SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED April 23, 1999
(To Prospectus dated November 9, 1998)
CWMBS, INC.
Depositor
Countrywide
Home Loans, Inc.
Seller and Master Servicer
Alternative Loan Trust 1999-1
Issuer
Mortgage Pass-Through Certificates, Series 1999-6
---------
- ------------------------------
The Class A-1 certificates
represent obligations of the
trust only and do not
represent an interest in or
obligation of CWMBS, Inc.,
Countrywide Home Loans, Inc.
or any of their affiliates.
This supplement may be used to
offer and sell the offered
certificates only if
accompanied by the prospectus
supplement and the prospectus.
- ------------------------------
The Class A-1 Certificates
o This supplement relates to the offering of the Class A-1
certificates of the series referenced above. This
supplement does not contain complete information about the
offering of the Class A-1 certificates. Additional
information is contained in the prospectus supplement
dated April 23, 1999 prepared in connection with the
offering of the offered certificates of the series
referenced above and in the prospectus of the depositor
dated November 9, 1998. You are urged to read this
supplement, the prospectus supplement and the prospectus
in full.
o As of the April 25, 2000, the class certificate balance of
the Class A-1 certificates was approximately $15,000,000.
Neither the SEC nor any state securities commission has approved these
securities or determined that this supplement, the prospectus supplement or
the prospectus is accurate or complete. Any representation to the contrary is
a criminal offense.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A-1
certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices related to the prevailing prices at the time of
sale.
May 15, 2000
<PAGE>
THE MORTGAGE POOL
As of April 1, 2000 (the "Reference Date"), the Mortgage Pool included
approximately 2,781 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $367,607,348.16.
The following table summarizes the delinquency and foreclosure experience
of the Mortgage Loans as of the Reference Date.
As of
April 1, 2000
Total Number of Mortgage Loans................................... 2,781
Delinquent Mortgage Loans and Pending Foreclosures at
Period End (1)
30-59 days.............................................. 1.04.%
60-90 days.............................................. 0.14%
91 days or more (excluding pending foreclosures)........ 0.04%
-----
Total Delinquencies..................................... 1.22%
=====
Foreclosures Pending............................................. 0.40%
-----
Total Delinquencies and foreclosures pending..................... 1.62%
=====
- ---------
(1) As a percentage of the total number of Mortgage Loans as of the Reference
Date.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
The Master Servicer
Countrywide Home Loans, Inc. will continue to act as Master Servicer
under the Agreement.
Foreclosure and Delinquency Experience
The following table summarizes the delinquency, foreclosure and loss
experience, respectively, on the dates indicated, of all mortgage loans
originated or acquired by Countrywide Home Loans, Inc., serviced or master
serviced by the Master Servicer and securitized by the Depositor. The
delinquency, foreclosure and loss percentages may be affected by the size and
relative lack of seasoning of such servicing portfolio which increased from
approximately $8.555 billion at February 29, 1996, to approximately $8.671
billion at February 28, 1997, to approximately $11.002 billion at February 28,
1998, to approximately $15.381 billion at February 28, 1999 and to
approximately $17.480 billion at November 30, 1999. Accordingly, the
information should not be considered as a basis for assessing the likelihood,
amount or severity of delinquency or losses on the Mortgage Loans and no
assurances can be given that the foreclosure, delinquency and loss experience
presented in the table below will be indicative of such experience on the
Mortgage Loans:
<TABLE>
<CAPTION>
At February 28, (29), At November 30,
------------------------------------------------------------
1996 1997 1998 1999 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
30-59 days.............................. 0.65% 0.65% 1.08% 1.03% 1.12%
60-89 days.............................. 0.09 0.15 0.16 0.18 0.17
90 days or more (excluding pending
foreclosures)...................... 0.09 0.16 0.16 0.12 0.14
---- ---- ---- ---- ----
Total of delinquencies.................. 0.83% 0.96% 1.40% 1.33% 1.43%
==== ==== ==== ==== ====
Foreclosures pending............................. 0.12% 0.17% 0.17% 0.14% 0.15%
==== ==== ==== ==== ====
Total delinquencies and foreclosures pending..... 0.95% 1.13% 1.57% 1.47% 1.58%
==== ==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (1) ...... ($307,000) ($2,812,000) ($2,662,000) ($3,704,605) ($755,996)
Percentage of Net Gains/(Losses) on liquidated
loans (1)(2) ............................... 0.00% (0.032)% (0.024)% (0.028)% (0.004)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(1) ...................... (0.004)% (0.033)% (0.027)% (0.028)% (0.004)%
- ---------
(1) "Net Gains (Losses)" are actual gains or losses incurred on liquidated
properties which are calculated as net liquidation proceeds less book
value (excluding loan purchase premium or discount).
(2) Based upon the total principal balance of the mortgage loans outstanding
on the last day of the indicated period.
