8-K 1 boa9807_8k0312.txt 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 BA MORTGAGE SECURITIES, INC. (Depositor) North Carolina 333-53933-05 13-4048100 (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 BA MORTGAGE SECURITIES, INC. Mortgage Pass-Through Certificates Series 1998-7 Trust 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 1998-7 Trust. The monthly distributions were made pursuant to the terms of the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of December 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 1998-7 Trust 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 1998-7 Trust 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 1998-7 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 A-1 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 A-2 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 A-3 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 A-4 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 A-5 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 A-6 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 A-7 1410,~~666~~311,~~378~~151.3667 6.250000% 42,~~355~~626,~~226~~541.6998 7653,~~387~~703.3991 42,~~431~~680,~~614~~245.0789 0.00 0.00 Residual R 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------------------------------------------- Subordinate B-1 7,~~333~~323,~~911~~711.4656 6.250000% 10,~~199~~148.9073 38,~~197~~144.4633 48,~~397~~293.3507 0.00 0.00 B-2 3,~~196~~192,~~807~~361.8982 6.250000% 4,~~446~~423.0777 16,~~650~~626.0488 21,~~096~~050.1266 0.00 0.00 B-3 1,~~504~~502,~~380~~288.5730 6.250000% 2,~~092~~081.2778 7,~~835~~824.3242 9,~~927~~906.5919 0.00 0.00 B-4 1,~~316~~314,~~332~~502.8814 6.250000% 1,~~830~~821.7455 6,~~855~~846.9037 8,~~686~~667.6492 0.00 0.00 B-5 ~~752~~751,~~190~~144.7561 6.250000% 1,~~046~~040.1489 3,~~917~~912.6621 4,~~963~~953.8010 0.00 0.00 B-6 ~~920~~918,~~139~~859.2553 6.250000% 1,~~279~~273.7230 4,~~792~~785.3973 6,~~072~~059.1102 0.00 0.00 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Totals - - 2925,~~690~~314,~~141~~019.1563 - 42,~~376~~647,~~121~~332.5200 ~~154~~131,~~636~~843.1585 42,~~530~~779,~~757~~175.6785 - - ---------------------------------------------------------------------------------------------------------------------------------- Class Information -------------------------------------------------------------------------------- Ending Cert. Unpaid Type Class Code Name Notional Bal. Interest -------------------------------------------------------------------------------- Senior A-1 0.00 0.00 A-2 0.00 0.00 A-3 0.00 0.00 A-4 0.00 0.00 A-5 0.00 0.00 A-6 0.00 0.00 A-7 107,~~311~~684,~~151~~609.6769 0.00 Residual R 0.00 0.00 -------------------------------------------------------------------------------- Subordinate B-1 7,~~323~~313,~~711~~562.5683 0.00 B-2 3,~~192~~187,~~361~~938.8204 0.00 B-3 1,~~502~~500,~~288~~206.3052 0.00 B-4 1,~~314~~312,~~502~~680.1459 0.00 B-5 ~~751~~750,~~144~~103.6173 0.00 B-6 ~~918~~917,~~859~~586.5323 0.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Totals - - 2522,~~314~~666,~~019~~687.63 - --------------------------------------------------------------------------------

Payment Date: 12/25/03 ------------------------------------------------------------ Mortgage Pass-Through Certificates Series 1998-7 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 A-1 0.00 6.250000% 055240LQ6 0.000000 0.000000 0.000000 A-2 0.00 6.250000% 055240LR4 0.000000 0.000000 0.000000 A-3 0.00 6.250000% 055240LS2 0.000000 0.000000 0.000000 A-4 0.00 6.250000% 055240LT0 0.000000 0.000000 0.000000 A-5 0.00 6.250000% 055240LU7 0.000000 0.000000 0.000000 A-6 0.00 6.250000% 055240LV5 0.000000 0.000000 0.000000 A-7 1410,~~666~~311,~~378~~151.3667 6.250000% 055240LW3 ~~108~~65.~~880667~~663549 1.~~909685~~342598 ~~257~~192.~~778792~~115242 Residual R 0.00 6.250000% 055240MA0 0.000000 0.000000 0.000000 ------------------------------------------------------------------------------------------------------------------------ Subordinate B-1 7,~~333~~323,~~911~~711.4656 6.250000% 055240LX1 1.~~305027~~298481 4.~~887179~~880382 ~~937~~935.~~033280~~734799 B-2 3,~~196~~192,~~807~~361.8982 6.250000% 055240LY9 1.~~305027~~298481 4.~~887179~~880382 ~~937~~935.~~033280~~734799 B-3 1,~~504~~502,~~380~~288.5730 6.250000% 055240LZ6 1.~~305027~~298481 4.~~887179~~880382 ~~937~~935.~~033281~~734800 B-4 1,~~316~~314,~~332~~502.8814 6.250000% 055240MB8 1.~~305027~~298481 4.~~887179~~880382 ~~937~~935.~~033278~~734797 B-5 ~~752~~751,~~190~~144.7561 6.250000% 055240MC6 1.~~305027~~298481 4.~~887179~~880382 ~~937~~935.~~033276~~734794 B-6 ~~920~~918,~~139~~859.2553 6.250000% 055240MD4 1.~~277131~~270725 4.~~782712~~776060 ~~917~~915.~~003479~~732754 ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------ Totals - - 2925,~~690~~314,~~141~~019.1563 - - - - - ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------ Mortgage Pass-Through Certificates Series 1998-7 Trust Bank of America, FSB, Master Servicer ------------------------------------------------------------ -------------------------------------------------------------------------------- COLLATERAL INFORMATION -------------------------------------------------------------------------------- Total ----- Prin balance 22,666,730.02 22,666,730.02 Loan count 78 78 Avg loan rate 7.085345% 7.09 Prepay amount 2,612,253.44 2,612,253.44 -------------------------------------------------------------------------------- FEES AND ADVANCES -------------------------------------------------------------------------------- Total ----- Master serv fees 926.74 926.74 Sub servicer fees 0.00 0.00 Trustee fees 94.93 94.93 Agg advances N/A N/A Adv this period 0.00 0.00 -------------------------------------------------------------------------------- LOSSES & INSURANCE COVERAGES -------------------------------------------------------------------------------- Total ----- Realized losses 0.00 0.00 Cumulative losses 9,851.06 9,851.06 Coverage Amounts Total ---------------- ----- Bankruptcy 0.00 0.00 Fraud 0.00 0.00 Special Hazard 1,090,910.64 1,090,910.64 Aggregate Certificate Information ----------------------------------------------------------------------------- Class Aggregate Aggregate Aggregate Type Percentage Prepay Pct. End Cert. Bal. ----------------------------------------------------------------------------- Senior 40.766449% 100.000000% 10,311,151.67 ----------------------------------------------------------------------------- Junior 59.233551% 0.000000% 14,982,077.94 ----------------------------------------------------------------------------- -------------------------------------------------------------------------------- DELINQUENCY INFORMATION -------------------------------------------------------------------------------- Period Loan Count Ending Stated Balance ------ ---------- --------------------- 30 to 59 days 3 875,006.16 60 to 89 days 0 0.00 90 or more 0 0.00 Foreclosure 1 237,691.95 Totals: 4 1,112,698.11 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 2,779,175.85 2,779,175.85 Principal remittance amount 2,647,332.00 2,647,332.00 Interest remittance amount 131,843.85 131,843.85

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