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): April 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of SERIES 1999-1, CWMBS INC.)
(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.
SERIES 1999-1
CWMBS INC.
On April 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., SERIES
1999-1 CWMBS INC., made a monthly distribution to Certificate holders of
principal and/or interest pursuant to the Pooling and Servicing Agreement, dated
as of January 1, 1999, among CWMBS, INC. as Depositor, MORTGAGE PASS-THROUGH
CERTIFICATES, 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., SERIES 1999-1 CWMBS INC.
relating to the distribution date of April 25, 1999 prepared
by The Bank of New York, as Trustee under the Pooling and
Servicing Agreement dated as of January 1, 1999.
<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: April 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 April 25, 1999
Payment Date: 04/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-1
------------------------------------------------------------
<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 A1 324,552,917.82 6.500000% 1,346,776.06 1,757,994.97 3,104,771.03 0.00 0.00
A2 32,447,030.85 6.500000% 161,851.92 175,754.75 337,606.67 0.00 0.00
A3 1,750,000.00 6.500000% 0.00 9,479.17 9,479.17 0.00 0.00
A4 1,750,000.00 6.500000% 0.00 9,479.17 9,479.17 0.00 0.00
A5 1,994,000.00 6.500000% 0.00 10,800.83 10,800.83 0.00 0.00
A6 2,500,000.00 6.500000% 0.00 13,541.67 13,541.67 0.00 0.00
A7 2,500,000.00 6.500000% 0.00 13,541.67 13,541.67 0.00 0.00
A8 81,441,187.51 6.500000% 328,829.65 441,139.77 769,969.42 0.00 0.00
A9 95,304,035.51 6.500000% 459,771.38 516,230.19 976,001.57 0.00 0.00
A10 9,961,876.03 6.500000% 25,537.16 53,960.16 79,497.32 0.00 0.00
A11 409,923.08 6.500000% 18,560.78 0.00 18,560.78 0.00 0.00
A12 5,000,000.00 6.500000% 0.00 27,083.33 27,083.33 0.00 0.00
A13 9,431,118.00 6.275000% 0.00 49,316.89 49,316.89 0.00 0.00
A14 2,901,882.00 7.231250% 0.00 17,486.86 17,486.86 0.00 0.00
A15 5,000,000.00 6.400000% 0.00 26,666.67 26,666.67 0.00 0.00
A16 17,588,235.00 6.275000% 0.00 91,971.81 91,971.81 0.00 0.00
A17 5,411,765.00 7.231250% 0.00 32,611.52 32,611.52 0.00 0.00
A18 71,110,000.00 6.500000% 0.00 385,179.17 385,179.17 0.00 0.00
PO 1,295,351.14 0.000000% 1,931.94 0.00 1,931.94 0.00 0.00
X 573,949,451.90 0.471160% 0.00 225,351.86 225,351.86 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
M 14,555,403.37 6.500000% 12,083.49 78,841.77 90,925.26 0.00 0.00
B1 6,745,065.17 6.500000% 5,599.57 36,535.77 42,135.34 0.00 0.00
B2 2,840,395.27 6.500000% 2,358.02 15,385.47 17,743.49 0.00 0.00
B3 2,484,971.46 6.500000% 2,062.95 13,460.26 15,523.22 0.00 0.00
B4 1,775,122.24 6.500000% 1,473.66 9,615.25 11,088.90 0.00 0.00
B5 1,776,021.51 6.500000% 1,474.40 9,620.12 11,094.52 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 702,526,300.96 - 2,368,310.99 4,021,049.09 6,389,360.07 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 323,206,141.75 0.00
A2 32,285,178.93 0.00
A3 1,750,000.00 0.00
A4 1,750,000.00 0.00
A5 1,994,000.00 0.00
A6 2,500,000.00 0.00
A7 2,500,000.00 0.00
A8 81,112,357.86 0.00
A9 94,844,264.14 0.00
A10 9,936,338.87 0.00
A11 393,582.71 0.00
A12 5,000,000.00 0.00
A13 9,431,118.00 0.00
A14 2,901,882.00 0.00
A15 5,000,000.00 0.00
A16 17,588,235.00 0.00
A17 5,411,765.00 0.00