</TABLE>
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, on all mortgage loans
serviced or master serviced by the Master Servicer. Such mortgage loans have a
variety of underwriting, payment and other characteristics, many of which
differ from those of the Mortgage Loans, and no assurances can be given that
the delinquency and foreclosure experience presented in the table below will
be indicative of such experience of the Mortgage Loans. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of such servicing portfolio which increased from approximately
$136.8 billion at February 29, 1996, to approximately $158.6 billion at
February 28, 1997, to approximately $182.9 billion at February 28, 1998, to
approximately $215.5 billion at February 28, 1999 and to approximately $244.0
billion at November 30, 1999.
<PAGE>
<TABLE>
<CAPTION>
At February 28, (29), At November 30,
---------------------------------------------------------
1996 1997 1998 1999 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
30-59 days.............................. 2.13% 2.26% 2.68% 3.05% 3.38%
60-89 days.............................. 0.48 0.52 0.58 0.21 0.26
90 days or more (excluding pending
foreclosures)...................... 0.59 0.66 0.65 0.29 0.33
---- ---- ---- ---- ----
Total of delinquencies.................. 3.20% 3.44% 3.91% 3.55% 3.97%
==== ==== ==== ==== ====
Foreclosures pending.................... 0.49% 0.71% 0.45% 0.31% 0.33%
==== ==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 3.69% 4.15% 4.36% 3.86% 4.30%
==== ==== ==== ==== ====
- --------------
(1) Including loans subserviced for others.
</TABLE>
DESCRIPTION OF THE CLASS A-1 CERTIFICATES
The Class A-1 Certificates will be entitled to receive interest in the
amount of the Interest Distribution Amount for such Class as described in the
Prospectus Supplement under "Description of the Certificates -- Interest". The
Class A-1 Certificates are allocated principal payments as described in the
Prospectus Supplement under "Description of the Certificates -- Principal".
As of April 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A-1 Certificates was approximately $15,000,000 evidencing
a beneficial ownership interest of approximately 4.80% in the Trust Fund. As
of the Certificate Date, the Senior Certificates had an aggregate principal
balance of approximately $344,200,429.12 and evidenced in the aggregate a
beneficial ownership interest of approximately 93.63% in the Trust Fund. As of
the Certificate Date, the Subordinated Certificates had an aggregate principal
balance of $23,406,918.95 and evidenced in the aggregate a beneficial
ownership interest of approximately 6.37% in the Trust Fund. For additional
information with respect to the Class A-1 Certificates, see "Description of
the Certificates" in the Prospectus Supplement.
Reports to Certificateholders
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
Revised Structuring Assumptions
Unless otherwise specified, the information in the tables appearing in
this Supplement under "Yield, Prepayment and Maturity Considerations --
Decrement Table" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional assumptions
(collectively, the "Revised Structuring Assumptions"): (i) the Mortgage Loans
consist of two Mortgage Loans with the following characteristics:
<TABLE>
<CAPTION>
Original Term to Remaining Term to
Principal Balance Mortgage Rate Net Mortgage Rate Maturity (in months) Maturity (in months)
----------------- ------------- ----------------- -------------------- --------------------
<S> <C> <C> <C> <C>
$85,850,394.64 6.88543% 6.58724% 360 336
$282,086,953.52 7.63777% 7.37794% 360 338
</TABLE>
(ii) the Mortgage Loans prepay at the specified constant percentages of
Prepayment Assumption (as defined below), (iii) no defaults in the payment by
Mortgagors of principal of any interest on the Mortgage Loans are experienced,
(iv) scheduled payments on the Mortgage Loans are received on the first day of
each month commencing in the calendar month following the Reference Date and
are computed prior to giving effect to prepayments received on the last day of
the prior month, (v) prepayments are allocated as described herein without
giving effect to loss and delinquency tests, (vi) there are no Net Interest
Shortfalls and prepayments represent prepayments in full of individual
Mortgage Loans and are received on the last day of each month, commencing in
the calendar month of the Reference Date, (vii) the scheduled monthly payment
for each Mortgage Loan has been calculated based on the assumed Mortgage Loan
characteristics set forth in clause (i) above such that each Mortgage Loan
will amortize in amounts sufficient to repay the balance of such Mortgage Loan
by its indicated remaining term to maturity, (viii) the initial Class
Certificate Balance of the Class A-1 Certificates is $15,000,000 (ix) interest
accrues on the Class A-1 Certificates at the applicable interest rate
described in the Prospectus Supplement, (x) distributions in respect of the
Certificates are received in cash on the 25th day of each month commencing in
the calendar month following the Reference Date, (xi) the closing date
of the sale of the Offered Certificates is May 15, 2000, (xii) the Seller is
not required to repurchase or substitute for any Mortgage Loan, (xiii) the
Master Servicer does not exercise the option to repurchase the Mortgage Loans
described in the Prospectus Supplement under the headings "--Optional Purchase
of Defaulted Loans" and "--Optional Termination", and (xiv) no Class of
Certificates become a Restricted Class. While it is assumed that each of the
Mortgaged Loans prepays at the specified constant percentages of Prepayment
Assumption, this is not likely to be the case. Moreover, discrepancies will
exist between the characteristics of the actual Mortgage Loans as of the
Reference Date and characteristics of the Mortgage Loans assumed in preparing
the tables herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in preparing certain tables and
schedules in this Prospectus Supplement (the "Prepayment Assumption")
represents an assumed rate of prepayment each month of the then outstanding
principal balance of a pool of new mortgage loans. A 100% Prepayment
Assumption assumes a Constant Prepayment Rate ("CPR") 4.0% per annum of the
then outstanding principal balance of such mortgage loans in the first month
of the life of such mortgage loans and an additional 1.09090909% (precisely
12/11) per annum in each month thereafter until the eleventh month. Beginning
in the twelfth month and in each month thereafter during the life of the
mortgage loans, a 100% Prepayment Assumption assumes a CPR of 16% per annum
each month. As used herein, a 50% Prepayment Assumption assumes prepayment
rates equal to 50% of the Prepayment Assumption. Correspondingly, a 200%
Prepayment Assumption assumes prepayment rates equal to 200% of the Prepayment
Assumption, as so forth. The Prepayment Assumption does not purport to be
either an historical description of the prepayment experience of any pool of
mortgage loans or a prediction of the anticipated rate of prepayment of any
pool of mortgage loans, including the Mortgage Loans.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
Decrement Table
The following table indicates the percentage of the Certificate Date
Class Certificate Balance of the Class A-1 Certificates that would be
outstanding after each of the dates shown at various constant percentages of
the Prepayment Assumption and the corresponding weighted average life thereof.
