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): September 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 September 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 September 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: September 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 September 25, 1999
Payment Date: 09/25/99
------------------------------------------------------------
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 88,816,406.92 6.750000% 1,847,244.57 499,592.29 2,346,836.85 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 40,091,994.40 6.750000% 559,717.28 225,517.47 785,234.74 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 5.938750% 0.00 176,516.70 176,516.70 0.00 0.00
1A7 11,889,149.00 9.183750% 0.00 90,989.14 90,989.14 0.00 0.00
1A8 9,161,048.96 6.750000% 1,021,579.82 51,530.90 1,073,110.72 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 27,458,856.54 6.750000% 571,101.95 154,456.07 725,558.02 0.00 0.00
112 149,468,581.30 6.500000% 3,108,716.44 809,621.48 3,918,337.92 0.00 0.00
113 5,535,873.38 6.750000% 0.00 31,139.29 31,139.29 0.00 0.00
2A1 155,123,967.12 6.750000% 2,289,471.27 872,572.32 3,162,043.59 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 39,489,349.27 6.750000% 455,402.94 222,127.59 677,530.53 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 27,659,502.46 6.750000% 376,877.93 155,584.70 532,462.63 0.00 0.00
2A8 20,876,822.73 6.250000% 339,306.30 108,733.45 448,039.75 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,546,431.31 6.750000% 0.00 8,698.68 8,698.68 0.00 0.00
PO 1,653,023.78 0.000000% 2,878.83 0.00 2,878.83 0.00 0.00
X1 438,610,514.79 0.406604% 0.00 148,617.42 148,617.42 0.00 0.00
M1 12,792,705.71 6.750000% 11,199.46 71,958.97 83,158.43 0.00 0.00
1B1 5,950,096.24 6.750000% 5,209.05 33,469.29 38,678.34 0.00 0.00
1B2 3,570,056.75 6.750000% 3,125.43 20,081.57 23,207.00 0.00 0.00
1B3 2,380,037.50 6.750000% 2,083.62 13,387.71 15,471.33 0.00 0.00
1B4 1,487,523.57 6.750000% 1,302.26 8,367.32 9,669.58 0.00 0.00
1B5 2,082,537.15 6.750000% 1,823.17 11,714.27 13,537.44 0.00 0.00
X2 292,391,532.92 0.387875% 0.00 94,509.44 94,509.44 0.00 0.00
M2 7,542,987.93 6.750000% 6,482.96 42,429.31 48,912.27 0.00 0.00
2B1 4,168,556.23 6.750000% 3,582.74 23,448.13 27,030.87 0.00 0.00
2B2 1,587,986.26 6.750000% 1,364.82 8,932.42 10,297.25 0.00 0.00
2B3 1,587,986.26 6.750000% 1,364.82 8,932.42 10,297.25 0.00 0.00
2B4 793,992.63 6.750000% 682.41 4,466.21 5,148.62 0.00 0.00
2B5 1,190,875.47 6.750000% 1,023.52 6,698.67 7,722.19 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 896,128,213.20 - 10,611,541.60 5,274,549.80 15,886,091.40 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 86,969,162.36 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 39,532,277.12 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 8,139,469.14 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 26,887,754.59 0.00
112 146,359,864.86 0.00
113 5,420,735.74 0.00
2A1 152,834,495.85 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 39,033,946.33 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 27,282,624.53 0.00
2A8 20,537,516.44 0.00
2A9 2,113,000.00 0.00
210 1,521,297.51 0.00
PO 1,650,144.95 0.00
X1 432,200,109.98 0.00
M1 12,781,506.25 0.00
1B1 5,944,887.19 0.00
1B2 3,566,931.32 0.00
1B3 2,377,953.88 0.00
1B4 1,486,221.31 0.00
1B5 2,080,713.98 0.00
X2 289,149,949.54 0.00
M2 7,536,504.96 0.00
2B1 4,164,973.49 0.00
2B2 1,586,621.44 0.00
2B3 1,586,621.44 0.00
2B4 793,310.22 0.00
