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): November 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-10)
(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 1998-10
On November 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-10, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of May 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 1998-10 relating to the distribution
date of November 25, 1998 prepared by The Bank of New York,
as Trustee under the Pooling and Servicing Agreement dated
as of May 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-10
------------------------------------------------------------
<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 272,716,699.25 6.750000% 7,997,549.26 1,534,031.43 9,531,580.70 0.00 0.00
A2 35,258,818.00 6.750000% 0.00 198,330.85 198,330.85 0.00 0.00
A3 35,747,197.00 6.169380% 0.00 183,781.70 183,781.70 0.00 0.00
A4 42,989,408.00 6.750000% 0.00 241,815.42 241,815.42 0.00 0.00
A5 5,001,676.00 6.750000% 0.00 28,134.43 28,134.43 0.00 0.00
A6 9,267,792.00 8.989534% 0.00 69,427.61 69,427.61 0.00 0.00
PO 249,172.83 0.000000% 249.65 0.00 249.65 0.00 0.00
X 398,214,816.11 0.529022% 0.00 175,553.70 175,553.70 0.00 0.00
M 9,870,680.59 6.750000% 7,897.62 55,522.58 63,420.20 0.00 0.00
B1 4,262,338.85 6.750000% 3,410.33 23,975.66 27,385.99 0.00 0.00
B2 2,019,002.35 6.750000% 1,615.42 11,356.89 12,972.31 0.00 0.00
B3 1,794,669.20 6.750000% 1,435.93 10,095.01 11,530.94 0.00 0.00
B4 1,121,667.75 6.750000% 897.46 6,309.38 7,206.84 0.00 0.00
B5 1,121,672.33 6.750000% 897.46 6,309.41 7,206.87 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 421,420,794.16 - 8,013,953.14 2,544,644.07 10,558,597.20 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 264,719,149.99 0.00
A2 35,258,818.00 0.00
A3 35,747,197.00 0.00
A4 42,989,408.00 0.00
A5 5,001,676.00 0.00
A6 9,267,792.00 0.00
PO 248,923.18 0.00
X 390,224,011.57 0.00
M 9,862,782.98 0.00
B1 4,258,928.51 0.00
B2 2,017,386.93 0.00
B3 1,793,233.27 0.00
B4 1,120,770.30 0.00
B5 1,120,774.87 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 413,406,841.02 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-10
------------------------------------------------------------
<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 272,716,699.25 6.750000% 12669AQA5 26.514515 5.085820 877.631345
A2 35,258,818.00 6.750000% 12669AQB3 0.000000 5.625000 1,000.000000
A3 35,747,197.00 6.169380% 12669AQC1 0.000000 5.141150 1,000.000000
A4 42,989,408.00 6.750000% 12669AQD9 0.000000 5.625000 1,000.000000
A5 5,001,676.00 6.750000% 12669AQE7 0.000000 5.625000 1,000.000000
A6 9,267,792.00 8.989534% 12669AQF4 0.000000 7.491279 1,000.000000
PO 249,172.83 0.000000% 12669AQG5 0.997139 0.000000 994.225525
X 398,214,816.11 0.529022% 12669AQH0 0.000000 0.411042 913.671449
M 9,870,680.59 6.750000% 12669AQK3 0.797008 5.603199 995.327215
B1 4,262,338.85 6.750000% 12669AQL1 0.797008 5.603199 995.327215
B2 2,019,002.35 6.750000% 12669AQM9 0.797008 5.603199 995.327215
B3 1,794,669.20 6.750000% 12669ARF3 0.797008 5.603199 995.327215
B4 1,121,667.75 6.750000% 12669ARG1 0.797008 5.603199 995.327215
B5 1,121,672.33 6.750000% 12669ARH9 0.797008 5.603199 995.327215
Residual AR 0.00 6.750000% 12669AQJ6 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 421,420,794.16 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 413,406,841.74 413,406,841.74
Aggregated loan count 1237 1237
Aggregated average loan rate 7.509367% 7.51
Aggregated prepayment amount 7,676,748.18 7,676,748.18
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 84,451.04 84,451.04
Monthly sub servicer fees 1,568.85 1,568.85
Monthly trustee fees 3,160.66 3,160.66
Aggregate advances N/A N/A
Advances this periods 27,009.12 27,009.12
- --------------------------------------------------------------------------------
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 142,688.00 142,688.00
Fraud 9,008,261.00 9,008,261.00
Special Hazard 4,395,226.15 4,395,226.15
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 421,420,794.16
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 3,469,771.98
60 to 89 days 1 275,381.66
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 11 3,745,153.64
- --------------------------------------------------------------------------------
<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 10,558,597.20 10,558,597.20
Principal remittance amount 8,013,953.14 8,013,953.14
Interest remittance amount 2,544,644.07 2,544,644.07
