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): February 25, 2000
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1999-7)
(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 1999-7
On February 25, 2000, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1999-7, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of June 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 1999-7 relating to the distribution date
of February 25, 2000 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of June 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: February 25, 2000
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 February 25, 2000
Payment Date: 02/25/00
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-7
------------------------------------------------------------
<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 147,981,482.65 6.500000% 1,011,318.61 801,566.36 1,812,884.97 0.00 0.00
A2 12,584,880.00 6.500000% 0.00 68,168.10 68,168.10 0.00 0.00
A3 68,395,116.11 6.250000% 243,682.10 356,224.56 599,906.66 0.00 0.00
A4 9,914,344.92 0.000000% 62,444.97 0.00 62,444.97 0.00 0.00
A5 87,292,217.60 6.500000% 549,805.34 472,832.85 1,022,638.19 0.00 0.00
PO 599,646.75 0.000000% 3,438.64 0.00 3,438.64 0.00 0.00
X 266,423,528.10 0.392369% 0.00 87,113.58 87,113.58 0.00 0.00
Residual AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 3,249,513.67 6.250000% 11,577.56 16,924.55 28,502.11 0.00 0.00
B1 1,367,902.79 6.250000% 4,873.64 7,124.49 11,998.14 0.00 0.00
B2 1,025,951.50 6.250000% 3,655.32 5,343.50 8,998.82 0.00 0.00
B3 854,878.22 6.250000% 3,045.81 4,452.49 7,498.30 0.00 0.00
B4 513,024.57 6.250000% 1,827.83 2,672.00 4,499.84 0.00 0.00
B5 683,979.08 6.250000% 2,436.92 3,562.39 5,999.31 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 334,462,937.86 - 1,898,106.74 1,825,984.88 3,724,091.62 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 146,970,164.05 0.00
A2 12,584,880.00 0.00
A3 68,151,434.01 0.00
A4 9,851,899.95 0.00
A5 86,742,412.26 0.00
PO 596,208.10 0.00
X 265,257,840.57 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 3,237,936.11 0.00
B1 1,363,029.15 0.00
B2 1,022,296.18 0.00
B3 851,832.41 0.00
B4 511,196.74 0.00
B5 681,542.16 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 332,564,831.12 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/00
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-7
------------------------------------------------------------
<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 147,981,482.65 6.500000% 12669BCN0 6.456081 5.117060 938.231874
A2 12,584,880.00 6.500000% 12669BCP5 0.000000 5.416667 1,000.000000
A3 68,395,116.11 6.250000% 12669BCQ3 3.478938 5.085655 972.966769
A4 9,914,344.92 0.000000% 12669BCR1 5.975974 0.000000 942.825273
A5 87,292,217.60 6.500000% 12669BCS9 5.975974 5.139340 942.825273
PO 599,646.75 0.000000% 12669BCT7 5.580571 0.000000 967.585990
X 266,423,528.10 0.392369% 12669BCU4 0.000000 0.311128 947.374813
Residual AR 0.00 6.250000% 12669BCV2 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 3,249,513.67 6.250000% 12669BCW0 3.478938 5.085655 972.966769
B1 1,367,902.79 6.250000% 12669BCX8 3.478938 5.085655 972.966769
B2 1,025,951.50 6.250000% 12669BCY6 3.478938 5.085655 972.966769
B3 854,878.22 6.250000% 12669BEN8 3.478938 5.085655 972.966769
B4 513,024.57 6.250000% 12669BEP3 3.478938 5.085655 972.966769
B5 683,979.08 6.250000% 12669BEQ1 3.478936 5.085653 972.966353
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 334,462,937.86 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-7
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 332,564,831.42 332,564,831.42
Aggregated loan count 1136 1136
Aggregated average loan rate 6.813235% 6.81
Aggregated prepayment amount 706,388.57 706,388.57
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 69,679.78 69,679.78
Monthly sub servicer fees 805.74 805.74
Monthly trustee fees 2,508.47 2,508.47
Aggregate advances N/A N/A
Advances this periods 12,204.54 12,204.54
- --------------------------------------------------------------------------------
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 97.707231% 100.000000% 326,767,688.03
-----------------------------------------------------------------------------
Junior 2.292769% 0.000000% 7,667,832.75
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 4 1,270,885.39
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 1 20,328.47
Totals: 5 1,291,213.86
- --------------------------------------------------------------------------------
<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 3,724,091.62 3,724,091.62
Principal remittance amount 1,898,106.74 1,898,106.74
Interest remittance amount 1,825,984.88 1,825,984.88
