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
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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 323,206,141.75 6.500000% 3,150,528.18 1,750,699.93 4,901,228.12 0.00 0.00
A2 32,285,178.93 6.500000% 378,622.00 174,878.05 553,500.05 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 81,112,357.86 6.500000% 769,234.86 439,358.61 1,208,593.46 0.00 0.00
A9 94,844,264.14 6.500000% 1,075,548.28 513,739.76 1,589,288.05 0.00 0.00
A10 9,936,338.87 6.500000% 29,847.08 53,821.84 83,668.92 0.00 0.00
A11 393,582.71 6.500000% 70,249.38 0.00 70,249.38 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 1,293,419.20 0.000000% 1,492.72 0.00 1,492.72 0.00 0.00
X 571,997,239.84 0.470209% 0.00 224,131.78 224,131.78 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
M 14,543,319.88 6.500000% 12,140.34 78,776.32 90,916.65 0.00 0.00
B1 6,739,465.61 6.500000% 5,625.91 36,505.44 42,131.35 0.00 0.00
B2 2,838,037.25 6.500000% 2,369.11 15,372.70 17,741.81 0.00 0.00
B3 2,482,908.51 6.500000% 2,072.66 13,449.09 15,521.75 0.00 0.00
B4 1,773,648.59 6.500000% 1,480.59 9,607.26 11,087.85 0.00 0.00
B5 1,774,547.10 6.500000% 1,481.34 9,612.13 11,093.47 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 700,160,210.39 - 5,500,692.45 4,007,111.66 9,507,804.11 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 320,055,613.57 0.00
A2 31,906,556.93 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 80,343,123.00 0.00
A9 93,768,715.85 0.00
A10 9,906,491.79 0.00
A11 325,465.24 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 1,291,926.48 0.00
X 566,636,181.43 0.00
Residual AR 0.00 0.00
M 14,531,179.54 0.00
B1 6,733,839.70 0.00
B2 2,835,668.14 0.00
B3 2,480,835.85 0.00
B4 1,772,168.00 0.00
B5 1,773,065.76 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 694,661,649.85 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 323,206,141.75 6.500000% 12669A3Z5 9.561194 5.313008 971.301845
A2 32,285,178.93 6.500000% 12669A4A9 11.458463 5.292439 965.607146
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 81,112,357.86 6.500000% 12669A4G6 9.306912 5.315765 972.065080
A9 94,844,264.14 6.500000% 12669A4H4 11.088470 5.296450 966.717691
A10 9,936,338.87 6.500000% 12669A4J0 2.984708 5.382184 990.649179
A11 393,582.71 6.500000% 12669A4K7 133.553950 0.000000 618.755215
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 1,293,419.20 0.000000% 12669A4T8 1.148944 0.000000 994.391341
X 571,997,239.84 0.470209% 12669A4U8 0.000000 0.384894 973.065260
Residual AR 0.00 6.500000% 12669A4V9 0.000000 0.000000 0.000000
M 14,543,319.88 6.500000% 12669A4W1 0.832728 5.403410 996.719908
B1 6,739,465.61 6.500000% 12669A4X9 0.832728 5.403410 996.719908
B2 2,838,037.25 6.500000% 12669A4Y7 0.832728 5.403410 996.719908
B3 2,482,908.51 6.500000% 12669A4Z4 0.832728 5.403410 996.719908
B4 1,773,648.59 6.500000% 12669A5A8 0.832728 5.403410 996.719908
B5 1,774,547.10 6.500000% 12669A5B6 0.832728 5.403410 996.719908
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 700,160,210.39 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 694,661,649.85 694,661,649.85
Aggregated loan count 1985 1985
Aggregated average loan rate 7.146375% 7.15
Aggregated prepayment amount 4,913,954.58 4,913,954.58
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 140,958.82 140,958.82
Monthly sub servicer fees 8,894.70 8,894.70
Monthly trustee fees 5,251.20 5,251.20
Aggregate advances N/A N/A
Advances this periods 33,040.15 33,040.15
- --------------------------------------------------------------------------------
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% 700,160,210.39
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 12 4,007,769.44
60 to 89 days 1 247,117.47
90 or more 2 491,449.65
Foreclosure 0 0.00
Totals: 15 4,746,336.56
- --------------------------------------------------------------------------------
<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 9,507,804.11 9,507,804.11
Principal remittance amount 5,500,692.45 5,500,692.45
Interest remittance amount 4,007,111.66 4,007,111.66
