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): April 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 April 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 April 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: April 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 April 25, 1999
Payment Date: 04/25/99
------------------------------------------------------------
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 95,750,323.87 6.750000% 1,736,330.89 538,595.57 2,274,926.46 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 42,192,979.39 6.750000% 526,110.30 237,335.51 763,445.81 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 5.538750% 0.00 164,627.56 164,627.56 0.00 0.00
1A7 11,889,149.00 10.383750% 0.00 102,878.29 102,878.29 0.00 0.00
1A8 12,995,706.14 6.750000% 960,241.34 73,100.85 1,033,342.19 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 29,602,575.68 6.750000% 536,811.41 166,514.49 703,325.90 0.00 0.00
112 161,137,627.20 6.500000% 2,922,060.50 872,828.81 3,794,889.32 0.00 0.00
113 5,968,060.27 6.750000% 0.00 33,570.34 33,570.34 0.00 0.00
2A1 166,537,118.41 6.750000% 1,260,346.34 936,771.29 2,197,117.63 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 41,759,560.21 6.750000% 250,697.81 234,897.53 485,595.34 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 29,538,261.48 6.750000% 207,470.05 166,152.72 373,622.77 0.00 0.00
2A8 22,568,284.93 6.250000% 186,786.99 117,543.15 304,330.14 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,671,724.81 6.750000% 0.00 9,403.45 9,403.45 0.00 0.00
PO 1,695,825.15 0.000000% 3,341.88 0.00 3,341.88 0.00 0.00
X1 461,555,576.53 0.414723% 0.00 159,514.82 159,514.82 0.00 0.00
M1 12,847,339.18 6.750000% 10,743.81 72,266.28 83,010.09 0.00 0.00
1B1 5,975,507.16 6.750000% 4,997.12 33,612.23 38,609.35 0.00 0.00
1B2 3,585,303.30 6.750000% 2,998.27 20,167.33 23,165.60 0.00 0.00
1B3 2,390,201.87 6.750000% 1,998.85 13,444.89 15,443.73 0.00 0.00
1B4 1,493,876.30 6.750000% 1,249.28 8,403.05 9,652.33 0.00 0.00
1B5 2,091,430.99 6.750000% 1,748.99 11,764.30 13,513.29 0.00 0.00
X2 308,244,575.41 0.394711% 0.00 101,389.59 101,389.59 0.00 0.00
M2 7,574,669.51 6.750000% 6,250.69 42,607.52 48,858.21 0.00 0.00
2B1 4,186,064.72 6.750000% 3,454.38 23,546.61 27,000.99 0.00 0.00
2B2 1,594,656.01 6.750000% 1,315.92 8,969.94 10,285.86 0.00 0.00
2B3 1,594,656.01 6.750000% 1,315.92 8,969.94 10,285.86 0.00 0.00
2B4 797,327.51 6.750000% 657.96 4,484.97 5,142.93 0.00 0.00
2B5 1,195,877.30 6.750000% 986.85 6,726.81 7,713.66 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 940,298,490.31 - 8,627,915.57 5,540,544.40 14,168,459.97 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 94,013,992.98 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 41,666,869.09 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 12,035,464.80 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 29,065,764.26 0.00
112 158,215,566.70 0.00
113 5,859,835.80 0.00
2A1 165,276,772.07 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 41,508,862.40 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 29,330,791.43 0.00
2A8 22,381,497.94 0.00
2A9 2,113,000.00 0.00
210 1,657,888.74 0.00
PO 1,692,483.26 0.00
X1 455,983,890.78 0.00
M1 12,836,595.38 0.00
1B1 5,970,510.04 0.00
1B2 3,582,305.03 0.00
1B3 2,388,203.02 0.00
1B4 1,492,627.02 0.00
1B5 2,089,681.99 0.00
X2 306,396,736.51 0.00
M2 7,568,418.81 0.00
2B1 4,182,610.34 0.00
2B2 1,593,340.09 0.00
2B3 1,593,340.09 0.00
2B4 796,669.54 0.00
