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): February 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 February 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 February 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: February 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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 99,472,093.01 6.750000% 1,459,641.09 559,530.52 2,019,171.61 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 43,320,679.82 6.750000% 442,272.97 243,678.82 685,951.79 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 5.539690% 0.00 164,655.49 164,655.49 0.00 0.00
1A7 11,889,149.00 10.380930% 0.00 102,850.35 102,850.35 0.00 0.00
1A8 15,053,952.42 6.750000% 807,223.86 84,678.48 891,902.34 0.00 0.00
1A9 39,957,000.00 6.750000% 0.00 224,758.13 224,758.13 0.00 0.00
110 785,213.59 6.750000% 451,268.82 4,416.83 455,685.65 0.00 0.00
111 29,968,000.00 6.750000% 0.00 168,570.00 168,570.00 0.00 0.00
112 167,400,969.45 6.500000% 2,456,420.95 906,755.25 3,363,176.20 0.00 0.00
113 6,200,035.91 6.750000% 0.00 34,875.20 34,875.20 0.00 0.00
2A1 173,225,263.88 6.750000% 2,814,422.06 974,392.11 3,788,814.17 0.00 0.00
2A2 23,289,000.00 6.750000% 0.00 131,000.62 131,000.62 0.00 0.00
2A3 31,567,070.00 6.750000% 0.00 177,564.77 177,564.77 0.00 0.00
2A4 43,089,911.53 6.750000% 559,821.87 242,380.75 802,202.63 0.00 0.00
2A5 40,056,342.00 6.750000% 0.00 225,316.92 225,316.92 0.00 0.00
2A6 577,220.66 6.750000% 463,291.93 3,246.87 466,538.79 0.00 0.00
2A7 30,062,000.00 6.750000% 0.00 169,098.75 169,098.75 0.00 0.00
2A8 23,559,487.53 6.250000% 417,105.53 122,705.66 539,811.19 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.62 11,885.62 0.00 0.00
210 1,745,147.22 6.750000% 0.00 9,816.45 9,816.45 0.00 0.00
PO 1,705,948.04 0.000000% 7,378.10 0.00 7,378.10 0.00 0.00
X1 475,161,272.32 0.420541% 0.00 166,520.63 166,520.63 0.00 0.00
M1 12,868,507.86 6.750000% 10,541.15 72,385.36 82,926.51 0.00 0.00
1B1 5,985,353.06 6.750000% 4,902.86 33,667.61 38,570.47 0.00 0.00
1B2 3,591,210.84 6.750000% 2,941.72 20,200.56 23,142.28 0.00 0.00
1B3 2,394,140.22 6.750000% 1,961.14 13,467.04 15,428.18 0.00 0.00
1B4 1,496,337.77 6.750000% 1,225.71 8,416.90 9,642.61 0.00 0.00
1B5 2,094,877.06 6.750000% 1,716.00 11,783.68 13,499.69 0.00 0.00
X2 317,435,291.39 0.398627% 0.00 105,448.54 105,448.54 0.00 0.00
M2 7,586,996.57 6.750000% 6,146.09 42,676.86 48,822.95 0.00 0.00
2B1 4,192,877.14 6.750000% 3,396.57 23,584.93 26,981.51 0.00 0.00
2B2 1,597,251.16 6.750000% 1,293.90 8,984.54 10,278.44 0.00 0.00
2B3 1,597,251.16 6.750000% 1,293.90 8,984.54 10,278.44 0.00 0.00
2B4 798,625.08 6.750000% 646.95 4,492.27 5,139.22 0.00 0.00
2B5 1,197,823.48 6.750000% 970.33 6,737.76 7,708.09 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 964,815,309.32 - 9,915,883.53 5,689,459.33 15,605,342.86 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 98,012,451.92 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 42,878,406.85 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 14,246,728.56 0.00
1A9 39,957,000.00 0.00
110 333,944.77 0.00
111 29,968,000.00 0.00
112 164,944,548.50 0.00
113 6,109,057.35 0.00
2A1 170,410,841.82 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 42,530,089.66 0.00
2A5 40,056,342.00 0.00
2A6 113,928.73 0.00
2A7 30,062,000.00 0.00
2A8 23,142,382.00 0.00
2A9 2,113,000.00 0.00
210 1,714,250.52 0.00
PO 1,698,569.94 0.00
X1 469,863,375.30 0.00
M1 12,857,966.71 0.00
1B1 5,980,450.20 0.00
1B2 3,588,269.12 0.00
1B3 2,392,179.08 0.00
1B4 1,495,112.06 0.00
1B5 2,093,161.05 0.00
X2 313,781,232.21 0.00
M2 7,580,850.47 0.00
2B1 4,189,480.56 0.00
2B2 1,595,957.26 0.00
