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 1998-18)
(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, 1998, 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, 1998 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, 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 1998-18
------------------------------------------------------------
<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 101,598,987.99 6.750000% 1,110,259.33 571,494.31 1,681,753.64 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 43,965,131.50 6.750000% 336,409.88 247,303.86 583,713.75 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 5.642340% 0.00 167,706.55 167,706.55 0.00 0.00
1A7 11,889,149.00 10.072980% 0.00 99,799.30 99,799.30 0.00 0.00
1A8 16,230,187.03 6.750000% 614,005.61 91,294.80 705,300.41 0.00 0.00
1A9 39,957,000.00 6.750000% 0.00 224,758.13 224,758.13 0.00 0.00
110 1,442,773.45 6.750000% 343,252.48 8,115.60 351,368.08 0.00 0.00
111 29,968,000.00 6.750000% 0.00 168,570.00 168,570.00 0.00 0.00
112 170,980,307.84 6.500000% 1,868,448.55 926,143.33 2,794,591.88 0.00 0.00
113 6,332,603.99 6.750000% 0.00 35,620.90 35,620.90 0.00 0.00
2A1 179,381,633.15 6.750000% 2,673,757.96 1,009,021.69 3,682,779.65 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 44,314,486.09 6.750000% 531,841.92 249,268.98 781,110.90 0.00 0.00
2A5 40,056,342.00 6.750000% 0.00 225,316.92 225,316.92 0.00 0.00
2A6 1,590,642.29 6.750000% 440,136.72 8,947.36 449,084.08 0.00 0.00
2A7 30,062,000.00 6.750000% 0.00 169,098.75 169,098.75 0.00 0.00
2A8 24,471,879.46 6.250000% 396,258.81 127,457.71 523,716.52 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,812,731.81 6.750000% 0.00 10,196.62 10,196.62 0.00 0.00
PO 1,709,507.62 0.000000% 1,783.47 0.00 1,783.47 0.00 0.00
X1 483,182,426.68 0.425574% 0.00 171,358.14 171,358.14 0.00 0.00
M1 12,889,384.02 6.750000% 10,406.37 72,502.79 82,909.16 0.00 0.00
1B1 5,995,062.90 6.750000% 4,840.17 33,722.23 38,562.40 0.00 0.00
1B2 3,597,036.74 6.750000% 2,904.10 20,233.33 23,137.43 0.00 0.00
1B3 2,398,024.16 6.750000% 1,936.07 13,488.89 15,424.96 0.00 0.00
1B4 1,498,765.23 6.750000% 1,210.04 8,430.55 9,640.59 0.00 0.00
1B5 2,098,275.51 6.750000% 1,694.06 11,802.80 13,496.86 0.00 0.00
X2 326,638,399.46 0.403849% 0.00 109,927.10 109,927.10 0.00 0.00
M2 7,599,106.18 6.750000% 6,016.22 42,744.97 48,761.19 0.00 0.00
2B1 4,199,565.18 6.750000% 3,325.01 23,622.55 26,947.56 0.00 0.00
2B2 1,599,798.69 6.750000% 1,266.40 8,998.87 10,265.27 0.00 0.00
2B3 1,599,798.69 6.750000% 1,266.40 8,998.87 10,265.27 0.00 0.00
2B4 799,899.35 6.750000% 633.70 4,499.43 5,133.13 0.00 0.00
2B5 1,199,733.69 6.750000% 949.46 6,748.50 7,697.96 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 982,383,304.77 - 8,352,602.73 5,797,575.35 14,150,178.08 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 100,488,728.66 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 43,628,721.61 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 15,616,181.42 0.00
1A9 39,957,000.00 0.00
110 1,099,520.97 0.00
111 29,968,000.00 0.00
112 169,111,859.29 0.00
113 6,263,402.20 0.00
2A1 176,707,875.20 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 43,782,644.16 0.00
2A5 40,056,342.00 0.00
2A6 1,150,505.57 0.00
2A7 30,062,000.00 0.00
2A8 24,075,620.65 0.00
2A9 2,113,000.00 0.00
210 1,783,379.38 0.00
PO 1,707,724.15 0.00
X1 478,987,156.14 0.00
M1 12,878,977.66 0.00
1B1 5,990,222.73 0.00
1B2 3,594,132.64 0.00
1B3 2,396,088.09 0.00
1B4 1,497,555.19 0.00
1B5 2,096,581.45 0.00
X2 322,647,239.20 0.00
M2 7,593,081.97 0.00
2B1 4,196,240.17 0.00
2B2 1,598,532.29 0.00
2B3 1,598,532.29 0.00
