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): November 20, 2003
BANK OF AMERICA MORTGAGE SECURITIES, INC.
(Depositor)
North Carolina 333-97547-05 61-1430151/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 2002-K Trust
On November 20, 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 2002-K Trust. The monthly distributions were made pursuant
to the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of September 1, 2002 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 2002-K Trust relating to the
Distribution Date of November 20, 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: November 20, 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 2002-K Trust relating to the
Distribution Date of November 20, 2003 prepared by the
Trustee pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated November 20, 2003
Payment Date: 11/20/03
------------------------------------------------------------
MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-K Trust
Bank of America, NA, as 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 A1 84,020,333.31 6.461657% 8,367,481.88 452,425.46 8,819,907.34 0.00 0.00
A2 2,258,611.11 6.000000% 224,932.31 11,293.06 236,225.36 0.00 0.00
A3 6,474,685.18 3.500000% 644,805.95 18,884.50 663,690.45 0.00 0.00
A4 51,278,151.49 5.000000% 5,106,728.18 213,658.96 5,320,387.14 0.00 0.00
A5 11,293,055.55 4.500000% 1,124,661.54 42,348.96 1,167,010.50 0.00 0.00
A6 37,643,518.51 4.200000% 3,748,871.81 131,752.31 3,880,624.13 0.00 0.00
A7 124,223.61 4.500000% 12,371.28 465.84 12,837.12 0.00 0.00
AIO 109,072,245.46 1.858429% 0.00 168,919.21 168,919.21 0.00 0.00
Residual AR 0.00 6.461657% 0.00 0.00 0.00 0.00 0.00
AMR 0.00 6.461657% 0.00 0.00 0.00 0.00 0.00
ALR 0.00 6.461657% 0.00 0.00 0.00 0.00 0.00
2A1 117,228,209.64 5.748715% 11,087,521.84 561,593.00 11,649,114.84 0.00 0.00
2A2 4,689,085.28 5.748715% 443,496.80 22,463.51 465,960.31 0.00 0.00
3A1 18,636,172.66 7.318175% 1,897,007.68 113,652.31 2,010,660.00 0.00 0.00
4A1 28,613,866.18 4.698000% 1,561,891.61 112,023.29 1,673,914.89 0.00 0.00
4IO 28,613,866.18 0.585272% 0.00 13,955.74 13,955.74 0.00 0.00
BIO 0.00 0.000000% 0.00 16,839.17 16,839.17 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 11,886,474.69 4.555927% 558,451.05 45,128.26 603,579.30 0.00 0.00
B2 5,004,085.35 6.255927% 235,102.23 26,087.66 261,189.89 0.00 0.00
B3 2,502,042.68 6.255927% 117,551.11 13,043.83 130,594.94 0.00 0.00
B4 1,251,343.52 6.255927% 58,790.69 6,523.59 65,314.29 0.00 0.00
B5 1,250,699.16 6.255927% 58,760.42 6,520.24 65,280.66 0.00 0.00
B6 1,877,204.25 6.255927% 88,194.74 9,786.38 97,981.12 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 386,031,762.17 - 35,336,621.12 1,987,365.28 37,323,986.40 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 75,652,851.43 0.00
A2 2,033,678.80 0.00
A3 5,829,879.23 0.00
A4 46,171,423.31 0.00
A5 10,168,394.01 0.00
A6 33,894,646.70 0.00
A7 111,852.33 0.00
AIO 98,209,874.39 0.00
Residual AR 0.00 0.00
AMR 0.00 0.00
ALR 0.00 0.00
2A1 106,140,687.80 0.00
2A2 4,245,588.48 0.00
3A1 16,739,164.97 0.00
4A1 27,051,974.57 0.00
4IO 27,051,974.57 0.00
BIO 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 11,328,023.65 0.00
B2 4,768,983.12 0.00
B3 2,384,491.56 0.00
B4 1,192,552.82 0.00
B5 1,191,938.74 0.00
B6 1,789,009.51 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 350,695,141.05 -
- --------------------------------------------------------------------------------
Payment Date: 11/20/03
