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): February 25, 1999
CWMBS, INC
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-I)
(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-I
On February 25, 1999, The Bank of New York, as Trustee for CWMBS, INC, Mortgage
Pass-Through Certificates Series 1998-I, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of July 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-I relating to the distribution date
of February 25, 1999 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of July 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: February 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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
<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 1A1 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
1A2 23,203,791.65 6.750000% 1,526,931.46 130,521.33 1,657,452.79 0.00 0.00
1A3 1,454,076.53 6.750000% 70,779.88 8,179.18 78,959.06 0.00 0.00
1A4 99,344,476.15 6.750000% 4,670,636.91 558,812.68 5,229,449.59 0.00 0.00
1A5 29,384,200.42 6.750000% 1,060,178.07 165,286.13 1,225,464.19 0.00 0.00
1A6 23,467,485.48 6.750000% 893,427.20 132,004.61 1,025,431.81 0.00 0.00
1A7 51,028,000.00 6.750000% 0.00 287,032.50 287,032.50 0.00 0.00
1A8 16,931,625.00 5.689690% 0.00 80,279.75 80,279.75 0.00 0.00
1A9 5,643,875.00 9.930930% 0.00 46,707.44 46,707.44 0.00 0.00
1A10 64,731,000.00 6.750000% 0.00 364,111.88 364,111.88 0.00 0.00
1A11 10,000,000.00 6.750000% 0.00 56,250.00 56,250.00 0.00 0.00
1A12 5,269,000.00 6.750000% 0.00 29,638.13 29,638.13 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
2A1 55,911,153.00 6.750000% 0.00 314,500.24 314,500.24 0.00 0.00
2A2 18,488,406.33 6.750000% 775,650.66 103,997.29 879,647.94 0.00 0.00
2A3 12,152,181.00 6.750000% 0.00 68,356.02 68,356.02 0.00 0.00
2A-4-a 12,468,137.00 6.750000% 0.00 70,133.27 70,133.27 0.00 0.00
2A5 20,966,682.00 6.750000% 0.00 117,937.59 117,937.59 0.00 0.00
2A6 5,568,075.42 6.750000% 2,410,691.22 31,320.42 2,442,011.65 0.00 0.00
2A-7-a 104,769,040.00 6.750000% 0.00 589,325.85 589,325.85 0.00 0.00
2A-8-a 23,643,076.00 6.750000% 0.00 132,992.30 132,992.30 0.00 0.00
3A1 132,548,234.92 6.750000% 1,843,526.06 745,583.82 2,589,109.88 0.00 0.00
X1 351,452,240.00 0.925323% 0.00 271,005.76 271,005.76 0.00 0.00
X2 269,692,499.60 0.886081% 0.00 199,141.09 199,141.09 0.00 0.00
X3 141,498,517.07 0.931859% 0.00 109,880.55 109,880.55 0.00 0.00
PO1 53,200.71 0.000000% 46.38 0.00 46.38 0.00 0.00
PO2 69,702.87 0.000000% 74.27 0.00 74.27 0.00 0.00
PO3 4,265.94 0.000000% 4.60 0.00 4.60 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,817,484.43 6.750000% 18,196.13 145,223.35 163,419.48 0.00 0.00
B2 11,850,975.00 6.750000% 8,352.55 66,661.73 75,014.29 0.00 0.00
B3 6,771,701.27 6.750000% 4,772.69 38,090.82 42,863.51 0.00 0.00
B4 4,656,166.84 6.750000% 3,281.66 26,190.94 29,472.60 0.00 0.00
B5 2,115,534.43 6.750000% 1,491.03 11,899.88 13,390.91 0.00 0.00
B6 3,810,190.99 6.750000% 2,685.42 21,432.32 24,117.74 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 772,121,738.39 - 13,290,726.18 4,922,496.84 18,213,223.02 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 21,676,860.18 0.00
1A3 1,383,296.65 0.00
1A4 94,673,839.25 0.00
1A5 28,324,022.35 0.00
1A6 22,574,058.27 0.00
1A7 51,028,000.00 0.00
1A8 16,931,625.00 0.00
1A9 5,643,875.00 0.00
1A10 64,731,000.00 0.00
1A11 10,000,000.00 0.00
1A12 5,269,000.00 0.00
Residual AR 0.00 0.00
2A1 55,911,153.00 0.00
2A2 17,712,755.67 0.00
2A3 12,152,181.00 0.00
2A-4-a 12,468,137.00 0.00
2A5 20,966,682.00 0.00
2A6 3,157,384.20 0.00
2A-7-a 104,769,040.00 0.00
2A-8-a 23,643,076.00 0.00
3A1 130,704,708.86 0.00
X1 343,216,697.44 0.00
X2 266,495,959.37 0.00
X3 139,649,521.83 0.00
PO1 53,154.34 0.00
PO2 69,628.60 0.00
