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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 100,488,728.66 6.750000% 1,016,635.65 565,249.10 1,581,884.75 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 43,628,721.61 6.750000% 308,041.80 245,411.56 553,453.36 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 6.224380% 0.00 185,006.45 185,006.45 0.00 0.00
1A7 11,889,149.00 8.326860% 0.00 82,499.40 82,499.40 0.00 0.00
1A8 15,616,181.42 6.750000% 562,229.00 87,841.02 650,070.02 0.00 0.00
1A9 39,957,000.00 6.750000% 0.00 224,758.13 224,758.13 0.00 0.00
110 1,099,520.97 6.750000% 314,307.38 6,184.81 320,492.19 0.00 0.00
111 29,968,000.00 6.750000% 0.00 168,570.00 168,570.00 0.00 0.00
112 169,111,859.29 6.500000% 1,710,889.84 916,022.57 2,626,912.41 0.00 0.00
113 6,263,402.20 6.750000% 0.00 35,231.64 35,231.64 0.00 0.00
2A1 176,707,875.20 6.750000% 3,482,611.32 993,981.80 4,476,593.12 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 43,782,644.16 6.750000% 692,732.63 246,277.37 939,010.00 0.00 0.00
2A5 40,056,342.00 6.750000% 0.00 225,316.92 225,316.92 0.00 0.00
2A6 1,150,505.57 6.750000% 573,284.91 6,471.59 579,756.51 0.00 0.00
2A7 30,062,000.00 6.750000% 0.00 169,098.75 169,098.75 0.00 0.00
2A8 24,075,620.65 6.250000% 516,133.12 125,393.86 641,526.98 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,783,379.38 6.750000% 0.00 10,031.51 10,031.51 0.00 0.00
PO 1,707,724.15 0.000000% 1,776.11 0.00 1,776.11 0.00 0.00
X1 478,987,156.14 0.422776% 0.00 168,837.02 168,837.02 0.00 0.00
M1 12,878,977.66 6.750000% 10,469.80 72,444.25 82,914.05 0.00 0.00
1B1 5,990,222.73 6.750000% 4,869.67 33,695.00 38,564.67 0.00 0.00
1B2 3,594,132.64 6.750000% 2,921.80 20,217.00 23,138.80 0.00 0.00
1B3 2,396,088.09 6.750000% 1,947.87 13,478.00 15,425.87 0.00 0.00
1B4 1,497,555.19 6.750000% 1,217.42 8,423.75 9,641.17 0.00 0.00
1B5 2,096,581.45 6.750000% 1,704.39 11,793.27 13,497.66 0.00 0.00
X2 322,647,239.20 0.401737% 0.00 108,072.27 108,072.27 0.00 0.00
M2 7,593,081.97 6.750000% 6,085.40 42,711.09 48,796.49 0.00 0.00
2B1 4,196,240.17 6.750000% 3,363.03 23,603.85 26,966.88 0.00 0.00
2B2 1,598,532.29 6.750000% 1,281.13 8,991.74 10,272.87 0.00 0.00
2B3 1,598,532.29 6.750000% 1,281.13 8,991.74 10,272.87 0.00 0.00
2B4 799,265.64 6.750000% 640.56 4,495.87 5,136.43 0.00 0.00
2B5 1,198,784.23 6.750000% 960.75 6,743.16 7,703.91 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 974,030,694.04 - 9,215,384.72 5,746,226.00 14,961,610.72 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 99,472,093.01 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 43,320,679.82 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 15,053,952.42 0.00
1A9 39,957,000.00 0.00
110 785,213.59 0.00
111 29,968,000.00 0.00
112 167,400,969.45 0.00
113 6,200,035.91 0.00
2A1 173,225,263.88 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 43,089,911.53 0.00
2A5 40,056,342.00 0.00
2A6 577,220.66 0.00
2A7 30,062,000.00 0.00
2A8 23,559,487.53 0.00
2A9 2,113,000.00 0.00
210 1,745,147.22 0.00
PO 1,705,948.04 0.00
X1 475,161,272.32 0.00
M1 12,868,507.86 0.00
1B1 5,985,353.06 0.00
1B2 3,591,210.84 0.00
1B3 2,394,140.22 0.00
1B4 1,496,337.77 0.00
1B5 2,094,877.06 0.00
X2 317,435,291.39 0.00
M2 7,586,996.57 0.00
2B1 4,192,877.14 0.00
2B2 1,597,251.16 0.00
2B3 1,597,251.16 0.00
2B4 798,625.08 0.00
2B5 1,197,823.48 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 964,815,309.32 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 100,488,728.66 6.750000% 12669AG73 9.692768 5.389176 948.382940
