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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 82,523,834.69 6.750000% 1,016,757.58 464,196.57 1,480,954.15 0.00 0.00
2A1 124,255,279.01 6.750000% 1,739,985.23 698,935.94 2,438,921.18 0.00 0.00
2A2 37,067,669.48 6.500000% 519,070.08 200,783.21 719,853.29 0.00 0.00
2A3 47,077,233.65 6.750000% 517,377.07 264,809.44 782,186.51 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 4,118,629.53 9.000000% 57,674.45 30,889.72 88,564.17 0.00 0.00
PO 338,587.71 0.000000% 378.91 0.00 378.91 0.00 0.00
X1 68,713,958.92 0.266892% 0.00 15,282.65 15,282.65 0.00 0.00
X2 274,484,935.18 0.817899% 0.00 187,084.13 187,084.13 0.00 0.00
M 6,828,338.22 6.750000% 5,296.10 38,409.40 43,705.50 0.00 0.00
B1 5,879,958.00 6.750000% 4,560.53 33,074.76 37,635.29 0.00 0.00
B2 3,603,845.26 6.750000% 2,795.16 20,271.63 23,066.79 0.00 0.00
B3 2,086,436.10 6.750000% 1,618.25 11,736.20 13,354.46 0.00 0.00
B4 948,380.23 6.750000% 735.57 5,334.64 6,070.21 0.00 0.00
B5 1,517,449.49 6.750000% 1,176.94 8,535.65 9,712.60 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 1.36 1.36 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 362,300,394.34 - 3,867,425.88 2,238,403.30 6,105,829.18 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 81,507,077.11 0.00
2A1 122,515,293.77 0.00
2A2 36,548,599.40 0.00
2A3 46,559,856.58 0.00
2A4 46,054,753.00 0.00
2A5 4,060,955.08 0.00
PO 338,208.79 0.00
X1 67,712,906.11 0.00
X2 271,638,811.29 0.00
M 6,823,042.12 0.00
B1 5,875,397.46 0.00
B2 3,601,050.09 0.00
B3 2,084,817.85 0.00
B4 947,644.66 0.00
B5 1,516,272.54 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 358,432,968.46 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 82,523,834.69 6.750000% 12669ATD6 11.936766 5.449682 956.895620
2A1 124,255,279.01 6.750000% 12669ATE4 12.976752 5.212641 913.714985
2A2 37,067,669.48 6.500000% 12669ATF1 12.976752 5.019580 913.714985
2A3 47,077,233.65 6.750000% 12669ATG9 10.347541 5.296189 931.197132
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 4,118,629.53 9.000000% 12669ATJ3 12.976752 6.950188 913.714985
PO 338,587.71 0.000000% 12669ATK0 1.109136 0.000000 989.992247
X1 68,713,958.92 0.266892% 12669AWR1 0.000000 0.214882 952.080324
X2 274,484,935.18 0.817899% 12669AWR1 0.000000 0.643863 934.863835
M 6,828,338.22 6.750000% 12669ATP9 0.772124 5.599748 994.738564
B1 5,879,958.00 6.750000% 12669ATQ7 0.772124 5.599748 994.738564
B2 3,603,845.26 6.750000% 12669ATR5 0.772124 5.599748 994.738564
B3 2,086,436.10 6.750000% 12669AWF7 0.772124 5.599748 994.738564
B4 948,380.23 6.750000% 12669AWG5 0.772124 5.599748 994.738564
B5 1,517,449.49 6.750000% 12669AWH3 0.772124 5.599748 994.738564
Y 0.00 0.000000% 12669AWS9 0.000000 0.000000 0.000000
Residual AR 0.00 6.750000% 12669ATN4 0.000000 13.627806 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 362,300,394.34 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 86,794,155.60 271,638,811.29 358,432,966.89
loan count 747 2550 3297
average loan rate 7.286590% 7.847444% 7.71
prepayment amount 947,415.78 2,638,819.09 3,586,234.87
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 17,168.84 54,887.06 72,055.90
sub servicer fees 6,944.95 4,701.60 11,646.55
trustee fees 658.62 2,058.64 2,717.25
Aggregate advances N/A N/A N/A
Advances this periods 8,957.44 18,018.34 26,975.78
- --------------------------------------------------------------------------------
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% 362,300,394.34
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 30 2,856,117.07
60 to 89 days 4 640,659.67
90 or more 2 73,033.51
Foreclosure 1 161,133.29
Totals: 37 3,730,943.54
- --------------------------------------------------------------------------------
<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 6,105,829.18 6,105,829.18
Principal remittance amount 3,867,425.88 3,867,425.88
Interest remittance amount 2,238,403.30 2,238,403.30
