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): October 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 October 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 October 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: October 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 October 25, 1998
Payment Date: 10/25/98
------------------------------------------------------------
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 149,452,876.63 6.750000% 3,832,331.48 840,672.43 4,673,003.91 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 43,455,821.83 6.750000% 2,763,884.70 242,221.85 3,006,106.55 0.00 2,217.15
A7 101,196,705.62 6.750000% 6,055,671.37 564,068.35 6,619,739.72 0.00 5,163.12
A8 24,000,000.00 6.750000% 0.00 133,775.50 133,775.50 0.00 1,224.50
A9 9,158,600.00 6.668750% 0.00 50,435.36 50,435.36 0.00 461.65
A10 2,374,400.00 7.063411% 0.00 13,849.37 13,849.37 0.00 126.77
A11 37,500,000.00 6.750000% 0.00 209,024.22 209,024.22 0.00 1,913.28
X1A 293,093,321.91 0.858780% 0.00 209,752.20 209,752.20 0.00 0.00
X1B 76,756,039.99 0.858780% 0.00 54,930.45 54,930.45 0.00 0.00
X2 219,995,307.96 0.573151% 0.00 104,122.30 104,122.30 0.00 953.07
PO1 8,976.67 0.000000% 8.46 0.00 8.46 0.00 0.00
PO2 200,099.98 0.000000% 207.89 0.00 207.89 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.56 0.56 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,123,319.91 6.750000% 9,286.95 73,818.67 83,105.62 0.00 0.00
BIB 4,970,924.31 6.750000% 3,517.76 27,961.45 31,479.21 0.00 0.00
B1C 2,783,737.55 6.750000% 1,969.96 15,658.52 17,628.49 0.00 0.00
B1D 2,187,186.77 6.750000% 1,547.80 12,302.93 13,850.73 0.00 0.00
BIE 1,193,001.90 6.750000% 844.25 6,710.64 7,554.88 0.00 0.00
BIF 1,590,737.09 6.750000% 1,125.71 8,947.90 10,073.61 0.00 0.00
B2A 5,356,643.17 6.750000% 3,919.63 29,857.82 33,777.45 0.00 273.30
B2B 2,491,105.10 6.750000% 1,822.82 13,885.37 15,708.19 0.00 127.10
B2C 1,121,007.26 6.750000% 820.28 6,248.47 7,068.75 0.00 57.19
B2D 747,371.39 6.750000% 546.88 4,165.83 4,712.71 0.00 38.13
B2E 747,371.39 6.750000% 546.88 4,165.83 4,712.71 0.00 38.13
2BF 747,329.64 6.750000% 546.82 4,165.60 4,712.42 0.00 38.13
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 605,678,316.18 - 12,678,599.63 3,762,891.01 16,441,490.63 - 12,631.51
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 145,620,545.15 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 40,691,937.13 2,217.15
A7 95,141,034.25 5,163.12
A8 24,000,000.00 1,224.50
A9 9,158,600.00 461.65
A10 2,374,400.00 126.77
A11 37,500,000.00 1,913.28
X1A 289,328,573.13 0.00
X1B 76,676,497.84 0.00
X2 211,176,906.12 953.07
PO1 8,968.21 0.00
PO2 199,892.09 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,114,032.96 0.00
BIB 4,967,406.55 0.00
B1C 2,781,767.58 0.00
B1D 2,185,638.96 0.00
BIE 1,192,157.65 0.00
BIF 1,589,611.37 0.00
B2A 5,352,723.54 273.30
B2B 2,489,282.28 127.10
B2C 1,120,186.98 57.19
B2D 746,824.51 38.13
B2E 746,824.51 38.13
2BF 746,782.82 38.13
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 592,999,716.56 12,631.51
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
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 149,452,876.63 6.750000% 12669ANL4 22.304079 4.892694 847.508149
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 43,455,821.83 6.750000% 12669ANR1 55.277694 4.844437 813.838743
A7 101,196,705.62 6.750000% 12669ANS9 52.414172 4.882229 823.482358
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.573979 1,000.000000
A9 9,158,600.00 6.668750% 12669ANU4 0.000000 5.506885 1,000.000000
A10 2,374,400.00 7.063411% 12669ANV2 0.000000 5.832786 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.573979 1,000.000000
X1A 293,093,321.91 0.858780% 12669ANY6 0.000000 0.684197 943.769464
X1B 76,756,039.99 0.858780% 12669APQ1 0.000000 0.640889 894.606205
X2 219,995,307.96 0.573151% 12669ANZ3 0.000000 0.432270 876.713552
PO1 8,976.67 0.000000% 12669ANW0 0.937661 0.000000 994.546109
PO2 200,099.98 0.000000% 12669ANX8 1.033637 0.000000 993.881998
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.625010 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,123,319.91 6.750000% 12669APB4 0.705245 5.605744 995.871401
BIB 4,970,924.31 6.750000% 12669APC2 0.705245 5.605744 995.871401
B1C 2,783,737.55 6.750000% 12669APD0 0.705245 5.605744 995.871401
B1D 2,187,186.77 6.750000% 12669APR9 0.705245 5.605744 995.871401
BIE 1,193,001.90 6.750000% 12669APS7 0.705245 5.605744 995.871401
BIF 1,590,737.09 6.750000% 12669APT5 0.705245 5.605744 995.871401
B2A 5,356,643.17 6.750000% 12669APE8 0.729070 5.553703 995.633262
B2B 2,491,105.10 6.750000% 12669APF5 0.729070 5.553703 995.633262
B2C 1,121,007.26 6.750000% 12669APG3 0.729070 5.553703 995.633262
B2D 747,371.39 6.750000% 12669APU2 0.729070 5.553703 995.633262
B2E 747,371.39 6.750000% 12669APV0 0.729070 5.553703 995.633262
2BF 747,329.64 6.750000% 12669APW8 0.729041 5.553704 995.633429
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 605,678,316.18 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated Prin bal 372,731,228.44 220,268,487.99 592,999,716.43
loan count 2475 581 3056
Ave loan rate 7.977266% 7.680298% 7.86
prepay amt 3,584,136.37 8,660,300.64 12,244,437.01
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 27,455.39 0.00 27,455.39
sub servicer fees 78,454.55 48,074.35 126,528.90
trustee fees 2,824.36 1,718.22 4,542.59
Aggregate advances N/A N/A N/A
Advances this periods 93,031.89 0.00 93,031.89
- --------------------------------------------------------------------------------
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 6,056,783.16 6,056,783.16 12,113,566.32
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.885391% 100.000000% 568,618,580.72
-----------------------------------------------------------------------------
Junior 6.114609% 0.000000% 37,033,239.73
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 36 7,205,064.01
60 to 89 days 19 4,561,500.99
90 or more 3 631,484.49
Foreclosure 1 112,602.69
Totals: 59 12,510,652.18
- --------------------------------------------------------------------------------
<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 16,441,490.63 16,441,490.63
Principal remittance amount 12,678,599.63 12,678,599.63
Interest remittance amount 3,762,891.01 3,762,891.01
