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, 2003
BANK OF AMERICA MORTGAGE SECURITIES, INC.
(Depositor)
North Carolina 333-74544-06 04-3617193
(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 2002-1
On December 25, 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 2002-1. The monthly distributions were made pursuant to
the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of January 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 2002-1 relating to the
Distribution Date of December 25, 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: December 25, 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 2002-1 relating to the
Distribution Date of December 25, 2003 prepared by the
Trustee pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated December 25, 2003
Payment Date: 12/25/03
------------------------------------------------------------
MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-1
Bank of America, N.A., 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 1-A1 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
1-A2 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
1-A3 34,461,199.05 6.500000% 4,018,581.96 186,664.83 4,205,246.78 0.00 0.00
1-A4 40,250,000.00 6.500000% 0.00 218,020.83 218,020.83 0.00 0.00
Residual 1-AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
1-A-PO 2,351,288.54 0.000000% 45,710.10 0.00 45,710.10 0.00 0.00
2-A1 17,746,800.29 6.500000% 362,765.98 96,128.50 458,894.48 0.00 0.00
3-A1 31,047,022.68 6.250000% 2,674,880.48 161,703.24 2,836,583.73 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate 1-B1 5,523,954.54 6.500000% 5,741.32 29,921.42 35,662.74 0.00 0.00
1-B2 2,170,020.08 6.500000% 2,255.41 11,754.28 14,009.69 0.00 0.00
1-B3 1,578,552.51 6.500000% 1,640.67 8,550.49 10,191.16 0.00 0.00
1-B4 591,957.19 6.500000% 615.25 3,206.43 3,821.69 0.00 0.00
1-B5 789,276.26 6.500000% 820.33 4,275.25 5,095.58 0.00 0.00
1-B6 592,340.44 6.500000% 615.62 3,208.51 3,824.13 0.00 0.00
2-B1 2,368,763.94 6.500000% 2,455.24 12,830.80 15,286.04 0.00 0.00
2-B2 930,953.12 6.500000% 964.94 5,042.66 6,007.60 0.00 0.00
2-B3 676,789.70 6.500000% 701.50 3,665.94 4,367.44 0.00 0.00
2-B4 254,163.42 6.500000% 263.44 1,376.72 1,640.16 0.00 0.00
2-B5 338,394.85 6.500000% 350.75 1,832.97 2,183.72 0.00 0.00
2-B6 254,230.03 6.500000% 263.49 1,377.08 1,640.56 0.00 0.00
3-B1 1,515,480.57 6.250000% 6,669.72 7,893.13 14,562.84 0.00 0.00
3-B2 631,488.56 6.250000% 2,779.22 3,289.00 6,068.22 0.00 0.00
3-B3 378,985.13 6.250000% 1,667.94 1,973.88 3,641.82 0.00 0.00
3-B4 252,963.37 6.250000% 1,113.31 1,317.52 2,430.82 0.00 0.00
3-B5 126,481.69 6.250000% 556.65 658.76 1,215.41 0.00 0.00
3-B6 252,699.54 6.250000% 1,112.13 1,316.14 2,428.28 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 145,083,805.50 - 7,132,525.44 766,008.40 7,898,533.84 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A1 0.00 0.00
1-A2 0.00 0.00
1-A3 30,442,617.09 0.00
1-A4 40,250,000.00 0.00
Residual 1-AR 0.00 0.00
1-A-PO 2,305,578.44 0.00
2-A1 17,384,034.31 0.00
3-A1 28,372,142.20 0.00
- --------------------------------------------------------------------------------
Subordinate 1-B1 5,518,213.22 0.00
1-B2 2,167,764.67 0.00
1-B3 1,576,911.84 0.00
1-B4 591,341.94 0.00
1-B5 788,455.92 0.00
1-B6 591,724.82 0.00
2-B1 2,366,308.70 0.00
2-B2 929,988.18 0.00
2-B3 676,088.20 0.00
2-B4 253,899.98 0.00
2-B5 338,044.10 0.00
2-B6 253,966.54 0.00
3-B1 1,508,810.85 0.00
3-B2 628,709.35 0.00
3-B3 377,317.19 0.00
3-B4 251,850.07 0.00
3-B5 125,925.03 0.00
