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): September 25, 1998
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
RESIDENTIAL ASSET SECURITIZATION TRUST 1998-A8
On September 25, 1998, The Bank of New York, as Trustee for CWMBS, Inc, MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 1998-H RESIDENTIAL ASSET SECURITIZATION TRUST
1998-A8, 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 CORP., 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 RESIDENTIAL ASSET SECURITIZATION
TRUST 1998-A8 relating to the distribution date of September
25, 1998 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: September 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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-H, RESIDENTIAL ASSET
------------------------------------------------------------
<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 54,692,415.00 6.750000% 1,559,463.42 307,644.83 1,867,108.25 0.00 0.00
A2 253,407,164.59 6.750000% 11,578,391.82 1,425,415.30 13,003,807.12 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 6.618750% 0.00 118,243.97 118,243.97 0.00 0.00
A7 5,558,000.00 7.256243% 0.00 33,608.50 33,608.50 0.00 0.00
A8 140,075,000.00 6.750000% 0.00 787,921.88 787,921.88 0.00 0.00
A9 22,325,635.32 6.750000% 6,191,136.40 125,581.70 6,316,718.10 0.00 0.00
A10 144,332,000.00 6.750000% 0.00 811,867.50 811,867.50 0.00 0.00
A11 51,109,071.12 6.750000% 3,822,028.47 287,488.53 4,109,516.99 0.00 0.00
A12 4,879,433.92 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 672,069,466.36 0.874046% 0.00 489,516.40 489,516.40 0.00 0.00
X2 279,580,199.52 0.652340% 0.00 151,984.46 151,984.46 0.00 0.00
PO1 158,875.51 0.000000% 145.54 0.00 145.54 0.00 0.00
PO2 24,425.04 0.000000% 20.51 0.00 20.51 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,373,225.77 6.750000% 14,630.78 120,224.39 134,855.18 0.00 0.00
BIC 8,618,397.27 6.750000% 5,899.62 48,478.48 54,378.10 0.00 0.00
B1C 4,826,502.20 6.750000% 3,303.92 27,149.07 30,453.00 0.00 0.00
B1D 3,447,358.91 6.750000% 2,359.85 19,391.39 21,751.24 0.00 0.00
BIE 2,068,215.61 6.750000% 1,415.77 11,633.71 13,049.48 0.00 0.00
BIF 2,758,757.67 6.750000% 1,888.47 15,518.01 17,406.49 0.00 0.00
B2A 5,668,066.83 6.750000% 3,987.51 31,882.88 35,870.39 0.00 0.00
B2B 2,906,931.38 6.750000% 2,045.04 16,351.49 18,396.53 0.00 0.00
B2C 1,597,763.73 6.750000% 1,124.03 8,987.42 10,111.46 0.00 0.00
B2D 1,308,169.05 6.750000% 920.30 7,358.45 8,278.75 0.00 0.00
B2E 726,982.50 6.750000% 511.44 4,089.28 4,600.71 0.00 0.00
2BF 872,125.69 6.750000% 613.54 4,905.71 5,519.25 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 961,752,917.13 - 23,189,886.44 6,022,883.14 29,212,769.57 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 53,132,951.58 0.00
A2 241,828,772.78 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 16,134,498.92 0.00
A10 144,332,000.00 0.00
A11 47,287,042.65 0.00
A12 4,906,880.73 0.00
A13 45,836,300.00 0.00
X1 658,909,538.96 0.00
X2 269,586,925.90 0.00
PO1 158,729.97 0.00
PO2 24,404.54 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,358,594.99 0.00
BIC 8,612,497.65 0.00
B1C 4,823,198.28 0.00
B1D 3,444,999.06 0.00
BIE 2,066,799.84 0.00
BIF 2,756,869.20 0.00
B2A 5,664,079.32 0.00
B2B 2,904,886.34 0.00
B2C 1,596,639.69 0.00
B2D 1,307,248.75 0.00
B2E 726,471.06 0.00
2BF 871,512.15 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 938,590,477.51 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-H, RESIDENTIAL ASSET
