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): November 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 November 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 November 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
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 86,153,186.30 6.750000% 1,202,720.96 484,611.67 1,687,332.64 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 39,285,035.42 6.750000% 364,425.87 220,978.32 585,404.19 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 6.008750% 0.00 178,597.31 178,597.31 0.00 0.00
1A7 11,889,149.00 8.973750% 0.00 88,908.54 88,908.54 0.00 0.00
1A8 7,688,210.72 6.750000% 665,139.57 43,246.19 708,385.76 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 26,635,483.97 6.750000% 371,838.31 149,824.60 521,662.90 0.00 0.00
112 144,986,663.80 6.500000% 2,024,051.66 785,344.43 2,809,396.09 0.00 0.00
113 5,369,876.44 6.750000% 0.00 30,205.55 30,205.55 0.00 0.00
2A1 151,271,280.97 6.750000% 721,633.46 850,900.96 1,572,534.42 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 38,723,004.38 6.750000% 143,541.44 217,816.90 361,358.34 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 27,025,298.22 6.750000% 118,790.63 152,017.30 270,807.93 0.00 0.00
2A8 20,305,843.45 6.250000% 106,948.18 105,759.60 212,707.78 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,504,136.55 6.750000% 0.00 8,460.77 8,460.77 0.00 0.00
PO 1,641,088.08 0.000000% 3,064.07 0.00 3,064.07 0.00 0.00
X1 429,767,416.28 0.403171% 0.00 144,391.47 144,391.47 0.00 0.00
M1 12,770,144.18 6.750000% 11,425.77 71,832.06 83,257.83 0.00 0.00
1B1 5,939,602.51 6.750000% 5,314.31 33,410.26 38,724.58 0.00 0.00
1B2 3,563,760.51 6.750000% 3,188.59 20,046.15 23,234.74 0.00 0.00
1B3 2,375,840.01 6.750000% 2,125.72 13,364.10 15,489.82 0.00 0.00
1B4 1,484,900.14 6.750000% 1,328.58 8,352.56 9,681.14 0.00 0.00
1B5 2,078,864.34 6.750000% 1,860.01 11,693.61 13,553.62 0.00 0.00
X2 287,076,671.73 0.387192% 0.00 92,628.23 92,628.23 0.00 0.00
M2 7,529,967.92 6.750000% 6,621.00 42,356.07 48,977.07 0.00 0.00
2B1 4,161,360.86 6.750000% 3,659.03 23,407.65 27,066.68 0.00 0.00
2B2 1,585,245.23 6.750000% 1,393.88 8,917.00 10,310.89 0.00 0.00
2B3 1,585,245.23 6.750000% 1,393.88 8,917.00 10,310.89 0.00 0.00
2B4 792,622.12 6.750000% 696.94 4,458.50 5,155.44 0.00 0.00
2B5 1,188,819.89 6.750000% 1,045.31 6,687.11 7,732.42 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 879,964,786.25 - 5,762,207.18 5,177,590.49 10,939,797.67 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 84,950,465.33 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 38,920,609.55 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 7,023,071.14 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 26,263,645.67 0.00
112 142,962,612.14 0.00
113 5,294,911.56 0.00
2A1 150,549,647.51 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 38,579,462.94 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 26,906,507.60 0.00
2A8 20,198,895.27 0.00
2A9 2,113,000.00 0.00
210 1,496,214.46 0.00
PO 1,638,024.01 0.00
X1 426,113,831.14 0.00
M1 12,758,718.41 0.00
1B1 5,934,288.19 0.00
1B2 3,560,571.92 0.00
1B3 2,373,714.28 0.00
1B4 1,483,571.56 0.00
1B5 2,077,004.33 0.00
X2 286,043,929.31 0.00
M2 7,523,346.92 0.00
2B1 4,157,701.84 0.00
2B2 1,583,851.35 0.00
2B3 1,583,851.35 0.00
2B4 791,925.17 0.00
2B5 1,187,774.58 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 874,202,579.07 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
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 86,153,186.30 6.750000% 12669AG73 11.466935 4.620366 809.931405
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 39,285,035.42 6.750000% 12669Ah23 8.105359 4.914878 865.650741
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 6.008750% 12669AH49 0.000000 5.007292 1,000.000000
1A7 11,889,149.00 8.973750% 12669AH56 0.000000 7.478125 1,000.000000
1A8 7,688,210.72 6.750000% 12669ah64 36.853921 2.396176 389.132931
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 26,635,483.97 6.750000% 12669ah98 12.407845 4.999486 876.389671
112 144,986,663.80 6.500000% 12669aj21 11.466935 4.449241 809.931405
113 5,369,876.44 6.750000% 12669aj39 0.000000 4.620366 809.931465
2A1 151,271,280.97 6.750000% 12669aj47 3.936984 4.642223 821.347152
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 38,723,004.38 6.750000% 12669Aj70 3.183231 4.830393 855.553255
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 27,025,298.22 6.750000% 12669Ak29 3.951521 5.056793 895.033850
2A8 20,305,843.45 6.250000% 12669AK37 4.269047 4.221603 806.278751
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,504,136.55 6.750000% 12669AK52 0.000000 4.559333 806.279057
PO 1,641,088.08 0.000000% 12669AK60 1.786550 0.000000 955.074274
X1 429,767,416.28 0.403171% 12669AK78 0.000000 0.291348 859.798611
M1 12,770,144.18 6.750000% 12669AL28 0.885036 5.564083 988.285197
1B1 5,939,602.51 6.750000% 12669AL44 0.885036 5.564083 988.285241
1B2 3,563,760.51 6.750000% 12669AL51 0.885036 5.564082 988.285130
1B3 2,375,840.01 6.750000% 12669AM68 0.885036 5.564081 988.284991
1B4 1,484,900.14 6.750000% 12669AM76 0.885036 5.564084 988.285410
1B5 2,078,864.34 6.750000% 12669AM84 0.885036 5.564084 988.285406
X2 287,076,671.73 0.387192% 12669AK86 0.000000 0.278993 861.553279
M2 7,529,967.92 6.750000% 12669AI36 0.869954 5.565295 988.515839
2B1 4,161,360.86 6.750000% 12669AI77 0.869954 5.565301 988.516842
2B2 1,585,245.23 6.750000% 12669AL69 0.869954 5.565302 988.516990
2B3 1,585,245.23 6.750000% 12669AM35 0.869954 5.565302 988.516990
2B4 792,622.12 6.750000% 12669AM43 0.869954 5.565298 988.516365
2B5 1,188,819.89 6.750000% 12669AM50 0.869954 5.565304 988.517474
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 879,964,786.25 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 523,363,455.13 350,839,130.70 874,202,585.83
loan count 1653 1101 2754
average loan rate 7.338183% 7.348868% 7.34
prepayment amount 4,183,064.95 797,108.49 4,980,173.44
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 106,421.88 72,864.87 179,286.75
sub servicer fees 5,457.29 11,279.19 16,736.49
trustee fees 3,960.14 2,639.59 6,599.74
Aggregate advances N/A N/A N/A
Advances this periods 29,202.52 31,995.70 61,198.22
- --------------------------------------------------------------------------------
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% 879,964,786.25
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 26 5,761,104.63
60 to 89 days 7 1,236,532.49
90 or more 4 585,927.46
Foreclosure 2 682,202.36
Totals: 39 8,265,766.94
- --------------------------------------------------------------------------------
<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: 254,338.29
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 10,939,797.67 10,939,797.67
Principal remittance amount 5,762,207.18 5,762,207.18
Interest remittance amount 5,177,590.49 5,177,590.49