A18 71,110,000.00 0.00
PO 1,293,419.20 0.00
X 571,997,239.84 0.00
Residual AR 0.00 0.00
M 14,543,319.88 0.00
B1 6,739,465.61 0.00
B2 2,838,037.25 0.00
B3 2,482,908.51 0.00
B4 1,773,648.59 0.00
B5 1,774,547.10 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 700,160,210.39 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-1
------------------------------------------------------------
<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 A1 324,552,917.82 6.500000% 12669A3Z5 4.087184 5.335147 980.863039
A2 32,447,030.85 6.500000% 12669A4A9 4.898221 5.318971 977.065609
A3 1,750,000.00 6.500000% 12669A4B7 0.000000 5.416667 1,000.000000
A4 1,750,000.00 6.500000% 12669A4C5 0.000000 5.416667 1,000.000000
A5 1,994,000.00 6.500000% 12669A4D3 0.000000 5.416667 1,000.000000
A6 2,500,000.00 6.500000% 12669A4E1 0.000000 5.416667 1,000.000000
A7 2,500,000.00 6.500000% 12669A4F8 0.000000 5.416667 1,000.000000
A8 81,441,187.51 6.500000% 12669A4G6 3.978484 5.337315 981.371992
A9 95,304,035.51 6.500000% 12669A4H4 4.740058 5.322125 977.806160
A10 9,961,876.03 6.500000% 12669A4J0 2.553716 5.396016 993.633887
A11 409,923.08 6.500000% 12669A4K7 35.286651 0.000000 748.256111
A12 5,000,000.00 6.500000% 12669A4L5 0.000000 5.416667 1,000.000000
A13 9,431,118.00 6.275000% 12669A4M3 0.000000 5.229167 1,000.000000
A14 2,901,882.00 7.231250% 12669A4N1 0.000000 6.026042 1,000.000000
A15 5,000,000.00 6.400000% 12669A4P6 0.000000 5.333333 1,000.000000
A16 17,588,235.00 6.275000% 12669A4Q4 0.000000 5.229167 1,000.000000
A17 5,411,765.00 7.231250% 12669A4R2 0.000000 6.026042 1,000.000000
A18 71,110,000.00 6.500000% 12669A4S0 0.000000 5.416667 1,000.000000
PO 1,295,351.14 0.000000% 12669A4T8 1.487007 0.000000 995.540285
X 573,949,451.90 0.471160% 12669A4U8 0.000000 0.386989 982.271625
Residual AR 0.00 6.500000% 12669A4V9 0.000000 0.000000 0.000000
M 14,555,403.37 6.500000% 12669A4W1 0.828829 5.407900 997.552636
B1 6,745,065.17 6.500000% 12669A4X9 0.828829 5.407900 997.552636
B2 2,840,395.27 6.500000% 12669A4Y7 0.828829 5.407900 997.552636
B3 2,484,971.46 6.500000% 12669A4Z4 0.828829 5.407900 997.552636
B4 1,775,122.24 6.500000% 12669A5A8 0.828829 5.407900 997.552636
B5 1,776,021.51 6.500000% 12669A5B6 0.828829 5.407900 997.552636
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 702,526,300.96 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 700,160,210.39 700,160,210.39
Aggregated loan count 1990 1990
Aggregated average loan rate 7.147467% 7.15
Aggregated prepayment amount 1,782,743.98 1,782,743.98
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 145,703.07 145,703.07
Monthly sub servicer fees 9,088.02 9,088.02
Monthly trustee fees 5,268.95 5,268.95
Aggregate advances N/A N/A
Advances this periods 29,635.33 29,635.33
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 14,099,512.45 14,099,512.45
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 702,526,300.96
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 3,490,070.90
60 to 89 days 2 538,016.51
90 or more 1 234,714.92
Foreclosure 0 0.00
Totals: 13 4,262,802.33
- --------------------------------------------------------------------------------
<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 6,389,360.07 6,389,360.07
Principal remittance amount 2,368,310.99 2,368,310.99
Interest remittance amount 4,021,049.09 4,021,049.09
