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 20, 2003
BANK OF AMERICA MORTGAGE SECURITIES, INC.
(Depositor)
North Carolina 333-97547-05 61-1430151/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 2002-K Trust
On December 20, 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-K Trust. The monthly distributions were made pursuant
to the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of September 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-K Trust relating to the
Distribution Date of December 20, 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 20, 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-K Trust relating to the
Distribution Date of December 20, 2003 prepared by the
Trustee pursuant to the terms of the Pooling and Servicing
Agreement.
99 Monthly Remittance Statement dated December 20, 2003
Payment Date: 12/20/03
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-K Trust
Bank of America, NA, as 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 A1 75,652,851.43 6.461972% 5,050,925.63 404,422.32 5,455,347.96 0.00 2,966.54
A2 2,033,678.80 6.000000% 135,777.57 10,094.35 145,871.92 0.00 74.04
A3 5,829,879.23 3.500000% 389,229.04 16,880.00 406,109.03 0.00 123.82
A4 46,171,423.31 5.000000% 3,082,612.50 190,980.05 3,273,592.55 0.00 1,400.89
A5 10,168,394.01 4.500000% 678,887.85 37,853.81 716,741.66 0.00 277.67
A6 33,894,646.70 4.200000% 2,262,959.51 117,767.41 2,380,726.92 0.00 863.85
A7 111,852.33 4.500000% 7,467.77 416.39 7,884.16 0.00 3.05
AIO 98,209,874.39 1.858745% 0.00 151,014.85 151,014.85 0.00 1,107.73
Residual AR 0.00 6.461972% 0.00 0.00 0.00 0.00 0.00
AMR 0.00 6.461972% 0.00 0.00 0.00 0.00 0.00
ALR 0.00 6.461972% 0.00 0.00 0.00 0.00 0.00
2A1 106,140,687.80 5.736491% 3,779,721.47 503,701.18 4,283,422.65 0.00 3,694.77
2A2 4,245,588.48 5.736491% 151,187.47 20,147.86 171,335.33 0.00 147.79
3A1 16,739,164.97 7.361716% 2,185,459.34 101,943.04 2,287,402.38 0.00 747.78
4A1 27,051,974.57 4.698000% 1,636,184.77 105,137.27 1,741,322.04 0.00 771.21
4IO 27,051,974.57 0.586487% 0.00 13,125.08 13,125.08 0.00 96.28
BIO 0.00 0.000000% 0.00 15,931.17 15,931.17 0.00 116.86
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Subordinate B1 11,328,023.65 4.553444% 344,462.99 42,671.60 387,134.59 0.00 313.01
B2 4,768,983.12 6.253444% 145,015.43 24,671.17 169,686.60 0.00 180.97
B3 2,384,491.56 6.253444% 72,507.71 12,335.59 84,843.30 0.00 90.48
B4 1,192,552.82 6.253444% 36,263.19 6,169.38 42,432.58 0.00 45.25
B5 1,191,938.74 6.253444% 36,244.52 6,166.20 42,410.73 0.00 45.23
B6 1,789,009.51 6.253444% 54,400.08 9,255.00 63,655.08 0.00 67.89
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- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 350,695,141.05 - 20,049,306.85 1,790,683.73 21,839,990.58 - 13,135.10
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Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 70,601,925.80 2,966.54
A2 1,897,901.23 74.04
A3 5,440,650.20 123.82
A4 43,088,810.81 1,400.89
A5 9,489,506.16 277.67
A6 31,631,687.19 863.85
A7 104,384.57 3.05
AIO 91,652,940.15 1,107.73
Residual AR 0.00 0.00
AMR 0.00 0.00
ALR 0.00 0.00
2A1 102,360,966.33 3,694.77
2A2 4,094,401.01 147.79
3A1 14,553,705.63 747.78
4A1 25,415,789.80 771.21
4IO 25,415,789.80 96.28
BIO 0.00 116.86
- --------------------------------------------------------------------------------
Subordinate B1 10,983,560.66 313.01
B2 4,623,967.69 180.97
B3 2,311,983.85 90.48
B4 1,156,289.63 45.25
B5 1,155,694.22 45.23
B6 1,734,609.43 67.89
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 330,645,834.20 13,135.10
