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: November 21, 2000
(Date of earliest event reported)
Commission File No. 333-80941
Bank of America Mortgage Securities, Inc.
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Delaware 94-324470
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(State of Incorporation) (I.R.S. Employer Identification No.)
201 North Tryon Street, Charlotte, NC 28255
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Address of principal executive offices (Zip Code)
(704) 387-2111
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year, if changed since last
report)
ITEM 5. Other Events
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On November 21, 2000, Bank of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 2000-7, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class
A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-18,
Class A-19, Class A-20, Class A-21, Class A-21, Class A-22, Class A-23, Class
A-24, Class A-25, Class A-PO, Class A-R, Class A-LR, Class B-1, Class B-2 and
Class B-3 (the "Offered Certificates"), having an aggregate original principal
balance of $596,120,462.00. The Offered Certificates were issued pursuant to a
Pooling and Servicing Agreement, dated November 21, 2000, among the Registrant,
Bank of America, N.A., as servicer ("BANA") and The Bank of New York, as trustee
(the "Agreement"), a copy of which is filed as an exhibit hereto. Mortgage
Pass-Through Certificates, Series 2000-7, Class B-4, Class B-5 and Class B-6
Certificates, having an aggregate initial principal balance of $3,903,149.53
(the "Private Class B Certificates" and, together with the Offered Certificates,
the "Certificates"), were also issued pursuant to the Agreement.
As of the date of initial issuance, the Offered Certificates
evidenced an approximate 99.35% undivided interest in a trust (the "Trust"),
consisting principally of a pool of fixed interest rate, conventional, monthly
pay, fully-amortizing, one- to four-family residential first mortgage loans. The
remaining undivided interests in the Trust are evidenced by the Private Class B
Certificates distributions on which are subordinated to distributions on the
Offered Certificates.
Interest on the Offered Certificates will be distributed on each
Distribution Date (as defined in the Agreement). Monthly distributions in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered Certificates in accordance with the priorities set forth in the
Agreement. Distributions of interest and in reduction of principal balance on
any Distribution Date will be made to the extent that the Pool Distribution
Amount is sufficient therefor.
Elections will be made to treat the Trust as two separate REMICs for
federal income tax purposes (the "Upper-Tier REMIC" and the "Lower-Tier REMIC,"
and each, a "REMIC"). The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12,
Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-18, Class
A-20, Class A-21, Class A-22, Class A-23, Class A-24, Class A-25, Class A-PO,
Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates, the Class A-19 PAC IO Component, the Class A-19 PAC I Component,
the Class A-19 TAC IO Component and the Class A-19 TAC Component will be treated
as "regular interests" in the Upper-Tier REMIC and the Class A-R and Class A-LR
Certificates will be treated as the "residual interest" in the Upper-Tier REMIC
and the Lower-Tier REMIC, respectively.
ITEM 7. Financial Statements and Exhibits
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(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
November 21, 2000, among Bank of America
Mortgage Securities, Inc., Bank of
America, N.A. and The Bank of New York,
as trustee.
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 hereunto duly authorized.
BANK OF AMERICA MORTGAGE SECURITIES, INC.
November 21, 2000
By: /s/ Judy Ford
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Name: Judy Ford
Title: Vice President
INDEX TO EXHIBITS
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Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing E
Agreement, dated November 21,
2000 among Bank of America
Mortgage Securities, Inc., Bank
of America, N.A. and The Bank of
New York, as trustee.