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): May 25, 1999
CWMBS, Inc.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-H)
(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-H
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, Inc., Mortgage
Pass-Through Certificates Series 1998-H, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of June 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-H relating to the distribution date
of May 25, 1999 prepared by The Bank of New York, as Trustee
under the Pooling and Servicing Agreement dated as of June
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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-H
Residential Asset Securitization Trust, 1998-A8
------------------------------------------------------------
<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 42,958,082.15 6.750000% 1,834,237.70 241,639.21 2,075,876.92 0.00 0.00
A2 166,284,438.93 6.750000% 13,618,480.94 935,349.97 14,553,830.91 0.00 0.00
A3 131,465,000.00 6.750000% 0.00 739,490.63 739,490.63 0.00 0.00
A4 30,272,000.00 6.750000% 0.00 170,280.00 170,280.00 0.00 0.00
A5 7,000.00 6.750000% 0.00 39.38 39.38 0.00 0.00
A6 21,438,000.00 5.837500% 0.00 104,286.94 104,286.94 0.00 0.00
A7 5,558,000.00 10.269636% 0.00 47,565.53 47,565.53 0.00 0.00
A8 140,075,000.00 6.750000% 0.00 787,921.88 787,921.88 0.00 0.00
A9 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
A10 111,530,601.23 6.750000% 6,405,652.28 627,124.69 7,032,776.97 0.00 234.94
A11 35,476,057.36 6.750000% 365,769.45 199,478.09 565,247.55 0.00 74.73
A12 5,102,876.19 6.750000% 0.00 0.00 0.00 0.00 10.75
A13 45,836,300.00 6.750000% 0.00 257,732.63 257,732.63 0.00 96.55
X1 573,180,741.82 0.861055% 0.00 411,283.64 411,283.64 0.00 0.00
X2 208,982,245.84 0.639827% 0.00 111,385.41 111,385.41 0.00 41.73
PO1 153,161.08 0.000000% 149.03 0.00 149.03 0.00 0.00
PO2 24,235.97 0.000000% 24.98 0.00 24.98 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,239,957.86 6.750000% 15,555.19 119,474.76 135,029.96 0.00 0.00
BIC 8,564,659.21 6.750000% 6,272.37 48,176.21 54,448.58 0.00 0.00
B1C 4,796,407.64 6.750000% 3,512.67 26,979.79 30,492.47 0.00 0.00
B1D 3,425,863.68 6.750000% 2,508.95 19,270.48 21,779.43 0.00 0.00
BIE 2,055,319.72 6.750000% 1,505.22 11,561.17 13,066.40 0.00 0.00
BIF 2,741,556.07 6.750000% 2,007.79 15,421.25 17,429.05 0.00 0.00
B2A 5,635,193.84 6.750000% 4,329.50 31,686.09 36,015.59 0.00 11.87
B2B 2,890,072.10 6.750000% 2,220.43 16,250.57 18,471.00 0.00 6.09
B2C 1,588,497.21 6.750000% 1,220.44 8,931.95 10,152.39 0.00 3.35
B2D 1,300,582.09 6.750000% 999.23 7,313.03 8,312.27 0.00 2.74
B2E 722,766.23 6.750000% 555.30 4,064.04 4,619.34 0.00 1.52
2BF 867,067.64 6.750000% 666.16 4,875.43 5,541.59 0.00 1.83
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 792,008,796.20 - 22,265,667.65 4,947,583.37 27,213,251.02 - 486.09
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 41,123,844.45 0.00
A2 152,665,957.99 0.00
A3 131,465,000.00 0.00
A4 30,272,000.00 0.00
A5 7,000.00 0.00
A6 21,438,000.00 0.00
A7 5,558,000.00 0.00
A8 140,075,000.00 0.00
A9 0.00 0.00
A10 105,124,948.95 234.94
A11 35,110,287.90 74.73
A12 5,131,569.12 10.75
A13 45,836,300.00 96.55
X1 557,704,456.95 0.00
X2 202,231,423.91 41.73
PO1 153,012.06 0.00
PO2 24,210.99 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,224,402.67 0.00
BIC 8,558,386.84 0.00
B1C 4,792,894.97 0.00
B1D 3,423,354.73 0.00
BIE 2,053,814.50 0.00
BIF 2,739,548.27 0.00
B2A 5,630,864.34 11.87
B2B 2,887,851.67 6.09
B2C 1,587,276.77 3.35
B2D 1,299,582.85 2.74
B2E 722,210.93 1.52
2BF 866,401.47 1.83
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 769,771,821.48 486.09
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-H
