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): December 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 December 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 December 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: December 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 134,853,164.65 6.750000% 6,151,553.68 758,549.05 6,910,102.73 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% 0.00 163,243.13 163,243.13 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 37,728,727.29 6.750000% 2,217,544.42 211,178.00 2,428,722.42 0.00 1,046.09
A7 88,648,641.49 6.750000% 4,858,639.83 496,190.67 5,354,830.51 0.00 2,457.94
A8 24,000,000.00 6.750000% 0.00 134,334.56 134,334.56 0.00 665.44
A9 9,158,600.00 6.262500% 0.00 47,560.85 47,560.85 0.00 235.60
A10 2,374,400.00 8.630374% 0.00 16,992.46 16,992.46 0.00 84.17
A11 37,500,000.00 6.750000% 0.00 209,897.75 209,897.75 0.00 1,039.75
X1A 285,219,846.89 0.857850% 0.00 203,896.57 203,896.57 0.00 0.00
X1B 70,006,912.22 0.857850% 0.00 50,046.20 50,046.20 0.00 0.00
X2 201,722,511.01 0.564865% 0.00 94,486.87 94,486.87 0.00 468.05
PO1 8,958.56 0.000000% 351.30 0.00 351.30 0.00 0.00
PO2 199,682.97 0.000000% 9,658.68 0.00 9,658.68 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.61 0.61 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,104,814.94 6.750000% 9,398.05 73,714.58 83,112.64 0.00 0.00
BIB 4,963,914.90 6.750000% 3,559.85 27,922.02 31,481.87 0.00 0.00
B1C 2,779,812.24 6.750000% 1,993.53 15,636.44 17,629.97 0.00 0.00
B1D 2,184,102.65 6.750000% 1,566.32 12,285.58 13,851.90 0.00 0.00
BIE 1,191,319.67 6.750000% 854.35 6,701.17 7,555.52 0.00 0.00
BIF 1,588,494.02 6.750000% 1,139.18 8,935.28 10,074.46 0.00 0.00
B2A 5,348,791.96 6.750000% 3,999.25 29,938.65 33,937.90 0.00 148.30
B2B 2,487,453.90 6.750000% 1,859.85 13,922.96 15,782.81 0.00 68.97
B2C 1,119,364.20 6.750000% 836.94 6,265.39 7,102.33 0.00 31.04
B2D 746,275.97 6.750000% 557.98 4,177.11 4,735.09 0.00 20.69
B2E 746,275.97 6.750000% 557.98 4,177.11 4,735.09 0.00 20.69
2BF 746,234.31 6.750000% 557.95 4,176.88 4,734.83 0.00 20.69
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 572,750,129.69 - 13,264,629.16 3,563,136.13 16,827,765.29 - 6,307.43
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 128,701,610.97 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 35,511,182.86 1,046.09
A7 83,790,001.66 2,457.94
A8 24,000,000.00 665.44
A9 9,158,600.00 235.60
A10 2,374,400.00 84.17
A11 37,500,000.00 1,039.75
X1A 280,774,635.43 0.00
X1B 68,545,184.13 0.00
X2 195,113,703.71 468.05
PO1 8,607.26 0.00
PO2 190,024.29 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,095,416.88 0.00
BIB 4,960,355.05 0.00
B1C 2,777,818.72 0.00
B1D 2,182,536.33 0.00
BIE 1,190,465.32 0.00
BIF 1,587,354.84 0.00
B2A 5,344,792.71 148.30
B2B 2,485,594.05 68.97
B2C 1,118,527.26 31.04
B2D 745,717.98 20.69
B2E 745,717.98 20.69
2BF 745,676.35 20.69
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 559,485,500.53 6,307.43
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 134,853,164.65 6.750000% 12669ANL4 35.801898 4.414738 749.040350
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 37,728,727.29 6.750000% 12669ANR1 44.350888 4.223560 710.223657
A7 88,648,641.49 6.750000% 12669ANS9 42.053402 4.294722 725.234792
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.597273 1,000.000000
A9 9,158,600.00 6.262500% 12669ANU4 0.000000 5.193026 1,000.000000
A10 2,374,400.00 8.630374% 12669ANV2 0.000000 7.156527 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.597273 1,000.000000
X1A 285,219,846.89 0.857850% 12669ANY6 0.000000 0.665096 915.867120
X1B 70,006,912.22 0.857850% 12669APQ1 0.000000 0.583903 799.735887
X2 201,722,511.01 0.564865% 12669ANZ3 0.000000 0.392268 810.026207
PO1 8,958.56 0.000000% 12669ANW0 38.958311 0.000000 954.518021
PO2 199,682.97 0.000000% 12669ANX8 48.023869 0.000000 944.818370
Residual AR 100.00 6.750000% 12669APA6 0.000000 6.101986 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,104,814.94 6.750000% 12669APB4 0.713682 5.597839 994.457708
BIB 4,963,914.90 6.750000% 12669APC2 0.713682 5.597839 994.457708
B1C 2,779,812.24 6.750000% 12669APD0 0.713682 5.597839 994.457708
B1D 2,184,102.65 6.750000% 12669APR9 0.713682 5.597839 994.457708
BIE 1,191,319.67 6.750000% 12669APS7 0.713682 5.597839 994.457708
BIF 1,588,494.02 6.750000% 12669APT5 0.713682 5.597839 994.457708
B2A 5,348,791.96 6.750000% 12669APE8 0.743880 5.568738 994.158088
B2B 2,487,453.90 6.750000% 12669APF5 0.743880 5.568738 994.158088
B2C 1,119,364.20 6.750000% 12669APG3 0.743880 5.568738 994.158088
B2D 746,275.97 6.750000% 12669APU2 0.743880 5.568738 994.158088
B2E 746,275.97 6.750000% 12669APV0 0.743880 5.568738 994.158088
2BF 746,234.31 6.750000% 12669APW8 0.743880 5.568739 994.158255
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 572,750,129.69 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 355,775,265.37 203,710,235.03 559,485,500.40
loan count 2411 539 2950
average loan rate 7.975758% 7.670101% 7.86
prepayment amount 5,910,847.82 6,936,575.49 12,847,423.31
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 18,664.57 0.00 18,664.57
sub servicer fees 75,405.35 44,262.98 119,668.33
trustee fees 2,714.59 1,581.03 4,295.63
Aggregate advances N/A N/A N/A
Advances this periods 87,065.63 22,653.51 109,719.14
- --------------------------------------------------------------------------------
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 5,727,501.30 5,727,501.30 11,455,002.59
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.543134% 100.000000% 535,743,274.97
-----------------------------------------------------------------------------
Junior 6.456866% 0.000000% 36,979,973.48
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 54 9,968,583.38
60 to 89 days 10 1,321,093.78
90 or more 8 2,371,993.51
Foreclosure 4 926,722.41
Totals: 76 14,588,393.08
- --------------------------------------------------------------------------------
<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 16,827,765.29 16,827,765.29
Principal remittance amount 13,264,629.16 13,264,629.16
Interest remittance amount 3,563,136.13 3,563,136.13