2B3 1,595,957.26 0.00
2B4 797,978.13 0.00
2B5 1,196,853.14 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 954,899,425.79 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 99,472,093.01 6.750000% 12669AG73 13.916453 5.334654 934.466487
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 43,320,679.82 6.750000% 12669Ah23 9.836792 5.419770 953.677887
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.539690% 12669AH49 0.000000 4.616408 1,000.000000
1A7 11,889,149.00 10.380930% 12669AH56 0.000000 8.650775 1,000.000000
1A8 15,053,952.42 6.750000% 12669ah64 44.726499 4.691849 789.379907
1A9 39,957,000.00 6.750000% 12669ah72 0.000000 5.625000 1,000.000000
110 785,213.59 6.750000% 12669ah80 183.517211 1.796188 135.805110
111 29,968,000.00 6.750000% 12669ah98 0.000000 5.625000 1,000.000000
112 167,400,969.45 6.500000% 12669aj21 13.916453 5.137074 934.466487
113 6,200,035.91 6.750000% 12669aj39 0.000000 5.334654 934.466556
2A1 173,225,263.88 6.750000% 12669aj47 15.354520 5.315949 929.703004
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 43,089,911.53 6.750000% 12669Aj70 12.414829 5.375130 943.163898
2A5 40,056,342.00 6.750000% 12669aj88 0.000000 5.625000 1,000.000000
2A6 577,220.66 6.750000% 12669Aj96 207.289452 1.452737 50.974824
2A7 30,062,000.00 6.750000% 12669Ak29 0.000000 5.625000 1,000.000000
2A8 23,559,487.53 6.250000% 12669AK37 16.649590 4.898039 923.773830
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,745,147.22 6.750000% 12669AK52 0.000000 5.289884 923.774181
PO 1,705,948.04 0.000000% 12669AK60 4.301909 0.000000 990.376176
X1 475,161,272.32 0.420541% 12669AK78 0.000000 0.336000 948.075016
M1 12,868,507.86 6.750000% 12669AL28 0.816513 5.606941 995.972930
1B1 5,985,353.06 6.750000% 12669AL44 0.816513 5.606941 995.972974
1B2 3,591,210.84 6.750000% 12669AL51 0.816513 5.606940 995.972863
1B3 2,394,140.22 6.750000% 12669AM68 0.816513 5.606939 995.972724
1B4 1,496,337.77 6.750000% 12669AM76 0.816513 5.606942 995.973144
1B5 2,094,877.06 6.750000% 12669AM84 0.816513 5.606942 995.973140
X2 317,435,291.39 0.398627% 12669AK86 0.000000 0.317607 945.096962
M2 7,586,996.57 6.750000% 12669AI36 0.807554 5.607444 996.071408
2B1 4,192,877.14 6.750000% 12669AI77 0.807554 5.607450 996.072411
2B2 1,597,251.16 6.750000% 12669AL69 0.807554 5.607451 996.072560
2B3 1,597,251.16 6.750000% 12669AM35 0.807554 5.607451 996.072560
2B4 798,625.08 6.750000% 12669AM43 0.807554 5.607447 996.071935
2B5 1,197,823.48 6.750000% 12669AM50 0.807554 5.607452 996.072763
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 964,815,309.32 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 573,886,985.65 381,012,446.90 954,899,432.55
Aggregated loan count 1795 1194 2989
Aggregated average loan rate 7.355122% 7.362588% 7.36
Aggregated prepayment amount 5,171,155.32 3,957,747.11 9,128,902.43
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 116,699.52 78,287.64 194,987.16
sub servicer fees 5,889.23 12,421.30 18,310.54
trustee fees 4,346.50 2,889.62 7,236.11
Aggregate advances N/A N/A N/A
Advances this periods 23,329.65 22,203.08 45,532.73
- --------------------------------------------------------------------------------
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% 964,815,309.32
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 20 5,574,468.53
60 to 89 days 3 589,903.80
90 or more 1 256,340.57
Foreclosure 0 0.00
Totals: 24 6,420,712.90
- --------------------------------------------------------------------------------
<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 15,605,342.86 15,605,342.86
Principal remittance amount 9,915,883.53 9,915,883.53
Interest remittance amount 5,689,459.33 5,689,459.33
