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): May 26, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 98-I)
(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-I
On May 26, 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-I, 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-I relating to the distribution date
of May 26, 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: May 26, 1998
CSMBS, 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 May 26, 1998
Payment Date: 5/26/98
------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-1
------------------------------------------------------------
<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 232,280,760.23 7.250000% 2,764,073.88 1,403,362.93 4,167,436.81 0.00 0.00
PO 449,952.28 0.000000% 470.60 n/a 470.60 0.00 n/a
X 207,568,208.90 0.502759% n/a 86,963.91 86,963.91 n/a 0.00
Residual A-R 0.00 7.250000% 0.00 0.00 0.00 0.00 0.00
Subordinate M 6,260,841.56 7.250000% 4,481.53 37,825.92 42,307.45 0.00 0.00
B-1 2,754,770.49 7.250000% 1,971.87 16,643.41 18,615.28 0.00 0.00
B-2 2,003,468.90 7.250000% 1,434.09 12,104.29 13,538.38 0.00 0.00
B-3 1,126,951.38 7.250000% 806.68 6,808.66 7,615.34 0.00 0.00
B-4 751,300.59 7.250000% 537.78 4,539.11 5,076.89 0.00 0.00
B-5 876,520.51 7.250000% 627.42 5,295.64 5,923.06 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - - 246,504,565.94 - 2,774,403.85 1,573,543.87 4,347,947.72 - -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
- -------------------------------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- -------------------------------------------------------------------------------
Senior A 229,516,686.35 0.00
PO 449,481.68 0.00
X 204,831,378.24 0.00
Residual A-R 0.00 0.00
- -------------------------------------------------------------------------------
Subordinate M 6,256,360.03 0.00
B-1 2,752,798.61 0.00
B-2 2,002,034.81 0.00
B-3 1,126,144.71 0.00
B-4 750,762.80 0.00
B-5 875,893.10 0.00
- ------------------------------------------------------------------------------
Totals - - 243,730,162.08
- -------------------------------------------------------------------------------
<PAGE>
Payment Date: 5/26/98
---------------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-1
---------------------------------------------------------------------
<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 2994 A 236,705,513.00 7.250000% 12669AGX6 11.677269 5.928729 969.629661
2995 PO 451,426.00 0.000000% 12669AGY4 1.042467 0.000000 995.692937
2996 X 211,850,871.00 0.502759% 12669AGZ1 0.000000 0.410496 966.865877
Residual 2997 A-R 100.00 7.250000% 12669AHA5 0.000000 0.000000 0.000000
- -------------------------------------------------------------------------------------------------------------------
Subordinate 2998 M 6,273,995.00 7.250000% 12669AHB3 0.714303 6.029000 997.189196
2999 B-1 2,760,558.00 7.250000% 12669AHC1 0.714303 6.029000 997.189196
3000 B-2 2,007,678.00 7.250000% 12669AHD9 0.714303 6.029000 997.189196
3003 B-3 1,129,319.00 7.250000% 12669AHE7 0.714303 6.029000 997.189196
3001 B-4 752,879.00 7.250000% 12669AHF4 0.714303 6.029000 997.189196
3002 B-5 878,362.00 7.250000% 12669AHG2 0.714303 6.029000 997.189196
- -------------------------------------------------------------------------------------------------------------------
Totals - - 250,959,830.00 - - - - -
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-1
------------------------------------------------------------
- -------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 246,504,565.94 246,504,565.94
Aggregate Loan count 2184 2184
Weighted average loan rate 7.660112% 7.660112%
Aggregate prepayment amount 2,597,908.56 2,597,908.56
- -------------------------------------------------------------------------------
FEES AND ADVANCES
- -------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 51,355.12 51,355.12
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,848.78 1,848.78
Aggregate advances 8,011.86 8,011.86
Advances this Period 8,011.86 8,011.86
- -------------------------------------------------------------------------------
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 100,000.00 100,000.00
Fraud 5,019,197.00 5,019,197.00
Special Hazard 2,465,045.66 2,465,045.66
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Aggregate Certificate Information
----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
----------------------------------------------------------------------------
Senior 94.402115% 100.000000% 229,966,168.03
----------------------------------------------------------------------------
Subordinate 5.597885% 0.000000% 13,763,994.05
----------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 11 1,093,770.47
60 to 90 days 0 0.00
91 or more 0 0.00
Forclosure 1 45,000.00
Totals: 12 1,138,770.47
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
REO INFORMATION
- -------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance 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/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 4,347,947.72 4,347,947.72
Principal remittance amount 2,774,403.85 2,774,403.85
Interest remittance amount 1,573,543.87 1,573,543.87
