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): March 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 March 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 March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 45,982,801.32 6.750000% 1,350,024.54 258,653.26 1,608,677.80 0.00 0.00
A2 188,741,768.37 6.750000% 10,023,391.99 1,061,672.45 11,085,064.44 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 5.868750% 0.00 104,845.22 104,845.22 0.00 0.00
A7 5,558,000.00 10.149101% 0.00 47,007.25 47,007.25 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 126,611,960.54 6.750000% 6,074,208.95 712,192.28 6,786,401.23 0.00 0.00
A11 36,326,387.53 6.750000% 348,020.01 204,335.93 552,355.94 0.00 0.00
A12 5,046,153.28 6.750000% 0.00 0.00 0.00 0.00 0.00
A13 45,836,300.00 6.750000% 0.00 257,829.19 257,829.19 0.00 0.00
X1 598,636,635.04 0.864439% 0.00 431,237.58 431,237.58 0.00 0.00
X2 224,872,838.79 0.636233% 0.00 119,226.21 119,226.21 0.00 0.00
PO1 157,393.76 0.000000% 4,088.03 0.00 4,088.03 0.00 0.00
PO2 24,288.74 0.000000% 24.14 0.00 24.14 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,283,458.47 6.750000% 28,000.03 119,719.45 147,719.48 0.00 0.00
BIC 8,582,200.10 6.750000% 11,290.54 48,274.88 59,565.42 0.00 0.00
B1C 4,806,230.95 6.750000% 6,322.97 27,035.05 33,358.02 0.00 0.00
B1D 3,432,880.04 6.750000% 4,516.22 19,309.95 23,826.17 0.00 0.00
BIE 2,059,529.13 6.750000% 2,709.47 11,584.85 14,294.32 0.00 0.00
BIF 2,747,170.92 6.750000% 3,614.11 15,452.84 19,066.95 0.00 0.00
B2A 5,643,665.05 6.750000% 4,229.95 31,745.62 35,975.56 0.00 0.00
B2B 2,894,416.66 6.750000% 2,169.38 16,281.09 18,450.47 0.00 0.00
B2C 1,590,885.15 6.750000% 1,192.37 8,948.73 10,141.10 0.00 0.00
B2D 1,302,537.21 6.750000% 976.26 7,326.77 8,303.03 0.00 0.00
B2E 723,852.74 6.750000% 542.53 4,071.67 4,614.20 0.00 0.00
2BF 868,371.07 6.750000% 650.85 4,884.59 5,535.43 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 833,477,351.06 - 17,865,972.33 5,209,367.32 23,075,339.65 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 44,632,776.78 0.00
A2 178,718,376.38 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 120,537,751.60 0.00
A11 35,978,367.52 0.00
A12 5,074,537.89 0.00
A13 45,836,300.00 0.00
X1 587,313,144.36 0.00
X2 218,471,081.76 0.00
PO1 153,305.73 0.00
PO2 24,264.60 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,255,458.45 0.00
BIC 8,570,909.56 0.00
B1C 4,799,907.98 0.00
B1D 3,428,363.82 0.00
BIE 2,056,819.66 0.00
BIF 2,743,556.81 0.00
B2A 5,639,435.11 0.00
B2B 2,892,247.29 0.00
B2C 1,589,692.77 0.00
B2D 1,301,560.96 0.00
B2E 723,310.21 0.00
2BF 867,720.23 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 815,639,763.34 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 45,982,801.32 6.750000% 12669AVF8 24.150707 4.627071 798.439656
A2 188,741,768.37 6.750000% 12669AVG6 38.202833 4.046424 681.161462
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 5.868750% 12669AVL5 0.000000 4.890625 1,000.000000
A7 5,558,000.00 10.149101% 12669AVM3 0.000000 8.457584 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 126,611,960.54 6.750000% 12669AVQ4 42.084977 4.934403 835.142253
A11 36,326,387.53 6.750000% 12669AVR2 6.356762 3.732299 657.163139
A12 5,046,153.28 6.750000% 12669AVV3 0.000000 0.000000 1,051.717697
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.625000 1,000.000000
X1 598,636,635.04 0.864439% 12669AVU5 0.000000 0.632047 860.800894
X2 224,872,838.79 0.636233% 12669AVX9 0.000000 0.412507 755.881866
PO1 157,393.76 0.000000% 12669AVS0 25.685918 0.000000 963.250639
PO2 24,288.74 0.000000% 12669AVT8 0.986720 0.000000 991.758686
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.922641 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,283,458.47 6.750000% 12669AVZ4 1.308290 5.593844 993.152904
BIC 8,582,200.10 6.750000% 12669AWA8 1.308290 5.593844 993.152904
B1C 4,806,230.95 6.750000% 12669AWB6 1.308290 5.593844 993.152904
B1D 3,432,880.04 6.750000% 12669AWK6 1.308290 5.593844 993.152904
BIE 2,059,529.13 6.750000% 12669AWL4 1.308290 5.593844 993.152904
BIF 2,747,170.92 6.750000% 12669AWM2 1.308290 5.593844 993.152904
B2A 5,643,665.05 6.750000% 12669AWC4 0.745234 5.592956 993.557982
B2B 2,894,416.66 6.750000% 12669AWD2 0.745234 5.592956 993.557982
B2C 1,590,885.15 6.750000% 12669AWE0 0.745234 5.592956 993.557982
B2D 1,302,537.21 6.750000% 12669AWN0 0.745234 5.592956 993.557982
B2E 723,852.74 6.750000% 12669AWP5 0.745234 5.592956 993.557982
2BF 868,371.07 6.750000% 12669AWQ3 0.745234 5.592956 993.557982
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 833,477,351.06 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-H
Residential Asset Securitization Trust, 1998-A8
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 595,174,575.17 220,465,188.17 815,639,763.34
Aggregated loan count 3839 591 4430
average loan rate 7.985394% 7.764302% 7.93
prepayment amount 10,635,987.82 6,233,587.24 16,869,575.06
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 22,620.90 769.28 23,390.18
sub servicer fees 126,410.47 47,337.97 173,748.44
trustee fees 4,549.56 1,701.52 6,251.08
Aggregate advances N/A N/A N/A
Advances this periods 149,792.89 53,276.82 203,069.71
- --------------------------------------------------------------------------------
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 93.296348% 100.000000% 777,542,153.54
-----------------------------------------------------------------------------
Junior 6.703652% 0.000000% 55,868,982.85
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 97 20,511,276.15
60 to 89 days 25 3,495,853.20
90 or more 11 2,194,826.83
Foreclosure 4 1,014,697.60
Totals: 137 27,216,653.78
- --------------------------------------------------------------------------------
<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 23,075,339.65 23,075,339.65
Principal remittance amount 17,865,972.33 17,865,972.33
Interest remittance amount 5,209,367.32 5,209,367.32
