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): September 25, 1998
CWMBS,INC.
(Depositor)
(Issuer in respect of PASS-THROUGH CERTIFICATES, SERIES 1998-1)
(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.
PASS-THROUGH CERTIFICATES
SERIES 1998-1
On September 25, 1998, The Bank of New York, as Trustee for CWMBS,INC.,
PASS-THROUGH CERTIFICATES SERIES 1998-1, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of March 1, 1998, among CWMBS,INC. as Depositor,
INDYMAC MANUFACTURED HOUSING CONTRACT, 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., PASS-THROUGH CERTIFICATES
SERIES 1998-1 relating to the distribution date of September
25, 1998 prepared by The Bank of New York, as Trustee under
the Pooling and Servicing Agreement dated as of March 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: September 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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
INDYMAC MANUFACTURED HOUSING CONTRACT
PASS-THROUGH CERTIFICATES, SERIES 1998-1
------------------------------------------------------------
<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 237,163.18 5.687500% 237,163.18 1,161.52 238,324.71 0.00 0.00
A2 26,850,000.00 6.390000% 1,490,753.32 142,976.25 1,633,729.57 0.00 0.00
A3 24,350,000.00 6.370000% 0.00 129,257.92 129,257.92 0.00 0.00
A4 18,300,000.00 6.490000% 0.00 98,972.50 98,972.50 0.00 0.00
A5 39,020,000.00 6.960000% 0.00 226,316.00 226,316.00 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
M 11,699,000.00 7.110000% 0.00 69,316.58 69,316.58 0.00 0.00
B1 12,429,000.00 7.590000% 0.00 78,613.43 78,613.43 0.00 0.00
B2 6,580,841.00 9.000000% 0.00 49,356.31 49,356.31 0.00 0.00
X 140,930,718.73 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 139,466,004.18 - 1,727,916.50 795,970.50 2,523,887.00 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 0.00 0.00
A2 25,359,246.68 0.00
A3 24,350,000.00 0.00
A4 18,300,000.00 0.00
A5 39,020,000.00 0.00
Residual AR 0.00 0.00
M 11,699,000.00 0.00
B1 12,429,000.00 0.00
B2 6,580,841.00 0.00
X 139,471,114.45 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 137,738,087.68 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
INDYMAC MANUFACTURED HOUSING CONTRACT
PASS-THROUGH CERTIFICATES, SERIES 1998-1
------------------------------------------------------------
<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 237,163.18 5.687500% 22540AFD5 33.880455 0.165932 0.000000
A2 26,850,000.00 6.390000% 22540AFE3 55.521539 5.325000 944.478461
A3 24,350,000.00 6.370000% 22540AFF0 0.000000 5.308333 1,000.000000
A4 18,300,000.00 6.490000% 22540AFG8 0.000000 5.408333 1,000.000000
A5 39,020,000.00 6.960000% 22540AFH6 0.000000 5.800000 1,000.000000
Residual AR 0.00 6.500000% 22540AFJ2 0.000000 0.000000 0.000000
M 11,699,000.00 7.110000% 22540AFK9 0.000000 5.925000 1,000.000000
B1 12,429,000.00 7.590000% 22540AFL7 0.000000 6.325000 1,000.000000
B2 6,580,841.00 9.000000% PRIVATE 0.000000 7.500000 1,000.000000
X 140,930,718.73 0.000000% PRIVATE 0.000000 0.000000 953.785981
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 139,466,004.18 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
INDYMAC MANUFACTURED HOUSING CONTRACT
PASS-THROUGH CERTIFICATES, SERIES 1998-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 139,471,114.45 139,471,114.45
Aggregated loan count 0 0
Aggregated average loan rate 10.294010% 10.29
Aggregated prepayment amount 1,297,025.49 1,297,025.49
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 118,002.51 118,002.51
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,056.98 1,056.98
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 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% 139,466,004.18
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 57 2,293,819.18
60 to 89 days 15 519,436.24
90 or more 17 713,005.31
Foreclosure 0 0.00
Totals: 89 3,526,260.73
- --------------------------------------------------------------------------------
<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
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
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
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: 1,114,965.44
Current Total Outstanding Number of Loans: 32
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 2,523,887.00 2,523,887.00
Principal remittance amount 1,727,916.50 1,727,916.50
Interest remittance amount 795,970.50 795,970.50