------------------------------------------------------------
<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 54,692,415.00 6.750000% 12669AVF8 27.897378 5.503485 950.500028
A2 253,407,164.59 6.750000% 12669AVG6 44.129510 5.432782 921.698394
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 6.618750% 12669AVL5 0.000000 5.515625 1,000.000000
A7 5,558,000.00 7.256243% 12669AVM3 0.000000 6.046870 1,000.000000
A8 140,075,000.00 6.750000% 12669AVN1 0.000000 5.625000 1,000.000000
A9 22,325,635.32 6.750000% 12669AVP6 219.746447 4.457361 572.673349
A10 144,332,000.00 6.750000% 12669AVQ4 0.000000 5.625000 1,000.000000
A11 51,109,071.12 6.750000% 12669AVR2 69.811289 5.251124 863.721828
A12 4,879,433.92 6.750000% 12669AVV3 0.000000 0.000000 1,016.970100
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.625000 1,000.000000
X1 672,069,466.36 0.874046% 12669AVU5 0.000000 0.717464 965.736806
X2 279,580,199.52 0.652340% 12669AVX9 0.000000 0.525847 932.736118
PO1 158,875.51 0.000000% 12669AVS0 0.914427 0.000000 997.332246
PO2 24,425.04 0.000000% 12669AVT8 0.838185 0.000000 997.478424
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.927604 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,373,225.77 6.750000% 12669AVZ4 0.683618 5.617437 997.971918
BIC 8,618,397.27 6.750000% 12669AWA8 0.683618 5.617437 997.971918
B1C 4,826,502.20 6.750000% 12669AWB6 0.683618 5.617437 997.971918
B1D 3,447,358.91 6.750000% 12669AWK6 0.683618 5.617437 997.971918
BIE 2,068,215.61 6.750000% 12669AWL4 0.683618 5.617437 997.971918
BIF 2,758,757.67 6.750000% 12669AWM2 0.683618 5.617437 997.971918
B2A 5,668,066.83 6.750000% 12669AVWC 0.702521 5.617138 997.899809
B2B 2,906,931.38 6.750000% 12669AWD2 0.702521 5.617138 997.899809
B2C 1,597,763.73 6.750000% 12669AWE0 0.702521 5.617138 997.899809
B2D 1,308,169.05 6.750000% 12669AWN0 0.702521 5.617138 997.899809
B2E 726,982.50 6.750000% 12669AWP5 0.702521 5.617138 997.899809
2BF 872,125.69 6.750000% 12669AWQ3 0.702521 5.617138 997.899809
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 961,752,917.13 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-H, RESIDENTIAL ASSET
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 666,998,513.35 271,591,964.16 938,590,477.51
loan count 4143 719 4862
average loan rate 7.996125% 7.781716% 7.93
prepayment amount 12,701,872.55 9,796,838.88 22,498,711.43
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 35,656.03 7,577.41 43,233.44
sub servicer fees 141,735.17 58,807.20 200,542.36
trustee fees 5,101.25 2,111.90 7,213.15
Aggregate advances N/A N/A N/A
Advances this periods 196,255.09 0.00 196,255.09
- --------------------------------------------------------------------------------
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 94.163152% 100.000000% 905,580,420.50
-----------------------------------------------------------------------------
Junior 5.836848% 0.000000% 56,133,796.33
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 125 25,962,584.44
60 to 89 days 23 3,884,760.65
90 or more 6 2,109,667.34
Foreclosure 0 0.00
Totals: 154 31,957,012.43
- --------------------------------------------------------------------------------
<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 29,212,769.57 29,212,769.57
Principal remittance amount 23,189,886.44 23,189,886.44
Interest remittance amount 6,022,883.14 6,022,883.14
