ITEM 1. Business.
The trust fund (the "Trust") was created pursuant to a Pooling and Servicing Agreement dated as of April 1, 1998 (the "Pooling and Servicing Agreement") among Bank of America Mortgage Securities, Inc. (formerly BA Mortgage Securities, Inc.) as the Depositor (the "Depositor"), Bank of America, N.A. (formerly known as Bank of America National Trust and Savings Association and successor to Bank of America, FSB) as Master Servicer (the "Master Servicer"), and Deutsche Bank National Trust Company (as successor to Bankers Trust Company of California, N.A.), as trustee (the "Trustee), providing for the issuance of the Mortgage Pass-Through Certificates, Series 1998-1).
Information with respect to the business of the Trust would not be meaningful because the only "business" of the Trust is the collection on the Mortgage Loans and distribution of payments on the Certificates to Certificateholders. Reports on Form 8-K, dated as of November 22, 2002, December 10, 2002 and January 10, 2003, were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed with respect to the period covered by this report.
ITEM 2.
ITEM 2. Properties.
NOT APPLICABLE
ITEM 3.
ITEM 3. Legal Proceedings.
None.
ITEM 4.
ITEM 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of Certificateholders during the fiscal year covered by this report.
PART II
ITEM 5.
ITEM 5. Market for Registrant's Common Equity and Related Stockholder Matters.
The number of registered holders of all classes of Certificates on December 31, 2002 were as following: Class IA-1: 1 Class IA-2: 1 Class IA-3: 1 Class IA-4: 1 Class IA-5: 1 Class IA-6: 1 Class I-X: 1 Class I-PO: 1 Class IIA-1: 1 Class IIA-2: 1 Class IIA-3: 1 Class IIA-4: 1 Class IIA-5: 1 Class II-X: 1 Class II-PO: 1 Class M: 1 Class B-1: 1 Class B-2: 1 Class R-I: 2 Class R-II: 2 Class B-3: 1 Class B-4: 1
Class B-5: 1
ITEM 6.
ITEM 6. Selected Financial Data.
Not Applicable. Because of the limited activities of the Trust, the Selected Financial Data required by Item 301 of Regulation S-K does not add relevant information to that provided by the Monthly Reports to Certificateholders.
ITEM 7.
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not Applicable. The information required by Item 303 of Regulation S-K is inapplicable because the Trust does not have management per se, but rather the Trust has a Trustee who causes the preparation of the Monthly Reports to Certificateholders. The information provided by the Monthly Reports to Certificateholders does provide the relevant financial information regarding the financial status of the Trust.
ITEM 8.
ITEM 8. Financial Statements and Supplementary Data.
See Item 14(a), Exhibits 99.1 and 99.2 for information provided in lieu of information required by Item 302 of Regulation S-K.
ITEM 9.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
PART III
ITEM 10.
ITEM 10. Directors and Executive Officers of Registrant.
Not Applicable.
ITEM 11.
ITEM 11. Executive Compensation.
Not Applicable.
ITEM 12.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management.
Not Applicable.
ITEM 13.
ITEM 13. Certain Relationships and Related Transactions.
Not Applicable.
PART IV
ITEM 14.
ITEM 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) EXHIBITS
(99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 2002.
(99.2) Annual Statements of Compliance under the Pooling and Servicing Agreement for the year ended December 31, 2002.
(b) Reports on Form 8-K, dated as of November 22, 2002,
December 10, 2002 and January 10, 2003, were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed with respect to the period covered by this report.
(c) The exhibits required to be filed by the Trust pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof.
(d) Not Applicable. The Trust does not have any subsidiaries or affiliates. Therefore, no financial statements are filed with respect to subsidiaries or affiliates.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) by registrants which have not registered securities pursuant to Section 12 of the Act.
No annual report, proxy statement, form of proxy or other soliciting material has been sent to Certificateholders, and the Registrant does not contemplate sending any such materials subsequent to the filing of this report.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
By: Bank of America, N.A., as Servicer
By: /s/Judy Lowman Judy Lowman Vice President
Date: March 31, 2003
Master Servicer's Sarbanes-Oxley Certification (1998 DB Transactions)
BANK OF AMERICA MORTGAGE SECURITIES, INC., MORTGAGE PASS-THROUGH CERTIFICATES, SERIES SET FORTH ON EXHIBIT I HERETO
I, Gary K. Bettin, a Senior Vice President of Bank of America, N.A., certify that:
1. I have reviewed the annual reports on Form 10-K for the calendar year 2002 and all monthly current reports on Form 8-K containing a copy of the monthly statement to certificateholders (the "Distribution Date Statements") delivered pursuant to Section 4.03(b) of the Pooling and Servicing Agreements listed on Exhibit I hereto (each, an "Agreement") filed in respect of periods included in the year covered by such annual reports of the trusts (each, a "Trust") formed pursuant to such Agreements;
2. Based on my knowledge, with respect to each Trust, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by such
annual report;
3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by each master servicer under each Agreement for inclusion in the related Trust's Distribution Date Statements is included in these reports;
4. I am responsible for reviewing the activities performed by each master servicer under each Agreement and based upon my knowledge and the annual compliance review required under each Agreement, and except as disclosed in the reports, each master servicer has fulfilled its obligations under each Agreement;
5. The reports disclose all significant deficiencies relating to each master servicer's compliance with the minimum servicing standards, based upon the report provided by each independent public accountant after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure as set forth in the Agreement that is included in these reports; and
6. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: Deutsche Bank National Trust Company.
By: /s/ Gary K. Bettin Name: Gary K. Bettin Title: Senior Vice President
EXHIBIT INDEX
Exhibit Document
99.1 Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 2002.
99.2 Annual Statements of Compliance under the Pooling and Servicing Agreement for the year ended December 31, 2002.