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, 1998
BAMSI
(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
BAMSI
Mortgage Pass-Through Certificates
Series 1998-4
On September 25, 1998, The Bank of New York, as Trustee for BAMSI, 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 BAMSI 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 BAMSI, Mortgage Pass-Through
Certificates Series 1998-4 relating to the distribution date
of September 25, 1998 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: September 25, 1998
BAMSI
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, 1998
Payment Date: 09/25/98
------------------------------------------------------------
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-7 130,979,253.15 6.148440% 439,177.00 671,098.40 1,110,275.40 0.00 0.00
IA-8 25,225,633.94 9.613849% 84,582.24 202,096.19 286,678.42 0.00 0.00
IA-9 8,731,950.21 7.500000% 29,278.47 54,574.69 83,853.16 0.00 0.00
IA-10 5,774,794.40 6.750000% 5,635,508.95 32,483.22 5,667,992.17 0.00 0.00
IA-11 3,016,875.00 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 45,488,235.58 6.500000% 370,716.22 246,394.61 617,110.82 0.00 0.00
IIA-4 904,875.00 6.500000% 0.00 0.00 0.00 0.00 0.00
IIA-5 585,152.50 6.500000% 0.00 0.00 0.00 0.00 0.00
IIA-6 25,917,472.65 6.500000% 83,249.95 140,386.31 223,636.26 0.00 0.00
I-X-1 8,056,640.88 0.265466% 0.00 1,782.30 1,782.30 0.00 0.00
I-X-2 114,336,000.00 0.265466% 0.00 25,293.62 25,293.62 0.00 0.00
I-X-3 70,972,000.00 0.265466% 0.00 15,700.56 15,700.56 0.00 0.00
I-X-4 156,909,892.22 0.265466% 0.00 34,711.89 34,711.89 0.00 0.00
II-X 1,309,101.62 6.500000% 0.00 7,090.97 7,090.97 0.00 0.00
I-PO 102,817.28 0.000000% 106.78 0.00 106.78 0.00 0.00
II-PO 290,482.63 0.000000% 977.28 0.00 977.28 0.00 0.00
Residual R-I 0.00 6.750000% 0.00 0.46 0.46 0.00 0.00
R-II 0.00 6.500000% 0.00 0.06 0.06 0.00 0.00
R-III 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate IM 6,896,671.29 6.750000% 5,374.18 38,793.78 44,167.95 0.00 0.00
IB-1 3,168,551.82 6.750000% 2,469.07 17,823.10 20,292.17 0.00 0.00
IB-2 1,677,703.72 6.750000% 1,307.34 9,437.08 10,744.42 0.00 0.00
IB-3 1,304,991.70 6.750000% 1,016.90 7,340.58 8,357.48 0.00 0.00
IB-4 932,279.67 6.750000% 726.47 5,244.07 5,970.54 0.00 0.00
IB-5 932,277.52 6.750000% 726.47 5,244.06 5,970.53 0.00 0.00
IIM 1,230,083.13 6.500000% 3,951.17 6,662.95 10,614.12 0.00 0.00
IIB-1 452,558.95 6.500000% 1,453.67 2,451.36 3,905.03 0.00 0.00
IIB-2 323,968.41 6.500000% 1,040.62 1,754.83 2,795.45 0.00 0.00
IIB-3 387,765.26 6.500000% 1,245.55 2,100.40 3,345.94 0.00 0.00
IIB-4 194,381.04 6.500000% 624.37 1,052.90 1,677.27 0.00 0.00
IIB-5 323,857.92 6.500000% 1,040.27 1,754.23 2,794.50 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 498,770,632.76 - 6,664,572.96 2,836,111.77 9,500,684.74 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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-7 130,540,076.15 0.00
IA-8 25,141,051.70 0.00
IA-9 8,702,671.74 0.00
IA-10 139,285.46 0.00
IA-11 3,033,844.92 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 45,117,519.37 0.00
IIA-4 909,776.41 0.00
IIA-5 588,322.08 0.00
IIA-6 25,834,222.71 0.00
I-X-1 7,623,727.19 0.00
I-X-2 114,336,000.00 0.00
I-X-3 70,972,000.00 0.00
I-X-4 151,178,275.38 0.00
II-X 1,304,640.53 0.00
I-PO 102,710.49 0.00
II-PO 289,505.35 0.00
Residual R-I 0.00 0.00
R-II 0.00 0.00
R-III 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate IM 6,891,297.11 0.00
IB-1 3,166,082.75 0.00
IB-2 1,676,396.39 0.00
IB-3 1,303,974.79 0.00
