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): July 25, 2000
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 July 25, 2000, 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 July 25, 2000 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: July 25, 2000
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 July 25, 2000 prepared by the Trustee
pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated July 25, 2000
Payment Date: 07/25/00
------------------------------------------------------------
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-1 143,633,232.35 6.500000% 1,671,441.39 778,013.34 2,449,454.73 0.00 0.00
A-2 57,366,010.42 6.000000% 667,466.89 286,830.05 954,296.94 0.00 0.00
A-3 88,352,166.15 6.500000% 854,985.30 478,574.23 1,333,559.53 0.00 0.00
A-4 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
A-5 23,742,716.35 6.250000% 233,001.77 123,659.98 356,661.75 0.00 0.00
A-6 17,243,613.63 7.151250% 166,866.72 102,761.16 269,627.88 0.00 0.00
A-7 17,243,613.63 1.348750% 0.00 19,381.10 19,381.10 0.00 0.00
A-8 7,068,000.00 6.500000% 0.00 38,285.00 38,285.00 0.00 0.00
A-9 3,556,666.00 6.400000% 0.00 18,968.89 18,968.89 0.00 0.00
A-10 17,755,000.00 6.500000% 0.00 96,172.92 96,172.92 0.00 0.00
A-11 4,843,000.00 6.500000% 0.00 26,232.92 26,232.92 0.00 0.00
A-12 2,183,000.00 6.500000% 0.00 11,824.58 11,824.58 0.00 0.00
A-13 1,136,000.00 6.500000% 0.00 6,153.33 6,153.33 0.00 0.00
A-14 1,578,000.00 6.500000% 0.00 8,547.50 8,547.50 0.00 0.00
A-15 1,868,444.00 6.500000% 0.00 10,120.74 10,120.74 0.00 0.00
A-16 2,000,000.00 6.500000% 0.00 10,833.33 10,833.33 0.00 0.00
A-17 1,000,000.00 7.000000% 0.00 5,833.33 5,833.33 0.00 0.00
A-18 1,625,000.00 7.651250% 0.00 10,361.07 10,361.07 0.00 0.00
A-19 375,000.00 1.511250% 0.00 472.27 472.27 0.00 0.00
A-20 44,355,339.02 6.400000% 414,334.74 236,561.81 650,896.54 0.00 0.00
A-21 23,053,994.40 7.000000% 199,362.81 134,481.63 333,844.44 0.00 0.00
A-22 11,608,445.00 6.000000% 0.00 58,042.22 58,042.22 0.00 0.00
A-23 3,200,334.00 6.250000% 0.00 16,668.41 16,668.41 0.00 0.00
A-24 60,000,000.00 6.500000% 0.00 325,000.00 325,000.00 0.00 0.00
A-PO 1,147,958.39 0.000000% 15,051.18 0.00 15,051.18 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 12,718,968.83 6.500000% 12,141.59 68,894.41 81,036.00 0.00 0.00
B-2 4,436,850.05 6.500000% 4,235.44 24,032.94 28,268.38 0.00 0.00
B-3 2,070,530.68 6.500000% 1,976.54 11,215.37 13,191.91 0.00 0.00
B-4 2,070,530.68 6.500000% 1,976.54 11,215.37 13,191.91 0.00 0.00
B-5 1,183,160.67 6.500000% 1,129.45 6,408.79 7,538.24 0.00 0.00
B-6 1,183,266.77 6.500000% 1,129.55 6,409.36 7,538.91 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 542,355,227.39 - 4,245,099.89 2,931,956.07 7,177,055.96 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 141,961,790.96 0.00
A-2 56,698,543.53 0.00
A-3 87,497,180.85 0.00
A-4 0.00 0.00
A-5 23,509,714.58 0.00
A-6 17,076,746.91 0.00
A-7 17,076,746.91 0.00
A-8 7,068,000.00 0.00
A-9 3,556,666.00 0.00
A-10 17,755,000.00 0.00
A-11 4,843,000.00 0.00
A-12 2,183,000.00 0.00
A-13 1,136,000.00 0.00
A-14 1,578,000.00 0.00
A-15 1,868,444.00 0.00
A-16 2,000,000.00 0.00
A-17 1,000,000.00 0.00
A-18 1,625,000.00 0.00
A-19 375,000.00 0.00
A-20 43,941,004.29 0.00
A-21 22,854,631.59 0.00
A-22 11,608,445.00 0.00
A-23 3,200,334.00 0.00
A-24 60,000,000.00 0.00
A-PO 1,132,907.21 0.00
Residual A-R 0.00 0.00
A-LR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 12,706,827.24 0.00
B-2 4,432,614.61 0.00
B-3 2,068,554.14 0.00
B-4 2,068,554.14 0.00
B-5 1,182,031.22 0.00
