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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 161,608,345.62 6.250000% 1,989,245.83 841,710.13 2,830,955.96 0.00 0.00
A4 83,309,190.32 8.517930% 35,594.44 174,724.71 210,319.14 0.00 0.00
A5 7,415,594.87 6.500000% 1,145,040.49 0.00 1,145,040.49 0.00 0.00
A6 8,192,702.07 6.500000% 0.00 0.00 0.00 0.00 0.00
A7 4,889,857.69 6.500000% 26,770.07 26,486.73 53,256.80 0.00 0.00
A8 145,770,552.60 6.500000% 1,027,970.71 789,590.49 1,817,561.20 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 99.61 0.000000% 0.14 0.00 0.14 0.00 0.00
X 515,025,661.66 0.443826% 0.00 190,484.80 190,484.80 0.00 0.00
Residual AR 100.00 6.500000% 0.00 2.17 2.17 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,747,011.11 6.500000% 11,582.65 74,462.98 86,045.63 0.00 0.00
B1 6,510,902.09 6.500000% 5,485.81 35,267.39 40,753.20 0.00 0.00
B2 2,893,845.09 6.500000% 2,438.23 15,674.99 18,113.23 0.00 0.00
B3 2,170,633.20 6.500000% 1,828.88 11,757.60 13,586.48 0.00 0.00
B4 1,808,528.50 6.500000% 1,523.79 9,796.20 11,319.99 0.00 0.00
B5 1,809,122.93 6.500000% 1,524.29 9,799.42 11,323.71 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 709,876,485.70 - 4,249,005.34 3,555,161.35 7,804,166.70 - -
- ----------------------------------------------------------------------------------------------------------------------------------
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 159,619,099.79 0.00
A4 83,690,222.73 0.00
A5 6,310,722.19 0.00
A6 8,237,079.20 0.00
A7 4,863,087.62 0.00
A8 144,742,581.89 0.00
A9 10,038,000.00 0.00
A10 62,000.00 0.00
A11 31,900,000.00 0.00
PO 99.47 0.00
X 512,080,762.60 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 13,735,428.46 0.00
B1 6,505,416.28 0.00
B2 2,891,406.86 0.00
B3 2,168,804.32 0.00
B4 1,807,004.71 0.00
B5 1,807,598.64 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 706,128,652.14 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 161,608,345.62 6.250000% 12669A6Q2 11.961791 5.061396 959.826216
A4 83,309,190.32 8.517930% 12669A6R0 0.433351 2.127217 1,018.901377
A5 7,415,594.87 6.500000% 12669A6S8 76.310596 0.000000 420.574621
A6 8,192,702.07 6.500000% 12669A6T6 0.000000 0.000000 1,021.843345
A7 4,889,857.69 6.500000% 12669A6U3 5.354014 5.297346 972.617524
A8 145,770,552.60 6.500000% 12669A6V1 6.853138 5.263937 964.950546
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 99.61 0.000000% 12669A6Z2 1.430932 0.000000 994.669068
X 515,025,661.66 0.443826% 12669A7A6 0.000000 0.360846 970.063486
Residual AR 100.00 6.500000% 12669A7B4 0.000000 21.724131 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 13,747,011.11 6.500000% 12669A7C2 0.840480 5.403307 996.693161
B1 6,510,902.09 6.500000% 12669A7D0 0.840480 5.403307 996.693163
B2 2,893,845.09 6.500000% 12669A7E8 0.840480 5.403307 996.693160
B3 2,170,633.20 6.500000% 12669A6K5 0.840480 5.403307 996.693160
B4 1,808,528.50 6.500000% 12669A6L3 0.840480 5.403307 996.693166
B5 1,809,122.93 6.500000% 12669A6M1 0.840480 5.403307 996.693111
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 709,876,485.70 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 706,128,697.25 706,128,697.25
Aggregated loan count 2024 2024
Aggregated average loan rate 7.131395% 7.13
Aggregated prepayment amount 3,148,666.65 3,148,666.65
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 146,020.46 146,020.46
Monthly sub servicer fees 8,792.37 8,792.37
Monthly trustee fees 5,324.07 5,324.07
Aggregate advances N/A N/A
Advances this periods 5,985.81 5,985.81
- --------------------------------------------------------------------------------
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 7,098,765.31 7,098,765.31
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.926523% 100.000000% 680,936,442.78
-----------------------------------------------------------------------------
Junior 4.073477% 0.000000% 28,915,659.26
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 870,879.36
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 3 870,879.36
- --------------------------------------------------------------------------------
<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 7,804,166.70 7,804,166.70
Principal remittance amount 4,249,005.34 4,249,005.34
Interest remittance amount 3,555,161.35 3,555,161.35
