SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED April 24, 1998
(To Prospectus dated March 18, 1998)
CWMBS, INC.
Depositor
Countrywide
Home Loans, Inc.
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1998-7
The Class A-1 certificates represent obligations of the trust only and do not
represent an interest in or obligation of CWMBS, Inc., Countrywide Home Loans,
Inc. or any of their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
The Class A-1 Certificates
o This supplement relates to the offering of the Class A-1 certificates of
the series referenced above. This supplement does not contain complete
information about the offering of the Class A-1 certificates. Additional
information is contained in the prospectus supplement dated April 24,
1998 prepared in connection with the offering of the offered certificates
of the series referenced above and in the prospectus of the depositor
dated March 18, 1998. You are urged to read this supplement, the
prospectus supplement and the prospectus in full.
o As of the May 25, 2000, the class certificate balance of the Class A-1
certificates was approximately $78,538,500.
Neither the SEC nor any state securities commission has approved these
securities or determined that this supplement, the prospectus supplement or
the prospectus is accurate or complete. Any representation to the contrary is
a criminal offense.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A-1
certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices related to the prevailing prices at the time of
sale.
June 9, 2000
<PAGE>
THE MORTGAGE POOL
As of May 1, 2000 (the "Reference Date"), the Mortgage Pool included
approximately 751 Mortgage Loans having an aggregate Stated Principal Balance
of approximately $240,102,217.18.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
May 1, 2000
<S> <C>
Total Number of Mortgage Loans................................................... 751
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 1.20
60-90 days.............................................................. 0.00
91 days or more (excluding pending foreclosures)........................ 0.13
----
Total Delinquencies..................................................... 1.33
====
Foreclosures Pending............................................................. 0.13
----
Total Delinquencies and foreclosures pending..................................... 1.46
====
</TABLE>
--------------
(1) As a percentage of the total number of Mortgage Loans as of the Reference
Date.
One (1) Mortgage Loan has been converted and is, as of the Reference
Date, an REO loan.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 1 in tabular format. Other than with respect to rates
of interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
The Master Servicer
Countrywide Home Loans, Inc. will continue to act as Master Servicer
under the Agreement.
Foreclosure and Delinquency Experience
The following table summarizes the delinquency, foreclosure and loss
experience, respectively, on the dates indicated, of all mortgage loans
originated or acquired by Countrywide Home Loans, Inc., serviced or master
serviced by the Master Servicer and securitized by the Depositor. The
delinquency, foreclosure and loss percentages may be affected by the size and
relative lack of seasoning of such servicing portfolio which increased from
approximately $8.671 billion at February 28, 1997, to approximately $11.002
billion at February 28, 1998, to approximately $15.381 billion at February 28,
1999 and to approximately $16.801 billion at February 29, 2000. Accordingly,
the information should not be considered as a basis for assessing the
likelihood, amount or severity of delinquency or losses on the Mortgage Loans
and no assurances can be given that the foreclosure, delinquency and loss
experience presented in the table below will be indicative of such experience
on the Mortgage Loans:
<TABLE>
<CAPTION>
At February 28, (29),
---------------------------------------------------------------
1997 1998 1999 2000
---- ---- ---- ----
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
<S> <C> <C> <C> <C>
30-59 days.............................. 0.65% 1.08% 1.03% 1.37%
60-89 days.............................. 0.15 0.16 0.18 .022
90 days or more (excluding pending
foreclosures)...................... 0.16 0.16 0.12 0.16
---- ---- ---- ----
Total of delinquencies.................. 0.96% 1.40% 1.33% 1.73
==== ==== ==== ====
Foreclosures pending............................. 0.17% 0.17% 0.14% 0.36
==== ==== ==== ====
Total delinquencies and foreclosures pending..... 1.13% 1.57% 1.47% 1.99
==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (1) ...... ($2,812,000) ($2,662,000) ($3,704,605) (3,076,240)
Percentage of Net Gains/(Losses) on liquidated
loans (1)(2) ............................... (0.032)% (0.024)% (0.028)% (0.0017)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(1) ...................... (0.033)% (0.027)% (0.028)% (0.0018)%
</TABLE>
-----------------
(1) "Net Gains (Losses)" are actual gains or losses incurred on liquidated
properties which are calculated as net liquidation proceeds less book
value (excluding loan purchase premium or discount).
