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): August 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11)
(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 1998-11
On August 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., MORTGAGE
PASS-THROUGH CERTIFICATES Series 1998-11, 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,
CWMBS, INC., 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 1998-11 relating to the distribution
date of August 25, 1998 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: August 25, 1998
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 August 25, 1998
Payment Date: 08/25/98
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CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
<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 A1 93,866,974.71 6.750000% 1,876,302.28 528,001.73 2,404,304.01 0.00 0.00
A2 24,656,000.00 6.750000% 0.00 138,690.00 138,690.00 0.00 0.00
A3 10,704,758.00 6.500000% 0.00 57,984.11 57,984.11 0.00 0.00
A4 42,344,570.53 6.750000% 604,661.21 238,188.21 842,849.42 0.00 0.00
A5 31,795,623.00 6.750000% 0.00 178,850.38 178,850.38 0.00 0.00
A6 3,100,000.00 7.000000% 0.00 18,083.33 18,083.33 0.00 0.00
A7 3,089,000.00 7.000000% 0.00 18,019.17 18,019.17 0.00 0.00
A8 2,623,000.00 7.000000% 0.00 15,300.83 15,300.83 0.00 0.00
A9 1,892,757.00 7.000000% 0.00 11,041.08 11,041.08 0.00 0.00
A10 35,166,252.80 6.250000% 182,750.59 183,157.57 365,908.16 0.00 0.00
A11 52,175,030.65 6.056250% 1,456,012.88 263,320.86 1,719,333.73 0.00 0.00
A12 13,526,860.09 9.425892% 377,484.83 106,252.27 483,737.10 0.00 0.00
A13 2,616,518.00 6.750000% 0.00 14,652.61 14,652.61 0.00 0.00
PO 311,507.68 0.000000% 318.89 0.00 318.89 0.00 0.00
X1A 7,290,803.71 0.000000% 0.00 3,449.92 3,449.92 0.00 0.00
X1B 105,495,000.00 0.000000% 0.00 49,918.97 49,918.97 0.00 0.00
X1C 60,442,000.00 0.000000% 0.00 28,600.43 28,600.43 0.00 0.00
X1D 141,351,704.61 1.263701% 0.00 66,885.93 66,885.93 0.00 0.00
M 8,871,687.13 6.750000% 6,628.26 49,903.24 56,531.50 0.00 0.00
B1 3,347,806.28 6.750000% 2,501.23 18,831.41 21,332.64 0.00 0.00
B2 1,506,512.32 6.750000% 1,125.55 8,474.13 9,599.68 0.00 0.00
B3 1,171,731.70 6.750000% 875.43 6,590.99 7,466.42 0.00 0.00
B4 836,951.07 6.750000% 625.31 4,707.85 5,333.16 0.00 0.00
B5 1,004,344.07 6.750000% 750.37 5,649.44 6,399.81 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 331,991,367.03 - 4,510,036.83 2,014,554.45 6,524,591.28 - 148,855.25
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 91,990,672.43 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 41,739,909.32 0.00
A5 31,795,623.00 0.00
A6 3,100,000.00 0.00
A7 3,089,000.00 0.00
A8 2,623,000.00 0.00
A9 1,892,757.00 0.00
A10 34,983,502.21 0.00
A11 50,719,017.78 0.00
A12 13,149,375.26 0.00
A13 2,591,370.53 0.00
PO 311,188.79 0.00
X1A 6,895,518.92 0.00
X1B 105,495,000.00 0.00
X1C 60,442,000.00 0.00
X1D 137,253,595.34 0.00
M 8,865,058.87 0.00
B1 3,345,305.04 0.00
B2 1,505,386.77 0.00
B3 1,170,856.27 0.00
B4 836,325.76 0.00
B5 1,003,593.70 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 327,481,330.20 148,855.25
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/98
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CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
<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 A1 93,866,974.71 6.750000% 12669AUF9 19.724597 5.550610 967.050433
A2 24,656,000.00 6.750000% 12669AUG7 0.000000 5.625000 1,000.000000
A3 10,704,758.00 6.500000% 12669AUH5 0.000000 5.416667 1,000.000000
A4 42,344,570.53 6.750000% 12669AUJ1 14.144122 5.571654 976.372148
A5 31,795,623.00 6.750000% 12669AUK8 0.000000 5.625000 1,000.000000
A6 3,100,000.00 7.000000% 12669AUL6 0.000000 5.833333 1,000.000000
A7 3,089,000.00 7.000000% 12669AUM4 0.000000 5.833333 1,000.000000
A8 2,623,000.00 7.000000% 12669AUN2 0.000000 5.833333 1,000.000000
A9 1,892,757.00 7.000000% 12669AUP7 0.000000 5.833333 1,000.000000
A10 35,166,252.80 6.250000% 12669AUQ5 5.173700 5.185221 990.388761
A11 52,175,030.65 6.056250% 12669AUR3 27.407772 4.956713 954.727313
A12 13,526,860.09 9.425892% 12669AUS1 27.407772 7.714583 954.727313
A13 2,616,518.00 6.750000% 12669AWJ9 0.000000 5.600042 990.388956
PO 311,507.68 0.000000% 12669AUT9 1.022648 0.000000 997.937031
X1A 7,290,803.71 0.000000% 12669AUU6 0.000000 0.452034 903.500907
X1B 105,495,000.00 0.000000% 12669AUV4 0.000000 0.473188 1,000.000000
X1C 60,442,000.00 0.000000% 12669AVD3 0.000000 0.473188 1,000.000000
X1D 141,351,704.61 1.263701% 12669AVE1 0.000000 0.464415 953.005846
M 8,871,687.13 6.750000% 12669AUX0 0.746593 5.620998 998.541887
B1 3,347,806.28 6.750000% 12669AUY8 0.746593 5.620998 998.541886
B2 1,506,512.32 6.750000% 12669AUZ5 0.746591 5.620996 998.541887
B3 1,171,731.70 6.750000% 12669AVA9 0.746593 5.620997 998.541890
B4 836,951.07 6.750000% 12669AVB7 0.746597 5.620998 998.541885
B5 1,004,344.07 6.750000% 12669AVC5 0.746593 5.620998 998.541887
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 331,991,367.03 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 327,481,330.19 327,481,330.19
Aggregated loan count 1180 1180
Aggregated average loan rate 7.569671% 7.57
Aggregated prepayment amount 4,261,963.55 4,261,963.55
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 67,722.74 67,722.74
Monthly sub servicer fees 8,012.04 8,012.04
Monthly trustee fees 2,489.94 2,489.94
Aggregate advances N/A N/A
Advances this periods 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 6,664,828.00 6,664,828.00
Special Hazard 3,319,913.67 3,319,913.67
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 331,991,367.03
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 5 1,008,263.82
60 to 89 days 3 314,388.01
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 8 1,322,651.83
- --------------------------------------------------------------------------------
<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 6,524,591.28 6,524,591.28
Principal remittance amount 4,510,036.83 4,510,036.83
Interest remittance amount 2,014,554.45 2,014,554.45
