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Previous: MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-2, 8-K, 1998-06-15 |
Next: EAGLE FAMILY FOODS HOLDINGS INC, S-4/A, 1998-06-15 |
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): 2/25/98
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 98-1)
(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 911009-7137
(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 98-1
On February 25, 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1998-1, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 1998, among CWMBS, Inc. as
Depositor, Independent National Mortgage Corporation, 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
1998-1 relating to the distribution date of February 25, 1998 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of January 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: February 25, 1998
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1998-1
Current Payment Information
Class Information
<TABLE>
<CAPTION>
Beginning Pass Thru Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt.
---- ---------- ---- ---------- ---- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Senior A 236,705,513.00 7.250000% 1,334,840.45 1,430,095.81
PO 451,426.00 0.000000% 464.71 n/a
X 211,850,871.00 0.503000% n/a 88,813.53
Residual A-R 100.00 7.250000% 100.00 0.60
Subordinate M 6,273,995.00 7.250000% 4,275.09 37,905.39
B-1 2,760,558.00 7.250000% 1,881.04 16,678.37
B-2 2,007,678.00 7.250000% 1,368.03 12,129.72
B-3 1,129,319.00 7.250000% 769.52 6,822.97
B-4 752,879.00 7.250000% 513.01 4,548.64
B-5 878,362.00 7.250000% 598.51 5,306.77
Totals - - 250,959,830.00 - 1,344,810.37 1,602,301.80
</TABLE>
<PAGE>
Current Payment Information
Total Principal Interest Ending Cert./ Unpaid
Dist. Losses Shortfalls Notional Bal. Interest
----- ------ ---------- ------------- --------
2,764,936.26 0.00 0.00 235,370,672.55 0.00
464.71 0.00 n/a 450,961.29 0.00
88,813.53 n/a 0.00 210,542,760.52 0.00
100.60 0.00 0.00 0.00 0.00
42,180.48 0.00 0.00 6,269,719.91 0.00
18,559.41 0.00 0.00 2,758,676.96 0.00
13,497.75 0.00 0.00 2,006,309.97 0.00
7,592.49 0.00 0.00 1,128,549.48 0.00
5,061.65 0.00 0.00 752,365.99 0.00
5,905.29 0.00 0.00 877,763.49 0.00
2,947,112.16 - - 249,615,019.63
<PAGE>
Current Payment Information
Class Information
<TABLE>
<CAPTION>
Beginning Pass Thru CUSIP
Type Class Code Name Cert. Bal.(Face) Rate Numbers
---- ---------- ---- ---------------- ---- -------
<S> <C> <C> <C> <C> <C>
Senior 2994 A 0.00 7.250000% 12669AGX6
2995 PO 0.00 0.000000% 12669AGY4
2996 X 0.00 0.503000% 12669AGZ1
Residual 2997 A-R 0.00 7.250000% 12669AHA5
Subordinate 2998 M 0.00 7.250000% 12669AHB3
2999 B-1 0.00 7.250000% 12669AHC1
3000 B-2 0.00 7.250000% 12669AHD9
3003 B-3 0.00 7.250000% 12669AHE7
3001 B-4 0.00 7.250000% 12669AHF4
3002 B-5 0.00 7.250000% 12669AHG2
Totals - - 0.00 - -
</TABLE>
<PAGE>
COLLATERAL INFORMATION
<TABLE>
<CAPTION>
Total
-----
<S> <C> <C>
Aggregate stated principal balance 250,959,830.00 250,959,830.00
Aggregate Loan count 2,215 2,215
Weighted average loan rate 7.661633% 7.661633%
Aggregate prepayment amount 1,173,779.04 1,173,779.04
</TABLE>
FEES AND ADVANCES
<TABLE>
<CAPTION>
Total
-----
<S> <C> <C>
Monthly master servicing fees 52,283.30 52,283.30
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,882.21 1,882.21
Aggregate advances 0.00 0.00
Advances this Period 0.00 0.00
</TABLE>
LOSSES & INSURANCE COVERAGES
<TABLE>
<CAPTION>
Total
<S> <C> <C>
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Coverage Amounts Total
- ---------------- -----
<S> <C> <C>
Bankruptcy 100,000.00 100,000.00
Fraud 5,019,197.00 5,019,197.00
Special Hazard 2,509,598.00 2,509,598.00
</TABLE>
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
---- ----------- ----------- --------------
Senior 94.490089% 100.000000% 235,821,633.84
Subordinate 5.509911% 0.000000% 13,793,385.79
<PAGE>
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 90 days 0 0.00
91 or more 0 0.00
Forclosure 0 0.00
- ----
Totals: 0 0.00
REO INFORMATION
REO Date Loan Number Ending Stated Balalnce Book Value
-------- ----------- ---------------------- ----------
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
Totals: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
OTHER INFORMATION
Amount/Withdrawl Total/Ending Bal.
---------------- -----------------
Available remittance amount 2,947,112.16 2,947,112.16
Principal remittance amount 1,344,810.37 1,344,810.37
Interest remittance amount 1,602,301.79 1,602,301.79
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