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, 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 December 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 December 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
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 66,213,406.16 6.750000% 2,756,627.95 372,450.41 3,129,078.36 0.00 0.00
A2 68,739,834.08 6.750000% 1,484,338.13 386,661.57 1,870,999.69 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 19,828,747.77 6.750000% 705,538.87 111,536.71 817,075.58 0.00 0.00
A7 49,429,786.36 6.750000% 1,545,835.67 278,042.55 1,823,878.22 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 6.387500% 0.00 48,750.46 48,750.46 0.00 0.00
A10 2,374,400.00 8.148231% 0.00 16,122.63 16,122.63 0.00 0.00
A11 37,500,000.00 6.750000% 0.00 210,937.50 210,937.50 0.00 0.00
X1A 228,486,856.91 0.856957% 0.00 163,169.48 163,169.48 0.00 0.00
X1B 44,901,336.33 0.856957% 0.00 32,065.42 32,065.42 0.00 0.00
X2 145,399,981.50 0.541923% 0.00 65,663.06 65,663.06 0.00 0.00
PO1 8,289.72 0.000000% 8.71 0.00 8.71 0.00 0.00
PO2 150,008.60 0.000000% 793.00 0.00 793.00 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 12,982,664.25 6.750000% 10,488.14 73,027.49 83,515.63 0.00 0.00
BIB 4,917,645.98 6.750000% 3,972.76 27,661.76 31,634.52 0.00 0.00
B1C 2,753,901.47 6.750000% 2,224.76 15,490.70 17,715.46 0.00 0.00
B1D 2,163,744.51 6.750000% 1,748.00 12,171.06 13,919.06 0.00 0.00
BIE 1,180,215.32 6.750000% 953.45 6,638.71 7,592.16 0.00 0.00
BIF 1,552,681.17 6.750000% 1,254.35 8,733.83 9,988.18 0.00 0.00
B2A 5,281,205.09 6.750000% 40,169.68 29,706.78 69,876.45 0.00 0.00
B2B 2,456,022.65 6.750000% 18,680.89 13,815.13 32,496.02 0.00 0.00
B2C 1,105,220.02 6.750000% 8,406.48 6,216.86 14,623.34 0.00 0.00
B2D 736,846.09 6.750000% 5,604.57 4,144.76 9,749.33 0.00 0.00
B2E 736,846.09 6.750000% 5,604.57 4,144.76 9,749.33 0.00 0.00
2BF 731,646.44 6.750000% 5,565.02 4,115.51 9,680.53 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 433,094,811.76 - 6,597,814.98 2,696,165.85 9,293,980.83 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 63,456,778.20 0.00
A2 67,255,495.96 0.00
A3 29,021,000.00 0.00
A4 12,072,000.00 0.00
A5 78,000,000.00 0.00
A6 19,123,208.90 0.00
A7 47,883,950.69 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 224,231,773.06 0.00
X1B 44,901,336.33 0.00
X2 143,534,500.93 0.00
PO1 8,281.01 0.00
PO2 149,215.60 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 12,972,176.11 0.00
BIB 4,913,673.22 0.00
B1C 2,751,676.71 0.00
B1D 2,161,996.51 0.00
BIE 1,179,261.87 0.00
BIF 1,551,426.83 0.00
B2A 5,241,035.42 0.00
B2B 2,437,341.76 0.00
B2C 1,096,813.54 0.00
B2D 731,241.52 0.00
B2E 731,241.52 0.00
2BF 726,081.42 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 426,496,996.78 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
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 66,213,406.16 6.750000% 12669ANL4 16.043510 2.167653 369.316957
A2 68,739,834.08 6.750000% 12669ANM2 18.062476 4.705171 818.412421
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 19,828,747.77 6.750000% 12669ANR1 14.110777 2.230734 382.464178
A7 49,429,786.36 6.750000% 12669ANS9 13.379804 2.406566 414.454068
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.625000 1,000.000000
A9 9,158,600.00 6.387500% 12669ANU4 0.000000 5.322917 1,000.000000
A10 2,374,400.00 8.148231% 12669ANV2 0.000000 6.790193 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.625000 1,000.000000
X1A 228,486,856.91 0.856957% 12669ANY6 0.000000 0.532247 731.428279
X1B 44,901,336.33 0.856957% 12669APQ1 0.000000 0.374116 523.876487
X2 145,399,981.50 0.541923% 12669ANZ3 0.000000 0.272604 595.892064
PO1 8,289.72 0.000000% 12669ANW0 0.965937 0.000000 918.377459
PO2 150,008.60 0.000000% 12669ANX8 3.942877 0.000000 741.915855
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.885285 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 12,982,664.25 6.750000% 12669APB4 0.796463 5.545661 985.098881
BIB 4,917,645.98 6.750000% 12669APC2 0.796463 5.545661 985.098881
B1C 2,753,901.47 6.750000% 12669APD0 0.796463 5.545661 985.098881
B1D 2,163,744.51 6.750000% 12669APR9 0.796463 5.545661 985.098881
BIE 1,180,215.32 6.750000% 12669APS7 0.796463 5.545661 985.098881
BIF 1,552,681.17 6.750000% 12669APT5 0.785831 5.471630 971.948420
B2A 5,281,205.09 6.750000% 12669APE8 7.471760 5.525609 974.858714
B2B 2,456,022.65 6.750000% 12669APF5 7.471760 5.525609 974.858714
B2C 1,105,220.02 6.750000% 12669APG3 7.471760 5.525609 974.858714
B2D 736,846.09 6.750000% 12669APU2 7.471760 5.525609 974.858714
B2E 736,846.09 6.750000% 12669APV0 7.471760 5.525609 974.858714
2BF 731,646.44 6.750000% 12669APW8 7.419435 5.486913 968.031684
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 433,094,811.76 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 275,343,866.42 151,153,130.21 426,496,996.63
loan count 1993 397 2390
average loan rate 7.971701% 7.643440% 7.86
prepayment amount 4,035,733.74 1,169,731.56 5,205,465.30
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 16,145.33 13,271.87 29,417.20
sub servicer fees 58,251.14 32,318.99 90,570.13
trustee fees 2,097.04 1,151.17 3,248.21
Aggregate advances N/A N/A N/A
Advances this periods 59,096.77 19,418.18 78,514.95
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 21,023.24 5,158.54 26,181.78
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 4,330,948.12 4,330,948.12 8,661,896.23
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.571640% 100.000000% 396,496,172.69
-----------------------------------------------------------------------------
Junior 8.428360% 0.000000% 36,493,966.42
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 35 5,683,181.45
60 to 89 days 8 844,785.81
90 or more 3 566,704.10
Foreclosure 14 3,265,915.02
Totals: 60 10,360,586.38
- --------------------------------------------------------------------------------
<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 9,293,980.83 9,293,980.83
Principal remittance amount 6,597,814.98 6,597,814.98
Interest remittance amount 2,696,165.85 2,696,165.85
