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): May 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-C)
(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-C
On May 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-C, 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-C relating to the distribution date
of May 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: May 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 May 25, 1998
Payment Date: 05/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-C
Residential Asset Securitization Trust, 1998-A3
------------------------------------------------------------
<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-1 169,756,178.36 6.500000% 1,335,467.11 919,512.63 2,254,979.75 0.00 0.00
PO 20,098.51 0.000000% 68.00 0.00 68.00 0.00 0.00
X 171,985,180.58 0.836452% 0.00 119,881.07 119,881.07 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 2,685,987.76 6.500000% 8,356.22 14,549.10 22,905.32 0.00 0.00
B2 895,276.89 6.500000% 2,785.24 4,849.42 7,634.66 0.00 0.00
B3 537,165.94 6.500000% 1,671.14 2,909.65 4,580.79 0.00 0.00
B4 447,638.45 6.500000% 1,392.62 2,424.71 3,817.33 0.00 0.00
B5 358,110.96 6.500000% 1,114.10 1,939.77 3,053.87 0.00 0.00
B6 447,639.33 6.500000% 1,392.62 2,424.71 3,817.34 0.12 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 175,148,096.18 - 1,352,247.06 1,068,491.05 2,420,738.11 0.12 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 168,420,711.25 0.00
PO 20,030.51 0.00
X 170,644,275.20 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 2,677,631.54 0.00
B2 892,491.65 0.00
B3 535,494.79 0.00
B4 446,245.82 0.00
B5 356,996.86 0.00
B6 446,246.58 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 173,795,849.00 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-C
Residential Asset Securitization Trust, 1998-A3
------------------------------------------------------------
<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-1 169,756,178.36 6.500000% 12669AJU9 7.645522 5.264191 964.205200
PO 20,098.51 0.000000% 12669AJV7 3.361224 0.000000 990.120776
X 171,985,180.58 0.836452% 12669AJW5 0.000000 0.677626 964.564778
Residual AR 0.00 6.500000% 12669AJY1 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 2,685,987.76 6.500000% 12669AJZ8 3.093057 5.385356 991.126584
B2 895,276.89 6.500000% 12669AKA1 3.093057 5.385356 991.126584
B3 537,165.94 6.500000% 12669AKB9 3.093057 5.385356 991.126584
B4 447,638.45 6.500000% 12669AKY9 3.093057 5.385356 991.126584
B5 358,110.96 6.500000% 12669AKZ6 3.093057 5.385356 991.126584
B6 447,639.33 6.500000% 12669ALA0 3.093057 5.385356 991.126217
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 175,148,096.18 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-C
Residential Asset Securitization Trust, 1998-A3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 173,795,849.00 173,795,849.00
Aggregated loan count 952 952
Aggregated average loan rate 7.704653% 7.70
Aggregated prepayment amount 807,346.19 807,346.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 14,899.79 14,899.79
Monthly sub servicer fees 36,496.80 36,496.80
Monthly trustee fees 1,313.61 1,313.61
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 3,601,929.63 3,601,929.63
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.942234% 100.000000% 169,776,276.87
-----------------------------------------------------------------------------
Junior 3.057766% 0.000000% 5,355,107.24
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 9 1,494,563.00
60 to 89 days 1 553,318.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 10 2,047,881.00
- --------------------------------------------------------------------------------
<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 2,420,738.11 2,420,738.11
Principal remittance amount 1,352,247.06 1,352,247.06
Interest remittance amount 1,068,491.05 1,068,491.05
