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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 94,013,992.98 6.750000% 1,050,479.58 528,828.71 1,579,308.29 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 41,666,869.09 6.750000% 318,296.55 234,376.14 552,672.69 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 5.506250% 0.00 163,661.56 163,661.56 0.00 0.00
1A7 11,889,149.00 10.481250% 0.00 103,844.29 103,844.29 0.00 0.00
1A8 12,035,464.80 6.750000% 580,945.68 67,699.49 648,645.17 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 29,065,764.26 6.750000% 324,770.72 163,494.92 488,265.64 0.00 0.00
112 158,215,566.70 6.500000% 1,767,845.59 857,000.99 2,624,846.57 0.00 0.00
113 5,859,835.80 6.750000% 0.00 32,961.58 32,961.58 0.00 0.00
2A1 165,276,772.07 6.750000% 3,035,736.47 929,681.84 3,965,418.32 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 41,508,862.40 6.750000% 603,843.93 233,487.35 837,331.28 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 29,330,791.43 6.750000% 499,723.27 164,985.70 664,708.97 0.00 0.00
2A8 22,381,497.94 6.250000% 449,904.97 116,570.30 566,475.27 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,657,888.74 6.750000% 0.00 9,325.62 9,325.62 0.00 0.00
PO 1,692,483.26 0.000000% 4,525.04 0.00 4,525.04 0.00 0.00
X1 455,983,890.78 0.412580% 0.00 156,774.83 156,774.83 0.00 0.00
M1 12,836,595.38 6.750000% 10,853.08 72,205.85 83,058.93 0.00 0.00
1B1 5,970,510.04 6.750000% 5,047.94 33,584.12 38,632.06 0.00 0.00
1B2 3,582,305.03 6.750000% 3,028.77 20,150.47 23,179.23 0.00 0.00
1B3 2,388,203.02 6.750000% 2,019.18 13,433.64 15,452.82 0.00 0.00
1B4 1,492,627.02 6.750000% 1,261.99 8,396.03 9,658.01 0.00 0.00
1B5 2,089,681.99 6.750000% 1,766.78 11,754.46 13,521.24 0.00 0.00
X2 306,396,736.51 0.394480% 0.00 100,722.83 100,722.83 0.00 0.00
M2 7,568,418.81 6.750000% 6,289.28 42,572.36 48,861.63 0.00 0.00
2B1 4,182,610.34 6.750000% 3,475.70 23,527.18 27,002.89 0.00 0.00
2B2 1,593,340.09 6.750000% 1,324.05 8,962.54 10,286.59 0.00 0.00
2B3 1,593,340.09 6.750000% 1,324.05 8,962.54 10,286.59 0.00 0.00
2B4 796,669.54 6.750000% 662.02 4,481.27 5,143.29 0.00 0.00
2B5 1,194,890.45 6.750000% 992.94 6,721.26 7,714.20 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 931,670,574.74 - 8,674,117.57 5,488,624.42 14,162,741.99 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 92,963,513.40 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 41,348,572.54 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 11,454,519.12 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 28,740,993.55 0.00
112 156,447,721.11 0.00
113 5,794,360.04 0.00
2A1 162,241,035.60 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 40,905,018.47 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 28,831,068.16 0.00
2A8 21,931,592.97 0.00
2A9 2,113,000.00 0.00
210 1,624,562.44 0.00
PO 1,687,958.22 0.00
X1 452,450,153.57 0.00
M1 12,825,742.30 0.00
1B1 5,965,462.10 0.00
1B2 3,579,276.26 0.00
1B3 2,386,183.84 0.00
1B4 1,491,365.03 0.00
1B5 2,087,915.21 0.00
X2 301,864,052.07 0.00
M2 7,562,129.54 0.00
2B1 4,179,134.64 0.00
2B2 1,592,016.04 0.00
2B3 1,592,016.04 0.00
2B4 796,007.52 0.00
2B5 1,193,897.51 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 922,996,457.17 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 94,013,992.98 6.750000% 12669AG73 10.015441 5.041938 886.329094
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 41,666,869.09 6.750000% 12669Ah23 7.079376 5.212865 919.652156
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.506250% 12669AH49 0.000000 4.588542 1,000.000000
1A7 11,889,149.00 10.481250% 12669AH56 0.000000 8.734375 1,000.000000
1A8 12,035,464.80 6.750000% 12669ah64 32.188923 3.751080 634.669721
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 29,065,764.26 6.750000% 12669ah98 10.837250 5.455650 959.056111
112 158,215,566.70 6.500000% 12669aj21 10.015441 4.855200 886.329094
113 5,859,835.80 6.750000% 12669aj39 0.000000 5.041938 886.329160
2A1 165,276,772.07 6.750000% 12669aj47 16.561935 5.072025 885.131348
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 41,508,862.40 6.750000% 12669Aj70 13.391079 5.177907 907.125684
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 29,330,791.43 6.750000% 12669Ak29 16.623088 5.488181 959.053561
2A8 22,381,497.94 6.250000% 12669AK37 17.958844 4.653134 875.442798
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,657,888.74 6.750000% 12669AK52 0.000000 5.025386 875.443130
PO 1,692,483.26 0.000000% 12669AK60 2.638392 0.000000 984.188855
X1 455,983,890.78 0.412580% 12669AK78 0.000000 0.316335 912.939184
M1 12,836,595.38 6.750000% 12669AL28 0.840675 5.593036 993.476841
1B1 5,970,510.04 6.750000% 12669AL44 0.840675 5.593036 993.476885
1B2 3,582,305.03 6.750000% 12669AL51 0.840675 5.593036 993.476773
1B3 2,388,203.02 6.750000% 12669AM68 0.840675 5.593035 993.476635
1B4 1,492,627.02 6.750000% 12669AM76 0.840675 5.593037 993.477054
1B5 2,089,681.99 6.750000% 12669AM84 0.840675 5.593037 993.477050
X2 306,396,736.51 0.394480% 12669AK86 0.000000 0.303373 909.202876
M2 7,568,418.81 6.750000% 12669AI36 0.826368 5.593714 993.611607
2B1 4,182,610.34 6.750000% 12669AI77 0.826368 5.593719 993.612610
2B2 1,593,340.09 6.750000% 12669AL69 0.826368 5.593720 993.612758
2B3 1,593,340.09 6.750000% 12669AM35 0.826368 5.593720 993.612758
2B4 796,669.54 6.750000% 12669AM43 0.826368 5.593717 993.612133
2B5 1,194,890.45 6.750000% 12669AM50 0.826368 5.593721 993.612961
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 931,670,574.74 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 554,379,669.46 368,616,794.47 922,996,463.93
Loan count 1737 1163 2900
Average loan rate 7.346931% 7.358338% 7.35
Prepayment amount 3,597,684.17 4,293,984.37 7,891,668.54
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 113,829.62 75,995.39 189,825.02
Monthly sub servicer fees 5,687.93 12,249.42 17,937.35
Monthly trustee fees 4,188.37 2,799.16 6,987.53
Aggregate advances N/A N/A N/A
Advances this periods 16,353.59 13,850.17 30,203.76
- --------------------------------------------------------------------------------
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% 931,670,574.74
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 17 3,850,929.04
60 to 89 days 1 58,153.63
90 or more 0 0.00
Foreclosure 1 255,360.31
Totals: 19 4,164,442.98
- --------------------------------------------------------------------------------
<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 14,162,741.99 14,162,741.99
Principal remittance amount 8,674,117.57 8,674,117.57
Interest remittance amount 5,488,624.42 5,488,624.42
