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): September 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-A)
(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 1998-A
On September 25, 1998, The Bank of New York, as Trustee for CWMBS, INC.,
Mortgage Pass-Through Certificates Series 1998-A, made a monthly distribution to
Certificate holders 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-A relating to the distribution date
of September 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: September 25, 1998
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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-A
Residential Asset Securitization Trust, 1998-A1
------------------------------------------------------------
<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 232,641,254.76 7.000000% 13,160,224.40 1,357,073.99 14,517,298.39 0.00 0.00
a2 39,125,000.00 6.750000% 0.00 220,078.13 220,078.13 0.00 0.00
a3 16,835,000.00 6.750000% 0.00 94,696.88 94,696.88 0.00 0.00
a4 106,500,000.00 6.750000% 0.00 599,062.50 599,062.50 0.00 0.00
a5 119,750,479.00 6.750000% 0.00 673,596.44 673,596.44 0.00 0.00
a6 8,616,342.54 0.000000% 487,415.71 0.00 487,415.71 0.00 0.00
a7 79,275,000.00 6.750000% 0.00 445,921.88 445,921.88 0.00 0.00
a8 15,406,000.00 6.750000% 0.00 86,658.75 86,658.75 0.00 0.00
x1 539,631,329.29 1.057168% 0.00 475,400.87 475,400.87 0.00 0.00
x2 124,697,801.29 1.057168% 0.00 109,855.45 109,855.45 0.00 0.00
Residual ar 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,902,965.56 6.750000% 26,317.86 128,829.18 155,147.04 0.00 0.00
B2 8,868,553.81 6.750000% 10,190.88 49,885.62 60,076.49 0.00 0.00
B3 5,171,830.03 6.750000% 5,942.96 29,091.54 35,034.51 0.00 0.00
B4 4,063,011.97 6.750000% 4,668.82 22,854.44 27,523.26 0.00 0.00
B5 2,216,640.78 6.750000% 2,547.15 12,468.60 15,015.75 0.00 0.00
B6 2,957,052.57 6.750000% 3,397.96 16,633.42 20,031.38 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 664,329,131.02 - 13,700,705.73 4,322,107.68 18,022,813.41 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior a1 219,481,030.36 0.00
a2 39,125,000.00 0.00
a3 16,835,000.00 0.00
a4 106,500,000.00 0.00
a5 119,750,479.00 0.00
a6 8,128,926.84 0.00
a7 79,275,000.00 0.00
a8 15,406,000.00 0.00
x1 531,236,692.92 0.00
x2 119,391,731.93 0.00
Residual ar 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 22,876,647.70 0.00
B2 8,858,362.93 0.00
B3 5,165,887.07 0.00
B4 4,058,343.15 0.00
B5 2,214,093.63 0.00
B6 2,953,654.61 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 650,628,425.30 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-A
Residential Asset Securitization Trust, 1998-A1
------------------------------------------------------------
<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 232,641,254.76 7.000000% 12669AGH1 42.776341 4.411069 713.406944
a2 39,125,000.00 6.750000% 12669AGJ7 0.000000 5.625000 1,000.000000
a3 16,835,000.00 6.750000% 12669AGK4 0.000000 5.625000 1,000.000000
a4 106,500,000.00 6.750000% 12669AGL2 0.000000 5.625000 1,000.000000
a5 119,750,479.00 6.750000% 12669AGM0 0.000000 5.625000 1,000.000000
a6 8,616,342.54 0.000000% 12669AGN8 42.776341 0.000000 713.406944
a7 79,275,000.00 6.750000% 12669AGP3 0.000000 5.625000 1,000.000000
a8 15,406,000.00 6.750000% 12669AGQ1 0.000000 5.625000 1,000.000000
x1 539,631,329.29 1.057168% 12669AGR9 0.000000 0.819804 916.089597
x2 124,697,801.29 1.057168% 12669AGS7 0.000000 0.676292 734.999201
Residual ar 0.00 6.750000% 12669AGT5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,902,965.56 6.750000% 12669AGU2 1.143757 5.598834 994.204594
B2 8,868,553.81 6.750000% 12669AGV0 1.143757 5.598834 994.204594
B3 5,171,830.03 6.750000% 12669AGW8 1.143757 5.598834 994.204594
B4 4,063,011.97 6.750000% 12669AHZ0 1.143757 5.598834 994.204594
B5 2,216,640.78 6.750000% 12669AJA3 1.143757 5.598834 994.204594
B6 2,957,052.57 6.750000% 12669AJB1 1.143757 5.598834 994.204594
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 664,329,131.02 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-A
Residential Asset Securitization Trust, 1998-A1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 650,628,424.87 650,628,424.87
Aggregated loan count 4471 4471
Aggregated average loan rate 8.191604% 8.19
Aggregated prepayment amount 12,937,323.39 12,937,323.39
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 30,489.46 30,489.46
Monthly sub servicer fees 138,643.32 138,643.32
Monthly trustee fees 4,982.47 4,982.47
Aggregate advances N/A N/A
Advances this periods 128,871.56 128,871.56
- --------------------------------------------------------------------------------
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 93.056051% 100.000000% 618,149,076.31
-----------------------------------------------------------------------------
Junior 6.943949% 0.000000% 46,126,989.10
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 98 13,117,741.43
60 to 89 days 11 1,801,267.40
90 or more 6 1,002,180.72
Foreclosure 4 706,782.52
Totals: 119 16,627,972.07
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 152,277.49
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 18,022,813.41 18,022,813.41
Principal remittance amount 13,700,705.73 13,700,705.73
Interest remittance amount 4,322,107.68 4,322,107.68