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 1998-12)
(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 November 25, 1998, 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 November 25, 1998 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: 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 1998-12
------------------------------------------------------------
<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 83,908,055.08 6.750000% 574,274.46 471,982.81 1,046,257.26 0.00 0.00
2A1 129,114,282.41 6.750000% 2,430,901.74 726,267.84 3,157,169.57 0.00 0.00
2A2 38,517,200.91 6.500000% 725,183.37 208,634.84 933,818.21 0.00 0.00
2A3 48,522,037.25 6.750000% 722,818.09 272,936.46 995,754.55 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 4,279,688.56 9.000000% 80,575.92 32,097.66 112,673.59 0.00 0.00
PO 339,329.96 0.000000% 368.34 0.00 368.34 0.00 0.00
X1 70,068,014.30 0.267458% 0.00 15,616.86 15,616.86 0.00 0.00
X2 282,423,063.94 0.818554% 0.00 192,648.77 192,648.77 0.00 0.00
M 6,838,810.81 6.750000% 5,202.03 38,468.31 43,670.35 0.00 0.00
B1 5,888,976.06 6.750000% 4,479.53 33,125.49 37,605.02 0.00 0.00
B2 3,609,372.46 6.750000% 2,745.52 20,302.72 23,048.24 0.00 0.00
B3 2,089,636.06 6.750000% 1,589.51 11,754.20 13,343.71 0.00 0.00
B4 949,834.75 6.750000% 722.50 5,342.82 6,065.33 0.00 0.00
B5 1,519,776.79 6.750000% 1,156.04 8,548.74 9,704.78 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 0.38 0.38 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 371,631,754.09 - 4,550,017.06 2,296,785.91 6,846,802.97 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 83,333,780.62 0.00
2A1 126,683,380.68 0.00
2A2 37,792,017.54 0.00
2A3 47,799,219.15 0.00
2A4 46,054,753.00 0.00
2A5 4,199,112.64 0.00
PO 338,961.61 0.00
X1 69,509,016.80 0.00
X2 278,451,795.31 0.00
M 6,833,608.78 0.00
B1 5,884,496.53 0.00
B2 3,606,626.94 0.00
B3 2,088,046.55 0.00
B4 949,112.25 0.00
B5 1,518,620.75 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 367,081,737.03 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
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 83,908,055.08 6.750000% 12669ATD6 6.742000 5.541093 978.341176
2A1 129,114,282.41 6.750000% 12669ATE4 18.129584 5.416481 944.800439
2A2 38,517,200.91 6.500000% 12669ATF1 18.129584 5.215871 944.800439
2A3 48,522,037.25 6.750000% 12669ATG9 14.456362 5.458729 955.984383
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 4,279,688.56 9.000000% 12669ATJ3 18.129584 7.221975 944.800439
PO 339,329.96 0.000000% 12669ATK0 1.078201 0.000000 992.195868
X1 70,068,014.30 0.267458% 12669AWR1 0.000000 0.219582 977.334618
X2 282,423,063.94 0.818554% 12669AWR1 0.000000 0.663014 958.311193
M 6,838,810.81 6.750000% 12669ATP9 0.758410 5.608336 996.279088
B1 5,888,976.06 6.750000% 12669ATQ7 0.758410 5.608336 996.279088
B2 3,609,372.46 6.750000% 12669ATR5 0.758410 5.608336 996.279088
B3 2,089,636.06 6.750000% 12669AWF7 0.758410 5.608336 996.279088
B4 949,834.75 6.750000% 12669AWG5 0.758410 5.608336 996.279088
B5 1,519,776.79 6.750000% 12669AWH3 0.758410 5.608336 996.279088
Y 0.00 0.000000% 12669AWS9 0.000000 0.000000 0.000000
Residual AR 0.00 6.750000% 12669ATN4 0.000000 3.840637 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 371,631,754.09 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 88,629,940.15 278,451,795.31 367,081,735.46
Aggregated loan count 756 2610 3366
average loan rate 7.288544% 7.849520% 7.71
Prepayment amount 504,892.18 3,762,319.33 4,267,211.51
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 17,997.84 57,169.76 75,167.59
sub servicer fees 7,073.36 5,169.67 12,243.03
Trustee fees 669.07 2,118.17 2,787.24
Aggregate advances N/A N/A N/A
Advances this periods 2,519.12 14,822.95 17,342.07
- --------------------------------------------------------------------------------
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% 371,631,754.09
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 19 1,770,087.77
60 to 89 days 2 177,993.51
90 or more 0 0.00
Foreclosure 3 413,246.37
Totals: 24 2,361,327.65
- --------------------------------------------------------------------------------
<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 6,846,802.97 6,846,802.97
Principal remittance amount 4,550,017.06 4,550,017.06
Interest remittance amount 2,296,785.91 2,296,785.91
