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): July 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, 1998-1)
(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
1998-1
On July 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates 1998-1, 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 1998-1 relating to the distribution date of
July 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: July 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 July 25, 1998
Payment Date: 07/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, 1998-1
------------------------------------------------------------
<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 A 227,414,739.77 7.250000% 2,013,454.82 1,373,964.05 3,387,418.87 0.00 0.00
PO 449,021.39 0.000000% 677.66 0.00 677.66 0.00 0.00
X 202,764,910.88 0.498604% 0.00 84,249.44 84,249.44 0.00 0.00
M 6,251,820.36 7.250000% 4,586.80 37,771.41 42,358.21 0.00 0.00
B1 2,750,801.16 7.250000% 2,018.19 16,619.42 18,637.61 0.00 0.00
B2 2,000,582.12 7.250000% 1,467.77 12,086.85 13,554.62 0.00 0.00
B3 1,125,327.57 7.250000% 825.62 6,798.85 7,624.48 0.00 0.00
B4 750,218.05 7.250000% 550.42 4,532.57 5,082.98 0.00 0.00
B5 875,257.49 7.250000% 642.15 5,288.01 5,930.17 0.00 0.00
Residual AR 0.00 7.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 241,617,767.91 - 2,024,223.43 1,541,310.61 3,565,534.04 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A 225,401,284.95 0.00
PO 448,343.74 0.00
X 200,945,695.60 0.00
M 6,247,233.57 0.00
B1 2,748,782.97 0.00
B2 1,999,114.34 0.00
B3 1,124,501.94 0.00
B4 749,667.63 0.00
B5 874,615.34 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 239,593,544.48 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, 1998-1
------------------------------------------------------------
<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 A 227,414,739.77 7.250000% 12669AGX6 8.506159 5.804529 952.243495
PO 449,021.39 0.000000% 12669AGY4 1.501146 0.000000 993.171219
X 202,764,910.88 0.498604% 12669AGZ1 0.000000 0.397683 948.524283
M 6,251,820.36 7.250000% 12669AHB3 0.731081 6.020313 995.734547
B1 2,750,801.16 7.250000% 12669AHC1 0.731081 6.020313 995.734547
B2 2,000,582.12 7.250000% 12669AHD9 0.731081 6.020313 995.734547
B3 1,125,327.57 7.250000% 12669AHE7 0.731081 6.020313 995.734547
B4 750,218.05 7.250000% 12669AHF4 0.731081 6.020313 995.734547
B5 875,257.49 7.250000% 12669AHG2 0.731081 6.020313 995.734547
Residual AR 0.00 7.250000% 12669AHA5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 241,617,767.91 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, 1998-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 239,593,544.07 239,593,544.07
Aggregated loan count 2149 2149
Aggregated average loan rate 7.913953% 7.91
Aggregated prepayment amount 1,846,910.31 1,846,910.31
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 48,580.04 48,580.04
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,812.13 1,812.13
Aggregate advances N/A N/A
Advances this periods 0.00 0.00
- --------------------------------------------------------------------------------
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 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 100.000000% 100.000000% 241,617,767.91
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 9 1,074,030.98
60 to 89 days 1 211,037.85
90 or more 0 0.00
Foreclosure 1 45,000.00
Totals: 11 1,330,068.83
- --------------------------------------------------------------------------------
<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 3,565,534.04 3,565,534.04
Principal remittance amount 2,024,223.43 2,024,223.43
Interest remittance amount 1,541,310.61 1,541,310.61