The table has been prepared based on the Revised Structuring Assumptions.
However, all of the Mortgage Loans may not have the interest rates or
remaining terms to maturity described under "Revised Structuring Assumptions"
herein and the Mortgage Loans may not prepay at the indicated constant
percentages of the Prepayment Assumption or at any constant percentage.
Percent of Class Certificate
Balance Outstanding*
<TABLE>
<CAPTION>
Class A-1
Prepayment Assumption
-------------------------------------------
Distribution Date 0% 50% 100% 150% 200%
----------------- -- --- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Initial Percent.................. 100 100 100 100 100
May 25, 2001..................... 100 100 100 100 100
May 25, 2002..................... 100 100 100 89 78
May 25, 2003..................... 100 100 85 69 53
May 25, 2004..................... 100 94 71 51 32
May 25, 2005..................... 100 87 61 38 17
May 25, 2006..................... 100 80 51 26 5
May 25, 2007..................... 100 74 43 18 0
May 25, 2008..................... 100 68 36 11 0
May 25, 2009..................... 100 63 31 6 0
May 25, 2010..................... 100 58 26 2 0
May 25, 2011..................... 99 53 21 0 0
May 25, 2012..................... 96 48 16 0 0
May 25, 2013..................... 92 44 12 0 0
May 25, 2014..................... 87 39 8 0 0
May 25, 2015..................... 83 34 4 0 0
May 25, 2016..................... 77 29 0 0 0
May 25, 2017..................... 72 24 0 0 0
May 25, 2018..................... 66 20 0 0 0
May 25, 2019..................... 60 15 0 0 0
May 25, 2020..................... 53 10 0 0 0
May 25, 2021..................... 46 6 0 0 0
May 25, 2022..................... 38 0 0 0 0
May 25, 2023..................... 30 0 0 0 0
May 25, 2024..................... 21 0 0 0 0
May 25, 2025..................... 10 0 0 0 0
May 25, 2026..................... 0 0 0 0 0
May 25, 2027..................... 0 0 0 0 0
May 25, 2028..................... 0 0 0 0 0
May 25, 2029..................... 0 0 0 0 0
- - - - -
Weighted Average Life (years) **... 19.9 12.0 7.2 4.7 3.4
- ---------
* Rounded to the nearest whole percentage.
** Determined as specified under "Weighted Average Lives of the Offered
Certificates" in the Prospectus Supplement.
</TABLE>
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $3,712,658 and $0 and $8,012,410, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-1 Certificates discussed under
the sections titled "Material Federal Income Tax Consequences" in the
Prospectus Supplement and the Prospectus, which the following discussion
supplements. Prospective investors should consult their tax advisors with
respect to those consequences.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A-1 Certificates should consider
carefully the ERISA consequences of an investment in such Certificates
discussed under "ERISA Considerations" in the Prospectus, the Prospectus
Supplement and herein, and should consult their own advisors with respect to
those consequences. As described in the Prospectus Supplement, it is expected
that the Exemptions will apply to the acquisition and holding of Class A-1
Certificates by Plans and that all conditions of the Exemptions other than
those within the control of purchasers of the Certificates will be met.
