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: September 23, 1999
(Date of earliest event reported)
Commission File No. 333-67267
Bank of America Mortgage Securities, Inc.
- --------------------------------------------------------------------------------
Delaware 94-324470
- ---------------------------------- ----------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
345 Montgomery Street, Lower Level #2, Unit #8152, San Francisco, CA 94104
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(415) 622-3676
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
ITEM 5. Other Events
------------
On September 23, 1999, Bank of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 1999-11, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, 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
$347,586,489.00. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated September 23, 1999, among the Registrant, Bank of
America, FSB, as a servicer ("BAFSB"), Bank of America, N.A., as a servicer
("BANA"), 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 1999-11, Class
B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal
balance of $2,452,353.28 (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 99.30% 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-2, Class A-3, Class
A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class
A-11, 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.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(EX-4) Pooling and Servicing Agreement, dated
September 23, 1999, among Bank of America
Mortgage Securities, Inc., NationsBanc
Mortgage Corporation, Bank of America,
FSB, 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.
September 23, 1999
By: /s/ Sharon Joseph
----------------------------------------
Name: Sharon Joseph
Title: Vice President
INDEX TO EXHIBITS
-----------------
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(EX-4) Pooling and Servicing E
Agreement, dated September 23, 1999
among Bank of America Mortgage
Securities, Inc., NationsBanc Mortgage
Corporation, Bank of America, FSB,
Bank of America, N.A. and
The Bank of New York, as trustee.