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, 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 December 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 December 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: December 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 10,514,583.23 6.500000% 324,746.33 56,953.99 381,700.32 0.00 0.00
A2 19,326,000.00 6.500000% 0.00 104,682.50 104,682.50 0.00 0.00
A3 43,128,428.16 6.500000% 145,199.84 233,612.32 378,812.16 0.00 0.00
A4 8,094,000.00 6.500000% 0.00 43,842.50 43,842.50 0.00 0.00
A5 98,594,084.54 6.500000% 897,039.26 534,051.29 1,431,090.55 0.00 0.00
A6 4,397,930.00 6.500000% 0.00 23,822.12 23,822.12 0.00 0.00
A7 21,785,963.14 6.500000% 195,407.34 118,007.30 313,414.64 0.00 0.00
PO 113,344.71 0.000000% 749.72 0.00 749.72 0.00 0.00
X 200,420,699.54 0.518885% 0.00 86,662.68 86,662.68 0.00 0.00
M 3,670,077.03 6.500000% 12,355.97 19,879.58 32,235.55 0.00 0.00
B1 889,715.61 6.500000% 2,995.39 4,819.29 7,814.68 0.00 0.00
B2 667,286.46 6.500000% 2,246.54 3,614.47 5,861.01 0.00 0.00
B3 556,071.89 6.500000% 1,872.12 3,012.06 4,884.17 0.00 0.00
B4 444,857.31 6.500000% 1,497.69 2,409.64 3,907.34 0.00 0.00
B5 444,858.95 6.500000% 1,497.70 2,409.65 3,907.35 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 212,627,201.03 - 1,585,607.90 1,237,779.40 2,823,387.30 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 10,189,836.90 0.00
A2 19,326,000.00 0.00
A3 42,983,228.31 0.00
A4 8,094,000.00 0.00
A5 97,697,045.28 0.00
A6 4,397,930.00 0.00
A7 21,590,555.80 0.00
PO 112,594.99 0.00
X 198,889,298.09 0.00
M 3,657,721.06 0.00
B1 886,720.23 0.00
B2 665,039.92 0.00
B3 554,199.77 0.00
B4 443,359.62 0.00
B5 443,361.25 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 211,041,593.13 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 10,514,583.23 6.500000% 126671CC8 27.908760 4.894637 875.716475
A2 19,326,000.00 6.500000% 126671CD8 0.000000 5.416667 1,000.000000
A3 43,128,428.16 6.500000% 126671CE4 3.323432 5.347076 983.829045
A4 8,094,000.00 6.500000% 126671CF1 0.000000 5.416667 1,000.000000
A5 98,594,084.54 6.500000% 126671CG9 8.445186 5.027832 919.769959
A6 4,397,930.00 6.500000% 126671CH7 0.000000 5.416667 1,000.000000
A7 21,785,963.14 6.500000% 126671CJ3 7.789529 4.704129 860.664987
PO 113,344.71 0.000000% 126671CK0 6.497221 0.000000 975.765613
X 200,420,699.54 0.518885% 126671CL8 0.000000 0.407004 934.067603
M 3,670,077.03 6.500000% 126671CN4 3.323425 5.347076 983.829075
B1 889,715.61 6.500000% 126671CP9 3.323425 5.347076 983.829075
B2 667,286.46 6.500000% 126671CQ7 3.323425 5.347076 983.829075
B3 556,071.89 6.500000% 126671CR5 3.323425 5.347076 983.829075
B4 444,857.31 6.500000% 126671CS3 3.323425 5.347076 983.829075
B5 444,858.95 6.500000% 126671CT1 3.323425 5.347076 983.829075
Residual AR 0.00 6.500000% 126671CM6 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 212,627,201.03 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-14
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 211,041,592.93 211,041,592.93
Aggregated loan count 1091 1091
Aggregated average loan rate 7.245538% 7.25
Aggregated prepayment amount 869,710.49 869,710.49
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 44,150.56 44,150.56
Monthly sub servicer fees 160.63 160.63
Monthly trustee fees 1,594.70 1,594.70
Aggregate advances N/A N/A
Advances this periods 7,122.85 7,122.85
- --------------------------------------------------------------------------------
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 2,126,272.01 2,126,272.01
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 212,627,201.03
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 716,530.63
60 to 89 days 1 37,565.93
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 4 754,096.56
- --------------------------------------------------------------------------------
<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 2,823,387.30 2,823,387.30
Principal remittance amount 1,585,607.90 1,585,607.90
Interest remittance amount 1,237,779.40 1,237,779.40