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Payment Date: 12/20/03
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-K Trust
Bank of America, NA, as 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 A1 75,652,851.43 6.461972% 06050HXK9 9.051838 0.724771 126.526749
A2 2,033,678.80 6.000000% 06050HXL7 9.051838 0.672957 126.526749
A3 5,829,879.23 3.500000% 06050HXM5 9.051838 0.392558 126.526749
A4 46,171,423.31 5.000000% 06050HXN3 9.051838 0.560797 126.526749
A5 10,168,394.01 4.500000% 06050HXP8 9.051838 0.504717 126.526749
A6 33,894,646.70 4.200000% 06050HXQ6 9.051838 0.471070 126.526749
A7 111,852.33 4.500000% 06050HXR4 9.051838 0.504717 126.526749
AIO 98,209,874.39 1.858745% 06050HXS2 0.000000 0.208476 126.526749
Residual AR 0.00 6.461972% 06050HXT0 0.000000 0.000000 0.000000
AMR 0.00 6.461972% 06050HXU7 0.000000 0.000000 0.000000
ALR 0.00 6.461972% 06050HXV5 0.000000 0.000000 0.000000
2A1 106,140,687.80 5.736491% 06050HXW3 8.687437 1.157723 235.269839
2A2 4,245,588.48 5.736491% 06050HXX1 8.687437 1.157723 235.269839
3A1 16,739,164.97 7.361716% 06050HXY9 30.400892 1.418082 202.449722
4A1 27,051,974.57 4.698000% 06050HXZ6 16.713329 1.073958 259.617657
4IO 27,051,974.57 0.586487% 06050HYA0 0.000000 0.134070 259.617657
BIO 0.00 0.000000% 06050HYB8 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 11,328,023.65 4.553444% 06050HYC6 18.673117 2.313200 595.411756
B2 4,768,983.12 6.253444% 06050HYD4 18.673117 3.176819 595.411756
B3 2,384,491.56 6.253444% 06050HYE2 18.673117 3.176819 595.411756
B4 1,192,552.82 6.253444% 06050HYF9 18.673117 3.176819 595.411756
B5 1,191,938.74 6.253444% 06050HYG7 18.673117 3.176819 595.411756
B6 1,789,009.51 6.253444% 06050HYH5 18.673059 3.176820 595.412095
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 350,695,141.05 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
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MORTGAGE PASS-THROUGH CERTIFICATES
Series 2002-K Trust
Bank of America, NA, as Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Prin balance 176,716,351.89 111,782,210.63 15,406,512.91
Loan count 380 247 30
Avg loan rate 6.711972% 5.986491% 7.611716%
Prepay amount 11,795,589.14 3,873,675.90 2,217,601.39
Total
-----
Prin balance 26,740,757.48 330,645,832.91
Loan count 54 711
Avg loan rate 5.659487% 6.43
Prepay amount 1,640,872.37 19,527,738.80
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Master serv fees 39,336.52 24,127.32 3,677.21
Sub servicer fees 0.00 0.00 0.00
Trustee fees 0.00 0.00 0.00
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
Total
-----
Master serv fees 8,880.67 76,021.71
Sub servicer fees 0.00 0.00
Trustee fees 0.00 0.00
Agg advances N/A N/A
Adv this period 0.00 0.00
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LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Realized losses 0.00 0.00 0.00
Cumulative losses 0.00 0.00 0.00
Total
-----
Realized losses 0.00 0.00
Cumulative losses 0.00 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 0.00
Fraud 0.00 0.00
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.724082% 100.000000% 328,040,141.64
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Junior 6.275918% 0.000000% 21,966,105.48
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 7 3,967,925.27
60 to 89 days 0 0.00
90 or more 2 1,003,212.64
Foreclosure 1 378,505.60
Totals: 10 5,349,643.51
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 21,839,990.58 21,839,990.58
Principal remittance amount 20,049,306.85 20,049,306.85
Interest remittance amount 1,790,683.73 1,790,683.73