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 1998-15)
(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 1998-15
On December 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-15, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of August 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 1998-15 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 August 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 1998-15
------------------------------------------------------------
<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 16,573,000.00 6.250000% 0.00 86,317.71 86,317.71 0.00 0.00
A2 17,387,000.00 6.550000% 0.00 94,904.04 94,904.04 0.00 0.00
A3 1,742,800.00 6.750000% 0.00 9,803.25 9,803.25 0.00 0.00
A4 113,742,976.60 6.750000% 399,471.68 639,804.24 1,039,275.93 0.00 0.00
A5 29,797,481.26 6.750000% 83,314.68 167,610.83 250,925.51 0.00 0.00
A6 9,422,000.00 6.750000% 0.00 52,998.75 52,998.75 0.00 0.00
A7 4,466,774.54 6.750000% 2,709,699.33 0.00 2,709,699.33 0.00 0.00
A8 23,317,000.00 6.750000% 0.00 131,158.13 131,158.13 0.00 0.00
A9 70,995,598.98 6.750000% 1,594,637.99 399,350.24 1,993,988.24 0.00 0.00
A10 14,425,000.00 6.750000% 0.00 81,140.63 81,140.63 0.00 0.00
A11 36,177,112.29 5.542340% 1,089,829.40 167,088.21 1,256,917.62 0.00 0.00
A12 9,379,251.34 11.408114% 282,548.36 89,166.30 371,714.67 0.00 0.00
A13 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
A14 1,744,103.73 6.750000% 0.00 0.00 0.00 0.00 0.00
A15 10,845,000.00 6.750000% 0.00 61,003.13 61,003.13 0.00 0.00
A16 55,730,000.00 6.750000% 0.00 313,481.25 313,481.25 0.00 0.00
PO 553,196.55 0.000000% 546.66 0.00 546.66 0.00 0.00
X 377,041,184.50 0.454791% 0.00 142,895.64 142,895.64 0.00 0.00
M 9,431,708.80 6.750000% 7,529.88 53,053.36 60,583.25 0.00 0.00
B1 4,491,384.92 6.750000% 3,585.73 25,264.04 28,849.78 0.00 0.00
B2 2,245,692.46 6.750000% 1,792.87 12,632.02 14,424.89 0.00 0.00
B3 1,796,753.50 6.750000% 1,434.45 10,106.74 11,541.19 0.00 0.00
B4 897,877.93 6.750000% 716.83 5,050.56 5,767.39 0.00 0.00
B5 1,348,353.15 6.750000% 1,076.47 7,584.49 8,660.96 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.30 0.30 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 434,767,266.04 - 6,176,184.35 2,550,413.87 8,726,598.22 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 16,573,000.00 0.00
A2 17,387,000.00 0.00
A3 1,742,800.00 0.00
A4 113,343,504.92 0.00
A5 29,714,166.58 0.00
A6 9,422,000.00 0.00
A7 1,782,200.81 0.00
A8 23,317,000.00 0.00
A9 69,400,960.99 0.00
A10 14,425,000.00 0.00
A11 35,087,282.89 0.00
A12 9,096,702.97 0.00
A13 0.00 0.00
A14 1,753,914.31 0.00
A15 10,845,000.00 0.00
A16 55,730,000.00 0.00
PO 552,649.89 0.00
X 370,966,845.80 0.00
M 9,424,178.92 0.00
B1 4,487,799.18 0.00
B2 2,243,899.59 0.00
B3 1,795,319.04 0.00
B4 897,161.10 0.00
B5 1,347,276.68 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 428,626,017.88 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-15
------------------------------------------------------------
<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 16,573,000.00 6.250000% 12669AYP3 0.000000 5.208333 1,000.000000
A2 17,387,000.00 6.550000% 12669AYQ1 0.000000 5.458333 1,000.000000
A3 1,742,800.00 6.750000% 12669AYR9 0.000000 5.625000 1,000.000000
A4 113,742,976.60 6.750000% 12669AYS7 3.482327 5.577386 988.052940
A5 29,797,481.26 6.750000% 12669AYT5 2.777156 5.587028 990.472219
A6 9,422,000.00 6.750000% 12669AYU2 0.000000 5.625000 1,000.000000
A7 4,466,774.54 6.750000% 12669AYV0 240.926410 0.000000 158.460106
A8 23,317,000.00 6.750000% 12669AYW8 0.000000 5.625000 1,000.000000
A9 70,995,598.98 6.750000% 12669AYX6 21.261840 5.324670 925.346147
A10 14,425,000.00 6.750000% 12669AYY4 0.000000 5.625000 1,000.000000
A11 36,177,112.29 5.542340% 12669AYZ1 28.020862 4.296045 902.137449
A12 9,379,251.34 11.408114% 12669AZA5 28.020862 8.842793 902.137449
A13 0.00 6.750000% 12669AZB3 0.000000 0.000000 0.000000
A14 1,744,103.73 6.750000% 12669AZC1 0.000000 0.000000 1,022.690560
A15 10,845,000.00 6.750000% 12669AZD9 0.000000 5.625000 1,000.000000
A16 55,730,000.00 6.750000% 12669AZE7 0.000000 5.625000 1,000.000000
PO 553,196.55 0.000000% 12669AZF4 0.984291 0.000000 995.081960
X 377,041,184.50 0.454791% 12669AZG2 0.000000 0.364622 946.583891
M 9,431,708.80 6.750000% 12669AZJ6 0.796476 5.611737 996.845665
B1 4,491,384.92 6.750000% 12669AZ43 0.796476 5.611737 996.845665
B2 2,245,692.46 6.750000% 12669AZL1 0.796476 5.611737 996.845665
B3 1,796,753.50 6.750000% 12669AZQ0 0.796476 5.611737 996.845665
B4 897,877.93 6.750000% 12669AZR8 0.796476 5.611737 996.845665
B5 1,348,353.15 6.750000% 12669AZS6 0.796476 5.611737 996.845665
Residual AR 0.00 6.750000% 12669AZH0 0.000000 3.017245 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 434,767,266.04 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-15
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 428,626,017.88 428,626,017.88
Aggregated loan count 1328 1328
Aggregated average loan rate 7.412896% 7.41
Aggregated prepayment amount 5,794,104.06 5,794,104.06
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 84,120.57 84,120.57
Monthly sub servicer fees 6,550.14 6,550.14
Monthly trustee fees 3,260.75 3,260.75
Aggregate advances N/A N/A
Advances this periods 10,110.33 10,110.33
- --------------------------------------------------------------------------------
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 9,003,940.00 9,003,940.00
Special Hazard 8,192,644.54 8,192,644.54
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 434,767,266.04
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 4 771,986.19
60 to 89 days 4 649,878.76
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 8 1,421,864.95
- --------------------------------------------------------------------------------
<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 8,726,598.22 8,726,598.22
Principal remittance amount 6,176,184.35 6,176,184.35
Interest remittance amount 2,550,413.87 2,550,413.87
