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): November 25, 1998
CWMBS, INc
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-14)
(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 1998-14
On November 25, 1998, The Bank of New York, as Trustee for CWMBS, INc, Mortgage
Pass-Through Certificates Series 1998-14, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of July 1, 1998, among CWMBS, INc as Depositor,
Countrywide Home Loans, 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 1998-14 relating to the distribution
date of November 25, 1998 prepared by The Bank of New York,
as Trustee under the Pooling and Servicing Agreement dated
as of July 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: November 25, 1998
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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-14
------------------------------------------------------------
<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 10,821,752.35 6.500000% 307,169.12 58,617.83 365,786.95 0.00 0.00
A2 19,326,000.00 6.500000% 0.00 104,682.50 104,682.50 0.00 0.00
A3 43,270,995.76 6.500000% 142,567.61 234,384.56 376,952.17 0.00 0.00
A4 8,094,000.00 6.500000% 0.00 43,842.50 43,842.50 0.00 0.00
A5 101,303,972.13 6.500000% 2,709,887.59 548,729.85 3,258,617.44 0.00 0.00
A6 4,397,930.00 6.500000% 0.00 23,822.12 23,822.12 0.00 0.00
A7 23,050,138.83 6.500000% 1,264,175.69 124,854.92 1,389,030.61 0.00 0.00
PO 113,850.43 0.000000% 505.71 0.00 505.71 0.00 0.00
X 204,819,985.37 0.519019% 0.00 88,587.85 88,587.85 0.00 0.00
M 3,682,209.03 6.500000% 12,132.00 19,945.30 32,077.30 0.00 0.00
B1 892,656.70 6.500000% 2,941.09 4,835.22 7,776.31 0.00 0.00
B2 669,492.28 6.500000% 2,205.82 3,626.42 5,832.23 0.00 0.00
B3 557,910.07 6.500000% 1,838.18 3,022.01 4,860.19 0.00 0.00
B4 446,327.86 6.500000% 1,470.54 2,417.61 3,888.15 0.00 0.00
B5 446,329.50 6.500000% 1,470.55 2,417.62 3,888.17 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.04 0.04 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 217,073,564.94 - 4,446,363.91 1,263,786.34 5,710,150.25 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 10,514,583.23 0.00
A2 19,326,000.00 0.00
A3 43,128,428.16 0.00
A4 8,094,000.00 0.00
A5 98,594,084.54 0.00
A6 4,397,930.00 0.00
A7 21,785,963.14 0.00
PO 113,344.71 0.00
X 200,420,699.54 0.00
M 3,670,077.03 0.00
B1 889,715.61 0.00
B2 667,286.46 0.00
B3 556,071.89 0.00
B4 444,857.31 0.00
B5 444,858.95 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 212,627,201.03 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-14
------------------------------------------------------------
<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 10,821,752.35 6.500000% 126671CC8 26.398171 5.037627 903.625235
A2 19,326,000.00 6.500000% 126671CD8 0.000000 5.416667 1,000.000000
A3 43,270,995.76 6.500000% 126671CE4 3.263183 5.364751 987.152477
A4 8,094,000.00 6.500000% 126671CF1 0.000000 5.416667 1,000.000000
A5 101,303,972.13 6.500000% 126671CG9 25.512268 5.166023 928.215145
A6 4,397,930.00 6.500000% 126671CH7 0.000000 5.416667 1,000.000000
A7 23,050,138.83 6.500000% 126671CJ3 50.393874 4.977095 868.454516
PO 113,850.43 0.000000% 126671CK0 4.382600 0.000000 982.262834
X 204,819,985.37 0.519019% 126671CL8 0.000000 0.416046 941.259707
M 3,682,209.03 6.500000% 126671CN4 3.263183 5.364752 987.152501
B1 892,656.70 6.500000% 126671CP9 3.263183 5.364752 987.152501
B2 669,492.28 6.500000% 126671CQ7 3.263183 5.364752 987.152501
B3 557,910.07 6.500000% 126671CR5 3.263183 5.364752 987.152501
B4 446,327.86 6.500000% 126671CS3 3.263183 5.364752 987.152501
B5 446,329.50 6.500000% 126671CT1 3.263183 5.364752 987.152501
Residual AR 0.00 6.500000% 126671CM6 0.000000 0.389372 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 217,073,564.94 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-14
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 212,627,200.87 212,627,200.87
Aggregated loan count 1101 1101
Aggregated average loan rate 7.246686% 7.25
Aggregated prepayment amount 3,731,105.92 3,731,105.92
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 41,481.48 41,481.48
Monthly sub servicer fees 248.64 248.64
Monthly trustee fees 1,628.05 1,628.05
Aggregate advances N/A N/A
Advances this periods 2,773.55 2,773.55
- --------------------------------------------------------------------------------
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 100,000.00 100,000.00
Fraud 2,253,237.00 2,253,237.00
Special Hazard 2,170,735.65 2,170,735.65
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 217,073,564.94
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 2 293,264.41
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 2 293,264.41
- --------------------------------------------------------------------------------
<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 5,710,150.25 5,710,150.25
Principal remittance amount 4,446,363.91 4,446,363.91
Interest remittance amount 1,263,786.34 1,263,786.34
