FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 25, 1998
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through certificates, Series 1998-1
(Exact name of registrant as specified in its charter)
Delaware 33-44658 13-3633241
(State or other Commission File Number) (IRS Employer Identification No.)
Jurisdiction of
incorporation)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 272-2000
Not Applicable
Former name or former address, if changed since last reort.
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Item 5. Other Events.
1. A distribution was made to the Certificateholders of the Bear
Stearns Mortgage Securities, Inc. Mortgage Pass-Through
Certificates, Series 1998-1, on March 25, 1998. The distribution
was made pursuant to the provisions of a Pooling and Servicing
Agreement dated February 25, 1998, between and among Bear Stearns
Mortgage Securities Inc., as Seller, Norwest Bank Minnesota, N.A.
and as Master Servicer and Norwest Bank Minnesota, N.A., as
Trustee.
Item 7. Financial Statements and Exhibits.
c) Exhibits.
(28.1) March 25, 1998 - Information on Distribution to
Certificateholders.
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SIGNATURE
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.
Bear Stearns Mortgage Securities Inc.
(Registrant)
Date: April, 9, 1998 By: /S/William J. Montgoris
William J. Montgoris
Treasurer and Secretary
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BEAR STEARNS MORTGAGE SECURITIES INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description
(28.1) March 25, 1998 - Information on
Distribution to Certificateholders
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<TABLE>
MARCH 25, 1998 - INFORMATION ON DISTRIBUTION EXHIBIT 28.1
TO CERTIFICATEHOLDERS
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1998-1
<CAPTION>
<PAGE>
Principal Amt. Ending
Original Outstanding Principal
Certificate Principal Prior to Interest Interest Interest Principal Amount
Class Amount Distribution Rate Accrued Distribution Distribution Outstanding
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 49,765,000 $ 49,765,000 6.15000% $ 255,045.63$ 255,045.63 $ 0.00 $ 49,765,000.00
A-2 29,066,000 29,066,000 6.15000% 148,963.25 148,963.25 0.00 29,066,000.00
A-3 10,959,000 10,959,000 6.20000% 56,621.50 56,621.50 0.00 10,959,000.00
A-4 54,926,000 54,926,000 6.25000% 286,072.92 286,072.92 0.00 54,926,000.00
A-5 49,041,000 49,041,000 6.35000% 259,508.62 259,508.62 0.00 49,041,000.00
A-6 43,048,000 43,048,000 6.50000% 233,176.67 233,176.67 0.00 43,048,000.00
A-7 5,717,000 5,717,000 6.65000% 31,681.71 31,681.71 0.00 5,717,000.00
A-8 0 0 6.75000% 93,115.96 93,115.96 0.00 0.00
A-9 240,377,000 240,377,000 6.75000% 1,352,120.62 1,352,120.62 1,242,217.05 239,134,782.95
A-10 41,553,000 41,553,000 6.75000% 233,735.62 233,735.62 0.00 41,553,000.00
A-11 96,678,264 96,678,264 6.49375% 523,170.40 523,170.40 1,509,846.38 95,168,413.59
A-12 25,064,736 25,064,736 7.73839% 161,633.98 161,633.98 391,441.67 24,673,294.33
A-13 8,860,250 8,860,250 7.00000% 51,684.79 51,684.79 0.00 8,860,250.00
A-14 17,426,750 17,426,750 7.00000% 101,656.04 101,656.04 0.00 17,426,750.00
