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: October 24, 2002
(Date of earliest event reported)
Commission File No. 333-97547
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 October 24, 2002, Bank of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 2002-10, Class 1-A-1, Class 1-A-2, Class 1-A-3, Class
1-A-4, Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class 1-A-9, Class
1-A-10, Class 1-A-11, Class 1-A-12, Class 1-A-13, Class 1-A-14, Class 1-A-15,
Class 1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19, Class 1-A-20, Class
1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24, Class 1-A-25, Class 1-A-26,
Class 1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30, Class 1-A-31, Class
1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35, Class 1-A-R, Class 1-A-LR,
Class 1-A-WIO, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5,
Class 2-A-6, Class 2-A-7, Class 2-A-WIO, Class A-PO, Class 1-B-1, Class 1-B-2,
Class 1-B-3, Class 2-B-1, Class 2-B-2 and Class 2-B-3 (the "Offered
Certificates"), having an aggregate original principal balance of
$647,916,375.00. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated October 24, 2002, 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 2002-10, Class SES, Class 1-B-4, Class 1-B-5,
Class 1-B-6, Class 2-B-4, Class 2-B-5 and Class 2-B-6 Certificates, having an
aggregate initial principal balance of $2,803,923.00 (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 99.57% undivided interest in a trust (the "Trust"),
consisting principally of two pools 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 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-4,
Class 1-A-5, Class 1-A-6, Class 1-A-7, Class 1-A-8, Class 1-A-9, Class 1-A-10,
Class 1-A-11, Class 1-A-12, Class 1-A-13, Class 1-A-14, Class 1-A-15, Class
1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19, Class 1-A-20, Class 1-A-21,
Class 1-A-22, Class 1-A-23, Class 1-A-24, Class 1-A-25, Class 1-A-26, Class
1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30, Class 1-A-31, Class 1-A-32,
Class 1-A-33, Class 1-A-34, Class 1-A-35, Class 1-A-WIO, Class 2-A-1, Class
2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5, Class 2-A-6, Class 2-A-7, Class
2-A-WIO, Class 1-B-1, Class 1-B-2, Class 1-B-3, Class 1-B-4, Class 1-B-5, Class
1-B-6, Class 2-B-1, Class 2-B-2, Class 2-B-3, Class 2-B-4, Class 2-B-5 and Class
2-B-6 Certificates and each Class A-PO and Class SES Component will be treated
as "regular interests" in the Upper-Tier REMIC and the Class 1-A-R and Class
1-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
October 24, 2002, 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.
October 24, 2002
By: /s/ Judy Lowman
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Name: Judy Lowman
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 October 24, 2002
among Bank of America Mortgage
Securities, Inc., Bank of
America, N.A. and The Bank of
New York, as trustee.