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): July 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 199-7)
(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 199-7
On July 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 199-7, 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 199-7 relating to the distribution date
of July 25, 1999 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 199-7
------------------------------------------------------------
<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 156,645,887.00 6.500000% 1,819,805.04 848,498.55 2,668,303.59 0.00 0.00
A2 12,584,880.00 6.500000% 0.00 68,168.10 68,168.10 0.00 0.00
A3 70,044,976.00 6.250000% 227,678.76 364,817.58 592,496.34 0.00 0.00
A4 10,449,338.00 0.000000% 112,365.84 0.00 112,365.84 0.00 0.00
A5 92,002,638.00 6.500000% 989,340.57 498,347.62 1,487,688.20 0.00 0.00
PO 616,180.70 0.000000% 2,363.98 0.00 2,363.98 0.00 0.00
X 279,992,498.00 0.401978% 0.00 93,792.31 93,792.31 0.00 0.00
Residual AR 100.00 6.250000% 100.00 0.52 100.52 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 3,327,900.00 6.250000% 10,817.22 17,332.81 28,150.04 0.00 0.00
B1 1,400,900.00 6.250000% 4,553.58 7,296.35 11,849.93 0.00 0.00
B2 1,050,700.00 6.250000% 3,415.26 5,472.40 8,887.66 0.00 0.00
B3 875,500.00 6.250000% 2,845.78 4,559.90 7,405.68 0.00 0.00
B4 525,400.00 6.250000% 1,707.79 2,736.46 4,444.25 0.00 0.00
B5 700,478.35 6.250000% 2,276.88 3,648.32 5,925.21 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 350,224,878.05 - 3,177,270.71 1,914,670.93 5,091,941.64 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 154,826,081.96 0.00
A2 12,584,880.00 0.00
A3 69,817,297.24 0.00
A4 10,336,972.16 0.00
A5 91,013,297.43 0.00
PO 613,816.72 0.00
X 277,090,070.34 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 3,317,082.78 0.00
B1 1,396,346.42 0.00
B2 1,047,284.74 0.00
B3 872,654.22 0.00
B4 523,692.21 0.00
B5 698,201.47 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 347,047,607.34 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 199-7
------------------------------------------------------------
<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 156,645,887.00 6.500000% 12669BCN0 11.617318 5.416667 988.382682
A2 12,584,880.00 6.500000% 12669BCP5 0.000000 5.416667 1,000.000000
A3 70,044,976.00 6.250000% 12669BCQ3 3.250465 5.208333 996.749535
A4 10,449,338.00 0.000000% 12669BCR1 10.753394 0.000000 989.246606
A5 92,002,638.00 6.500000% 12669BCS9 10.753394 5.416667 989.246606
PO 616,180.70 0.000000% 12669BCT7 3.836498 0.000000 996.163015
X 279,992,498.00 0.401978% 12669BCU4 0.000000 0.334981 989.633909
Residual AR 100.00 6.250000% 12669BCV2 1,000.000000 5.208333 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 3,327,900.00 6.250000% 12669BCW0 3.250465 5.208333 996.749535
B1 1,400,900.00 6.250000% 12669BCX8 3.250465 5.208333 996.749535
B2 1,050,700.00 6.250000% 12669BCY6 3.250465 5.208333 996.749535
B3 875,500.00 6.250000% 12669BEN8 3.250465 5.208333 996.749535
B4 525,400.00 6.250000% 12669BEP3 3.250465 5.208333 996.749535
B5 700,478.35 6.250000% 12669BEQ1 3.250464 5.208331 996.749108
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 350,224,878.05 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 199-7
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 347,047,607.64 347,047,607.64
Aggregated loan count 1153 1153
Aggregated average loan rate 6.822770% 6.82
Aggregated prepayment amount 2,038,776.79 2,038,776.79
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 71,831.67 71,831.67
Monthly sub servicer fees 991.89 991.89
Monthly trustee fees 2,626.69 2,626.69
Aggregate advances N/A N/A
Advances this periods 5,590.13 5,590.13
- --------------------------------------------------------------------------------
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 97.756917% 100.000000% 342,343,999.70
-----------------------------------------------------------------------------
Junior 2.243083% 0.000000% 7,855,261.83
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 612,249.20
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 3 612,249.20
- --------------------------------------------------------------------------------
<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 5,091,941.64 5,091,941.64
Principal remittance amount 3,177,270.71 3,177,270.71
Interest remittance amount 1,914,670.93 1,914,670.93
