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, 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 November 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 November 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
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 88,129,640.58 6.750000% 2,609,277.78 495,729.23 3,105,007.01 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 40,495,644.89 6.750000% 840,871.47 227,788.00 1,068,659.48 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 34,541,216.14 6.250000% 259,413.85 179,902.17 439,316.02 0.00 0.00
A11 47,775,442.08 5.619380% 2,020,616.23 223,723.64 2,244,339.87 0.00 0.00
A12 12,386,225.99 11.110962% 523,863.48 114,685.74 638,549.22 0.00 0.00
A13 2,558,608.60 6.750000% 0.00 14,392.17 14,392.17 0.00 0.00
PO 310,511.93 0.000000% 318.95 0.00 318.95 0.00 0.00
X1A 5,943,034.05 0.560578% 0.00 2,776.28 2,776.28 0.00 0.00
X1B 105,495,000.00 0.560578% 0.00 49,281.79 49,281.79 0.00 0.00
X1C 60,442,000.00 0.560578% 0.00 28,235.37 28,235.37 0.00 0.00
X1D 128,960,095.57 0.560578% 0.00 60,243.47 60,243.47 0.00 0.00
M 8,851,651.20 6.750000% 6,788.28 49,790.54 56,578.82 0.00 0.00
B1 3,340,245.54 6.750000% 2,561.62 18,788.88 21,350.50 0.00 0.00
B2 1,503,110.00 6.750000% 1,152.73 8,454.99 9,607.72 0.00 0.00
B3 1,169,085.45 6.750000% 896.57 6,576.11 7,472.67 0.00 0.00
B4 835,060.89 6.750000% 640.40 4,697.22 5,337.62 0.00 0.00
B5 1,002,075.85 6.750000% 768.49 5,636.68 6,405.16 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.09 0.09 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 318,201,048.52 - 6,267,169.84 1,928,671.26 8,195,841.10 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 85,520,362.80 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 39,654,773.41 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 34,281,802.29 0.00
A11 45,754,825.85 0.00
A12 11,862,362.51 0.00
A13 2,539,392.76 0.00
PO 310,192.98 0.00
X1A 5,386,078.66 0.00
X1B 105,495,000.00 0.00
X1C 60,442,000.00 0.00
X1D 123,266,651.38 0.00
M 8,844,862.91 0.00
B1 3,337,683.92 0.00
B2 1,501,957.27 0.00
B3 1,168,188.88 0.00
B4 834,420.48 0.00
B5 1,001,307.36 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 311,933,878.68 140,536.91
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
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 88,129,640.58 6.750000% 12669AUF9 27.429990 5.211345 899.031409
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 40,495,644.89 6.750000% 12669AUJ1 19.669508 5.328374 927.597039
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 34,541,216.14 6.250000% 12669AUQ5 7.344049 5.093060 970.523520
A11 47,775,442.08 5.619380% 12669AUR3 38.035782 4.211341 861.282096
A12 12,386,225.99 11.110962% 12669AUS1 38.035782 8.326906 861.282096
A13 2,558,608.60 6.750000% 12669AWJ9 0.000000 5.500506 970.523712
PO 310,511.93 0.000000% 12669AUT9 1.022822 0.000000 994.743621
X1A 5,943,034.05 0.560578% 12669AUU6 0.000000 0.363768 705.723095
X1B 105,495,000.00 0.560578% 12669AUV4 0.000000 0.467148 1,000.000000
X1C 60,442,000.00 0.560578% 12669AVD3 0.000000 0.467148 1,000.000000
X1D 128,960,095.57 0.560578% 12669AVE1 0.000000 0.418294 855.888978
M 8,851,651.20 6.750000% 12669AUX0 0.764618 5.608303 996.267056
B1 3,340,245.54 6.750000% 12669AUY8 0.764618 5.608303 996.267055
B2 1,503,110.00 6.750000% 12669AUZ5 0.764618 5.608303 996.267056
B3 1,169,085.45 6.750000% 12669AVA9 0.764618 5.608303 996.267059
B4 835,060.89 6.750000% 12669AVB7 0.764618 5.608303 996.267054
B5 1,002,075.85 6.750000% 12669AVC5 0.764618 5.608303 996.267056
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.924736 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 318,201,048.52 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 311,933,878.67 311,933,878.67
Aggregated loan count 1144 1144
Aggregated average loan rate 7.562547% 7.56
Aggregated prepayment amount 6,023,108.79 6,023,108.79
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 63,615.56 63,615.56
Monthly sub servicer fees 7,992.42 7,992.42
Monthly trustee fees 2,386.51 2,386.51
Aggregate advances N/A N/A
Advances this periods 19,932.02 19,932.02
- --------------------------------------------------------------------------------
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 3,332,414.00 3,332,414.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 318,201,048.52
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 11 2,225,726.38
60 to 89 days 1 99,178.88
90 or more 2 197,594.00
Foreclosure 2 256,549.40
Totals: 16 2,779,048.66
- --------------------------------------------------------------------------------
<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 8,195,841.10 8,195,841.10
Principal remittance amount 6,267,169.84 6,267,169.84
Interest remittance amount 1,928,671.26 1,928,671.26
