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: May 23, 2002
(Date of earliest event reported)
Commission File No. 333-74544
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 May 23, 2002, Bank of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 2002-E, Class A-1, Class A-R, Class B-1, Class B-2 and
Class B-3 (the "Offered Certificates"), having an aggregate original principal
balance of $1,002,272,100. The Offered Certificates were issued pursuant to a
Pooling and Servicing Agreement, dated May 23, 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-E, Class B-4, Class B-5 and Class B-6
Certificates, having an aggregate initial principal balance of $6,050,597 (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 99.40% undivided interest in a trust (the "Trust"),
consisting principally of a pool of adjustable 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.
An election will be made to treat the Trust as a REMIC for federal
income tax purposes (the "REMIC"). The Class A-1, 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 Certificate will be treated as the
"residual interest" in the REMIC.
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
May 23, 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.
May 23, 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 May 23, 2002
among Bank of America Mortgage
Securities, Inc., Bank of
America, N.A. and The Bank of
New York, as trustee.