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): August 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 August 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 August 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: August 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
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 89,940,414.73 6.750000% 1,124,007.80 505,914.83 1,629,922.64 0.00 0.00
1A2 23,835,000.00 6.750000% 0.00 134,071.87 134,071.87 0.00 0.00
1A3 22,773,000.00 6.750000% 0.00 128,098.12 128,098.12 0.00 0.00
1A4 40,432,570.08 6.750000% 340,575.69 227,433.21 568,008.89 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 5.776250% 0.00 171,686.74 171,686.74 0.00 0.00
1A7 11,889,149.00 9.671250% 0.00 95,819.11 95,819.11 0.00 0.00
1A8 9,782,657.88 6.750000% 621,608.91 55,027.45 676,636.37 0.00 0.00
1A9 39,957,000.00 6.750000% 0.00 224,758.12 224,758.12 0.00 0.00
110 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
111 27,806,359.56 6.750000% 347,503.01 156,410.77 503,913.79 0.00 0.00
112 151,360,167.08 6.500000% 1,891,585.77 819,867.57 2,711,453.34 0.00 0.00
113 5,605,932.11 6.750000% 0.00 31,533.37 31,533.37 0.00 0.00
2A1 157,879,035.52 6.750000% 2,755,068.40 888,069.57 3,643,137.98 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 40,037,365.00 6.750000% 548,015.73 225,210.18 773,225.91 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 28,113,023.97 6.750000% 453,521.51 158,135.76 611,657.27 0.00 0.00
2A8 21,285,131.88 6.250000% 408,309.15 110,860.06 519,169.21 0.00 0.00
2A9 2,113,000.00 6.750000% 0.00 11,885.63 11,885.63 0.00 0.00
210 1,576,676.44 6.750000% 0.00 8,868.80 8,868.80 0.00 0.00
PO 1,659,086.81 0.000000% 6,063.02 0.00 6,063.02 0.00 0.00
X1 442,031,772.09 0.407776% 0.00 150,208.12 150,208.12 0.00 0.00
M1 12,803,856.79 6.750000% 11,151.09 72,021.69 83,172.78 0.00 0.00
1B1 5,955,282.79 6.750000% 5,186.55 33,498.47 38,685.02 0.00 0.00
1B2 3,573,168.68 6.750000% 3,111.93 20,099.07 23,211.00 0.00 0.00
1B3 2,382,112.12 6.750000% 2,074.62 13,399.38 15,474.00 0.00 0.00
1B4 1,488,820.21 6.750000% 1,296.64 8,374.61 9,671.25 0.00 0.00
1B5 2,084,352.45 6.750000% 1,815.30 11,724.48 13,539.78 0.00 0.00
X2 296,030,458.90 0.390295% 0.00 96,282.56 96,282.56 0.00 0.00
M2 7,549,403.57 6.750000% 6,415.65 42,465.40 48,881.04 0.00 0.00
2B1 4,172,101.77 6.750000% 3,545.54 23,468.07 27,013.61 0.00 0.00
2B2 1,589,336.91 6.750000% 1,350.65 8,940.02 10,290.67 0.00 0.00
2B3 1,589,336.91 6.750000% 1,350.65 8,940.02 10,290.67 0.00 0.00
2B4 794,667.96 6.750000% 675.33 4,470.01 5,145.33 0.00 0.00
2B5 1,191,888.36 6.750000% 1,012.89 6,704.37 7,717.26 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 904,663,459.03 - 8,535,245.83 5,325,890.27 13,861,136.10 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 88,816,406.92 0.00
1A2 23,835,000.00 0.00
1A3 22,773,000.00 0.00
1A4 40,091,994.40 0.00
1A5 60,046,311.00 0.00
1A6 35,667,446.00 0.00
1A7 11,889,149.00 0.00
1A8 9,161,048.96 0.00
1A9 39,957,000.00 0.00
110 0.00 0.00
111 27,458,856.54 0.00
112 149,468,581.30 0.00
113 5,535,873.38 0.00
2A1 155,123,967.12 0.00
2A2 23,289,000.00 0.00
2A3 31,567,070.00 0.00
2A4 39,489,349.27 0.00
2A5 40,056,342.00 0.00
2A6 0.00 0.00
2A7 27,659,502.46 0.00
2A8 20,876,822.73 0.00
2A9 2,113,000.00 0.00
210 1,546,431.31 0.00
PO 1,653,023.78 0.00
X1 438,610,514.79 0.00
M1 12,792,705.71 0.00
1B1 5,950,096.24 0.00
1B2 3,570,056.75 0.00
1B3 2,380,037.50 0.00
1B4 1,487,523.57 0.00
1B5 2,082,537.15 0.00
X2 292,391,532.92 0.00
M2 7,542,987.93 0.00
2B1 4,168,556.23 0.00
2B2 1,587,986.26 0.00
2B3 1,587,986.26 0.00
2B4 793,992.63 0.00
