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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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-1 162,480,457.48 6.500000% 1,832,101.22 880,074.69 2,712,175.91 0.00 27.79
A-2 64,892,387.83 6.000000% 731,624.16 324,451.69 1,056,075.85 0.00 10.24
A-3 97,993,007.00 6.500000% 937,166.94 530,778.69 1,467,945.63 0.00 16.76
A-4 1,370,051.51 6.250000% 255,398.02 7,135.46 262,533.48 0.00 0.23
A-5 25,000,000.00 6.250000% 0.00 130,204.22 130,204.22 0.00 4.11
A-6 19,125,207.96 5.421250% 182,906.04 86,399.38 269,305.42 0.00 2.73
A-7 19,125,207.96 3.078750% 0.00 49,066.56 49,066.56 0.00 1.55
A-8 7,068,000.00 6.500000% 0.00 38,283.79 38,283.79 0.00 1.21
A-9 3,556,666.00 6.400000% 0.00 18,968.29 18,968.29 0.00 0.60
A-10 17,755,000.00 6.500000% 0.00 96,169.88 96,169.88 0.00 3.04
A-11 4,843,000.00 6.500000% 0.00 26,232.09 26,232.09 0.00 0.83
A-12 2,183,000.00 6.500000% 0.00 11,824.21 11,824.21 0.00 0.37
A-13 1,136,000.00 6.500000% 0.00 6,153.14 6,153.14 0.00 0.19
A-14 1,578,000.00 6.500000% 0.00 8,547.23 8,547.23 0.00 0.27
A-15 1,868,444.00 6.500000% 0.00 10,120.42 10,120.42 0.00 0.32
A-16 2,000,000.00 6.500000% 0.00 10,832.99 10,832.99 0.00 0.34
A-17 1,000,000.00 7.500000% 0.00 6,250.00 6,250.00 0.00 0.20
A-18 1,625,000.00 5.921250% 0.00 8,018.11 8,018.11 0.00 0.25
A-19 375,000.00 9.007917% 0.00 2,814.89 2,814.89 0.00 0.09
A-20 49,027,390.39 6.400000% 454,160.81 261,471.16 715,631.97 0.00 8.26
A-21 25,302,015.63 7.000000% 218,525.67 147,590.43 366,116.10 0.00 4.66
A-22 11,608,445.00 6.000000% 0.00 58,040.39 58,040.39 0.00 1.83
A-23 3,200,334.00 6.250000% 0.00 16,667.88 16,667.88 0.00 0.53
A-24 60,000,000.00 6.500000% 0.00 324,989.74 324,989.74 0.00 10.26
A-PO 1,213,178.16 0.000000% 1,665.80 0.00 1,665.80 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 12,869,148.17 6.500000% 11,096.52 69,705.68 80,802.20 0.00 2.20
B-2 4,489,238.20 6.500000% 3,870.88 24,315.94 28,186.82 0.00 0.77
B-3 2,094,978.49 6.500000% 1,806.41 11,347.44 13,153.85 0.00 0.36
B-4 2,094,978.49 6.500000% 1,806.41 11,347.44 13,153.85 0.00 0.36
B-5 1,197,130.85 6.500000% 1,032.23 6,484.25 7,516.49 0.00 0.20
B-6 1,197,238.20 6.500000% 1,032.33 6,484.84 7,517.16 0.00 0.20
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 590,143,297.37 - 4,634,193.42 3,190,770.93 7,824,964.35 - 100.75
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 160,648,356.27 27.79
A-2 64,160,763.67 10.24
A-3 97,055,840.06 16.76
A-4 1,114,653.50 0.23
A-5 25,000,000.00 4.11
A-6 18,942,301.93 2.73
A-7 18,942,301.93 1.55
A-8 7,068,000.00 1.21
A-9 3,556,666.00 0.60
A-10 17,755,000.00 3.04
A-11 4,843,000.00 0.83
A-12 2,183,000.00 0.37
A-13 1,136,000.00 0.19
A-14 1,578,000.00 0.27
A-15 1,868,444.00 0.32
A-16 2,000,000.00 0.34
A-17 1,000,000.00 0.00
A-18 1,625,000.00 0.25
A-19 375,000.00 0.09
A-20 48,573,229.59 8.26
A-21 25,083,489.96 4.66
A-22 11,608,445.00 1.83
A-23 3,200,334.00 0.53
A-24 60,000,000.00 10.26
A-PO 1,211,512.36 0.00
Residual A-R 0.00 0.00
A-LR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 12,858,051.65 2.20
B-2 4,485,367.32 0.77
B-3 2,093,172.08 0.36
B-4 2,093,172.08 0.36
B-5 1,196,098.62 0.20
B-6 1,196,205.87 0.20
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 585,509,103.95 100.55