(2) Based upon the total principal balance of the mortgage loans outstanding
on the last day of the indicated period.
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, on all mortgage loans
serviced or master serviced by the Master Servicer. Such mortgage loans have a
variety of underwriting, payment and other characteristics, many of which
differ from those of the Mortgage Loans, and no assurances can be given that
the delinquency and foreclosure experience presented in the table below will
be indicative of such experience of the Mortgage Loans. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of such servicing portfolio which increased from approximately
$158.6 billion at February 28, 1997, to approximately $182.9 billion at
February 28, 1998, to approximately $215.5 billion at February 28, 1999, to
approximately $249.0 billion at February 29, 2000.
<PAGE>
<TABLE>
<CAPTION>
At February 28, (29),
---------------------------------------------------------
1997 1998 1999 2000
---- ---- ---- ----
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
<S> <C> <C> <C> <C>
30-59 days.............................. 2.26% 2.68% 3.05% 3.40%
60-89 days.............................. 0.52 0.58 0.21 0.25
90 days or more (excluding pending
foreclosures)...................... 0.66 0.65 0.29 0.32
---- ---- ---- ----
Total of delinquencies.................. 3.44% 3.91% 3.55% 3.97%
==== ==== ==== ====
Foreclosures pending.................... 0.71% 0.45% 0.31% 0.39%
==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 4.15% 4.36% 3.86% 4.36%
==== ==== ==== ====
</TABLE>
--------------
(1) Including loans subserviced for others.
DESCRIPTION OF THE CLASS A-1 CERTIFICATES
The Class A-1 Certificates will be entitled to receive interest in
the amount of the Interest Distribution Amount for such Class as described in
the Prospectus Supplement under "Description of the Certificates -- Interest".
The Class A-1 Certificates are allocated principal payments as described in
the Prospectus Supplement under "Description of the Certificates --
Principal".
As of May 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A-1 Certificates was approximately $78,538,500 evidencing
a beneficial ownership interest of approximately 32.71% in the Trust Fund. As
of the Certificate Date, the Senior Certificates had an aggregate principal
balance of approximately $223,930,086 and evidenced in the aggregate a
beneficial ownership interest of approximately 93.26% in the Trust Fund. As of
the Certificate Date, the Subordinated Certificates had an aggregate principal
balance of $16,172,132 and evidenced in the aggregate a beneficial ownership
interest of approximately 6.74% in the Trust Fund. For additional information
with respect to the Class A-1 Certificates, see "Description of the
Certificates" in the Prospectus Supplement.
Reports to Certificateholders
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
Revised Structuring Assumptions
Unless otherwise specified, the information in the tables appearing
in this Supplement under "Yield, Prepayment and Maturity Considerations --
Decrement Table" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional assumptions
(collectively, the "Revised Structuring Assumptions"): (i) the Mortgage Loans
consist of two Mortgage Loans with the following characteristics:
<TABLE>
<CAPTION>
Original Term to Remaining Term to
Principal Balance Mortgage Rate Net Mortgage Rate Maturity (in months) Maturity (in months)
<S> <C> <C> <C> <C>
$224,342,004.29 7.5352865060% 7.2634153450% 357 356
$15,760,212.89 6.9275888350% 6.6685888350% 358 352
</TABLE>
(ii) the Mortgage Loans prepay at the specified constant percentages of SPA
(as defined below), (iii) no defaults in the payment by Mortgagors of
principal of any interest on the Mortgage Loans are experienced, (iv)
scheduled payments on the Mortgage Loans are received on the first day of each
month commencing in the calendar month following the Reference Date and are
