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): December 25, 1998
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 December 25, 1998, 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 December 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: December 25, 1998
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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 85,520,362.80 6.750000% 3,088,375.36 481,052.04 3,569,427.40 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 39,654,773.41 6.750000% 995,266.49 223,058.10 1,218,324.59 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 34,281,802.29 6.250000% 284,824.62 178,551.05 463,375.67 0.00 0.00
A11 45,754,825.85 5.442340% 2,409,273.93 207,511.10 2,616,785.03 0.00 0.00
A12 11,862,362.51 11.793831% 624,626.59 116,585.58 741,212.17 0.00 0.00
A13 2,539,392.76 6.750000% 0.00 14,284.08 14,284.08 0.00 0.00
PO 310,192.98 0.000000% 334.24 0.00 334.24 0.00 0.00
X1A 5,386,078.66 0.557514% 0.00 2,502.35 2,502.35 0.00 0.00
X1B 105,495,000.00 0.557514% 0.00 49,012.48 49,012.48 0.00 0.00
X1C 60,442,000.00 0.557514% 0.00 28,081.07 28,081.07 0.00 0.00
X1D 123,266,651.38 0.557514% 0.00 57,269.11 57,269.11 0.00 0.00
M 8,844,862.91 6.750000% 6,809.42 49,752.35 56,561.78 0.00 0.00
B1 3,337,683.92 6.750000% 2,569.59 18,774.47 21,344.06 0.00 0.00
B2 1,501,957.27 6.750000% 1,156.32 8,448.51 9,604.83 0.00 0.00
B3 1,168,188.88 6.750000% 899.36 6,571.06 7,470.42 0.00 0.00
B4 834,420.48 6.750000% 642.40 4,693.62 5,336.01 0.00 0.00
B5 1,001,307.36 6.750000% 770.88 5,632.35 6,403.23 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.08 0.08 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 311,933,878.68 - 7,415,549.19 1,889,748.32 9,305,297.51 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 82,431,987.45 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 38,659,506.93 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 33,996,977.67 0.00
A11 43,345,551.92 0.00
A12 11,237,735.92 0.00
A13 2,518,294.64 0.00
PO 309,858.74 0.00
X1A 4,775,524.22 0.00
X1B 105,495,000.00 0.00
X1C 60,442,000.00 0.00
X1D 116,478,917.01 0.00
M 8,838,053.49 0.00
B1 3,335,114.33 0.00
B2 1,500,800.95 0.00
B3 1,167,289.52 0.00
B4 833,778.08 0.00
B5 1,000,536.48 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 304,518,329.49 136,865.01
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
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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 85,520,362.80 6.750000% 12669AUF9 32.466495 5.057052 866.564914
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 39,654,773.41 6.750000% 12669AUJ1 23.281087 5.217733 904.315951
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 34,281,802.29 6.250000% 12669AUQ5 8.063432 5.054810 962.460087
A11 45,754,825.85 5.442340% 12669AUR3 45.351817 3.906158 815.930279
A12 11,862,362.51 11.793831% 12669AUS1 45.351817 8.464846 815.930278
A13 2,539,392.76 6.750000% 12669AWJ9 0.000000 5.459196 962.460278
PO 310,192.98 0.000000% 12669AUT9 1.071853 0.000000 993.671768
X1A 5,386,078.66 0.557514% 12669AUU6 0.000000 0.327876 625.723823
X1B 105,495,000.00 0.557514% 12669AUV4 0.000000 0.464595 1,000.000000
X1C 60,442,000.00 0.557514% 12669AVD3 0.000000 0.464595 1,000.000000
X1D 123,266,651.38 0.557514% 12669AVE1 0.000000 0.397642 808.759061
M 8,844,862.91 6.750000% 12669AUX0 0.766999 5.604002 995.500057
B1 3,337,683.92 6.750000% 12669AUY8 0.766999 5.604002 995.500056
B2 1,501,957.27 6.750000% 12669AUZ5 0.766999 5.604002 995.500057
B3 1,168,188.88 6.750000% 12669AVA9 0.766999 5.604002 995.500060
B4 834,420.48 6.750000% 12669AVB7 0.766999 5.604002 995.500055
B5 1,001,307.36 6.750000% 12669AVC5 0.766999 5.604002 995.500057
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.823238 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 311,933,878.68 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 304,518,329.48 304,518,329.48
Aggregated loan count 1125 1125
Aggregated average loan rate 7.558550% 7.56
Aggregated prepayment amount 7,175,364.19 7,175,364.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 56,934.29 56,934.29
Monthly sub servicer fees 7,732.53 7,732.53
Monthly trustee fees 2,339.50 2,339.50
Aggregate advances N/A N/A
Advances this periods 24,121.24 24,121.24
- --------------------------------------------------------------------------------
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% 311,933,878.68
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 14 2,870,639.94
60 to 89 days 1 38,023.97
90 or more 1 57,728.99
Foreclosure 3 396,377.61
Totals: 19 3,362,770.51
- --------------------------------------------------------------------------------
<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 9,305,297.51 9,305,297.51
Principal remittance amount 7,415,549.19 7,415,549.19
Interest remittance amount 1,889,748.32 1,889,748.32
