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 26, 2003
(Date of earliest event reported)
Commission File No. 333-105940
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
On November 26, 2003, Banc of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Banc of America Alternative Loan
Trust 2003-10 Mortgage Pass-Through Certificates, Series 2003-10, Class 1-A-1,
Class 1-A-R, Class 1-A-LR, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4,
Class 3-A-1, Class CB-IO, Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-IO,
Class 5-A-1, Class 5-A-2, Class 6-A-1, Class 6-A-2, Class 6-A-3, Class 15-IO,
Class PO, Class 30-B-1, Class 30-B-2, Class 30-B-3, Class 15-B-1, Class 15-B-2
and Class 15-B-3 (the "Offered Certificates"), having an aggregate original
principal balance of $501,804,908.00. The Offered Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated November 26, 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
2003-10, Class SES, Class 30-B-4, Class 30-B-5 Class 30-B-6, Class 15-B-4, Class
15-B-5 and Class 15-B-6 Certificates, having an aggregate initial principal
balance of $4,890,951.00 (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 99.03% undivided interest in a trust (the "Trust"),
consisting principally of six 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 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 related 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 2-A-1, Class 2-A-2, Class 2-A-3,
Class 2-A-4, Class 3-A-1, Class CB-IO, Class 4-A-1, Class 4-A-2, Class 4-A-3,
Class 4-IO, Class 5-A-1, Class 5-A-2, Class 6-A-1, Class 6-A-2, Class 6-A-3,
Class 15-IO, Class PO, Class 30-B-1, Class 30-B-2, Class 30-B-3, Class 30-B-4,
Class 30-B-5, Class 30-B-6, Class 15-B-1, Class 15-B-2, Class 15-B-3, Class
15-B-4, Class 15-B-5 and Class 15-B-6 Certificates and each Class IO, Class PO
and Class SES Component will be treated as "regular interests" in the 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
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
November 26, 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.
November 26, 2003
By: /s/ Judy Lowman
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Name: Judy Lowman
Title: Vice President
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing Agreement, E
dated November 26, 2003 among
Banc of America Mortgage
Securities, Inc., Bank of
America, N.A. and Wells Fargo
Bank Minnesota, National
Association, as trustee.