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, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series ABS 98-1)
(Exact name of registrant as specified in charter)
Delaware 333-40145-09 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 ABS 98-1
On March 25 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-ABS 1, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 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-ABS 1 relating to the distribution
date of March 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of February 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, 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 March 25, 1998
Payment Date: 03/25/98
================================================================================
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1998-1
================================================================================
<TABLE>
<CAPTION>
Current Payment Information
---------------------------
Class Information
- -----------------
Beginning Pass Thru Principal Interest Interest Applied Realized Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Carryforward Loss Amount Balance
- ---------- ---- ---------- ---- ---------- ---------- ------------ ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AF-1 31,920,000.00 6.450000% 528,006.54 171,570.00 0.00 0.00 31,391,993.46
AF-2 22,000,000.00 6.270000% 0.00 114,950.00 0.00 0.00 22,000,000.00
AF-3 10,000,000.00 6.790000% 0.00 56,583.33 0.00 0.00 10,000,000.00
AF-4 10,000,000.00 6.390000% 0.00 53,250.00 0.00 0.00 10,000,000.00
MF-1 4,200,000.00 6.970000% 0.00 24,395.00 0.00 0.00 4,200,000.00
MF-2 2,940,000.00 7.240000% 0.00 17,738.00 0.00 0.00 2,940,000.00
BF 2,956,603.00 7.580000% 0.00 18,675.88 0.00 0.00 2,956,603.00
AV-1 151,300,000.00 5.842810% 1,337,449.75 638,456.83 0.00 0.00 149,962,550.25
MV-1 10,680,000.00 6.032810% 0.00 46,533.07 0.00 0.00 10,680,000.00
MV-2 9,790,000.00 6.242810% 0.00 44,140.13 0.00 0.00 9,790,000.00
BV 6,267,734.00 6.832810% 0.00 30,930.06 0.00 0.00 6,267,734.00
R 0.00 N/A N/A 0.00 N/A N/A 0.00
Totals - 262,054,337.00 1,865,456.29 1,217,222.31 0.00 0.00 260,188,880.71
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information Factors per $1,000
- ----------------- -------------------------------- ------------------
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Numbers Dist. Dist. Cert. Bal
- ---- ---- ---------- ---- ------- ----- ----- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Fix AF-1 31,920,000.00 6.450000% 126671AY2 16.54155826 5.37500000 983.45844174
FIX AF-2 22,000,000.00 6.270000% 126671AZ9 0.00000000 5.22500000 1000.00000000
FIX AF-3 10,000,000.00 6.790000% 126671BA3 0.00000000 5.65833333 1000.00000000
FIX AF-4 10,000,000.00 6.390000% 126671BJ4 0.00000000 5.32500000 1000.00000000
FIX MF-1 4,200,000.00 6.970000% 126671BB1 0.00000000 5.80833333 1000.00000000
FIX MF-2 2,940,000.00 7.240000% 126671BC9 0.00000000 6.03333333 1000.00000000
FIX BF 2,956,603.00 7.580000% 126671BD7 0.00000000 6.31666667 1000.00000000
FLT AV-1 151,300,000.00 5.842810% 126671BE5 8.83972075 4.21980722 991.16027925
FLT MV-1 10,680,000.00 6.032810% 126671BF2 0.00000000 4.35702944 1000.00000000
FLT MV-2 9,790,000.00 6.242810% 126671BG0 0.00000000 4.50869611 1000.00000000
FLT BV 6,267,734.00 6.832810% 126671BH8 0.00000000 4.93480722 1000.00000000
- ---------------------------------------------------------------------------------------------------------------------------
Totals - 262,054,337.00 - - 7.11858583 4.64492335 992.881414171597
===========================================================================================================================
</TABLE>
<PAGE>
Payment Date: 03/25/98
================================================================================
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1998-1
================================================================================
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Group 1
-------
Beginning Principal Balance 84,016,603.92
Scheduled Principal Payment 81,689.18
Prepayment Amount 266,613.69
Ending Principal Balance 83,668,301.05
Extra Principal Distribution Amount 179,703.67
Net Mortgage Rate 9.096286%
Cumulative Applied Realized Loss Amounts 0.00
Trigger Event Has not Occurred
Targeted Overcollateralization Amount 840,166.04
Ending Overcollateralization Amount 179,704.59
Group 2
-------
Beginning Principal Balance 178,037,734.96
Scheduled Principal Payment 94,378.09
Prepayment Amount 874,583.74
Ending Principal Balance 177,068,773.13
Extra Principal Distribution Amount 368,487.92
Net Mortgage Rate 7.606576%
Cumulative Applied Realized Loss Amounts 0.00
Trigger Event Has not Occurred
Targeted Overcollateralization Amount 2,670,566.02
Ending Overcollateralization Amount 368,488.88
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Group 1 Group 2
------- -------
Monthly master servicer fees paid 33,697.44 66,690.34
Advances included in this distribution 0.00 23,085.19
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Group 1 Group 2
------- -------
Total Number of REO Properties 0 0
Total Principal Balance of REO Properties 0 0
- --------------------------------------------------------------------------------
LIQUIDATION AND LOSSES INFORMATION
- --------------------------------------------------------------------------------
Group 1 Group 2
------- -------
Liquidated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Liquidated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Aggregate Stated Principal Balance
of all Liquidated Loans 0.00 0.00
GROUP I DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 0 0.00
2 months 0 0.00
3+ months 0 0.00
Foreclosure 0 0.00
Totals 0 0.00
GROUP II DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 19 2,416,600.34
2 months 3 147,900.00
3+ months 0 0.00
Foreclosure 0 0.00
Totals 22 2,564,500.34
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month)
- --------------------------------------------------------------------------------
Loan Number Loan Group Stated Principal Balance
----------- ---------- ------------------------
0 1 0.00
0 1 0.00
0 2 0.00
0 2 0.00
