SELLER & MASTER SERVICER RESIDENTIAL ASS SEC TR 1998-A4
8-K, 1999-03-30
ASSET-BACKED SECURITIES
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                      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): February 25, 1999

                                  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 February 25, 1999, 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  February  25,  1999 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: February 25, 1999


                                  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 February 25, 1999



                             Payment Date: 02/25/99


          ------------------------------------------------------------
                   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        74,933,181.30    6.750000%     6,156,575.87    421,499.14    6,578,075.01       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        83,614,517.61    7.000000%       831,086.96    487,751.35    1,318,838.32       0.00       0.00
                        X1A                 0.00    0.000000%             0.00    197,398.21      197,398.21       0.00       0.00
                        X2A                 0.00    0.000000%             0.00     41,967.34       41,967.34       0.00       0.00
Residual                AR                  0.00    6.750000%             0.00          0.00            0.00       0.00       0.00
                        X3          6,209,726.18    0.250000%             0.00      1,293.69        1,293.69       0.00       0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate             B1         11,603,582.46    6.750000%         9,754.28     65,270.15       75,024.43       0.00       0.00
                        B2          5,180,171.34    6.750000%         4,354.59     29,138.46       33,493.05       0.00       0.00
                        B3          2,900,895.12    6.750000%         2,438.57     16,317.54       18,756.10       0.00       0.00
                        B4          2,279,275.23    6.750000%         1,916.02     12,820.92       14,736.94       0.00       0.00
                        B5          1,243,240.76    6.750000%         1,045.10      6,993.23        8,038.33       0.00       0.00
                        B6          1,657,655.50    6.750000%         1,393.47      9,324.31       10,717.78       0.00       0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals          -        -        349,762,519.32     -            7,008,564.86  2,225,493.10    9,234,057.96     -          -     
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information

- --------------------------------------------------------------------------------
                                             Ending Cert.          Unpaid    
Type             Class Code     Name         Notional Bal.         Interest  
- --------------------------------------------------------------------------------
Senior                          1A1        68,776,605.43              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        82,783,430.64              0.00   
                                X1A                 0.00              0.00   
                                X2A                 0.00              0.00   
Residual                        AR                  0.00              0.00   
                                X3          6,205,184.71              0.00   
- --------------------------------------------------------------------------------
Subordinate                     B1         11,593,828.18              0.00   
                                B2          5,175,816.75              0.00   
                                B3          2,898,456.55              0.00   
                                B4          2,277,359.21              0.00   
                                B5          1,242,195.66              0.00   
                                B6          1,656,262.03              0.00   
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals            -              -        342,753,954.46     -
- --------------------------------------------------------------------------------

</TABLE>
<PAGE>
                             Payment Date: 02/25/99


          ------------------------------------------------------------
                   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    74,933,181.30     6.750000% 12669ALJ1    48.115090      3.294115    537.505369  
                           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    83,614,517.61     7.000000% 12669ALR3     8.484466      4.979395    845.126024  
                           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      0.000721      0.000000  
                           X3      6,209,726.18     0.250000% 12669AME1     0.000000      0.206912    992.451627  
- ------------------------------------------------------------------------------------------------------------------------
Subordinate                B1     11,603,582.46     6.750000% 12669ALV4     0.834818      5.586133    992.255447  
                           B2      5,180,171.34     6.750000% 12669ALW2     0.834818      5.586133    992.255446  
                           B3      2,900,895.12     6.750000% 12669ALX0     0.834818      5.586133    992.255448  
                           B4      2,279,275.23     6.750000% 12669AMB7     0.834818      5.586133    992.255446  
                           B5      1,243,240.76     6.750000% 12669AMC5     0.834818      5.586133    992.255443  
                           B6      1,657,655.50     6.750000% 12669AMD3     0.834818      5.586133    992.255438  
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals       -             -     349,762,519.32       -            -           -             -           -      
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

          ------------------------------------------------------------
                   Independent National Mortgage Corporation
               Mortgage Pass-Through Certificates, Series 1998-D
                Residential Asset Securitization Trust, 1998-A4
          ------------------------------------------------------------

- --------------------------------------------------------------------------------
                             COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
                                                                       Total
                                                                       -----
principal balance           253,765,339.12    88,988,615.35   342,753,954.47 
Aggregated loan count                 1721              599             2320 
Aggregated average loan rate     7.981631%        8.129319%             8.02 
Aggregated prepayment amount  5,944,970.07       769,935.57     6,714,905.64 

- --------------------------------------------------------------------------------
                                FEES AND ADVANCES
- --------------------------------------------------------------------------------
                                                                       Total
                                                                       -----
master servicing fees            10,120.81         7,308.42        17,429.23 
sub servicer fees                54,160.75        18,740.43        72,901.17 
trustee fees                      1,949.54           673.68         2,623.22 


Aggregate advances                     N/A              N/A              N/A 
Advances this periods            57,861.00        25,797.01        83,658.01 

- --------------------------------------------------------------------------------
                          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                3,497,625.19     3,497,625.19     6,995,250.39 


                         Aggregate Certificate Information
   -----------------------------------------------------------------------------
   Class            Aggregate           Aggregate                     Aggregate
   Type            Percentage           Prepay Pct.              End Cert. Bal.
   -----------------------------------------------------------------------------
   Senior           92.896494%           100.000000%            324,897,698.91
   -----------------------------------------------------------------------------
   Junior            7.103506%             0.000000%             24,843,918.38
   -----------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period                             Loan Count    Ending Stated Balance          
- ------                             ----------    ---------------------          
30 to 59 days                          64                 8,172,575.62
60 to 89 days                           8                 1,383,220.36
90 or more                              5                   960,303.63
Foreclosure                             3                   458,784.54

Totals:                                80                10,974,884.15
- --------------------------------------------------------------------------------


<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            9,234,057.96          9,234,057.96
Principal remittance amount            7,008,564.86          7,008,564.86
Interest remittance amount             2,225,493.10          2,225,493.10





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