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): July 25, 1999
BAMS
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1999-1)
(Exact name of registrant as specified in charter)
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 1999-1
On July 25, 1999, The Bank of New York, as Trustee for BAMS, Mortgage
Pass-Through Certificates Series 1999-1, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 1999, among BAMS as Depositor, BANK
OF AMERICA 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 1999-1 relating to the distribution date
of July 25, 1999 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of February 1, 1999.
<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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-1
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 A-1 160,648,356.27 6.500000% 2,252,312.17 870,178.60 3,122,490.76 0.00 0.00
A-2 64,160,763.67 6.000000% 899,429.56 320,803.82 1,220,233.38 0.00 0.00
A-3 97,055,840.06 6.500000% 1,152,115.66 525,719.13 1,677,834.79 0.00 0.00
A-4 1,114,653.50 6.250000% 313,976.14 5,805.49 319,781.63 0.00 0.00
A-5 25,000,000.00 6.250000% 0.00 130,208.33 130,208.33 0.00 0.00
A-6 18,942,301.93 5.687500% 224,857.39 89,778.62 314,636.01 0.00 0.00
A-7 18,942,301.93 2.812500% 0.00 44,396.02 44,396.02 0.00 0.00
A-8 7,068,000.00 6.500000% 0.00 38,285.00 38,285.00 0.00 0.00
A-9 3,556,666.00 6.400000% 0.00 18,968.89 18,968.89 0.00 0.00
A-10 17,755,000.00 6.500000% 0.00 96,172.92 96,172.92 0.00 0.00
A-11 4,843,000.00 6.500000% 0.00 26,232.92 26,232.92 0.00 0.00
A-12 2,183,000.00 6.500000% 0.00 11,824.58 11,824.58 0.00 0.00
A-13 1,136,000.00 6.500000% 0.00 6,153.33 6,153.33 0.00 0.00
A-14 1,578,000.00 6.500000% 0.00 8,547.50 8,547.50 0.00 0.00
A-15 1,868,444.00 6.500000% 0.00 10,120.74 10,120.74 0.00 0.00
A-16 2,000,000.00 6.500000% 0.00 10,833.33 10,833.33 0.00 0.00
A-17 1,000,000.00 7.500000% 0.00 6,250.00 6,250.00 0.00 0.00
A-18 1,625,000.00 6.187500% 0.00 8,378.91 8,378.91 0.00 0.00
A-19 375,000.00 7.854167% 0.00 2,454.43 2,454.43 0.00 0.00
A-20 48,573,229.59 6.400000% 558,327.18 259,057.22 817,384.41 0.00 0.00
A-21 25,083,489.96 7.000000% 268,646.74 146,320.36 414,967.10 0.00 0.00
A-22 11,608,445.00 6.000000% 0.00 58,042.22 58,042.22 0.00 0.00
A-23 3,200,334.00 6.250000% 0.00 16,668.41 16,668.41 0.00 0.00
A-24 60,000,000.00 6.500000% 0.00 325,000.00 325,000.00 0.00 0.00
A-PO 1,211,512.36 0.000000% 1,693.56 0.00 1,693.56 0.00 0.00
Residual A-R 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
A-LR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 12,858,051.65 6.500000% 11,200.84 69,647.78 80,848.62 0.00 0.00
B-2 4,485,367.32 6.500000% 3,907.27 24,295.74 28,203.01 0.00 0.00
B-3 2,093,172.08 6.500000% 1,823.39 11,338.02 13,161.41 0.00 0.00
B-4 2,093,172.08 6.500000% 1,823.39 11,338.02 13,161.41 0.00 0.00
B-5 1,196,098.62 6.500000% 1,041.94 6,478.87 7,520.81 0.00 0.00
B-6 1,196,205.87 6.500000% 1,042.03 6,479.45 7,521.48 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 585,509,103.95 - 5,692,197.26 3,165,778.63 8,857,975.89 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 158,396,044.10 0.00
A-2 63,261,334.11 0.00
A-3 95,903,724.41 0.00
A-4 800,677.36 0.00
A-5 25,000,000.00 0.00
A-6 18,717,444.54 0.00
A-7 18,717,444.54 0.00
A-8 7,068,000.00 0.00
A-9 3,556,666.00 0.00
A-10 17,755,000.00 0.00
A-11 4,843,000.00 0.00
A-12 2,183,000.00 0.00
A-13 1,136,000.00 0.00
A-14 1,578,000.00 0.00
A-15 1,868,444.00 0.00
A-16 2,000,000.00 0.00
A-17 1,000,000.00 0.00
A-18 1,625,000.00 0.00
A-19 375,000.00 0.00
A-20 48,014,902.40 0.00
A-21 24,814,843.22 0.00
A-22 11,608,445.00 0.00
A-23 3,200,334.00 0.00
A-24 60,000,000.00 0.00
A-PO 1,209,818.80 0.00
Residual A-R 0.00 0.00
A-LR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 12,846,850.81 0.00
B-2 4,481,460.05 0.00