RATINGS
The Class A-1 Certificates are currently rated "AAA" by Duff & Phleps
Credit Rating Company and Standard & Poor's, a division of the McGraw-Hill
Companies, Inc. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A-1
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
<PAGE>
EXHIBIT 1
- --------------------------------------------------------------------------
MORTGAGE RATES(1)
- --------------------------------------------------------------------------
Percent
Number of Aggregate Principal of
Mortgage Rates (%) Mortgage Loans Balance Outstanding Mortgage Pool
------------------ -------------- ------------------- -------------
- --------------------------------------------------------------------------
6.000 1 $111,994.77 0.03%
- --------------------------------------------------------------------------
6.125 4 $393,410.77 0.11%
- --------------------------------------------------------------------------
6.250 3 $284,301.97 0.08%
- --------------------------------------------------------------------------
6.375 10 $1,046,483.32 0.28%
- --------------------------------------------------------------------------
6.500 21 $3,362,202.03 0.91%
- --------------------------------------------------------------------------
6.625 17 $2,138,981.85 0.58%
- --------------------------------------------------------------------------
6.750 79 $11,995,468.76 3.26%
- --------------------------------------------------------------------------
6.875 168 $29,449,258.72 8.01%
- --------------------------------------------------------------------------
7.000 231 $34,892,036.13 9.49%
- --------------------------------------------------------------------------
7.125 188 $30,441,837.00 8.28%
- --------------------------------------------------------------------------
7.250 327 $51,250,765.46 13.94%
- --------------------------------------------------------------------------
7.375 224 $32,500,503.39 8.84%
- --------------------------------------------------------------------------
7.500 340 $44,495,480.64 12.10%
- --------------------------------------------------------------------------
7.625 163 $20,359,830.23 5.54%
- --------------------------------------------------------------------------
7.750 208 $25,945,198.45 7.06%
- --------------------------------------------------------------------------
7.875 179 $21,830,512.21 5.94%
- --------------------------------------------------------------------------
8.000 116 $11,519,751.31 3.13%
- --------------------------------------------------------------------------
8.125 52 $4,705,529.97 1.28%
- --------------------------------------------------------------------------
8.250 92 $9,778,775.99 2.66%
- --------------------------------------------------------------------------
8.375 68 $7,112,663.43 1.93%
- --------------------------------------------------------------------------
8.500 138 $11,932,006.95 3.25%
- --------------------------------------------------------------------------
8.625 51 $4,392,976.74 1.20%
- --------------------------------------------------------------------------
8.750 34 $3,008,641.71 0.82%
- --------------------------------------------------------------------------
8.875 30 $1,814,516.30 0.49%
- --------------------------------------------------------------------------
9.000 36 $2,785,593.94 0.76%
- --------------------------------------------------------------------------
9.750 1 $58,626.12 0.02%
- --------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
==========================================================================
(1) The Lender PMI Mortgage Loans are shown at the Mortgage Rates net of the
interest premium charged by the related lenders. At the Reference Date, the
weighted average mortgage rate of the mortgage loans was approximately
7.463%.
DOCUMENTATION PROGRAM FOR MORTGAGE LOANS
- -------------------------------------------------------------------------
Percent
Number of Aggregate Principal of
Type of Program Mortgage Loans Balance Outstanding Mortgage Loans
- --------------- -------------- ------------------- --------------
- -------------------------------------------------------------------------
Full 745 94,577,376.71 25.73%
Alternative 438 50,287,609.72 13.68%
Reduced 1,397 201,453,321.07 54.80%
No Income/No Asset 197 20,912,659.40 5.69%
Streamlined 4 376,381.26 0.10%
- -------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
=========================================================================
<PAGE>
- ----------------------------------------------------------------------------
CURRENT MORTGAGE LOAN PRINCIPAL BALANCE
- ----------------------------------------------------------------------------
Percent
Current Mortgage Number of Aggregate Principal of
Loan Amounts Mortgage Loans Balance Outstanding Mortgage Pool
------------ -------------- ------------------- -------------
- ----------------------------------------------------------------------------
$0--$50,000 308 $10,969,117.99 2.98%
- ----------------------------------------------------------------------------
$50,001--$100,000 959 $72,160,223.92 19.63%
- ----------------------------------------------------------------------------
$100,000--$150,000 710 $87,332,624.70 23.76%
- ----------------------------------------------------------------------------
$150,001--$200,000 389 $67,371,275.49 18.33%
- ----------------------------------------------------------------------------
$200,001--$250,000 187 $41,305,239.99 11.24%
- ----------------------------------------------------------------------------
$250,001--$300,000 68 $18,666,125.69 5.08%
- ----------------------------------------------------------------------------
$300,001--$350,000 54 $17,376,936.32 4.73%
- ----------------------------------------------------------------------------
$350,001--$400,000 29 $10,975,843.76 2.99%
- ----------------------------------------------------------------------------
$400,001--$450,000 29 $12,382,634.59 3.37%
- ----------------------------------------------------------------------------
$450,001--$500,000 16 $7,637,744.12 2.08%
- ----------------------------------------------------------------------------
$500,001--$550,000 9 $4,695,725.06 1.28%
- ----------------------------------------------------------------------------
$550,001--$600,000 6 $3,543,074.88 0.96%
- ----------------------------------------------------------------------------
$600,001--$650,000 7 $4,405,443.56 1.20%
- ----------------------------------------------------------------------------
$650,001--$750,000 4 $2,887,251.58 0.79%
- ----------------------------------------------------------------------------
$750,001--$1,000,000 4 $3,473,332.13 0.94%
- ----------------------------------------------------------------------------
$1,000,001--$1,500,000 2 $2,424,754.38 0.66%
- ----------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
============================================================================
ORIGINAL LOAN-TO-VALUE RATIOS(1)
- ----------------------------------------------------------------------------
Percent
Loan-To-Value Number of Aggregate Principal of
Ratios(%) Mortgage Loans Balance Outstanding Mortgage Pool
--------- -------------- ------------------- -------------
- ----------------------------------------------------------------------------
50.00 and below 172 $24,398,160.01 6.64%
- ----------------------------------------------------------------------------
50.01 to 55.00 68 $11,854,453.14 3.22%
- ----------------------------------------------------------------------------
55.01 to 60.00 85 $13,984,029.73 3.80%
- ----------------------------------------------------------------------------
60.01 to 65.00 125 $20,510,794.65 5.58%
- ----------------------------------------------------------------------------
65.01 to 70.00 206 $28,540,001.17 7.76%
- ----------------------------------------------------------------------------
70.01 to 75.00 687 $81,094,869.34 22.06%
- ----------------------------------------------------------------------------
75.01 to 80.00 824 $128,106,882.65 34.85%
- ----------------------------------------------------------------------------
80.01 to 85.00 173 $17,715,074.60 4.82%
- ----------------------------------------------------------------------------
85.01 to 90.00 343 $29,267,860.96 7.96%
- ----------------------------------------------------------------------------
90.01 to 95.00 98 $12,135,221.91 3.30%
- ----------------------------------------------------------------------------
Total 2,781 367,607,348.16 100%
============================================================================
(1) At the Reference Date, weighted average Loan-To-Value Ratio of the
Mortgages Loans was approximately 73.8345%.