computed prior to giving effect to prepayments received on the last day of the
prior month, (v) prepayments are allocated as described herein without giving
effect to loss and delinquency tests, (vi) there are no Net Interest
Shortfalls and prepayments represent prepayments in full of individual
Mortgage Loans and are received on the last day of each month, commencing in
the calendar month of the Reference Date, (vii) the scheduled monthly payment
for each Mortgage Loan has been calculated based on the assumed Mortgage Loan
characteristics set forth in clause (i) above such that each Mortgage Loan
will amortize in amounts sufficient to repay the balance of such Mortgage Loan
by its indicated remaining term to maturity, (viii) the Class Certificate
Balance of the Class A-1 Certificates is $78,538,499.66 (ix) interest accrues
on the Class A-1 Certificates at the applicable interest rate described in the
Prospectus Supplement, (x) distributions in respect of the Certificates are
received in cash on the 25th day of each month commencing in the calendar
month following the Reference Date, (xi) the closing date of the sale of the
Class A-1 Certificates is June 9, 2000, (xii) the Seller is not required to
repurchase or substitute for any Mortgage Loan, (xiii) the Master Servicer
does not exercise the option to repurchase the Mortgage Loans described in the
Prospectus Supplement under the headings "--Optional Purchase of Defaulted
Loans" and "--Optional Termination", and (xiv) no Class of Certificates become
a Restricted Class. While it is assumed that each of the Mortgaged Loans
prepays at the specified constant percentages of SPA, this is not likely to be
the case. Moreover, discrepancies will exist between the characteristics of
the actual Mortgage Loans as of the Reference Date and characteristics of the
Mortgage Loans assumed in preparing the tables herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in this Supplement is the
Standard Prepayment Assumption ("SPA"), which represents an assumed rate of
prepayment each month of the then outstanding principal balance of a pool of
new mortgage loans. SPA does not purport to be either an historical
description of the prepayment experience of any pool of mortgage loans or a
prediction of the anticipated rate of prepayment of any pool of mortgage
loans, including the Mortgage Loans. 100% SPA assumes prepayment rates of 0.2%
per annum of the then unpaid principal balance of such pool of mortgage loans
in the first month of the life of such mortgage loans and an additional 0.2%
per annum in each month thereafter (for example, 0.4% per annum in the second
month) until the 30th month. Beginning in the 30th month and in each month
thereafter during the life of such mortgage loans, 100% SPA assumes a constant
prepayment rate of 6.0% per annum. Multiples may be calculated from this
prepayment rate sequence. For example, 275% SPA assumes prepayment rates will
be 0.55% per annum in month one, 1.1% per annum in month two, and increasing
by 0.55% in each succeeding month until reaching a rate of 16.5% per annum in
month 30 and remaining constant at 16.5% per annum thereafter. 0% SPA assumes
no prepayments. There is no assurance that prepayments will occur at any SPA
rate or at any other constant rate.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
Decrement Table
The following table indicates the percentage of the Certificate Date
Class Certificate Balance of the Class A-1 Certificates that would be
outstanding after each of the dates shown at various constant percentages of
SPA and the corresponding weighted average life thereof. The table has been
prepared based on the Revised Structuring Assumptions. However, all of the
Mortgage Loans may not have the interest rates or remaining terms to maturity
described under "Revised Structuring Assumptions" herein and the Mortgage
Loans may not prepay at the indicated constant percentages of SPA or at any
constant percentage.
