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 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 November 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 November 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: November 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 November 25, 2000 prepared by the
Trustee pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated November 25, 2000
Payment Date: 11/25/00
------------------------------------------------------------
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 17,974,629.24 6.500000% 731,160.60 97,362.58 828,523.18 0.00 0.00
1A2 30,344,769.08 6.650000% 1,234,345.33 168,160.60 1,402,505.92 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,571,920.71 7.000000% 0.00 9,169.54 9,169.54 0.00 0.00
1A5 71,106,473.10 6.750000% 128,869.69 399,973.91 528,843.60 0.00 0.00
1A6 29,952,177.28 8.045226% 73,047.49 71,940.33 144,987.82 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 20,508,253.47 6.500000% 588,643.78 111,086.37 699,730.15 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 21,593,327.83 6.500000% 97,420.25 116,963.86 214,384.11 0.00 0.00
1X1 0.00 0.052488% 0.00 0.00 0.00 0.00 0.00
1X2 81,773,972.68 0.052488% 0.00 3,576.81 3,576.81 0.00 0.00
1X3 56,838,000.00 0.052488% 0.00 2,486.11 2,486.11 0.00 0.00
1X4 71,245,463.32 0.052488% 0.00 3,116.29 3,116.29 0.00 0.00
2X 1,133,521.30 6.500000% 0.00 6,139.91 6,139.91 0.00 0.00
2PO 230,974.75 0.000000% 1,255.17 0.00 1,255.17 0.00 0.00
Residual R1 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
R2 0.00 6.500000% 0.00 0.04 0.04 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 5,766,567.27 6.750000% 5,959.88 32,436.94 38,396.82 0.00 0.00
1B1 2,649,714.74 6.750000% 2,738.54 14,904.65 17,643.18 0.00 0.00
1B2 1,402,388.60 6.750000% 1,449.40 7,888.44 9,337.84 0.00 0.00
1B3 1,091,288.48 6.750000% 1,127.87 6,138.50 7,266.37 0.00 0.00
1B4 779,213.14 6.750000% 805.33 4,383.07 5,188.41 0.00 0.00
1B5 779,919.41 6.750000% 806.06 4,387.05 5,193.10 0.00 0.00
2M 834,450.98 6.500000% 3,764.70 4,519.94 8,284.64 0.00 0.00
2B1 389,829.63 6.500000% 1,758.75 2,111.58 3,870.33 0.00 0.00
2B2 277,551.51 6.500000% 1,252.20 1,503.40 2,755.60 0.00 0.00
2B3 334,139.68 6.500000% 1,507.50 1,809.92 3,317.42 0.00 0.00
2B4 167,069.84 6.500000% 753.75 904.96 1,658.71 0.00 0.00
2B5 222,481.60 6.500000% 1,003.75 1,205.11 2,208.85 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 310,964,562.65 - 2,877,670.02 1,653,116.72 4,530,786.74 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 17,243,468.64 0.00
1A2 29,110,423.76 0.00
1A3 31,774,000.00 0.00
1A4 1,536,598.37 0.00
1A5 70,977,603.41 0.00
1A6 30,007,999.48 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 19,919,609.70 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 21,495,907.58 0.00
1X1 0.00 0.00
1X2 80,213,971.76 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,127,352.25 0.00
2PO 229,719.58 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 5,760,607.40 0.00
1B1 2,646,976.20 0.00
1B2 1,400,939.20 0.00
1B3 1,090,160.61 0.00
1B4 778,407.80 0.00
1B5 779,113.36 0.00
2M 830,686.28 0.00
2B1 388,070.88 0.00
2B2 276,299.31 0.00
2B3 332,632.18 0.00
2B4 166,316.09 0.00
2B5 221,477.85 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 308,215,762.32 -
- --------------------------------------------------------------------------------
Payment Date: 11/25/00
------------------------------------------------------------
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 17,974,629.24 6.500000% 055240FD2 29.246424 3.894503 689.738746
1A2 30,344,769.08 6.650000% 055240FE0 29.246424 3.984376 689.738746
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,571,920.71 7.000000% 055240FG5 0.000000 4.797499 803.947812
1A5 71,106,473.10 6.750000% 055240FH3 1.113230 3.455140 613.133873
1A6 29,952,177.28 8.045226% 055240GJ8 1.649201 1.624205 677.493842
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 20,508,253.47 6.500000% 055240FX8 21.562043 4.069098 729.656033
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 21,593,327.83 6.500000% 055240GC3 4.052423 4.865385 894.172528
1X1 0.00 0.052488% 055240FT7 0.000000 0.000000 0.000000
1X2 81,773,972.68 0.052488% 055240FU4 0.000000 0.035726 801.186306
1X3 56,838,000.00 0.052488% 055240FV2 0.000000 0.043740 1,000.000000
1X4 71,245,463.32 0.052488% 055240FW0 0.000000 0.023042 526.783514
2X 1,133,521.30 6.500000% 055240GH2 0.000000 3.423589 628.607400
2PO 230,974.75 0.000000% 055240GD1 3.988925 0.000000 730.048605
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 0.000000
R2 0.00 6.500000% 055240FN0 0.000000 0.740339 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 5,766,567.27 6.750000% 055240FQ3 1.007928 5.485699 974.227532
1B1 2,649,714.74 6.750000% 055240FR1 1.007928 5.485699 974.227531
1B2 1,402,388.60 6.750000% 055240FS9 1.007928 5.485699 974.227537
1B3 1,091,288.48 6.750000% 055240GK5 1.007928 5.485699 974.227537
1B4 779,213.14 6.750000% 055240GM1 1.007928 5.485699 974.227539
1B5 779,919.41 6.750000% 055240GP4 1.007919 5.485711 974.229548
2M 834,450.98 6.500000% 055240GE9 4.052423 4.865385 894.172527
2B1 389,829.63 6.500000% 055240GF6 4.052423 4.865385 894.172529
2B2 277,551.51 6.500000% 055240GG4 4.052423 4.865385 894.172527
2B3 334,139.68 6.500000% 055240GR0 4.052423 4.865385 894.172522
2B4 167,069.84 6.500000% 055240GT6 4.052423 4.865385 894.172522
2B5 222,481.60 6.500000% 055240GV1 4.052418 4.865379 894.171442
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 310,964,562.65 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1998-3 Trust
Bank of America, FSB, Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 226,570,590.88 81,645,169.78 308,215,760.66
Loan count 700 270 970
Avg loan rate 7.423621% 7.045641% 7.32
Prepay amount 1,815,141.80 325,895.39 2,141,037.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 76,807.09 31,838.41 108,645.50
Sub servicer fees 0.00 0.00 0.00
Trustee fees 857.33 308.78 1,166.12
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 2,286,220.31 823,425.30 3,109,645.61
Special Hazard 2,286,220.31 1,675,947.49 3,962,167.80
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.281530% 100.000000% 296,269,947.77
-----------------------------------------------------------------------------
Junior 4.718470% 0.000000% 14,671,687.16
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 8 2,837,963.99
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 8 2,837,963.99
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 4,530,786.74 4,530,786.74
Principal remittance amount 2,877,670.02 2,877,670.02
Interest remittance amount 1,653,116.72 1,653,116.72