PURPOSE OF MORTGAGE LOANS
- ----------------------------------------------------------------------------
Percent
Number of Aggregate Principal of
Loan Purpose Mortgage Loans Balance Outstanding Mortgage Pool
------------ -------------- ------------------- -------------
- ----------------------------------------------------------------------------
Purchase 1126 $147,675,311.11 40.17%
- ----------------------------------------------------------------------------
Refinance (Rate/Term) 557 $83,261,809.43 22.65%
- ----------------------------------------------------------------------------
Refinance (Cash Out) 1098 $136,670,227.62 37.18%
- ----------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
============================================================================
STATE DISTRIBUTION OF MORTGAGED PROPERTIES(1)
- ----------------------------------------------------------------------------
Percent
Number of Aggregate Principal of
State Mortgage Loans Balance Outstanding Mortgage Pool
----- -------------- ------------------- -------------
- ----------------------------------------------------------------------------
California 488 $97,636,419.92 26.56%
- ----------------------------------------------------------------------------
Colorado 160 $21,576,630.63 5.87%
- ----------------------------------------------------------------------------
Florida 228 $21,443,359.97 5.83%
- ----------------------------------------------------------------------------
Illinois 96 $11,309,805.03 3.08%
- ----------------------------------------------------------------------------
Massachusetts 82 $10,753,860.14 2.93%
- ----------------------------------------------------------------------------
Michigan 104 $9,991,344.76 2.72%
- ----------------------------------------------------------------------------
New Jersey 108 $14,021,649.81 3.81%
- ----------------------------------------------------------------------------
New York 97 $16,384,711.57 4.46%
- ----------------------------------------------------------------------------
North Carolina 71 $7,704,282.26 2.10%
- ----------------------------------------------------------------------------
Ohio 101 $8,552,468.21 2.33%
- ----------------------------------------------------------------------------
Pennsylvania 89 $9,121,352.01 2.48%
- ----------------------------------------------------------------------------
Texas 170 $20,044,223.83 5.45%
- ----------------------------------------------------------------------------
Virginia 59 $10,461,898.30 2.85%
- ----------------------------------------------------------------------------
Washington 96 $13,369,904.79 3.64%
- ----------------------------------------------------------------------------
Other (less than 2%) 832 $95,235,436.93 25.91%
- ----------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
============================================================================
- ---------
(1) The other row in the preceding table includes 36 other states and the
District of Columbia with under 2% concentrations individually. At of the
Reference Date, no more than 0.45% of the Mortgage Loans were secured by
Mortgaged Properties located in any one postal zip code area.
TYPES OF MORTGAGED PROPERTIES
- ------------------------------------------------------------------------------
Percent
Number of Aggregate Principal of
Property Type Mortgage Loans Balance Outstanding Mortgage Pool
------------- -------------- ------------------- -------------
- ------------------------------------------------------------------------------
Single Family 1883 249,475,716.63 67.86%
Planned Unit Development 315 $52,462,716.52 14.27%
Condominium 152 $17,211,018.03 4.68%
High Rise Condo 9 $787,121.83 0.21%
2 - 4 Family 422 $47,670,775.15 12.97%
- ------------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
==============================================================================
OCCUPANCY TYPES(1)
- ------------------------------------------------------------------------------
Percent
Number of Aggregate Principal of
Occupancy Types Mortgage Loans Balance Outstanding Mortgage Loans
--------------- -------------- ------------------- --------------
- ------------------------------------------------------------------------------
Primary Residence 1905 $289,707,902.39 78.81%
- ------------------------------------------------------------------------------
Investor Property 835 $72,731,906.87 19.79%
- ------------------------------------------------------------------------------
Second Residence 41 $5,167,538.90 1.41%
- ------------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
==============================================================================
(1) Based upon representations of the related mortgagors as of the time of
origination.
