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): October 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 October 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 October 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: October 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 October 25, 1999
Payment Date: 10/25/99
------------------------------------------------------------
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 86,969,162.36 6.750000% 815,976.06 489,201.54 1,305,177.60 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 39,532,277.12 6.750000% 247,241.71 222,369.06 469,610.76 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 5.982500% 0.00 177,817.08 177,817.08 0.00 0.00
1A7 11,889,149.00 9.052500% 0.00 89,688.77 89,688.77 0.00 0.00
1A8 8,139,469.14 6.750000% 451,258.43 45,784.51 497,042.94 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 26,887,754.59 6.750000% 252,270.61 151,243.62 403,514.23 0.00 0.00
112 146,359,864.86 6.500000% 1,373,201.06 792,782.60 2,165,983.66 0.00 0.00
113 5,420,735.74 6.750000% 0.00 30,491.64 30,491.64 0.00 0.00
2A1 152,834,495.85 6.750000% 1,563,214.88 859,694.04 2,422,908.92 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 39,033,946.33 6.750000% 310,941.95 219,565.95 530,507.90 0.00 0.00
2A5 40,056,342.00 6.750000% 0.00 225,316.92 225,316.92 0.00 0.00
2A6 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
2A7 27,282,624.53 6.750000% 257,326.31 153,464.76 410,791.07 0.00 0.00
2A8 20,537,516.44 6.250000% 231,672.99 106,966.23 338,639.22 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.62 11,885.62 0.00 0.00
210 1,521,297.51 6.750000% 0.00 8,557.30 8,557.30 0.00 0.00
PO 1,650,144.95 0.000000% 9,056.87 0.00 9,056.87 0.00 0.00
X1 432,200,109.98 0.403767% 0.00 145,423.63 145,423.63 0.00 0.00
M1 12,781,506.25 6.750000% 11,362.07 71,895.97 83,258.04 0.00 0.00
1B1 5,944,887.19 6.750000% 5,284.68 33,439.99 38,724.67 0.00 0.00
1B2 3,566,931.32 6.750000% 3,170.81 20,063.99 23,234.80 0.00 0.00
1B3 2,377,953.88 6.750000% 2,113.87 13,375.99 15,489.86 0.00 0.00
1B4 1,486,221.31 6.750000% 1,321.17 8,359.99 9,681.17 0.00 0.00
1B5 2,080,713.98 6.750000% 1,849.64 11,704.02 13,553.66 0.00 0.00
X2 289,149,949.54 0.387193% 0.00 93,297.41 93,297.41 0.00 0.00
M2 7,536,504.96 6.750000% 6,537.04 42,392.84 48,929.88 0.00 0.00
2B1 4,164,973.49 6.750000% 3,612.63 23,427.98 27,040.60 0.00 0.00
2B2 1,586,621.44 6.750000% 1,376.21 8,924.75 10,300.95 0.00 0.00
2B3 1,586,621.44 6.750000% 1,376.21 8,924.75 10,300.95 0.00 0.00
2B4 793,310.22 6.750000% 688.10 4,462.37 5,150.47 0.00 0.00
2B5 1,189,851.95 6.750000% 1,032.06 6,692.92 7,724.97 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 885,516,671.60 - 5,551,885.35 5,210,470.25 10,762,355.60 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 86,153,186.30 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 39,285,035.42 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 7,688,210.72 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 26,635,483.97 0.00
112 144,986,663.80 0.00
113 5,369,876.44 0.00
2A1 151,271,280.97 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 38,723,004.38 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 27,025,298.22 0.00
2A8 20,305,843.45 0.00
2A9 2,113,000.00 0.00
210 1,504,136.55 0.00
PO 1,641,088.08 0.00
X1 429,767,416.28 0.00
M1 12,770,144.18 0.00
1B1 5,939,602.51 0.00
1B2 3,563,760.51 0.00
1B3 2,375,840.01 0.00
1B4 1,484,900.14 0.00
1B5 2,078,864.34 0.00
X2 287,076,671.73 0.00
M2 7,529,967.92 0.00
2B1 4,161,360.86 0.00
2B2 1,585,245.23 0.00
