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): July 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 91,707,059.41 6.750000% 1,766,644.69 515,852.21 2,282,496.90 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 40,967,865.50 6.750000% 535,295.42 230,444.24 765,739.66 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 5.692500% 0.00 169,197.45 169,197.45 0.00 0.00
1A7 11,889,149.00 9.922500% 0.00 98,308.40 98,308.40 0.00 0.00
1A8 10,759,663.63 6.750000% 977,005.75 60,523.11 1,037,528.86 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 28,352,542.91 6.750000% 546,183.35 159,483.05 705,666.41 0.00 0.00
112 154,333,242.48 6.500000% 2,973,075.41 835,971.73 3,809,047.14 0.00 0.00
113 5,716,046.02 6.750000% 0.00 32,152.76 32,152.76 0.00 0.00
2A1 159,388,103.31 6.750000% 1,509,067.78 896,558.08 2,405,625.86 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 40,337,536.45 6.750000% 300,171.45 226,898.64 527,070.09 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 28,361,436.93 6.750000% 248,412.96 159,533.08 407,946.04 0.00 0.00
2A8 21,508,780.11 6.250000% 223,648.23 112,024.90 335,673.13 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,593,242.97 6.750000% 0.00 8,961.99 8,961.99 0.00 0.00
PO 1,684,809.65 0.000000% 25,722.84 0.00 25,722.84 0.00 0.00
X1 448,354,657.40 0.410097% 0.00 153,224.13 153,224.13 0.00 0.00
M1 12,814,850.80 6.750000% 10,994.01 72,083.54 83,077.54 0.00 0.00
1B1 5,960,396.28 6.750000% 5,113.49 33,527.23 38,640.72 0.00 0.00
1B2 3,576,236.77 6.750000% 3,068.09 20,116.33 23,184.43 0.00 0.00
1B3 2,384,157.52 6.750000% 2,045.40 13,410.89 15,456.28 0.00 0.00
1B4 1,490,098.58 6.750000% 1,278.37 8,381.80 9,660.18 0.00 0.00
1B5 2,086,142.17 6.750000% 1,789.72 11,734.55 13,524.27 0.00 0.00
X2 297,955,030.14 0.391468% 0.00 97,199.83 97,199.83 0.00 0.00
M2 7,555,800.87 6.750000% 6,397.30 42,501.38 48,898.68 0.00 0.00
2B1 4,175,637.17 6.750000% 3,535.40 23,487.96 27,023.36 0.00 0.00
2B2 1,590,683.70 6.750000% 1,346.79 8,947.60 10,294.39 0.00 0.00
2B3 1,590,683.70 6.750000% 1,346.79 8,947.60 10,294.39 0.00 0.00
2B4 795,341.35 6.750000% 673.39 4,473.80 5,147.19 0.00 0.00
2B5 1,192,898.36 6.750000% 1,009.99 6,710.05 7,720.05 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 913,807,285.67 - 9,143,826.64 5,381,112.89 14,524,939.53 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 89,940,414.73 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 40,432,570.08 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 9,782,657.88 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 27,806,359.56 0.00
112 151,360,167.08 0.00
113 5,605,932.11 0.00
2A1 157,879,035.52 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 40,037,365.00 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 28,113,023.97 0.00
2A8 21,285,131.88 0.00
2A9 2,113,000.00 0.00
210 1,576,676.44 0.00
PO 1,659,086.81 0.00
X1 442,031,772.09 0.00
M1 12,803,856.79 0.00
1B1 5,955,282.79 0.00
1B2 3,573,168.68 0.00
1B3 2,382,112.12 0.00
1B4 1,488,820.21 0.00
1B5 2,084,352.45 0.00
X2 296,030,458.90 0.00
M2 7,549,403.57 0.00
2B1 4,172,101.77 0.00
2B2 1,589,336.91 0.00
2B3 1,589,336.91 0.00
2B4 794,667.96 0.00
2B5 1,191,888.36 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 904,663,459.03 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 91,707,059.41 6.750000% 12669AG73 16.843475 4.918218 857.506385
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 40,967,865.50 6.750000% 12669Ah23 11.905746 5.125414 899.278934
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.692500% 12669AH49 0.000000 4.743750 1,000.000000
1A7 11,889,149.00 9.922500% 12669AH56 0.000000 8.268750 1,000.000000
1A8 10,759,663.63 6.750000% 12669ah64 54.133741 3.353452 542.035565
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 28,352,542.91 6.750000% 12669ah98 18.225552 5.321778 927.868378
112 154,333,242.48 6.500000% 12669aj21 16.843475 4.736062 857.506385
113 5,716,046.02 6.750000% 12669aj39 0.000000 4.918218 857.506448
2A1 159,388,103.31 6.750000% 12669aj47 8.232955 4.891313 861.333774
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 40,337,536.45 6.750000% 12669Aj70 6.656719 5.031793 887.884261
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 28,361,436.93 6.750000% 12669Ak29 8.263354 5.306802 935.168118
2A8 21,508,780.11 6.250000% 12669AK37 8.927360 4.471695 849.638028
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,593,242.97 6.750000% 12669AK52 0.000000 4.829432 849.638350
PO 1,684,809.65 0.000000% 12669AK60 14.998085 0.000000 967.355251
X1 448,354,657.40 0.410097% 12669AK78 0.000000 0.309171 891.917313
M1 12,814,850.80 6.750000% 12669AL28 0.851591 5.583562 991.781598
1B1 5,960,396.28 6.750000% 12669AL44 0.851591 5.583562 991.781642
1B2 3,576,236.77 6.750000% 12669AL51 0.851591 5.583561 991.781531
1B3 2,384,157.52 6.750000% 12669AM68 0.851591 5.583561 991.781392
1B4 1,490,098.58 6.750000% 12669AM76 0.851591 5.583563 991.781811
1B5 2,086,142.17 6.750000% 12669AM84 0.851591 5.583563 991.781807
X2 297,955,030.14 0.391468% 12669AK86 0.000000 0.292762 891.632321
M2 7,555,800.87 6.750000% 12669AI36 0.840561 5.584388 991.939503
2B1 4,175,637.17 6.750000% 12669AI77 0.840561 5.584394 991.940506
2B2 1,590,683.70 6.750000% 12669AL69 0.840561 5.584394 991.940654
2B3 1,590,683.70 6.750000% 12669AM35 0.840561 5.584394 991.940654
2B4 795,341.35 6.750000% 12669AM43 0.840561 5.584391 991.940030
2B5 1,192,898.36 6.750000% 12669AM50 0.840562 5.584397 991.941138
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 913,807,285.67 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 542,681,278.39 361,982,187.40 904,663,465.79
Loan count 1713 1137 2850
Average loan rate 7.344716% 7.352806% 7.35
Prepayment amount 6,366,019.84 1,997,794.98 8,363,814.82
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 110,690.20 74,155.10 184,845.30
Monthly sub servicer fees 5,678.49 11,480.16 17,158.65
Monthly trustee fees 4,121.39 2,732.16 6,853.55
Aggregate advances N/A N/A N/A
Advances this periods 33,504.69 17,253.65 50,758.34
- --------------------------------------------------------------------------------
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% 913,807,285.67
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 28 5,973,785.26
60 to 89 days 1 198,546.74
90 or more 1 111,702.54
Foreclosure 3 556,643.30
Totals: 33 6,840,677.84
- --------------------------------------------------------------------------------
<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 14,524,939.53 14,524,939.53
Principal remittance amount 9,143,826.64 9,143,826.64
Interest remittance amount 5,381,112.89 5,381,112.89
