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 98-5)
(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 98-5
On June 25 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-5, 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 1998-5 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 1998-5
------------------------------------------------------------
<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 A 376,567,917.19 6.750000% 3,127,307.46 2,118,194.84 5,245,502.30 0.00 0.00
PO 200,120.20 0.000000% 176.05 n/a 176.05 0.00 n/a
X 376,171,166.19 0.599259% n/a 180,717.58 180,717.58 n/a 0.00
Residual A-R 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
Subordinate M 8,001,238.03 6.750000% 6,113.36 45,006.96 51,120.33 0.00 0.00
B-1 3,800,587.59 6.750000% 2,903.85 21,378.31 24,282.15 0.00 0.00
B-2 2,200,340.18 6.750000% 1,681.17 12,376.91 14,058.09 0.00 0.00
B-3 1,800,278.33 6.750000% 1,375.51 10,126.57 11,502.07 0.00 0.00
B-4 1,000,154.63 6.750000% 764.17 5,625.87 6,390.04 0.00 0.00
B-5 1,200,462.35 6.750000% 917.22 6,752.60 7,669.82 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - - 394,771,160.49 - 3,141,238.79 2,400,179.64 5,541,418.43 - -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
- -------------------------------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- -------------------------------------------------------------------------------
Senior A 373,440,663.73 0.00
PO 199,952.15 0.00
X 373,048,575.03 0.00
Residual A-R 0.00 0.00
Subordinate M 7,995,124.66 0.00
B-1 3,797,683.74 0.00
B-2 2,198,659.01 0.00
B-3 1,798,902.82 0.00
B-4 999,390.46 0.00
B-5 1,199,545.13 0.00
- -------------------------------------------------------------------------------
Totals - - 391,629,921.71
- -------------------------------------------------------------------------------
<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 2994 A 382,147,000.00 6.750000% 12669AND2 8.183520 5.542880 977.217311
2995 PO 200,305.00 0.000000% 12669ANE0 0.878913 0.000000 998.238436
2996 X 381,745,490.00 0.599259% 12669ANF7 0.000000 0.473398 977.218028
Residual 2997 A-R 100.00 6.750000% 12669ANG5 0.000000 0.000000 0.000000
- -----------------------------------------------------------------------------------------------------------------------------------
Subordinate 2998 M 8,007,281.00 6.750000% 12669ANH3 0.763476 5.620755 998.481840
2999 B-1 3,803,458.00 6.750000% 12669ANJ9 0.763476 5.620755 998.481840
3000 B-2 2,202,002.00 6.750000% 12669ANK6 0.763476 5.620755 998.481840
3003 B-3 1,801,638.00 6.750000% 12669APH1 0.763476 5.620755 998.481840
3001 B-4 1,000,910.00 6.750000% 12669APJ7 0.763476 5.620755 998.481840
3002 B-5 1,201,369.00 6.750000% 12669APK4 0.763476 5.620755 998.481840
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - - 400,364,063.00 - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-5
------------------------------------------------------------
- -------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 391,629,923.00 391,629,923.00
Aggregate Loan count 1,129.00 1,129.00
Weighted average loan rate 7.317893% 7.317893%
Aggregate prepayment amount 2,839,605.52 2,839,605.52
- -------------------------------------------------------------------------------
FEES AND ADVANCES
- -------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 82,243.99 82,243.99
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 2,960.78 2,960.78
Aggregate advances 12,751.54 12,751.54
Advances this Period 12,751.54 12,751.54
- -------------------------------------------------------------------------------
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 112,838.00 112,838.00
Fraud 4,003,647.00 4,003,647.00
Special Hazard 5,406,555.44 5,406,555.44
- -------------------------------------------------------------------------------
Aggregate Certificate Information
- -------------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
- -------------------------------------------------------------------------------
Senior 95.437308% 100.000000% 373,640,615.88
- -------------------------------------------------------------------------------
Subordinate 4.562692% 0.000000% 17,989,305.83
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 5 1,754,828.20
60 to 90 days 0 0.00
91 or more 0 0.00
Forclosure 0 0.00
Totals: 5 1,754,828.20
- -------------------------------------------------------------------------------
<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 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0.00
- -------------------------------------------------------------------------------
OTHER INFORMATION
- -------------------------------------------------------------------------------
Amount/Withdrawl Total/Ending Bal.
---------------- -----------------
Available remittance amount 5,548,649.18 5,548,649.18
Principal remittance amount 3,141,238.20 3,141,238.20
Interest remittance amount 2,407,410.98 2,407,410.98
