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): July 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-E)
(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-E
On July 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-E, made a monthly distribution to
Certificate holders 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 July 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: July 25, 1998
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 July 25, 1998
Payment Date: 07/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
<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 A1 166,787,436.59 6.750000% 4,155,035.01 938,179.33 5,093,214.34 0.00 0.00
A2 82,178,000.00 6.750000% 0.00 462,251.25 462,251.25 0.00 0.00
A3 29,021,000.00 6.750000% 0.00 163,243.13 163,243.13 0.00 0.00
A4 12,072,000.00 6.750000% 0.00 67,905.00 67,905.00 0.00 0.00
A5 78,000,000.00 6.750000% 0.00 438,750.00 438,750.00 0.00 0.00
A6 48,883,677.82 6.750000% 1,264,796.62 274,970.69 1,539,767.31 0.00 0.00
A7 113,089,138.11 6.750000% 2,771,169.40 636,126.40 3,407,295.80 0.00 0.00
A8 24,000,000.00 6.750000% 0.00 135,000.00 135,000.00 0.00 0.00
A9 9,158,600.00 6.668750% 0.00 50,897.01 50,897.01 0.00 0.00
A10 2,374,400.00 7.063411% 0.00 13,976.14 13,976.14 0.00 0.00
A11 37,500,000.00 6.750000% 0.00 210,937.50 210,937.50 0.00 0.00
X1A 302,264,133.73 0.861618% 0.00 217,030.25 217,030.25 0.00 0.00
X1B 84,954,807.70 0.861618% 0.00 60,998.84 60,998.84 0.00 0.00
X2 237,312,865.08 0.584717% 0.00 115,633.96 115,633.96 0.00 0.00
PO1 9,001.54 0.000000% 8.29 0.00 8.29 0.00 0.00
PO2 200,706.52 0.000000% 194.44 0.00 194.44 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.56 0.56 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,150,558.73 6.750000% 9,033.08 73,971.89 83,004.97 0.00 0.00
BIB 4,981,241.98 6.750000% 3,421.60 28,019.49 31,441.09 0.00 0.00
B1C 2,789,515.48 6.750000% 1,916.11 15,691.02 17,607.13 0.00 0.00
B1D 2,191,726.50 6.750000% 1,505.49 12,328.46 13,833.95 0.00 0.00
BIE 1,195,478.10 6.750000% 821.17 6,724.56 7,545.73 0.00 0.00
BIF 1,594,038.83 6.750000% 1,094.94 8,966.47 10,061.41 0.00 0.00
B2A 5,368,393.54 6.750000% 3,912.82 30,197.21 34,110.03 0.00 0.00
B2B 2,496,569.61 6.750000% 1,819.66 14,043.20 15,862.86 0.00 0.00
B2C 1,123,466.31 6.750000% 818.85 6,319.50 7,138.35 0.00 0.00
B2D 749,010.82 6.750000% 545.93 4,213.19 4,759.11 0.00 0.00
B2E 749,010.82 6.750000% 545.93 4,213.19 4,759.11 0.00 0.00
2BF 748,968.91 6.750000% 545.87 4,212.95 4,758.82 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 640,412,040.24 - 8,217,185.20 3,994,801.19 12,211,986.39 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 162,632,401.58 0.00
A2 82,178,000.00 0.00
A3 29,021,000.00 0.00
A4 12,072,000.00 0.00
A5 78,000,000.00 0.00
A6 47,618,881.20 0.00
A7 110,317,968.72 0.00
A8 24,000,000.00 0.00
A9 9,158,600.00 0.00
A10 2,374,400.00 0.00
A11 37,500,000.00 0.00
X1A 299,566,026.90 0.00
X1B 83,486,295.82 0.00
X2 233,277,557.30 0.00
PO1 8,993.25 0.00
PO2 200,512.08 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,141,525.64 0.00
BIB 4,977,820.38 0.00
B1C 2,787,599.37 0.00
B1D 2,190,221.01 0.00
BIE 1,194,656.93 0.00
BIF 1,592,943.89 0.00
B2A 5,364,480.72 0.00
B2B 2,494,749.95 0.00
B2C 1,122,647.46 0.00
B2D 748,464.90 0.00
B2E 748,464.90 0.00
2BF 748,423.04 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 632,194,855.04 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
