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): July 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 July 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 July 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: July 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 July 25, 1998
Payment Date: 07/25/98
------------------------------------------------------------
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 255,062,049.46 7.000000% 9,608,288.51 1,487,861.96 11,096,150.46 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 9,446,742.33 0.000000% 355,862.53 0.00 355,862.53 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 554,494,754.35 1.057438% 0.00 488,619.89 488,619.89 0.00 0.00
x2 133,149,528.37 1.057438% 0.00 117,331.15 117,331.15 0.00 0.00
Residual ar 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,934,685.31 6.750000% 15,809.34 129,007.60 144,816.95 0.00 0.00
B2 8,880,836.42 6.750000% 6,121.74 49,954.70 56,076.44 0.00 0.00
B3 5,178,992.82 6.750000% 3,569.98 29,131.83 32,701.82 0.00 0.00
B4 4,068,639.09 6.750000% 2,804.59 22,886.09 25,690.69 0.00 0.00
B5 2,219,710.74 6.750000% 1,530.09 12,485.87 14,015.96 0.00 0.00
B6 2,961,147.97 6.750000% 2,041.18 16,656.46 18,697.64 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 687,644,283.16 - 9,996,027.97 4,473,950.14 14,469,978.10 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior a1 245,453,760.96 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 9,090,879.80 0.00
a7 79,275,000.00 0.00
a8 15,406,000.00 0.00
x1 547,388,725.01 0.00
x2 130,259,529.74 0.00
Residual ar 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 22,918,875.97 0.00
B2 8,874,714.68 0.00
B3 5,175,422.84 0.00
B4 4,065,834.49 0.00
B5 2,218,180.65 0.00
B6 2,959,106.79 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 677,648,255.19 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/98
------------------------------------------------------------
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 255,062,049.46 7.000000% 12669AGH1 31.231035 4.836186 797.829394
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 9,446,742.33 0.000000% 12669AGN8 31.231035 0.000000 797.829394
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 554,494,754.35 1.057438% 12669AGR9 0.000000 0.842599 943.942923
x2 133,149,528.37 1.057438% 12669AGS7 0.000000 0.722314 801.903522
Residual ar 0.00 6.750000% 12669AGT5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,934,685.31 6.750000% 12669AGU2 0.687064 5.606589 996.039807
B2 8,880,836.42 6.750000% 12669AGV0 0.687064 5.606589 996.039807
B3 5,178,992.82 6.750000% 12669AGW8 0.687064 5.606589 996.039807
B4 4,068,639.09 6.750000% 12669AHZ0 0.687064 5.606589 996.039807
B5 2,219,710.74 6.750000% 12669AJA3 0.687064 5.606589 996.039807
B6 2,961,147.97 6.750000% 12669AJB1 0.687064 5.606589 996.039807
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 687,644,283.16 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 677,648,254.77 677,648,254.77
Aggregated loan count 4590 4590
Aggregated average loan rate 8.191860% 8.19
Aggregated prepayment amount 9,522,020.84 9,522,020.84
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 34,750.15 34,750.15
Monthly sub servicer fees 143,501.26 143,501.26
Monthly trustee fees 5,157.33 5,157.33
Aggregate advances N/A N/A
Advances this periods 69,937.29 69,937.29
- --------------------------------------------------------------------------------
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 93.279334% 100.000000% 641,400,270.79
-----------------------------------------------------------------------------
Junior 6.720666% 0.000000% 46,212,135.43
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 53 6,478,941.08
60 to 89 days 9 1,252,576.39
90 or more 4 526,792.18
Foreclosure 4 716,679.97
Totals: 70 8,974,989.62
- --------------------------------------------------------------------------------
<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 14,469,978.10 14,469,978.10
Principal remittance amount 9,996,027.97 9,996,027.97
Interest remittance amount 4,473,950.14 4,473,950.14
