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): February 25, 1999
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 February 25, 1999, 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 February 25, 1999 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: February 25, 1999
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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 121,450,169.31 6.750000% 9,290,728.44 683,157.20 9,973,885.65 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 33,534,119.09 6.750000% 1,745,051.58 188,629.42 1,933,681.00 0.00 0.00
A7 79,458,254.94 6.750000% 3,823,408.01 446,952.68 4,270,360.69 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 6.606250% 0.00 50,420.00 50,420.00 0.00 0.00
A10 2,374,400.00 7.304482% 0.00 14,453.13 14,453.13 0.00 0.00
A11 37,500,000.00 6.750000% 0.00 210,937.50 210,937.50 0.00 0.00
X1A 276,001,435.33 0.859542% 0.00 197,695.68 197,695.68 0.00 0.00
X1B 66,046,454.50 0.859542% 0.00 47,308.08 47,308.08 0.00 0.00
X2 188,789,725.38 0.561955% 0.00 88,409.40 88,409.40 0.00 0.00
PO1 8,598.96 0.000000% 9.62 0.00 9.62 0.00 0.00
PO2 189,801.74 0.000000% 192.63 0.00 192.63 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.56 0.56 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,081,859.85 6.750000% 9,457.46 73,585.46 83,042.93 0.00 0.00
BIB 4,955,219.84 6.750000% 3,582.35 27,873.11 31,455.46 0.00 0.00
B1C 2,774,942.98 6.750000% 2,006.13 15,609.05 17,615.19 0.00 0.00
B1D 2,180,276.86 6.750000% 1,576.22 12,264.06 13,840.28 0.00 0.00
BIE 1,189,232.89 6.750000% 859.75 6,689.44 7,549.18 0.00 0.00
BIF 1,585,711.53 6.750000% 1,146.38 8,919.63 10,066.01 0.00 0.00
B2A 5,332,936.84 6.750000% 4,081.21 29,997.77 34,078.98 0.00 0.00
B2B 2,480,080.48 6.750000% 1,897.96 13,950.45 15,848.42 0.00 0.00
B2C 1,116,046.14 6.750000% 854.09 6,277.76 7,131.85 0.00 0.00
B2D 744,063.82 6.750000% 569.42 4,185.36 4,754.78 0.00 0.00
B2E 744,063.82 6.750000% 569.42 4,185.36 4,754.78 0.00 0.00
2BF 744,022.30 6.750000% 569.38 4,185.13 4,754.50 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 545,873,501.41 - 14,886,560.06 3,402,835.62 18,289,395.68 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 112,159,440.87 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 31,789,067.52 0.00
A7 75,634,846.93 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 270,909,727.29 0.00
X1B 61,836,009.66 0.00
X2 183,221,376.34 0.00
PO1 8,589.35 0.00
PO2 189,609.11 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,072,402.39 0.00
BIB 4,951,637.49 0.00
B1C 2,772,936.85 0.00
B1D 2,178,700.64 0.00
BIE 1,188,373.14 0.00
BIF 1,584,565.14 0.00
B2A 5,328,855.64 0.00
B2B 2,478,182.52 0.00
B2C 1,115,192.05 0.00
B2D 743,494.40 0.00
B2E 743,494.40 0.00
2BF 743,452.92 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 530,986,941.35 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 121,450,169.31 6.750000% 12669ANL4 54.071821 3.975959 652.765309
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 33,534,119.09 6.750000% 12669ANR1 34.901032 3.772588 635.781350
A7 79,458,254.94 6.750000% 12669ANS9 33.093071 3.868548 654.648781
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.625000 1,000.000000
A9 9,158,600.00 6.606250% 12669ANU4 0.000000 5.505208 1,000.000000
A10 2,374,400.00 7.304482% 12669ANV2 0.000000 6.087068 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.625000 1,000.000000
X1A 276,001,435.33 0.859542% 12669ANY6 0.000000 0.644869 883.688483
X1B 66,046,454.50 0.859542% 12669APQ1 0.000000 0.551957 721.458067
X2 188,789,725.38 0.561955% 12669ANZ3 0.000000 0.367037 760.654499
PO1 8,598.96 0.000000% 12669ANW0 1.066603 0.000000 952.531209
PO2 189,801.74 0.000000% 12669ANX8 0.957775 0.000000 942.754045
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.625010 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,081,859.85 6.750000% 12669APB4 0.718194 5.588034 992.710002
BIB 4,955,219.84 6.750000% 12669APC2 0.718194 5.588034 992.710002
B1C 2,774,942.98 6.750000% 12669APD0 0.718194 5.588034 992.710002
B1D 2,180,276.86 6.750000% 12669APR9 0.718194 5.588034 992.710002
BIE 1,189,232.89 6.750000% 12669APS7 0.718194 5.588034 992.710002
BIF 1,585,711.53 6.750000% 12669APT5 0.718194 5.588034 992.710002
B2A 5,332,936.84 6.750000% 12669APE8 0.759125 5.579735 991.193712
B2B 2,480,080.48 6.750000% 12669APF5 0.759125 5.579735 991.193712
B2C 1,116,046.14 6.750000% 12669APG3 0.759125 5.579735 991.193712
B2D 744,063.82 6.750000% 12669APU2 0.759125 5.579735 991.193712
B2E 744,063.82 6.750000% 12669APV0 0.759125 5.579735 991.193712
2BF 744,022.30 6.750000% 12669APW8 0.759110 5.579736 991.193910
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 545,873,501.41 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 339,187,745.87 191,799,195.33 530,986,941.20
Aggregated loan count 2342 504 2846
Aggregated average loan rate 7.977469% 7.667113% 7.87
Aggregated prepayment amount 9,057,420.93 5,426,117.64 14,483,538.57
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 10,715.29 5,273.55 15,988.85
sub servicer fees 72,603.57 41,464.93 114,068.49
Trustee fees 2,613.73 1,480.32 4,094.05
Aggregate advances N/A N/A N/A
Advances this periods 67,488.54 25,299.65 92,788.19
- --------------------------------------------------------------------------------
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 100,000.00 100,000.00 200,000.00
Fraud 7,980,796.00 2,500,209.00 10,481,005.00
Special Hazard 5,458,735.01 5,458,735.01 10,917,470.03
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.239620% 100.000000% 508,945,044.04
-----------------------------------------------------------------------------
Junior 6.760380% 0.000000% 36,901,287.59
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 46 7,035,698.31
60 to 89 days 7 1,134,433.36
90 or more 7 1,404,112.50
Foreclosure 10 2,813,823.73
Totals: 70 12,388,067.90
- --------------------------------------------------------------------------------
<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 18,289,395.68 18,289,395.68
Principal remittance amount 14,886,560.06 14,886,560.06
Interest remittance amount 3,402,835.62 3,402,835.62
