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-E)
(Exact name of registrant as specified in charter)
Delaware 333-45887-06 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-E
On June 25 1998, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1998-E, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of April 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-E 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 April 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
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1998 A-5
<TABLE>
<CAPTION>
Current Payment Information
---------------------------
Class Information
- -----------------
Beginning Pass Thru Principal Interest Total Principal
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses
- ---- ---------- ---- ---------- ---- ---------- ---------- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 169720976.27 0.0675 933539.65 954680.49 3888220.14 0
A-2 82178000.00 0.0675 0 462251.25 462251.25 0
A-3 29021000.00 0.0675 0 163243.13 163243.13 0
A-4 12072000.00 0.0675 0 67905.00 67905.00 0
A-5 78000000.00 0.0675 0 438750.00 438750.00 0
A-6 49568298.19 0.0675 684620.37 278821.68 963442.05 0
A-7 114589141.34 0.0675 1500003.22 644563.92 2144567.14 0
A-8 24000000.00 0.0675 0 135000.00 135000.00 0
A-9 9158600.00 0.066375 0 50658.51 50658.51 0
A-10 2374400.00 0.07183946 0 14214.63 14214.63 0
A-11 37500000.00 0.0675 0 210937.50 210937.50 0
PO-1 9009.23 0 8.08 0 8.08 0
PO-2 200863.70 0 157.73 0 157.73 0
X-1a 304598570.71 0.00863043 0 219068.05 219068.05 0
X-1b 85565536.67 0.00863043 0 61538.95 61538.95 0
X-2 239498989.30 0.00587658 0 117286.25 117286.25 0
- -----------------------------------------------------------------------------------------------------------------------------------
Residual A-R 100.00 0.0675 0 0.56 0.56 0
- -----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1a 13159535.08 0.0675 8976.37 74022.38 82998.75 0
B-1b 4984642.09 0.0675 3400.12 28038.61 31438.73 0
B-1c 2791419.56 0.0675 1904.08 15701.74 17605.82 0
B-1d 2193222.54 0.0675 1496.04 12336.88 13832.92 0
B-1e 1196294.12 0.0675 816.02 6729.15 7545.17 0
B-1f 1595127.44 0.0675 1088.07 8972.59 10060.66 0
B-2a 5372306.74 0.0675 3913.20 30219.23 34132.43 0
B-2b 2498389.44 0.0675 1819.83 14053.44 15873.27 0
B-2c 1124285.24 0.0675 818.93 6324.10 7143.03 0
B-2d 749556.80 0.0675 545.98 4216.26 4762.24 0
B-2e 749556.80 0.0675 545.98 4216.26 4762.24 0
B-2f 749515.83 0.0675 545.95 4216.03 4761.98 0
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - - 645556240.41 - 5144199.62 4027966.58 9172166.20 0
</TABLE>
Interest Ending Cert./ Unpaid
Type Class Code Name Shortfalls Notional Bal. Interest
- ---- ---------- ---- ---------- ------------- --------
Senior A-1 0 166787436.62 0
A-2 0 82178000.00 0
A-3 0 29021000.00 0
A-4 0 12072000.00 0
A-5 0 78000000.00 0
A-6 0 48883677.82 0
A-7 0 113089138.12 0
A-8 0 24000000.00 0
A-9 0 9158600.00 0
A-10 0 2374400.00 0
A-11 0 37500000.00 0
PO-1 0 9001.15 0
PO-2 0 200705.97 0
X-1a 0 302264133.73 0
X-1b 0 84954807.70 0
X-2 0 237312865.08 0
- --------------------------------------------------------------------------------
Residual A-R 0 100.00 0
- --------------------------------------------------------------------------------
Subordinate B-1a 0 13150558.71 0
B-1b 0 4981241.97 0
B-1c 0 2789515.48 0
B-1d 0 2191726.50 0
B-1e 0 1195478.10 0
B-1f 0 1594039.37 0
B-2a 0 5368393.54 0
B-2b 0 2496569.61 0
B-2c 0 1123466.31 0
B-2d 0 749010.82 0
B-2e 0 749010.82 0
B-2f 0 748969.88 0
- --------------------------------------------------------------------------------
Totals - - 0 640412040.79
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1998 A-5
<TABLE>
<CAPTION>
Current Payment Information
---------------------------
Class 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 A-1 171822000.00 0.0675 17.073132 5.556218 970.69896
A-2 82178000.00 0.0675 0 5.625 1000
A-3 29021000.00 0.0675 0 5.625 1000
A-4 12072000.00 0.0675 0 5.625 1000
A-5 78000000.00 0.0675 0 5.625 1000
A-6 50000000.00 0.0675 13.692407 5.576434 977.673556
A-7 115535000.00 0.0675 12.983107 5.578949 978.830122
A-8 24000000.00 0.0675 0 5.625 1000
A-9 9158600.00 0.066375 0 5.53125 1000
A-10 2374400.00 0.07183946 0 5.986622 1000
A-11 37500000.00 0.0675 0 5.625 1000
PO-1 9017.00 0 0.896085 0 998.242209
PO-2 201122.00 0 0.78425 0 997.931455
X-1a 306567000.00 0.00863043 0 0.714585 985.964353
X-1b 85709776.47 0.00863043 0 0.717992 991.191568
X-2 240873322.42 0.00587658 0 0.486921 985.218548
- ------------------------------------------------------------------------------------------------------------------------------------