<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 A1 166,787,436.59 6.750000% 12669ANL4 24.182206 5.460182 946.516753
A2 82,178,000.00 6.750000% 12669ANM2 0.000000 5.625000 1,000.000000
A3 29,021,000.00 6.750000% 12669ANN0 0.000000 5.625000 1,000.000000
A4 12,072,000.00 6.750000% 12669ANP5 0.000000 5.625000 1,000.000000
A5 78,000,000.00 6.750000% 12669ANQ3 0.000000 5.625000 1,000.000000
A6 48,883,677.82 6.750000% 12669ANR1 25.295932 5.499414 952.377624
A7 113,089,138.11 6.750000% 12669ANS9 23.985540 5.505919 954.844581
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.625000 1,000.000000
A9 9,158,600.00 6.668750% 12669ANU4 0.000000 5.557292 1,000.000000
A10 2,374,400.00 7.063411% 12669ANV2 0.000000 5.886176 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.625000 1,000.000000
X1A 302,264,133.73 0.861618% 12669ANY6 0.000000 0.707937 977.163318
X1B 84,954,807.70 0.861618% 12669APQ1 0.000000 0.711691 974.058028
X2 237,312,865.08 0.584717% 12669ANZ3 0.000000 0.480061 968.465727
PO1 9,001.54 0.000000% 12669ANW0 0.919258 0.000000 997.323242
PO2 200,706.52 0.000000% 12669ANX8 0.966784 0.000000 996.964651
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.625010 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,150,558.73 6.750000% 12669APB4 0.685966 5.617379 997.959178
BIB 4,981,241.98 6.750000% 12669APC2 0.685966 5.617379 997.959178
B1C 2,789,515.48 6.750000% 12669APD0 0.685966 5.617379 997.959178
B1D 2,191,726.50 6.750000% 12669APR9 0.685966 5.617379 997.959178
BIE 1,195,478.10 6.750000% 12669APS7 0.685966 5.617379 997.959178
BIF 1,594,038.83 6.750000% 12669APT5 0.685966 5.617379 997.959178
B2A 5,368,393.54 6.750000% 12669APE8 0.727804 5.616832 997.820156
B2B 2,496,569.61 6.750000% 12669APF5 0.727804 5.616832 997.820156
B2C 1,123,466.31 6.750000% 12669APG3 0.727804 5.616832 997.820156
B2D 749,010.82 6.750000% 12669APU2 0.727804 5.616832 997.820156
B2E 749,010.82 6.750000% 12669APV0 0.727804 5.616832 997.820156
2BF 748,968.91 6.750000% 12669APW8 0.727775 5.616832 997.820221
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 640,412,040.24 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 389,797,262.06 242,397,592.93 632,194,854.99
loan count 2556 624 3180
average loan rate 7.980699% 7.693247% 7.87
prepayment amount 3,902,217.59 3,864,701.31 7,766,918.90
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 27,335.81 15,682.86 43,018.67
Monthly sub servicer fees 82,077.10 51,688.78 133,765.88
Monthly trustee fees 2,954.78 1,848.31 4,803.09
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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 7,980,796.00 2,500,209.00 10,481,005.00
Special Hazard 6,404,120.40 6,404,120.40 12,808,240.80
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 94.204746% 100.000000% 603,274,060.59
-----------------------------------------------------------------------------
Junior 5.795254% 0.000000% 37,111,998.20
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 39 8,081,956.96
60 to 89 days 4 549,281.33
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 43 8,631,238.29
- --------------------------------------------------------------------------------
<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 12,211,986.39 12,211,986.39
Principal remittance amount 8,217,185.20 8,217,185.20
Interest remittance amount 3,994,801.19 3,994,801.19
