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 033-63714-81 13-4048321/Man
(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 1999-1 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 1999-1 Trust. The monthly distributions were made pursuant
to the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of February 1, 1999 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 1999-1 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 1999-1 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
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1999-1 Trust
BANK OF AMERICA, FSB, 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 6.500000% 0.00 0.00 0.00 0.00 0.00
A-2 0.00 6.000000% 0.00 0.00 0.00 0.00 0.00
A-3 8,178,565.81 6.500000% 3,847,686.53 44,264.96 3,891,951.49 0.00 35.60
A-4 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
A-5 603,304.44 6.250000% 603,304.44 3,139.69 606,444.13 0.00 2.53
A-6 1,596,203.41 1.820000% 750,949.56 2,418.96 753,368.52 0.00 1.95
A-7 1,596,203.41 6.680000% 0.00 8,878.39 8,878.39 0.00 7.14
A-8 3,884,800.43 6.500000% 1,827,642.48 21,025.76 1,848,668.24 0.00 16.91
A-9 3,556,666.00 6.400000% 0.00 18,953.64 18,953.64 0.00 15.25
A-10 17,755,000.00 6.500000% 0.00 96,095.62 96,095.62 0.00 77.29
A-11 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
A-12 1,797,930.69 6.500000% 1,797,930.69 9,730.96 1,807,661.65 0.00 7.83
A-13 1,136,000.00 6.500000% 503,866.31 6,148.39 510,014.70 0.00 4.95
A-14 1,578,000.00 6.500000% 700,000.00 8,540.63 708,540.63 0.00 6.87
A-15 1,868,444.00 6.500000% 0.00 10,112.60 10,112.60 0.00 8.13
A-16 2,000,000.00 6.500000% 0.00 10,824.63 10,824.63 0.00 8.71
A-17 1,000,000.00 6.500000% 0.00 5,412.31 5,412.31 0.00 4.35
A-18 1,625,000.00 2.320000% 0.00 3,139.14 3,139.14 0.00 2.52
A-19 375,000.00 24.613333% 0.00 7,685.48 7,685.48 0.00 6.18
A-20 3,207,473.98 6.400000% 3,182,256.02 17,092.78 3,199,348.80 0.00 13.75
A-21 3,254,921.92 7.000000% 1,531,309.96 18,971.78 1,550,281.74 0.00 15.26
A-22 6,384,813.72 6.000000% 3,003,798.26 31,898.41 3,035,696.67 0.00 25.66
A-23 3,200,334.00 6.250000% 1,186,154.58 16,655.01 1,202,809.59 0.00 13.40
A-24 60,000,000.00 6.500000% 0.00 324,738.80 324,738.80 0.00 261.20
A-PO 450,414.43 0.000000% 48,877.45 0.00 48,877.45 0.00 0.00
Residual A-R 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
A-LR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 12,247,392.71 6.500000% 16,008.22 66,286.73 82,294.94 0.00 53.32
B-2 4,272,346.74 6.500000% 5,584.26 23,123.28 28,707.54 0.00 18.60
B-3 1,993,762.44 6.500000% 2,605.99 10,790.87 13,396.86 0.00 8.68
B-4 1,993,762.44 6.500000% 2,605.99 10,790.87 13,396.86 0.00 8.68
B-5 1,139,293.10 6.500000% 1,489.14 6,166.21 7,655.35 0.00 4.96
B-6 882,875.96 6.500000% 1,153.81 4,778.40 5,932.22 0.00 3.84
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 145,982,306.23 - 19,013,223.69 787,664.31 19,800,888.00 - 633.55
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 0.00 0.00
A-2 0.00 0.00
A-3 4,330,879.28 35.60
A-4 0.00 0.00
A-5 0.00 2.53
A-6 845,253.85 1.95
A-7 845,253.85 7.14
A-8 2,057,157.95 16.91
A-9 3,556,666.00 15.25
A-10 17,755,000.00 77.29
A-11 0.00 0.00
A-12 0.00 7.83
A-13 632,133.69 4.95
A-14 878,000.00 6.87
A-15 1,868,444.00 8.13
A-16 2,000,000.00 8.71
A-17 1,000,000.00 4.35
A-18 1,625,000.00 2.52
A-19 375,000.00 6.18
A-20 25,217.96 13.75
A-21 1,723,611.97 15.26
A-22 3,381,015.46 25.66
A-23 2,014,179.42 13.40
A-24 60,000,000.00 261.20
A-PO 401,536.98 0.00
Residual A-R 0.00 0.00
A-LR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 12,231,384.50 53.32
B-2 4,266,762.47 18.60
B-3 1,991,156.45 8.68
B-4 1,991,156.45 8.68
B-5 1,137,803.96 4.96
B-6 881,722.15 3.84
