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-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 December 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 December 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: 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-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 34,172,804.52 6.750000% 961,955.56 192,222.03 1,154,177.59 0.00 0.00
A2 114,281,770.94 6.750000% 4,642,416.81 642,834.96 5,285,251.77 0.00 0.00
A3 118,240,497.14 6.750000% 2,499,718.31 665,102.80 3,164,821.11 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 6.337500% 0.00 113,219.44 113,219.44 0.00 0.00
A7 5,558,000.00 8.341065% 0.00 38,633.03 38,633.03 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 82,439,207.82 6.750000% 2,793,665.40 463,720.54 3,257,385.94 0.00 0.00
A11 33,741,053.98 6.750000% 176,859.62 189,793.43 366,653.04 0.00 0.00
A12 5,307,040.02 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 499,277,809.11 0.849234% 0.00 353,336.28 353,336.28 0.00 0.00
X2 178,301,396.63 0.621166% 0.00 92,295.63 92,295.63 0.00 0.00
PO1 151,656.04 0.000000% 9,660.08 0.00 9,660.08 0.00 0.00
PO2 24,055.19 0.000000% 23.20 0.00 23.20 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,127,473.92 6.750000% 38,064.51 118,842.04 156,906.55 0.00 0.00
BIC 8,519,301.93 6.750000% 15,348.88 47,921.07 63,269.95 0.00 0.00
B1C 4,771,006.52 6.750000% 8,595.73 26,836.91 35,432.64 0.00 0.00
B1D 3,407,720.77 6.750000% 6,139.55 19,168.43 25,307.98 0.00 0.00
BIE 2,044,435.03 6.750000% 3,683.38 11,499.95 15,183.32 0.00 0.00
BIF 2,727,037.16 6.750000% 4,913.19 15,339.58 20,252.78 2,796.93 0.00
B2A 5,603,873.34 6.750000% 4,666.24 31,521.79 36,188.03 0.00 0.00
B2B 2,874,009.03 6.750000% 2,393.13 16,166.30 18,559.44 0.00 0.00
B2C 1,579,668.31 6.750000% 1,315.36 8,885.63 10,201.00 0.00 0.00
B2D 1,293,353.43 6.750000% 1,076.95 7,275.11 8,352.06 0.00 0.00
B2E 718,749.08 6.750000% 598.49 4,042.96 4,641.45 0.00 0.00
2BF 862,248.46 6.750000% 717.98 4,850.15 5,568.13 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 687,073,362.63 - 11,171,812.37 4,279,579.10 15,451,391.47 2,796.93 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 33,210,848.95 0.00
A2 109,639,354.13 0.00
A3 115,740,778.82 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 79,645,542.42 0.00
A11 33,564,194.36 0.00
A12 5,336,892.12 0.00
A13 45,836,300.00 0.00
X1 491,340,019.32 0.00
X2 175,351,793.54 0.00
PO1 141,995.97 0.00
PO2 24,032.00 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,089,409.41 0.00
BIC 8,503,953.05 0.00
B1C 4,762,410.79 0.00
B1D 3,401,581.22 0.00
BIE 2,040,751.65 0.00
BIF 2,719,327.03 0.00
B2A 5,599,207.09 0.00
B2B 2,871,615.90 0.00
B2C 1,578,352.95 0.00
B2D 1,292,276.48 0.00
B2E 718,150.59 0.00
2BF 861,530.48 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 675,928,605.43 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
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 34,172,804.52 6.750000% 12669AVF8 17.208507 3.438677 594.111788
A2 114,281,770.94 6.750000% 12669AVG6 17.693958 2.450080 417.875902
A3 118,240,497.14 6.750000% 12669AVH4 19.014326 5.059162 880.392339
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 6.337500% 12669AVL5 0.000000 5.281250 1,000.000000
A7 5,558,000.00 8.341065% 12669AVM3 0.000000 6.950887 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 82,439,207.82 6.750000% 12669AVQ4 19.355828 3.212874 551.821789
A11 33,741,053.98 6.750000% 12669AVR2 3.230431 3.466673 613.067041
A12 5,307,040.02 6.750000% 12669AVV3 0.000000 0.000000 1,106.091632
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.625000 1,000.000000
X1 499,277,809.11 0.849234% 12669AVU5 0.000000 0.517871 720.137004
X2 178,301,396.63 0.621166% 12669AVX9 0.000000 0.319331 606.694671
PO1 151,656.04 0.000000% 12669AVS0 60.696403 0.000000 892.192267
PO2 24,055.19 0.000000% 12669AVT8 0.948153 0.000000 982.260924
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.925743 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,127,473.92 6.750000% 12669AVZ4 1.778549 5.552847 985.394328
BIC 8,519,301.93 6.750000% 12669AWA8 1.778549 5.552847 985.394328
B1C 4,771,006.52 6.750000% 12669AWB6 1.778549 5.552847 985.394328
B1D 3,407,720.77 6.750000% 12669AWK6 1.778549 5.552847 985.394328
BIE 2,044,435.03 6.750000% 12669AWL4 1.778549 5.552847 985.394328
BIF 2,727,037.16 6.750000% 12669AWM2 1.778549 5.552847 984.381755
B2A 5,603,873.34 6.750000% 12669AWC4 0.822101 5.553521 986.470594
B2B 2,874,009.03 6.750000% 12669AWD2 0.822101 5.553521 986.470594
B2C 1,579,668.31 6.750000% 12669AWE0 0.822101 5.553521 986.470594
B2D 1,293,353.43 6.750000% 12669AWN0 0.822101 5.553521 986.470594
B2E 718,749.08 6.750000% 12669AWP5 0.822101 5.553521 986.470594
2BF 862,248.46 6.750000% 12669AWQ3 0.822101 5.553524 986.470978
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 687,073,362.63 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 498,600,511.02 177,328,094.41 675,928,605.43
loan count 3356 473 3829
average loan rate 7.968698% 7.747935% 7.91
prepayment amount 7,247,094.31 2,801,345.62 10,048,439.93
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 22,717.99 8,449.40 31,167.39
sub servicer fees 105,615.31 37,631.15 143,246.46
trustee fees 3,800.95 1,352.10 5,153.05
Aggregate advances N/A N/A N/A
Advances this periods 94,700.58 41,517.25 136,217.83
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 2,796.93 0.00 2,796.93
Cumulative losses (from Cut-Off) 2,796.93 0.00 2,796.93
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 6,903,976.84 2,910,377.13 9,814,353.97
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.930141% 100.000000% 631,544,485.65
-----------------------------------------------------------------------------
Junior 8.069859% 0.000000% 55,438,566.65
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 60 10,752,346.64
60 to 89 days 9 1,073,890.73
90 or more 3 223,490.11
Foreclosure 24 4,897,439.38
Totals: 96 16,947,166.86
- --------------------------------------------------------------------------------
<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
Totals: 0 N/A
Current Total Outstanding Balance: 992,086.94
Current Total Outstanding Number of Loans: 3
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 15,451,391.47 15,451,391.47
Principal remittance amount 11,171,812.37 11,171,812.37
Interest remittance amount 4,279,579.10 4,279,579.10
