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: April 24, 2003
(Date of earliest event reported)
Commission File No. 333-101500
Banc of America Mortgage Securities, Inc.
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Delaware 36-4514369
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(State of Incorporation) (I.R.S. Employer Identification No.)
201 North Tryon Street, Charlotte, North Carolina 28255
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Address of principal executive offices (Zip Code)
(704) 387-8239
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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 April 24, 2003, Banc of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Banc of America Alternative Loan
Trust 2003-3 Mortgage Pass-Through Certificates, Series 2003-3, Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-PO, Class A-R, Class A-LR, Class
A-WIO, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having
an aggregate original principal balance of $297,030,032. The Offered
Certificates were issued pursuant to a Pooling and Servicing Agreement, dated
April 24, 2003, among the Registrant, Bank of America, N.A., as servicer
("BANA") and Wells Fargo Bank Minnesota, National Association, as trustee (the
"Agreement"), a copy of which is filed as an exhibit hereto. Mortgage
Pass-Through Certificates, Series 2003-3, Class SES, Class B-4, Class B-5 and
Class B-6 Certificates, having an aggregate initial principal balance of
$3,760,853 (the "Private 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 98.74% undivided interest in a trust (the "Trust"),
consisting principally 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
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 (as defined in the Agreement) 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-R, Class A-LR, Class A-PO, Class A-WIO, Class SES, Class B-1, Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6 Certificates will be treated as
"regular interests" in the 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
April 24, 2003, among Banc of America
Mortgage Securities, Inc., Bank of
America, N.A. and Wells Fargo Bank
Minnesota, National Association, 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.
BANC OF AMERICA MORTGAGE SECURITIES,
INC.
April 24, 2003
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 Agreement, E
dated April 24, 2003 among Banc
of America Mortgage Securities,
Inc., Bank of America, N.A. and
Wells Fargo Bank Minnesota,
National Association, as trustee.