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): June 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-B)
(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-B
On June 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-B, made a monthly distribution to
Certificate holders 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-B relating to the distribution date
of June 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: June 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 June 25, 1998
Payment Date: 06/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-B
Residential Asset Securitization Trust, 1998-A2
------------------------------------------------------------
<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 157,025,954.93 6.750000% 3,516,772.12 883,271.00 4,400,043.12 0.00 0.00
A2 70,000,000.00 6.750000% 0.00 393,750.00 393,750.00 0.00 0.00
A3 20,012,000.00 6.750000% 0.00 112,567.50 112,567.50 0.00 0.00
A4 33,450,000.00 6.750000% 0.00 188,156.25 188,156.25 0.00 0.00
A5 13,485,000.00 6.750000% 0.00 75,853.13 75,853.13 0.00 0.00
A6 49,955,000.00 6.750000% 0.00 280,996.88 280,996.88 0.00 0.00
A7 35,287,740.15 6.750000% 2,422,985.61 198,493.54 2,621,479.14 0.00 0.00
A8 72,900,000.00 6.750000% 0.00 410,062.50 410,062.50 0.00 0.00
X1 381,409,415.75 0.970042% 0.00 308,319.22 308,319.22 0.00 0.00
X2 103,112,648.64 0.970042% 0.00 83,352.98 83,352.98 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.18 0.18 0.00 0.00
B1 15,954,135.57 6.750000% 10,906.48 89,742.01 100,648.49 0.00 0.00
B2 6,481,182.97 6.750000% 4,430.63 36,456.65 40,887.28 0.00 0.00
B3 3,739,143.41 6.750000% 2,556.13 21,032.68 23,588.81 0.00 0.00
B4 2,742,039.56 6.750000% 1,874.50 15,423.97 17,298.47 0.00 0.00
B5 1,495,656.76 6.750000% 1,022.45 8,413.07 9,435.52 0.00 0.00
B6 1,994,211.03 6.750000% 1,363.27 11,217.44 12,580.71 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 484,522,064.38 - 5,961,911.19 3,117,108.99 9,079,020.18 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 153,509,182.81 0.00
A2 70,000,000.00 0.00
A3 20,012,000.00 0.00
A4 33,450,000.00 0.00
A5 13,485,000.00 0.00
A6 49,955,000.00 0.00
A7 32,864,754.55 0.00
A8 72,900,000.00 0.00
X1 377,521,933.48 0.00
X2 101,038,219.72 0.00
Residual AR 0.00 0.00
B1 15,943,229.09 0.00
B2 6,476,752.34 0.00
B3 3,736,587.28 0.00
B4 2,740,165.06 0.00
B5 1,494,634.31 0.00
B6 1,992,847.76 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 478,560,153.19 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-B
Residential Asset Securitization Trust, 1998-A2
------------------------------------------------------------
<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 157,025,954.93 6.750000% 12669AKF0 21.200713 5.324762 925.423652
A2 70,000,000.00 6.750000% 12669AKG8 0.000000 5.625000 1,000.000000
A3 20,012,000.00 6.750000% 12669AKH6 0.000000 5.625000 1,000.000000
A4 33,450,000.00 6.750000% 12669AKJ2 0.000000 5.625000 1,000.000000
A5 13,485,000.00 6.750000% 12669AKK9 0.000000 5.625000 1,000.000000
A6 49,955,000.00 6.750000% 12669AKL7 0.000000 5.625000 1,000.000000
A7 35,287,740.15 6.750000% 12669AKM5 58.543191 4.795920 794.064815
A8 72,900,000.00 6.750000% 12669AKN3 0.000000 5.625000 1,000.000000
X1 381,409,415.75 0.970042% 12669AKP8 0.000000 0.789949 967.254559
X2 103,112,648.64 0.970042% 12669AKQ6 0.000000 0.763040 924.936287
Residual AR 0.00 6.750000% 12669AKR4 0.000000 1.792284 0.000000
B1 15,954,135.57 6.750000% 12669AKS2 0.682262 5.613874 997.339762
B2 6,481,182.97 6.750000% 12669AKT0 0.682262 5.613874 997.339763
B3 3,739,143.41 6.750000% 12669AKU7 0.682262 5.613874 997.339762
B4 2,742,039.56 6.750000% 12669AKV5 0.682262 5.613874 997.339760
B5 1,495,656.76 6.750000% 12669AKW3 0.682262 5.613874 997.339760
B6 1,994,211.03 6.750000% 12669AKX1 0.682262 5.613874 997.339762
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 484,522,064.38 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-B
Residential Asset Securitization Trust, 1998-A2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 478,560,153.20 478,560,153.20
Aggregated loan count 3160 3160
Aggregated average loan rate 8.104186% 8.10
Aggregated prepayment amount 5,630,684.90 5,630,684.90
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 33,774.27 33,774.27
Monthly sub servicer fees 101,000.26 101,000.26
Monthly trustee fees 3,633.92 3,633.92
Aggregate advances N/A N/A
Advances this periods 0.00 0.00
- --------------------------------------------------------------------------------
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 100.000000% 100.000000% 484,522,064.38
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 34 4,959,863.00
60 to 89 days 3 189,801.00
90 or more 4 371,275.00
Foreclosure 0 0.00
Totals: 41 5,520,939.00
- --------------------------------------------------------------------------------
<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 9,079,020.18 9,079,020.18
Principal remittance amount 5,961,911.19 5,961,911.19
Interest remittance amount 3,117,108.99 3,117,108.99
