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): November 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 November 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 November 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: November 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 November 25, 1998
Payment Date: 11/25/98
------------------------------------------------------------
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 52,066,268.24 6.750000% 2,166,155.02 292,872.76 2,459,027.78 0.00 0.00
A2 233,909,075.79 6.750000% 16,082,834.19 1,315,738.55 17,398,572.75 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 6.306250% 0.00 112,661.16 112,661.16 0.00 0.00
A7 5,558,000.00 8.461601% 0.00 39,191.31 39,191.31 0.00 0.00
A8 140,075,000.00 6.750000% 0.00 787,921.88 787,921.88 0.00 0.00
A9 9,876,573.06 6.750000% 8,265,767.00 55,201.38 8,320,968.38 0.00 354.34
A10 144,332,000.00 6.750000% 0.00 806,689.28 806,689.28 0.00 5,178.22
A11 43,424,010.12 6.750000% 5,093,713.13 242,702.13 5,336,415.26 0.00 1,557.93
A12 4,934,395.99 6.750000% 0.00 0.00 0.00 0.00 177.03
A13 45,836,300.00 6.750000% 0.00 256,184.71 256,184.71 0.00 1,644.48
X1 649,912,959.59 0.868235% 0.00 470,231.07 470,231.07 0.00 0.00
X2 259,485,857.19 0.642235% 0.00 137,990.00 137,990.00 0.00 885.77
PO1 158,087.40 0.000000% 148.65 0.00 148.65 0.00 0.00
PO2 24,383.91 0.000000% 23.59 0.00 23.59 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,343,767.88 6.750000% 14,766.21 120,058.69 134,824.91 0.00 0.00
BIC 8,606,518.87 6.750000% 5,954.23 48,411.67 54,365.90 0.00 0.00
B1C 4,819,850.02 6.750000% 3,334.51 27,111.66 30,446.16 0.00 0.00
B1D 3,442,607.55 6.750000% 2,381.69 19,364.67 21,746.36 0.00 0.00
BIE 2,065,365.07 6.750000% 1,428.88 11,617.68 13,046.56 0.00 0.00
BIF 2,754,955.39 6.750000% 1,905.96 15,496.62 17,402.58 0.00 0.00
B2A 5,660,057.28 6.750000% 3,975.49 31,634.76 35,610.25 0.00 203.07
B2B 2,902,823.60 6.750000% 2,038.88 16,224.24 18,263.11 0.00 104.15
B2C 1,595,505.93 6.750000% 1,120.65 8,917.48 10,038.13 0.00 57.24
B2D 1,306,320.48 6.750000% 917.53 7,301.19 8,218.72 0.00 46.87
B2E 725,955.20 6.750000% 509.89 4,057.45 4,567.35 0.00 26.05
2BF 870,893.29 6.750000% 611.70 4,867.53 5,479.22 0.00 31.25
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 919,470,815.05 - 31,647,587.19 5,742,258.44 37,389,845.63 - 10,266.38
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 49,900,113.22 0.00
A2 217,826,241.59 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 1,610,806.06 354.34
A10 144,332,000.00 5,178.22
A11 38,330,296.99 1,557.93
A12 4,961,974.93 177.03
A13 45,836,300.00 1,644.48
X1 631,641,629.46 0.00
X2 246,146,587.73 885.77
PO1 157,938.75 0.00
PO2 24,360.32 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,329,001.67 0.00
BIC 8,600,564.64 0.00
B1C 4,816,515.52 0.00
B1D 3,440,225.86 0.00
BIE 2,063,936.20 0.00
BIF 2,753,049.43 0.00
B2A 5,656,081.78 203.07
B2B 2,900,784.72 104.15
B2C 1,594,385.28 57.24
B2D 1,305,402.95 46.87
B2E 725,445.30 26.05
2BF 870,281.59 31.25
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 887,850,806.81 10,266.38
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
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 52,066,268.24 6.750000% 12669AVF8 38.750537 5.239226 892.667499
A2 233,909,075.79 6.750000% 12669AVG6 61.297596 5.014764 830.215920
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 6.306250% 12669AVL5 0.000000 5.255208 1,000.000000
A7 5,558,000.00 8.461601% 12669AVM3 0.000000 7.051334 1,000.000000
A8 140,075,000.00 6.750000% 12669AVN1 0.000000 5.625000 1,000.000000
A9 9,876,573.06 6.750000% 12669AVP6 293.382800 1.959302 57.173496
A10 144,332,000.00 6.750000% 12669AVQ4 0.000000 5.589123 1,000.000000
A11 43,424,010.12 6.750000% 12669AVR2 93.039255 4.433078 700.122324
A12 4,934,395.99 6.750000% 12669AVV3 0.000000 0.000000 1,028.388587
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.589123 1,000.000000
X1 649,912,959.59 0.868235% 12669AVU5 0.000000 0.689198 925.771344
X2 259,485,857.19 0.642235% 12669AVX9 0.000000 0.477428 851.635560
PO1 158,087.40 0.000000% 12669AVS0 0.933990 0.000000 992.360850
PO2 24,383.91 0.000000% 12669AVT8 0.964012 0.000000 995.671341
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.925536 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,343,767.88 6.750000% 12669AVZ4 0.689946 5.609695 996.589182
BIC 8,606,518.87 6.750000% 12669AWA8 0.689946 5.609695 996.589182
B1C 4,819,850.02 6.750000% 12669AWB6 0.689946 5.609695 996.589182
B1D 3,442,607.55 6.750000% 12669AWK6 0.689946 5.609695 996.589182
BIE 2,065,365.07 6.750000% 12669AWL4 0.689946 5.609695 996.589182
BIF 2,754,955.39 6.750000% 12669AWM2 0.689946 5.609695 996.589182
B2A 5,660,057.28 6.750000% 12669AVWC 0.700404 5.573424 996.490801
B2B 2,902,823.60 6.750000% 12669AWD2 0.700404 5.573424 996.490801
B2C 1,595,505.93 6.750000% 12669AWE0 0.700404 5.573424 996.490801
B2D 1,306,320.48 6.750000% 12669AWN0 0.700404 5.573424 996.490801
B2E 725,955.20 6.750000% 12669AWP5 0.700404 5.573424 996.490801
2BF 870,893.29 6.750000% 12669AWQ3 0.700404 5.573424 996.490801
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 919,470,815.05 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-H
Residential Asset Securitization Trust, 1998-A8
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 639,702,686.86 248,148,119.95 887,850,806.81
loan count 4062 673 4735
average loan rate 7.990028% 7.771341% 7.93
prepayment amount 17,823,668.20 13,157,430.75 30,981,098.95
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 7,041.97 0.00 7,041.97
sub servicer fees 137,113.33 54,619.89 191,733.22
trustee fees 4,934.86 1,961.17 6,896.03
Aggregate advances N/A N/A N/A
Advances this periods 138,268.88 28,158.63 166,427.51
- --------------------------------------------------------------------------------
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 93.903227% 100.000000% 863,376,194.50
-----------------------------------------------------------------------------
Junior 6.096773% 0.000000% 56,055,674.93
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 91 16,737,363.25
60 to 89 days 19 3,567,561.70
90 or more 12 2,045,329.29
Foreclosure 1 100,374.47
Totals: 123 22,450,628.71
- --------------------------------------------------------------------------------
<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 37,389,845.63 37,389,845.63
Principal remittance amount 31,647,587.19 31,647,587.19
Interest remittance amount 5,742,258.44 5,742,258.44
