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): November 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1999-3)
(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 1999-3
On November 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1999-3, 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, 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 1999-3 relating to the distribution date
of November 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
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 149,555,033.98 6.250000% 2,790,211.93 778,932.47 3,569,144.40 0.00 0.00
A4 85,152,396.12 8.356361% 1,260.97 166,226.68 167,487.66 0.00 0.00
A5 2,909,471.88 6.500000% 0.00 0.00 0.00 0.00 0.00
A6 8,417,004.57 6.500000% 0.00 0.00 0.00 0.00 0.00
A7 4,744,647.91 6.500000% 23,106.34 25,700.18 48,806.51 0.00 0.00
A8 140,194,479.69 6.500000% 887,283.36 759,386.76 1,646,670.12 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 97.38 0.000000% 0.11 0.00 0.11 0.00 0.00
X 499,225,426.31 0.434168% 0.00 180,623.03 180,623.03 0.00 0.00
Residual AR 99.31 6.500000% 0.00 4,594.32 4,594.32 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,687,765.77 6.500000% 12,227.51 74,142.06 86,369.57 0.00 0.00
B1 6,482,842.13 6.500000% 5,791.23 35,115.39 40,906.63 0.00 0.00
B2 2,881,373.52 6.500000% 2,573.98 15,607.44 18,181.42 0.00 0.00
B3 2,161,278.44 6.500000% 1,930.71 11,706.92 13,637.63 0.00 0.00
B4 1,800,734.31 6.500000% 1,608.63 9,753.98 11,362.60 0.00 0.00
B5 1,801,326.16 6.500000% 1,609.15 9,757.18 11,366.34 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 689,538,551.17 - 3,727,603.91 3,446,950.18 7,174,554.09 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 146,764,822.05 0.00
A4 85,577,878.58 0.00
A5 2,925,231.52 0.00
A6 8,462,596.68 0.00
A7 4,721,541.57 0.00
A8 139,307,196.33 0.00
A9 10,038,000.00 0.00
A10 62,000.00 0.00
A11 31,900,000.00 0.00
PO 97.27 0.00
X 496,513,955.49 0.00
Residual AR 99.31 0.00
- --------------------------------------------------------------------------------
Subordinate M 13,675,538.26 0.00
B1 6,477,050.90 0.00
B2 2,878,799.54 0.00
B3 2,159,347.73 0.00
B4 1,799,125.68 0.00
B5 1,799,717.01 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 686,299,042.44 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
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 149,555,033.98 6.250000% 12669A6Q2 16.778184 4.683899 882.530499
A4 85,152,396.12 8.356361% 12669A6R0 0.015352 2.023756 1,041.882976
A5 2,909,471.88 6.500000% 12669A6S8 0.000000 0.000000 194.950451
A6 8,417,004.57 6.500000% 12669A6T6 0.000000 0.000000 1,049.819709
A7 4,744,647.91 6.500000% 12669A6U3 4.621267 5.140035 944.308315
A8 140,194,479.69 6.500000% 12669A6V1 5.915222 5.062578 928.714642
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 97.38 0.000000% 12669A6Z2 1.149759 0.000000 972.650241
X 499,225,426.31 0.434168% 12669A7A6 0.000000 0.342164 940.574405
Residual AR 99.31 6.500000% 12669A7B4 0.000000 45,943.223853 993.100000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,687,765.77 6.500000% 12669A7C2 0.887273 5.380021 992.347309
B1 6,482,842.13 6.500000% 12669A7D0 0.887273 5.380021 992.347311
B2 2,881,373.52 6.500000% 12669A7E8 0.887273 5.380021 992.347308
B3 2,161,278.44 6.500000% 12669A6K5 0.887273 5.380021 992.347304
B4 1,800,734.31 6.500000% 12669A6L3 0.887273 5.380021 992.347316
B5 1,801,326.16 6.500000% 12669A6M1 0.887273 5.380020 992.347251
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 689,538,551.17 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 686,299,042.75 686,299,042.75
Aggregated loan count 1981 1981
Aggregated average loan rate 7.122509% 7.12
Aggregated prepayment amount 2,623,413.27 2,623,413.27
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 141,047.48 141,047.48
Monthly sub servicer fees 8,498.56 8,498.56
Monthly trustee fees 5,171.54 5,171.54
Aggregate advances N/A N/A
Advances this periods 23,960.50 23,960.50
- --------------------------------------------------------------------------------
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 14,505,310.00 14,505,310.00
Special Hazard 6,895,385.51 6,895,385.51
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.824649% 100.000000% 660,723,230.84
-----------------------------------------------------------------------------
Junior 4.175351% 0.000000% 28,789,579.13
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 9 2,968,518.32
60 to 89 days 1 285,027.52
90 or more 1 236,595.71
Foreclosure 0 0.00
Totals: 11 3,490,141.55
- --------------------------------------------------------------------------------
<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 7,174,554.09 7,174,554.09
Principal remittance amount 3,727,603.91 3,727,603.91
Interest remittance amount 3,446,950.18 3,446,950.18
