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): May 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-12)
(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 1998-12
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-12, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of June 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 1998-12 relating to the distribution
date of May 25, 1999 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of June 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: May 25, 1999
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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
<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 1A1 79,155,465.20 6.750000% 787,865.43 445,249.49 1,233,114.92 0.00 0.00
2A1 115,051,228.71 6.750000% 3,151,836.43 647,163.16 3,798,999.59 0.00 0.00
2A2 34,321,929.45 6.500000% 940,251.65 185,910.45 1,126,162.10 0.00 0.00
2A3 44,340,449.18 6.750000% 937,184.90 249,415.03 1,186,599.93 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 3,813,547.33 9.000000% 104,472.40 28,601.61 133,074.00 0.00 0.00
PO 333,050.13 0.000000% 367.63 0.00 367.63 0.00 0.00
X1 65,793,194.21 0.267038% 0.00 14,641.09 14,641.09 0.00 0.00
X2 259,444,518.97 0.813829% 0.00 175,952.97 175,952.97 0.00 0.00
M 6,806,841.27 6.750000% 5,484.15 38,288.48 43,772.64 0.00 0.00
B1 5,861,446.73 6.750000% 4,722.47 32,970.64 37,693.10 0.00 0.00
B2 3,592,499.64 6.750000% 2,894.41 20,207.81 23,102.23 0.00 0.00
B3 2,079,867.59 6.750000% 1,675.71 11,699.26 13,374.97 0.00 0.00
B4 945,394.54 6.750000% 761.69 5,317.84 6,079.53 0.00 0.00
B5 1,512,672.26 6.750000% 1,218.73 8,508.78 9,727.52 0.00 0.00
Y 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 343,869,145.04 - 5,938,735.60 2,122,984.60 8,061,720.20 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 78,367,599.77 0.00
2A1 111,899,392.28 0.00
2A2 33,381,677.80 0.00
2A3 43,403,264.28 0.00
2A4 46,054,753.00 0.00
2A5 3,709,074.94 0.00
PO 332,682.50 0.00
X1 65,020,731.65 0.00
X2 254,298,346.62 0.00
M 6,801,357.12 0.00
B1 5,856,724.27 0.00
B2 3,589,605.23 0.00
B3 2,078,191.87 0.00
B4 944,632.85 0.00
B5 1,511,453.52 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 337,930,409.43 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
<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 1A1 79,155,465.20 6.750000% 12669ATD6 9.249565 5.227243 920.038058
2A1 115,051,228.71 6.750000% 12669ATE4 23.506291 4.826521 834.541945
2A2 34,321,929.45 6.500000% 12669ATF1 23.506291 4.647761 834.541945
2A3 44,340,449.18 6.750000% 12669ATG9 18.743698 4.988301 868.065286
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 3,813,547.33 9.000000% 12669ATJ3 23.506291 6.435362 834.541945
PO 333,050.13 0.000000% 12669ATK0 1.076123 0.000000 973.815884
X1 65,793,194.21 0.267038% 12669AWR1 0.000000 0.205862 914.226886
X2 259,444,518.97 0.813829% 12669AWR1 0.000000 0.605554 875.185422
M 6,806,841.27 6.750000% 12669ATP9 0.799541 5.582119 991.577085
B1 5,861,446.73 6.750000% 12669ATQ7 0.799541 5.582119 991.577085
B2 3,592,499.64 6.750000% 12669ATR5 0.799541 5.582119 991.577085
B3 2,079,867.59 6.750000% 12669AWF7 0.799541 5.582119 991.577085
B4 945,394.54 6.750000% 12669AWG5 0.799541 5.582119 991.577085
B5 1,512,672.26 6.750000% 12669AWH3 0.799541 5.582119 991.577085
Y 0.00 0.000000% 12669AWS9 0.000000 0.000000 0.000000
Residual AR 0.00 6.750000% 12669ATN4 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 343,869,145.04 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 83,632,060.90 254,298,346.62 337,930,407.52
Loan count 726 2431 3157
Average loan rate 7.284342% 7.843392% 7.71
Prepayment amount 718,468.06 4,942,920.17 5,661,388.23
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 17,112.34 51,475.30 68,587.63
Sub servicer fees 6,603.67 4,445.79 11,049.45
Trustee fees 633.18 1,945.83 2,579.02
Aggregate advances N/A N/A N/A
Advances this periods 8,424.70 31,877.50 40,302.20
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 1,809,955.32 5,811,302.16 7,621,257.48
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 343,869,145.04
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 31 3,586,862.09
60 to 89 days 4 281,118.39
90 or more 2 242,373.57
Foreclosure 7 1,447,886.48
Totals: 44 5,558,240.53
- --------------------------------------------------------------------------------
<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 8,061,720.20 8,061,720.20
Principal remittance amount 5,938,735.60 5,938,735.60
Interest remittance amount 2,122,984.60 2,122,984.60
