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): December 25, 1998
CWMBS,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
CWMBS,INC.
Asset-Backed Certificates
Series 1998-3
On December 25, 1998, The Bank of New York, as Trustee for CWMBS,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 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., Asset-Backed Certificates
Series 1998-3 relating to the distribution date of December
25, 1998 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: December 25, 1998
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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 96,775,000.00 6.815000% 544,008.23 549,601.35 1,093,609.58 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 100,000,000.00 5.610940% 1,595,169.04 592,265.89 2,187,434.93 0.00 0.00
AV2 118,948,000.00 5.610940% 1,364,845.52 704,488.43 2,069,333.95 0.00 0.00
MV1 17,542,000.00 5.935940% 0.00 109,913.16 109,913.16 0.00 0.00
MV2 12,994,000.00 6.310940% 0.00 86,560.15 86,560.15 0.00 0.00
BV 10,396,000.00 7.810940% 0.00 85,713.78 85,713.78 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 - - 366,226,000.00 - 3,504,022.79 2,190,794.96 5,694,817.75 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 96,230,991.77 0.00
MF1 3,190,000.00 0.00
MF2 3,190,000.00 0.00
BF 3,191,000.00 0.00
AV1 98,404,830.96 0.00
AV2 117,583,154.48 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 - - 362,721,977.21 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 96,775,000.00 6.815000% 126671ET9 5.621372 5.679167 994.378628
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 100,000,000.00 5.610940% 126671EX0 15.951690 5.922659 984.048310
AV2 118,948,000.00 5.610940% 126671EY8 11.474304 5.922659 988.525696
MV1 17,542,000.00 5.935940% 126671EZ5 0.000000 6.265714 1,000.000000
MV2 12,994,000.00 6.310940% 126671FA9 0.000000 6.661548 1,000.000000
BV 10,396,000.00 7.810940% 126671FB7 0.000000 8.244881 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 - - 366,226,000.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1998-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Principal bal 105,984,910.27 117,233,516.85 139,935,146.22 363,153,573.34
Loan count 1431 863 1417 3711
average loan rate 9.463064% 8.787825% 9.060532% 9.09
prepayment amount 260,424.24 1,392,704.23 1,161,397.05 2,814,525.52
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 43,682.72 47,874.87 58,335.64 149,893.23
Sub servicer fees 0.00 0.00 0.00 0.00
Trustee fees 0.00 0.00 0.00 0.00
Aggregate advances N/A N/A N/A N/A
Advances this periods 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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% 366,226,000.00
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 53 4,952,646.28
60 to 89 days 4 348,318.46
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 57 5,300,964.74
- --------------------------------------------------------------------------------
<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 5,694,817.75 5,694,817.75
Principal remittance amount 3,504,022.79 3,504,022.79
Interest remittance amount 2,190,794.96 2,190,794.96