2B5 1,190,875.47 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 896,128,213.20 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
------------------------------------------------------------
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 89,940,414.73 6.750000% 12669AG73 10.716471 4.823473 846.789914
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 40,432,570.08 6.750000% 12669Ah23 7.574897 5.058444 891.704037
1A5 60,046,311.00 6.750000% 12669AH31 0.000000 5.625000 1,000.000000
1A6 35,667,446.00 5.776250% 12669AH49 0.000000 4.813542 1,000.000000
1A7 11,889,149.00 9.671250% 12669AH56 0.000000 8.059375 1,000.000000
1A8 9,782,657.88 6.750000% 12669ah64 34.441983 3.048950 507.593582
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 27,806,359.56 6.750000% 12669ah98 11.595803 5.219260 916.272576
112 151,360,167.08 6.500000% 12669aj21 10.716471 4.644826 846.789914
113 5,605,932.11 6.750000% 12669aj39 0.000000 4.823474 846.789976
2A1 157,879,035.52 6.750000% 12669aj47 15.030707 4.845002 846.303068
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 40,037,365.00 6.750000% 12669Aj70 12.153011 4.994349 875.731250
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 28,113,023.97 6.750000% 12669Ak29 15.086206 5.260321 920.081913
2A8 21,285,131.88 6.250000% 12669AK37 16.298465 4.425198 833.339563
2A9 2,113,000.00 6.750000% 12669AK45 0.000000 5.625000 1,000.000000
210 1,576,676.44 6.750000% 12669AK52 0.000000 4.779216 833.339879
PO 1,659,086.81 0.000000% 12669AK60 3.535136 0.000000 963.820116
X1 442,031,772.09 0.407776% 12669AK78 0.000000 0.303085 885.014012
M1 12,803,856.79 6.750000% 12669AL28 0.863759 5.578771 990.917839
1B1 5,955,282.79 6.750000% 12669AL44 0.863759 5.578772 990.917883
1B2 3,573,168.68 6.750000% 12669AL51 0.863759 5.578771 990.917772
1B3 2,382,112.12 6.750000% 12669AM68 0.863759 5.578770 990.917633
1B4 1,488,820.21 6.750000% 12669AM76 0.863759 5.578773 990.918053
1B5 2,084,352.45 6.750000% 12669AM84 0.863759 5.578773 990.918049
X2 296,030,458.90 0.390295% 12669AK86 0.000000 0.289999 880.672016
M2 7,549,403.57 6.750000% 12669AI36 0.842972 5.579660 991.096531
2B1 4,172,101.77 6.750000% 12669AI77 0.842972 5.579665 991.097534
2B2 1,589,336.91 6.750000% 12669AL69 0.842972 5.579666 991.097683
2B3 1,589,336.91 6.750000% 12669AM35 0.842972 5.579666 991.097683
2B4 794,667.96 6.750000% 12669AM43 0.842972 5.579663 991.097058
2B5 1,191,888.36 6.750000% 12669AM50 0.842972 5.579669 991.098167
Residual AR 0.00 6.750000% 12669AK94 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 904,663,459.03 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-18
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 538,326,883.39 357,801,336.57 896,128,219.96
loan count 1693 1130 2823
average loan rate 7.342284% 7.351584% 7.35
prepayment amount 3,881,685.19 3,873,165.11 7,754,850.30
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 110,323.21 72,260.84 182,584.05
sub servicer fees 5,597.25 11,308.07 16,905.32
trustee fees 4,070.11 2,714.87 6,784.98
Aggregate advances N/A N/A N/A
Advances this periods 40,279.50 24,150.05 64,429.55
- --------------------------------------------------------------------------------
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% 904,663,459.03
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 29 7,689,624.42
60 to 89 days 2 728,940.54
90 or more 2 0.00
Foreclosure 3 609,863.04
Totals: 36 9,028,428.00
- --------------------------------------------------------------------------------
<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 13,861,136.10 13,861,136.10
Principal remittance amount 8,535,245.83 8,535,245.83
Interest remittance amount 5,325,890.27 5,325,890.27
