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): August 25, 2000
BA MORTGAGE SECURITIES, INC.
(Depositor)
North Carolina 333-53933-01 13-4048095/Man
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
101 North 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
BA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates
Series 1998-3 Trust
On August 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 1998-3 Trust. The monthly distributions were made pursuant
to the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of June 1, 1998 by and among BA 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 1998-3 Trust relating to the
Distribution Date of August 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: August 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 1998-3 Trust relating to the
Distribution Date of August 25, 2000 prepared by the Trustee
pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated August 25, 2000
Payment Date: 08/25/00
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1998-3 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 1A1 19,532,133.56 6.500000% 228,427.99 105,799.06 334,227.05 0.00 0.00
1A2 32,974,147.87 6.650000% 385,632.13 182,731.74 568,363.87 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,647,163.68 7.000000% 0.00 9,608.45 9,608.45 0.00 0.00
1A5 71,234,595.41 6.750000% 0.00 400,694.60 400,694.60 0.00 0.00
1A6 29,979,872.00 8.075919% 151,127.42 73,640.21 224,767.63 0.00 0.00
1A7 0.00 7.000000% 0.00 0.00 0.00 0.00 0.00
1A8 33,200,000.00 7.000000% 0.00 193,666.67 193,666.67 0.00 0.00
1A9 1,800,893.00 7.000000% 0.00 10,505.21 10,505.21 0.00 0.00
2A1 22,559,574.02 6.500000% 309,451.57 122,197.69 431,649.27 0.00 0.00
2A2 24,109,000.00 6.500000% 0.00 130,590.42 130,590.42 0.00 0.00
2A3 13,675,450.01 6.500000% 0.00 74,075.35 74,075.35 0.00 0.00
2A4 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2A5 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
2A6 21,881,177.06 6.500000% 95,237.23 118,523.04 213,760.27 0.00 0.00
1X1 0.00 0.052408% 0.00 0.00 0.00 0.00 0.00
1X2 86,079,789.32 0.052408% 0.00 3,759.41 3,759.41 0.00 0.00
1X3 56,838,000.00 0.052408% 0.00 2,482.32 2,482.32 0.00 0.00
1X4 71,245,463.32 0.052408% 0.00 3,111.54 3,111.54 0.00 0.00
2X 1,158,113.39 6.500000% 0.00 6,273.11 6,273.11 0.00 0.00
2PO 236,960.19 0.000000% 1,066.27 0.00 1,066.27 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.03 0.03 0.00 0.00
R2 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
R3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
SEG 93,198,420.45 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,784,127.61 6.750000% 5,800.09 32,535.72 38,335.81 0.00 0.00
1B1 2,657,783.65 6.750000% 2,665.12 14,950.03 17,615.15 0.00 0.00
1B2 1,406,659.15 6.750000% 1,410.54 7,912.46 9,323.00 0.00 0.00
1B3 1,094,611.67 6.750000% 1,097.63 6,157.19 7,254.82 0.00 0.00
1B4 781,586.00 6.750000% 783.74 4,396.42 5,180.16 0.00 0.00
1B5 782,294.35 6.750000% 784.45 4,400.41 5,184.86 0.00 0.00
2M 845,574.60 6.500000% 3,680.34 4,580.20 8,260.54 0.00 0.00
2B1 395,026.24 6.500000% 1,719.34 2,139.73 3,859.07 0.00 0.00
2B2 281,251.40 6.500000% 1,224.14 1,523.45 2,747.58 0.00 0.00
2B3 338,593.92 6.500000% 1,473.72 1,834.05 3,307.77 0.00 0.00
2B4 169,296.96 6.500000% 736.86 917.03 1,653.89 0.00 0.00
2B5 225,447.35 6.500000% 981.23 1,221.17 2,202.41 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 317,720,056.02 - 1,193,299.83 1,692,335.87 2,885,635.70 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 19,303,705.57 0.00
1A2 32,588,515.74 0.00
1A3 31,774,000.00 0.00
1A4 1,636,128.33 0.00
1A5 71,234,595.41 0.00
1A6 29,956,866.89 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 22,250,122.45 0.00
2A2 24,109,000.00 0.00
2A3 13,675,450.01 0.00
2A4 0.00 0.00
2A5 0.00 0.00
2A6 21,785,939.83 0.00
1X1 0.00 0.00
1X2 85,456,809.55 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,151,880.47 0.00
2PO 235,893.92 0.00
Residual R1 0.00 0.00
R2 0.00 0.00
R3 0.00 0.00
SEG 93,198,420.45 0.00
- --------------------------------------------------------------------------------
Subordinate 1M 5,778,327.52 0.00
1B1 2,655,118.53 0.00
