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 (Date of earliest event reported): February 25, 2003
BOA
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-7 Trust)
(Exact name of registrant as specified in charter)
North Carolina 333-53933-05 13-4048100
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
101 Barclay St. 8W, New York, NY 10286
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: 212-815-6140
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
BOA
Mortgage Pass-Through Certificates
Series 1998-7 Trust
On February 25, 2003, The Bank of New York, as Trustee for BOA, Mortgage
Pass-Through Certificates Series 1998-7 Trust, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of December 1, 1998, among BOA as Depositor, BA
MORTGAGE SECURITIES, INC., Seller and Master Servicer and The Bank of New York,
as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of BOA, Mortgage Pass-Through Certificates
Series 1998-7 Trust relating to the distribution date of
February 25, 2003 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of December 1, 1998.
SIGNATURES
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 thereunto duly authorized.
Dated: February 25, 2003
BOA
By: /s/ Diane Pickett
------------------------------
Name: Diane Pickett
Vice President
The Bank of New York,
as Trustee
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated February 25, 2003
Payment Date: 02/25/03
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-7 Trust
Bank of America, FSB, Master Servicer
------------------------------------------------------------
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
Senior A-1 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
A-2 21,539,039.54 6.250000% 6,860,430.81 112,182.50 6,972,613.31 0.00 0.00
A-3 10,884,216.83 6.250000% 3,466,747.73 56,688.63 3,523,436.36 0.00 0.00
A-4 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
A-5 11,268,318.58 6.250000% 3,589,088.54 58,689.16 3,647,777.70 0.00 0.00
A-6 17,177,000.00 6.250000% 0.00 89,463.54 89,463.54 0.00 0.00
A-7 40,000,000.00 6.250000% 0.00 208,333.33 208,333.33 0.00 0.00
Residual R 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 7,425,829.67 6.250000% 9,785.82 38,676.20 48,462.02 0.00 0.00
B-2 3,236,874.48 6.250000% 4,265.58 16,858.72 21,124.30 0.00 0.00
B-3 1,523,235.44 6.250000% 2,007.33 7,933.52 9,940.85 0.00 0.00
B-4 1,332,830.89 6.250000% 1,756.42 6,941.83 8,698.24 0.00 0.00
B-5 761,618.19 6.250000% 1,003.67 3,966.76 4,970.43 0.00 0.00
B-6 931,671.64 6.250000% 1,227.76 4,852.46 6,080.22 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 116,080,635.26 - 13,936,313.66 604,586.64 14,540,900.30 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 0.00 0.00
A-2 14,678,608.73 0.00
A-3 7,417,469.10 0.00
A-4 0.00 0.00
A-5 7,679,230.04 0.00
A-6 17,177,000.00 0.00
A-7 40,000,000.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 7,416,043.85 0.00
B-2 3,232,608.90 0.00
B-3 1,521,228.11 0.00
B-4 1,331,074.47 0.00
B-5 760,614.53 0.00
B-6 930,443.88 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 102,144,321.60 -
- --------------------------------------------------------------------------------
Payment Date: 02/25/03
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-7 Trust
Bank of America, FSB, Master Servicer
------------------------------------------------------------
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Senior A-1 0.00 6.250000% 055240LQ6 0.000000 0.000000 0.000000
A-2 21,539,039.54 6.250000% 055240LR4 42.479448 0.694628 90.889218
A-3 10,884,216.83 6.250000% 055240LS2 61.239140 1.001389 131.027541
A-4 0.00 6.250000% 055240LT0 0.000000 0.000000 0.000000
A-5 11,268,318.58 6.250000% 055240LU7 276.296269 4.518026 591.164745
A-6 17,177,000.00 6.250000% 055240LV5 0.000000 5.208333 1,000.000000
A-7 40,000,000.00 6.250000% 055240LW3 0.000000 5.208333 1,000.000000
Residual R 0.00 6.250000% 055240MA0 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 7,425,829.67 6.250000% 055240LX1 1.252048 4.948431 948.846747
B-2 3,236,874.48 6.250000% 055240LY9 1.252048 4.948431 948.846747
B-3 1,523,235.44 6.250000% 055240LZ6 1.252048 4.948431 948.846748
B-4 1,332,830.89 6.250000% 055240MB8 1.252048 4.948431 948.846745
B-5 761,618.19 6.250000% 055240MC6 1.252048 4.948431 948.846743
B-6 931,671.64 6.250000% 055240MD4 1.225284 4.842655 928.564424
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 116,080,635.26 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-7 Trust
Bank of America, FSB, Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 102,144,363.99 102,144,363.99
Loan count 321 321
Avg loan rate 7.090245% 7.09
Prepay amount 13,783,341.65 13,783,341.65
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 46,017.03 46,017.03
Sub servicer fees 0.00 0.00
Trustee fees 435.30 435.30
Agg advances N/A N/A
Adv this period 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Realized losses 0.00 0.00
Cumulative losses 9,851.06 9,851.06
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 0.00 0.00
Special Hazard 1,235,521.02 1,235,521.02
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 86.910273% 100.000000% 100,868,574.95
-----------------------------------------------------------------------------
Junior 13.089727% 0.000000% 15,192,013.74
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 4 1,311,161.85
60 to 89 days 1 248,084.54
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 5 1,559,246.39
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 14,540,900.30 14,540,900.30
Principal remittance amount 13,936,313.66 13,936,313.66
Interest remittance amount 604,586.64 604,586.64