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): November 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Bear Stearns Mortgage Securities Trust 1998-3, Mortgage
(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.
Bear Stearns Mortgage Securities Trust 1998-3
Mortgage Pass-Through Certificates, Series 1998-3
On November 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Bear
Stearns Mortgage Securities Trust 1998-3 Mortgage Pass-Through Certificates,
Series 1998-3, made a monthly distribution to Certificate holders of principal
and/or interest pursuant to the Pooling and Servicing Agreement, dated as of
February 1, 1998, among CWMBS, INC. as Depositor, BEAR STEARNS MORTGAGE
SECURITIES, INC., 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., Bear Stearns Mortgage
Securities Trust 1998-3 Mortgage Pass-Through Certificates,
Series 1998-3 relating to the distribution date of November
25, 1999 prepared by The Bank of New York, as Trustee under
the Pooling and Servicing Agreement dated as of February 1,
1998.
<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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
BEAR STEARNS MORTGAGE SECURITIES, INC.
Bear Stearns Mortgage Securities Trust 1998-3, Mortgage Pass-Through
------------------------------------------------------------
<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 A 18,018,099.22 7.210865% 1,507,303.89 108,271.74 1,615,575.63 0.00 0.00
Residual R 0.00 7.210865% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 2,212,108.47 7.210865% 77,411.21 13,292.68 90,703.89 0.00 0.00
B2 5,530,403.63 7.210865% 193,532.65 33,232.50 226,765.15 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 25,760,611.32 - 1,778,247.74 154,796.92 1,933,044.66 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A 16,510,795.33 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 2,134,697.26 0.00
B2 5,336,870.98 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 23,982,363.57 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
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BEAR STEARNS MORTGAGE SECURITIES, INC.
Bear Stearns Mortgage Securities Trust 1998-3, Mortgage Pass-Through
------------------------------------------------------------
<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 A 18,018,099.22 7.210865% 073914B69 4.539093 0.326049 49.720588
Residual R 0.00 7.210865% BC0174609 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 2,212,108.47 7.210865% 073914B77 14.725358 2.528568 406.067579
B2 5,530,403.63 7.210865% BC0174591 14.725357 2.528568 406.067572
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 25,760,611.32 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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BEAR STEARNS MORTGAGE SECURITIES, INC.
Bear Stearns Mortgage Securities Trust 1998-3, Mortgage Pass-Through
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 23,982,363.57 23,982,363.57
Aggregated loan count 125 125
Aggregated average loan rate 7.504993% 7.50
Aggregated prepayment amount 1,753,545.94 1,753,545.94
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 0.00 0.00
Monthly sub servicer fees 3,630.69 3,630.69
Monthly trustee fees 0.00 0.00
Aggregate advances N/A N/A
Advances this periods 1,895.50 1,895.50
- --------------------------------------------------------------------------------
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 70.687855% 100.000000% 18,018,099.22
-----------------------------------------------------------------------------
Junior 29.312145% 0.000000% 7,471,568.24
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 1 247,935.32
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 247,935.32
- --------------------------------------------------------------------------------
<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 1,933,044.66 1,933,044.66
Principal remittance amount 1,778,247.74 1,778,247.74
Interest remittance amount 154,796.92 154,796.92
