SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 333-45887-02
CWMBS, Inc.
Residential Asset Securitization Trust 1998-A5
Mortgage Pass-Through Certificates, Series 1998-E
(Exact name of Registrant as specified in its charter)
Delaware 95-4449516
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(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
c/o The Bank of New York
101 Barclay Street
New York, New York 10286
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 815-2007
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to item 405
of Regulation S-K is not contained herein, and will be contained, to the best
of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ ]
State the aggregate market value of the voting and non-voting common equity
held by non-affiliates of the Registrant: Not applicable
Indicate the number of shares of common stock of the Registrant outstanding as
of December 31, 1998: Not applicable
DOCUMENTS INCORPORATED BY REFERENCE
None.
* * *
This Annual Report on Form 10-K (the "Report") is filed with respect
to the trust fund entitled Residential Asset Securitization Trust 1998-A5 (the
"Trust Fund") formed pursuant to the pooling and servicing agreement dated as
of April 1, 1998 (the "Pooling and Servicing Agreement") among CWMBS, Inc., as
depositor (the "Company"), IndyMac, Inc., as seller and master servicer (the
"Master Servicer"), and The Bank of New York, as trustee (the "Trustee"), for
the issuance of CWMBS, Inc., Mortgage Pass-Through Certificates, Series 1998-E
(the "Certificates"). Certain information otherwise required to be included in
this Report by the Instructions to Form 10-K has been omitted in reliance on
the relief granted to the Company in CWMBS, Inc. (February 3, 1994) (the
"Relief Letter").
PART I
ITEM 1. BUSINESS
Not applicable. See the Relief Letter.
ITEM 2. PROPERTIES
Not applicable. See the Relief Letter.
ITEM 3. LEGAL PROCEEDINGS
There were no material pending legal proceedings relating to
the Trust Fund to which any of the Trust Fund, the Trustee,
the Master Servicer or the Company was a party or of which
any of their respective properties was the subject during
the fiscal year covered by this Report, nor is the Company
aware of any such proceedings contemplated by governmental
authorities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted to a vote of Certificateholders, and
no Certificateholder consent was solicited during the fiscal
year covered by this Report.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
(a) There is no established public trading market for the
Certificates.
(b) As of December 31, 1998, there were 5 holders of record
of the Certificates.
(c) Not applicable. (Information as to distributions to
Certificateholders is provided in the Registrant's monthly
filings on Form 8-K.)
ITEM 6. SELECTED FINANCIAL DATA
Not applicable. See the Relief Letter.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Not applicable. See the Relief Letter.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable. See the Relief Letter.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable. See the Relief Letter.
ITEM 11. EXECUTIVE COMPENSATION
Not applicable. See the Relief Letter.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
(a) Not applicable. See the Relief Letter.
(b) Not applicable. See the Relief Letter.
(c) Not applicable. See the Relief Letter.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) Not applicable. See the Relief Letter.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM
8-K
(a) (1) Pursuant to the Pooling and Servicing
Agreement, the Master Servicer is required (i) to deliver an
annual statement as to compliance with the provisions of the
Pooling and Servicing Agreement and certain other matters
(the "Annual Statement of the Master Servicer") and (ii) to
cause a firm of independent public accountants to deliver an
annual report as to compliance with the servicing provisions
of the Pooling and Servicing Agreement (the "Annual Report
of the Firm of Accountants"). Both the Annual Statement of
the Master Servicer and the Annual Report of the Firm of
Accountants are attached as Exhibits 99.1 and 99.2,
respectively, to this Report.
(2) Not applicable.
(3) The required exhibits are as follows:
Exhibit 3(i): Copy of Company's
Certificate of Incorporation (Filed as an Exhibit
to Registration Statement on Form S-11 (File No.
33-63714)).
Exhibit 3(ii): Copy of Company's By-laws
(Filed as an Exhibit to Registration Statement on
Form S-11 (File No. 33-63714)).
Exhibit 4: Pooling and Servicing Agreement
(Filed as part of the Registrant's Current Report
on Form 8-K filed on May 18, 1998).
Exhibit 99.1: Annual Statement of the
Master Servicer.
Exhibit 99.2: Annual Report of the Firm of
Accountants.
(b) Current Reports on Form 8-K filed during the
last quarter of the period covered by this Report:
Date of Current Report Item Reported
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October 26, 1998 Monthly report sent to Certificateholders with
the October 1998 distribution
November 25, 1998 Monthly report sent to Certificateholders with
the November 1998 distribution
December 28, 1998 Monthly report sent to Certificateholders with
the December 1998 distribution
(c) See subparagraph (a)(3) above.
