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): March 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 March 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 March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 327,740,690.08 6.500000% 3,187,772.26 1,775,262.07 4,963,034.34 0.00 0.00
A2 32,830,128.74 6.500000% 383,097.89 177,829.86 560,927.76 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 82,219,515.90 6.500000% 778,328.39 445,355.71 1,223,684.11 0.00 0.00
A9 96,392,298.43 6.500000% 1,088,262.92 522,124.95 1,610,387.87 0.00 0.00
A10 9,983,097.48 6.500000% 21,221.45 54,075.11 75,296.56 0.00 0.00
A11 487,824.27 6.500000% 80,543.57 0.00 80,543.57 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 5.836880% 0.00 45,873.59 45,873.59 0.00 0.00
A14 2,901,882.00 8.655140% 0.00 20,930.16 20,930.16 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 5.836880% 0.00 85,550.35 85,550.35 0.00 0.00
A17 5,411,765.00 8.655140% 0.00 39,032.99 39,032.99 0.00 0.00
A18 71,110,000.00 6.500000% 0.00 385,179.17 385,179.17 0.00 0.00
PO 1,296,777.25 0.000000% 1,426.11 0.00 1,426.11 0.00 0.00
X 579,377,058.25 0.475552% 0.00 229,603.21 229,603.21 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
M 14,567,364.86 6.500000% 11,961.49 78,906.56 90,868.05 0.00 0.00
B1 6,750,608.20 6.500000% 5,543.03 36,565.79 42,108.82 0.00 0.00
B2 2,842,729.48 6.500000% 2,334.21 15,398.12 17,732.33 0.00 0.00
B3 2,487,013.59 6.500000% 2,042.13 13,471.32 15,513.45 0.00 0.00
B4 1,776,581.02 6.500000% 1,458.78 9,623.15 11,081.93 0.00 0.00
B5 1,777,481.02 6.500000% 1,459.52 9,628.02 11,087.54 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 708,089,110.32 - 5,565,451.74 4,055,002.63 9,620,454.37 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 324,552,917.82 0.00
A2 32,447,030.85 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 81,441,187.51 0.00
A9 95,304,035.51 0.00
A10 9,961,876.03 0.00
A11 409,923.08 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 1,295,351.14 0.00
X 573,949,451.90 0.00
Residual AR 0.00 0.00
M 14,555,403.37 0.00
B1 6,745,065.17 0.00
B2 2,840,395.27 0.00
B3 2,484,971.46 0.00
B4 1,775,122.24 0.00
B5 1,776,021.51 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 702,526,300.96 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 327,740,690.08 6.500000% 12669A3Z5 9.674222 5.387549 984.950223
A2 32,830,128.74 6.500000% 12669A4A9 11.593920 5.381771 981.963830
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 82,219,515.90 6.500000% 12669A4G6 9.416934 5.388323 985.350476
A9 96,392,298.43 6.500000% 12669A4H4 11.219552 5.382898 982.546218
A10 9,983,097.48 6.500000% 12669A4J0 2.122145 5.407511 996.187603
A11 487,824.27 6.500000% 12669A4K7 153.124666 0.000000 779.321438
A12 5,000,000.00 6.500000% 12669A4L5 0.000000 5.416667 1,000.000000
A13 9,431,118.00 5.836880% 12669A4M3 0.000000 4.864067 1,000.000000
A14 2,901,882.00 8.655140% 12669A4N1 0.000000 7.212617 1,000.000000
A15 5,000,000.00 6.400000% 12669A4P6 0.000000 5.333333 1,000.000000
A16 17,588,235.00 5.836880% 12669A4Q4 0.000000 4.864067 1,000.000000
A17 5,411,765.00 8.655140% 12669A4R2 0.000000 7.212617 1,000.000000
A18 71,110,000.00 6.500000% 12669A4S0 0.000000 5.416667 1,000.000000
PO 1,296,777.25 0.000000% 12669A4T8 1.097670 0.000000 997.027292
X 579,377,058.25 0.475552% 12669A4U8 0.000000 0.394290 985.624093
Residual AR 0.00 6.500000% 12669A4V9 0.000000 0.000000 0.000000
M 14,567,364.86 6.500000% 12669A4W1 0.820460 5.412344 998.381464
B1 6,750,608.20 6.500000% 12669A4X9 0.820460 5.412344 998.381464
B2 2,842,729.48 6.500000% 12669A4Y7 0.820460 5.412344 998.381464
B3 2,487,013.59 6.500000% 12669A4Z4 0.820460 5.412344 998.381464
B4 1,776,581.02 6.500000% 12669A5A8 0.820460 5.412344 998.381464
B5 1,777,481.02 6.500000% 12669A5B6 0.820460 5.412344 998.381464
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 708,089,110.32 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 702,526,300.96 702,526,300.96
Aggregated loan count 2002 2002
Aggregated average loan rate 7.151618% 7.15
Aggregated prepayment amount 4,981,254.98 4,981,254.98
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 144,809.99 144,809.99
Monthly sub servicer fees 9,094.90 9,094.90
Monthly trustee fees 5,310.67 5,310.67
Aggregate advances N/A N/A
Advances this periods 80,375.10 80,375.10
- --------------------------------------------------------------------------------
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% 708,089,110.32
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 32 11,327,135.64
60 to 89 days 1 234,714.92
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 33 11,561,850.56
- --------------------------------------------------------------------------------
<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 9,620,454.37 9,620,454.37
Principal remittance amount 5,565,451.74 5,565,451.74
Interest remittance amount 4,055,002.63 4,055,002.63
