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): May 25, 1999
CWABS, INC.
(Depositor)
(Issuer in respect of Asset-Backed Certificates, Series 1998-3)
(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
CWABS, INC.
Asset-Backed Certificates
Series 1998-3
On May 25, 1999, The Bank of New York, as Trustee for CWABS, INC., Asset-Backed
Certificates Series 1998-3, made a monthly distribution to Certificate holders
of principal and/or interest pursuant to the Pooling and Servicing Agreement,
dated as of November 1, 1998, among CWABS, 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 CWABS, INC., Asset-Backed Certificates
Series 1998-3 relating to the distribution date of May 25,
1999 prepared by The Bank of New York, as Trustee under the
Pooling and Servicing Agreement dated as of November 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: May 25, 1999
CWABS, 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-3
------------------------------------------------------------
<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 AF1 92,979,597.84 6.815000% 1,324,855.86 528,046.63 1,852,902.49 0.00 0.00
MF1 3,190,000.00 7.050000% 0.00 18,741.25 18,741.25 0.00 0.00
MF2 3,190,000.00 7.590000% 0.00 20,176.75 20,176.75 0.00 0.00
BF 3,191,000.00 8.775000% 0.00 23,334.19 23,334.19 0.00 0.00
AV1 92,890,949.37 5.456250% 2,407,057.51 408,284.75 2,815,342.27 0.00 0.00
AV2 111,323,427.79 5.456250% 2,182,187.63 489,301.25 2,671,488.88 0.00 0.00
MV1 17,542,000.00 5.781250% 0.00 81,695.16 81,695.16 0.00 0.00
MV2 12,994,000.00 6.156250% 0.00 64,439.86 64,439.86 0.00 0.00
BV 10,396,000.00 7.656250% 0.00 64,117.69 64,117.69 0.00 0.00
BF-IO 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BV-IO 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 347,696,975.00 - 5,914,101.01 1,698,137.54 7,612,238.55 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 91,654,741.98 0.00
MF1 3,190,000.00 0.00
MF2 3,190,000.00 0.00
BF 3,191,000.00 0.00
AV1 90,483,891.86 0.00
AV2 109,141,240.16 0.00
MV1 17,542,000.00 0.00
MV2 12,994,000.00 0.00
BV 10,396,000.00 0.00
BF-IO 0.00 0.00
BV-IO 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 341,782,874.00 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-3
------------------------------------------------------------
<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 AF1 92,979,597.84 6.815000% 126671ET9 13.690063 5.456436 947.091108
MF1 3,190,000.00 7.050000% 126671EU6 0.000000 5.875000 1,000.000000
MF2 3,190,000.00 7.590000% 126671EV4 0.000000 6.325000 1,000.000000
BF 3,191,000.00 8.775000% 126671EW2 0.000000 7.312500 1,000.000000
AV1 92,890,949.37 5.456250% 126671EX0 24.070575 4.082848 904.838919
AV2 111,323,427.79 5.456250% 126671EY8 18.345728 4.113573 917.554227
MV1 17,542,000.00 5.781250% 126671EZ5 0.000000 4.657118 1,000.000000
MV2 12,994,000.00 6.156250% 126671FA9 0.000000 4.959201 1,000.000000
BV 10,396,000.00 7.656250% 126671FB7 0.000000 6.167535 1,000.000000
BF-IO 0.00 0.000000% PRIVATE 0.000000 0.000000 0.000000
BV-IO 0.00 0.000000% PRIVATE 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 347,696,975.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin bal 102,344,188.16 110,737,781.23 133,069,411.01 346,151,380.40
Ave loan rate 9.503623% 8.911532% 9.125493% 9.17
Prepay amount 1,033,201.65 1,995,870.62 1,783,399.29 4,812,471.56
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Servicing fees 42,791.09 45,476.43 55,338.67 143,606.20
Sub servicer fees 0.00 0.00 0.00 0.00
Trustee fees 0.00 0.00 0.00 0.00
Agg advances N/A N/A N/A N/A
Adv this periods 68,813.13 54,558.59 6,146.19 129,517.91
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Special Hazard 0.00 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% 347,696,975.00
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 106 8,692,241.17
60 to 89 days 27 2,686,273.76
90 or more 12 835,200.91
Foreclosure 28 2,242,461.11
Totals: 173 14,456,176.95
- --------------------------------------------------------------------------------
<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 7,612,238.55 7,612,238.55
Principal remittance amount 5,914,101.01 5,914,101.01
Interest remittance amount 1,698,137.54 1,698,137.54