<PAGE>
REMAINING TERMS TO MATURITY(1)
- ------------------------------------------------------------------------------
Aggregate Percent
Number of Principal of
Remaining Term Mortgage Balance Mortgage
to Maturity (months) Loans Outstanding Pool
- ------------------------------------------------------------------------------
350 1 $114,617.41 0.03%
- ------------------------------------------------------------------------------
349 9 $1,956,133.21 0.53%
- ------------------------------------------------------------------------------
348 728 $98,061,274.91 26.68%
- ------------------------------------------------------------------------------
347 1013 $136,491,597.07 37.13%
- ------------------------------------------------------------------------------
346 249 $32,784,533.10 8.92%
- ------------------------------------------------------------------------------
345 114 $16,087,178.35 4.38%
- ------------------------------------------------------------------------------
344 57 $7,140,678.60 1.94%
- ------------------------------------------------------------------------------
343 47 $5,791,040.38 1.58%
- ------------------------------------------------------------------------------
342 40 $5,640,720.18 1.53%
- ------------------------------------------------------------------------------
341 35 $4,463,474.25 1.21%
- ------------------------------------------------------------------------------
340 24 $3,605,871.30 0.98%
- ------------------------------------------------------------------------------
339 31 $4,194,672.55 1.14%
- ------------------------------------------------------------------------------
338 22 $2,501,607.64 0.68%
- ------------------------------------------------------------------------------
337 17 $2,142,453.84 0.58%
- ------------------------------------------------------------------------------
336 25 $3,827,249.47 1.04%
- ------------------------------------------------------------------------------
335 10 $1,131,235.78 0.31%
- ------------------------------------------------------------------------------
334 20 $2,291,753.20 0.62%
- ------------------------------------------------------------------------------
333 16 $2,170,677.74 0.59%
- ------------------------------------------------------------------------------
332 9 $837,020.15 0.23%
- ------------------------------------------------------------------------------
331 10 $1,682,350.74 0.46%
- ------------------------------------------------------------------------------
330 7 $559,543.45 0.15%
- ------------------------------------------------------------------------------
329 5 $475,755.09 0.13%
- ------------------------------------------------------------------------------
328 9 $982,401.66 0.27%
- ------------------------------------------------------------------------------
327 5 $436,147.63 0.12%
- ------------------------------------------------------------------------------
326 4 $570,856.84 0.16%
- ------------------------------------------------------------------------------
325 6 $785,087.01 0.21%
- ------------------------------------------------------------------------------
324 4 $555,882.54 0.15%
- ------------------------------------------------------------------------------
323 6 $788,969.46 0.21%
- ------------------------------------------------------------------------------
322 6 $626,843.14 0.17%
- ------------------------------------------------------------------------------
321 7 $1,047,983.18 0.29%
- ------------------------------------------------------------------------------
320 8 $873,211.61 0.24%
- ------------------------------------------------------------------------------
319 1 $103,397.76 0.03%
- ------------------------------------------------------------------------------
318 2 $89,326.41 0.02%
- ------------------------------------------------------------------------------
317 4 $408,463.45 0.11%
- ------------------------------------------------------------------------------
316 1 $278,720.07 0.08%
- ------------------------------------------------------------------------------
315 1 $178,409.06 0.05%
- ------------------------------------------------------------------------------
314 4 $347,092.33 0.09%
- ------------------------------------------------------------------------------
313 8 $1,023,388.70 0.28%
- ------------------------------------------------------------------------------
312 11 $1,254,839.97 0.34%
- ------------------------------------------------------------------------------
311 12 $1,281,851.48 0.35%
- ------------------------------------------------------------------------------
310 10 $774,456.57 0.21%
- ------------------------------------------------------------------------------
309 6 $516,615.80 0.14%
- ------------------------------------------------------------------------------
308 3 $235,219.90 0.06%
- ------------------------------------------------------------------------------
307 1 $81,079.49 0.02%
- ------------------------------------------------------------------------------
306 2 $166,636.00 0.05%
- ------------------------------------------------------------------------------
305 2 $315,857.65 0.09%
- ------------------------------------------------------------------------------
304 1 $85,755.53 0.02%
- ------------------------------------------------------------------------------
303 1 $76,574.84 0.02%
- ------------------------------------------------------------------------------
302 3 $433,893.68 0.12%
- ------------------------------------------------------------------------------
301 4 $916,454.61 0.25%
- ------------------------------------------------------------------------------
300 1 $102,429.05 0.03%
- ------------------------------------------------------------------------------
298 1 $99,045.94 0.03%
- ------------------------------------------------------------------------------
296 1 $104,129.93 0.03%
- ------------------------------------------------------------------------------
295 3 $214,246.93 0.06%
- ------------------------------------------------------------------------------
294 1 $110,280.28 0.03%
- ------------------------------------------------------------------------------
