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): November 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-D)
(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-D
On November 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-D, 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,
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-D relating to the distribution date
of November 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-D
Residential Asset Securitization Trust, 1998-A4
------------------------------------------------------------
<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 1A1 94,694,849.30 6.750000% 7,586,905.65 532,658.53 8,119,564.18 0.00 0.00
1A2 54,125,000.00 6.750000% 0.00 304,453.13 304,453.13 0.00 0.00
1A3 37,900,000.00 6.750000% 0.00 213,187.50 213,187.50 0.00 0.00
1A4 4,300,000.00 6.750000% 0.00 24,187.50 24,187.50 0.00 0.00
1A5 19,000,000.00 6.750000% 0.00 106,875.00 106,875.00 0.00 0.00
1A6 8,225,000.00 6.750000% 0.00 46,265.63 46,265.63 0.00 0.00
1A7 42,800,000.00 6.750000% 0.00 240,750.00 240,750.00 0.00 0.00
2A1 89,004,301.80 7.000000% 2,503,502.28 519,191.76 3,022,694.04 0.00 0.00
X1A 0.00 0.000000% 0.00 207,333.88 207,333.88 0.00 0.00
X2A 0.00 0.000000% 0.00 48,751.65 48,751.65 0.00 0.00
Residual AR 0.00 6.750000% 0.00 1.13 1.13 0.00 0.00
X3 6,222,974.51 0.250000% 0.00 1,296.45 1,296.45 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 11,628,580.24 6.750000% 8,217.03 65,410.76 73,627.79 0.00 0.00
B2 5,191,331.07 6.750000% 3,668.32 29,201.24 32,869.55 0.00 0.00
B3 2,907,144.56 6.750000% 2,054.26 16,352.69 18,406.94 0.00 0.00
B4 2,284,185.51 6.750000% 1,614.06 12,848.54 14,462.60 0.00 0.00
B5 1,245,919.10 6.750000% 880.40 7,008.29 7,888.69 0.00 0.00
B6 1,661,226.62 6.750000% 1,173.86 9,344.40 10,518.26 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 374,967,538.20 - 10,108,015.84 2,385,118.08 12,493,133.92 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 87,107,943.65 0.00
1A2 54,125,000.00 0.00
1A3 37,900,000.00 0.00
1A4 4,300,000.00 0.00
1A5 19,000,000.00 0.00
1A6 8,225,000.00 0.00
1A7 42,800,000.00 0.00
2A1 86,500,799.52 0.00
X1A 0.00 0.00
X2A 0.00 0.00
Residual AR 0.00 0.00
X3 6,218,627.25 0.00
- --------------------------------------------------------------------------------
Subordinate B1 11,620,363.21 0.00
B2 5,187,662.75 0.00
B3 2,905,090.30 0.00
B4 2,282,571.45 0.00
B5 1,245,038.70 0.00
B6 1,660,052.76 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 364,859,522.35 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-D
Residential Asset Securitization Trust, 1998-A4
------------------------------------------------------------
<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 1A1 94,694,849.30 6.750000% 12669ALJ1 59.293454 4.162852 680.769095
1A2 54,125,000.00 6.750000% 12669ALK8 0.000000 5.625000 1,000.000000
1A3 37,900,000.00 6.750000% 12669ALL6 0.000000 5.625000 1,000.000000
1A4 4,300,000.00 6.750000% 12669ALM4 0.000000 5.625000 1,000.000000
1A5 19,000,000.00 6.750000% 12669ALN2 0.000000 5.625000 1,000.000000
1A6 8,225,000.00 6.750000% 12669ALP7 0.000000 5.625000 1,000.000000
1A7 42,800,000.00 6.750000% 12669ALQ5 0.000000 5.625000 1,000.000000
2A1 89,004,301.80 7.000000% 12669ALR3 25.557952 5.300366 883.076193
X1A 0.00 0.000000% 12669ALS1 0.000000 0.000000 0.000000
X2A 0.00 0.000000% 12669ALT9 0.000000 0.000000 0.000000
Residual AR 0.00 6.750000% 12669ALU6 0.000000 11.336113 0.000000
X3 6,222,974.51 0.250000% 12669AME1 0.000000 0.207354 994.601616
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 11,628,580.24 6.750000% 12669ALV4 0.703253 5.598167 994.526443
B2 5,191,331.07 6.750000% 12669ALW2 0.703253 5.598167 994.526442
B3 2,907,144.56 6.750000% 12669ALX0 0.703253 5.598167 994.526442
B4 2,284,185.51 6.750000% 12669AMB7 0.703253 5.598167 994.526441
B5 1,245,919.10 6.750000% 12669AMC5 0.703253 5.598167 994.526441
B6 1,661,226.62 6.750000% 12669AMD3 0.703253 5.598167 994.526439
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 374,967,538.20 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-D
Residential Asset Securitization Trust, 1998-A4
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 272,140,094.17 92,719,426.77 364,859,520.94
loan count 1810 619 2429
average loan rate 7.982888% 8.117775% 8.02
prepayment amount 7,401,730.69 2,441,325.48 9,843,056.17
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 9,783.31 592.23 10,375.54
Monthly sub servicer fees 58,286.18 19,866.10 78,152.28
Monthly trustee fees 2,098.05 714.20 2,812.26
Aggregate advances N/A N/A N/A
Advances this periods 37,346.33 23,852.49 61,198.82
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 8,345,941.00 0.00 8,345,941.00
Special Hazard 3,749,675.38 3,749,675.38 7,499,350.76
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.358906% 100.000000% 350,049,151.11
-----------------------------------------------------------------------------
Junior 6.641094% 0.000000% 24,900,779.18
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 40 6,169,065.69
60 to 89 days 10 1,257,056.36
90 or more 1 61,230.99
Foreclosure 5 606,491.99
Totals: 56 8,093,845.03
- --------------------------------------------------------------------------------
<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 12,493,133.92 12,493,133.92
Principal remittance amount 10,108,015.84 10,108,015.84
Interest remittance amount 2,385,118.08 2,385,118.08
