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): November 25, 1998
BAMSI
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-5)
(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 1998-5
On November 25, 1998, The Bank of New York, as Trustee for BAMSI, Mortgage
Pass-Through Certificates Series 1998-5, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 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 1998-5 relating to the distribution date
of November 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of September 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-5
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 30,361,071.80 6.750000% 4,978,801.47 170,781.03 5,149,582.50 0.00 0.00
IA-2 137,355,970.00 6.750000% 0.00 772,627.33 772,627.33 0.00 0.00
IA-3 2,500,000.00 6.750000% 0.00 14,062.50 14,062.50 0.00 0.00
IA-4 38,062,479.00 6.750000% 0.00 214,101.44 214,101.44 0.00 0.00
IA-5 98,970,380.76 6.750000% 2,205,444.34 556,708.39 2,762,152.73 0.00 0.00
IA-6 19,926,842.00 7.200000% 0.00 119,561.05 119,561.05 0.00 0.00
IA-7 1,328,457.00 0.000000% 0.00 0.00 0.00 0.00 0.00
IA-8 44,029,314.00 6.750000% 0.00 247,664.89 247,664.89 0.00 0.00
IA-9 4,700,000.00 6.875000% 0.00 26,927.08 26,927.08 0.00 0.00
IA-10 1,950,000.00 6.750000% 0.00 10,968.75 10,968.75 0.00 0.00
IA-11 1,000,000.00 7.500000% 0.00 6,250.00 6,250.00 0.00 0.00
IA-12 87,038.00 0.000000% 0.00 0.00 0.00 0.00 0.00
I-X-1 8,486,238.09 6.750000% 0.00 47,735.09 47,735.09 0.00 0.00
I-X-2 990,999.86 6.750000% 0.00 5,574.37 5,574.37 0.00 0.00
I-PO 265,814.08 0.000000% 234.50 0.00 234.50 0.00 0.00
Residual R-I 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate IM 7,579,967.47 6.750000% 5,928.95 42,637.32 48,566.27 0.00 0.00
IB-1 3,391,038.10 6.750000% 2,652.43 19,074.59 21,727.02 0.00 0.00
IB-2 1,595,782.52 6.750000% 1,248.20 8,976.28 10,224.48 0.00 0.00
IB-3 1,396,309.45 6.750000% 1,092.18 7,854.24 8,946.42 0.00 0.00
IB-4 997,363.33 6.750000% 780.12 5,610.17 6,390.29 0.00 0.00
IB-5 997,365.32 6.750000% 780.13 5,610.18 6,390.31 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 396,495,192.83 - 7,196,962.32 2,282,724.70 9,479,687.02 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior IA-1 25,382,270.33 0.00
IA-2 137,355,970.00 0.00
IA-3 2,500,000.00 0.00
IA-4 38,062,479.00 0.00
IA-5 96,764,936.43 0.00
IA-6 19,926,842.00 0.00
IA-7 1,328,457.00 0.00
IA-8 44,029,314.00 0.00
IA-9 4,700,000.00 0.00
IA-10 1,950,000.00 0.00
IA-11 1,000,000.00 0.00
IA-12 87,038.00 0.00
I-X-1 8,327,972.93 0.00
I-X-2 943,450.67 0.00
I-PO 265,579.58 0.00
Residual R-I 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate IM 7,574,038.52 0.00
IB-1 3,388,385.68 0.00
IB-2 1,594,534.32 0.00
IB-3 1,395,217.28 0.00
IB-4 996,583.20 0.00
IB-5 996,585.20 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 389,298,230.54 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-5
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 30,361,071.80 6.750000% 055240JQ9 154.308330 5.293028 786.674417
IA-2 137,355,970.00 6.750000% 055240JR7 0.000000 5.625000 1,000.000000
IA-3 2,500,000.00 6.750000% 055240JS5 0.000000 5.625000 1,000.000000
IA-4 38,062,479.00 6.750000% 055240JT3 0.000000 5.625000 1,000.000000
IA-5 98,970,380.76 6.750000% 055240JU0 22.095578 5.577467 969.454178
IA-6 19,926,842.00 7.200000% 055240JV8 0.000000 6.000000 1,000.000000
IA-7 1,328,457.00 0.000000% 055240JW6 0.000000 0.000000 1,000.000000
IA-8 44,029,314.00 6.750000% 055240JX4 0.000000 5.625000 1,000.000000
IA-9 4,700,000.00 6.875000% 055240JY2 0.000000 5.729166 1,000.000000
IA-10 1,950,000.00 6.750000% 055240JZ9 0.000000 5.625000 1,000.000000
IA-11 1,000,000.00 7.500000% 055240KA2 0.000000 6.250000 1,000.000000
IA-12 87,038.00 0.000000% 055240KB0 0.000000 0.000000 1,000.000000
I-X-1 8,486,238.09 6.750000% 055240KC8 0.000000 5.602170 977.367316
I-X-2 990,999.86 6.750000% 055240KD6 0.000000 5.003532 846.837518
I-PO 265,814.08 0.000000% 055240KM6 0.881410 0.000000 998.228084
Residual R-I 0.00 6.750000% 055240KH7 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate IM 7,579,967.47 6.750000% 055240KE4 0.781580 5.620635 998.442301
IB-1 3,391,038.10 6.750000% 055240KF1 0.781581 5.620635 998.442301
IB-2 1,595,782.52 6.750000% 055240KG9 0.781580 5.620636 998.442301
IB-3 1,396,309.45 6.750000% 055240KJ3 0.781583 5.620634 998.442300
IB-4 997,363.33 6.750000% 055240KK0 0.781575 5.620636 998.442300
IB-5 997,365.32 6.750000% 055240KL8 0.781584 5.620634 998.442303
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 396,495,192.83 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-5
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 13,383,940.44 370,657,766.65 5,256,525.09 389,298,232.18
loan count 37 1139 17 1193
avg loan rate 6.866062% 7.413771% 8.207106% 7.41
prepay amount 723.27 6,605,338.81 280,747.11 6,886,809.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 2,740.62 150,249.34 580.91 153,570.87
sub servicer fees 0.00 0.00 0.00 0.00
trustee fees 50.24 1,415.84 20.78 1,486.86
Aggregate advances N/A N/A N/A N/A
Advances this periods 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 0.00 3,992,555.00 0.00 3,992,555.00
Special Haz 3,992,555.00 3,992,555.00 3,992,555.00 11,977,665.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.978300% 100.000000% 380,537,366.64
-----------------------------------------------------------------------------
Junior 4.021700% 0.000000% 15,945,344.20
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 9,479,687.02 9,479,687.02
Principal remittance amount 7,196,962.32 7,196,962.32
Interest remittance amount 2,282,724.70 2,282,724.70