------------------------------------------------------------
MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-K Trust
Bank of America, NA, as 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 A1 84,020,333.31 6.461657% 06050HXK9 14.995487 0.810798 135.578587
A2 2,258,611.11 6.000000% 06050HXL7 14.995487 0.752870 135.578587
A3 6,474,685.18 3.500000% 06050HXM5 14.995487 0.439174 135.578587
A4 51,278,151.49 5.000000% 06050HXN3 14.995487 0.627392 135.578587
A5 11,293,055.55 4.500000% 06050HXP8 14.995487 0.564653 135.578587
A6 37,643,518.51 4.200000% 06050HXQ6 14.995487 0.527009 135.578587
A7 124,223.61 4.500000% 06050HXR4 14.995487 0.564653 135.578587
AIO 109,072,245.46 1.858429% 06050HXS2 0.000000 0.233193 135.578587
Residual AR 0.00 6.461657% 06050HXT0 0.000000 0.000000 0.000000
AMR 0.00 6.461657% 06050HXU7 0.000000 0.000000 0.000000
ALR 0.00 6.461657% 06050HXV5 0.000000 0.000000 0.000000
2A1 117,228,209.64 5.748715% 06050HXW3 25.483928 1.290784 243.957276
2A2 4,689,085.28 5.748715% 06050HXX1 25.483928 1.290784 243.957276
3A1 18,636,172.66 7.318175% 06050HXY9 26.388378 1.580964 232.850614
4A1 28,613,866.18 4.698000% 06050HXZ6 15.954438 1.144297 276.330986
4IO 28,613,866.18 0.585272% 06050HYA0 0.000000 0.142555 276.330986
BIO 0.00 0.000000% 06050HYB8 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 11,886,474.69 4.555927% 06050HYC6 30.273272 2.446374 614.084873
B2 5,004,085.35 6.255927% 06050HYD4 30.273272 3.359214 614.084873
B3 2,502,042.68 6.255927% 06050HYE2 30.273272 3.359214 614.084873
B4 1,251,343.52 6.255927% 06050HYF9 30.273272 3.359214 614.084873
B5 1,250,699.16 6.255927% 06050HYG7 30.273272 3.359214 614.084873
B6 1,877,204.25 6.255927% 06050HYH5 30.273222 3.359216 614.085155
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 386,031,762.17 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-K Trust
Bank of America, NA, as Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Prin balance 188,815,289.51 115,811,116.50 17,650,595.20
Loan count 403 255 35
Avg loan rate 6.711657% 5.998715% 7.568175%
Prepay amount 19,692,490.83 11,643,075.71 1,918,959.33
Total
-----
Prin balance 28,418,138.74 350,695,139.95
Loan count 58 751
Avg loan rate 5.658272% 6.44
Prepay amount 1,563,878.03 34,818,403.90
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Master serv fees 43,501.85 26,585.14 4,082.48
Sub servicer fees 0.00 0.00 0.00
Trustee fees 0.00 0.00 0.00
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
Total
-----
Master serv fees 9,380.72 83,550.19
Sub servicer fees 0.00 0.00
Trustee fees 0.00 0.00
Agg advances N/A N/A
Adv this period 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Realized losses 0.00 0.00 0.00
Cumulative losses 0.00 0.00 0.00
Total
-----
Realized losses 0.00 0.00
Cumulative losses 0.00 0.00
Coverage Amounts
- ----------------
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00
Total
-----
Bankruptcy 0.00 0.00
Fraud 0.00 0.00
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 94.114284% 100.000000% 362,259,912.52
-----------------------------------------------------------------------------
Junior 5.885716% 0.000000% 22,654,999.40
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 6 2,414,294.92
60 to 89 days 1 472,563.82
90 or more 1 530,648.82
Foreclosure 2 1,167,858.73
Totals: 10 4,585,366.29
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 37,323,986.40 37,323,986.40
Principal remittance amount 35,336,621.12 35,336,621.12
Interest remittance amount 1,987,365.28 1,987,365.28