Percent of Class Certificate
Balance Outstanding*
Class A-1
Percentages of SPA
-----------------------------------------
Distribution Date 0% 100% 275% 400% 500%
----------------- -- ---- ---- ---- ----
Initial Percent.................. 52 52 51 50 50
June 25, 2001.................... 51 45 33 25 19
June 25, 2002.................... 50 38 18 6 0
June 25, 2003.................... 48 31 6 0 0
June 25, 2004.................... 47 26 0 0 0
June 25, 2005.................... 46 21 0 0 0
June 25, 2006.................... 44 16 0 0 0
June 25, 2007.................... 42 12 0 0 0
June 25, 2008.................... 41 9 0 0 0
June 25, 2009.................... 39 6 0 0 0
June 25, 2010.................... 37 3 0 0 0
June 25, 2011.................... 35 0 0 0 0
June 25, 2012.................... 33 0 0 0 0
June 25, 2013.................... 31 0 0 0 0
June 25, 2014.................... 28 0 0 0 0
June 25, 2015.................... 25 0 0 0 0
June 25, 2016.................... 22 0 0 0 0
June 25, 2017.................... 19 0 0 0 0
June 25, 2018.................... 16 0 0 0 0
June 25, 2019.................... 12 0 0 0 0
June 25, 2020.................... 8 0 0 0 0
June 25, 2021.................... 4 0 0 0 0
June 25, 2022.................... 0 0 0 0 0
June 25, 2023.................... 0 0 0 0 0
June 25, 2024.................... 0 0 0 0 0
June 25, 2025.................... 0 0 0 0 0
June 25, 2026.................... 0 0 0 0 0
June 25, 2027.................... 0 0 0 0 0
June 25, 2028.................... 0 0 0 0 0
- - - - -
Weighted Average Life (years) **. 13.6 4.6 1.7 1.1 1.0
--------------------------
* Rounded to the nearest whole percentage.
** Determined as specified under "Weighted Average Lives of the Offered
Certificates" in the Prospectus Supplement.
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $3,071,470 and $121,369 and $5,305,370, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-1 Certificates discussed under
the sections titled "Certain Federal Income Tax Consequences" in the
Prospectus Supplement and the Prospectus, which the following discussion
supplements. Prospective investors should consult their tax advisors with
respect to those consequences.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A-1 Certificates should consider
carefully the ERISA consequences of an investment in such Certificates
discussed under "ERISA Considerations" in the Prospectus, the Prospectus
Supplement and herein, and should consult their own advisors with respect to
those consequences. As described in the Prospectus Supplement, it is expected
that the Exemptions will apply to the acquisition and holding of Class A-1
Certificates by Plans and that all conditions of the Exemptions other than
those within the control of purchasers of the Certificates will be met.
RATINGS
The Class A-1 Certificates are currently rated "AAA" by Fitch IBCA,
Inc. and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. See
"Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation,
an affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection
with offers and sales relating to market making transactions in the Class A-1
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
<PAGE>
EXHIBIT 1
===========================================================================
Mortgage Rates(1)
===========================================================================
Percent of
Number of Aggregate Principal Mortgage
Mortgage Rate (%) Mortgage Loans Balance Outstanding Loans
===========================================================================
6.500 1 $582,814.86 0.24%
6.625 1 98,423.04 0.04%
6.750 5 1,295,303.83 0.54%
6.875 12 3,912,586.77 1.63%
7.000 32 9,871,084.39 4.11%
7.125 32 10,628,104.58 4.43%
7.250 103 32,813,268.38 13.67%
7.375 125 39,521,755.10 16.46%
7.500 167 53,835,376.31 22.42%
7.625 115 37,061,443.44 15.44%
7.750 91 29,726,903.68 12.38%
7.875 37 12,060,022.24 5.02%
8.000 17 4,816,811.55 2.01%
8.125 5 1,486,107.42 0.62%
8.250 5 1,449,558.96 0.60%
8.375 1 299,350.11 0.12%
8.875 2 643,302.52 0.27%
--------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
==========================================================================
(1) The Lender PMI Mortgage Loans are shown at the Mortgage Rates net of the
interest premium charged by the related lenders. As of the Reference
Date, the weighted average Mortgage Rate of the Mortgage Loans (as so
adjusted) is approximately 7.483%. Without such adjustment, the weighted
average Mortgage Rate of the Mortgage Loans is approximately 7.495% per
annum.
Original Loan-to-Value Ratios(1)
Percent of
Original Loan-to-Value Number of Aggregate Principal Mortgage
Ratios(%) Mortgage Loans Balance Outstanding Pool
=============================================================================
50.00 and below 44 $14,280,034.96 5.95%
50.01 to 55.00 18 6,823,954.02 2.84%
55.01 to 60.00 30 12,291,887.24 5.12%
60.01 to 65.00 29 9,937,581.47 4.14%
65.01 to 70.00 59 18,379,201.15 7.65%
70.01 to 75.00 106 35,772,722.26 14.90%
75.01 to 80.00 371 116,951,488.60 48.71%
80.01 to 85.00 18 5,300,059.25 2.21%
85.01 to 90.00 47 12,861,486.37 5.36%
90.01 to 95.00 29 7,503,801.86 3.13%
-----------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
=============================================================================
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is approximately 74.31%.
