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): March 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 March 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 March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 98,012,451.92 6.750000% 2,262,128.05 551,320.04 2,813,448.10 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 42,878,406.85 6.750000% 685,427.46 241,191.04 926,618.50 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 5.536880% 0.00 164,571.97 164,571.97 0.00 0.00
1A7 11,889,149.00 10.389360% 0.00 102,933.87 102,933.87 0.00 0.00
1A8 14,246,728.56 6.750000% 1,251,022.42 80,137.85 1,331,160.27 0.00 0.00
1A9 39,957,000.00 6.750000% 0.00 224,758.13 224,758.13 0.00 0.00
110 333,944.77 6.750000% 333,944.77 1,878.44 335,823.20 0.00 0.00
111 29,968,000.00 6.750000% 365,424.32 168,570.00 533,994.32 0.00 0.00
112 164,944,548.50 6.500000% 3,806,921.29 893,449.64 4,700,370.93 0.00 0.00
113 6,109,057.35 6.750000% 0.00 34,363.45 34,363.45 0.00 0.00
2A1 170,410,841.82 6.750000% 3,873,723.41 958,560.99 4,832,284.39 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 42,530,089.66 6.750000% 770,529.45 239,231.75 1,009,761.21 0.00 0.00
2A5 40,056,342.00 6.750000% 0.00 225,316.92 225,316.92 0.00 0.00
2A6 113,928.73 6.750000% 113,928.73 640.85 114,569.58 0.00 0.00
2A7 30,062,000.00 6.750000% 523,738.52 169,098.75 692,837.27 0.00 0.00
2A8 23,142,382.00 6.250000% 574,097.07 120,533.24 694,630.31 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,714,250.52 6.750000% 0.00 9,642.66 9,642.66 0.00 0.00
PO 1,698,569.94 0.000000% 2,744.80 0.00 2,744.80 0.00 0.00
X1 469,863,375.30 0.419732% 0.00 164,347.21 164,347.21 0.00 0.00
M1 12,857,966.71 6.750000% 10,627.53 72,326.06 82,953.59 0.00 0.00
1B1 5,980,450.20 6.750000% 4,943.04 33,640.03 38,583.07 0.00 0.00
1B2 3,588,269.12 6.750000% 2,965.82 20,184.01 23,149.83 0.00 0.00
1B3 2,392,179.08 6.750000% 1,977.21 13,456.01 15,433.22 0.00 0.00
1B4 1,495,112.06 6.750000% 1,235.76 8,410.01 9,645.76 0.00 0.00
1B5 2,093,161.05 6.750000% 1,730.07 11,774.03 13,504.10 0.00 0.00
X2 313,781,232.21 0.395915% 0.00 103,525.58 103,525.58 0.00 0.00
M2 7,580,850.47 6.750000% 6,180.96 42,642.28 48,823.25 0.00 0.00
2B1 4,189,480.56 6.750000% 3,415.84 23,565.83 26,981.67 0.00 0.00
2B2 1,595,957.26 6.750000% 1,301.24 8,977.26 10,278.50 0.00 0.00
2B3 1,595,957.26 6.750000% 1,301.24 8,977.26 10,278.50 0.00 0.00
2B4 797,978.13 6.750000% 650.62 4,488.63 5,139.25 0.00 0.00
2B5 1,196,853.14 6.750000% 975.84 6,732.30 7,708.14 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 954,899,425.79 - 14,600,935.48 5,629,627.61 20,230,563.09 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 95,750,323.87 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 42,192,979.39 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 12,995,706.14 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 29,602,575.68 0.00
112 161,137,627.20 0.00
113 5,968,060.27 0.00
2A1 166,537,118.41 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 41,759,560.21 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 29,538,261.48 0.00
2A8 22,568,284.93 0.00
2A9 2,113,000.00 0.00
210 1,671,724.81 0.00
PO 1,695,825.15 0.00
X1 461,555,576.53 0.00
M1 12,847,339.18 0.00
1B1 5,975,507.16 0.00
1B2 3,585,303.30 0.00
1B3 2,390,201.87 0.00
1B4 1,493,876.30 0.00
1B5 2,091,430.99 0.00
X2 308,244,575.41 0.00
M2 7,574,669.51 0.00
2B1 4,186,064.72 0.00
2B2 1,594,656.01 0.00
2B3 1,594,656.01 0.00
2B4 797,327.51 0.00