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 43,628,721.61 6.750000% 12669Ah23 6.851296 5.458309 963.514679
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 6.224380% 12669AH49 0.000000 5.186983 1,000.000000
1A7 11,889,149.00 8.326860% 12669AH56 0.000000 6.939050 1,000.000000
1A8 15,616,181.42 6.750000% 12669ah64 31.151873 4.867078 834.106406
1A9 39,957,000.00 6.750000% 12669ah72 0.000000 5.625000 1,000.000000
110 1,099,520.97 6.750000% 12669ah80 127.819188 2.515171 319.322321
111 29,968,000.00 6.750000% 12669ah98 0.000000 5.625000 1,000.000000
112 169,111,859.29 6.500000% 12669aj21 9.692768 5.189577 948.382940
113 6,263,402.20 6.750000% 12669aj39 0.000000 5.389176 948.383010
2A1 176,707,875.20 6.750000% 12669aj47 18.999931 5.422823 945.057524
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 43,782,644.16 6.750000% 12669Aj70 15.362310 5.461543 955.578727
2A5 40,056,342.00 6.750000% 12669aj88 0.000000 5.625000 1,000.000000
2A6 1,150,505.57 6.750000% 12669Aj96 256.503316 2.895568 258.264276
2A7 30,062,000.00 6.750000% 12669Ak29 0.000000 5.625000 1,000.000000
2A8 24,075,620.65 6.250000% 12669AK37 20.602472 5.005343 940.423420
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,783,379.38 6.750000% 12669AK52 0.000000 5.405773 940.423777
PO 1,707,724.15 0.000000% 12669AK60 1.035585 0.000000 994.678085
X1 478,987,156.14 0.422776% 12669AK78 0.000000 0.340674 958.764940
M1 12,878,977.66 6.750000% 12669AL28 0.810986 5.611502 996.789444
1B1 5,990,222.73 6.750000% 12669AL44 0.810986 5.611502 996.789487
1B2 3,594,132.64 6.750000% 12669AL51 0.810986 5.611503 996.789376
1B3 2,396,088.09 6.750000% 12669AM68 0.810986 5.611503 996.789238
1B4 1,497,555.19 6.750000% 12669AM76 0.810986 5.611505 996.789657
1B5 2,096,581.45 6.750000% 12669AM84 0.810986 5.611503 996.789653
X2 322,647,239.20 0.401737% 12669AK86 0.000000 0.325510 956.102847
M2 7,593,081.97 6.750000% 12669AI36 0.799580 5.611942 996.878963
2B1 4,196,240.17 6.750000% 12669AI77 0.799580 5.611947 996.879966
2B2 1,598,532.29 6.750000% 12669AL69 0.799580 5.611946 996.880114
2B3 1,598,532.29 6.750000% 12669AM35 0.799580 5.611946 996.880114
2B4 799,265.64 6.750000% 12669AM43 0.799580 5.611946 996.879490
2B5 1,198,784.23 6.750000% 12669AM50 0.799580 5.611948 996.880318
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 974,030,694.04 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 579,532,950.80 385,282,365.28 964,815,316.08
loan count 1805 1204 3009
ave loan rate 7.357432% 7.365767% 7.36
prepay amount 3,461,773.21 4,966,120.67 8,427,893.88
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 116,569.48 77,865.17 194,434.64
sub servicer fees 5,976.82 12,485.88 18,462.70
trustee fees 4,376.02 2,929.21 7,305.23
Aggregate advances N/A N/A N/A
Advances this periods 20,502.50 23,581.72 44,084.22
- --------------------------------------------------------------------------------
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% 974,030,694.04
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 14 5,439,142.13
60 to 89 days 2 534,603.81
90 or more 1 78,141.69
Foreclosure 0 0.00
Totals: 17 6,051,887.63
- --------------------------------------------------------------------------------
<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 14,961,610.72 14,961,610.72
Principal remittance amount 9,215,384.72 9,215,384.72
Interest remittance amount 5,746,226.00 5,746,226.00
