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, 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
On December 25, 1998, 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, 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: December 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 49,900,113.22 6.750000% 1,242,530.19 280,688.14 1,523,218.32 0.00 0.00
A2 217,826,241.59 6.750000% 9,225,289.41 1,225,272.61 10,450,562.02 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 6.212500% 0.00 110,986.31 110,986.31 0.00 0.00
A7 5,558,000.00 8.823208% 0.00 40,866.16 40,866.16 0.00 0.00
A8 140,075,000.00 6.750000% 0.00 787,921.88 787,921.88 0.00 0.00
A9 1,610,806.06 6.750000% 1,610,806.06 9,052.16 1,619,858.22 0.00 8.62
A10 144,332,000.00 6.750000% 4,572,933.76 811,094.71 5,384,028.47 0.00 772.79
A11 38,330,296.99 6.750000% 1,255,792.16 215,402.69 1,471,194.85 0.00 205.23
A12 4,961,974.93 6.750000% 0.00 0.00 0.00 0.00 26.57
A13 45,836,300.00 6.750000% 0.00 257,583.77 257,583.77 0.00 245.42
X1 631,641,629.46 0.868346% 0.00 457,069.78 457,069.78 0.00 0.00
X2 246,146,587.73 0.641291% 0.00 131,417.77 131,417.77 0.00 125.21
PO1 157,938.75 0.000000% 155.95 0.00 155.95 0.00 0.00
PO2 24,360.32 0.000000% 23.72 0.00 23.72 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,329,001.67 6.750000% 15,064.70 119,975.63 135,040.33 0.00 0.00
BIC 8,600,564.64 6.750000% 6,074.59 48,378.18 54,452.77 0.00 0.00
B1C 4,816,515.52 6.750000% 3,401.91 27,092.90 30,494.81 0.00 0.00
B1D 3,440,225.86 6.750000% 2,429.84 19,351.27 21,781.11 0.00 0.00
BIE 2,063,936.20 6.750000% 1,457.76 11,609.64 13,067.40 0.00 0.00
BIF 2,753,049.43 6.750000% 1,944.48 15,485.90 17,430.39 0.00 0.00
B2A 5,656,081.78 6.750000% 4,097.54 31,785.18 35,882.71 0.00 30.28
B2B 2,900,784.72 6.750000% 2,101.47 16,301.38 18,402.85 0.00 15.53
B2C 1,594,385.28 6.750000% 1,155.05 8,959.88 10,114.93 0.00 8.54
B2D 1,305,402.95 6.750000% 945.70 7,335.90 8,281.60 0.00 6.99
B2E 725,445.30 6.750000% 525.55 4,076.75 4,602.29 0.00 3.88
2BF 870,281.59 6.750000% 630.47 4,890.67 5,521.15 0.00 4.66
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 887,850,806.81 - 17,947,360.30 5,552,409.84 23,499,770.14 - 1,453.74
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 48,657,583.03 0.00
A2 208,600,952.19 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 8.62
A10 139,759,066.24 772.79
A11 37,074,504.82 205.23
A12 4,989,859.48 26.57
A13 45,836,300.00 245.42
X1 621,151,222.81 0.00
X2 238,727,300.97 125.21
PO1 157,782.81 0.00
PO2 24,336.60 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,313,936.97 0.00
BIC 8,594,490.05 0.00
B1C 4,813,113.60 0.00
B1D 3,437,796.02 0.00
BIE 2,062,478.43 0.00
BIF 2,751,104.95 0.00
B2A 5,651,984.25 30.28
B2B 2,898,683.25 15.53
B2C 1,593,230.23 8.54
B2D 1,304,457.25 6.99
B2E 724,919.76 3.88
2BF 869,651.12 4.66
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 869,931,331.05 1,453.74
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 49,900,113.22 6.750000% 12669AVF8 22.227731 5.021255 870.439768
A2 217,826,241.59 6.750000% 12669AVG6 35.160971 4.669965 795.054949
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 6.212500% 12669AVL5 0.000000 5.177083 1,000.000000
A7 5,558,000.00 8.823208% 12669AVM3 0.000000 7.352673 1,000.000000
A8 140,075,000.00 6.750000% 12669AVN1 0.000000 5.625000 1,000.000000
A9 1,610,806.06 6.750000% 12669AVP6 57.173496 0.321295 0.000000
A10 144,332,000.00 6.750000% 12669AVQ4 31.683437 5.619646 968.316563
A11 38,330,296.99 6.750000% 12669AVR2 22.937681 3.934439 677.184643
A12 4,961,974.93 6.750000% 12669AVV3 0.000000 0.000000 1,034.167767
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.619646 1,000.000000
X1 631,641,629.46 0.868346% 12669AVU5 0.000000 0.669909 910.395984
X2 246,146,587.73 0.641291% 12669AVX9 0.000000 0.454689 825.965781
PO1 157,938.75 0.000000% 12669AVS0 0.979851 0.000000 991.380999
PO2 24,360.32 0.000000% 12669AVT8 0.969638 0.000000 994.701703
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.924916 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,329,001.67 6.750000% 12669AVZ4 0.703892 5.605814 995.885290
BIC 8,600,564.64 6.750000% 12669AWA8 0.703892 5.605814 995.885290
B1C 4,816,515.52 6.750000% 12669AWB6 0.703892 5.605814 995.885290
B1D 3,440,225.86 6.750000% 12669AWK6 0.703892 5.605814 995.885290
BIE 2,063,936.20 6.750000% 12669AWL4 0.703892 5.605814 995.885290
BIF 2,753,049.43 6.750000% 12669AWM2 0.703892 5.605814 995.885290
B2A 5,656,081.78 6.750000% 12669AVWC 0.721905 5.599925 995.768895
B2B 2,900,784.72 6.750000% 12669AWD2 0.721905 5.599925 995.768895
B2C 1,594,385.28 6.750000% 12669AWE0 0.721905 5.599925 995.768895
B2D 1,305,402.95 6.750000% 12669AWN0 0.721905 5.599925 995.768895
B2E 725,445.30 6.750000% 12669AWP5 0.721905 5.599925 995.768895
2BF 870,281.59 6.750000% 12669AWQ3 0.721905 5.599925 995.768895
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 887,850,806.81 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-H
Residential Asset Securitization Trust, 1998-A8
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 629,204,338.04 240,726,993.01 869,931,331.05
loan count 3995 643 4638
average loan rate 7.989801% 7.770146% 7.93
prepayment amount 10,046,496.27 7,241,352.85 17,287,849.12
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 27,628.38 0.00 27,628.38
sub servicer fees 133,305.19 51,840.35 185,145.54
trustee fees 4,797.77 1,861.11 6,658.88
Aggregate advances N/A N/A N/A
Advances this periods 152,497.70 45,756.96 198,254.66
- --------------------------------------------------------------------------------
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 93.690566% 100.000000% 831,795,131.87
-----------------------------------------------------------------------------
Junior 6.309434% 0.000000% 56,015,845.89
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 116 20,172,132.31
60 to 89 days 15 2,769,491.71
90 or more 16 3,578,477.08
Foreclosure 0 0.00
Totals: 147 26,520,101.10
- --------------------------------------------------------------------------------
<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 23,499,770.14 23,499,770.14
Principal remittance amount 17,947,360.30 17,947,360.30
Interest remittance amount 5,552,409.84 5,552,409.84
