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): January 25, 1999
CWMBS
(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
MORTGAGE PASS-THROUGH CERTIFICATES
Series 1998-11
On January 25, 1999, The Bank of New York, as Trustee for CWMBS, 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 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, MORTGAGE PASS-THROUGH
CERTIFICATES Series 1998-11 relating to the distribution
date of January 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: January 25, 1999
CWMBS
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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 82,431,987.45 6.750000% 1,951,009.07 463,679.93 2,414,689.00 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 38,659,506.93 6.750000% 628,736.38 217,459.73 846,196.11 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 33,996,977.67 6.250000% 310,141.52 177,067.59 487,209.11 0.00 0.00
A11 43,345,551.92 6.024380% 1,418,600.36 217,608.40 1,636,208.76 0.00 0.00
A12 11,237,735.92 9.548819% 367,785.29 89,422.59 457,207.88 0.00 0.00
A13 2,518,294.64 6.750000% 0.00 14,165.41 14,165.41 0.00 0.00
PO 309,858.74 0.000000% 488.56 0.00 488.56 0.00 0.00
X1A 4,775,524.22 0.554698% 0.00 2,208.15 2,208.15 0.00 0.00
X1B 105,495,000.00 0.554698% 0.00 48,779.77 48,779.77 0.00 0.00
X1C 60,442,000.00 0.554698% 0.00 27,947.74 27,947.74 0.00 0.00
X1D 116,478,917.01 0.554698% 0.00 53,858.62 53,858.62 0.00 0.00
M 8,838,053.49 6.750000% 6,884.30 49,714.05 56,598.35 0.00 0.00
B1 3,335,114.33 6.750000% 2,597.85 18,760.02 21,357.87 0.00 0.00
B2 1,500,800.95 6.750000% 1,169.03 8,442.01 9,611.04 0.00 0.00
B3 1,167,289.52 6.750000% 909.25 6,566.00 7,475.25 0.00 0.00
B4 833,778.08 6.750000% 649.46 4,690.00 5,339.46 0.00 0.00
B5 1,000,536.48 6.750000% 779.36 5,628.02 6,407.37 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.08 0.08 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 304,518,329.49 - 4,689,750.43 1,843,967.00 6,533,717.43 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 80,480,978.38 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 38,030,770.54 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 33,686,836.15 0.00
A11 41,926,951.56 0.00
A12 10,869,950.63 0.00
A13 2,495,321.20 0.00
PO 309,370.18 0.00
X1A 4,111,562.64 0.00
X1B 105,495,000.00 0.00
X1C 60,442,000.00 0.00
X1D 112,474,197.78 0.00
M 8,831,169.19 0.00
B1 3,332,516.48 0.00
B2 1,499,631.92 0.00
B3 1,166,380.28 0.00
B4 833,128.62 0.00
B5 999,757.12 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 299,828,579.06 132,753.77
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
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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 82,431,987.45 6.750000% 12669AUF9 20.509951 4.874428 846.054963
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 38,659,506.93 6.750000% 12669AUJ1 14.707284 5.086777 889.608668
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 33,996,977.67 6.250000% 12669AUQ5 8.780158 5.012813 953.679930
A11 43,345,551.92 6.024380% 12669AUR3 26.703524 4.096228 789.226754
A12 11,237,735.92 9.548819% 12669AUS1 26.703524 6.492642 789.226754
A13 2,518,294.64 6.750000% 12669AWJ9 0.000000 5.413839 953.680118
PO 309,858.74 0.000000% 12669AUT9 1.566755 0.000000 992.105013
X1A 4,775,524.22 0.554698% 12669AUU6 0.000000 0.289328 538.726761
X1B 105,495,000.00 0.554698% 12669AUV4 0.000000 0.462389 1,000.000000
X1C 60,442,000.00 0.554698% 12669AVD3 0.000000 0.462389 1,000.000000
X1D 116,478,917.01 0.554698% 12669AVE1 0.000000 0.373962 780.952716
M 8,838,053.49 6.750000% 12669AUX0 0.775434 5.599688 994.724624
B1 3,335,114.33 6.750000% 12669AUY8 0.775434 5.599688 994.724622
B2 1,500,800.95 6.750000% 12669AUZ5 0.775434 5.599688 994.724623
B3 1,167,289.52 6.750000% 12669AVA9 0.775434 5.599688 994.724627
B4 833,778.08 6.750000% 12669AVB7 0.775434 5.599688 994.724621
B5 1,000,536.48 6.750000% 12669AVC5 0.775434 5.599688 994.724623
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.813357 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 304,518,329.49 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 299,828,579.05 299,828,579.05
Aggregated loan count 1104 1104
Aggregated average loan rate 7.555824% 7.56
Aggregated prepayment amount 4,452,514.41 4,452,514.41
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 58,853.51 58,853.51
Monthly sub servicer fees 7,764.94 7,764.94
Monthly trustee fees 2,283.89 2,283.89
Aggregate advances N/A N/A
Advances this periods 18,488.58 18,488.58
- --------------------------------------------------------------------------------
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% 304,518,329.49
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 1,894,645.49
60 to 89 days 2 183,512.59
90 or more 2 95,752.96
Foreclosure 3 396,377.61
Totals: 17 2,570,288.65
- --------------------------------------------------------------------------------
<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 6,533,717.43 6,533,717.43
Principal remittance amount 4,689,750.43 4,689,750.43
Interest remittance amount 1,843,967.00 1,843,967.00