B-6 1,182,137.21 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 538,110,127.50 -
- --------------------------------------------------------------------------------
Payment Date: 07/25/00
------------------------------------------------------------
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-1 143,633,232.35 6.500000% 060506AA0 10.044478 4.675449 853.115255
A-2 57,366,010.42 6.000000% 060506AB8 10.043258 4.315882 853.133103
A-3 88,352,166.15 6.500000% 060506AC6 8.549853 4.785742 874.971809
A-4 0.00 6.250000% 060506AD4 0.000000 0.000000 0.000000
A-5 23,742,716.35 6.250000% 060506AE2 9.320071 4.946399 940.388583
A-6 17,243,613.63 7.151250% 060506AF9 8.549853 5.265237 874.971809
A-7 17,243,613.63 1.348750% 060506AG7 0.000000 0.993042 874.971809
A-8 7,068,000.00 6.500000% 060506AH5 0.000000 5.416667 1,000.000000
A-9 3,556,666.00 6.400000% 060506AJ1 0.000000 5.333333 1,000.000000
A-10 17,755,000.00 6.500000% 060506AK8 0.000000 5.416667 1,000.000000
A-11 4,843,000.00 6.500000% 060506AL6 0.000000 5.416667 1,000.000000
A-12 2,183,000.00 6.500000% 060506AM4 0.000000 5.416667 1,000.000000
A-13 1,136,000.00 6.500000% 060506AN2 0.000000 5.416667 1,000.000000
A-14 1,578,000.00 6.500000% 060506AP7 0.000000 5.416667 1,000.000000
A-15 1,868,444.00 6.500000% 060506AQ5 0.000000 5.416667 1,000.000000
A-16 2,000,000.00 6.500000% 060506AR3 0.000000 5.416667 1,000.000000
A-17 1,000,000.00 7.000000% 060506AS1 0.000000 5.833333 1,000.000000
A-18 1,625,000.00 7.651250% 060506AT9 0.000000 6.376042 1,000.000000
A-19 375,000.00 1.511250% 060506AU6 0.000000 1.259375 1,000.000000
A-20 44,355,339.02 6.400000% 060506AV4 8.286695 4.731236 878.820086
A-21 23,053,994.40 7.000000% 060506AW2 7.736236 5.218534 886.869678
A-22 11,608,445.00 6.000000% 060506AX0 0.000000 5.000000 1,000.000000
A-23 3,200,334.00 6.250000% 060506AY8 0.000000 5.208333 1,000.000000
A-24 60,000,000.00 6.500000% 060506AZ5 0.000000 5.416667 1,000.000000
A-PO 1,147,958.39 0.000000% 060506BA9 12.368655 0.000000 930.992602
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 12,718,968.83 6.500000% 060506BD3 0.941076 5.339899 984.886491
B-2 4,436,850.05 6.500000% 060506BE1 0.941076 5.339899 984.886491
B-3 2,070,530.68 6.500000% 060506BF8 0.941076 5.339899 984.886491
B-4 2,070,530.68 6.500000% 060506BG6 0.941076 5.339899 984.886491
B-5 1,183,160.67 6.500000% 060506BH4 0.941076 5.339899 984.886491
B-6 1,183,266.77 6.500000% 060506BJ0 0.941076 5.339899 984.886491
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 542,355,227.39 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1999-1 Trust
BANK OF AMERICA, FSB, SERVICER
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 538,110,126.78 538,110,126.78
Loan count 1638 1638
Avg loan rate 7.068770% 7.07
Prepay amount 3,727,245.21 3,727,245.21
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 250,869.18 250,869.18
Sub servicer fees 0.00 0.00
Trustee fees 1,581.87 1,581.87
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 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 6,000,845.77 6,000,845.77
Special Hazard 5,423,552.27 5,423,552.27
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.640919% 100.000000% 518,691,919.71
-----------------------------------------------------------------------------
Junior 4.359081% 0.000000% 23,640,718.57
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 0 0.00
90 or more 1 318,441.62
Foreclosure 0 0.00
Totals: 1 318,441.62
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 7,177,055.96 7,177,055.96
Principal remittance amount 4,245,099.89 4,245,099.89
Interest remittance amount 2,931,956.07 2,931,956.07