(d) Not applicable. See the Relief Letter.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No such annual report, proxy statement, form of proxy or other
soliciting material has been sent to Certificateholders. See the Relief
Letter.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
CWMBS, INC.,
RESIDENTIAL ASSET SECURITIZATION
TRUST 1998-A5, MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES
1998-E
By: The Bank of New York,
as Trustee*
By: /s/ Kelly Sheahan
Name: Kelly Sheahan
Title: Assistant Vice President
Date: March 31, 1999
* This Report is being filed by the Trustee on behalf of the Trust Fund.
The Trust Fund does not have any officers or directors.
EXHIBIT INDEX
Sequential
Exhibit Document Page Number
- ----------------- -----------
3(i) Company's Certificate of Incorporation (Filed
as an Exhibit to Registration Statement on
Form S-11 (File No. 33-63714)) *
3(ii) Company's By-laws (Filed as an Exhibit to
Registration Statement on Form S-11 (File
No. 33-63714)) *
4 Pooling and Servicing Agreement (Filed as part
of the Company's Current Report on Form 8-K filed
on May 18, 1998) *
99.1 Annual Statement of the Master Servicer.......................12
99.2 Annual Report of the Firm of Accountants......................14
* Incorporated herein by reference.
<PAGE>
Exhibit 99.1
INDYMAC, INC.
OFFICERS' CERTIFICATE
ANNUAL STATEMENT OF THE MASTER SERVICER
CWMBS, INC.
RESIDENTIAL ASSET SECURITIZATION TRUST 1998-A5
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-E
The undersigned do hereby certify that they are each an officer of
IndyMac, Inc. (f/k/a Independent National Mortgage Corporation) (the "Master
Servicer") and do hereby further certify pursuant to Section 3.19 of the
Pooling and Servicing Agreement for the above-captioned Series (the
"Agreement") that:
(i) A review of the activities of the Master
Servicer during the preceding calendar year and of
the performance of the Master Servicer under the
Agreement has been made under our supervision;
(ii) To the best of our knowledge, based on such
review, the Master Servicer has fulfilled all its
obligations under the Agreement throughout such
year; and
(iii) To the best of our knowledge, each Servicer
has fulfilled all its obligations under its
Servicing Agreement throughout such year
(capitalized terms used in this subparagraph (iii)
shall have the meanings assigned to such terms in
the Agreement).
/s/ Jim Banks Dated: 3/30/99
JIM BANKS
EXECUTIVE VICE PRESIDENT
/s/ John Kim Dated: 3/30/99
JOHN KIM
VICE PRESIDENT
<PAGE>
Exhibit 99.2
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
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IndyMac, Inc.
We have examined management's assertion about IndyMac, Inc.'s compliance with
the minimum servicing standards identified in the Mortgage Bankers Association
of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) in
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its capacity as a Master Servicer as of and for the year ended December 31,
1998, included in the accompanying management assertion. Management is
responsible for IndyMac, Inc.'s compliance with those minimum servicing
standards. Our responsibility is to express an opinion on management's
assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about IndyMac, Inc.'s compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide
a legal determination on IndyMac, Inc.'s compliance with the minimum servicing
standards.
In our opinion, management's assertion that IndyMac, Inc. complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 1998 is fairly stated, in all material respects.
/s/ Grant Thornton LLP
Los Angeles, California
February 26, 1999
<PAGE>
[LOGO] IndyMac
February 26, 1999
Grant Thornton LLP
1000 Wilshire Blvd., Suite 700
Los Angeles, CA 90017
Management's Assertion
As of and for the year ended December 31, 1998, IndyMac Inc. has complied in
all material respects with the minimum servicing standards, in its capacity as
a master servicer, as set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers. As of and
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for the year ended December 31, 1998, IndyMac had in effect fidelity bond and
mortgage impairment errors and omissions policies in the amounts of
$30,000,000 and $10,000,000, respectively.
Very truly yours,
IndyMac, Inc.
/s/ Michael W. Perry
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Michael W. Perry President and Chief Executive Officer
/s/ Carmella Grahn
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Carmella Grahn Executive Vice President and Chief Financial Officer
155 North Lake Avenue
Pasadena, California 91101
Telephone: 800.669.2300
http://www.indymac.com
