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): March 25, 1999
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 March 25, 1999, 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 March 25, 1999 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 124,930,356.52 7.000000% 12,700,351.14 722,557.65 13,422,908.80 0.00 6,202.76
a2 39,125,000.00 6.750000% 0.00 218,204.96 218,204.96 0.00 1,873.17
a3 16,835,000.00 6.750000% 0.00 93,890.87 93,890.87 0.00 806.00
a4 106,500,000.00 6.750000% 0.00 593,963.65 593,963.65 0.00 5,098.85
a5 119,750,479.00 6.750000% 9,953,336.88 667,863.21 10,621,200.09 0.00 5,733.24
a6 4,627,050.12 0.000000% 470,383.36 0.00 470,383.36 0.00 0.00
a7 79,275,000.00 6.750000% 0.00 442,126.46 442,126.46 0.00 3,795.41
a8 15,406,000.00 6.750000% 0.00 85,921.16 85,921.16 0.00 737.59
x1 482,443,383.45 1.061153% 0.00 422,990.80 422,990.80 0.00 3,631.14
x2 69,928,855.26 1.061153% 0.00 61,311.36 61,311.36 0.00 526.32
Residual ar 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,775,654.79 6.750000% 16,407.79 127,022.64 143,430.42 0.00 1,090.42
B2 8,819,256.16 6.750000% 6,353.47 49,186.08 55,539.55 0.00 422.24
B3 5,143,081.37 6.750000% 3,705.12 28,683.60 32,388.72 0.00 246.23
B4 4,040,426.89 6.750000% 2,910.76 22,533.96 25,444.72 0.00 193.44
B5 2,204,319.13 6.750000% 1,588.01 12,293.76 13,881.77 0.00 105.54
B6 2,940,615.19 6.750000% 2,118.45 16,400.17 18,518.62 0.00 140.79
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 552,372,239.17 - 23,157,154.99 3,564,950.34 26,722,105.33 - 30,603.13
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior a1 112,230,005.38 6,202.76
a2 39,125,000.00 1,873.17
a3 16,835,000.00 806.00
a4 106,500,000.00 5,098.85
a5 109,797,142.12 5,733.24
a6 4,156,666.76 0.00
a7 79,275,000.00 3,795.41
a8 15,406,000.00 737.59
x1 472,686,283.75 3,631.14
x2 56,528,799.97 526.32
Residual ar 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 22,759,247.00 1,090.42
B2 8,812,902.69 422.24
B3 5,139,376.25 246.23
B4 4,037,516.13 193.44
B5 2,202,731.12 105.54
B6 2,938,496.75 140.79
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 529,215,084.19 30,603.13
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 124,930,356.52 7.000000% 12669AGH1 41.281557 2.348621 364.795377
a2 39,125,000.00 6.750000% 12669AGJ7 0.000000 5.577123 1,000.000000
a3 16,835,000.00 6.750000% 12669AGK4 0.000000 5.577123 1,000.000000
a4 106,500,000.00 6.750000% 12669AGL2 0.000000 5.577123 1,000.000000
a5 119,750,479.00 6.750000% 12669AGM0 83.117303 5.577123 916.882697
a6 4,627,050.12 0.000000% 12669AGN8 41.281557 0.000000 364.795377
a7 79,275,000.00 6.750000% 12669AGP3 0.000000 5.577123 1,000.000000
a8 15,406,000.00 6.750000% 12669AGQ1 0.000000 5.577123 1,000.000000
x1 482,443,383.45 1.061153% 12669AGR9 0.000000 0.729425 815.122511
x2 69,928,855.26 1.061153% 12669AGS7 0.000000 0.377445 348.002514
Residual ar 0.00 6.750000% 12669AGT5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,775,654.79 6.750000% 12669AGU2 0.713072 5.520323 989.102434
B2 8,819,256.16 6.750000% 12669AGV0 0.713072 5.520323 989.102434
B3 5,143,081.37 6.750000% 12669AGW8 0.713072 5.520323 989.102434
B4 4,040,426.89 6.750000% 12669AHZ0 0.713072 5.520323 989.102434
B5 2,204,319.13 6.750000% 12669AJA3 0.713072 5.520323 989.102434
B6 2,940,615.19 6.750000% 12669AJB1 0.713072 5.520323 989.102434
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 552,372,239.17 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 529,215,083.74 529,215,083.74
Aggregated loan count 3919 3919
Aggregated average loan rate 8.195673% 8.20
Aggregated prepayment amount 22,759,221.04 22,759,221.04
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 0.00 0.00
Monthly sub servicer fees 115,317.06 115,317.06
Monthly trustee fees 4,142.79 4,142.79
Aggregate advances N/A N/A
Advances this periods 139,039.73 139,039.73
- --------------------------------------------------------------------------------
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 91.691650% 100.000000% 506,448,885.64
-----------------------------------------------------------------------------
Junior 8.308350% 0.000000% 45,890,269.93
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 97 12,030,010.57
60 to 89 days 16 2,228,953.53
90 or more 14 2,012,701.63
Foreclosure 12 1,608,677.41
Totals: 139 17,880,343.14
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 191,842.02
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 26,722,105.33 26,722,105.33
Principal remittance amount 23,157,154.99 23,157,154.99
Interest remittance amount 3,564,950.34 3,564,950.34
