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): December 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 December 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 December 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: December 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 December 25, 2000 prepared by the
Trustee pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated December 25, 2000
Payment Date: 12/25/00
------------------------------------------------------------
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 17,243,468.64 6.500000% 324,638.74 93,402.12 418,040.86 0.00 0.00
1A2 29,110,423.76 6.650000% 548,055.11 161,320.26 709,375.38 0.00 0.00
1A3 31,774,000.00 6.500000% 0.00 172,109.17 172,109.17 0.00 0.00
1A4 1,536,598.37 7.000000% 0.00 8,963.49 8,963.49 0.00 0.00
1A5 70,977,603.41 6.750000% 129,621.43 399,249.02 528,870.45 0.00 0.00
1A6 30,007,999.48 8.028686% 32,546.57 71,149.24 103,695.81 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 19,919,609.70 6.500000% 1,386,793.41 107,897.89 1,494,691.30 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 21,495,907.58 6.500000% 98,176.34 116,436.17 214,612.51 0.00 0.00
1X1 0.00 0.052441% 0.00 0.00 0.00 0.00 0.00
1X2 80,213,971.76 0.052441% 0.00 3,505.43 3,505.43 0.00 0.00
1X3 56,838,000.00 0.052441% 0.00 2,483.88 2,483.88 0.00 0.00
1X4 71,245,463.32 0.052441% 0.00 3,113.50 3,113.50 0.00 0.00
2X 1,127,352.25 6.500000% 0.00 6,106.49 6,106.49 0.00 0.00
2PO 229,719.58 0.000000% 1,080.65 0.00 1,080.65 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 0.00 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 5,760,607.40 6.750000% 6,004.09 32,403.42 38,407.51 0.00 0.00
1B1 2,646,976.20 6.750000% 2,758.86 14,889.24 17,648.10 0.00 0.00
1B2 1,400,939.20 6.750000% 1,460.15 7,880.28 9,340.44 0.00 0.00
1B3 1,090,160.61 6.750000% 1,136.24 6,132.15 7,268.39 0.00 0.00
1B4 778,407.80 6.750000% 811.31 4,378.54 5,189.85 0.00 0.00
1B5 779,113.36 6.750000% 811.89 4,382.51 5,194.40 0.00 0.00
2M 830,686.28 6.500000% 3,793.92 4,499.55 8,293.47 0.00 0.00
2B1 388,070.88 6.500000% 1,772.40 2,102.05 3,874.45 0.00 0.00
2B2 276,299.31 6.500000% 1,261.92 1,496.62 2,758.54 0.00 0.00
2B3 332,632.18 6.500000% 1,519.20 1,801.76 3,320.96 0.00 0.00
2B4 166,316.09 6.500000% 759.60 900.88 1,660.48 0.00 0.00
2B5 221,477.85 6.500000% 1,011.46 1,199.67 2,211.13 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 308,215,762.32 - 2,544,013.28 1,636,640.99 4,180,654.27 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 16,918,829.90 0.00
1A2 28,562,368.64 0.00
1A3 31,774,000.00 0.00
1A4 1,520,915.09 0.00
1A5 70,847,981.98 0.00
1A6 30,105,074.34 0.00
1A7 0.00 0.00
1A8 33,200,000.00 0.00
1A9 1,800,893.00 0.00
2A1 18,532,816.29 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 21,397,731.24 0.00
1X1 0.00 0.00
1X2 79,319,498.84 0.00
1X3 56,838,000.00 0.00
1X4 71,245,463.32 0.00
2X 1,110,595.11 0.00
2PO 228,638.93 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 5,754,603.31 0.00
1B1 2,644,217.35 0.00
1B2 1,399,479.04 0.00
1B3 1,089,024.38 0.00
1B4 777,596.49 0.00
1B5 778,301.47 0.00
2M 826,892.36 0.00
2B1 386,298.48 0.00
2B2 275,037.39 0.00
2B3 331,112.98 0.00
2B4 165,556.49 0.00
2B5 220,466.40 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 305,801,370.46 -
- --------------------------------------------------------------------------------
Payment Date: 12/25/00
------------------------------------------------------------
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 17,243,468.64 6.500000% 055240FD2 12.985549 3.736085 676.753196
1A2 29,110,423.76 6.650000% 055240FE0 12.985549 3.822302 676.753196
1A3 31,774,000.00 6.500000% 055240FF7 0.000000 5.416667 1,000.000000
1A4 1,536,598.37 7.000000% 055240FG5 0.000000 4.689696 795.742322
1A5 70,977,603.41 6.750000% 055240FH3 1.119723 3.448878 612.014150
1A6 30,007,999.48 8.028686% 055240GJ8 0.734807 1.606344 679.685512
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 19,919,609.70 6.500000% 055240FX8 50.798293 3.952304 678.857740
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 21,495,907.58 6.500000% 055240GC3 4.083874 4.843435 890.088654
1X1 0.00 0.052441% 055240FT7 0.000000 0.000000 0.000000
1X2 80,213,971.76 0.052441% 055240FU4 0.000000 0.035013 792.252208
1X3 56,838,000.00 0.052441% 055240FV2 0.000000 0.043701 1,000.000000
1X4 71,245,463.32 0.052441% 055240FW0 0.000000 0.023021 526.783514
2X 1,127,352.25 6.500000% 055240GH2 0.000000 3.404957 619.263682
2PO 229,719.58 0.000000% 055240GD1 3.434316 0.000000 726.614289
Residual R1 0.00 6.750000% 055240FM2 0.000000 0.000000 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 5,760,607.40 6.750000% 055240FQ3 1.015405 5.480030 973.212127
1B1 2,646,976.20 6.750000% 055240FR1 1.015405 5.480030 973.212126
1B2 1,400,939.20 6.750000% 055240FS9 1.015405 5.480030 973.212131
1B3 1,090,160.61 6.750000% 055240GK5 1.015405 5.480030 973.212132
1B4 778,407.80 6.750000% 055240GM1 1.015405 5.480030 973.212134
1B5 779,113.36 6.750000% 055240GP4 1.015211 5.480041 973.214336
2M 830,686.28 6.500000% 055240GE9 4.083874 4.843435 890.088652
2B1 388,070.88 6.500000% 055240GF6 4.083874 4.843435 890.088654
2B2 276,299.31 6.500000% 055240GG4 4.083874 4.843435 890.088652
2B3 332,632.18 6.500000% 055240GR0 4.083874 4.843434 890.088647
2B4 166,316.09 6.500000% 055240GT6 4.083874 4.843434 890.088647
2B5 221,477.85 6.500000% 055240GV1 4.083543 4.843429 890.087899
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 308,215,762.32 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
Mortgage Pass-Through Certificates
Series 1998-3 Trust
Bank of America, FSB, Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 225,652,367.77 80,149,000.80 305,801,368.57
Loan count 698 267 965
Avg loan rate 7.423589% 7.045690% 7.32
Prepay amount 682,062.89 1,123,309.72 1,805,372.61
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 80,343.84 29,564.01 109,907.85
Sub servicer fees 0.00 0.00 0.00
Trustee fees 849.64 306.17 1,155.81
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 2,265,705.91 816,451.70 3,082,157.61
Special Hazard 2,265,705.91 1,666,681.58 3,932,387.49
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.246939% 100.000000% 293,544,075.16
-----------------------------------------------------------------------------
Junior 4.753061% 0.000000% 14,648,586.13
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 8 2,212,677.54
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 8 2,212,677.54
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 4,180,654.27 4,180,654.27
Principal remittance amount 2,544,013.28 2,544,013.28
Interest remittance amount 1,636,640.99 1,636,640.99