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 1998-16)
(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 1998-16
On October 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-16, 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 1998-16 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 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: 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 1998-16
------------------------------------------------------------
<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 252,501,325.39 6.750000% 4,126,931.71 1,420,319.96 5,547,251.67 0.00 0.00
A2 42,834,454.92 6.750000% 544,873.97 240,943.81 785,817.78 0.00 0.00
A3 19,067,000.00 6.750000% 0.00 107,251.88 107,251.88 0.00 0.00
A4 74,576,867.75 6.750000% 916,501.50 419,494.88 1,335,996.38 0.00 0.00
A5 50,067,000.00 6.750000% 0.00 281,626.88 281,626.88 0.00 0.00
A6 26,923,851.00 6.193750% 0.00 138,966.34 138,966.34 0.00 0.00
A7 8,974,617.00 8.418750% 0.00 62,962.55 62,962.55 0.00 0.00
PO 807,693.41 0.000000% 1,787.30 0.00 1,787.30 0.00 0.00
X 427,602,200.25 0.464442% 0.00 165,496.98 165,496.98 0.00 0.00
M 8,746,804.74 6.750000% 6,857.39 49,200.78 56,058.17 0.00 0.00
B1 4,998,173.99 6.750000% 3,918.51 28,114.73 32,033.24 0.00 0.00
B2 2,748,995.35 6.750000% 2,155.18 15,463.10 17,618.28 0.00 0.00
B3 2,249,177.65 6.750000% 1,763.33 12,651.62 14,414.95 0.00 0.00
B4 999,634.40 6.750000% 783.70 5,622.94 6,406.64 0.00 0.00
B5 1,499,455.65 6.750000% 1,175.56 8,434.44 9,609.99 0.00 0.00
Residual AR 99.33 6.750000% 1.17 0.57 1.74 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 496,995,150.58 - 5,606,749.31 2,956,551.43 8,563,300.74 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 248,374,393.68 0.00
A2 42,289,580.95 0.00
A3 19,067,000.00 0.00
A4 73,660,366.25 0.00
A5 50,067,000.00 0.00
A6 26,923,851.00 0.00
A7 8,974,617.00 0.00
PO 805,906.11 0.00
X 422,114,386.70 0.00
M 8,739,947.35 0.00
B1 4,994,255.49 0.00
B2 2,746,840.17 0.00
B3 2,247,414.32 0.00
B4 998,850.70 0.00
B5 1,498,280.09 0.00
Residual AR 98.16 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 491,388,401.27 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-16
------------------------------------------------------------
<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 252,501,325.39 6.750000% 12669AYA6 16.192873 5.572920 974.548455
A2 42,834,454.92 6.750000% 12669AYB4 12.628609 5.584383 980.150673
A3 19,067,000.00 6.750000% 12669AYC2 0.000000 5.625000 1,000.000000
A4 74,576,867.75 6.750000% 12669AYD0 12.203602 5.585750 980.818689
A5 50,067,000.00 6.750000% 12669AYE8 0.000000 5.625000 1,000.000000
A6 26,923,851.00 6.193750% 12669AYF5 0.000000 5.161458 1,000.000000
A7 8,974,617.00 8.418750% 12669AYG3 0.000000 7.015625 1,000.000000
PO 807,693.41 0.000000% 12669AYH1 2.210788 0.000000 996.860741
X 427,602,200.25 0.464442% 12669AYJ7 0.000000 0.384208 979.954573
M 8,746,804.74 6.750000% 12669AYL2 0.783376 5.620611 998.436347
B1 4,998,173.99 6.750000% 12669AYM0 0.783376 5.620611 998.436347
B2 2,748,995.35 6.750000% 12669AYN8 0.783376 5.620611 998.436347
B3 2,249,177.65 6.750000% 12669AZM9 0.783376 5.620611 998.436347
B4 999,634.40 6.750000% 12669AZN7 0.783376 5.620611 998.436347
B5 1,499,455.65 6.750000% 12669AZP2 0.783376 5.620611 998.436347
Residual AR 99.33 6.750000% 12669AYKA 11.687612 5.683363 981.629709
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 496,995,150.58 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-16
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 491,388,401.27 491,388,401.27
Aggregated loan count 1483 1483
Aggregated average loan rate 7.405523% 7.41
Aggregated prepayment amount 5,217,032.19 5,217,032.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 100,297.82 100,297.82
Monthly sub servicer fees 3,271.34 3,271.34
Monthly trustee fees 3,727.46 3,727.46
Aggregate advances N/A N/A
Advances this periods 27,434.53 27,434.53
- --------------------------------------------------------------------------------
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 5,002,077.00 5,002,077.00
Special Hazard 4,969,951.51 4,969,951.51
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 496,995,150.58
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 3,856,122.55
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 10 3,856,122.55
- --------------------------------------------------------------------------------
<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 8,563,300.74 8,563,300.74
Principal remittance amount 5,606,749.31 5,606,749.31
Interest remittance amount 2,956,551.43 2,956,551.43