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 126,969,082.54 633.55
- --------------------------------------------------------------------------------
Payment Date: 05/25/03
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1999-1 Trust
BANK OF AMERICA, FSB, 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 6.500000% 060506AA0 0.000000 0.000000 0.000000
A-2 0.00 6.000000% 060506AB8 0.000000 0.000000 0.000000
A-3 8,178,565.81 6.500000% 060506AC6 38.476865 0.442650 43.308793
A-4 0.00 6.250000% 060506AD4 0.000000 0.000000 0.000000
A-5 603,304.44 6.250000% 060506AE2 24.132178 0.125587 0.000000
A-6 1,596,203.41 1.820000% 060506AF9 38.476865 0.123942 43.308793
A-7 1,596,203.41 6.680000% 060506AG7 0.000000 0.454908 43.308793
A-8 3,884,800.43 6.500000% 060506AH5 258.579864 2.974782 291.052342
A-9 3,556,666.00 6.400000% 060506AJ1 0.000000 5.329047 1,000.000000
A-10 17,755,000.00 6.500000% 060506AK8 0.000000 5.412313 1,000.000000
A-11 0.00 6.500000% 060506AL6 0.000000 0.000000 0.000000
A-12 1,797,930.69 6.500000% 060506AM4 823.605444 4.457611 0.000000
A-13 1,136,000.00 6.500000% 060506AN2 443.544285 5.412313 556.455715
A-14 1,578,000.00 6.500000% 060506AP7 443.599493 5.412313 556.400507
A-15 1,868,444.00 6.500000% 060506AQ5 0.000000 5.412313 1,000.000000
A-16 2,000,000.00 6.500000% 060506AR3 0.000000 5.412313 1,000.000000
A-17 1,000,000.00 6.500000% 060506AS1 0.000000 5.412313 1,000.000000
A-18 1,625,000.00 2.320000% 060506AT9 0.000000 1.931780 1,000.000000
A-19 375,000.00 24.613333% 060506AU6 0.000000 20.494626 1,000.000000
A-20 3,207,473.98 6.400000% 060506AV4 63.645120 0.341856 0.504359
A-21 3,254,921.92 7.000000% 060506AW2 59.422195 0.736197 66.884438
A-22 6,384,813.72 6.000000% 060506AX0 258.759744 2.747863 291.254811
A-23 3,200,334.00 6.250000% 060506AY8 370.634622 5.204147 629.365378
A-24 60,000,000.00 6.500000% 060506AZ5 0.000000 5.412313 1,000.000000
A-PO 450,414.43 0.000000% 060506BA9 40.166172 0.000000 329.972263
Residual A-R 0.00 6.500000% 060506BB7 0.000000 0.000000 0.000000
A-LR 0.00 6.500000% 060506BC5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 12,247,392.71 6.500000% 060506BD3 1.240772 5.137781 948.035660
B-2 4,272,346.74 6.500000% 060506BE1 1.240772 5.137781 948.035660
B-3 1,993,762.44 6.500000% 060506BF8 1.240772 5.137781 948.035660
B-4 1,993,762.44 6.500000% 060506BG6 1.240772 5.137781 948.035660
B-5 1,139,293.10 6.500000% 060506BH4 1.240772 5.137781 948.035663
B-6 882,875.96 6.500000% 060506BJ0 0.961290 3.981080 734.598509
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 145,982,306.23 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1999-1 Trust
BANK OF AMERICA, FSB, SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 126,969,165.15 126,969,165.15
Loan count 403 403
Avg loan rate 6.992992% 6.99
Prepay amount 18,822,147.30 18,822,147.30
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 30,940.80 30,940.80
Sub servicer fees 0.00 0.00
Trustee fees 425.78 425.78
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 264,826.96 264,826.96
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 6,000,845.77 6,000,845.77
Special Hazard 2,214,821.42 2,214,821.42
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 84.584073% 100.000000% 123,452,872.84
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Junior 15.415927% 0.000000% 22,499,985.99
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 7 1,995,895.69
60 to 89 days 2 745,052.13
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 9 2,740,947.82
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 19,800,888.00 19,800,888.00
Principal remittance amount 19,013,223.69 19,013,223.69
Interest remittance amount 787,664.31 787,664.31