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-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 December 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 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-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-1 145,967,066.23 6.500000% 5,216,957.50 790,654.94 6,007,612.44 0.00 0.00
PO 19,610.08 0.000000% 131.90 0.00 131.90 0.00 0.00
X 148,160,479.73 0.831944% 0.00 102,717.65 102,717.65 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 2,626,503.78 6.500000% 8,605.84 14,226.90 22,832.74 0.00 0.00
B2 875,450.06 6.500000% 2,868.45 4,742.02 7,610.47 0.00 0.00
B3 525,269.84 6.500000% 1,721.07 2,845.21 4,566.28 0.00 0.00
B4 437,725.03 6.500000% 1,434.22 2,371.01 3,805.23 0.00 0.00
B5 350,180.22 6.500000% 1,147.38 1,896.81 3,044.19 0.00 0.00
B6 437,725.77 6.500000% 1,434.23 2,371.01 3,805.24 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 151,239,530.99 - 5,234,300.58 921,825.56 6,156,126.14 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 140,750,108.73 0.00
PO 19,478.18 0.00
X 142,982,153.66 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 2,617,897.93 0.00
B2 872,581.61 0.00
B3 523,548.77 0.00
B4 436,290.80 0.00
B5 349,032.84 0.00
B6 436,291.54 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 146,005,230.41 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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-1 145,967,066.23 6.500000% 12669AJU9 29.866977 4.526484 805.791554
PO 19,610.08 0.000000% 12669AJV7 6.519749 0.000000 962.818679
X 148,160,479.73 0.831944% 12669AJW5 0.000000 0.580610 808.204958
Residual AR 0.00 6.500000% 12669AJY1 0.000000 0.000037 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 2,626,503.78 6.500000% 12669AJZ8 3.185457 5.266092 969.016160
B2 875,450.06 6.500000% 12669AKA1 3.185457 5.266092 969.016160
B3 525,269.84 6.500000% 12669AKB9 3.185457 5.266092 969.016160
B4 437,725.03 6.500000% 12669AKY9 3.185457 5.266092 969.016160
B5 350,180.22 6.500000% 12669AKZ6 3.185457 5.266092 969.016160
B6 437,725.77 6.500000% 12669ALA0 3.185457 5.266090 969.015793
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 151,239,530.99 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 146,005,230.41 146,005,230.41
Aggregated loan count 887 887
Aggregated average loan rate 7.698222% 7.70
Aggregated prepayment amount 4,738,753.33 4,738,753.33
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 3,560.49 3,560.49
Monthly sub servicer fees 31,515.63 31,515.63
Monthly trustee fees 1,134.30 1,134.30
Aggregate advances N/A N/A
Advances this periods 16,837.16 16,837.16
- --------------------------------------------------------------------------------
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 100,000.00 100,000.00
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 96.537784% 100.000000% 145,986,676.31
-----------------------------------------------------------------------------
Junior 3.462216% 0.000000% 5,235,643.50
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 9 1,229,589.37
60 to 89 days 2 467,868.89
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 11 1,697,458.26
- --------------------------------------------------------------------------------
<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 6,156,126.14 6,156,126.14
Principal remittance amount 5,234,300.58 5,234,300.58
Interest remittance amount 921,825.56 921,825.56
