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): June 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 June 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 41,123,844.45 6.750000% 1,662,449.08 231,321.63 1,893,770.70 0.00 0.00
A2 152,665,957.99 6.750000% 12,343,019.16 858,746.01 13,201,765.17 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 5.806250% 0.00 103,728.66 103,728.66 0.00 0.00
A7 5,558,000.00 10.390172% 0.00 48,123.81 48,123.81 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 105,124,948.95 6.750000% 6,010,108.56 590,071.20 6,600,179.75 0.00 1,256.64
A11 35,110,287.90 6.750000% 345,066.06 197,075.67 542,141.73 0.00 419.70
A12 5,131,569.12 6.750000% 0.00 0.00 0.00 0.00 61.34
A13 45,836,300.00 6.750000% 0.00 257,281.27 257,281.27 0.00 547.92
X1 557,704,456.95 0.860288% 0.00 399,822.02 399,822.02 0.00 0.00
X2 202,231,423.91 0.635719% 0.00 106,907.59 106,907.59 0.00 227.67
PO1 153,012.06 0.000000% 144.70 0.00 144.70 0.00 0.00
PO2 24,210.99 0.000000% 25.13 0.00 25.13 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.59 0.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,224,402.67 6.750000% 15,655.14 119,387.27 135,042.40 0.00 0.00
BIC 8,558,386.84 6.750000% 6,312.67 48,140.93 54,453.60 0.00 0.00
B1C 4,792,894.97 6.750000% 3,535.24 26,960.03 30,495.28 0.00 0.00
B1D 3,423,354.73 6.750000% 2,525.07 19,256.37 21,781.44 0.00 0.00
BIE 2,053,814.50 6.750000% 1,514.90 11,552.71 13,067.60 0.00 0.00
BIF 2,739,548.27 6.750000% 2,020.69 15,409.96 17,430.65 0.00 0.00
B2A 5,630,864.34 6.750000% 4,370.40 31,606.30 35,976.70 0.00 67.31
B2B 2,887,851.67 6.750000% 2,241.41 16,209.64 18,451.05 0.00 34.52
B2C 1,587,276.77 6.750000% 1,231.97 8,909.46 10,141.42 0.00 18.97
B2D 1,299,582.85 6.750000% 1,008.67 7,294.62 8,303.29 0.00 15.53
B2E 722,210.93 6.750000% 560.54 4,053.80 4,614.35 0.00 8.63
2BF 866,401.47 6.750000% 672.46 4,863.15 5,535.61 0.00 10.36
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 769,771,821.48 - 20,402,461.84 4,804,454.56 25,206,916.40 - 2,668.61
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 39,461,395.37 0.00
A2 140,322,938.83 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 99,114,840.39 1,256.64
A11 34,765,221.84 419.70
A12 5,160,372.85 61.34
A13 45,836,300.00 547.92
X1 543,674,917.81 0.00
X2 195,896,876.65 227.67
PO1 152,867.36 0.00
PO2 24,185.87 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 21,208,747.53 0.00
BIC 8,552,074.16 0.00
B1C 4,789,359.72 0.00
B1D 3,420,829.66 0.00
BIE 2,052,299.60 0.00
BIF 2,737,527.58 0.00
B2A 5,626,493.94 67.31
B2B 2,885,610.26 34.52
B2C 1,586,044.80 18.97
B2D 1,298,574.18 15.53
B2E 721,650.39 8.63
2BF 865,729.02 10.36
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 749,398,163.37 2,668.61
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 41,123,844.45 6.750000% 12669AVF8 29.739697 4.138133 705.928361
A2 152,665,957.99 6.750000% 12669AVG6 47.043786 3.272997 534.822329
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 5.806250% 12669AVL5 0.000000 4.838542 1,000.000000
A7 5,558,000.00 10.390172% 12669AVM3 0.000000 8.658477 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 105,124,948.95 6.750000% 12669AVQ4 41.640860 4.088291 686.714245
A11 35,110,287.90 6.750000% 12669AVR2 6.302807 3.599687 635.004417
A12 5,131,569.12 6.750000% 12669AVV3 0.000000 0.000000 1,069.507327
A13 45,836,300.00 6.750000% 12669AVW1 0.000000 5.613046 1,000.000000
X1 557,704,456.95 0.860288% 12669AVU5 0.000000 0.586003 796.842127
X2 202,231,423.91 0.635719% 12669AVX9 0.000000 0.369887 677.778019
PO1 153,012.06 0.000000% 12669AVS0 0.909161 0.000000 960.499643
PO2 24,210.99 0.000000% 12669AVT8 1.027005 0.000000 988.550086
Residual AR 100.00 6.750000% 12669AVY7 0.000000 5.922228 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 21,224,402.67 6.750000% 12669AVZ4 0.731480 5.578323 990.970355
BIC 8,558,386.84 6.750000% 12669AWA8 0.731480 5.578323 990.970355
B1C 4,792,894.97 6.750000% 12669AWB6 0.731480 5.578323 990.970355
B1D 3,423,354.73 6.750000% 12669AWK6 0.731480 5.578323 990.970355
BIE 2,053,814.50 6.750000% 12669AWL4 0.731480 5.578323 990.970355
BIF 2,739,548.27 6.750000% 12669AWM2 0.731480 5.578322 990.970254
B2A 5,630,864.34 6.750000% 12669AWC4 0.769979 5.568411 991.278002
B2B 2,887,851.67 6.750000% 12669AWD2 0.769979 5.568411 991.278002
B2C 1,587,276.77 6.750000% 12669AWE0 0.769979 5.568411 991.278002
B2D 1,299,582.85 6.750000% 12669AWN0 0.769979 5.568411 991.278002
B2E 722,210.93 6.750000% 12669AWP5 0.769979 5.568411 991.278002
2BF 866,401.47 6.750000% 12669AWQ3 0.769979 5.568413 991.278388
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 769,771,821.48 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 551,513,139.82 197,885,023.55 749,398,163.37
Loan count 3655 538 4193
Average loan rate 7.980598% 7.763155% 7.92
Prepayment amount 13,619,999.55 6,177,971.29 19,797,970.84
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 14,571.17 0.00 14,571.17
Monthly sub servicer fees 117,856.58 42,619.55 160,476.12
Monthly trustee fees 4,241.63 1,531.66 5,773.29
Aggregate advances N/A N/A N/A
Advances this periods 115,402.57 47,972.79 163,375.36
- --------------------------------------------------------------------------------
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 92.757859% 100.000000% 713,985,231.45
-----------------------------------------------------------------------------
Junior 7.242141% 0.000000% 55,744,940.86
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 63 12,878,317.64
60 to 89 days 18 3,923,770.13
90 or more 9 1,533,290.10
Foreclosure 13 3,464,252.21
Totals: 103 21,799,630.08
- --------------------------------------------------------------------------------
<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 25,206,916.40 25,206,916.40
Principal remittance amount 20,402,461.84 20,402,461.84
Interest remittance amount 4,804,454.56 4,804,454.56
