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 98-7)
(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 98-7
On May 26 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-7, 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 1998-7 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 1998-7
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending Cert./ Unpaid/Deferred Remaining
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Notional Bal. Interest Unpaid
Interest
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 150,000,000.00 6.750000% 1,890,555.07 843,750.00 2,734,305.07 148,109,444.93 0.00 0.00
A-2 1,500,000.00 6.750000% 17,875.90 8,437.50 26,313.40 1,482,124.10 0.00 0.00
A-3 30,515,294.00 6.700000% 363,658.87 170,377.06 534,035.93 30,151,635.13 0.00 0.00
A-4 4,068,706.00 7.125000% 48,487.85 24,157.94 72,645.79 4,020,218.15 0.00 0.00
A-5 25,000,000.00 6.750000% 253,933.10 140,625.00 394,558.10 24,746,066.90 0.00 0.00
A-6 42,000,000.00 6.750000% 334,279.31 236,250.00 570,529.31 41,665,720.69 0.00 0.00
A-7 22,502,990.00 6.750000% 0.00 126,579.32 126,579.32 22,502,990.00 0.00 0.00
A-8 23,103,000.00 6.750000% 0.00 129,954.38 129,954.38 23,103,000.00 0.00 0.00
A-9 35,000,000.00 6.750000% 0.00 196,875.00 196,875.00 35,000,000.00 0.00 0.00
PO 195,909.20 N/A 228.06 N/A 228.06 195,680.74 0.00 0.00
X 334,274,411.00 0.562185% N/A 156,603.25 156,603.25 331,371,871.21 0.00 0.00
A-R 100.00 6.750000% 100.00 0.56 100.56 0.00 0.00 0.00
M 7,887,082.00 6.750000% 6,014.81 44,364.84 50,379.65 7,881,067.19 0.00 0.00
B-1 3,154,883.00 6.750000% 2,405.96 17,746.22 20,152.18 3,152,477.04 0.00 0.00
B-2 2,103,222.00 6.750000% 1,603.95 11,830.62 13,434.57 2,101,618.05 0.00 0.00
B-3 1,577,416.00 6.750000% 1,202.96 8,872.97 10,075.93 1,576,213.04 0.00 0.00
B-4 701,074.00 6.750000% 534.65 3,943.54 4,478.19 700,539.35 0.00 0.00
B-5 1,227,329.16 6.750000% 935.98 6,903.72 7,839.70 1,226,392.90 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 350,537,005.36 2,921,816.47 2,127,271.91 5,049,088.38 347,615,188.21 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 5/26/98
<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>
Senior A-1 150,000,000.00 6.750000% 12669AMN1 12.603700 5.625000 987.396300
A-2 1,500,000.00 6.750000% 12669AMP6 11.917267 5.625000 988.082733
A-3 30,515,294.00 6.700000% 12669AMQ4 11.917266 5.583333 988.082734
A-4 4,068,706.00 7.125000% 12669AMR2 11.917266 5.937500 988.082734
A-5 25,000,000.00 6.750000% 12669AMS0 10.157324 5.625000 989.842676
A-6 42,000,000.00 6.750000% 12669AMT8 7.959031 5.625000 992.040969
A-7 22,502,990.00 6.750000% 12669AMU5 0.000000 5.625000 1,000.000000
A-8 23,103,000.00 6.750000% 12669AMV3 0.000000 5.625000 1,000.000000
A-9 35,000,000.00 0.000000% 12669AMW1 0.000000 5.625000 1,000.000000
PO 195,908.80 N/A 12669AMX9 1.164113 0.000000 998.835887
X 334,274,411.00 0.562000% 12669AMY7 0.000000 0.468487 991.316895
- -----------------------------------------------------------------------------------------------------------------------------------
Residual A-R 100.00 6.750000% 12669AMZ4 1,000.000000 5.625000 0.000000
M 7,887,082.00 6.750000% 12669ANA8 0.762615 5.625000 999.237385
B-1 3,154,883.00 6.750000% 12669ANB6 0.762615 5.625000 999.237385
B-2 2,103,222.00 6.750000% 12669ANC4 0.762616 5.625000 999.237384
B-3 1,577,416.00 6.750000% 12669APX6 0.762614 5.625000 999.237386
B-4 701,074.00 6.750000% 12669APY4 0.762616 5.625000 999.237384
B-5 1,227,328.88 6.750000% 12669APZ1 0.762615 5.625000 999.237385
- -----------------------------------------------------------------------------------------------------------------------------------
Total 325,537,004.68 8.975374 6.534655 1,067.820811
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
COUNTRYWIDE HOME LOANS
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-7
------------------------------------------------------------
- -------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Total
-----
Aggregate Scheduled Principal 267,356.69
Aggregate Prepayment Amount 2,654,459.78
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 347,615,188.21
- -------------------------------------------------------------------------------
FEES AND ADVANCES
- -------------------------------------------------------------------------------
Total
-----
Monthly master servicer fees paid 72,850.39
Advances included in this distribution 0.00
Aggregate Advances Outstanding 0.00
- -------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- -------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 121,369.00
Fraud Loss Coverage Amount 7,010,740.00
Special Hazard Loss Coverage Amount 3,505,370.05
- -------------------------------------------------------------------------------
Aggregate Certificate Information
- -------------------------------------------------------------------------------
Class Aggregate Aggregate
Type Percentages Prepay Pct.
- -------------------------------------------------------------------------------
Senior 95.788193% 100.000000%
- -------------------------------------------------------------------------------
Subordinate 4.211807% 0.000000%
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
1 mo. 0.00 0.00
2 mos. 0.00 0.00
3+MOS. 0.00 0.00
In foreclosure 0.00 0.00
Totals 0.00 0.00
- -------------------------------------------------------------------------------
TOTAL REO INFORMATION
- -------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0
- -------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- -------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
0 0
0 0
