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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 97,244,661.12 6.750000% 9,227,672.90 546,250.71 9,773,923.61 0.00 750.51
A2 82,178,000.00 6.750000% 1,697,775.57 461,617.02 2,159,392.59 0.00 634.23
A3 29,021,000.00 6.750000% 0.00 163,019.15 163,019.15 0.00 223.98
A4 12,072,000.00 6.750000% 0.00 67,811.83 67,811.83 0.00 93.17
A5 78,000,000.00 6.750000% 0.00 438,148.02 438,148.02 0.00 601.98
A6 27,104,823.66 6.750000% 1,769,962.07 152,464.63 1,922,426.70 0.00 0.00
A7 65,371,668.64 6.750000% 3,877,986.90 367,715.64 4,245,702.53 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 5.887500% 0.00 44,934.38 44,934.38 0.00 0.00
A10 2,374,400.00 10.076801% 0.00 19,938.63 19,938.63 0.00 0.00
A11 37,500,000.00 6.750000% 0.00 210,937.50 210,937.50 0.00 0.00
X1A 260,190,072.17 0.858713% 0.00 185,934.98 185,934.98 0.00 255.46
X1B 57,779,494.84 0.858713% 0.00 41,289.93 41,289.93 0.00 56.73
X2 168,275,356.90 0.554716% 0.00 77,787.48 77,787.48 0.00 0.00
PO1 8,353.37 0.000000% 8.11 0.00 8.11 0.00 0.00
PO2 189,196.69 0.000000% 208.02 0.00 208.02 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.67 0.67 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,053,040.01 6.750000% 9,641.50 73,322.61 82,964.11 0.00 100.74
BIB 4,944,303.30 6.750000% 3,652.06 27,773.55 31,425.61 0.00 38.16
B1C 2,768,829.67 6.750000% 2,045.17 15,553.30 17,598.47 0.00 21.37
B1D 2,175,473.63 6.750000% 1,606.89 12,220.25 13,827.14 0.00 16.79
BIE 1,186,612.97 6.750000% 876.48 6,665.54 7,542.02 0.00 9.16
BIF 1,582,218.14 6.750000% 1,168.69 8,887.77 10,056.46 0.00 12.21
B2A 5,320,693.15 6.750000% 4,162.57 29,928.90 34,091.47 0.00 0.00
B2B 2,474,386.56 6.750000% 1,935.80 13,918.42 15,854.22 0.00 0.00
B2C 1,113,483.85 6.750000% 871.12 6,263.35 7,134.46 0.00 0.00
B2D 742,355.55 6.750000% 580.77 4,175.75 4,756.52 0.00 0.00
B2E 742,355.55 6.750000% 580.77 4,175.75 4,756.52 0.00 0.00
2BF 742,314.14 6.750000% 580.74 4,175.52 4,756.26 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 501,068,870.00 - 16,601,316.12 3,119,911.26 19,721,227.38 - 2,814.48
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 88,016,988.22 750.51
A2 80,480,224.43 634.23
A3 29,021,000.00 223.98
A4 12,072,000.00 93.17
A5 78,000,000.00 601.98
A6 25,334,861.59 0.00
A7 61,493,681.75 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 254,948,922.71 255.46
X1B 52,082,276.67 56.73
X2 162,628,036.13 0.00
PO1 8,345.26 0.00
PO2 188,988.67 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,043,398.51 100.74
BIB 4,940,651.24 38.16
B1C 2,766,784.50 21.37
B1D 2,173,866.73 16.79
BIE 1,185,736.49 9.16
BIF 1,581,049.45 12.21
B2A 5,316,530.59 0.00
B2B 2,472,450.76 0.00
B2C 1,112,612.73 0.00
B2D 741,774.78 0.00
B2E 741,774.78 0.00
2BF 741,733.40 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 484,467,553.88 2,814.48
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 97,244,661.12 6.750000% 12669ANL4 53.704839 3.179166 512.256802
A2 82,178,000.00 6.750000% 12669ANM2 20.659733 5.617282 979.340267
A3 29,021,000.00 6.750000% 12669ANN0 0.000000 5.617282 1,000.000000
A4 12,072,000.00 6.750000% 12669ANP5 0.000000 5.617282 1,000.000000
