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, 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 December 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
December 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: December 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 213,986,592.65 7.250000% 6,578,888.29 1,292,835.66 7,871,723.96 0.00 0.00
PO 439,474.08 0.000000% 5,803.02 0.00 5,803.02 0.00 0.00
X 190,617,974.43 0.491136% 0.00 78,016.10 78,016.10 0.00 0.00
M 6,228,490.59 7.250000% 4,772.00 37,630.46 42,402.46 0.00 0.00
B1 2,740,536.06 7.250000% 2,099.68 16,557.41 18,657.08 0.00 0.00
B2 1,993,116.59 7.250000% 1,527.04 12,041.75 13,568.79 0.00 0.00
B3 1,121,128.21 7.250000% 858.96 6,773.48 7,632.44 0.00 0.00
B4 747,418.47 7.250000% 572.64 4,515.65 5,088.29 0.00 0.00
B5 871,991.31 7.250000% 668.08 5,268.28 5,936.36 0.00 0.00
Residual AR 0.00 7.250000% 0.00 0.06 0.06 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 228,128,747.97 - 6,595,189.71 1,453,638.86 8,048,828.57 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A 207,407,704.36 0.00
PO 433,671.06 0.00
X 184,383,160.00 0.00
M 6,223,718.60 0.00
B1 2,738,436.38 0.00
B2 1,991,589.55 0.00
B3 1,120,269.25 0.00
B4 746,845.83 0.00
B5 871,323.23 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 221,533,558.26 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 213,986,592.65 7.250000% 12669AGX6 27.793558 5.461789 876.226758
PO 439,474.08 0.000000% 12669AGY4 12.854848 0.000000 960.668294
X 190,617,974.43 0.491136% 12669AGZ1 0.000000 0.368260 870.344121
M 6,228,490.59 7.250000% 12669AHB3 0.760600 5.997847 991.986540
B1 2,740,536.06 7.250000% 12669AHC1 0.760600 5.997847 991.986540
B2 1,993,116.59 7.250000% 12669AHD9 0.760600 5.997847 991.986540
B3 1,121,128.21 7.250000% 12669AHE7 0.760600 5.997847 991.986540
B4 747,418.47 7.250000% 12669AHF4 0.760600 5.997847 991.986540
B5 871,991.31 7.250000% 12669AHG2 0.760600 5.997847 991.986540
Residual AR 0.00 7.250000% 12669AHA5 0.000000 0.626793 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 228,128,747.97 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, 1998-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 221,533,557.65 221,533,557.65
Aggregated loan count 2048 2048
Aggregated average loan rate 7.905413% 7.91
Aggregated prepayment amount 6,420,361.18 6,420,361.18
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 41,495.47 41,495.47
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,710.97 1,710.97
Aggregate advances N/A N/A
Advances this periods 12,784.11 12,784.11
- --------------------------------------------------------------------------------
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 100,000.00 100,000.00
Fraud 5,019,197.00 5,019,197.00
Special Hazard 2,281,287.47 2,281,287.47
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 228,128,747.97
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 13 1,215,541.24
60 to 89 days 1 84,106.83
90 or more 1 88,714.43
Foreclosure 3 326,710.24
Totals: 18 1,715,072.74
- --------------------------------------------------------------------------------
<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 8,048,828.57 8,048,828.57
Principal remittance amount 6,595,189.71 6,595,189.71
Interest remittance amount 1,453,638.86 1,453,638.86
