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): April 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 April 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 April 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: April 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 April 25, 1999
Payment Date: 04/25/99
------------------------------------------------------------
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 104,535,463.00 6.750000% 7,290,801.88 588,011.98 7,878,813.86 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 29,430,409.53 6.750000% 2,325,585.86 164,193.00 2,489,778.87 0.00 1,353.05
A7 70,467,027.27 6.750000% 5,095,358.63 393,137.33 5,488,495.96 0.00 3,239.70
A8 24,000,000.00 6.750000% 0.00 133,896.61 133,896.61 0.00 1,103.39
A9 9,158,600.00 5.950000% 0.00 45,040.23 45,040.23 0.00 371.16
A10 2,374,400.00 9.835730% 0.00 19,302.57 19,302.57 0.00 159.07
A11 37,500,000.00 6.750000% 0.00 209,213.45 209,213.45 0.00 1,724.05
X1A 265,509,950.94 0.858388% 0.00 189,925.53 189,925.53 0.00 0.00
X1B 59,599,552.88 0.858388% 0.00 42,632.97 42,632.97 0.00 0.00
X2 175,695,632.48 0.559233% 0.00 81,209.81 81,209.81 0.00 669.22
PO1 8,580.37 0.000000% 227.00 0.00 227.00 0.00 0.00
PO2 189,403.45 0.000000% 206.77 0.00 206.77 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.66 0.66 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,062,768.10 6.750000% 9,728.09 73,478.07 83,206.16 0.00 0.00
BIB 4,947,988.16 6.750000% 3,684.86 27,832.43 31,517.29 0.00 0.00
B1C 2,770,893.21 6.750000% 2,063.54 15,586.27 17,649.81 0.00 0.00
B1D 2,177,094.95 6.750000% 1,621.32 12,246.16 13,867.48 0.00 0.00
BIE 1,187,497.32 6.750000% 884.35 6,679.67 7,564.02 0.00 0.00
BIF 1,583,397.33 6.750000% 1,179.19 8,906.61 10,085.80 0.00 0.00
B2A 5,324,789.38 6.750000% 4,096.22 29,707.13 33,803.36 0.00 244.81
B2B 2,476,291.51 6.750000% 1,904.95 13,815.29 15,720.24 0.00 113.85
B2C 1,114,341.08 6.750000% 857.23 6,216.94 7,074.17 0.00 51.23
B2D 742,927.07 6.750000% 571.51 4,144.81 4,716.32 0.00 34.16
B2E 742,927.07 6.750000% 571.51 4,144.81 4,716.32 0.00 34.16
2BF 742,885.62 6.750000% 571.48 4,144.58 4,716.06 0.00 34.15
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 515,808,784.41 - 14,739,914.41 3,205,616.29 17,945,530.70 - 9,131.99
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 97,244,661.12 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 27,104,823.66 1,353.05
A7 65,371,668.64 3,239.70
A8 24,000,000.00 1,103.39
A9 9,158,600.00 371.16
A10 2,374,400.00 159.07
A11 37,500,000.00 1,724.05
X1A 260,190,072.17 0.00
X1B 57,779,494.84 0.00
X2 168,275,356.90 669.22
PO1 8,353.37 0.00
PO2 189,196.69 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,053,040.01 0.00
BIB 4,944,303.30 0.00
B1C 2,768,829.67 0.00
B1D 2,175,473.63 0.00
BIE 1,186,612.97 0.00
BIF 1,582,218.14 0.00
B2A 5,320,693.15 244.81
B2B 2,474,386.56 113.85
B2C 1,113,483.85 51.23
B2D 742,355.55 34.16
B2E 742,355.55 34.16
2BF 742,314.14 34.15
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 501,068,870.00 9,131.99
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/99
------------------------------------------------------------
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 104,535,463.00 6.750000% 12669ANL4 42.432295 3.422216 565.961641
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 29,430,409.53 6.750000% 12669ANR1 46.511717 3.283860 542.096473
A7 70,467,027.27 6.750000% 12669ANS9 44.102295 3.402755 565.817013
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.579025 1,000.000000
A9 9,158,600.00 5.950000% 12669ANU4 0.000000 4.917808 1,000.000000
A10 2,374,400.00 9.835730% 12669ANV2 0.000000 8.129450 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.579025 1,000.000000
X1A 265,509,950.94 0.858388% 12669ANY6 0.000000 0.619524 848.721722
X1B 59,599,552.88 0.858388% 12669APQ1 0.000000 0.497411 674.129571
X2 175,695,632.48 0.559233% 12669ANZ3 0.000000 0.337147 698.605205
PO1 8,580.37 0.000000% 12669ANW0 25.174087 0.000000 926.361962
PO2 189,403.45 0.000000% 12669ANX8 1.028064 0.000000 940.703452
Residual AR 100.00 6.750000% 12669APA6 0.000000 6.639185 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,062,768.10 6.750000% 12669APB4 0.738745 5.579878 991.239635
BIB 4,947,988.16 6.750000% 12669APC2 0.738745 5.579878 991.239635
B1C 2,770,893.21 6.750000% 12669APD0 0.738745 5.579878 991.239635
B1D 2,177,094.95 6.750000% 12669APR9 0.738745 5.579878 991.239635
BIE 1,187,497.32 6.750000% 12669APS7 0.738745 5.579878 991.239635
BIF 1,583,397.33 6.750000% 12669APT5 0.738745 5.579878 991.239635
B2A 5,324,789.38 6.750000% 12669APE8 0.761918 5.525675 989.675450
B2B 2,476,291.51 6.750000% 12669APF5 0.761918 5.525675 989.675450
B2C 1,114,341.08 6.750000% 12669APG3 0.761918 5.525675 989.675450
B2D 742,927.07 6.750000% 12669APU2 0.761918 5.525675 989.675450
B2E 742,927.07 6.750000% 12669APV0 0.761918 5.525675 989.675450
2BF 742,885.62 6.750000% 12669APW8 0.761918 5.525676 989.675647
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 515,808,784.41 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 324,234,592.20 176,834,277.65 501,068,869.85
Aggregated loan count 2266 468 2734
Aggregated average loan rate 7.975552% 7.662533% 7.86
Aggregated prepayment amount 7,063,281.61 7,287,945.58 14,351,227.19
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 15,783.84 0.00 15,783.84
Monthly sub servicer fees 69,071.83 38,732.63 107,804.46
Monthly trustee fees 2,486.59 1,381.98 3,868.57
Aggregate advances N/A N/A N/A
Advances this periods 64,079.43 24,336.19 88,415.62
- --------------------------------------------------------------------------------
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 5,158,087.84 5,158,087.84 10,316,175.69
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.856258% 100.000000% 478,934,983.62
-----------------------------------------------------------------------------
Junior 7.143742% 0.000000% 36,846,066.52
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 33 5,204,874.33
60 to 89 days 12 2,389,129.77
90 or more 7 2,088,773.24
Foreclosure 10 2,098,204.59
Totals: 62 11,780,981.93
- --------------------------------------------------------------------------------
<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 17,945,530.70 17,945,530.70
Principal remittance amount 14,739,914.41 14,739,914.41
Interest remittance amount 3,205,616.29 3,205,616.29