2B4 799,265.64 0.00
2B5 1,198,784.23 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 974,030,694.04 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 101,598,987.99 6.750000% 12669AG73 10.585391 5.448719 958.075708
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 43,965,131.50 6.750000% 12669Ah23 7.482243 5.500396 970.365974
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.642340% 12669AH49 0.000000 4.701950 1,000.000000
1A7 11,889,149.00 10.072980% 12669AH56 0.000000 8.394150 1,000.000000
1A8 16,230,187.03 6.750000% 12669ah64 34.020701 5.058444 865.258279
1A9 39,957,000.00 6.750000% 12669ah72 0.000000 5.625000 1,000.000000
110 1,442,773.45 6.750000% 12669ah80 139.590271 3.300366 447.141509
111 29,968,000.00 6.750000% 12669ah98 0.000000 5.625000 1,000.000000
112 170,980,307.84 6.500000% 12669aj21 10.585391 5.246914 958.075708
113 6,332,603.99 6.750000% 12669aj39 0.000000 5.448719 958.075778
2A1 179,381,633.15 6.750000% 12669aj47 14.587105 5.504876 964.057455
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 44,314,486.09 6.750000% 12669Aj70 11.794334 5.527886 970.941037
2A5 40,056,342.00 6.750000% 12669aj88 0.000000 5.625000 1,000.000000
2A6 1,590,642.29 6.750000% 12669Aj96 196.929181 4.003294 514.767593
2A7 30,062,000.00 6.750000% 12669Ak29 0.000000 5.625000 1,000.000000
2A8 24,471,879.46 6.250000% 12669AK37 15.817452 5.087726 961.025892
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,812,731.81 6.750000% 12669AK52 0.000000 5.494746 961.026296
PO 1,709,507.62 0.000000% 12669AK60 1.039878 0.000000 995.713670
X1 483,182,426.68 0.425574% 12669AK78 0.000000 0.345761 966.484684
M1 12,889,384.02 6.750000% 12669AL28 0.806073 5.616037 997.600430
1B1 5,995,062.90 6.750000% 12669AL44 0.806073 5.616037 997.600474
1B2 3,597,036.74 6.750000% 12669AL51 0.806072 5.616036 997.600363
1B3 2,398,024.16 6.750000% 12669AM68 0.806074 5.616035 997.600224
1B4 1,498,765.23 6.750000% 12669AM76 0.806072 5.616038 997.600643
1B5 2,098,275.51 6.750000% 12669AM84 0.806072 5.616038 997.600639
X2 326,638,399.46 0.403849% 12669AK86 0.000000 0.331096 971.801033
M2 7,599,106.18 6.750000% 12669AI36 0.790490 5.616394 997.678543
2B1 4,199,565.18 6.750000% 12669AI77 0.790540 5.616394 997.679546
2B2 1,599,798.69 6.750000% 12669AL69 0.790389 5.616394 997.679694
2B3 1,599,798.69 6.750000% 12669AM35 0.790389 5.616394 997.679694
2B4 799,899.35 6.750000% 12669AM43 0.791013 5.616394 997.679070
2B5 1,199,733.69 6.750000% 12669AM50 0.790182 5.616394 997.679898
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 982,383,304.77 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 583,469,140.93 390,561,559.87 974,030,700.80
loan count 1814 1213 3027
avg loan rate 7.360147% 7.367877% 7.36
prepay amt 3,821,714.51 3,743,567.06 7,565,281.57
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 119,803.12 78,958.02 198,761.14
sub servicer fees 5,898.10 12,441.93 18,340.03
trustee fees 4,408.24 2,959.63 7,367.87
Aggregate advances N/A N/A N/A
Advances this periods 16,012.62 19,798.19 35,810.81
- --------------------------------------------------------------------------------
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% 982,383,304.77
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 12 3,865,999.38
60 to 89 days 5 1,109,933.67
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 17 4,975,933.05
- --------------------------------------------------------------------------------
<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 14,150,178.08 14,150,178.08
Principal remittance amount 8,352,602.73 8,352,602.73
Interest remittance amount 5,797,575.35 5,797,575.35
