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): May 25, 2003
BANK OF AMERICA MORTGAGE SECURITIES, INC.
(Depositor)
North Carolina 333-56234-15 13-4197522/7524
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
101 N. Tryon St. 28255
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: 704-387-2111
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
Series 2001-11 Trust
On May 25, 2003, The Bank of New York, as Trustee for MORTGAGE PASS-THROUGH
CERTIFICATES made a monthly distribution of principal and/or interest to the
Holders of the Series 2001-11 Trust. The monthly distributions were made
pursuant to the terms of the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of November 1, 2001 by and among BANK OF AMERICA
MORTGAGE SECURITIES, INC. as Depositor, EquiCredit Corporation of America, as
Transferor and Initial Servicer, Bank of America, N.A., as Advancing Party,
Fairbanks Capital Corp., as Expected Successor Servicer and The Bank of New
York, as Trustee.
All capitalized terms used, but not defined herein, shall have the meanings
assigned to them in the Pooling and Servicing Agreement.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of Series 2001-11 Trust relating to the
Distribution Date of May 25, 2003 prepared by the Trustee
pursuant to the terms of the Pooling and Servicing
Agreement.
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: May 25, 2003
By: /s/ Diane Pickett
------------------------------
Name: Diane Pickett
Vice President
The Bank of New York,
as Trustee
EXHIBIT INDEX
Exhibit
99 Report to Holders of Series 2001-11 Trust relating to the
Distribution Date of May 25, 2003 prepared by the Trustee
pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated May 25, 2003
Payment Date: 05/25/03
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2001-11 Trust
Bank of America, N.A., Servicer
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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 1-A1 93,031,274.62 6.500000% 24,349,909.33 497,695.20 24,847,604.54 0.00 6,224.20
1-A2 7,700,000.00 6.500000% 0.00 41,193.17 41,193.17 0.00 515.16
1-A3 35,000,000.00 6.500000% 0.00 187,241.68 187,241.68 0.00 2,341.65
1-APO 440,031.14 0.000000% 35,763.58 0.00 35,763.58 0.00 0.00
Residual 1-AR 0.00 6.500000% 0.00 0.03 0.03 0.00 0.00
2-A1 11,040,519.81 6.500000% 8,843,747.66 58,612.01 8,902,359.67 0.00 1,190.80
2-A2 12,000,000.00 6.500000% 0.00 63,705.71 63,705.71 0.00 1,294.29
2-A3 10,197,000.00 6.500000% 0.00 54,133.93 54,133.93 0.00 1,099.82
2-A4 15,000,000.00 6.500000% 0.00 79,632.14 79,632.14 0.00 1,617.86
2-APO 157,012.13 0.000000% 526.30 0.00 526.30 0.00 0.00
2-AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
1-B1 4,827,417.88 6.500000% 4,636.20 25,825.54 30,461.74 0.00 322.98
1-B2 2,413,216.45 6.500000% 2,317.63 12,910.13 15,227.76 0.00 161.45
1-B3 1,378,980.83 6.500000% 1,324.36 7,377.22 8,701.58 0.00 92.26
1-B4 690,475.40 6.500000% 663.13 3,693.88 4,357.00 0.00 46.20
1-B5 689,490.41 6.500000% 662.18 3,688.61 4,350.79 0.00 46.13
1-B6 689,830.03 6.500000% 662.51 3,690.43 4,352.93 0.00 46.15
2-B1 2,220,500.62 6.500000% 2,099.69 11,788.21 13,887.91 0.00 239.50
2-B2 740,823.63 6.500000% 700.52 3,932.89 4,633.41 0.00 79.90
2-B3 665,953.16 6.500000% 629.72 3,535.42 4,165.14 0.00 71.83
2-B4 296,526.48 6.500000% 280.39 1,574.20 1,854.60 0.00 31.98
2-B5 221,656.01 6.500000% 209.60 1,176.73 1,386.33 0.00 23.91
2-B6 296,776.17 6.500000% 280.63 1,575.53 1,856.16 0.00 32.01
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Totals - - 199,697,484.76 - 33,244,413.42 1,062,982.66 34,307,396.08 - 15,478.10
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Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A1 68,681,365.29 6,224.20
1-A2 7,700,000.00 515.16
1-A3 35,000,000.00 2,341.65
1-APO 404,267.55 0.00
Residual 1-AR 0.00 0.00
2-A1 2,196,772.15 1,190.80
2-A2 12,000,000.00 1,294.29
2-A3 10,197,000.00 1,099.82
2-A4 15,000,000.00 1,617.86