2B5 1,189,851.95 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 885,516,671.60 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
------------------------------------------------------------
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 88,816,406.92 6.750000% 12669AG73 17.611927 4.763193 829.177987
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 40,091,994.40 6.750000% 12669Ah23 12.448923 5.015835 879.255114
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.938750% 12669AH49 0.000000 4.948958 1,000.000000
1A7 11,889,149.00 9.183750% 12669AH56 0.000000 7.653125 1,000.000000
1A8 9,161,048.96 6.750000% 12669ah64 56.603492 2.855214 450.990090
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 27,458,856.54 6.750000% 12669ah98 19.057059 5.154033 897.215516
112 149,468,581.30 6.500000% 12669aj21 17.611927 4.586779 829.177987
113 5,535,873.38 6.750000% 12669aj39 0.000000 4.763194 829.178048
2A1 155,123,967.12 6.750000% 12669aj47 12.490569 4.760455 833.812499
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 39,489,349.27 6.750000% 12669Aj70 10.099194 4.925988 865.632057
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 27,659,502.46 6.750000% 12669Ak29 12.536688 5.175461 907.545224
2A8 20,876,822.73 6.250000% 12669AK37 13.544080 4.340310 819.795483
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,546,431.31 6.750000% 12669AK52 0.000000 4.687537 819.795794
PO 1,653,023.78 0.000000% 12669AK60 1.678547 0.000000 962.141568
X1 438,610,514.79 0.406604% 12669AK78 0.000000 0.299875 872.079306
M1 12,792,705.71 6.750000% 12669AL28 0.867505 5.573913 990.050334
1B1 5,950,096.24 6.750000% 12669AL44 0.867505 5.573913 990.050378
1B2 3,570,056.75 6.750000% 12669AL51 0.867505 5.573912 990.050267
1B3 2,380,037.50 6.750000% 12669AM68 0.867505 5.573912 990.050128
1B4 1,487,523.57 6.750000% 12669AM76 0.867505 5.573914 990.050547
1B5 2,082,537.15 6.750000% 12669AM84 0.867505 5.573914 990.050543
X2 292,391,532.92 0.387875% 12669AK86 0.000000 0.284659 870.908492
M2 7,542,987.93 6.750000% 12669AI36 0.851817 5.574918 990.244715
2B1 4,168,556.23 6.750000% 12669AI77 0.851817 5.574924 990.245718
2B2 1,587,986.26 6.750000% 12669AL69 0.851817 5.574924 990.245866
2B3 1,587,986.26 6.750000% 12669AM35 0.851817 5.574924 990.245866
2B4 793,992.63 6.750000% 12669AM43 0.851817 5.574921 990.245241
2B5 1,190,875.47 6.750000% 12669AM50 0.851817 5.574927 990.246350
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 896,128,213.20 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 531,191,984.04 354,324,694.32 885,516,678.36
loan count 1681 1119 2800
average loan rate 7.341328% 7.349638% 7.34
prepayment amount 6,663,532.89 3,169,059.04 9,832,591.93
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 106,876.90 72,042.27 178,919.17
sub servicer fees 5,524.27 11,298.39 16,822.66
trustee fees 4,037.45 2,683.51 6,720.96
Aggregate advances N/A N/A N/A
Advances this periods 43,627.32 20,796.10 64,423.42
- --------------------------------------------------------------------------------
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% 896,128,213.20
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 29 7,457,078.17
60 to 89 days 5 767,995.96
90 or more 2 417,268.71
Foreclosure 2 366,220.41
Totals: 38 9,008,563.25
- --------------------------------------------------------------------------------
<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 15,886,091.40 15,886,091.40
Principal remittance amount 10,611,541.60 10,611,541.60
Interest remittance amount 5,274,549.80 5,274,549.80