Residential Asset Securitization Trust, 1998-A8
------------------------------------------------------------
<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 42,958,082.15 6.750000% 12669AVF8 32.812839 4.322705 735.668058
A2 166,284,438.93 6.750000% 12669AVG6 51.905040 3.564963 581.866114
A3 131,465,000.00 6.750000% 12669AVH4 0.000000 5.625000 1,000.000000
A4 30,272,000.00 6.750000% 12669AVJ0 0.000000 5.625000 1,000.000000
A5 7,000.00 6.750000% 12669AVK7 0.000000 5.625000 1,000.000000
A6 21,438,000.00 5.837500% 12669AVL5 0.000000 4.864583 1,000.000000
A7 5,558,000.00 10.269636% 12669AVM3 0.000000 8.558030 1,000.000000
A8 140,075,000.00 6.750000% 12669AVN1 0.000000 5.625000 1,000.000000
A9 0.00 6.750000% 12669AVP6 0.000000 0.000000 0.000000
A10 111,530,601.23 6.750000% 12669AVQ4 44.381373 4.345015 728.355105
A11 35,476,057.36 6.750000% 12669AVR2 6.680965 3.643569 641.307224
A12 5,102,876.19 6.750000% 12669AVV3 0.000000 0.000000 1,063.537641
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.622894 1,000.000000
X1 573,180,741.82 0.861055% 12669AVU5 0.000000 0.602802 817.404650
X2 208,982,245.84 0.639827% 12669AVX9 0.000000 0.385379 699.694737
PO1 153,161.08 0.000000% 12669AVS0 0.936368 0.000000 961.405422
PO2 24,235.97 0.000000% 12669AVT8 1.021037 0.000000 989.567788
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.922435 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,239,957.86 6.750000% 12669AVZ4 0.726810 5.582411 991.701835
BIC 8,564,659.21 6.750000% 12669AWA8 0.726810 5.582411 991.701835
B1C 4,796,407.64 6.750000% 12669AWB6 0.726810 5.582411 991.701835
B1D 3,425,863.68 6.750000% 12669AWK6 0.726810 5.582411 991.701835
BIE 2,055,319.72 6.750000% 12669AWL4 0.726810 5.582411 991.701835
BIF 2,741,556.07 6.750000% 12669AWM2 0.726810 5.582411 991.701835
B2A 5,635,193.84 6.750000% 12669AWC4 0.762772 5.582469 992.047981
B2B 2,890,072.10 6.750000% 12669AWD2 0.762772 5.582469 992.047981
B2C 1,588,497.21 6.750000% 12669AWE0 0.762772 5.582469 992.047981
B2D 1,300,582.09 6.750000% 12669AWN0 0.762772 5.582469 992.047981
B2E 722,766.23 6.750000% 12669AWP5 0.762772 5.582469 992.047981
2BF 867,067.64 6.750000% 12669AWQ3 0.762772 5.582469 992.047981
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 792,008,796.20 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-H
Residential Asset Securitization Trust, 1998-A8
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 565,550,316.47 204,221,505.01 769,771,821.48
Loan count 3725 553 4278
Average loan rate 7.981707% 7.767429% 7.92
Prepayment amount 15,058,679.74 6,590,650.67 21,649,330.41
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 10,105.97 0.00 10,105.97
Sub servicer fees 121,082.49 44,026.45 165,108.94
Trustee fees 4,357.76 1,582.31 5,940.07
Aggregate advances N/A N/A N/A
Advances this periods 118,380.07 41,299.68 159,679.75
- --------------------------------------------------------------------------------
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 0.00 0.00 0.00
Fraud 13,807,953.67 5,820,754.27 19,628,707.94
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.955949% 100.000000% 736,180,852.91
-----------------------------------------------------------------------------
Junior 7.044051% 0.000000% 55,786,590.02
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 62 11,118,910.34
60 to 89 days 22 4,520,397.54
90 or more 7 2,439,927.78
Foreclosure 12 3,231,866.39
Totals: 103 21,311,102.05
- --------------------------------------------------------------------------------
<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 27,213,251.02 27,213,251.02
Principal remittance amount 22,265,667.65 22,265,667.65
Interest remittance amount 4,947,583.37 4,947,583.37