<PAGE>
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances(1)
==================================================================================
Number of
Current Mortgage ortgage Aggregate Principal Percent of
Loan Amounts Loans Balance Outstanding Mortgage Pool
==================================================================================
<S> <C> <C> <C>
$0 -- $50,000 7 $0.00 0.00%
$50,001 -- $100,000 5 401,067.01 0.17%
$100,001 -- $150,000 6 764,178.33 0.32%
$150,001 -- $200,000 2 387,556.72 0.16%
$200,001 -- $250,000 129 30,566,126.00 12.73%
$250,001 -- $300,000 271 74,416,501.64 30.99%
$300,001 -- $350,000 145 46,807,088.38 19.49%
$350,001 -- $400,000 64 24,052,073.59 10.02%
$400,001 -- $450,000 50 21,227,100.56 8.84%
$450,001 -- $500,000 23 10,893,690.86 4.54%
$500,001 -- $550,000 16 8,458,004.12 3.52%
$550,001 -- $600,000 12 6,958,898.45 2.90%
$600,001 -- $650,000 10 6,294,631.63 2.62%
$650,001 -- $750,000 6 4,231,137.48 1.76%
$750,001 -- $1,000,000 4 3,254,207.09 1.36%
$1,000,001 -- $1,500,000 1 1,389,955.32 0.58%
----------------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
==================================================================================
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is approximately $319,710.01.
</TABLE>
<TABLE>
<CAPTION>
Documentation Program for Mortgage Loans
Number of
Mortgage Aggregate Principal Percent of
Type of Program Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Full 383 $124,320,208.70 51.78%
Alternative 233 73,128,894.33 30.46%
Reduced 128 40,207,393.60 16.75%
No Income No Asset 4 1,169,571.91 0.49%
Streamlined 3 1,276,148.64 0.53%
-----------------------------------------------------------------------------------
Total 751 $ 240,102,217.18 100.00%
===================================================================================
</TABLE>
<TABLE>
<CAPTION>
Type of Mortgaged Property
Number of
Mortgage Aggregate Principal Percent of
Property Type Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 563 $182,571,116.65 76.04%
Condominium 20 6,406,465.26 2.67%
High Rise Condos 1 322,570.77 0.13%
2-4 Family 8 2,426,973.96 1.01%
Planned Unit Development 159 48,375,090.54 20.15%
------------------------------------------------------------------------------------
Total 751 $ 240,102,217.18 100.00%
====================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Occupancy Types(1)
Number of
Mortgage Aggregate Principal Percent of
Occupancy Type Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Primary Residence 726 $231,896,643.67 97%
Investor Property 11 3,138,473.07 1%
Second Residence 14 5,067,100.44 2%
------------------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
=====================================================================================
(1) Based upon representations of the related mortgagors at the time of origination.
</TABLE>
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
Number of
Mortgage Aggregate Principal Percent of
State Loans Balance Outstanding Mortgage Pool
---------------------------------------------------------------------------------
<S> <C> <C> <C>
California 330 $111,881,590.45 46.60%
Colorado 37 11,561,598.40 4.82%
Florida 20 5,770,221.53 2.40%
Illinois 29 8,543,036.26 3.56%
Maryland 20 5,678,648.92 2.37%
Massachusetts 17 5,056,229.23 2.11%
Michigan 24 7,515,384.84 3.13%
Minnesota 15 5,020,743.67 2.09%
New Jersey 20 5,875,852.19 2.45%
New York 17 5,174,610.89 2.16%
Oregon 17 4,832,116.43 2.01%
Pennsylvania 23 7,115,197.68 2.96%
Texas 32 9,878,226.24 4.11%
Washington 23 6,935,156.44 2.89%
Other (less than 2%) 127 39,263,604.01 16.35%
---------------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
=================================================================================
(1) Other includes 24 other states and the District of Columbia with under 2%
concentration individually.
