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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 78,367,599.77 6.750000% 1,397,308.53 440,817.75 1,838,126.28 0.00 0.00
2A1 111,899,392.28 6.750000% 2,208,943.59 629,434.08 2,838,377.67 0.00 0.00
2A2 33,381,677.80 6.500000% 658,969.11 180,817.42 839,786.53 0.00 0.00
2A3 43,403,264.28 6.750000% 656,819.80 244,143.36 900,963.16 0.00 0.00
2A4 46,054,753.00 6.750000% 0.00 259,057.99 259,057.99 0.00 0.00
2A5 3,709,074.94 9.000000% 73,218.78 27,818.06 101,036.84 0.00 0.00
PO 332,682.50 0.000000% 3,266.99 0.00 3,266.99 0.00 0.00
X1 65,020,731.65 0.266821% 0.00 14,457.42 14,457.42 0.00 0.00
X2 254,298,346.62 0.812501% 0.00 172,181.45 172,181.45 0.00 0.00
M 6,801,357.12 6.750000% 5,545.02 38,257.63 43,802.65 0.00 0.00
B1 5,856,724.27 6.750000% 4,774.88 32,944.07 37,718.95 0.00 0.00
B2 3,589,605.23 6.750000% 2,926.54 20,191.53 23,118.07 0.00 0.00
B3 2,078,191.87 6.750000% 1,694.31 11,689.83 13,384.14 0.00 0.00
B4 944,632.85 6.750000% 770.14 5,313.56 6,083.70 0.00 0.00
B5 1,511,453.52 6.750000% 1,232.26 8,501.93 9,734.19 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 - - 337,930,409.43 - 5,015,469.96 2,085,626.09 7,101,096.05 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 76,970,291.24 0.00
2A1 109,690,448.69 0.00
2A2 32,722,708.68 0.00
2A3 42,746,444.48 0.00
2A4 46,054,753.00 0.00
2A5 3,635,856.16 0.00
PO 329,415.51 0.00
X1 63,780,718.10 0.00
X2 250,687,802.31 0.00
M 6,795,812.10 0.00
B1 5,851,949.39 0.00
B2 3,586,678.69 0.00
B3 2,076,497.56 0.00
B4 943,862.71 0.00
B5 1,510,221.26 0.00
Y 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 332,914,939.47 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 78,367,599.77 6.750000% 12669ATD6 16.404446 5.175214 903.633613
2A1 111,899,392.28 6.750000% 12669ATE4 16.474228 4.694298 818.067717
2A2 33,381,677.80 6.500000% 12669ATF1 16.474228 4.520436 818.067717
2A3 43,403,264.28 6.750000% 12669ATG9 13.136396 4.882867 854.928890
2A4 46,054,753.00 6.750000% 12669ATH7 0.000000 5.625000 1,000.000000
2A5 3,709,074.94 9.000000% 12669ATJ3 16.474228 6.259065 818.067717
PO 332,682.50 0.000000% 12669ATK0 9.563044 0.000000 964.254892
X1 65,020,731.65 0.266821% 12669AWR1 0.000000 0.203279 896.791626
X2 254,298,346.62 0.812501% 12669AWR1 0.000000 0.592574 862.759483
M 6,801,357.12 6.750000% 12669ATP9 0.808414 5.577621 990.768670
B1 5,856,724.27 6.750000% 12669ATQ7 0.808414 5.577621 990.768670
B2 3,589,605.23 6.750000% 12669ATR5 0.808414 5.577621 990.768670
B3 2,078,191.87 6.750000% 12669AWF7 0.808414 5.577621 990.768670
B4 944,632.85 6.750000% 12669AWG5 0.808414 5.577621 990.768670
B5 1,511,453.52 6.750000% 12669AWH3 0.808414 5.577619 990.768352
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 - - 337,930,409.43 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Principal balance 82,227,135.22 250,687,802.31 332,914,937.53
Loan count 720 2391 3111
Average loan rate 7.284264% 7.841875% 7.70
Prepayment amount 1,331,124.27 3,408,503.44 4,739,627.71
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 16,802.66 50,771.93 67,574.59
Sub servicer fees 6,598.02 4,317.58 10,915.60
Trustee fees 627.24 1,907.24 2,534.48
Aggregate advances N/A N/A N/A
Advances this periods 9,247.54 0.00 9,247.54
- --------------------------------------------------------------------------------
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% 337,930,409.43
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 14 1,666,495.44
60 to 89 days 2 298,678.64
90 or more 11 1,291,881.51
Foreclosure 1 118,964.14
Totals: 28 3,376,019.73
- --------------------------------------------------------------------------------
<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 7,101,096.05 7,101,096.05
Principal remittance amount 5,015,469.96 5,015,469.96
Interest remittance amount 2,085,626.09 2,085,626.09
