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, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-18)
(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 1998-18
On December 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-18, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 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 1998-18 relating to the distribution
date of December 25, 1999 prepared by The Bank of New York,
as Trustee under the Pooling and Servicing Agreement dated
as of September 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, 1999
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, 1999
Payment Date: 12/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
<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 1A1 84,950,465.33 6.750000% 1,009,191.04 477,846.37 1,487,037.40 0.00 0.00
1A2 23,835,000.00 6.750000% 0.00 134,071.88 134,071.88 0.00 0.00
1A3 22,773,000.00 6.750000% 0.00 128,098.13 128,098.13 0.00 0.00
1A4 38,920,609.55 6.750000% 305,786.07 218,928.43 524,714.50 0.00 0.00
1A5 60,046,311.00 6.750000% 0.00 337,760.50 337,760.50 0.00 0.00
1A6 35,667,446.00 6.190000% 0.00 183,984.58 183,984.58 0.00 0.00
1A7 11,889,149.00 8.430000% 0.00 83,521.27 83,521.27 0.00 0.00
1A8 7,023,071.14 6.750000% 558,111.91 39,504.78 597,616.69 0.00 0.00
1A9 39,957,000.00 6.750000% 0.00 224,758.13 224,758.13 0.00 0.00
110 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
111 26,263,645.67 6.750000% 312,005.78 147,733.01 459,738.78 0.00 0.00
112 142,962,612.14 6.500000% 1,698,361.35 774,380.82 2,472,742.16 0.00 0.00
113 5,294,911.56 6.750000% 0.00 29,783.88 29,783.88 0.00 0.00
2A1 150,549,647.51 6.750000% 1,952,899.98 846,841.77 2,799,741.75 0.00 0.00
2A2 23,289,000.00 6.750000% 0.00 131,000.63 131,000.63 0.00 0.00
2A3 31,567,070.00 6.750000% 0.00 177,564.77 177,564.77 0.00 0.00
2A4 38,579,462.94 6.750000% 388,454.93 217,009.48 605,464.41 0.00 0.00
2A5 40,056,342.00 6.750000% 0.00 225,316.92 225,316.92 0.00 0.00
2A6 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
2A7 26,906,507.60 6.750000% 321,473.74 151,349.11 472,822.85 0.00 0.00
2A8 20,198,895.27 6.250000% 289,425.45 105,202.58 394,628.03 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,496,214.46 6.750000% 0.00 8,416.21 8,416.21 0.00 0.00
PO 1,638,024.01 0.000000% 3,105.51 0.00 3,105.51 0.00 0.00
X1 426,113,831.14 0.402253% 0.00 142,838.07 142,838.07 0.00 0.00
M1 12,758,718.41 6.750000% 11,526.36 71,767.79 83,294.15 0.00 0.00
1B1 5,934,288.19 6.750000% 5,361.10 33,380.37 38,741.47 0.00 0.00
1B2 3,560,571.92 6.750000% 3,216.66 20,028.22 23,244.88 0.00 0.00
1B3 2,373,714.28 6.750000% 2,144.44 13,352.14 15,496.58 0.00 0.00
1B4 1,483,571.56 6.750000% 1,340.27 8,345.09 9,685.36 0.00 0.00
1B5 2,077,004.33 6.750000% 1,876.39 11,683.15 13,559.54 0.00 0.00
X2 286,043,929.31 0.386987% 0.00 92,246.04 92,246.04 0.00 0.00
M2 7,523,346.92 6.750000% 6,666.86 42,318.83 48,985.69 0.00 0.00
2B1 4,157,701.84 6.750000% 3,684.37 23,387.07 27,071.44 0.00 0.00
2B2 1,583,851.35 6.750000% 1,403.54 8,909.16 10,312.70 0.00 0.00
2B3 1,583,851.35 6.750000% 1,403.54 8,909.16 10,312.70 0.00 0.00
2B4 791,925.17 6.750000% 701.77 4,454.58 5,156.35 0.00 0.00
2B5 1,187,774.58 6.750000% 1,052.55 6,681.23 7,733.78 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 874,202,579.07 - 6,879,193.61 5,143,259.73 12,022,453.34 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 83,941,274.30 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 38,614,823.48 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 6,464,959.23 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 25,951,639.89 0.00
112 141,264,250.79 0.00
113 5,232,009.29 0.00
2A1 148,596,747.53 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 38,191,008.01 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 26,585,033.86 0.00
2A8 19,909,469.82 0.00
2A9 2,113,000.00 0.00
210 1,474,775.54 0.00
PO 1,634,918.50 0.00
X1 422,897,541.03 0.00
M1 12,747,192.05 0.00