2-APO 156,485.84 0.00
2-AR 0.00 0.00
1-B1 4,822,781.68 322.98
1-B2 2,410,898.82 161.45
1-B3 1,377,656.47 92.26
1-B4 689,812.27 46.20
1-B5 688,828.23 46.13
1-B6 689,167.53 46.15
2-B1 2,218,400.93 239.50
2-B2 740,123.11 79.90
2-B3 665,323.44 71.83
2-B4 296,246.09 31.98
2-B5 221,446.41 23.91
2-B6 296,495.54 32.01
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- --------------------------------------------------------------------------------
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Totals - - 166,453,071.34 15,478.10
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Payment Date: 05/25/03
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2001-11 Trust
Bank of America, N.A., 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 1-A1 93,031,274.62 6.500000% 06050HAK4 82.311315 1.682386 232.167332
1-A2 7,700,000.00 6.500000% 06050HAL2 0.000000 5.349762 1,000.000000
1-A3 35,000,000.00 6.500000% 06050HAM0 0.000000 5.349762 1,000.000000
1-APO 440,031.14 0.000000% 06050HAN8 51.902896 0.000000 586.704536
Residual 1-AR 0.00 6.500000% 06050HAP3 0.000000 0.306561 0.000000
2-A1 11,040,519.81 6.500000% 06050HAQ1 81.603208 0.540826 20.270101
2-A2 12,000,000.00 6.500000% 06050HAR9 0.000000 5.308809 1,000.000000
2-A3 10,197,000.00 6.500000% 06050HAS7 0.000000 5.308809 1,000.000000
2-A4 15,000,000.00 6.500000% 06050HAT5 0.000000 5.308809 1,000.000000
2-APO 157,012.13 0.000000% 06050HAU2 2.400171 0.000000 713.651772
2-AR 0.00 6.500000% 06050HAV0 0.000000 0.000000 0.000000
1-B1 4,827,417.88 6.500000% 06050HAW8 0.945970 5.269443 984.040334
1-B2 2,413,216.45 6.500000% 06050HAX6 0.945970 5.269443 984.040334
1-B3 1,378,980.83 6.500000% 06050HAY4 0.945970 5.269443 984.040334
1-B4 690,475.40 6.500000% 06050HBC1 0.945970 5.269443 984.040334
1-B5 689,490.41 6.500000% 06050HBD9 0.945970 5.269443 984.040334
1-B6 689,830.03 6.500000% 06050HBE7 0.945971 5.269447 984.041101
2-B1 2,220,500.62 6.500000% 06050HAZ1 0.931542 5.229909 984.206268
2-B2 740,823.63 6.500000% 06050HBA5 0.931542 5.229909 984.206268
2-B3 665,953.16 6.500000% 06050HBB3 0.931542 5.229909 984.206268
2-B4 296,526.48 6.500000% 06050HBF4 0.931542 5.229909 984.206268
2-B5 221,656.01 6.500000% 06050HBG2 0.931542 5.229909 984.206268
2-B6 296,776.17 6.500000% 06050HBH0 0.931543 5.229915 984.207564
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Totals - - 199,697,484.76 - - - - -
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2001-11 Trust
Bank of America, N.A., Servicer
------------------------------------------------------------
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COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 122,464,777.31 43,988,293.11 166,453,070.42
Loan count 291 102 393
Avg loan rate 6.939431% 6.973490% 6.95
Prepay amount 24,254,868.21 8,798,502.76 33,053,370.97
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 15,403.49 4,876.91 20,280.40
Sub servicer fees 0.00 0.00 0.00
Trustee fees 367.15 132.09 499.24
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
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LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Realized losses 0.00 0.00 0.00
Cumulative losses 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazard 2,582,202.28 1,968,236.70 4,550,438.98
Aggregate Certificate Information
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Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 199,697,484.76
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Junior 0.000000% 0.000000% 0.00
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DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 6 2,793,290.22
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 1 363,922.84
Totals: 7 3,157,213.06
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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 34,307,396.08 34,307,396.08
Principal remittance amount 33,244,413.42 33,244,413.42
Interest remittance amount 1,062,982.66 1,062,982.66