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): February 25, 1999
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 February 25, 1999, 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 February 25, 1999 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: February 25, 1999
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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 131,060,891.06 6.500000% 9,827,258.71 709,913.16 10,537,171.87 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 24,124,895.06 6.500000% 3,215,630.72 130,676.51 3,346,307.24 0.00 0.00
A5 37,576,063.19 6.750000% 1,903,195.49 211,365.36 2,114,560.85 0.00 0.00
A6 1,445,233.26 0.000000% 73,199.83 0.00 73,199.83 0.00 0.00
A7 18,788,031.59 6.500000% 951,597.75 101,768.50 1,053,366.25 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 464.36 0.000000% 0.44 0.00 0.44 0.00 0.00
X 345,320,994.29 0.953572% 0.00 274,407.10 274,407.10 0.00 0.00
M 10,032,435.10 6.500000% 8,384.35 54,342.36 62,726.70 0.00 0.00
B1 4,457,539.29 6.500000% 3,725.27 24,145.00 27,870.28 0.00 0.00
B2 2,674,523.57 6.500000% 2,235.16 14,487.00 16,722.17 0.00 0.00
B3 1,783,015.72 6.500000% 1,490.11 9,658.00 11,148.11 0.00 0.00
B4 891,507.86 6.500000% 745.05 4,829.00 5,574.06 0.00 0.00
B5 1,339,705.79 6.500000% 1,119.62 7,256.74 8,376.36 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 345,656,365.86 - 15,988,582.50 2,146,709.90 18,135,292.41 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 121,233,632.35 0.00
A2 5,000,000.00 0.00
A3 5,000,000.00 0.00
A4 20,909,264.34 0.00
A5 35,672,867.70 0.00
A6 1,372,033.43 0.00
A7 17,836,433.85 0.00
A8 45,500,000.00 0.00
A9 10,982,060.00 0.00
A10 45,000,000.00 0.00
PO 463.93 0.00
X 329,332,725.97 0.00
M 10,024,050.75 0.00
B1 4,453,814.02 0.00
B2 2,672,288.41 0.00
B3 1,781,525.61 0.00
B4 890,762.80 0.00
B5 1,338,586.16 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 329,667,783.35 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 131,060,891.06 6.500000% 12669AHH0 50.341314 3.636615 621.033852
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 24,124,895.06 6.500000% 12669AHL1 71.274218 2.896435 463.452305
A5 37,576,063.19 6.750000% 12669AHM9 38.063910 4.227307 713.457354
A6 1,445,233.26 0.000000% 12669AHN7 38.063910 0.000000 713.457354
A7 18,788,031.59 6.500000% 12669AHP2 38.063910 4.070740 713.457354
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 464.36 0.000000% 12669AHT4 0.926902 0.000000 988.346636
X 345,320,994.29 0.953572% 12669AHU1 0.000000 0.610097 732.214838
M 10,032,435.10 6.500000% 12669AHW7 0.827838 5.365557 989.736449
B1 4,457,539.29 6.500000% 12669AHX5 0.827838 5.365557 989.736449
B2 2,674,523.57 6.500000% 12669AHY3 0.827838 5.365557 989.736449
B3 1,783,015.72 6.500000% 12669AJC9 0.827838 5.365557 989.736449
B4 891,507.86 6.500000% 12669AJD7 0.827838 5.365557 989.736449
B5 1,339,705.79 6.500000% 12669AJE5 0.827838 5.365557 989.736449
Residual AR 0.00 6.500000% 12669AHV9 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 345,656,365.86 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 329,667,783.22 329,667,783.22
Aggregated loan count 1060 1060
Aggregated average loan rate 7.714328% 7.71
Aggregated prepayment amount 15,699,708.43 15,699,708.43
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 61,433.49 61,433.49
Monthly sub servicer fees 774.61 774.61
Monthly trustee fees 2,592.42 2,592.42
Aggregate advances N/A N/A
Advances this periods 29,646.59 29,646.59
- --------------------------------------------------------------------------------
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 0.00 0.00
Special Hazard 3,456,563.66 3,456,563.66
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 345,656,365.86
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 3,667,247.93
60 to 89 days 0 0.00
90 or more 1 371,178.83
Foreclosure 0 0.00
Totals: 11 4,038,426.76
- --------------------------------------------------------------------------------
<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 18,135,292.41 18,135,292.41
Principal remittance amount 15,988,582.50 15,988,582.50
Interest remittance amount 2,146,709.90 2,146,709.90