3-B6 251,587.41 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 137,951,280.05 -
- --------------------------------------------------------------------------------
Payment Date: 12/25/03
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-1
Bank of America, N.A., 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 1-A1 0.00 6.500000% 0605065P3 0.000000 0.000000 0.000000
1-A2 0.00 6.500000% 0605065Q1 0.000000 0.000000 0.000000
1-A3 34,461,199.05 6.500000% 0605065R9 107.067966 4.973352 811.089364
1-A4 40,250,000.00 6.500000% 0605065S7 0.000000 5.416667 1,000.000000
Residual 1-AR 0.00 6.500000% 0605065T5 0.000000 0.000000 0.000000
1-A-PO 2,351,288.54 0.000000% 0605065W8 5.934735 0.000000 299.342924
2-A1 17,746,800.29 6.500000% 0605065U2 2.188119 0.579824 104.856380
3-A1 31,047,022.68 6.250000% 0605065V0 9.905534 0.598814 105.066832
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 1-B1 5,523,954.54 6.500000% 0605065X6 1.017785 5.304276 978.233154
1-B2 2,170,020.08 6.500000% 0605065Y4 1.017785 5.304276 978.233154
1-B3 1,578,552.51 6.500000% 0605065Z1 1.017785 5.304276 978.233154
1-B4 591,957.19 6.500000% 0605066G2 1.017785 5.304276 978.233154
1-B5 789,276.26 6.500000% 0605066H0 1.017785 5.304276 978.233154
1-B6 592,340.44 6.500000% 0605066J6 1.017738 5.304281 978.234113
2-B1 2,368,763.94 6.500000% 0605066A5 1.015191 5.305274 978.419970
2-B2 930,953.12 6.500000% 0605066B3 1.015191 5.305274 978.419970
2-B3 676,789.70 6.500000% 0605066C1 1.015191 5.305274 978.419970
2-B4 254,163.42 6.500000% 0605066K3 1.015191 5.305274 978.419970
2-B5 338,394.85 6.500000% 0605066L1 1.015191 5.305274 978.419970
2-B6 254,230.03 6.500000% 0605066M9 1.015093 5.305282 978.421623
3-B1 1,515,480.57 6.250000% 0605066D9 4.048386 4.790973 915.818422
3-B2 631,488.56 6.250000% 0605066E7 4.048386 4.790973 915.818422
3-B3 378,985.13 6.250000% 0605066F4 4.048386 4.790973 915.818422
3-B4 252,963.37 6.250000% 0605066N7 4.048386 4.790973 915.818422
3-B5 126,481.69 6.250000% 0605066P2 4.048386 4.790973 915.818422
3-B6 252,699.54 6.250000% 0605066Q0 4.048350 4.790980 915.819809
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 145,083,805.50 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-1
Bank of America, N.A., Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Prin balance 83,581,325.20 22,683,814.07 31,686,139.36
Loan count 200 54 74
Avg loan rate 6.705422% 6.693776% 6.581250%
Prepay amount 3,974,163.40 344,527.86 2,547,387.61
Total
-----
Prin balance 137,951,278.63
Loan count 328
Avg loan rate 6.67
Prepay amount 6,866,078.87
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Master serv fees 11,058.25 5,028.18 4,467.94
Sub servicer fees 0.00 0.00 0.00
Trustee fees 146.08 38.42 57.31
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
Total
-----
Master serv fees 20,554.37
Sub servicer fees 0.00
Trustee fees 241.81
Agg advances N/A
Adv this period 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
Cumulative losses 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
Fraud 0.00
Special Hazard 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 86.765610% 100.000000% 125,856,310.56
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Junior 13.234390% 0.000000% 19,196,908.02
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 4 1,482,775.98
60 to 89 days 0 0.00
90 or more 1 474,500.84
Foreclosure 0 0.00
Totals: 5 1,957,276.82
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 7,898,533.84 7,898,533.84
Principal remittance amount 7,132,525.44 7,132,525.44
Interest remittance amount 766,008.40 766,008.40