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, 1999
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 March 25, 1999, 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 March 25, 1999 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, 1999
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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 106,133,099.53 6.750000% 5,423,282.03 596,998.68 6,020,280.71 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 223,581.38 6.750000% 223,581.38 1,257.65 224,839.02 0.00 0.00
A8 72,900,000.00 6.750000% 3,512,951.39 410,062.50 3,923,013.89 0.00 0.00
X1 331,325,397.59 0.958655% 0.00 264,688.90 264,688.90 0.00 0.00
X2 67,014,854.72 0.958655% 0.00 53,536.76 53,536.76 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
B1 15,843,464.23 6.750000% 11,800.44 89,119.49 100,919.92 0.00 0.00
B2 6,436,224.02 6.750000% 4,793.79 36,203.76 40,997.55 0.00 0.00
B3 3,713,205.56 6.750000% 2,765.65 20,886.78 23,652.43 0.00 0.00
B4 2,723,018.46 6.750000% 2,028.14 15,316.98 17,345.12 0.00 0.00
B5 1,485,281.63 6.750000% 1,106.26 8,354.71 9,460.97 0.00 0.00
B6 1,980,377.50 6.750000% 1,475.01 11,139.62 12,614.64 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 398,340,252.30 - 9,183,784.09 2,558,889.58 11,742,673.67 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 100,709,817.50 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 0.00 0.00
A8 69,387,048.61 0.00
X1 324,656,706.31 0.00
X2 64,499,761.91 0.00
Residual AR 0.00 0.00
B1 15,831,663.79 0.00
B2 6,431,430.23 0.00
B3 3,710,439.91 0.00
B4 2,720,990.32 0.00
B5 1,484,175.37 0.00
B6 1,978,902.49 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 389,156,468.21 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 106,133,099.53 6.750000% 12669AKF0 32.694028 3.598981 607.124899
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 223,581.38 6.750000% 12669AKM5 5.402082 0.030387 0.000000
A8 72,900,000.00 6.750000% 12669AKN3 48.188634 5.625000 951.811366
X1 331,325,397.59 0.958655% 12669AKP8 0.000000 0.678163 831.807774
X2 67,014,854.72 0.958655% 12669AKQ6 0.000000 0.490093 590.451519
Residual AR 0.00 6.750000% 12669AKR4 0.000000 0.000563 0.000000
B1 15,843,464.23 6.750000% 12669AKS2 0.738185 5.574931 990.360717
B2 6,436,224.02 6.750000% 12669AKT0 0.738185 5.574931 990.360718
B3 3,713,205.56 6.750000% 12669AKU7 0.738185 5.574931 990.360718
B4 2,723,018.46 6.750000% 12669AKV5 0.738185 5.574931 990.360715
B5 1,485,281.63 6.750000% 12669AKW3 0.738185 5.574931 990.360716
B6 1,980,377.50 6.750000% 12669AKX1 0.738185 5.574931 990.360717
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 398,340,252.30 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 389,156,468.22 389,156,468.22
Aggregated loan count 2708 2708
Aggregated average loan rate 8.092779% 8.09
Aggregated prepayment amount 8,887,094.60 8,887,094.60
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 7,423.36 7,423.36
Monthly sub servicer fees 83,028.86 83,028.86
Monthly trustee fees 2,987.55 2,987.55
Aggregate advances N/A N/A
Advances this periods 116,803.33 116,803.33
- --------------------------------------------------------------------------------
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% 398,340,252.30
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 69 11,029,550.74
60 to 89 days 13 1,585,130.91
90 or more 13 1,477,115.79
Foreclosure 8 1,098,088.52
Totals: 103 15,189,885.96
- --------------------------------------------------------------------------------
<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: 201,383.50
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 11,742,673.67 11,742,673.67
Principal remittance amount 9,183,784.09 9,183,784.09
Interest remittance amount 2,558,889.58 2,558,889.58