2B5 1,194,890.45 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 931,670,574.74 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/99
------------------------------------------------------------
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 95,750,323.87 6.750000% 12669AG73 16.554458 5.135057 896.344536
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 42,192,979.39 6.750000% 12669Ah23 11.701455 5.278686 926.731532
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.538750% 12669AH49 0.000000 4.615625 1,000.000000
1A7 11,889,149.00 10.383750% 12669AH56 0.000000 8.653125 1,000.000000
1A8 12,995,706.14 6.750000% 12669ah64 53.204862 4.050357 666.858644
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 29,602,575.68 6.750000% 12669ah98 17.912821 5.556410 969.893362
112 161,137,627.20 6.500000% 12669aj21 16.554458 4.944870 896.344536
113 5,968,060.27 6.750000% 12669aj39 0.000000 5.135057 896.344602
2A1 166,537,118.41 6.750000% 12669aj47 6.876017 5.110702 901.693283
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 41,759,560.21 6.750000% 12669Aj70 5.559573 5.209179 920.516763
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 29,538,261.48 6.750000% 12669Ak29 6.901405 5.527002 975.676649
2A8 22,568,284.93 6.250000% 12669AK37 7.455971 4.691967 893.401642
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,671,724.81 6.750000% 12669AK52 0.000000 5.067326 893.401981
PO 1,695,825.15 0.000000% 12669AK60 1.948534 0.000000 986.827246
X1 461,555,576.53 0.414723% 12669AK78 0.000000 0.321864 920.069444
M1 12,847,339.18 6.750000% 12669AL28 0.832211 5.597717 994.317516
1B1 5,975,507.16 6.750000% 12669AL44 0.832211 5.597717 994.317559
1B2 3,585,303.30 6.750000% 12669AL51 0.832211 5.597717 994.317448
1B3 2,390,201.87 6.750000% 12669AM68 0.832211 5.597716 994.317310
1B4 1,493,876.30 6.750000% 12669AM76 0.832211 5.597718 994.317729
1B5 2,091,430.99 6.750000% 12669AM84 0.832211 5.597718 994.317725
X2 308,244,575.41 0.394711% 12669AK86 0.000000 0.305382 922.855146
M2 7,574,669.51 6.750000% 12669AI36 0.821298 5.598333 994.437974
2B1 4,186,064.72 6.750000% 12669AI77 0.821298 5.598339 994.438977
2B2 1,594,656.01 6.750000% 12669AL69 0.821298 5.598340 994.439126
2B3 1,594,656.01 6.750000% 12669AM35 0.821298 5.598340 994.439126
2B4 797,327.51 6.750000% 12669AM43 0.821298 5.598336 994.438501
2B5 1,195,877.30 6.750000% 12669AM50 0.821298 5.598341 994.439329
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 940,298,490.31 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 558,449,597.14 373,220,984.36 931,670,581.50
loan count 1757 1168 2925
average loan rate 7.348906% 7.358696% 7.35
prepayment amount 6,234,930.89 1,610,641.92 7,845,572.81
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 113,578.78 77,058.86 190,637.64
Monthly sub servicer fees 5,780.20 12,259.24 18,039.43
Monthly trustee fees 4,238.68 2,813.56 7,052.24
Aggregate advances N/A N/A N/A
Advances this periods 10,591.73 18,963.83 29,555.56
- --------------------------------------------------------------------------------
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% 940,298,490.31
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 17 3,716,783.66
60 to 89 days 1 67,312.22
90 or more 0 0.00
Foreclosure 2 368,606.78
Totals: 20 4,152,702.66
- --------------------------------------------------------------------------------
<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 14,168,459.97 14,168,459.97
Principal remittance amount 8,627,915.57 8,627,915.57
Interest remittance amount 5,540,544.40 5,540,544.40