</TABLE>
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
Number of
Mortgage Aggregate Principal Percent of
Loan Purpose Loans Balance Outstanding Mortgage Pool
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 348 $104,772,327.37 43.64%
Refinance (rate/term) 241 78,572,740.54 32.72%
Refinance (cash out) 162 56,757,149.27 23.64%
---------------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
=================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Remaining Term of Maturity(1)
Number of
Remaining Term to Mortgage Aggregate Principal Percent of
Maturity (Months) Loans Balance Outstanding Mortgage Pool
---------------------------------------------------------------------------------
<S> <C> <C> <C>
336-330 557 $182,727,148.53 76.10%
329-320 67 21,541,598.11 8.97%
319-310 40 11,863,161.69 4.94%
309-300 21 6,279,819.35 2.62%
299-290 5 1,540,863.10 0.64%
289-280 5 1,379,308.88 0.57%
279-270 9 4,465,896.34 1.86%
269-260 8 2,204,183.29 0.92%
259-250 2 499,256.50 0.21%
243 1 379,078.45 0.16%
236 1 223,380.57 0.09%
217 1 221,550.95 0.09%
215 12 3,063,070.41 1.28%
214 5 1,357,207.76 0.57%
213 1 276,105.95 0.11%
212 1 424,404.17 0.18%
204 1 249,436.66 0.10%
187 1 213,702.69 0.09%
149 1 236,317.24 0.10%
129 1 359,285.13 0.15%
125 1 246,013.66 0.10%
100 1 128,561.42 0.05%
73 1 145,084.40 0.06%
33 1 77,781.93 0.03%
0 7 0.00 0.00%
---------------------------------------------------------------------------------
Total 751 $240,102,217.18 100.00%
=================================================================================
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is approximately 325 months.
</TABLE>
<PAGE>
EXHIBIT 2
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-7
------------------------------------------------------------
<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 80,011,845.12 6.750000% 1,473,345.46 450,066.63 1,923,412.09 0.00 0.00
A2 838,236.05 6.750000% 13,931.03 4,715.08 18,646.11 0.00 0.00
A3 17,052,679.76 6.700000% 283,406.27 95,210.80 378,617.06 0.00 0.00
A4 2,273,690.71 7.125000% 37,787.50 13,500.04 51,287.54 0.00 0.00
A5 15,599,422.57 6.750000% 197,894.89 87,746.75 285,641.64 0.00 0.00
A6 29,625,014.22 6.750000% 260,510.21 166,640.70 427,150.92 0.00 0.00
A7 22,502,990.00 6.750000% 0.00 126,579.32 126,579.32 0.00 0.00
A8 23,103,000.00 6.750000% 0.00 129,954.38 129,954.38 0.00 0.00
A9 35,000,000.00 6.750000% 0.00 196,875.00 196,875.00 0.00 0.00
PO 190,314.13 0.000000% 231.57 0.00 231.57 0.00 0.00
X 226,650,395.40 0.513799% 0.00 97,044.02 97,044.02 0.00 0.00
M 7,726,849.68 6.750000% 7,407.74 43,463.53 50,871.27 0.00 0.00
B1 3,090,789.05 6.750000% 2,963.14 17,385.69 20,348.83 0.00 0.00
B2 2,060,493.38 6.750000% 1,975.40 11,590.28 13,565.67 0.00 0.00
B3 1,545,369.54 6.750000% 1,481.55 8,692.70 10,174.25 0.00 0.00
B4 686,831.13 6.750000% 658.47 3,863.43 4,521.89 0.00 0.00
B5 1,123,373.14 6.750000% 1,076.98 18,376.44 19,453.42 46,010.43 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Totals - - 242,430,898.48 - 2,282,670.19 1,471,704.77 3,754,374.97 46,010.43 -
----------------------------------------------------------------------------------------------------------------------------------
Class Information
--------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
--------------------------------------------------------------------------------
Senior A1 78,538,499.66 0.00
A2 824,305.02 0.00
A3 16,769,273.49 0.00
A4 2,235,903.21 0.00
A5 15,401,527.68 0.00
A6 29,364,504.01 0.00
A7 22,502,990.00 0.00
A8 23,103,000.00 0.00
A9 35,000,000.00 0.00
PO 190,082.56 0.00
X 224,342,004.29 0.00
M 7,719,441.94 0.00
B1 3,087,825.91 0.00
