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 1999-3, 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 1999-3
CWMBS INC.
On March 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., SERIES
1999-3 CWMBS INC., made a monthly distribution to Certificate holders of
principal and/or interest pursuant to the Pooling and Servicing Agreement, dated
as of February 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 1999-3 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 February 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 1999-3
------------------------------------------------------------
<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 A1 105,124,000.00 6.050000% 0.00 530,000.17 530,000.17 0.00 0.00
A2 122,626,000.00 6.050000% 0.00 618,239.42 618,239.42 0.00 0.00
A3 166,300,000.00 6.250000% 1,350,918.15 866,145.83 2,217,063.98 0.00 0.00
A4 82,137,707.00 8.579252% 15,008.81 176,975.09 191,983.89 0.00 0.00
A5 15,005,000.00 6.500000% 2,751,437.28 0.00 2,751,437.28 0.00 0.00
A6 8,061,000.00 6.500000% 0.00 0.00 0.00 0.00 0.00
A7 5,000,000.00 6.500000% 35,940.86 27,083.33 63,024.19 0.00 0.00
A8 150,000,000.00 6.500000% 1,380,129.12 812,500.00 2,192,629.12 0.00 0.00
A9 10,038,000.00 6.500000% 0.00 54,372.50 54,372.50 0.00 0.00
A10 62,000.00 0.000000% 0.00 0.00 0.00 0.00 0.00
A11 31,900,000.00 6.500000% 0.00 172,791.67 172,791.67 0.00 0.00
PO 100.00 0.000000% 0.12 0.00 0.12 0.00 0.00
X 527,883,762.00 0.453479% 0.00 199,486.72 199,486.72 0.00 0.00
Residual AR 100.00 6.500000% 0.00 1.77 1.77 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,781,000.00 6.500000% 11,106.78 74,647.08 85,753.86 0.00 0.00
B1 6,527,000.00 6.500000% 5,260.42 35,354.58 40,615.00 0.00 0.00
B2 2,901,000.00 6.500000% 2,338.06 15,713.75 18,051.81 0.00 0.00
B3 2,176,000.00 6.500000% 1,753.74 11,786.67 13,540.41 0.00 0.00
B4 1,813,000.00 6.500000% 1,461.18 9,820.42 11,281.60 0.00 0.00
B5 1,813,596.00 6.500000% 1,461.66 9,823.64 11,285.30 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 725,265,503.00 - 5,556,816.18 3,614,742.64 9,171,558.81 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 105,124,000.00 0.00
A2 122,626,000.00 0.00
A3 164,949,081.85 0.00
A4 82,532,956.53 0.00
A5 12,334,839.80 0.00
A6 8,104,663.75 0.00
A7 4,964,059.14 0.00
A8 148,619,870.88 0.00
A9 10,038,000.00 0.00
A10 62,000.00 0.00
A11 31,900,000.00 0.00
PO 99.88 0.00
X 523,605,821.14 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 13,769,893.22 0.00
B1 6,521,739.58 0.00
B2 2,898,661.94 0.00
B3 2,174,246.26 0.00
B4 1,811,538.82 0.00
B5 1,812,134.24 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 720,243,885.89 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-3
------------------------------------------------------------
<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 A1 105,124,000.00 6.050000% 12669A6N6 0.000000 5.041667 1,000.000000
A2 122,626,000.00 6.050000% 12669A6P4 0.000000 5.041667 1,000.000000
A3 166,300,000.00 6.250000% 12669A6Q2 8.123380 5.208333 991.876620
A4 82,137,707.00 8.579252% 12669A6R0 0.182727 2.154614 1,004.812040
A5 15,005,000.00 6.500000% 12669A6S8 183.368029 0.000000 822.048637
A6 8,061,000.00 6.500000% 12669A6T6 0.000000 0.000000 1,005.416667
A7 5,000,000.00 6.500000% 12669A6U3 7.188172 5.416667 992.811828
A8 150,000,000.00 6.500000% 12669A6V1 9.200861 5.416667 990.799139
A9 10,038,000.00 6.500000% 12669A6W9 0.000000 5.416667 1,000.000000
A10 62,000.00 0.000000% 12669A6X7 0.000000 0.000000 1,000.000000
A11 31,900,000.00 6.500000% 12669A6Y5 0.000000 5.416667 1,000.000000
PO 100.00 0.000000% 12669A6Z2 1.200000 0.000000 998.800000
X 527,883,762.00 0.453479% 12669A7A6 0.000000 0.377899 991.896055
Residual AR 100.00 6.500000% 12669A7B4 0.000000 17.700000 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,781,000.00 6.500000% 12669A7C2 0.805949 5.416666 999.194051
B1 6,527,000.00 6.500000% 12669A7D0 0.805948 5.416666 999.194052
B2 2,901,000.00 6.500000% 12669A7E8 0.805950 5.416667 999.194050
B3 2,176,000.00 6.500000% 12669A6K5 0.805947 5.416668 999.194053
B4 1,813,000.00 6.500000% 12669A6L3 0.805946 5.416667 999.194054
B5 1,813,596.00 6.500000% 12669A6M1 0.805946 5.416667 999.194054
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 725,265,503.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 720,243,885.49 720,243,885.49
Aggregated loan count 2058 2058
Aggregated average loan rate 7.140492% 7.14
Aggregated prepayment amount 4,436,950.85 4,436,950.85
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 148,906.48 148,906.48
Monthly sub servicer fees 8,814.28 8,814.28
Monthly trustee fees 5,439.49 5,439.49
Aggregate advances N/A N/A
Advances this periods 0.00 0.00
- --------------------------------------------------------------------------------
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 0.00 0.00
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.002960% 100.000000% 696,253,907.00
-----------------------------------------------------------------------------
Junior 3.997040% 0.000000% 28,988,214.06
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 1,144,915.42
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 3 1,144,915.42
- --------------------------------------------------------------------------------
<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 9,171,558.81 9,171,558.81
Principal remittance amount 5,556,816.18 5,556,816.18
Interest remittance amount 3,614,742.64 3,614,742.64
