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): October 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 October 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 October 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: October 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 October 25, 1998
Payment Date: 10/25/98
------------------------------------------------------------
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 11,111,158.32 6.500000% 289,405.97 60,185.44 349,591.41 0.00 0.00
A2 19,326,000.00 6.500000% 0.00 104,682.50 104,682.50 0.00 0.00
A3 43,412,046.60 6.500000% 141,050.84 235,148.59 376,199.42 0.00 0.00
A4 8,094,000.00 6.500000% 0.00 43,842.50 43,842.50 0.00 0.00
A5 104,109,785.20 6.500000% 2,805,813.07 563,928.00 3,369,741.07 0.00 0.00
A6 4,397,930.00 6.500000% 0.00 23,822.12 23,822.12 0.00 0.00
A7 24,387,700.64 6.500000% 1,337,561.81 132,100.05 1,469,661.86 0.00 0.00
PO 114,346.20 0.000000% 495.77 0.00 495.77 0.00 0.00
X 209,369,605.35 0.521192% 0.00 90,934.76 90,934.76 0.00 0.00
M 3,694,211.95 6.500000% 12,002.92 20,010.31 32,013.24 0.00 0.00
B1 895,566.50 6.500000% 2,909.80 4,850.99 7,760.78 0.00 0.00
B2 671,674.63 6.500000% 2,182.35 3,638.24 5,820.59 0.00 0.00
B3 559,728.69 6.500000% 1,818.62 3,031.86 4,850.49 0.00 0.00
B4 447,782.75 6.500000% 1,454.90 2,425.49 3,880.39 0.00 0.00
B5 447,784.40 6.500000% 1,454.90 2,425.50 3,880.40 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 221,669,715.89 - 4,596,150.95 1,291,026.35 5,887,177.30 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 10,821,752.35 0.00
A2 19,326,000.00 0.00
A3 43,270,995.76 0.00
A4 8,094,000.00 0.00
A5 101,303,972.13 0.00
A6 4,397,930.00 0.00
A7 23,050,138.83 0.00
PO 113,850.43 0.00
X 204,819,985.37 0.00
M 3,682,209.03 0.00
B1 892,656.70 0.00
B2 669,492.28 0.00
B3 557,910.07 0.00
B4 446,327.86 0.00
B5 446,329.50 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 217,073,564.94 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
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 11,111,158.32 6.500000% 126671CC8 24.871603 5.172348 930.023406
A2 19,326,000.00 6.500000% 126671CD8 0.000000 5.416667 1,000.000000
A3 43,412,046.60 6.500000% 126671CE4 3.228466 5.382239 990.415660
A4 8,094,000.00 6.500000% 126671CF1 0.000000 5.416667 1,000.000000
A5 104,109,785.20 6.500000% 126671CG9 26.415359 5.309107 953.727413
A6 4,397,930.00 6.500000% 126671CH7 0.000000 5.416667 1,000.000000
A7 24,387,700.64 6.500000% 126671CJ3 53.319267 5.265908 918.848390
PO 114,346.20 0.000000% 126671CK0 4.296425 0.000000 986.645434
X 209,369,605.35 0.521192% 126671CL8 0.000000 0.427068 961.920599
M 3,694,211.95 6.500000% 126671CN4 3.228465 5.382239 990.415684
B1 895,566.50 6.500000% 126671CP9 3.228465 5.382239 990.415684
B2 671,674.63 6.500000% 126671CQ7 3.228465 5.382239 990.415684
B3 559,728.69 6.500000% 126671CR5 3.228465 5.382239 990.415684
B4 447,782.75 6.500000% 126671CS3 3.228465 5.382239 990.415684
B5 447,784.40 6.500000% 126671CT1 3.228465 5.382239 990.415684
Residual AR 0.00 6.500000% 126671CM6 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 221,669,715.89 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-14
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 217,073,564.78 217,073,564.78
Aggregated loan count 1107 1107
Aggregated average loan rate 7.249269% 7.25
Aggregated prepayment amount 3,875,866.71 3,875,866.71
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 46,037.17 46,037.17
Monthly sub servicer fees 249.41 249.41
Monthly trustee fees 1,662.52 1,662.52
Aggregate advances N/A N/A
Advances this periods 6,871.92 6,871.92
- --------------------------------------------------------------------------------
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 2,216,697.16 2,216,697.16
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 221,669,715.89
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 630,492.02
60 to 89 days 1 102,800.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 4 733,292.02
- --------------------------------------------------------------------------------
<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 5,887,177.30 5,887,177.30
Principal remittance amount 4,596,150.95 4,596,150.95
Interest remittance amount 1,291,026.35 1,291,026.35