A5 78,000,000.00 6.750000% 12669ANQ3 0.000000 5.617282 1,000.000000
A6 27,104,823.66 6.750000% 12669ANR1 35.399241 3.049293 506.697232
A7 65,371,668.64 6.750000% 12669ANS9 33.565473 3.182721 532.251541
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.625000 1,000.000000
A9 9,158,600.00 5.887500% 12669ANU4 0.000000 4.906250 1,000.000000
A10 2,374,400.00 10.076801% 12669ANV2 0.000000 8.397334 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.625000 1,000.000000
X1A 260,190,072.17 0.858713% 12669ANY6 0.000000 0.606507 831.625461
X1B 57,779,494.84 0.858713% 12669APQ1 0.000000 0.481741 607.658529
X2 168,275,356.90 0.554716% 12669ANZ3 0.000000 0.322939 675.160016
PO1 8,353.37 0.000000% 12669ANW0 0.898965 0.000000 925.462997
PO2 189,196.69 0.000000% 12669ANX8 1.034281 0.000000 939.669171
Residual AR 100.00 6.750000% 12669APA6 0.000000 6.739167 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,053,040.01 6.750000% 12669APB4 0.732170 5.568073 990.507465
BIB 4,944,303.30 6.750000% 12669APC2 0.732170 5.568073 990.507465
B1C 2,768,829.67 6.750000% 12669APD0 0.732170 5.568073 990.507465
B1D 2,175,473.63 6.750000% 12669APR9 0.732170 5.568073 990.507465
BIE 1,186,612.97 6.750000% 12669APS7 0.732170 5.568073 990.507465
BIF 1,582,218.14 6.750000% 12669APT5 0.732170 5.568073 990.507465
B2A 5,320,693.15 6.750000% 12669APE8 0.774258 5.566924 988.901192
B2B 2,474,386.56 6.750000% 12669APF5 0.774258 5.566924 988.901192
B2C 1,113,483.85 6.750000% 12669APG3 0.774258 5.566924 988.901192
B2D 742,355.55 6.750000% 12669APU2 0.774258 5.566924 988.901192
B2E 742,355.55 6.750000% 12669APV0 0.774258 5.566924 988.901192
2BF 742,314.14 6.750000% 12669APW8 0.774258 5.566926 988.901389
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 501,068,870.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 313,290,144.83 171,177,408.90 484,467,553.73
Loan count 2226 450 2676
Average loan rate 7.975946% 7.656980% 7.86
Prepayment amount 10,704,953.40 5,518,497.15 16,223,450.55
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 0.00 2,594.63 2,594.63
Sub servicer fees 67,548.87 37,184.50 104,733.37
Trustee fees 2,431.76 1,326.26 3,758.02
Aggregate advances N/A N/A N/A
Advances this periods 52,727.27 23,081.21 75,808.48
- --------------------------------------------------------------------------------
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 3,990,398.19 2,500,208.81 6,490,606.99
Special Hazard 5,010,688.70 5,010,688.70 10,021,377.40
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.651629% 100.000000% 464,222,803.48
-----------------------------------------------------------------------------
Junior 7.348371% 0.000000% 36,818,363.96
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 29 4,887,584.56
60 to 89 days 10 1,503,172.62
90 or more 6 1,703,026.38
Foreclosure 9 1,982,667.20
Totals: 54 10,076,450.76
- --------------------------------------------------------------------------------
<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 19,721,227.38 19,721,227.38
Principal remittance amount 16,601,316.12 16,601,316.12
Interest remittance amount 3,119,911.26 3,119,911.26
