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, 1999
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 December 25, 1999, 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 December 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
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 60,475,001.53 6.750000% 838,681.40 340,171.88 1,178,853.28 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 31,583,601.39 6.750000% 270,275.27 177,657.76 447,933.03 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 29,222,974.95 6.250000% 578,713.96 152,202.99 730,916.95 0.00 0.00
A11 28,399,727.00 5.990000% 256,119.93 141,761.97 397,881.90 0.00 0.00
A12 7,362,892.34 9.681428% 66,401.46 59,402.76 125,804.22 0.00 0.00
A13 2,164,664.81 6.750000% 0.00 12,176.24 12,176.24 0.00 0.00
PO 300,539.97 0.000000% 535.53 0.00 535.53 0.00 0.00
X1A 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
X1B 100,091,480.30 0.525724% 0.00 43,850.43 43,850.43 0.00 0.00
X1C 60,442,000.00 0.525724% 0.00 26,479.85 26,479.85 0.00 0.00
X1D 74,644,549.27 0.525724% 0.00 32,702.04 32,702.04 0.00 0.00
M 8,759,108.88 6.750000% 7,577.10 49,269.99 56,847.09 0.00 0.00
B1 3,305,323.91 6.750000% 2,859.28 18,592.45 21,451.73 0.00 0.00
B2 1,487,395.27 6.750000% 1,286.68 8,366.60 9,653.28 0.00 0.00
B3 1,156,862.88 6.750000% 1,000.75 6,507.35 7,508.10 0.00 0.00
B4 826,330.48 6.750000% 714.82 4,648.11 5,362.93 0.00 0.00
B5 919,018.47 6.750000% 795.00 5,169.48 5,964.48 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 251,659,915.07 - 2,024,961.18 1,516,928.81 3,541,889.99 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 59,636,320.13 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 31,313,326.12 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 28,644,260.99 0.00
A11 28,143,607.06 0.00
A12 7,296,490.87 0.00
A13 2,121,797.11 0.00
PO 300,004.43 0.00
X1A 0.00 0.00
X1B 100,091,480.30 0.00
X1C 60,442,000.00 0.00
X1D 74,644,549.27 0.00
M 8,751,531.78 0.00
B1 3,302,464.63 0.00
B2 1,486,108.59 0.00
B3 1,155,862.13 0.00
B4 825,615.66 0.00
B5 918,223.47 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 249,634,953.86 103,032.33
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
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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 60,475,001.53 6.750000% 12669AUF9 8.816624 3.576051 626.925836
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 31,583,601.39 6.750000% 12669AUJ1 6.322229 4.155737 732.475465
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 29,222,974.95 6.250000% 12669AUQ5 16.383488 4.308892 810.923789
A11 28,399,727.00 5.990000% 12669AUR3 4.821164 2.668506 529.771110
A12 7,362,892.34 9.681428% 12669AUS1 4.821163 4.313014 529.771109
A13 2,164,664.81 6.750000% 12669AWJ9 0.000000 4.653604 810.923949
PO 300,539.97 0.000000% 12669AUT9 1.717367 0.000000 962.070698
X1A 0.00 0.000000% 12669AUU6 0.000000 0.000000 0.000000
X1B 100,091,480.30 0.525724% 12669AUV4 0.000000 0.415664 948.779376
X1C 60,442,000.00 0.525724% 12669AVD3 0.000000 0.438104 1,000.000000
X1D 74,644,549.27 0.525724% 12669AVE1 0.000000 0.227063 518.286549
M 8,759,108.88 6.750000% 12669AUX0 0.853469 5.549669 985.754431
B1 3,305,323.91 6.750000% 12669AUY8 0.853468 5.549669 985.754429
B2 1,487,395.27 6.750000% 12669AUZ5 0.853471 5.549669 985.754428
B3 1,156,862.88 6.750000% 12669AVA9 0.853470 5.549669 985.754431
B4 826,330.48 6.750000% 12669AVB7 0.853469 5.549669 985.754423
B5 919,018.47 6.750000% 12669AVC5 0.790998 5.143458 913.601560
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 251,659,915.07 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 249,634,943.27 249,634,943.27
Aggregated loan count 950 950
Aggregated average loan rate 7.525450% 7.53
Aggregated prepayment amount 1,807,228.97 1,807,228.97
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 51,248.70 51,248.70
Monthly sub servicer fees 6,966.40 6,966.40
Monthly trustee fees 1,887.45 1,887.45
Aggregate advances N/A N/A
Advances this periods 21,790.55 21,790.55
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 72,591.44 72,591.44
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 3,350,190.21 3,350,190.21
Special Hazard 3,245,454.20 3,245,454.20
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 251,659,915.07
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 14 2,299,968.98
60 to 89 days 2 380,547.51
90 or more 2 156,161.21
Foreclosure 2 158,459.77
Totals: 20 2,995,137.47
- --------------------------------------------------------------------------------
<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 3,541,889.99 3,541,889.99
Principal remittance amount 2,024,961.18 2,024,961.18
Interest remittance amount 1,516,928.81 1,516,928.81
