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): September 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-2)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1998-2
On September 25, 1998, The Bank of New York, as Trustee for CWMBS, INC.,
Mortgage Pass-Through Certificates Series 1998-2, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 1998, among CWMBS, INC. as
Depositor, Countrywide Home Loans, Seller and Master Servicer and The Bank of
New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, INC., Mortgage Pass-Through
Certificates Series 1998-2 relating to the distribution date
of September 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of January 1, 1998.
<PAGE>
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: September 25, 1998
CWMBS, INC.
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
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
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A1 167,363,959.07 6.500000% 7,630,991.11 906,554.78 8,537,545.89 0.00 0.00
A2 5,000,000.00 6.250000% 0.00 26,041.67 26,041.67 0.00 0.00
A3 5,000,000.00 6.750000% 0.00 28,125.00 28,125.00 0.00 0.00
A4 36,003,819.21 6.500000% 2,496,978.06 195,020.69 2,691,998.75 0.00 0.00
A5 44,606,694.76 6.750000% 1,477,855.45 250,912.66 1,728,768.11 0.00 0.00
A6 1,715,642.17 0.000000% 56,840.60 0.00 56,840.60 0.00 0.00
A7 22,303,347.38 6.500000% 738,927.73 120,809.80 859,737.52 0.00 0.00
A8 45,500,000.00 6.500000% 0.00 246,458.33 246,458.33 0.00 0.00
A9 10,982,060.00 6.500000% 0.00 59,486.16 59,486.16 0.00 0.00
A10 45,000,000.00 6.500000% 0.00 243,750.00 243,750.00 0.00 0.00
PO 466.50 0.000000% 0.42 0.00 0.42 0.00 0.00
X 404,404,579.14 0.965651% 0.00 325,427.91 325,427.91 0.00 0.00
M 10,073,542.69 6.500000% 8,018.38 54,565.02 62,583.40 0.00 0.00
B1 4,475,803.92 6.500000% 3,562.67 24,243.94 27,806.61 0.00 0.00
B2 2,685,482.35 6.500000% 2,137.60 14,546.36 16,683.96 0.00 0.00
B3 1,790,321.57 6.500000% 1,425.07 9,697.58 11,122.64 0.00 0.00
B4 895,160.78 6.500000% 712.53 4,848.79 5,561.32 0.00 0.00
B5 1,345,195.19 6.500000% 1,070.75 7,286.47 8,357.23 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 404,741,495.59 - 12,418,520.38 2,517,775.15 14,936,295.53 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 159,732,967.96 0.00
A2 5,000,000.00 0.00
A3 5,000,000.00 0.00
A4 33,506,841.14 0.00
A5 43,128,839.30 0.00
A6 1,658,801.58 0.00
A7 21,564,419.65 0.00
A8 45,500,000.00 0.00
A9 10,982,060.00 0.00
A10 45,000,000.00 0.00
PO 466.08 0.00
X 391,986,364.26 0.00
M 10,065,524.31 0.00
B1 4,472,241.25 0.00
B2 2,683,344.75 0.00
B3 1,788,896.50 0.00
B4 894,448.25 0.00
B5 1,344,124.44 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 392,322,975.21 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
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.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior A1 167,363,959.07 6.500000% 12669AHH0 39.090669 4.643936 818.251326
A2 5,000,000.00 6.250000% 12669AHJ6 0.000000 5.208333 1,000.000000
A3 5,000,000.00 6.750000% 12669AHK3 0.000000 5.625000 1,000.000000
A4 36,003,819.21 6.500000% 12669AHL1 55.345335 4.322619 742.676667
A5 44,606,694.76 6.750000% 12669AHM9 29.557109 5.018253 862.576786
A6 1,715,642.17 0.000000% 12669AHN7 29.557109 0.000000 862.576786
A7 22,303,347.38 6.500000% 12669AHP2 29.557109 4.832392 862.576786
A8 45,500,000.00 6.500000% 12669AHQ0 0.000000 5.416667 1,000.000000
A9 10,982,060.00 6.500000% 12669AHR8 0.000000 5.416667 1,000.000000
A10 45,000,000.00 6.500000% 12669AHS6 0.000000 5.416667 1,000.000000
PO 466.50 0.000000% 12669AHT4 0.901268 0.000000 992.929524
X 404,404,579.14 0.965651% 12669AHU1 0.000000 0.723533 871.514458
M 10,073,542.69 6.500000% 12669AHW7 0.791704 5.387542 993.831389
B1 4,475,803.92 6.500000% 12669AHX5 0.791704 5.387542 993.831389
B2 2,685,482.35 6.500000% 12669AHY3 0.791704 5.387542 993.831389
B3 1,790,321.57 6.500000% 12669AJC9 0.791704 5.387542 993.831389
B4 895,160.78 6.500000% 12669AJD7 0.791704 5.387542 993.831389
B5 1,345,195.19 6.500000% 12669AJE5 0.791704 5.387542 993.831389
Residual AR 0.00 6.500000% 12669AHV9 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 404,741,495.59 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 392,322,975.16 392,322,975.16
Aggregated loan count 1223 1223
Aggregated average loan rate 7.728154% 7.73
Aggregated prepayment amount 12,096,351.70 12,096,351.70
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 74,274.25 74,274.25
Monthly sub servicer fees 1,455.28 1,455.28
Monthly trustee fees 3,035.56 3,035.56
Aggregate advances N/A N/A
Advances this periods 19,714.51 19,714.51
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 116,842.00 116,842.00
Fraud 9,002,302.00 9,002,302.00
Special Hazard 4,047,414.96 4,047,414.96
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 404,741,495.59
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 7 2,274,936.25
60 to 89 days 0 0.00
90 or more 1 371,178.83
Foreclosure 0 0.00
Totals: 8 2,646,115.08
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
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
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 14,936,295.53 14,936,295.53
Principal remittance amount 12,418,520.38 12,418,520.38
Interest remittance amount 2,517,775.15 2,517,775.15
