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, 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 November 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 November 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
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 74,328,401.38 6.750000% 385,966.74 418,097.26 804,064.00 0.00 0.00
2A1 100,682,527.69 6.750000% 1,493,196.40 566,339.22 2,059,535.62 0.00 0.00
2A2 30,035,477.69 6.500000% 445,448.36 162,692.17 608,140.53 0.00 0.00
2A3 40,067,978.22 6.750000% 443,995.48 225,382.38 669,377.85 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 3,337,274.95 9.000000% 49,494.26 25,029.56 74,523.82 0.00 0.00
PO 313,783.30 0.000000% 383.22 0.00 383.22 0.00 0.00
X1 61,512,058.78 0.266918% 0.00 13,682.23 13,682.23 0.00 0.00
X2 235,917,401.95 0.807603% 0.00 158,772.96 158,772.96 0.00 0.00
M 6,773,118.00 6.750000% 5,832.50 38,098.79 43,931.29 0.00 0.00
B1 5,832,407.28 6.750000% 5,022.43 32,807.29 37,829.72 0.00 0.00
B2 3,574,701.28 6.750000% 3,078.26 20,107.69 23,185.96 0.00 0.00
B3 2,069,563.28 6.750000% 1,782.15 11,641.29 13,423.45 0.00 0.00
B4 940,710.77 6.750000% 810.07 5,291.50 6,101.57 0.00 0.00
B5 1,458,164.08 6.750000% 1,255.66 8,202.17 9,457.83 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 0.07 0.07 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 315,468,860.91 - 2,836,265.53 1,945,202.56 4,781,468.09 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 73,942,434.65 0.00
2A1 99,189,331.29 0.00
2A2 29,590,029.32 0.00
2A3 39,623,982.74 0.00
2A4 46,054,753.00 0.00
2A5 3,287,780.69 0.00
PO 313,400.08 0.00
X1 61,141,284.19 0.00
X2 233,472,009.82 0.00
M 6,767,285.50 0.00
B1 5,827,384.86 0.00
B2 3,571,623.01 0.00
B3 2,067,781.13 0.00
B4 939,900.70 0.00
B5 1,456,908.42 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 312,632,595.38 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
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 74,328,401.38 6.750000% 12669ATD6 4.531262 4.908475 868.086482
2A1 100,682,527.69 6.750000% 12669ATE4 11.136209 4.223739 739.750733
2A2 30,035,477.69 6.500000% 12669ATF1 11.136209 4.067304 739.750733
2A3 40,067,978.22 6.750000% 12669ATG9 8.879910 4.507648 792.479655
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 3,337,274.95 9.000000% 12669ATJ3 11.136209 5.631652 739.750730
PO 313,783.30 0.000000% 12669ATK0 1.121753 0.000000 917.375027
X1 61,512,058.78 0.266918% 12669AWR1 0.000000 0.192380 859.679748
X2 235,917,401.95 0.807603% 12669AWR1 0.000000 0.546428 803.510137
M 6,773,118.00 6.750000% 12669ATP9 0.850326 5.554463 986.609747
B1 5,832,407.28 6.750000% 12669ATQ7 0.850326 5.554463 986.609753
B2 3,574,701.28 6.750000% 12669ATR5 0.850326 5.554463 986.609755
B3 2,069,563.28 6.750000% 12669AWF7 0.850326 5.554463 986.609757
B4 940,710.77 6.750000% 12669AWG5 0.850326 5.554463 986.609764
B5 1,458,164.08 6.750000% 12669AWH3 0.823766 5.380969 955.792892
Y 0.00 0.000000% 12669AWS9 0.000000 0.000000 0.000000
Residual AR 0.00 6.750000% 12669ATN4 0.000000 0.655070 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 315,468,860.91 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 79,160,986.14 233,471,609.22 312,632,595.36
loan count 693 2244 2937
average loan rate 7.283111% 7.837243% 7.70
prepayment amount 317,548.46 2,246,669.02 2,564,217.48
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 16,498.16 47,915.24 64,413.40
Monthly sub servicer fees 6,254.49 4,057.55 10,312.04
Monthly trustee fees 596.64 1,769.38 2,366.02
Aggregate advances N/A N/A N/A
Advances this periods 17,070.47 36,274.39 53,344.86
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
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% 100.000000% 315,468,860.91
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 46 4,699,801.76
60 to 89 days 9 914,534.87
90 or more 7 836,670.06
Foreclosure 7 891,526.12
Totals: 69 7,342,532.81
- --------------------------------------------------------------------------------
<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 4,781,468.09 4,781,468.09
Principal remittance amount 2,836,265.53 2,836,265.53
Interest remittance amount 1,945,202.56 1,945,202.56
