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): March 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 March 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 March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 80,529,535.22 6.750000% 1,000,565.48 452,978.64 1,453,544.12 0.00 0.00
2A1 120,613,354.29 6.750000% 2,385,383.55 678,450.12 3,063,833.67 0.00 0.00
2A2 35,981,215.35 6.500000% 711,604.45 194,898.25 906,502.70 0.00 0.00
2A3 45,994,323.12 6.750000% 709,283.46 258,718.07 968,001.53 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 3,997,912.42 9.000000% 79,067.15 29,984.34 109,051.50 0.00 0.00
PO 337,570.89 0.000000% 4,026.64 0.00 4,026.64 0.00 0.00
X1 66,953,815.44 0.266777% 0.00 14,884.78 14,884.78 0.00 0.00
X2 268,528,760.38 0.815799% 0.00 182,554.58 182,554.58 0.00 0.00
M 6,817,690.37 6.750000% 5,402.63 38,349.51 43,752.14 0.00 0.00
B1 5,870,789.01 6.750000% 4,652.26 33,023.19 37,675.45 0.00 0.00
B2 3,598,225.55 6.750000% 2,851.39 20,240.02 23,091.41 0.00 0.00
B3 2,083,182.59 6.750000% 1,650.80 11,717.90 13,368.70 0.00 0.00
B4 946,901.36 6.750000% 750.37 5,326.32 6,076.69 0.00 0.00
B5 1,515,083.23 6.750000% 1,200.62 8,522.34 9,722.96 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 - - 354,340,536.40 - 4,906,438.79 2,188,706.04 7,095,144.83 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 79,528,969.74 0.00
2A1 118,227,970.74 0.00
2A2 35,269,610.90 0.00
2A3 45,285,039.66 0.00
2A4 46,054,753.00 0.00
2A5 3,918,845.26 0.00
PO 333,544.26 0.00
X1 66,150,539.83 0.00
X2 264,631,175.54 0.00
M 6,812,287.74 0.00
B1 5,866,136.75 0.00
B2 3,595,374.17 0.00
B3 2,081,531.78 0.00
B4 946,150.99 0.00
B5 1,513,882.61 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 349,434,097.61 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 80,529,535.22 6.750000% 12669ATD6 11.746670 5.317983 933.672578
2A1 120,613,354.29 6.750000% 12669ATE4 17.790111 5.059858 881.740273
2A2 35,981,215.35 6.500000% 12669ATF1 17.790111 4.872456 881.740273
2A3 45,994,323.12 6.750000% 12669ATG9 14.185669 5.174361 905.700793
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 3,997,912.42 9.000000% 12669ATJ3 17.790111 6.746478 881.740273
PO 337,570.89 0.000000% 12669ATK0 11.786619 0.000000 976.338391
X1 66,953,815.44 0.266777% 12669AWR1 0.000000 0.209288 930.112604
X2 268,528,760.38 0.815799% 12669AWR1 0.000000 0.628274 910.746570
M 6,817,690.37 6.750000% 12669ATP9 0.787655 5.591016 993.170671
B1 5,870,789.01 6.750000% 12669ATQ7 0.787655 5.591016 993.170671
B2 3,598,225.55 6.750000% 12669ATR5 0.787655 5.591016 993.170671
B3 2,083,182.59 6.750000% 12669AWF7 0.787655 5.591016 993.170671
B4 946,901.36 6.750000% 12669AWG5 0.787655 5.591016 993.170671
B5 1,515,083.23 6.750000% 12669AWH3 0.787655 5.591016 993.170671
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 - - 354,340,536.40 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 84,802,920.29 264,631,175.54 349,434,095.83
Loan count 736 2504 3240
average loan rate 7.284189% 7.845036% 7.71
Prepayment amount 934,857.66 3,690,596.55 4,625,454.21
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 17,440.54 51,831.82 69,272.37
sub servicer fees 6,692.77 4,528.56 11,221.33
trustee fees 643.59 2,013.97 2,657.55
Aggregate advances N/A N/A N/A
Advances this periods 11,419.49 31,564.42 42,983.91
- --------------------------------------------------------------------------------
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% 354,340,536.40
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 31 3,359,832.13
60 to 89 days 5 775,546.83
90 or more 3 311,381.75
Foreclosure 2 143,469.51
Totals: 41 4,590,230.22
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 160,295.28
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 7,095,144.83 7,095,144.83
Principal remittance amount 4,906,438.79 4,906,438.79
Interest remittance amount 2,188,706.04 2,188,706.04
