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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
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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 70,705,260.49 6.750000% 2,302,221.80 397,717.09 2,699,938.89 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 34,880,426.66 6.750000% 741,918.95 196,202.40 938,121.35 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 32,605,645.76 6.250000% 410,208.12 169,821.07 580,029.19 0.00 0.00
A11 34,443,456.97 5.306250% 1,638,842.30 152,304.66 1,791,146.97 0.00 0.00
A12 8,929,785.33 12.318749% 424,885.05 91,669.82 516,554.87 0.00 0.00
A13 2,415,233.02 6.750000% 0.00 13,585.69 13,585.69 0.00 0.00
PO 308,538.32 0.000000% 555.63 0.00 555.63 0.00 0.00
X1A 1,801,570.15 0.537414% 0.00 806.82 806.82 0.00 0.00
X1B 105,495,000.00 0.537414% 0.00 47,245.37 47,245.37 0.00 0.00
X1C 60,442,000.00 0.537414% 0.00 27,068.63 27,068.63 0.00 0.00
X1D 91,359,998.83 0.537414% 0.00 40,915.09 40,915.09 0.00 0.00
M 8,810,275.90 6.750000% 7,131.25 49,557.80 56,689.06 0.00 0.00
B1 3,324,632.22 6.750000% 2,691.04 18,701.06 21,392.10 0.00 0.00
B2 1,496,084.01 6.750000% 1,210.97 8,415.47 9,626.44 0.00 0.00
B3 1,163,620.79 6.750000% 941.86 6,545.37 7,487.23 0.00 0.00
B4 831,157.56 6.750000% 672.76 4,675.26 5,348.02 0.00 0.00
B5 997,391.84 6.750000% 807.31 5,610.33 6,417.64 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 276,357,413.84 - 5,532,087.05 1,668,810.84 7,200,897.88 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 68,403,038.69 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 34,138,507.71 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 32,195,437.64 0.00
A11 32,804,614.67 0.00
A12 8,504,900.28 0.00
A13 2,384,847.23 0.00
PO 307,982.69 0.00
X1A 926,452.88 0.00
X1B 105,495,000.00 0.00
X1C 60,442,000.00 0.00
X1D 86,872,400.70 0.00
M 8,803,144.65 0.00
B1 3,321,941.18 0.00
B2 1,494,873.04 0.00
B3 1,162,678.92 0.00
B4 830,484.80 0.00
B5 996,584.53 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 270,825,326.79 116,035.92
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
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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 70,705,260.49 6.750000% 12669AUF9 24.202069 4.180994 719.085821
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 34,880,426.66 6.750000% 12669AUJ1 17.354829 4.589530 798.561584
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 32,605,645.76 6.250000% 12669AUQ5 11.613060 4.807663 911.458190
A11 34,443,456.97 5.306250% 12669AUR3 30.849326 2.866960 617.509230
A12 8,929,785.33 12.318749% 12669AUS1 30.849326 6.655805 617.509230
A13 2,415,233.02 6.750000% 12669AWJ9 0.000000 5.192277 911.458370
PO 308,538.32 0.000000% 12669AUT9 1.781825 0.000000 987.655537
X1A 1,801,570.15 0.537414% 12669AUU6 0.000000 0.105716 121.390577
X1B 105,495,000.00 0.537414% 12669AUV4 0.000000 0.447845 1,000.000000
X1C 60,442,000.00 0.537414% 12669AVD3 0.000000 0.447845 1,000.000000
X1D 91,359,998.83 0.537414% 12669AVE1 0.000000 0.284090 603.189341
M 8,810,275.90 6.750000% 12669AUX0 0.803250 5.582088 991.567997
B1 3,324,632.22 6.750000% 12669AUY8 0.803250 5.582088 991.567996
B2 1,496,084.01 6.750000% 12669AUZ5 0.803250 5.582088 991.567996
B3 1,163,620.79 6.750000% 12669AVA9 0.803250 5.582088 991.568000
B4 831,157.56 6.750000% 12669AVB7 0.803250 5.582088 991.567995
B5 997,391.84 6.750000% 12669AVC5 0.803250 5.582088 991.567997
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 276,357,413.84 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 270,825,326.77 270,825,326.77
Aggregated loan count 1028 1028
Aggregated average loan rate 7.538315% 7.54
Aggregated prepayment amount 5,308,362.29 5,308,362.29
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 54,541.71 54,541.71
Monthly sub servicer fees 7,599.66 7,599.66
Monthly trustee fees 2,072.68 2,072.68
Aggregate advances N/A N/A
Advances this periods 25,992.35 25,992.35
- --------------------------------------------------------------------------------
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% 276,357,413.84
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 14 2,818,378.48
60 to 89 days 2 525,407.88
90 or more 0 0.00
Foreclosure 2 228,056.11
Totals: 18 3,571,842.47
- --------------------------------------------------------------------------------
<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 7,200,897.88 7,200,897.88
Principal remittance amount 5,532,087.05 5,532,087.05
Interest remittance amount 1,668,810.84 1,668,810.84