1B1 5,928,927.09 0.00
1B2 3,557,355.26 0.00
1B3 2,371,569.84 0.00
1B4 1,482,231.29 0.00
1B5 2,075,127.94 0.00
X2 283,469,637.49 0.00
M2 7,516,680.06 0.00
2B1 4,154,017.47 0.00
2B2 1,582,447.81 0.00
2B3 1,582,447.81 0.00
2B4 791,223.40 0.00
2B5 1,186,722.03 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 867,323,385.46 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
<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 1A1 84,950,465.33 6.750000% 12669AG73 9.621790 4.555864 800.309615
1A2 23,835,000.00 6.750000% 12669AG81 0.000000 5.625000 1,000.000000
1A3 22,773,000.00 6.750000% 12669Ag99 0.000000 5.625000 1,000.000000
1A4 38,920,609.55 6.750000% 12669Ah23 6.801125 4.869285 858.849616
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 6.190000% 12669AH49 0.000000 5.158333 1,000.000000
1A7 11,889,149.00 8.430000% 12669AH56 0.000000 7.025000 1,000.000000
1A8 7,023,071.14 6.750000% 12669ah64 30.923754 2.188873 358.209177
1A9 39,957,000.00 6.750000% 12669ah72 0.000000 5.625000 1,000.000000
110 0.00 6.750000% 12669ah80 0.000000 0.000000 0.000000
111 26,263,645.67 6.750000% 12669ah98 10.411298 4.929692 865.978373
112 142,962,612.14 6.500000% 12669aj21 9.621790 4.387128 800.309615
113 5,294,911.56 6.750000% 12669aj39 0.000000 4.555864 800.309674
2A1 150,549,647.51 6.750000% 12669aj47 10.654351 4.620078 810.692800
2A2 23,289,000.00 6.750000% 12669aj54 0.000000 5.625000 1,000.000000
2A3 31,567,070.00 6.750000% 12669Aj62 0.000000 5.625000 1,000.000000
2A4 38,579,462.94 6.750000% 12669Aj70 8.614528 4.812487 846.938727
2A5 40,056,342.00 6.750000% 12669aj88 0.000000 5.625000 1,000.000000
2A6 0.00 6.750000% 12669Aj96 0.000000 0.000000 0.000000
2A7 26,906,507.60 6.750000% 12669Ak29 10.693691 5.034565 884.340159
2A8 20,198,895.27 6.250000% 12669AK37 11.552988 4.199368 794.725763
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,496,214.46 6.750000% 12669AK52 0.000000 4.535320 794.726064
PO 1,638,024.01 0.000000% 12669AK60 1.810714 0.000000 953.263560
X1 426,113,831.14 0.402253% 12669AK78 0.000000 0.288214 853.308885
M1 12,758,718.41 6.750000% 12669AL28 0.892827 5.559104 987.392370
1B1 5,934,288.19 6.750000% 12669AL44 0.892827 5.559104 987.392413
1B2 3,560,571.92 6.750000% 12669AL51 0.892827 5.559104 987.392302
1B3 2,373,714.28 6.750000% 12669AM68 0.892827 5.559103 987.392164
1B4 1,483,571.56 6.750000% 12669AM76 0.892827 5.559105 987.392583
1B5 2,077,004.33 6.750000% 12669AM84 0.892827 5.559105 987.392579
X2 286,043,929.31 0.386987% 12669AK86 0.000000 0.277842 853.799611
M2 7,523,346.92 6.750000% 12669AI36 0.875980 5.560402 987.639859
2B1 4,157,701.84 6.750000% 12669AI77 0.875980 5.560407 987.640862
2B2 1,583,851.35 6.750000% 12669AL69 0.875980 5.560408 987.641010
2B3 1,583,851.35 6.750000% 12669AM35 0.875980 5.560408 987.641010
2B4 791,925.17 6.750000% 12669AM43 0.875980 5.560405 987.640386
2B5 1,187,774.58 6.750000% 12669AM50 0.875980 5.560411 987.641494
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 874,202,579.07 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 519,452,787.68 347,870,604.54 867,323,392.22
loan count 1638 1099 2737
average loan rate 7.337152% 7.348620% 7.34
prepayment amount 3,437,776.94 2,657,566.52 6,095,343.46
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 107,282.40 71,752.26 179,034.66
sub servicer fees 5,271.82 11,270.22 16,542.04
trustee fees 3,925.23 2,631.29 6,556.52
Aggregate advances N/A N/A N/A
Advances this periods 35,330.86 32,154.63 67,485.49
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 874,202,579.07
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 28 7,156,578.25
60 to 89 days 4 1,119,366.55
90 or more 4 534,655.48
Foreclosure 2 321,219.70
Totals: 38 9,131,819.98
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 254,163.77
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 12,022,453.34 12,022,453.34
Principal remittance amount 6,879,193.61 6,879,193.61
Interest remittance amount 5,143,259.73 5,143,259.73