2B5 1,195,877.30 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 940,298,490.31 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 98,012,451.92 6.750000% 12669AG73 21.567493 5.256374 912.898994
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 42,878,406.85 6.750000% 12669Ah23 15.244900 5.364438 938.432987
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.536880% 12669AH49 0.000000 4.614067 1,000.000000
1A7 11,889,149.00 10.389360% 12669AH56 0.000000 8.657800 1,000.000000
1A8 14,246,728.56 6.750000% 12669ah64 69.316402 4.440262 720.063505
1A9 39,957,000.00 6.750000% 12669ah72 0.000000 5.625000 1,000.000000
110 333,944.77 6.750000% 12669ah80 135.805110 0.763904 0.000000
111 29,968,000.00 6.750000% 12669ah98 12.193818 5.625000 987.806182
112 164,944,548.50 6.500000% 12669aj21 21.567493 5.061693 912.898994
113 6,109,057.35 6.750000% 12669aj39 0.000000 5.256374 912.899061
2A1 170,410,841.82 6.750000% 12669aj47 21.133704 5.229579 908.569300
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 42,530,089.66 6.750000% 12669Aj70 17.087562 5.305297 926.076336
2A5 40,056,342.00 6.750000% 12669aj88 0.000000 5.625000 1,000.000000
2A6 113,928.73 6.750000% 12669Aj96 50.974824 0.286733 0.000000
2A7 30,062,000.00 6.750000% 12669Ak29 17.421945 5.625000 982.578055
2A8 23,142,382.00 6.250000% 12669AK37 22.916217 4.811322 900.857613
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,714,250.52 6.750000% 12669AK52 0.000000 5.196230 900.857955
PO 1,698,569.94 0.000000% 12669AK60 1.600395 0.000000 988.775780
X1 469,863,375.30 0.419732% 12669AK78 0.000000 0.331614 931.311810
M1 12,857,966.71 6.750000% 12669AL28 0.823204 5.602348 995.149727
1B1 5,980,450.20 6.750000% 12669AL44 0.823204 5.602348 995.149770
1B2 3,588,269.12 6.750000% 12669AL51 0.823204 5.602347 995.149659
1B3 2,392,179.08 6.750000% 12669AM68 0.823204 5.602347 995.149520
1B4 1,495,112.06 6.750000% 12669AM76 0.823204 5.602349 995.149940
1B5 2,093,161.05 6.750000% 12669AM84 0.823204 5.602349 995.149936
X2 313,781,232.21 0.395915% 12669AK86 0.000000 0.311815 928.420766
M2 7,580,850.47 6.750000% 12669AI36 0.812136 5.602902 995.259272
2B1 4,189,480.56 6.750000% 12669AI77 0.812136 5.602907 995.260275
2B2 1,595,957.26 6.750000% 12669AL69 0.812136 5.602908 995.260424
2B3 1,595,957.26 6.750000% 12669AM35 0.812136 5.602908 995.260424
2B4 797,978.13 6.750000% 12669AM43 0.812136 5.602905 995.259799
2B5 1,196,853.14 6.750000% 12669AM50 0.812136 5.602909 995.260627
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 954,899,425.79 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 565,157,239.72 375,141,257.35 940,298,497.07
Aggregated loan count 1781 1184 2965
average loan rate 7.354042% 7.360491% 7.36
prepayment amount 8,255,317.20 5,560,473.41 13,815,790.61
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 109,882.49 75,371.63 185,254.12
sub servicer fees 5,884.68 12,411.56 18,296.24
trustee fees 4,304.15 2,857.59 7,161.75
Aggregate advances N/A N/A N/A
Advances this periods 20,326.15 29,954.57 50,280.72
- --------------------------------------------------------------------------------
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% 954,899,425.79
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 22 5,425,082.80
60 to 89 days 1 52,039.46
90 or more 1 278,063.78
Foreclosure 2 368,606.78
Totals: 26 6,123,792.82
- --------------------------------------------------------------------------------
<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 20,230,563.09 20,230,563.09
Principal remittance amount 14,600,935.48 14,600,935.48
Interest remittance amount 5,629,627.61 5,629,627.61
