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): July 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 66,278,185.09 6.750000% 1,311,945.61 372,814.79 1,684,760.40 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 33,453,747.81 6.750000% 422,790.42 188,177.33 610,967.75 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 31,760,578.28 6.250000% 459,338.63 165,419.68 624,758.31 0.00 0.00
A11 31,336,705.10 5.492500% 754,776.94 143,430.71 898,207.65 0.00 0.00
A12 8,124,331.12 11.600356% 195,682.91 78,537.61 274,220.53 0.00 0.00
A13 2,352,635.43 6.750000% 0.00 13,233.57 13,233.57 0.00 0.00
PO 307,435.73 0.000000% 343.82 0.00 343.82 0.00 0.00
X1A 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
X1B 105,494,302.21 0.000000% 0.00 46,766.35 46,766.35 0.00 0.00
X1C 60,442,000.00 0.000000% 0.00 26,794.34 26,794.34 0.00 0.00
X1D 82,861,777.68 0.000000% 0.00 36,733.19 36,733.19 0.00 0.00
M 8,795,998.72 6.750000% 7,268.51 49,477.49 56,746.00 0.00 0.00
B1 3,319,244.61 6.750000% 2,742.83 18,670.75 21,413.58 0.00 0.00
B2 1,493,659.58 6.750000% 1,234.27 8,401.84 9,636.11 0.00 0.00
B3 1,161,735.12 6.750000% 959.99 6,534.76 7,494.75 0.00 0.00
B4 829,810.66 6.750000% 685.71 4,667.68 5,353.39 0.00 0.00
B5 995,775.55 6.750000% 822.85 5,601.24 6,424.09 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 265,718,345.36 - 3,158,592.50 1,603,230.24 4,761,822.74 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 64,966,239.48 0.00
A2 24,656,000.00 0.00
A3 10,704,758.00 0.00
A4 33,030,957.40 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 31,301,239.65 0.00
A11 30,581,928.16 0.00
A12 7,928,648.21 0.00
A13 2,318,610.34 0.00
PO 307,091.91 0.00
X1A 0.00 0.00
X1B 104,515,474.77 0.00
X1C 60,442,000.00 0.00
X1D 80,698,963.76 0.00
M 8,788,730.21 0.00
B1 3,316,501.77 0.00
B2 1,492,425.30 0.00
B3 1,160,775.13 0.00
B4 829,124.95 0.00
B5 994,952.70 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 262,559,752.86 110,293.89
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 66,278,185.09 6.750000% 12669AUF9 13.791807 3.919209 682.956525
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 33,453,747.81 6.750000% 12669AUJ1 9.889834 4.401809 772.653974
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 31,760,578.28 6.250000% 12669AUQ5 13.003953 4.683059 886.143296
A11 31,336,705.10 5.492500% 12669AUR3 14.207810 2.699919 575.669707
A12 8,124,331.12 11.600356% 12669AUS1 14.207810 5.702324 575.669707
A13 2,352,635.43 6.750000% 12669AWJ9 0.000000 5.057704 886.143472
PO 307,435.73 0.000000% 12669AUT9 1.102594 0.000000 984.799208
X1A 0.00 0.000000% 12669AUU6 0.000000 0.000000 0.000000
X1B 105,494,302.21 0.000000% 12669AUV4 0.000000 0.443304 990.714961
X1C 60,442,000.00 0.000000% 12669AVD3 0.000000 0.443307 1,000.000000
X1D 82,861,777.68 0.000000% 12669AVE1 0.000000 0.255053 560.324737
M 8,795,998.72 6.750000% 12669AUX0 0.818710 5.573042 989.944385
B1 3,319,244.61 6.750000% 12669AUY8 0.818710 5.573042 989.944383
B2 1,493,659.58 6.750000% 12669AUZ5 0.818710 5.573046 989.944384
B3 1,161,735.12 6.750000% 12669AVA9 0.818710 5.573042 989.944388
B4 829,810.66 6.750000% 12669AVB7 0.818710 5.573036 989.944382
B5 995,775.55 6.750000% 12669AVC5 0.818710 5.573046 989.944571
Residual AR 0.00 6.750000% 12669AUW2 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 265,718,345.36 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 262,559,752.84 262,559,752.84
Aggregated loan count 993 993
Aggregated average loan rate 7.532360% 7.53
Aggregated prepayment amount 2,938,984.63 2,938,984.63
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 54,244.41 54,244.41
Monthly sub servicer fees 7,324.03 7,324.03
Monthly trustee fees 1,992.89 1,992.89
Aggregate advances N/A N/A
Advances this periods 17,703.38 17,703.38
- --------------------------------------------------------------------------------
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 3,350,190.21 3,350,190.21
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% 265,718,345.36
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 1,491,361.18
60 to 89 days 1 534,706.77
90 or more 2 184,993.79
Foreclosure 0 0.00
Totals: 13 2,211,061.74
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 227,863.30
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 4,761,822.74 4,761,822.74
Principal remittance amount 3,158,592.50 3,158,592.50
Interest remittance amount 1,603,230.24 1,603,230.24
