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): November 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 November 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 November 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
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 202,244,054.62 7.000000% 14,723,563.75 1,179,756.99 15,903,320.73 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 7,490,520.35 0.000000% 545,317.16 0.00 545,317.16 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 522,220,843.83 1.057074% 0.00 460,021.81 460,021.81 0.00 0.00
x2 110,500,009.09 1.057074% 0.00 97,338.92 97,338.92 0.00 0.00
Residual ar 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,860,683.25 6.750000% 16,201.20 128,591.34 144,792.54 0.00 0.00
B2 8,852,181.13 6.750000% 6,273.48 49,793.52 56,067.00 0.00 0.00
B3 5,162,282.06 6.750000% 3,658.47 29,037.84 32,696.31 0.00 0.00
B4 4,055,511.04 6.750000% 2,874.11 22,812.25 25,686.36 0.00 0.00
B5 2,212,548.53 6.750000% 1,568.02 12,445.59 14,013.60 0.00 0.00
B6 2,951,593.40 6.750000% 2,091.77 16,602.71 18,694.49 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 632,720,853.37 - 15,301,547.96 4,116,415.54 19,417,963.49 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior a1 187,520,490.88 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 6,945,203.19 0.00
a7 79,275,000.00 0.00
a8 15,406,000.00 0.00
x1 512,601,674.09 0.00
x2 104,817,630.87 0.00
Residual ar 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 22,844,482.05 0.00
B2 8,845,907.65 0.00
B3 5,158,623.59 0.00
B4 4,052,636.93 0.00
B5 2,210,980.51 0.00
B6 2,949,501.63 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 617,419,305.41 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
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 202,244,054.62 7.000000% 12669AGH1 47.857861 3.834713 609.521562
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 7,490,520.35 0.000000% 12669AGN8 47.857861 0.000000 609.521562
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 522,220,843.83 1.057074% 12669AGR9 0.000000 0.793283 883.954492
x2 110,500,009.09 1.057074% 12669AGS7 0.000000 0.599238 645.278142
Residual ar 0.00 6.750000% 12669AGT5 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 22,860,683.25 6.750000% 12669AGU2 0.704094 5.588498 992.806695
B2 8,852,181.13 6.750000% 12669AGV0 0.704094 5.588498 992.806695
B3 5,162,282.06 6.750000% 12669AGW8 0.704094 5.588498 992.806695
B4 4,055,511.04 6.750000% 12669AHZ0 0.704094 5.588498 992.806695
B5 2,212,548.53 6.750000% 12669AJA3 0.704094 5.588498 992.806695
B6 2,951,593.40 6.750000% 12669AJB1 0.704094 5.588498 992.806695
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 632,720,853.37 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 617,419,304.98 617,419,304.98
Aggregated loan count 4328 4328
Aggregated average loan rate 8.191531% 8.19
Aggregated prepayment amount 14,853,143.26 14,853,143.26
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 14,943.55 14,943.55
Monthly sub servicer fees 132,057.59 132,057.59
Monthly trustee fees 4,745.41 4,745.41
Aggregate advances N/A N/A
Advances this periods 113,108.13 113,108.13
- --------------------------------------------------------------------------------
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 92.719616% 100.000000% 586,626,053.97
-----------------------------------------------------------------------------
Junior 7.280384% 0.000000% 46,062,132.35
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 83 10,634,162.22
60 to 89 days 14 1,665,344.25
90 or more 14 1,477,162.51
Foreclosure 6 833,700.42
Totals: 117 14,610,369.40
- --------------------------------------------------------------------------------
<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: 152,184.19
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 19,417,963.49 19,417,963.49
Principal remittance amount 15,301,547.96 15,301,547.96
Interest remittance amount 4,116,415.54 4,116,415.54