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): October 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-3)
(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 1998-3
On October 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-3, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 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 1998-3 relating to the distribution date
of October 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of February 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: October 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 October 25, 1998
Payment Date: 10/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-3
------------------------------------------------------------
<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 198,923,029.79 6.800000% 9,331,998.09 1,127,230.50 10,459,228.59 0.00 0.00
A2 1,473,504.11 0.000000% 69,125.92 0.00 69,125.92 0.00 0.00
A3 32,337,000.00 6.750000% 0.00 181,895.63 181,895.63 0.00 0.00
A4 20,000,000.00 6.750000% 0.00 112,500.00 112,500.00 0.00 0.00
A5 38,094,010.00 6.750000% 0.00 214,278.81 214,278.81 0.00 0.00
A6 51,663,847.00 6.750000% 0.00 290,609.14 290,609.14 0.00 0.00
A7 3,478,335.86 6.750000% 2,175,127.91 19,565.64 2,194,693.55 0.00 0.00
PO 196,565.40 0.000000% 11,021.06 0.00 11,021.06 0.00 0.00
X 351,019,887.34 0.572910% 0.00 167,585.71 167,585.71 0.00 0.00
M 8,954,067.97 6.750000% 7,309.64 50,366.63 57,676.27 0.00 0.00
B1 3,581,627.19 6.750000% 2,923.86 20,146.65 23,070.51 0.00 0.00
B2 2,387,751.46 6.750000% 1,949.24 13,431.10 15,380.34 0.00 0.00
B3 1,790,813.59 6.750000% 1,461.93 10,073.33 11,535.25 0.00 0.00
B4 795,916.82 6.750000% 649.75 4,477.03 5,126.78 0.00 0.00
B5 1,392,856.84 6.750000% 1,137.06 7,834.82 8,971.88 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.17 0.17 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 365,069,326.04 - 11,602,704.44 2,219,995.16 13,822,699.60 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 189,591,031.70 0.00
A2 1,404,378.19 0.00
A3 32,337,000.00 0.00
A4 20,000,000.00 0.00
A5 38,094,010.00 0.00
A6 51,663,847.00 0.00
A7 1,303,207.95 0.00
PO 185,544.34 0.00
X 339,515,630.46 0.00
M 8,946,758.33 0.00
B1 3,578,703.33 0.00
B2 2,385,802.22 0.00
B3 1,789,351.67 0.00
B4 795,267.08 0.00
B5 1,391,719.79 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 353,466,621.60 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-3
------------------------------------------------------------
<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 198,923,029.79 6.800000% 12669AJF2 41.089541 4.963287 834.784611
A2 1,473,504.11 0.000000% 12669AJG0 41.089541 0.000000 834.784611
A3 32,337,000.00 6.750000% 12669AJH8 0.000000 5.625000 1,000.000000
A4 20,000,000.00 6.750000% 12669AJJ4 0.000000 5.625000 1,000.000000
A5 38,094,010.00 6.750000% 12669AJK1 0.000000 5.625000 1,000.000000
A6 51,663,847.00 6.750000% 12669AJL9 0.000000 5.625000 1,000.000000
A7 3,478,335.86 6.750000% 12669AJM7 216.450064 1.947005 129.684073
PO 196,565.40 0.000000% 12669AJN5 52.219219 0.000000 879.133153
X 351,019,887.34 0.572910% 12669AJP0 0.000000 0.434311 879.881146
M 8,954,067.97 6.750000% 12669AJR6 0.811860 5.594074 993.690096
B1 3,581,627.19 6.750000% 12669AJS4 0.811860 5.594074 993.690096
B2 2,387,751.46 6.750000% 12669AJT2 0.811860 5.594074 993.690096
B3 1,790,813.59 6.750000% 12669AKC7 0.811860 5.594074 993.690096
B4 795,916.82 6.750000% 12669AKD5 0.811860 5.594074 993.690096
B5 1,392,856.84 6.750000% 12669AKE5 0.811860 5.594074 993.690096
Residual AR 0.00 6.750000% 12669AJQ8 0.000000 1.665965 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 365,069,326.04 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 353,466,621.54 353,466,621.54
Aggregated loan count 1156 1156
Aggregated average loan rate 7.572476% 7.57
Aggregated prepayment amount 11,304,657.39 11,304,657.39
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 71,723.57 71,723.57
Monthly sub servicer fees 4,943.22 4,943.22
Monthly trustee fees 2,738.02 2,738.02
Aggregate advances N/A N/A
Advances this periods 15,172.42 15,172.42
- --------------------------------------------------------------------------------
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 8,000,000.00 8,000,000.00
Special Hazard 3,650,693.26 3,650,693.26
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 365,069,326.04
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 7 737,843.36
60 to 89 days 5 1,106,242.07
90 or more 0 0.00
Foreclosure 1 161,791.64
Totals: 13 2,005,877.07
- --------------------------------------------------------------------------------
<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 13,822,699.60 13,822,699.60
Principal remittance amount 11,602,704.44 11,602,704.44
Interest remittance amount 2,219,995.16 2,219,995.16