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Previous: CORRECTIONS CORPORATION OF AMERICA, S-3/A, 1998-09-30 |
Next: MICROENERGY INC, NT 10-K, 1998-09-30 |
<PAGE>
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 report): August 31, 1998
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION AND
BANK OF AMERICA, FSB
------------------------------------------------------------------------
(EXACT NAME OF REGISTRANTS AS SPECIFIED IN ITS CHARTER)
UNITED STATES
------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)
333-3525-01
------------------------------------------------------------------------
(COMMISSION FILE NUMBER)
94-1687665
91-0221850
------------------------------------------------------------------------
(I.R.S. EMPLOYER IDENTIFICATION NUMBERS)
555 CALIFORNIA STREET
SAN FRANCISCO, CA 94104
(415) 622-2220
--------------------------------------------------------------------------
(ADDRESS AND TELEPHONE NUMBER OF REGISTRANTS' PRINCIPAL EXECUTIVE OFFICES)
<PAGE>
Item 5. Other Events
(a) Monthly Report
The following are filed herewith. The exhibit numbers correspond with Item 601
(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description
<S> <C>
20 Monthly Statements mailed to Certificate
Holders pursuant to the Pooling and Servicing
Agreement by and between Bank of America National
Trust and Savings Association, contract seller,
Bank of America, FSB, acting through its division,
BankAmerica Housing Services, contract seller and
servicer, and The First National Bank of Chicago,
as Trustee, dated as of March 1, 1998 (a copy of
which agreement was filed by the registrant with
the Commission on April 1, 1998 as an exhibit to a
report on Form 8-K).
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
BANK OF AMERICA, FSB
BY: /s/ JOHN WHEELER.
-----------------------------
John W. Wheeler*
Dated: September 23, 1998
San Diego, California
* Mr. Wheeler is president and Division Chief Executive Officer of Bank of
America, FSB.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST IV
SENIOR/ SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1998-1, INVESTOR NUMBER 19982001
<TABLE>
<CAPTION>
MONTHLY SERVICING SUMMARY PERIOD ENDING: 08/31/98
- ----------------------------------------------------------------------------------------------------------------------------------
Pass Through
Rate Balance Pool Factor
------------- --------------- ------------
<S> <C> <C> <C> <C> <C>
BOP Scheduled Pool $851,714,003.47 95.1168046%
EOP Scheduled Pool 842,313,779.59 94.0670165%
Determination Date: 09/04/98 Class A-1 Certificate 6.4700% 681,133,687.03 92.7646456%
Remittance Date: 09/10/98 Class M Certificate 6.9400% 67,158,000.00 100.0000000%
Prior Period WAC 10.38% Class B-1 Certificate 7.8100% 53,727,000.00 100.0000000%
Current Period WAC 10.38% Class B-2 Certificate 8.0000% 40,295,092.56 100.0000000%
</TABLE>
<TABLE>
<CAPTION>
I. RECAP OF POOL: LOAN
COUNT CLASS A-1 CLASS M CLASS B-1 CLASS B-2
------- --------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 32,154 $690,533,910.91 $67,158,000.00 $53,727,000.00 $40,295,092.56
Scheduled Principal Reduction (2,118,764.36) 0.00 0.00 0.00
Partial Principal Prepayments (422,990.15) 0.00 0.00 0.00
Principal Prepayments In Full (239) (5,202,690.31) 0.00 0.00 0.00
Contract Liquidations (76) (1,655,779.06) 0.00 0.00 0.00
Contract Repurchases 0 0.00 0.00 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00 0.00 0.00
------- --------------- -------------- -------------- ---------------
Remaining Certificate Balance 31,839 $681,133,687.03 $67,158,000.00 $53,727,000.00 $40,295,092.56
------- --------------- -------------- -------------- ---------------
------- --------------- -------------- -------------- ---------------
<CAPTION>
II. DISTRIBUTIONS:
CLASS A-1 CLASS M CLASS B-1 CLASS B-2
---------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Principal Distribution Amount $ 9,400,223.88 $ 0.00 $ 0.00 $ 0.00
Scheduled Interest Distribution
Amount 3,723,128.67 388,397.10 349,673.23 268,633.95
Unpaid Interest Shortfall Current
Period 0.00 0.00 0.00 0.00
Previously Undistributed Interest
Shortfalls 0.00 0.00 0.00 0.00
---------------- -------------- -------------- ---------------
Total Distribution $13,123,352.55 $388,397.10 $349,673.23 $268,633.95
---------------- -------------- -------------- ---------------
---------------- -------------- -------------- ---------------
--------------
AVAILABLE DISTRIBUTION AMOUNT: 14,953,306.71
--------------
--------------
</TABLE>
<TABLE>
<S> <C>
III. MONTHLY ADVANCE
Monthly Advance Amount $ 0.00
Outstanding Amount Advanced $ 0.00
IV. RESIDUAL INTEREST DISTRIBUTION AMOUNT $823,249.88
----------------
----------------
V. SCHEDULED MONTHLY MORTGAGE PAYMENTS (P&I): $ 9,486,090.49
Gross Int... (7,367,326.13)
----------------
Principal... 2,118,764.36
----------------
----------------
VI. SERVICING FEE: $ 709,761.67
----------------
----------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VII. DELINQUENCY INFORMATION:
Days Delinquent Number Actual Balance
--------------------- ------------- ------------------
<S> <C> <C> <C>
31 - 59 382 $10,064,511.74
60 - 89 110 3,028,016.25
90 or more 97 2,875,908.43
--------------------- ------------- ------------------
Total Delinquent 589 $15,968,436.42
------------- ------------------
------------- ------------------
<CAPTION>
VIII. REPOSSESSION INFORMATION: Number Actual Balance
------------- ------------------
<S> <C> <C> <C>
BOP Repossessions 137 $ 3,816,794.89
Plus Repossessions 91 2,287,219.10
this Month
Less Liquidations (76) ($1,680,827.26)
------------- ------------------
EOP Repossessions 152 $ 4,423,186.73
------------- ------------------
------------- ------------------
<CAPTION>
IX. REPURCHASES:
Number Actual Balance
------------- ------------------
<S> <C> <C> <C>
Contracts Repurchased
or Replaced 0 $0.00
Eligible Substitute
Contracts 0 $0.00
------------- ------------------
Difference Paid by
Servicer 0 $0.00
------------- ------------------
------------- ------------------
</TABLE>
<TABLE>
<S> <C>
X. RESERVE ACCOUNT SUMMARY:
Reserve Account Deposit Amount $ 0.00
Reserve Account Draw Amount $ 0.00
Distribution to Class R Certificateholder $ 41,912.09
Ending Balance at 31-Aug-98 $8,996,313.09
XI. DELINQUENCY RATIOS
Average 30-Day Delinquency Ratio 1.05%
Average 60-Day Delinquency Ratio 0.56%
Cumulative Realized Loss Ratio 0.30%
Current Realized Loss Ratio 0.21%
XII. LIQUIDATION LOSSES:
Previous Period Aggregate Net Liquidation
Losses: $1,696,453.58
Current Period Aggregate Net Liquidation
Losses: $2,651,850.64
Current Period Liquidation Losses: $ 955,397.06
XIV. CERTIFICATE ACCOUNT INTEREST: $ 56,106.78
</TABLE>
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