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): April 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 April 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 April 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: April 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 April 25, 1999
Payment Date: 04/25/99
------------------------------------------------------------
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 164,949,081.85 6.250000% 1,563,937.17 859,109.80 2,423,046.97 0.00 0.00
A4 82,532,956.53 8.561983% 21,801.62 176,248.49 198,050.11 0.00 0.00
A5 12,334,839.80 6.500000% 1,190,253.77 0.00 1,190,253.77 0.00 0.00
A6 8,104,663.75 6.500000% 0.00 0.00 0.00 0.00 0.00
A7 4,964,059.14 6.500000% 22,599.01 26,888.65 49,487.66 0.00 0.00
A8 148,619,870.88 6.500000% 867,801.88 805,024.30 1,672,826.18 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 99.88 0.000000% 0.12 0.00 0.12 0.00 0.00
X 523,605,821.14 0.449969% 0.00 196,338.71 196,338.71 0.00 0.00
Residual AR 100.00 6.500000% 0.00 0.54 0.54 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,769,893.22 6.500000% 11,407.75 74,586.92 85,994.67 0.00 0.00
B1 6,521,739.58 6.500000% 5,402.97 35,326.09 40,729.06 0.00 0.00
B2 2,898,661.94 6.500000% 2,401.41 15,701.09 18,102.50 0.00 0.00
B3 2,174,246.26 6.500000% 1,801.27 11,777.17 13,578.44 0.00 0.00
B4 1,811,538.82 6.500000% 1,500.78 9,812.50 11,313.28 0.00 0.00
B5 1,812,134.24 6.500000% 1,501.27 9,815.73 11,317.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 720,243,885.89 - 3,690,409.02 3,596,033.74 7,286,442.76 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 163,385,144.68 0.00
A4 82,923,561.36 0.00
A5 11,211,373.58 0.00
A6 8,148,564.01 0.00
A7 4,941,459.87 0.00
A8 147,752,058.91 0.00
A9 10,038,000.00 0.00
A10 62,000.00 0.00
A11 31,900,000.00 0.00
PO 99.76 0.00
X 520,972,416.74 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 13,758,605.20 0.00
B1 6,516,393.31 0.00
B2 2,896,285.73 0.00
B3 2,172,463.90 0.00
B4 1,810,053.79 0.00
B5 1,810,648.72 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 717,076,812.83 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/99
------------------------------------------------------------
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 164,949,081.85 6.250000% 12669A6Q2 9.404313 5.166024 982.472307
A4 82,532,956.53 8.561983% 12669A6R0 0.265428 2.145768 1,009.567527
A5 12,334,839.80 6.500000% 12669A6S8 79.323810 0.000000 747.175847
A6 8,104,663.75 6.500000% 12669A6T6 0.000000 0.000000 1,010.862674
A7 4,964,059.14 6.500000% 12669A6U3 4.519802 5.377731 988.291974
A8 148,619,870.88 6.500000% 12669A6V1 5.785346 5.366829 985.013726
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 99.88 0.000000% 12669A6Z2 1.200000 0.000000 997.613353
X 523,605,821.14 0.449969% 12669A7A6 0.000000 0.371936 986.907449
Residual AR 100.00 6.500000% 12669A7B4 0.000000 5.416667 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,769,893.22 6.500000% 12669A7C2 0.827788 5.412301 998.374951
B1 6,521,739.58 6.500000% 12669A7D0 0.827788 5.412301 998.374952
B2 2,898,661.94 6.500000% 12669A7E8 0.827787 5.412301 998.374950
B3 2,174,246.26 6.500000% 12669A6K5 0.827790 5.412301 998.374953
B4 1,811,538.82 6.500000% 12669A6L3 0.827788 5.412301 998.374954
B5 1,812,134.24 6.500000% 12669A6M1 0.827786 5.412301 998.374954
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 720,243,885.89 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 717,076,596.90 717,076,596.90
Aggregated loan count 2048 2048
Aggregated average loan rate 7.137166% 7.14
Aggregated prepayment amount 2,570,463.97 2,570,463.97
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 147,778.44 147,778.44
Monthly sub servicer fees 8,807.21 8,807.21
Monthly trustee fees 5,401.83 5,401.83
Aggregate advances N/A N/A
Advances this periods 57,553.78 57,553.78
- --------------------------------------------------------------------------------
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 7,202,438.85 7,202,438.85
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.978389% 100.000000% 691,255,671.83
-----------------------------------------------------------------------------
Junior 4.021611% 0.000000% 28,964,450.65
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 24 8,323,895.88
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 24 8,323,895.88
- --------------------------------------------------------------------------------
<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 7,286,442.76 7,286,442.76
Principal remittance amount 3,690,409.02 3,690,409.02
Interest remittance amount 3,596,033.74 3,596,033.74