IB-4 931,553.20 0.00
IB-5 931,550.21 0.00
IIM 1,226,131.95 0.00
IIB-1 451,105.27 0.00
IIB-2 322,927.78 0.00
IIB-3 386,519.72 0.00
IIB-4 193,756.67 0.00
IIB-5 322,817.49 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 492,131,099.71 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
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-7 130,979,253.15 6.148440% 055240HE8 3.343436 5.109043 993.796020
IA-8 25,225,633.94 9.613849% 055240HF5 3.343436 7.988623 993.796019
IA-9 8,731,950.21 7.500000% 055240HG3 3.343436 6.232122 993.796019
IA-10 5,774,794.40 6.750000% 055240HH1 659.123854 3.799207 16.290697
IA-11 3,016,875.00 6.750000% 055240HJ7 0.000000 0.000000 1,011.281640
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 45,488,235.58 6.500000% 055240HN8 8.006830 5.321698 974.460462
IIA-4 904,875.00 6.500000% 055240HP3 0.000000 0.000000 1,010.862678
IIA-5 585,152.50 6.500000% 055240HQ1 0.000000 0.000000 1,010.862680
IIA-6 25,917,472.65 6.500000% 055240HR9 3.201921 5.399473 993.623950
I-X-1 8,056,640.88 0.265466% 055240HS7 0.000000 0.211449 904.464016
I-X-2 114,336,000.00 0.265466% 055240HT5 0.000000 0.221222 1,000.000000
I-X-3 70,972,000.00 0.265466% 055240HU2 0.000000 0.221222 1,000.000000
I-X-4 156,909,892.22 0.265466% 055240HV0 0.000000 0.217274 946.279050
II-X 1,309,101.62 6.500000% 055240HW8 0.000000 5.288467 973.005297
I-PO 102,817.28 0.000000% 055240HX6 1.037534 0.000000 998.002450
II-PO 290,482.63 0.000000% 055240HY4 3.353045 0.000000 993.292262
Residual R-I 0.00 6.750000% 055240JF3 0.000000 9.210126 0.000000
R-II 0.00 6.500000% 055240JG1 0.000000 1.113131 0.000000
R-III 0.00 6.750000% 055240JH9 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate IM 6,896,671.29 6.750000% 055240HZ1 0.778640 5.620657 998.449306
IB-1 3,168,551.82 6.750000% 055240JA4 0.778640 5.620657 998.449306
IB-2 1,677,703.72 6.750000% 055240JB2 0.778640 5.620657 998.449309
IB-3 1,304,991.70 6.750000% 055240JJ5 0.778640 5.620657 998.449303
IB-4 932,279.67 6.750000% 055240JK2 0.778640 5.620657 998.449303
IB-5 932,277.52 6.750000% 055240JL0 0.778640 5.620657 998.448410
IIM 1,230,083.13 6.500000% 055240JC0 3.201921 5.399473 993.623947
IIB-1 452,558.95 6.500000% 055240JD8 3.201921 5.399473 993.623943
IIB-2 323,968.41 6.500000% 055240JE6 3.201921 5.399473 993.623938
IIB-3 387,765.26 6.500000% 055240JM8 3.201921 5.399473 993.623959
IIB-4 194,381.04 6.500000% 055240JN6 3.201921 5.399473 993.623949
IIB-5 323,857.92 6.500000% 055240JP1 3.201921 5.399473 993.623456
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 498,770,632.76 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-4
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg stated prin bal 363,660,495.69 128,470,604.93 492,131,100.62
Aggregated loan count 1108 351 1459
Aggregated ave loan rate 7.463061% 7.051375% 7.36
Agg prepay amt 5,895,098.80 42,064.37 5,937,163.17
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 128,120.33 53,238.22 181,358.55
sub servicer fees 0.00 0.00 0.00
Trustee fees 1,386.91 483.48 1,870.39
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 4,188,317.69 1,869,024.48 6,057,342.17
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.430251% 100.000000% 480,945,542.34
-----------------------------------------------------------------------------
Junior 3.569749% 0.000000% 17,804,113.33
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 9,500,684.74 9,500,684.74
Principal remittance amount 6,664,572.96 6,664,572.96
Interest remittance amount 2,836,111.77 2,836,111.77