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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 92,963,513.40 6.750000% 1,256,453.98 522,919.76 1,779,373.75 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 41,348,572.54 6.750000% 380,707.03 232,585.72 613,292.76 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 5.522500% 0.00 164,144.56 164,144.56 0.00 0.00
1A7 11,889,149.00 10.432500% 0.00 103,361.29 103,361.29 0.00 0.00
1A8 11,454,519.12 6.750000% 694,855.49 64,431.67 759,287.16 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 28,740,993.55 6.750000% 388,450.63 161,668.09 550,118.72 0.00 0.00
112 156,447,721.11 6.500000% 2,114,478.63 847,425.16 2,961,903.78 0.00 0.00
113 5,794,360.04 6.750000% 0.00 32,593.28 32,593.28 0.00 0.00
2A1 162,241,035.60 6.750000% 2,852,932.30 912,605.83 3,765,538.12 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 40,905,018.47 6.750000% 567,482.01 230,090.73 797,572.74 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 28,831,068.16 6.750000% 469,631.23 162,174.76 631,805.99 0.00 0.00
2A8 21,931,592.97 6.250000% 422,812.86 114,227.05 537,039.91 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,624,562.44 6.750000% 0.00 9,138.16 9,138.16 0.00 0.00
PO 1,687,958.22 0.000000% 3,148.57 0.00 3,148.57 0.00 0.00
X1 452,450,153.57 0.411875% 0.00 155,294.22 155,294.22 0.00 0.00
M1 12,825,742.30 6.750000% 10,891.50 72,144.80 83,036.30 0.00 0.00
1B1 5,965,462.10 6.750000% 5,065.81 33,555.72 38,621.54 0.00 0.00
1B2 3,579,276.26 6.750000% 3,039.49 20,133.43 23,172.92 0.00 0.00
1B3 2,386,183.84 6.750000% 2,026.33 13,422.28 15,448.61 0.00 0.00
1B4 1,491,365.03 6.750000% 1,266.45 8,388.93 9,655.38 0.00 0.00
1B5 2,087,915.21 6.750000% 1,773.04 11,744.52 13,517.56 0.00 0.00
X2 301,864,052.07 0.392314% 0.00 98,687.90 98,687.90 0.00 0.00
M2 7,562,129.54 6.750000% 6,328.66 42,536.98 48,865.64 0.00 0.00
2B1 4,179,134.64 6.750000% 3,497.47 23,507.63 27,005.10 0.00 0.00
2B2 1,592,016.04 6.750000% 1,332.34 8,955.09 10,287.43 0.00 0.00
2B3 1,592,016.04 6.750000% 1,332.34 8,955.09 10,287.43 0.00 0.00
2B4 796,007.52 6.750000% 666.17 4,477.54 5,143.71 0.00 0.00
2B5 1,193,897.51 6.750000% 999.16 6,715.67 7,714.83 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 922,996,457.17 - 9,189,171.50 5,436,342.43 14,625,513.93 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 91,707,059.41 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 40,967,865.50 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 10,759,663.63 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 28,352,542.91 0.00
112 154,333,242.48 0.00
113 5,716,046.02 0.00
2A1 159,388,103.31 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 40,337,536.45 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 28,361,436.93 0.00
2A8 21,508,780.11 0.00
2A9 2,113,000.00 0.00
210 1,593,242.97 0.00
PO 1,684,809.65 0.00
X1 448,354,657.40 0.00
M1 12,814,850.80 0.00
1B1 5,960,396.28 0.00
1B2 3,576,236.77 0.00
1B3 2,384,157.52 0.00
1B4 1,490,098.58 0.00
1B5 2,086,142.17 0.00
X2 297,955,030.14 0.00
M2 7,555,800.87 0.00
2B1 4,175,637.17 0.00
2B2 1,590,683.70 0.00
2B3 1,590,683.70 0.00
2B4 795,341.35 0.00
2B5 1,192,898.36 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 913,807,285.67 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 92,963,513.40 6.750000% 12669AG73 11.979234 4.985601 874.349860
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 41,348,572.54 6.750000% 12669Ah23 8.467476 5.173043 911.184680
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.522500% 12669AH49 0.000000 4.602083 1,000.000000
1A7 11,889,149.00 10.432500% 12669AH56 0.000000 8.693750 1,000.000000
1A8 11,454,519.12 6.750000% 12669ah64 38.500415 3.570017 596.169306
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 28,740,993.55 6.750000% 12669ah98 12.962181 5.394691 946.093931
112 156,447,721.11 6.500000% 12669aj21 11.979234 4.800949 874.349860
113 5,794,360.04 6.750000% 12669aj39 0.000000 4.985602 874.349924
2A1 162,241,035.60 6.750000% 12669aj47 15.564618 4.978864 869.566730
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 40,905,018.47 6.750000% 12669Aj70 12.584703 5.102582 894.540981
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 28,831,068.16 6.750000% 12669Ak29 15.622089 5.394676 943.431473
2A8 21,931,592.97 6.250000% 12669AK37 16.877409 4.559598 858.565388
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,624,562.44 6.750000% 12669AK52 0.000000 4.924368 858.565714
PO 1,687,958.22 0.000000% 12669AK60 1.835822 0.000000 982.353337
X1 452,450,153.57 0.411875% 12669AK78 0.000000 0.313348 904.675425
M1 12,825,742.30 6.750000% 12669AL28 0.843651 5.588307 992.633190
1B1 5,965,462.10 6.750000% 12669AL44 0.843651 5.588307 992.633233
1B2 3,579,276.26 6.750000% 12669AL51 0.843651 5.588307 992.633122
1B3 2,386,183.84 6.750000% 12669AM68 0.843651 5.588306 992.632983
1B4 1,491,365.03 6.750000% 12669AM76 0.843651 5.588308 992.633403
1B5 2,087,915.21 6.750000% 12669AM84 0.843651 5.588308 992.633399
X2 301,864,052.07 0.392314% 12669AK86 0.000000 0.297244 897.429055
M2 7,562,129.54 6.750000% 12669AI36 0.831542 5.589065 992.780064
2B1 4,179,134.64 6.750000% 12669AI77 0.831542 5.589071 992.781067
2B2 1,592,016.04 6.750000% 12669AL69 0.831542 5.589072 992.781216
2B3 1,592,016.04 6.750000% 12669AM35 0.831542 5.589072 992.781216
2B4 796,007.52 6.750000% 12669AM43 0.831542 5.589068 992.780591
2B5 1,193,897.51 6.750000% 12669AM50 0.831543 5.589074 992.781700
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 922,996,457.17 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 549,518,814.37 364,288,478.06 913,807,292.43
Loan count 1726 1149 2875
Average loan rate 7.346241% 7.354228% 7.35
Prepayment amount 4,389,990.16 4,019,761.48 8,409,751.64
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 109,912.68 74,495.12 184,407.80
Monthly sub servicer fees 5,683.32 11,676.41 17,359.73
Monthly trustee fees 4,157.85 2,764.63 6,922.47
Aggregate advances N/A N/A N/A
Advances this periods 27,649.24 20,888.45 48,537.69
- --------------------------------------------------------------------------------
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% 922,996,457.17
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 18 5,485,525.84
60 to 89 days 5 948,161.18
90 or more 2 169,893.74
Foreclosure 1 255,192.92
Totals: 26 6,858,773.68
- --------------------------------------------------------------------------------
<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 14,625,513.93 14,625,513.93
Principal remittance amount 9,189,171.50 9,189,171.50
Interest remittance amount 5,436,342.43 5,436,342.43
