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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 128,701,610.97 6.750000% 7,251,441.66 723,946.56 7,975,388.22 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 35,511,182.86 6.750000% 1,977,063.77 199,750.40 2,176,814.17 0.00 0.00
A7 83,790,001.66 6.750000% 4,331,746.72 471,318.76 4,803,065.48 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 280,774,635.43 0.859930% 0.00 201,205.46 201,205.46 0.00 0.00
X1B 68,545,184.13 0.859930% 0.00 49,120.05 49,120.05 0.00 0.00
X2 195,113,703.71 0.564359% 0.00 91,761.84 91,761.84 0.00 0.00
PO1 8,607.26 0.000000% 8.30 0.00 8.30 0.00 0.00
PO2 190,024.29 0.000000% 222.55 0.00 222.55 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.56 0.56 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,095,416.88 6.750000% 13,557.03 73,661.72 87,218.75 0.00 0.00
BIB 4,960,355.05 6.750000% 5,135.21 27,902.00 33,037.20 0.00 0.00
B1C 2,777,818.72 6.750000% 2,875.74 15,625.23 18,500.97 0.00 0.00
B1D 2,182,536.33 6.750000% 2,259.47 12,276.77 14,536.24 0.00 0.00
BIE 1,190,465.32 6.750000% 1,232.43 6,696.37 7,928.80 0.00 0.00
BIF 1,587,354.84 6.750000% 1,643.31 8,928.87 10,572.18 0.00 0.00
B2A 5,344,792.71 6.750000% 11,855.87 30,064.46 41,920.33 0.00 0.00
B2B 2,485,594.05 6.750000% 5,513.57 13,981.47 19,495.03 0.00 0.00
B2C 1,118,527.26 6.750000% 2,481.13 6,291.72 8,772.84 0.00 0.00
B2D 745,717.98 6.750000% 1,654.16 4,194.66 5,848.82 0.00 0.00
B2E 745,717.98 6.750000% 1,654.16 4,194.66 5,848.82 0.00 0.00
2BF 745,676.35 6.750000% 1,654.05 4,194.43 5,848.48 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 559,485,500.53 - 13,611,999.12 3,488,076.00 17,100,075.12 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 121,450,169.31 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 33,534,119.09 0.00
A7 79,458,254.94 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 276,001,435.33 0.00
X1B 66,046,454.50 0.00
X2 188,789,725.38 0.00
PO1 8,598.96 0.00
PO2 189,801.74 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,081,859.85 0.00
BIB 4,955,219.84 0.00
B1C 2,774,942.98 0.00
B1D 2,180,276.86 0.00
BIE 1,189,232.89 0.00
BIF 1,585,711.53 0.00
B2A 5,332,936.84 0.00
B2B 2,480,080.48 0.00
B2C 1,116,046.14 0.00
B2D 744,063.82 0.00
B2E 744,063.82 0.00
2BF 744,022.30 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 545,873,501.41 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 128,701,610.97 6.750000% 12669ANL4 42.203220 4.213352 706.837130
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 35,511,182.86 6.750000% 12669ANR1 39.541275 3.995008 670.682382
A7 83,790,001.66 6.750000% 12669ANS9 37.492939 4.079446 687.741853
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 280,774,635.43 0.859930% 12669ANY6 0.000000 0.656318 900.297277
X1B 68,545,184.13 0.859930% 12669APQ1 0.000000 0.573097 770.582508
X2 195,113,703.71 0.564359% 12669ANZ3 0.000000 0.380955 783.771833
PO1 8,607.26 0.000000% 12669ANW0 0.920209 0.000000 953.597812
PO2 190,024.29 0.000000% 12669ANX8 1.106550 0.000000 943.711820
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.625010 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,095,416.88 6.750000% 12669APB4 1.029512 5.593825 993.428196
BIB 4,960,355.05 6.750000% 12669APC2 1.029512 5.593825 993.428196
B1C 2,777,818.72 6.750000% 12669APD0 1.029512 5.593825 993.428196
B1D 2,182,536.33 6.750000% 12669APR9 1.029512 5.593825 993.428196
BIE 1,190,465.32 6.750000% 12669APS7 1.029512 5.593825 993.428196
BIF 1,587,354.84 6.750000% 12669APT5 1.029512 5.593825 993.428196
B2A 5,344,792.71 6.750000% 12669APE8 2.205251 5.592139 991.952837
B2B 2,485,594.05 6.750000% 12669APF5 2.205251 5.592139 991.952837
B2C 1,118,527.26 6.750000% 12669APG3 2.205251 5.592139 991.952837
B2D 745,717.98 6.750000% 12669APU2 2.205251 5.592139 991.952837
B2E 745,717.98 6.750000% 12669APV0 2.205251 5.592139 991.952837
2BF 745,676.35 6.750000% 12669APW8 2.205236 5.592140 991.953020
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 559,485,500.53 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 348,497,112.23 197,376,389.04 545,873,501.27
loan count 2382 522 2904
average loan rate 7.978164% 7.670280% 7.87
prepayment amount 6,909,838.36 5,882,224.45 12,792,062.81
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 15,469.84 3,168.29 18,638.12
sub servicer fees 74,119.85 42,784.75 116,904.60
trustee fees 2,668.31 1,527.83 4,196.14
Aggregate advances N/A N/A N/A
Advances this periods 77,591.50 24,613.30 102,204.80
- --------------------------------------------------------------------------------
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 5,594,855.00 5,594,855.00 11,189,710.01
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.398961% 100.000000% 522,505,527.04
-----------------------------------------------------------------------------
Junior 6.601039% 0.000000% 36,928,457.37
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 48 8,156,846.62
60 to 89 days 11 2,039,436.02
90 or more 7 1,030,564.25
Foreclosure 6 1,081,666.66
Totals: 72 12,308,513.55
- --------------------------------------------------------------------------------
<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 17,100,075.12 17,100,075.12
Principal remittance amount 13,611,999.12 13,611,999.12
Interest remittance amount 3,488,076.00 3,488,076.00