A-15 1,000,000 1,000,000 6.75000% 5,625.00 5,625.00 0.00 1,000,000.00
A-16 1,000,000 1,000,000 7.25000% 6,041.67 6,041.67 0.00 1,000,000.00
A-17 4,041,000 4,041,000 5.00000% 16,837.50 16,837.50 0.00 4,041,000.00
A-18 79,391,221 79,391,221 6.75000% 446,575.62 446,575.62 0.00 79,391,221.00
P 269,679 269,679 0.00000% 0.00 0.00 280.23 269,398.77
X 0 0 0.59979% 396,818.18 396,818.18 0.00 0.00
2-A-1 26,972,970 26,972,970 6.40000% 143,855.84 143,855.84 211,821.46 26,761,148.54
2-A-2 31,103,944 31,103,944 6.35000% 164,591.70 164,591.70 0.00 31,103,944.00
2-A-3 88,152,745 88,152,745 6.50000% 477,494.04 477,494.04 0.00 88,152,745.00
2-A-4 41,525,070 41,525,070 9.00000% 311,438.03 311,438.03 65,445.85 41,459,624.15
2-A-5 23,718,000 23,718,000 7.01351% 138,622.10 138,622.10 0.00 23,718,000.00
2-A-6 41,000,000 41,000,000 7.01351% 239,628.38 239,628.38 0.00 41,000,000.00
2-A-7 19,488,000 19,488,000 7.01351% 113,899.46 113,899.46 0.00 19,488,000.00
2-A-8 31,623,346 31,623,346 7.01351% 184,825.64 184,825.64 0.00 31,623,346.00
3-A 43,636,450 43,636,450 6.70654% 243,874.56 243,874.56 158,730.64 43,477,719.18
R-I 50 50 6.75000% 0.28 0.28 50.00 0.00
R-II 50 50 6.75000% 0.28 0.28 50.00 0.00
R-III 50 50 7.01351% 0.29 0.29 50.00 0.00
R-IV 50 50 6.70654% 0.28 0.28 50.00 0.00
B-1 18,656,900 18,656,900 6.75000% 104,945.06 104,945.06 14,338.18 18,642,561.82
B-2 6,748,300 6,748,300 6.75000% 37,959.19 37,959.19 5,186.20 6,743,113.80
B-3 3,572,600 3,572,600 6.75000% 20,095.88 20,095.88 2,745.61 3,569,854.39
B-4 2,778,600 2,778,600 6.75000% 15,629.62 15,629.62 2,135.41 2,776,464.59
B-5 1,984,800 1,984,800 6.75000% 11,164.50 11,164.50 1,525.36 1,983,274.64
B-6 1,984,848 1,984,848 6.75000% 11,164.77 11,164.77 1,525.39 1,983,322.61
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MARCH 25, 1998 - INFORMATION ON DISTRIBUTION EXHIBIT 28.1
TO CERTIFICATEHOLDERS
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1998-1
<CAPTION>
<PAGE>
Principal Amt. Ending
Original Outstanding Principal
Certificate Principal Prior to Interest Interest Interest Principal Amount
Class Amount Distribution Rate Accrued Distribution Distribution Outstanding
<S> <C> <C> <C> <C> <C> <C> <C>
2-B-1 $ 5,850,300 $ 5,850,300 7.01351% $ 34,192.63 $ 34,192.63 $ 4,430.15 $ 5,845,869.85
2-B-2 2,688,000 2,688,000 7.01351% 15,710.27 15,710.27 2,035.27 2,685,964.51
2-B-3 1,423,000 1,423,000 7.01351% 8,316.86 8,316.86 1,077.57 1,421,922.43
2-B-4 1,106,800 1,106,800 7.01351% 6,468.80 6,468.80 838.13 1,105,961.87
2-B-5 790,600 790,600 7.01351% 4,620.74 4,620.74 598.68 790,001.32
2-B-6 790,639 790,639 7.01351% 4,620.96 4,620.96 569.40 790,040.62
3-B-1 446,400 446,400 6.70654% 2,494.83 2,494.83 1,428.53 444,971.47
3-B-2 156,250 156,250 6.70654% 873.25 873.25 500.02 155,749.98
3-B-3 89,250 89,250 6.70654% 498.80 498.80 285.61 88,964.39
3-B-4 156,250 156,250 6.70654% 873.25 873.25 500.02 155,749.98
3-B-5 66,950 66,950 6.70654% 374.17 374.17 214.25 66,735.75
3-B-6 89,323 89,323 6.70654% 499.21 499.21 285.84 89,037.16
$1,154,784,435 $1,154,784,435 $6,958,819.35 $6,958,819.35 $ 3,620,203.12 $1,151,164,198.69
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