597,892.11 407,325,689.17
Agg loan count 930 315 1245
Agg average loan rate 7.435250% 7.031335% 7.33
Agg prepayment amount 6,062,633.59 1,284,723.15 7,347,356.74
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 99,134.15 42,751.12 141,885.27
Sub servicer fees 0.00 0.00 0.00
Trustee fees 1,143.93 413.52 1,557.45
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 3,730,870.14 1,298,233.99 5,029,104.13
Special Hazard 3,756,554.96 1,817,620.68 5,574,175.64
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.754882% 100.000000% 397,666,665.50
-----------------------------------------------------------------------------
Junior 4.245118% 0.000000% 17,629,824.81
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 10,369,327.94 10,369,327.94
Principal remittance amount 8,011,032.35 8,011,032.35
Interest remittance amount 2,358,295.59 2,358,295.59
