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): March 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 March 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 March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 112,159,440.87 6.750000% 7,623,977.87 630,896.85 8,254,874.73 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% 0.00 163,243.12 163,243.12 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 31,789,067.52 6.750000% 2,358,657.99 177,276.30 2,535,934.29 0.00 1,537.20
A7 75,634,846.93 6.750000% 5,167,819.65 421,788.60 5,589,608.25 0.00 3,657.42
A8 24,000,000.00 6.750000% 0.00 133,839.45 133,839.45 0.00 1,160.55
A9 9,158,600.00 5.918750% 0.00 44,784.55 44,784.55 0.00 388.34
A10 2,374,400.00 9.956266% 0.00 19,530.78 19,530.78 0.00 169.36
A11 37,500,000.00 6.750000% 0.00 209,124.14 209,124.14 0.00 1,813.36
X1A 270,909,727.29 0.859875% 0.00 194,123.69 194,123.69 0.00 0.00
X1B 61,836,009.66 0.859875% 0.00 44,309.35 44,309.35 0.00 0.00
X2 183,221,376.34 0.560389% 0.00 84,827.21 84,827.21 0.00 735.55
PO1 8,589.35 0.000000% 8.97 0.00 8.97 0.00 0.00
PO2 189,609.11 0.000000% 205.65 0.00 205.65 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.67 0.67 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,072,402.39 6.750000% 9,634.29 73,532.26 83,166.56 0.00 0.00
BIB 4,951,637.49 6.750000% 3,649.33 27,852.96 31,502.29 0.00 0.00
B1C 2,772,936.85 6.750000% 2,043.64 15,597.77 17,641.41 0.00 0.00
B1D 2,178,700.64 6.750000% 1,605.69 12,255.19 13,860.88 0.00 0.00
BIE 1,188,373.14 6.750000% 875.82 6,684.60 7,560.42 0.00 0.00
BIF 1,584,565.14 6.750000% 1,167.82 8,913.18 10,081.00 0.00 0.00
B2A 5,328,855.64 6.750000% 4,066.26 29,717.13 33,783.39 0.00 257.68
B2B 2,478,182.52 6.750000% 1,891.01 13,819.94 15,710.95 0.00 119.84
B2C 1,115,192.05 6.750000% 850.96 6,219.03 7,069.99 0.00 53.93
B2D 743,494.40 6.750000% 567.33 4,146.20 4,713.54 0.00 35.95
B2E 743,494.40 6.750000% 567.33 4,146.20 4,713.54 0.00 35.95
2BF 743,452.92 6.750000% 567.30 4,145.97 4,713.27 0.00 35.95
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 530,986,941.35 - 15,178,156.94 3,299,681.41 18,477,838.35 - 10,001.08
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 104,535,463.00 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 29,430,409.53 1,537.20
A7 70,467,027.27 3,657.42
A8 24,000,000.00 1,160.55
A9 9,158,600.00 388.34
A10 2,374,400.00 169.36
A11 37,500,000.00 1,813.36
X1A 265,509,950.94 0.00
X1B 59,599,552.88 0.00
X2 175,695,632.48 735.55
PO1 8,580.37 0.00
PO2 189,403.45 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,062,768.10 0.00
BIB 4,947,988.16 0.00
B1C 2,770,893.21 0.00
B1D 2,177,094.95 0.00
BIE 1,187,497.32 0.00
BIF 1,583,397.33 0.00
B2A 5,324,789.38 257.68
B2B 2,476,291.51 119.84
B2C 1,114,341.08 53.93
B2D 742,927.07 35.95
B2E 742,927.07 35.95
2BF 742,885.62 35.95
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 515,808,784.41 10,001.08
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 112,159,440.87 6.750000% 12669ANL4 44.371372 3.671805 608.393937
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 31,789,067.52 6.750000% 12669ANR1 47.173160 3.545526 588.608191
A7 75,634,846.93 6.750000% 12669ANS9 44.729473 3.650743 609.919308
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.576644 1,000.000000
A9 9,158,600.00 5.918750% 12669ANU4 0.000000 4.889890 1,000.000000
A10 2,374,400.00 9.956266% 12669ANV2 0.000000 8.225562 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.576644 1,000.000000
X1A 270,909,727.29 0.859875% 12669ANY6 0.000000 0.633218 866.074793
X1B 61,836,009.66 0.859875% 12669APQ1 0.000000 0.516970 695.364699
X2 183,221,376.34 0.560389% 12669ANZ3 0.000000 0.352165 729.410923
PO1 8,589.35 0.000000% 12669ANW0 0.995160 0.000000 951.536049
PO2 189,609.11 0.000000% 12669ANX8 1.022530 0.000000 941.731515
Residual AR 100.00 6.750000% 12669APA6 0.000000 6.693035 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,072,402.39 6.750000% 12669APB4 0.731622 5.583994 991.978380
BIB 4,951,637.49 6.750000% 12669APC2 0.731622 5.583994 991.978380
B1C 2,772,936.85 6.750000% 12669APD0 0.731622 5.583994 991.978380
B1D 2,178,700.64 6.750000% 12669APR9 0.731622 5.583994 991.978380
BIE 1,188,373.14 6.750000% 12669APS7 0.731622 5.583994 991.978380
BIF 1,584,565.14 6.750000% 12669APT5 0.731622 5.583994 991.978380
B2A 5,328,855.64 6.750000% 12669APE8 0.756345 5.527534 990.437368
B2B 2,478,182.52 6.750000% 12669APF5 0.756345 5.527534 990.437368
B2C 1,115,192.05 6.750000% 12669APG3 0.756345 5.527534 990.437368
B2D 743,494.40 6.750000% 12669APU2 0.756345 5.527534 990.437368
B2E 743,494.40 6.750000% 12669APV0 0.756345 5.527534 990.437368
2BF 743,452.92 6.750000% 12669APW8 0.756345 5.527535 990.437565
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 530,986,941.35 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
total
-----
principal balance 331,544,782.43 184,264,001.83 515,808,784.26
Aggregated loan count 2299 491 2790
average loan rate 7.977373% 7.664810% 7.86
prepayment amount 7,392,982.69 7,388,809.53 14,781,792.22
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 6,274.43 0.00 6,274.43
sub servicer fees 70,664.11 40,302.74 110,966.85
trustee fees 2,543.91 1,438.49 3,982.40
Aggregate advances N/A N/A N/A
Advances this periods 82,985.43 33,866.93 116,852.36
- --------------------------------------------------------------------------------
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 5,309,869.41 5,309,869.41 10,619,738.82
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.055251% 100.000000% 494,085,653.76
-----------------------------------------------------------------------------
Junior 6.944749% 0.000000% 36,873,800.79
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 49 9,540,813.62
60 to 89 days 10 1,107,484.28
90 or more 8 1,771,439.99
Foreclosure 11 3,136,636.50
Totals: 78 15,556,374.39
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 42,856.60
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 18,477,838.35 18,477,838.35
Principal remittance amount 15,178,156.94 15,178,156.94
Interest remittance amount 3,299,681.41 3,299,681.41