1B2 1,405,248.61 0.00
1B3 1,093,514.04 0.00
1B4 780,802.25 0.00
1B5 781,509.89 0.00
2M 841,894.26 0.00
2B1 393,306.90 0.00
2B2 280,027.26 0.00
2B3 337,120.20 0.00
2B4 168,560.10 0.00
2B5 224,466.12 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 316,654,878.50 -
- --------------------------------------------------------------------------------
Payment Date: 08/25/00
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1998-3 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 1A1 19,532,133.56 6.500000% 055240FD2 9.137120 4.231962 772.148223
1A2 32,974,147.87 6.650000% 055240FE0 9.137120 4.329623 772.148223
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,647,163.68 7.000000% 055240FG5 0.000000 5.027141 856.021856
1A5 71,234,595.41 6.750000% 055240FH3 0.000000 3.461366 615.353876
1A6 29,979,872.00 8.075919% 055240GJ8 3.412020 1.662583 676.339416
1A7 0.00 7.000000% 055240FJ9 0.000000 0.000000 0.000000
1A8 33,200,000.00 7.000000% 055240FK6 0.000000 5.833333 1,000.000000
1A9 1,800,893.00 7.000000% 055240FL4 0.000000 5.833333 1,000.000000
2A1 22,559,574.02 6.500000% 055240FX8 11.335222 4.476106 815.022800
2A2 24,109,000.00 6.500000% 055240FY6 0.000000 5.416667 1,000.000000
2A3 13,675,450.01 6.500000% 055240FZ3 0.000000 1.693151 312.581714
2A4 0.00 6.500000% 055240GA7 0.000000 0.000000 0.000000
2A5 0.00 6.500000% 055240GB5 0.000000 0.000000 0.000000
2A6 21,881,177.06 6.500000% 055240GC3 3.961615 4.930243 906.237098
1X1 0.00 0.052408% 055240FT7 0.000000 0.000000 0.000000
1X2 86,079,789.32 0.052408% 055240FU4 0.000000 0.037549 853.552368
1X3 56,838,000.00 0.052408% 055240FV2 0.000000 0.043674 1,000.000000
1X4 71,245,463.32 0.052408% 055240FW0 0.000000 0.023007 526.783514
2X 1,158,113.39 6.500000% 055240GH2 0.000000 3.497865 642.284246
2PO 236,960.19 0.000000% 055240GD1 3.388600 0.000000 749.670652
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.573663 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.000000 0.000000
R3 0.00 6.750000% 055240FP5 0.000000 0.000000 0.000000
SEG 93,198,420.45 0.000000% 0.000000 0.000000 625.702722
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1M 5,784,127.61 6.750000% 055240FQ3 0.980905 5.502404 977.224340
1B1 2,657,783.65 6.750000% 055240FR1 0.980905 5.502404 977.224339
1B2 1,406,659.15 6.750000% 055240FS9 0.980905 5.502405 977.224344
1B3 1,094,611.67 6.750000% 055240GK5 0.980905 5.502405 977.224345
1B4 781,586.00 6.750000% 055240GM1 0.980905 5.502405 977.224347
1B5 782,294.35 6.750000% 055240GP4 0.980907 5.502415 977.226257
2M 845,574.60 6.500000% 055240GE9 3.961615 4.930243 906.237096
2B1 395,026.24 6.500000% 055240GF6 3.961615 4.930243 906.237098
2B2 281,251.40 6.500000% 055240GG4 3.961615 4.930243 906.237096
2B3 338,593.92 6.500000% 055240GR0 3.961615 4.930243 906.237091
2B4 169,296.96 6.500000% 055240GT6 3.961615 4.930243 906.237091
2B5 225,447.35 6.500000% 055240GV1 3.961530 4.930236 906.235965
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 317,720,056.02 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1998-3 Trust
Bank of America, FSB, Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 232,353,095.56 84,301,781.38 316,654,876.94
Loan count 717 274 991
Avg loan rate 7.424240% 7.045656% 7.32
Prepay amount 415,948.91 46,868.40 462,817.31
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 82,312.91 33,214.86 115,527.77
Sub servicer fees 0.00 0.00 0.00
Trustee fees 873.76 317.69 1,191.45
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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 2,330,027.02 847,173.52 3,177,200.54
Special Hazard 2,330,027.02 1,703,426.37 4,033,453.39
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.360402% 100.000000% 302,957,803.12
-----------------------------------------------------------------------------
Junior 4.639598% 0.000000% 14,739,895.69
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 1 254,804.59
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 254,804.59
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 2,885,635.70 2,885,635.70
Principal remittance amount 1,193,299.83 1,193,299.83
Interest remittance amount 1,692,335.87 1,692,335.87