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): June 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 98-3)
(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 98-3
On June 25 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-3, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 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 1998-3 relating to the distribution date
of June 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of January 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: June 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 June 25, 1998
Payment Date: 6/25/98
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COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-03
------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending Cert./ Unpaid/Deferred Remaining
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Notional Bal. Interest Unpaid
Interest
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending Cert./ Unpaid/Deferred Remaining
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Notional Bal. Interest Unpaid
Interest
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 217,974,941.72 6.800000% 2,079,410.99 235,191.34 3,314,602.33 215,895,530.73 0.00 0.00
A-2 1,614,629.35 N/A 15,403.76 0.00 15,403.76 1,599,225.60 0.00 0.00
A-3 32,337,000.00 6.750000% 0.00 181,895.63 181,895.63 32,337,000.00 0.00 0.00
A-4 20,000,000.00 6.750000% 0.00 112,500.00 112,500.00 20,000,000.00 0.00 0.00
A-5 38,094,010.00 6.750000% 0.00 214,278.81 214,278.81 38,094,010.00 0.00 0.00
A-6 51,663,847.00 6.750000% 0.00 290,609.14 290,609.14 51,663,847.00 0.00 0.00
A-7 7,919,008.16 6.750000% 484,674.83 44,544.42 529,219.25 7,434,333.33 0.00 0.00
PO 197,402.62 N/A 255.47 N/A 255.47 197,146.75 0.00 0.00
X 74,604,801.28 0.587806% N/A 183,495.79 183,495.79 372,073,408.93 0.00 0.00
A-R 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00 0.00
M 8,982,711.40 6.750000% 7,086.88 50,527.75 57,614.63 8,975,624.52 0.00 0.00
B-1 3,593,084.56 6.750000% 2,834.75 20,211.10 23,045.85 3,590,249.81 0.00 0.00
B-2 2,395,389.71 6.750000% 1,889.83 13,474.07 15,363.90 2,393,499.88 0.00 0.00
B-3 1,796,542.28 6.750000% 1,417.38 10,105.55 11,522.93 1,795,124.90 0.00 0.00
B-4 798,462.90 6.750000% 629.94 4,491.35 5,121.29 797,832.96 0.00 0.00
B-5 1,397,312.77 6.750000% 1,102.40 7,859.88 8,962.28 1,396,210.09 0.00 0.00
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Totals 388,764,342.48 2,594,706.23 2,369,184.83 4,963,891.06 386,169,635.57 0.00 0.00
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</TABLE>
<PAGE>
Payment Date: 6/25/98
<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-1 227,113,712.00 6.800000% 12669AJF2 9.155814 5.438647 950.605443
A-2 1,682,324.00 N/A 12669AJG0 9.156237 0.000000 950.604994
A-3 32,337,000.00 6.750000% 12669AJH8 0.000000 5.625000 1,000.000000
A-4 20,000,000.00 6.750000% 12669AJJ4 0.000000 5.625000 1,000.000000
A-5 38,094,010.00 6.750000% 12669AJK1 0.000000 5.625000 1,000.000000
A-6 51,663,847.00 6.750000% 12669AJL9 0.000000 5.625000 1,000.000000
A-7 10,049,098.00 6.750000% 12669AJM7 48.230680 4.432679 739.801058
PO 211,054.14 N/A 12669AJN5 1.210451 0.000000 934.105113
X 385,865,332.00 0.598421% 12669AJP0 0.000000 0.475544 964.257159
Residual A-R 100.00 6.750000% 12669AJQ8 0.000000 0.000000 0.000000
M 9,003,570.00 6.750000% 12669AJR6 0.787119 5.611969 996.896178
B-1 3,601,428.00 6.750000% 12669AJS4 0.787118 5.611969 996.896178
B-2 2,400,952.00 6.750000% 12669AJT2 0.787117 5.611969 996.896180
B-3 1,800,714.00 6.750000% 12669AKC7 0.787121 5.611969 996.896175
B-4 800,317.00 6.750000% 12669AKD5 0.787113 5.611969 996.896183
B-5 1,400,557.45 6.750000% 12669AKE3 0.787115 5.611967 996.895982
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Totals 400,158,683.59 6.484193 5.920613 965.041248
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</TABLE>
<PAGE>
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COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-1
------------------------------------------------------------
- -------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Total
-----
Aggregate Scheduled Principal 306,745.71
Aggregate Prepayment Amount 2,287,959.85
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 386,169,636.66
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FEES AND ADVANCES
- -------------------------------------------------------------------------------
Total
-----
Monthly master servicer fees paid 77,323.76
Advances included in this distribution 24,867.31
Aggregate Advances Outstanding 27,643.37
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LOSSES & INSURANCE COVERAGES
- -------------------------------------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 8,000,000.00
Special Hazard Loss Coverage Amount 6,200,000.00
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Aggregate Certificate Information
Aggregate Certificate Information for the following distribution date
- -------------------------------------------------------------------------------
Class Aggregate Aggregate
Type Percentages Prepay. Pct.
- -------------------------------------------------------------------------------
Senior 95.158467% 100.000000%
- -------------------------------------------------------------------------------
Subordinate 4.841533% 0.000000%
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DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
1 mo. 9 3,189,043.43
2 mos. 0 0.00
3+MOS. 1 161,791.64
In foreclosure 0 0.00
Totals 10 3,350,835.07
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TOTAL REO INFORMATION
- -------------------------------------------------------------------------------
Total Number of REO Properties 0.00
Total Principal Balance of REO Properties
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- -------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
0 0.00
0 0.00
