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, 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 December 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 December 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: 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, 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 183,107,468.96 6.800000% 7,878,427.47 1,037,608.99 8,916,036.46 0.00 0.00
A2 1,356,351.79 0.000000% 58,358.73 0.00 58,358.73 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 51,455,848.23 6.750000% 1,836,325.65 289,439.15 2,125,764.80 0.00 0.00
A7 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
PO 185,351.44 0.000000% 196.24 0.00 196.24 0.00 0.00
X 331,471,002.25 0.565212% 0.00 156,126.21 156,126.21 0.00 0.00
M 8,939,396.80 6.750000% 7,410.36 50,284.11 57,694.46 0.00 0.00
B1 3,575,758.72 6.750000% 2,964.14 20,113.64 23,077.79 0.00 0.00
B2 2,383,839.15 6.750000% 1,976.09 13,409.10 15,385.19 0.00 0.00
B3 1,787,879.36 6.750000% 1,482.07 10,056.82 11,538.89 0.00 0.00
B4 794,612.72 6.750000% 658.70 4,469.70 5,128.39 0.00 0.00
B5 1,390,574.66 6.750000% 1,152.72 7,821.98 8,974.71 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.09 0.09 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 345,408,091.81 - 9,788,952.18 2,098,004.21 11,886,956.39 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 175,229,041.49 0.00
A2 1,297,993.06 0.00
A3 32,337,000.00 0.00
A4 20,000,000.00 0.00
A5 38,094,010.00 0.00
A6 49,619,522.58 0.00
A7 0.00 0.00
PO 185,155.20 0.00
X 321,699,953.79 0.00
M 8,931,986.44 0.00
B1 3,572,794.58 0.00
B2 2,381,863.05 0.00
B3 1,786,397.29 0.00
B4 793,954.02 0.00
B5 1,389,421.93 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 335,619,139.63 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 183,107,468.96 6.800000% 12669AJF2 34.689352 4.568676 771.547609
A2 1,356,351.79 0.000000% 12669AJG0 34.689352 0.000000 771.547610
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 51,455,848.23 6.750000% 12669AJL9 35.543727 5.602354 960.430271
A7 0.00 0.000000% 12669AJM7 0.000000 0.000000 0.000000
PO 185,351.44 0.000000% 12669AJN5 0.929821 0.000000 877.289355
X 331,471,002.25 0.565212% 12669AJP0 0.000000 0.404613 833.710435
M 8,939,396.80 6.750000% 12669AJR6 0.823046 5.584908 992.049425
B1 3,575,758.72 6.750000% 12669AJS4 0.823046 5.584908 992.049425
B2 2,383,839.15 6.750000% 12669AJT2 0.823046 5.584908 992.049425
B3 1,787,879.36 6.750000% 12669AKC7 0.823046 5.584908 992.049425
B4 794,612.72 6.750000% 12669AKD5 0.823046 5.584908 992.049425
B5 1,390,574.66 6.750000% 12669AKE5 0.823046 5.584908 992.049425
Residual AR 0.00 6.750000% 12669AJQ8 0.000000 0.891854 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 345,408,091.81 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 335,619,139.49 335,619,139.49
Aggregated loan count 1101 1101
Aggregated average loan rate 7.564321% 7.56
Aggregated prepayment amount 9,502,592.30 9,502,592.30
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 62,655.82 62,655.82
Monthly sub servicer fees 4,759.91 4,759.91
Monthly trustee fees 2,590.56 2,590.56
Aggregate advances N/A N/A
Advances this periods 29,828.51 29,828.51
- --------------------------------------------------------------------------------
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 100,000.00 100,000.00
Fraud 8,000,000.00 8,000,000.00
Special Hazard 3,630,444.99 3,630,444.99
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 345,408,091.81
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 14 2,450,311.13
60 to 89 days 3 727,923.86
90 or more 0 0.00
Foreclosure 3 840,494.25
Totals: 20 4,018,729.24
- --------------------------------------------------------------------------------
<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 11,886,956.39 11,886,956.39
Principal remittance amount 9,788,952.18 9,788,952.18
Interest remittance amount 2,098,004.21 2,098,004.21