Residual A-R 100.00 0.0675 0 5.625 1000
- ------------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1a 13168400.00 0.0675 0.68166 5.621213 998.645144
B-1b 4988000.00 0.0675 0.68166 5.621213 998.645142
B-1c 2793300.00 0.0675 0.68166 5.621213 998.645144
B-1d 2194700.00 0.0675 n/a 0.68166 5.621213 998.645145
B-1e 1197100.00 0.0675 n/a 0.681664 5.621213 998.645142
B-1f 1596202.00 0.0675 n/a 0.681662 5.621213 998.645140
B-2a 5376200.00 0.0675 0.727875 5.620927 998.547960
B-2b 2500200.00 0.0675 0.727874 5.620927 998.547960
B-2c 1125100.00 0.0675 0.727873 5.620927 998.547960
B-2d 750100.00 0.0675 n/a 0.727876 5.620927 998.547954
B-2e 750100.00 0.0675 n/a 0.727876 5.620927 998.547954
B-2f 750059.00 0.0675 n/a 0.727876 5.620927 998.547954
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - - 649060700.00 - - - - -
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1998 A-5
================================================================================
COLLATERAL INFORMATION
================================================================================
Group 1 Group2 Total/Wtd. Avg.
------- ------ ---------------
Aggregate stated principal balance 399039818.84 250020880.56 649060699.40
Aggregate Loan count 2579 634 3213
Weighted average loan rate 0.07968761 0.07692917 0.07862505
Aggregate prepayment amount 1849859.19 1204886.15 3054745.34
================================================================================
FEES AND ADVANCES
================================================================================
Group 1 Group2 Total
------- ------ -----
Monthly master servicing fees 41566.65 26043.84 67610.49
Monthly sub servicer fees 83133.31 52434.91 135568.22
Monthly trustee feees 2992.80 1875.16 4867.96
Aggregate advances 7651.91 0 7651.91
Advances this Period 7651.91 0 7651.91
================================================================================
LOSSES & INSURANCE COVERAGES
================================================================================
Group 1 Group2 Total
------- ------ -----
Net realized losses (this period) 0 0 0
Cumulative losses (from Cut-Off) 0 0 0
Coverage Amounts Group 1 Group2 Total
- ---------------- ------- ------ -----
Bankruptcy 125000 125000 250000
Fraud 7980796 2500209 10481005
Special Hazard Group 1 & Group 2 6680871 6680871
<TABLE>
<CAPTION>
==============================================================================================================
Aggregate Certificate Information
==============================================================================================================
Class Group 1 Agg. Group 2 Agg. Group 1 Agg. Group 2 Agg. Group 1 Agg. Group 2 Agg.
Type Percentages Percentages Prepay Pct. Prepay Pct. End Cert. Bal. End Cert. Bal.
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Senior 0.93425097 0.9543723 1 1 368058536.62 235005815.94
- --------------------------------------------------------------------------------------------------------------
Subordinate 0.06574903 0.0456277 0 0 25902560.13 11235420.98
- --------------------------------------------------------------------------------------------------------------
</TABLE>
================================================================================
DELINQUENCY INFORMATION
================================================================================
Group 1
- -------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 6 1038549.61
60 to 90 days 0 0
91 or more 0 0
Forclosure 0 0
Bankruptcy 0 0
Totals: 6 1038549.61
Group 2
- -------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0
60 to 90 days 0 0
91 or more 0 0
Forclosure 0 0
Totals: 0 0
================================================================================
REO INFORMATION
================================================================================
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
Group 1 n/a 0 0 0
n/a - 0 0
n/a - 0 0
Group 2 n/a 0 0 0
n/a - 0 0
n/a - 0 0
Totals: 0 0
-------
Group 1 Current Total Outstanding Balance: 0
Current Total Outstanding Number of Loans: 0
Group 2 Current Total Outstanding Balance: 0
Current Total Outstanding Number of Loans: 0
================================================================================
OTHER INFORMATION
================================================================================
Group 1 Group2 Total
------- ------ -----
Available remittance amount 4635746.83 2908437.96 7544184.79
Principal remittance amount 2118492.67 1385966.91 3504459.58
Interest remittance amount 2517254.16 1522471.05 4039725.21
Transfer Balance 0 0 0