293 2 $46,067.18 0.01%
- ------------------------------------------------------------------------------
292 2 $149,908.32 0.04%
- ------------------------------------------------------------------------------
290 1 $95,112.70 0.03%
- ------------------------------------------------------------------------------
289 2 $141,890.70 0.04%
- ------------------------------------------------------------------------------
288 2 $139,467.81 0.04%
- ------------------------------------------------------------------------------
287 6 $770,798.67 0.21%
- ------------------------------------------------------------------------------
284 2 $284,386.68 0.08%
- ------------------------------------------------------------------------------
283 1 $98,869.49 0.03%
- ------------------------------------------------------------------------------
281 3 $336,522.82 0.09%
- ------------------------------------------------------------------------------
278 1 $68,528.17 0.02%
- ------------------------------------------------------------------------------
277 1 $162,357.05 0.04%
- ------------------------------------------------------------------------------
276 1 $237,741.99 0.06%
- -----------------------------------------------------------------------------
275 5 $564,546.61 0.15%
- ------------------------------------------------------------------------------
274 2 $302,066.33 0.08%
- ------------------------------------------------------------------------------
273 2 $115,780.58 0.03%
- ------------------------------------------------------------------------------
272 3 $466,165.89 0.13%
- ------------------------------------------------------------------------------
271 2 $117,939.82 0.03%
- ------------------------------------------------------------------------------
270 1 $196,579.83 0.05%
- ------------------------------------------------------------------------------
269 3 $264,863.31 0.07%
- ------------------------------------------------------------------------------
266 2 $234,897.66 0.06%
- ------------------------------------------------------------------------------
264 1 $96,266.82 0.03%
- ------------------------------------------------------------------------------
262 1 $157,560.16 0.04%
- ------------------------------------------------------------------------------
260 1 $113,999.47 0.03%
- ------------------------------------------------------------------------------
258 2 $247,624.35 0.07%
- ------------------------------------------------------------------------------
254 1 $97,958.73 0.03%
- ------------------------------------------------------------------------------
246 1 $29,262.13 0.01%
- ------------------------------------------------------------------------------
245 1 $59,282.52 0.02%
- ------------------------------------------------------------------------------
243 1 $40,647.28 0.01%
- ------------------------------------------------------------------------------
239 1 $69,312.36 0.02%
- ------------------------------------------------------------------------------
228 21 $2,609,688.34 0.71%
- ------------------------------------------------------------------------------
227 29 $3,445,308.75 0.94%
- ------------------------------------------------------------------------------
225 3 $476,640.82 0.13%
- ------------------------------------------------------------------------------
224 1 $88,996.82 0.02%
- ------------------------------------------------------------------------------
223 3 $166,404.15 0.05%
- ------------------------------------------------------------------------------
222 1 $209,790.10 0.06%
- ------------------------------------------------------------------------------
217 2 $260,260.38 0.07%
- ------------------------------------------------------------------------------
203 1 $130,753.14 0.04%
- ------------------------------------------------------------------------------
200 1 $100,099.78 0.03%
- ------------------------------------------------------------------------------
193 1 $43,300.90 0.01%
- ------------------------------------------------------------------------------
186 1 $82,571.64 0.02%
- ------------------------------------------------------------------------------
184 1 $90,903.21 0.02%
- ------------------------------------------------------------------------------
182 1 $35,621.31 0.01%
- ------------------------------------------------------------------------------
164 1 $186,704.54 0.05%
- ------------------------------------------------------------------------------
162 1 $129,432.05 0.04%
- ------------------------------------------------------------------------------
160 1 $317,191.39 0.09%
- ------------------------------------------------------------------------------
140 1 $117,227.46 0.03%
- ------------------------------------------------------------------------------
126 1 $121,444.67 0.03%
- ------------------------------------------------------------------------------
116 1 $103,041.33 0.03%
- ------------------------------------------------------------------------------
97 1 $34,938.96 0.01%
- ------------------------------------------------------------------------------
74 1 $65,482.47 0.02%
- ------------------------------------------------------------------------------
66 1 $166,619.28 0.05%
- ------------------------------------------------------------------------------
62 1 $129,998.00 0.04%
- ------------------------------------------------------------------------------
44 2 $98,936.80 0.03%
- ------------------------------------------------------------------------------
42 1 $95,481.48 0.03%
- -----------------------------------------------------------------------------
28 1 $66,808.46 0.02%
- ------------------------------------------------------------------------------
0 19 $2,710,309.59 0.74%
- ------------------------------------------------------------------------------
Total 2,781 $367,607,348.16 100.00%
==============================================================================
(1) At of the Reference Date, the weighted average remaining term to maturity
for the mortgage loans in the above table was approximately 337 months.
