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): July 15, 1998
COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-B
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-11095 36-7238502
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor
1 N. State Street, Chicago IL 60670-0126
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 312/407-1902
Item 5. Other Events
On behalf of Countrywide Home Equity Loan Trust 1998-B, a Trust created
pursuant to the Pooling Agreement, dated May 20, 1998, by The First
National Bank of Chicago, as trustee for the Trust, the Trustee has caused
to be filed with the Commission, the Monthly Report dated July 15, 1998.
The Monthly Report is filed pursuant to and in accordance with (1) numerous
no-action letters (2) current Commission policy in the area. The filing
of the Monthly Report will occur subsequent to each monthly distribution to
the holders of the Trust's Investor Certificates, Due
June 15, 2024.
A. Monthly Report Information:
Aggregate distribution information for the current distribution date
July 15, 1998.
Principal Interest Ending Balance
Cede & Co.$ 4,678,652.78 $ 1,144,298.59 $146,321,347.22
B. No delinquency in payment under the Transferor Certificate, or
the Financial Guaranty Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under the Financial
Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Ambac Certificate
Guaranty Insurance Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security Holders: NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Statement to Certificateholders dated July 15, 1998
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 6/15/98 7/15/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL
PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 7.578136
Investor Certificate Interest Shortfall Distributed 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1
Investors Certificate Principal Distributed 30.984455
Principal Distribution Amount 30.984455
Maximum Principal Payment 81.246195
Alternative Principal Payment 30.984455
Principal Collections less Additional Balances 30.984455
Investor Loss Amount Distributed to Investors 0.000000
Accelerated Principal Distribution Amount 0.000000
Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 38.562592
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "151,000,000.00 "
Ending Investor Certificate Balance "146,321,347.22 "
Beginning Invested Amount "151,000,000.00 "
Ending Invested Amount "146,321,347.22 "
Investor Certificateholder Floating Allocation Percentage 98.4994%
Pool Factor 0.9690155
Liquidation Loss Amount for Liquidated Loans 0.00
Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "153,300,393.98 "
Ending Pool Balance "148,621,741.20 "
Servicer Removals form the Trust (Section 2.06) 0.00
Servicing Fee "63,875.16 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.804530%
LIBOR Rate 5.644530%
Maximum Rate 5.945863%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 9
Trust Balances "278,752.02 "
Delinquent 60-89 days
No. of Accounts 1
Trust Balances "1,581.31 "
Delinquent 90+ days
No. of Accounts 0
Trust Balances 0.00
Delinquent 9+ Months
No. of Accounts 0
Trust Balances 0
REO
No. of Accounts 0
Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 6/15/98 7/15/98
"IN WITNESS WHEREOF, the undersigned has caused this Certificate
to be duly executed" "this 9th day of July, 1998"
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
_______________________________________
Lupe Montero
Assistant Vice-President
Distribution List:
Barbara Grosse - First National Bank of Chicago
Lupe Montero - Countrywide Home Loans Peter Cerwin - Merrill Lynch
Richard Marron - Countrywide Home Loans
Lisa Fitzpatrick - Merrill Lynch
Dave Walker - Countrywide Home Loans
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.
COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-B
By _______________________________________
Name: Barbara G. Grosse
Title: Vice President
Dated: July 31, 1998
