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 26, 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 May 26 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 May 26, 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: May 26, 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 May 26, 1998
Payment Date: 5/26/98
------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-03
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 220,487,584.57 6.800000% 2,512,642.85 1,249,429.65 3,762,072.50
A-2 1,633,241.57 N/A 18,612.22 0.00 18,612.22
A-3 32,337,000.00 6.750000% 0.00 181,895.63 181,895.63
A-4 20,000,000.00 6.750000% 0.00 112,500.00 112,500.00
A-5 38,094,010.00 6.750000% 0.00 214,278.81 214,278.81
A-6 51,663,847.00 6.750000% 0.00 290,609.14 290,609.14
A-7 8,504,661.90 6.750000% 585,653.74 47,838.72 633,492.46
PO 197,597.31 N/A 194.69 N/A 194.69
X 377,718,492.73 0.590380% N/A 185,754.03 185,754.03
A-R 0.00 6.750000% 0.00 0.00 0.00
M 8,989,736.52 6.750000% 7,025.13 50,567.27 57,592.39
B-1 3,595,894.61 6.750000% 2,810.05 20,226.91 23,036.96
B-2 2,397,263.07 6.750000% 1,873.37 13,484.60 15,357.97
B-3 1,797,947.30 6.750000% 1,405.03 10,113.45 11,518.48
B-4 799,087.36 6.750000% 624.46 4,494.87 5,119.32
B-5 1,398,405.57 6.750000% 1,092.80 7,866.03 8,958.83
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 391,896,276.80 3,131,934.32 2,389,059.10 5,520,993.42
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
- -------------------------------------------------------------------------------
Ending Cert./ Unpaid/Deferred Remaining
Class Code Name Notional Bal. Interest Unpaid Interest
- -------------------------------------------------------------------------------
A-1 217,974,941.72 0.00 0.00
A-2 1,614,629.35 0.00 0.00
A-3 32,337,000.00 0.00 0.00
A-4 20,000,000.00 0.00 0.00
A-5 38,094,010.00 0.00 0.00
A-6 51,663,847.00 0.00 0.00
A-7 7,919,008.16 0.00 0.00
PO 197,402.22 0.00 0.00
X 374,604,801.28 0.00 0.00
A-R 0.00 0.00 0.00
M 8,982,711.40 0.00 0.00
B-1 3,593,084.56 0.00 0.00
B-2 2,395,389.71 0.00 0.00
B-3 1,796,542.28 0.00 0.00
B-4 798,462.90 0.00 0.00
B-5 1,397,312.49 0.00 0.00
- -------------------------------------------------------------------------------
Totals 388,764,341.80 0.00 0.00
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- -----------------------------------------------------------------------------------------------------------------------------------
Original Pass Thru CUSIP Principal Interest Ending Cert./
Class Code Name Cert. Bal. Rate Numbers Dist. Dist. Notional Bal.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 227,113,712.00 6.800000% 12669AJF2 11.063369 5.501340 959.761257
A-2 1,682,324.00 N/A 12669AJG0 11.063395 0.000000 959.761231
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 58.279235 4.760499 788.031738
PO 211,054.14 N/A 12669AJN5 0.922465 0.000000 935.315564
X 385,865,332.00 0.598421% 12669AJP0 0.000000 0.481396 970.817459
Residual A-R 100.00 6.750000% 12669AJQ8 0.000000 0.000000 0.000000
M 9,003,570.00 6.750000% 12669AJR6 0.780260 5.616358 997.683297
B-1 3,601,428.00 6.750000% 12669AJS4 0.780260 5.616358 997.683297
B-2 2,400,952.00 6.750000% 12669AJT2 0.780260 5.616358 997.683297
B-3 1,800,714.00 6.750000% 12669AKC7 0.780260 5.616358 997.683297
B-4 800,317.00 6.750000% 12669AKD5 0.780260 5.616358 997.683297
B-5 1,400,557.45 6.750000% 12669AKE3 0.780260 5.616356 997.683097
- -----------------------------------------------------------------------------------------------------------------------------------
Total 400,158,683.59 7.826731 5.970279 971.525442
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-03
------------------------------------------------------------
- -------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Aggregate Scheduled Principal 306,275.57
Aggregate Prepayment Amount 2,825,658.33
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 388,764,342.22
- -------------------------------------------------------------------------------
FEES AND ADVANCES
- -------------------------------------------------------------------------------
Monthly master servicer fees paid 79,087.51
Advances included in this distribution 19,263.87
Aggregate Advances Outstanding 20,651.90
- -------------------------------------------------------------------------------
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 Hazrad Loss Coverage Amount 6,200,000.00
- -------------------------------------------------------------------------------
Aggregate Certificate Information for the following distribution date
- -------------------------------------------------------------------------------
Class Aggregate Aggregate
Type Percentages Prepay. Pct.
- -------------------------------------------------------------------------------
Senior 95.154864% 100.000000%
- -------------------------------------------------------------------------------
Subordinate 4.845136% 0.000000%
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
1 mo. 7 2,488,626.29
2 mos. 1 161,791.64
3+MOS. 0 0.00
In foreclosure 0 0.00
Totals 8 2,650,417.93
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
TOTAL REO INFORMATION
- -------------------------------------------------------------------------------
Total Number of REO Properties 0.00
Total Principal Balance of REO Properties 0.00
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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
