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): December 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 December 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 December 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: December 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 126,811,159.14 6.750000% 5,546,303.99 713,312.77 6,259,616.76 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 14,470,350.59 6.750000% 3,821,292.44 81,395.72 3,902,688.17 0.00 0.00
A8 72,900,000.00 6.750000% 0.00 410,062.50 410,062.50 0.00 0.00
X1 351,442,350.81 0.959750% 0.00 281,080.55 281,080.55 0.00 0.00
X2 81,893,060.54 0.959750% 0.00 65,497.36 65,497.36 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
B1 15,878,088.83 6.750000% 11,512.60 89,314.25 100,826.85 0.00 0.00
B2 6,450,289.87 6.750000% 4,676.86 36,282.88 40,959.74 0.00 0.00
B3 3,721,320.47 6.750000% 2,698.19 20,932.43 23,630.62 0.00 0.00
B4 2,728,969.39 6.750000% 1,978.67 15,350.45 17,329.13 0.00 0.00
B5 1,488,527.59 6.750000% 1,079.28 8,372.97 9,452.24 0.00 0.00
B6 1,984,705.46 6.750000% 1,439.03 11,163.97 12,603.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 433,335,411.34 - 9,390,981.07 2,784,089.60 12,175,070.67 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 121,264,855.15 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 10,649,058.15 0.00
A8 72,900,000.00 0.00
X1 344,964,538.76 0.00
X2 78,979,891.52 0.00
Residual AR 0.00 0.00
B1 15,866,576.23 0.00
B2 6,445,613.01 0.00
B3 3,718,622.28 0.00
B4 2,726,990.72 0.00
B5 1,487,448.31 0.00
B6 1,983,266.42 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 423,944,430.27 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 126,811,159.14 6.750000% 12669AKF0 33.435660 4.300176 731.040079
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 14,470,350.59 6.750000% 12669AKM5 92.328512 1.966650 257.298206
A8 72,900,000.00 6.750000% 12669AKN3 0.000000 5.625000 1,000.000000
X1 351,442,350.81 0.959750% 12669AKP8 0.000000 0.720161 883.838774
X2 81,893,060.54 0.959750% 12669AKQ6 0.000000 0.599584 723.007272
Residual AR 0.00 6.750000% 12669AKR4 0.000000 0.000563 0.000000
B1 15,878,088.83 6.750000% 12669AKS2 0.720179 5.587115 992.544689
B2 6,450,289.87 6.750000% 12669AKT0 0.720179 5.587115 992.544690
B3 3,721,320.47 6.750000% 12669AKU7 0.720179 5.587115 992.544690
B4 2,728,969.39 6.750000% 12669AKV5 0.720179 5.587115 992.544687
B5 1,488,527.59 6.750000% 12669AKW3 0.720179 5.587115 992.544688
B6 1,984,705.46 6.750000% 12669AKX1 0.720179 5.587115 992.544689
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 433,335,411.34 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 423,944,430.28 423,944,430.28
Aggregated loan count 2901 2901
Aggregated average loan rate 8.093864% 8.09
Aggregated prepayment amount 9,076,785.95 9,076,785.95
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 6,994.78 6,994.78
Monthly sub servicer fees 90,319.60 90,319.60
Monthly trustee fees 3,250.02 3,250.02
Aggregate advances N/A N/A
Advances this periods 95,268.41 95,268.41
- --------------------------------------------------------------------------------
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% 433,335,411.34
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 63 8,751,233.64
60 to 89 days 12 1,518,038.20
90 or more 15 1,982,671.16
Foreclosure 1 51,221.58
Totals: 91 12,303,164.58
- --------------------------------------------------------------------------------
<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: 200,578.16
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 12,175,070.67 12,175,070.67
Principal remittance amount 9,390,981.07 9,390,981.07
Interest remittance amount 2,784,089.60 2,784,089.60
