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 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 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
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 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
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 June 25, 1998
Payment Date: 06/25/98
------------------------------------------------------------
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 169,720,976.24 6.750000% 2,933,539.65 954,680.49 3,888,220.15 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 49,568,298.19 6.750000% 684,620.37 278,821.68 963,442.04 0.00 0.00
A7 114,589,141.34 6.750000% 1,500,003.22 644,563.92 2,144,567.14 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 6.637500% 0.00 50,658.51 50,658.51 0.00 0.00
A10 2,374,400.00 7.183946% 0.00 14,214.63 14,214.63 0.00 0.00
A11 37,500,000.00 6.750000% 0.00 210,937.50 210,937.50 0.00 0.00
X1A 304,598,570.71 0.863043% 0.00 219,068.13 219,068.13 0.00 0.00
X1B 85,565,536.67 0.863043% 0.00 61,538.97 61,538.97 0.00 0.00
X2 239,498,989.30 0.587658% 0.00 117,286.25 117,286.25 0.00 0.00
PO1 9,009.63 0.000000% 8.08 0.00 8.08 0.00 0.00
PO2 200,864.26 0.000000% 157.73 0.00 157.73 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.56 0.56 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,159,535.09 6.750000% 8,976.37 74,022.38 82,998.75 0.00 0.00
BIB 4,984,642.10 6.750000% 3,400.12 28,038.61 31,438.73 0.00 0.00
B1C 2,791,419.56 6.750000% 1,904.08 15,701.74 17,605.81 0.00 0.00
B1D 2,193,222.54 6.750000% 1,496.04 12,336.88 13,832.92 0.00 0.00
BIE 1,196,294.12 6.750000% 816.01 6,729.15 7,545.17 0.00 0.00
BIF 1,595,126.89 6.750000% 1,088.07 8,972.59 10,060.65 0.00 0.00
B2A 5,372,306.74 6.750000% 3,913.20 30,219.23 34,132.42 0.00 0.00
B2B 2,498,389.44 6.750000% 1,819.83 14,053.44 15,873.27 0.00 0.00
B2C 1,124,285.24 6.750000% 818.93 6,324.10 7,143.04 0.00 0.00
B2D 749,556.80 6.750000% 545.98 4,216.26 4,762.24 0.00 0.00
B2E 749,556.80 6.750000% 545.98 4,216.26 4,762.24 0.00 0.00
2BF 749,514.84 6.750000% 545.93 4,216.02 4,761.95 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 645,556,239.83 - 5,144,199.59 4,027,966.68 9,172,166.27 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 166,787,436.59 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 48,883,677.82 0.00
A7 113,089,138.11 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 302,264,133.73 0.00
X1B 84,954,807.70 0.00
X2 237,312,865.08 0.00
PO1 9,001.54 0.00
PO2 200,706.52 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,150,558.73 0.00
BIB 4,981,241.98 0.00
B1C 2,789,515.48 0.00
B1D 2,191,726.50 0.00
BIE 1,195,478.10 0.00
BIF 1,594,038.83 0.00
B2A 5,368,393.54 0.00
B2B 2,496,569.61 0.00
B2C 1,123,466.31 0.00
B2D 749,010.82 0.00
B2E 749,010.82 0.00
2BF 748,968.91 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 640,412,040.24 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/98
------------------------------------------------------------
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 169,720,976.24 6.750000% 12669ANL4 17.073132 5.556218 970.698959
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 49,568,298.19 6.750000% 12669ANR1 13.692407 5.576434 977.673556
A7 114,589,141.34 6.750000% 12669ANS9 12.983107 5.578949 978.830122
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.625000 1,000.000000
A9 9,158,600.00 6.637500% 12669ANU4 0.000000 5.531250 1,000.000000
A10 2,374,400.00 7.183946% 12669ANV2 0.000000 5.986622 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.625000 1,000.000000
X1A 304,598,570.71 0.863043% 12669ANY6 0.000000 0.714585 985.964353
X1B 85,565,536.67 0.863043% 12669APQ1 0.000000 0.717992 991.191568
X2 239,498,989.30 0.587658% 12669ANZ3 0.000000 0.486921 985.218548
PO1 9,009.63 0.000000% 12669ANW0 0.896412 0.000000 998.242500
PO2 200,864.26 0.000000% 12669ANX8 0.784254 0.000000 997.931435
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.625010 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,159,535.09 6.750000% 12669APB4 0.681660 5.621213 998.645145
BIB 4,984,642.10 6.750000% 12669APC2 0.681660 5.621213 998.645145
B1C 2,791,419.56 6.750000% 12669APD0 0.681660 5.621213 998.645145
B1D 2,193,222.54 6.750000% 12669APR9 0.681660 5.621213 998.645145
BIE 1,196,294.12 6.750000% 12669APS7 0.681660 5.621213 998.645145
BIF 1,595,126.89 6.750000% 12669APT5 0.681660 5.621213 998.645145
B2A 5,372,306.74 6.750000% 12669APE8 0.727875 5.620927 998.547960
B2B 2,498,389.44 6.750000% 12669APF5 0.727875 5.620927 998.547960
B2C 1,124,285.24 6.750000% 12669APG3 0.727875 5.620927 998.547960
B2D 749,556.80 6.750000% 12669APU2 0.727875 5.620927 998.547960
B2E 749,556.80 6.750000% 12669APV0 0.727875 5.620927 998.547960
2BF 749,514.84 6.750000% 12669APW8 0.727853 5.620927 998.547996
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 645,556,239.83 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 393,970,097.75 246,441,942.46 640,412,040.21
loan count 2571 630 3201
average loan raten 7.982198% 7.696286% 7.87
prepayment amount 2,680,479.77 2,011,839.93 4,692,319.70
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 35,007.51 18,407.80 53,415.31
sub servicer fees 82,691.94 52,145.91 134,837.85
trustee fees 2,976.91 1,864.76 4,841.67
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 6,455,562.40 6,455,562.40 12,911,124.80
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 94.246904% 100.000000% 608,392,389.65
-----------------------------------------------------------------------------
Junior 5.753096% 0.000000% 37,137,979.65
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 45 7,558,136.23
60 to 89 days 1 64,000.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 46 7,622,136.23
- --------------------------------------------------------------------------------
<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 9,172,166.27 9,172,166.27
Principal remittance amount 5,144,199.59 5,144,199.59
Interest remittance amount 4,027,966.68 4,027,966.68