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 27, 1999
(Date of earliest event reported)
Commission File No. 333-67267
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.)
345 Montgomery Street, Lower Level #2, Unit #8152, San Francisco, CA 94104
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Address of principal executive offices (Zip Code)
(415) 445-4779
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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 27, 1999, Bank of America Mortgage Securities, Inc., a Delaware
corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series
1999-3, Class A-1, Class A-PO, Class A-R, Class B-1, Class B-2 and Class B-3
(the "Offered Certificates"), having an aggregate original principal balance of
$275,372,167.00. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated April 27, 1999, among the Registrant, Bank of
America, FSB, as a servicer ("Bank of America"), NationsBanc Mortgage
Corporation, as a servicer ("NationsBanc") 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 1999-3, Class B-4, Class B-5 and Class B-6
Certificates, having an aggregate initial principal balance of $1,246,877.62
(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 99.55% 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.
An election will be made to treat the Trust as a REMIC for federal income tax
purposes (the "REMIC"). The Class A-1, Class A-PO, 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.
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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
27, 1999, among Bank of America Mortgage
Securities, Inc., NationsBanc Mortgage
Corporation, Bank of America, FSB and The
Bank of New York, as trustee.
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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.
April 27, 1999 /s/ Sharon Joseph
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Sharon Joseph
Vice President
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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 April 27, 1999
among Bank of America Mortgage
Securities, Inc., NationsBanc Mortgage
Corporation, Bank of America, FSB and
The Bank of New York, as trustee.
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