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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-1 162,480,457.48 6.500000% 060506AA0 11.009959 5.288783 965.411626
A-2 64,892,387.83 6.000000% 060506AB8 11.008621 4.881968 965.415829
A-3 97,993,007.00 6.500000% 060506AC6 9.371669 5.307787 970.558401
A-4 1,370,051.51 6.250000% 060506AD4 133.227970 3.722201 581.457223
A-5 25,000,000.00 6.250000% 060506AE4 0.000000 5.208169 1,000.000000
A-6 19,125,207.96 5.421250% 060506AF9 9.371669 4.426898 970.558401
A-7 19,125,207.96 3.078750% 060506AG7 0.000000 2.514054 970.558401
A-8 7,068,000.00 6.500000% 060506AH5 0.000000 5.416496 1,000.000000
A-9 3,556,666.00 6.400000% 060506AJ1 0.000000 5.333165 1,000.000000
A-10 17,755,000.00 6.500000% 060506AK8 0.000000 5.416496 1,000.000000
A-11 4,843,000.00 6.500000% 060506AL6 0.000000 5.416496 1,000.000000
A-12 2,183,000.00 6.500000% 060506AM4 0.000000 5.416496 1,000.000000
A-13 1,136,000.00 6.500000% 060506AN2 0.000000 5.416496 1,000.000000
A-14 1,578,000.00 6.500000% 060506AP7 0.000000 5.416496 1,000.000000
A-15 1,868,444.00 6.500000% 060506AQ5 0.000000 5.416496 1,000.000000
A-16 2,000,000.00 6.500000% 060506AR3 0.000000 5.416496 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 5.921250% 060506AT9 0.000000 4.934219 1,000.000000
A-19 375,000.00 9.007917% 060506AU6 0.000000 7.506360 1,000.000000
A-20 49,027,390.39 6.400000% 060506AV4 9.083216 5.229423 971.464592
A-21 25,302,015.63 7.000000% 060506AW2 8.479847 5.727219 973.360107
A-22 11,608,445.00 6.000000% 060506AX0 0.000000 4.999842 1,000.000000
A-23 3,200,334.00 6.250000% 060506AY8 0.000000 5.208169 1,000.000000
A-24 60,000,000.00 6.500000% 060506AZ5 0.000000 5.416496 1,000.000000
A-PO 1,213,178.16 0.000000% 060506BA9 1.368909 0.000000 995.588197
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 12,869,148.17 6.500000% 060506BD3 0.860074 5.402780 996.607661
B-2 4,489,238.20 6.500000% 060506BE1 0.860074 5.402780 996.607661
B-3 2,094,978.49 6.500000% 060506BF8 0.860074 5.402780 996.607661
B-4 2,094,978.49 6.500000% 060506BG6 0.860074 5.402780 996.607661
B-5 1,197,130.85 6.500000% 060506BH4 0.860074 5.402780 996.607661
B-6 1,197,238.20 6.500000% 060506BJ0 0.860074 5.402780 996.607661
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 590,143,297.37 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 585,509,103.71 585,509,103.71
Aggregated loan count 1757 1757
Aggregated average loan rate 7.077228% 7.08
Aggregated prepayment amount 4,125,220.74 4,125,220.74
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 279,359.37 279,359.37
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,721.25 1,721.25
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 5,901,432.97 5,901,432.97
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.946255% 100.000000% 566,200,584.97
-----------------------------------------------------------------------------
Junior 4.053745% 0.000000% 23,922,067.62
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 1 498,519.69
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 498,519.69
- --------------------------------------------------------------------------------
<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 7,824,964.35 7,824,964.35
Principal remittance amount 4,634,193.42 4,634,193.42
Interest remittance amount 3,190,770.93 3,190,770.93
