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): April 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 98-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 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 B
On April 25 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-B, 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-B relating to the distribution date
of April 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: April 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 April 25, 1998
Payment Date: 4/27/98
------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-A
RESIDENTIAL ASSET SECURITIZATION TRUST 1998 A-1
------------------------------------------------------------
<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 A-1 164,164,074.04 6.750000% 3,363,450.31 923,422.92 4,286,873.23 0.00 0.00
A-2 70,000,000.00 6.750000% 0.00 393,750.00 393,750.00 0.00 0.00
A-3 20,012,000.00 6.750000% 0.00 112,567.50 112,567.50 0.00 0.00
A-4 33,450,000.00 6.750000% 0.00 188,156.25 188,156.25 0.00 0.00
A-5 13,485,000.00 6.750000% 0.00 75,853.13 75,853.13 0.00 0.00
A-6 49,955,000.00 6.750000% 0.00 280,996.88 280,996.88 0.00 0.00
A-7 40,205,761.36 6.750000% 2,317,349.95 226,157.41 2,543,507.36 0.00 0.00
A-8 72,900,000.00 6.750000% 0.00 410,062.50 410,062.50 0.00 0.00
X-1 387,803,344.23 0.975000% 0.00 305,850.06 305,850.06 N/A 0.00
X-2 108,818,397.01 0.975000% 0.00 85,822.14 85,822.14 N/A 0.00
Residual A-R 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 15,975,569.25 0.000000% 10,670.83 89,862.58 100,533.40 0.00 0.00
B-2 6,489,890.16 0.000000% 4,334.90 36,505.63 40,840.53 0.00 0.00
B-3 3,744,166.78 0.000000% 2,500.90 21,060.94 23,561.84 0.00 0.00
B-4 2,745,723.37 0.000000% 1,834.00 15,444.69 17,278.69 0.00 0.00
B-5 1,497,666.11 0.000000% 1,000.36 8,424.37 9,424.73 0.00 0.00
B-6 1,996,889.82 0.000000% 1,333.82 11,232.51 12,566.32 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - - 496,621,740.89 - 5,702,475.06 3,185,169.50 8,887,644.56 -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
- -------------------------------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- -------------------------------------------------------------------------------
Senior A-1 160,800,623.73 0.00
A-2 70,000,000.00 0.00
A-3 20,012,000.00 0.00
A-4 33,450,000.00 0.00
A-5 13,485,000.00 0.00
A-6 49,955,000.00 0.00
A-7 37,888,411.41 0.00
A-8 72,900,000.00 0.00
X-1 384,837,976.26 0.00
X-2 106,081,289.92 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------
Subordinate B-1 15,964,898.42 0.00
B-2 6,485,555.26 0.00
B-3 3,741,665.88 0.00
B-4 2,743,889.38 0.00
B-5 1,496,665.75 0.00
B-6 1,995,556.00 0.00
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
Totals - - 490,919,265.83
- --------------------------------------------------------------------------
<PAGE>
Payment Date: 4/27/98
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INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-A
RESIDENTIAL ASSET SECURITIZATION TRUST 1998 A-1
---------------------------------------------------------------------
<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 A-1 165,879,900.00 6.750000% 12669AKF0 20.276419 5.566816 9.379797
A-2 70,000,000.00 6.750000% 12669AKG8 0.000000 5.625000 1,000.000000
A-3 20,012,000.00 6.750000% 12669AKH6 0.000000 5.625000 1,000.000000
A-4 33,450,000.00 6.750000% 12669AKJ2 0.000000 5.625000 1,000.000000
A-5 13,485,000.00 6.750000% 12669AKK9 0.000000 5.625000 1,000.000000
A-6 49,955,000.00 6.750000% 12669AKL7 0.000000 5.625000 1,000.000000
A-7 41,388,000.00 6.750000% 12669AKM5 55.990866 5.464323 915.444366
A-8 72,900,000.00 6.750000% 12669AKN3 0.000000 5.625000 1,000.000000
X-1 390,302,563.00 0.975000% 12669AKP8 0.000000 0.783623 985.999101
X-2 109,238,032.00 0.975000% 12669AKQ6 0.000000 0.785643 971.102170
Residual A-R 100.00 6.750000% 12669AKR4 0.000000 0.000000 0.000000
Subordinate B-1 15,985,755.00 0.000000% 12669AKS2 0.667521 5.621416 998.695302
B-2 6,494,028.00 0.000000% 12669AKT0 0.667521 5.621416 998.695302
B-3 3,746,554.00 0.000000% 12669AKU7 0.667521 5.621416 998.695302
B-4 2,747,474.00 0.000000% 12669AKV5 0.667521 5.621416 998.695302
B-5 1,498,621.00 0.000000% 12669AKW3 0.667521 5.621416 998.695302
B-6 1,998,163.00 0.000000% 12669AKX1 0.667521 5.621416 998.695302
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - - 499,540,595.00 - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-A
RESIDENTIAL ASSET SECURITIZATION TRUST 1998 A-1
------------------------------------------------------------
- -------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 496,621,741.24 496,621,741.24
Aggregate Loan count 3,214.00 3,214.00
Weighted average loan rate 7.723772% 7.723772%
Aggregate prepayment amount 5,370,758.25 5,370,758.25
- -------------------------------------------------------------------------------
FEES AND ADVANCES
- -------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 51,731.43 51,731.43
Monthly sub servicer fees 103,521.10 103,521.10
Monthly trustee feees 3,724.66 3,724.66
Aggregate advances 85,981.47 85,981.47
Advances this Period 84,502.97 84,502.97
- ---------------------------------------------------------------------
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 136,005.00 136,005.00
Fraud 9,990,812.00 9,990,812.00
Special Hazard 4,995,406.00 4,995,406.00
Aggregate Certificate Information
----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
----------------------------------------------------------------------------
Senior 93.394386% 100.000000% 458,491,035.14
----------------------------------------------------------------------------
Subordinate 6.605614% 0.000000% 32,428,230.69
----------------------------------------------------------------------------
----------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 78 10,972,505.12
60 to 90 days 3 194,453.34
91 or more 0 0.00
Forclosure 0 0.00
Totals: 81 11,166,958.46
- -------------------------------------------------------------------------------
<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: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0.00
- ---------------------------------------------------------------------
OTHER INFORMATION
- ---------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 8,898,969.31 8,898,969.31
Principal remittance amount 5,702,475.06 5,702,475.06
Interest remittance amount 3,196,494.25 3,196,494.25