2B3 1,585,245.23 0.00
2B4 792,622.12 0.00
2B5 1,188,819.89 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 879,964,786.25 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/99
------------------------------------------------------------
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 86,969,162.36 6.750000% 12669AG73 7.779647 4.664126 821.398340
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 39,532,277.12 6.750000% 12669Ah23 5.499014 4.945810 873.756101
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.982500% 12669AH49 0.000000 4.985417 1,000.000000
1A7 11,889,149.00 9.052500% 12669AH56 0.000000 7.543750 1,000.000000
1A8 8,139,469.14 6.750000% 12669ah64 25.003237 2.536819 425.986853
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 26,887,754.59 6.750000% 12669ah98 8.418000 5.046837 888.797517
112 146,359,864.86 6.500000% 12669aj21 7.779647 4.491381 821.398340
113 5,420,735.74 6.750000% 12669aj39 0.000000 4.664127 821.398401
2A1 152,834,495.85 6.750000% 12669aj47 8.528363 4.690195 825.284136
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 39,033,946.33 6.750000% 12669Aj70 6.895570 4.869180 858.736486
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 27,282,624.53 6.750000% 12669Ak29 8.559853 5.104942 898.985371
2A8 20,537,516.44 6.250000% 12669AK37 9.247684 4.269768 810.547798
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,521,297.51 6.750000% 12669AK52 0.000000 4.611351 810.548106
PO 1,650,144.95 0.000000% 12669AK60 5.280744 0.000000 956.860825
X1 432,200,109.98 0.403767% 12669AK78 0.000000 0.293431 867.170696
M1 12,781,506.25 6.750000% 12669AL28 0.880101 5.569033 989.170233
1B1 5,944,887.19 6.750000% 12669AL44 0.880101 5.569033 989.170277
1B2 3,566,931.32 6.750000% 12669AL51 0.880101 5.569033 989.170165
1B3 2,377,953.88 6.750000% 12669AM68 0.880101 5.569032 989.170027
1B4 1,486,221.31 6.750000% 12669AM76 0.880101 5.569034 989.170446
1B5 2,080,713.98 6.750000% 12669AM84 0.880101 5.569034 989.170442
X2 289,149,949.54 0.387193% 12669AK86 0.000000 0.281008 864.663859
M2 7,536,504.96 6.750000% 12669AI36 0.858922 5.570127 989.385793
2B1 4,164,973.49 6.750000% 12669AI77 0.858922 5.570132 989.386796
2B2 1,586,621.44 6.750000% 12669AL69 0.858922 5.570133 989.386944
2B3 1,586,621.44 6.750000% 12669AM35 0.858922 5.570133 989.386944
2B4 793,310.22 6.750000% 12669AM43 0.858922 5.570129 989.386319
2B5 1,189,851.95 6.750000% 12669AM50 0.858922 5.570136 989.387428
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 885,516,671.60 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 528,019,032.01 351,945,761.00 879,964,793.01
loan count 1663 1107 2770
average loan rate 7.338589% 7.348863% 7.34
prepayment amount 2,700,672.38 2,071,534.20 4,772,206.58
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 109,100.06 71,713.29 180,813.35
sub servicer fees 5,519.90 11,288.55 16,808.46
trustee fees 3,983.94 2,657.44 6,641.38
Aggregate advances N/A N/A N/A
Advances this periods 45,382.22 31,351.04 76,733.26
- --------------------------------------------------------------------------------
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% 885,516,671.60
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 33 8,291,170.71
60 to 89 days 7 1,336,267.79
90 or more 1 173,068.50
Foreclosure 3 709,450.64
Totals: 44 10,509,957.64
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 254,511.60
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 10,762,355.60 10,762,355.60
Principal remittance amount 5,551,885.35 5,551,885.35
Interest remittance amount 5,210,470.25 5,210,470.25
