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): August 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1999-1)
(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.
Mortgage Pass-Through Certificates
Series 1999-1
On August 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1999-1, 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, 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., Mortgage Pass-Through
Certificates Series 1999-1 relating to the distribution date
of August 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: August 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
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 315,838,551.23 6.500000% 3,269,844.59 1,710,792.15 4,980,636.74 0.00 0.00
A2 31,399,761.73 6.500000% 392,961.12 170,082.04 563,043.17 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 79,313,482.52 6.500000% 798,367.22 429,614.70 1,227,981.92 0.00 0.00
A9 92,329,067.04 6.500000% 1,116,281.31 500,115.78 1,616,397.09 0.00 0.00
A10 9,833,912.90 6.500000% 42,698.31 53,267.03 95,965.34 0.00 0.00
A11 266,916.08 6.500000% 60,422.14 0.00 60,422.14 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 6.076250% 0.00 47,754.86 47,754.86 0.00 0.00
A14 2,901,882.00 7.877188% 0.00 19,048.89 19,048.89 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 6.076250% 0.00 89,058.76 89,058.76 0.00 0.00
A17 5,411,765.00 7.877188% 0.00 35,524.57 35,524.57 0.00 0.00
A18 71,110,000.00 6.500000% 0.00 385,179.17 385,179.17 0.00 0.00
PO 1,288,716.52 0.000000% 1,743.01 0.00 1,743.01 0.00 0.00
X 559,803,781.79 0.463816% 0.00 216,371.57 216,371.57 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.04 0.04 0.00 0.00
M 14,506,584.71 6.500000% 12,420.86 78,577.33 90,998.19 0.00 0.00
B1 6,722,442.30 6.500000% 5,755.90 36,413.23 42,169.13 0.00 0.00
B2 2,830,868.61 6.500000% 2,423.85 15,333.87 17,757.72 0.00 0.00
B3 2,476,636.90 6.500000% 2,120.55 13,415.12 15,535.67 0.00 0.00
B4 1,769,168.50 6.500000% 1,514.80 9,583.00 11,097.80 0.00 0.00
B5 1,770,064.75 6.500000% 1,515.57 9,587.85 11,103.42 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 687,283,173.80 - 5,708,069.24 3,930,312.46 9,638,381.70 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 312,568,706.64 0.00
A2 31,006,800.60 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 78,515,115.30 0.00
A9 91,212,785.73 0.00
A10 9,791,214.59 0.00
A11 207,939.74 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 1,286,973.51 0.00
X 554,474,084.12 0.00
Residual AR 0.00 0.00
M 14,494,163.85 0.00
B1 6,716,686.40 0.00
B2 2,828,444.76 0.00
B3 2,474,516.35 0.00
B4 1,767,653.70 0.00
B5 1,768,549.18 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 681,576,550.36 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
------------------------------------------------------------
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 315,838,551.23 6.500000% 12669A3Z5 9.923294 5.191896 948.580648
A2 31,399,761.73 6.500000% 12669A4A9 11.892417 5.147294 938.377284
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 79,313,482.52 6.500000% 12669A4G6 9.659382 5.197874 949.948160
A9 92,329,067.04 6.500000% 12669A4H4 11.508411 5.155992 940.367081
A10 9,833,912.90 6.500000% 12669A4J0 4.269831 5.326703 979.121459
A11 266,916.08 6.500000% 12669A4K7 114.870985 0.000000 395.322698
A12 5,000,000.00 6.500000% 12669A4L5 0.000000 5.416667 1,000.000000
A13 9,431,118.00 6.076250% 12669A4M3 0.000000 5.063542 1,000.000000
A14 2,901,882.00 7.877188% 12669A4N1 0.000000 6.564323 1,000.000000
A15 5,000,000.00 6.400000% 12669A4P6 0.000000 5.333333 1,000.000000
A16 17,588,235.00 6.076250% 12669A4Q4 0.000000 5.063542 1,000.000000
A17 5,411,765.00 7.877188% 12669A4R2 0.000000 6.564323 1,000.000000
A18 71,110,000.00 6.500000% 12669A4S0 0.000000 5.416667 1,000.000000
PO 1,288,716.52 0.000000% 12669A4T8 1.341587 0.000000 990.579307
X 559,803,781.79 0.463816% 12669A4U8 0.000000 0.371568 952.179699
Residual AR 0.00 6.500000% 12669A4V9 0.000000 0.444966 0.000000
M 14,506,584.71 6.500000% 12669A4W1 0.851969 5.389762 994.180935
B1 6,722,442.30 6.500000% 12669A4X9 0.851969 5.389762 994.180935
B2 2,830,868.61 6.500000% 12669A4Y7 0.851969 5.389762 994.180935
B3 2,476,636.90 6.500000% 12669A4Z4 0.851969 5.389762 994.180935
B4 1,769,168.50 6.500000% 12669A5A8 0.851969 5.389762 994.180935
B5 1,770,064.75 6.500000% 12669A5B6 0.851969 5.389761 994.180756
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 687,283,173.80 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 681,576,550.36 681,576,550.36
Aggregated loan count 1957 1957
Aggregated average loan rate 7.139754% 7.14
Aggregated prepayment amount 5,118,024.19 5,118,024.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 141,551.48 141,551.48
Monthly sub servicer fees 8,680.77 8,680.77
Monthly trustee fees 5,154.62 5,154.62
Aggregate advances N/A N/A
Advances this periods 22,461.38 22,461.38
- --------------------------------------------------------------------------------
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% 687,283,173.80
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 8 2,420,956.23
60 to 89 days 1 260,058.67
90 or more 0 0.00
Foreclosure 2 500,182.61
Totals: 11 3,181,197.51
- --------------------------------------------------------------------------------
<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 9,638,381.70 9,638,381.70
Principal remittance amount 5,708,069.24 5,708,069.24
Interest remittance amount 3,930,312.46 3,930,312.46