B2 2,058,517.98 0.00
B3 1,543,887.99 0.00
B4 686,172.66 0.00
B5 1,076,285.73 0.00
Residual AR 0.00 0.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Totals - - 240,102,217.86 -
--------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/00
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-7
------------------------------------------------------------
<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 80,011,845.12 6.750000% 12669AMN1 9.822303 3.000444 523.589998
A2 838,236.05 6.750000% 12669AMP6 9.287352 3.143385 549.536682
A3 17,052,679.76 6.700000% 12669AMQ4 9.287352 3.120101 549.536685
A4 2,273,690.71 7.125000% 12669AMR2 9.287352 3.318018 549.536685
A5 15,599,422.57 6.750000% 12669AMS0 7.915796 3.509870 616.061107
A6 29,625,014.22 6.750000% 12669AMT8 6.202624 3.967636 699.154857
A7 22,502,990.00 6.750000% 12669AMU5 0.000000 5.625000 1,000.000000
A8 23,103,000.00 6.750000% 12669AMV3 0.000000 5.625000 1,000.000000
A9 35,000,000.00 6.750000% 12669AMW1 0.000000 5.625000 1,000.000000
PO 190,314.13 0.000000% 12669AMX9 1.182026 0.000000 970.264418
X 226,650,395.40 0.513799% 12669AMY7 0.000000 0.290312 671.131253
M 7,726,849.68 6.750000% 12669ANA8 0.939224 5.510724 978.744984
B1 3,090,789.05 6.750000% 12669ANB6 0.939224 5.510724 978.744983
B2 2,060,493.38 6.750000% 12669ANC4 0.939224 5.510724 978.744984
B3 1,545,369.54 6.750000% 12669APX6 0.939224 5.510724 978.744981
B4 686,831.13 6.750000% 12669APY4 0.939224 5.510724 978.744989
B5 1,123,373.14 6.750000% 12669APZ1 0.877497 14.972704 876.932864
Residual AR 0.00 6.750000% 12669AMZ4 0.000000 0.000000 0.000000
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Totals - - 242,430,898.48 - - - - -
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-7
------------------------------------------------------------
--------------------------------------------------------------------------------
COLLATERAL INFORMATION
--------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 240,102,217.18 240,102,217.18
Aggregated loan count 751 751
Aggregated average loan rate 7.496606% 7.50
Aggregated prepayment amount 1,801,577.54 1,801,577.54
--------------------------------------------------------------------------------
FEES AND ADVANCES
--------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 48,906.98 48,906.98
Monthly sub servicer fees 2,535.43 2,535.43
Monthly trustee fees 1,818.23 1,818.23
Aggregate advances N/A N/A
Advances this periods 22,345.25 22,345.25
--------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
--------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 46,010.43 46,010.43
Cumulative losses (from Cut-Off) 127,453.90 127,453.90
Coverage Amounts Total
---------------- -----
Bankruptcy 121,369.00 121,369.00
Fraud 5,305,370.05 5,305,370.05
Special Hazard 3,071,470.05 3,071,470.05
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 93.298519% 242,430,898.48
-----------------------------------------------------------------------------
Junior 0.000000% 6.701481% 0.00
-----------------------------------------------------------------------------
--------------------------------------------------------------------------------
DELINQUENCY INFORMATION
--------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
30 to 59 days 9 2,655,704.91
60 to 89 days 0 0.00
90 or more 1 145,206.31
Foreclosure 1 297,207.77
Totals: 11 3,098,118.99
--------------------------------------------------------------------------------
<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 3,754,374.97 3,754,374.97
Principal remittance amount 2,282,670.19 2,282,670.19
Interest remittance amount 1,471,704.77 1,471,704.77
