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 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 76,970,291.24 6.750000% 575,914.70 432,957.89 1,008,872.59 0.00 0.00
2A1 109,690,448.69 6.750000% 2,820,716.39 617,008.77 3,437,725.16 0.00 0.00
2A2 32,722,708.68 6.500000% 841,472.36 177,248.01 1,018,720.37 0.00 0.00
2A3 42,746,444.48 6.750000% 838,727.79 240,448.75 1,079,176.54 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 3,635,856.16 9.000000% 93,496.92 27,268.92 120,765.84 0.00 0.00
PO 329,415.51 0.000000% 14,188.78 0.00 14,188.78 0.00 0.00
X1 63,780,718.10 0.267285% 0.00 14,206.33 14,206.33 0.00 0.00
X2 250,687,802.31 0.810821% 0.00 169,436.97 169,436.97 0.00 0.00
M 6,795,812.10 6.750000% 5,586.94 38,226.44 43,813.38 0.00 0.00
B1 5,851,949.39 6.750000% 4,810.97 32,917.22 37,728.19 0.00 0.00
B2 3,586,678.69 6.750000% 2,948.66 20,175.07 23,123.73 0.00 0.00
B3 2,076,497.56 6.750000% 1,707.12 11,680.30 13,387.42 0.00 0.00
B4 943,862.71 6.750000% 775.96 5,309.23 6,085.19 0.00 0.00
B5 1,510,221.26 6.750000% 1,241.57 8,494.99 9,736.56 47,132.69 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 - - 332,914,939.47 - 5,201,588.16 2,054,436.87 7,256,025.03 47,132.69 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 76,394,376.55 0.00
2A1 106,869,730.39 0.00
2A2 31,881,235.76 0.00
2A3 41,907,716.12 0.00
2A4 46,054,753.00 0.00
2A5 3,542,359.16 0.00
PO 315,226.72 0.00
X1 63,298,667.42 0.00
X2 246,033,976.60 0.00
M 6,790,225.51 0.00
B1 5,847,138.75 0.00
B2 3,583,730.24 0.00
B3 2,074,790.57 0.00
B4 943,086.81 0.00
B5 1,461,847.10 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 327,666,216.68 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 76,970,291.24 6.750000% 12669ATD6 6.761256 5.082939 896.872357
2A1 109,690,448.69 6.750000% 12669ATE4 21.036809 4.601631 797.030894
2A2 32,722,708.68 6.500000% 12669ATF1 21.036809 4.431200 797.030894
2A3 42,746,444.48 6.750000% 12669ATG9 16.774556 4.808975 838.154322
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 3,635,856.16 9.000000% 12669ATJ3 21.036809 6.135508 797.030891
PO 329,415.51 0.000000% 12669ATK0 41.532958 0.000000 922.721916
X1 63,780,718.10 0.267285% 12669AWR1 0.000000 0.199749 890.013731
X2 250,687,802.31 0.810821% 12669AWR1 0.000000 0.583129 846.743018
M 6,795,812.10 6.750000% 12669ATP9 0.814526 5.573073 989.954195
B1 5,851,949.39 6.750000% 12669ATQ7 0.814525 5.573074 989.954201
B2 3,586,678.69 6.750000% 12669ATR5 0.814525 5.573074 989.954203
B3 2,076,497.56 6.750000% 12669AWF7 0.814526 5.573074 989.954205
B4 943,862.71 6.750000% 12669AWG5 0.814522 5.573076 989.954212
B5 1,510,221.26 6.750000% 12669AWH3 0.814522 5.573072 959.032876
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 - - 332,914,939.47 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 81,632,640.67 246,033,576.00 327,666,216.67
Loan count 710 2363 3073
Average loan rate 7.285489% 7.839537% 7.70
Prepayment amount 521,199.35 4,293,596.33 4,814,795.68
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 16,564.61 48,352.86 64,917.47
Monthly sub servicer fees 6,592.38 4,188.51 10,780.88
Monthly trustee fees 616.70 1,880.16 2,496.86
Aggregate advances N/A N/A N/A
Advances this periods 10,725.84 31,535.59 42,261.43
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 47,132.69 47,132.69
Cumulative losses (from Cut-Off) 0.00 47,132.69 47,132.69
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 904,977.66 2,905,651.08 3,810,628.74
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% 100.226950% 332,914,939.47
-----------------------------------------------------------------------------
Junior 0.000000% -0.226950% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 38 3,927,849.66
60 to 89 days 7 856,027.48
90 or more 8 828,029.50
Foreclosure 3 184,408.97
Totals: 56 5,796,315.61
- --------------------------------------------------------------------------------
<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 7,256,025.03 7,256,025.03
Principal remittance amount 5,201,588.16 5,201,588.16
Interest remittance amount 2,054,436.87 2,054,436.87