<PAGE>
EXHIBIT 2
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-6
------------------------------------------------------------
<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 15,000,000.00 6.750000% 0.00 84,375.00 84,375.00 0.00 0.00
A2 35,000,000.00 6.450000% 0.00 188,125.00 188,125.00 0.00 0.00
A3 63,525,000.00 6.500000% 0.00 344,093.75 344,093.75 0.00 0.00
A4 120,870,246.51 6.750000% 3,634,975.66 679,895.14 4,314,870.80 0.00 0.00
A5 34,000,000.00 6.500000% 0.00 184,166.67 184,166.67 0.00 0.00
A6 34,000,000.00 0.220000% 0.00 6,233.33 6,233.33 0.00 0.00
A7 14,475,000.00 6.425000% 0.00 77,501.56 77,501.56 0.00 0.00
A8 14,475,000.00 2.075000% 0.00 25,029.69 25,029.69 0.00 0.00
A9 63,300,000.00 6.750000% 0.00 356,062.50 356,062.50 0.00 0.00
PO 1,668,543.74 0.000000% 3,385.42 0.00 3,385.42 0.00 0.00
X 25,692,670.68 7.000000% 0.00 149,873.91 149,873.91 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.09 0.09 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 11,118,142.75 6.750000% 9,531.02 62,539.55 72,070.57 0.00 0.00
B1 4,963,248.82 6.750000% 4,254.74 27,918.27 32,173.02 0.00 0.00
B2 2,779,418.99 6.750000% 2,382.65 15,634.23 18,016.89 0.00 0.00
B3 1,786,769.42 6.750000% 1,531.71 10,050.58 11,582.28 0.00 0.00
B4 1,191,179.28 6.750000% 1,021.14 6,700.38 7,721.52 0.00 0.00
B5 1,588,242.48 6.750000% 1,361.52 8,933.86 10,295.38 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 371,265,791.99 - 3,658,443.86 2,227,133.52 5,885,577.38 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 15,000,000.00 0.00
A2 35,000,000.00 0.00
A3 63,525,000.00 0.00
A4 117,235,270.80 0.00
A5 34,000,000.00 0.00
A6 34,000,000.00 0.00
A7 14,475,000.00 0.00
A8 14,475,000.00 0.00
A9 63,300,000.00 0.00
PO 1,665,158.32 0.00
X 25,434,225.86 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 11,108,611.73 0.00
B1 4,958,994.08 0.00
B2 2,777,036.33 0.00
B3 1,785,237.71 0.00
B4 1,190,158.14 0.00
B5 1,586,880.96 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 367,607,348.08 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/00
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-6
------------------------------------------------------------
<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 15,000,000.00 6.750000% 12669BBE1 0.000000 5.625000 1,000.000000
A2 35,000,000.00 6.450000% 12669BBF8 0.000000 5.375000 1,000.000000
A3 63,525,000.00 6.500000% 12669BBG6 0.000000 5.416667 1,000.000000
A4 120,870,246.51 6.750000% 12669BBH4 24.236241 4.533208 781.667483
A5 34,000,000.00 6.500000% 12669BBJ0 0.000000 5.416667 1,000.000000
A6 34,000,000.00 0.220000% 12669BBK7 0.000000 0.183333 1,000.000000
A7 14,475,000.00 6.425000% 12669BBL5 0.000000 5.354167 1,000.000000
A8 14,475,000.00 2.075000% 12669BBM3 0.000000 1.729167 1,000.000000
A9 63,300,000.00 6.750000% 12669BBN1 0.000000 5.625000 1,000.000000
PO 1,668,543.74 0.000000% 12669BBP6 1.988685 0.000000 978.158490
X 25,692,670.68 7.000000% 12669BBQ4 0.000000 5.166209 876.727193
Residual AR 0.00 6.750000% 12669BBR2 0.000000 0.855138 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 11,118,142.75 6.750000% 12669BBS0 0.849630 5.575007 990.262721
B1 4,963,248.82 6.750000% 12669BBT8 0.849630 5.575007 990.262720
B2 2,779,418.99 6.750000% 12669BBU5 0.849630 5.575007 990.262721
B3 1,786,769.42 6.750000% 12669BBV3 0.849630 5.575007 990.262721
B4 1,191,179.28 6.750000% 12669BBW1 0.849630 5.575007 990.262720
B5 1,588,242.48 6.750000% 12669BBX9 0.849630 5.575007 990.262729
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 371,265,791.99 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-6
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 367,607,348.16 367,607,348.16
Aggregated loan count 2781 2781
Aggregated average loan rate 7.472751% 7.47
Aggregated prepayment amount 3,339,962.72 3,339,962.72
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 75,894.99 75,894.99
Monthly sub servicer fees 2,990.62 2,990.62
Monthly trustee fees 2,784.49 2,784.49
Aggregate advances N/A N/A
Advances this periods 45,928.21 45,928.21
- --------------------------------------------------------------------------------
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 8,012,410.00 8,012,410.00
Special Hazard 3,712,657.92 3,712,657.92
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.695033% 100.000000% 347,838,790.25
-----------------------------------------------------------------------------
Junior 6.304967% 0.000000% 23,406,918.95
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 29 4,234,493.48
60 to 89 days 4 543,791.99
90 or more 1 236,953.39
Foreclosure 11 1,259,687.66
Totals: 45 6,274,926.52
- --------------------------------------------------------------------------------
<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 5,885,577.38 5,885,577.38
Principal remittance amount 3,658,443.86 3,658,443.86
Interest remittance amount 2,227,133.52 2,227,133.52