B-3 2,091,348.69 0.00
B-4 2,091,348.69 0.00
B-5 1,195,056.68 0.00
B-6 1,195,163.84 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 579,816,906.69 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-1
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 A-1 160,648,356.27 6.500000% 060506AA0 13.535204 5.229313 951.876422
A-2 64,160,763.67 6.000000% 060506AB8 13.533560 4.827079 951.882269
A-3 97,055,840.06 6.500000% 060506AC6 11.521157 5.257191 959.037244
A-4 1,114,653.50 6.250000% 060506AD4 163.785153 3.028423 417.672070
A-5 25,000,000.00 6.250000% 060506AE4 0.000000 5.208333 1,000.000000
A-6 18,942,301.93 5.687500% 060506AF9 11.521157 4.600042 959.037244
A-7 18,942,301.93 2.812500% 060506AG7 0.000000 2.274746 959.037244
A-8 7,068,000.00 6.500000% 060506AH5 0.000000 5.416667 1,000.000000
A-9 3,556,666.00 6.400000% 060506AJ1 0.000000 5.333333 1,000.000000
A-10 17,755,000.00 6.500000% 060506AK8 0.000000 5.416667 1,000.000000
A-11 4,843,000.00 6.500000% 060506AL6 0.000000 5.416667 1,000.000000
A-12 2,183,000.00 6.500000% 060506AM4 0.000000 5.416667 1,000.000000
A-13 1,136,000.00 6.500000% 060506AN2 0.000000 5.416667 1,000.000000
A-14 1,578,000.00 6.500000% 060506AP7 0.000000 5.416667 1,000.000000
A-15 1,868,444.00 6.500000% 060506AQ5 0.000000 5.416667 1,000.000000
A-16 2,000,000.00 6.500000% 060506AR3 0.000000 5.416667 1,000.000000
A-17 1,000,000.00 7.500000% 060506AS1 0.000000 6.250000 1,000.000000
A-18 1,625,000.00 6.187500% 060506AT9 0.000000 5.156250 1,000.000000
A-19 375,000.00 7.854167% 060506AU6 0.000000 6.545139 1,000.000000
A-20 48,573,229.59 6.400000% 060506AV4 11.166544 5.181144 960.298048
A-21 25,083,489.96 7.000000% 060506AW2 10.424786 5.677934 962.935321
A-22 11,608,445.00 6.000000% 060506AX0 0.000000 5.000000 1,000.000000
A-23 3,200,334.00 6.250000% 060506AY8 0.000000 5.208333 1,000.000000
A-24 60,000,000.00 6.500000% 060506AZ5 0.000000 5.416667 1,000.000000
A-PO 1,211,512.36 0.000000% 060506BA9 1.391726 0.000000 994.196472
Residual A-R 0.00 6.500000% 060506BB7 0.000000 0.000000 0.000000
A-LR 0.00 6.500000% 060506BC5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 12,858,051.65 6.500000% 060506BD3 0.868160 5.398291 995.739501
B-2 4,485,367.32 6.500000% 060506BE1 0.868160 5.398291 995.739501
B-3 2,093,172.08 6.500000% 060506BF8 0.868160 5.398291 995.739501
B-4 2,093,172.08 6.500000% 060506BG6 0.868160 5.398291 995.739501
B-5 1,196,098.62 6.500000% 060506BH4 0.868160 5.398291 995.739501
B-6 1,196,205.87 6.500000% 060506BJ0 0.868160 5.398291 995.739501
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 585,509,103.95 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-1
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 579,816,906.36 579,816,906.36
Aggregated loan count 1746 1746
Aggregated average loan rate 7.075252% 7.08
Aggregated prepayment amount 5,182,033.42 5,182,033.42
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 269,957.70 269,957.70
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,707.73 1,707.73
Aggregate advances N/A N/A
Advances this periods 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 6,000,846.00 6,000,846.00
Special Hazard 5,855,091.04 5,855,091.04
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.917727% 100.000000% 561,587,036.33
-----------------------------------------------------------------------------
Junior 4.082273% 0.000000% 23,901,228.75
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 4 1,466,858.48
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 4 1,466,858.48
- --------------------------------------------------------------------------------
<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 8,857,975.89 8,857,975.89
Principal remittance amount 5,692,197.26 5,692,197.26
Interest remittance amount 3,165,778.63 3,165,778.63