PO3 4,261.34 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,799,288.30 0.00
B2 11,842,622.45 0.00
B3 6,766,928.59 0.00
B4 4,652,885.18 0.00
B5 2,114,043.40 0.00
B6 3,807,505.57 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 758,831,012.21 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
<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 1A1 0.00 6.750000% 126671CX2 0.000000 0.000000 0.000000
1A2 23,203,791.65 6.750000% 126671CY0 27.908019 2.385563 396.192133
1A3 1,454,076.53 6.750000% 126671CZ7 35.389942 4.089590 691.648323
1A4 99,344,476.15 6.750000% 126671DA1 46.477236 5.560712 942.093870
1A5 29,384,200.42 6.750000% 126671DB9 30.290802 4.722461 809.257782
1A6 23,467,485.48 6.750000% 126671DC7 35.737088 5.280184 902.962331
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 5.689690% 126671DE3 0.000000 4.741408 1,000.000000
1A9 5,643,875.00 9.930930% 126671DF0 0.000000 8.275775 1,000.000000
1A10 64,731,000.00 6.750000% 126671DG8 0.000000 5.625000 1,000.000000
1A11 10,000,000.00 6.750000% 126671DH6 0.000000 5.625000 1,000.000000
1A12 5,269,000.00 6.750000% 126671DJ2 0.000000 5.625000 1,000.000000
Residual AR 0.00 6.750000% 126671EA0 0.000000 0.048928 0.000000
2A1 55,911,153.00 6.750000% 126671DK9 0.000000 5.625000 1,000.000000
2A2 18,488,406.33 6.750000% 126671DL7 31.075329 4.166502 709.636107
2A3 12,152,181.00 6.750000% 126671DM5 0.000000 5.625000 1,000.000000
2A-4-a 12,468,137.00 6.750000% 126671DN3 0.000000 5.625000 1,000.000000
2A5 20,966,682.00 6.750000% 126671DP8 0.000000 5.625000 1,000.000000
2A6 5,568,075.42 6.750000% 126671DQ6 93.864860 1.219520 122.938775
2A-7-a104,769,040.00 6.750000% 126671DR4 0.000000 5.625000 1,000.000000
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 132,548,234.92 6.750000% 126671DT0 13.138252 5.313550 931.492916
X1 351,452,240.00 0.925323% 126671DX1 0.000000 0.687638 870.862804
X2 269,692,499.60 0.886081% 126671DY9 0.000000 0.672006 899.295982
X3 141,498,517.07 0.931859% 126671DZ6 0.000000 0.735962 935.349311
PO1 53,200.71 0.000000% 126671DU7 0.846315 0.000000 969.976380
PO2 69,702.87 0.000000% 126671DV5 1.059287 0.000000 993.151127
PO3 4,265.94 0.000000% 126671DW3 1.072677 0.000000 993.421604
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,817,484.43 6.750000% 126671EB8 0.701659 5.599944 994.843956
B2 11,850,975.00 6.750000% 126671EC6 0.701659 5.599944 994.843956
B3 6,771,701.27 6.750000% 126671ED4 0.701659 5.599944 994.843956
B4 4,656,166.84 6.750000% 126671CU8 0.701659 5.599944 994.843956
B5 2,115,534.43 6.750000% 126671CV6 0.701659 5.599944 994.843955
B6 3,810,190.99 6.750000% 126671CW4 0.701659 5.599944 994.843955
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 772,121,738.39 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 348,148,599.75 270,264,968.63 140,417,444.70 758,831,013.08
Aggregated loan count 2270 1716 847 4833
ave loan rate 8.051343% 8.006228% 8.060618% 8.04
prepay amount 7,990,931.41 3,005,187.52 1,750,362.48 12,746,481.41
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 15,801.53 17,794.71 8,998.73 42,594.97
sub servicer fees 75,983.29 56,993.05 29,639.13 162,615.47
trustee fees 2,672.92 2,050.99 1,067.01 5,790.91
Aggregate advances N/A N/A N/A N/A
Advances this periods 80,689.40 76,930.12 29,335.18 186,954.70
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 17,005,553.00 6,002,639.45 3,001,534.50 26,009,726.95
Special Hazard 7,721,217.39 7,721,217.39 7,721,217.39 23,163,652.18
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.878580% 100.000000% 717,099,685.43
-----------------------------------------------------------------------------
Junior 7.121420% 0.000000% 54,983,273.49
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 98 17,123,409.82
60 to 89 days 15 3,947,871.10
90 or more 21 3,107,751.86
Foreclosure 2 284,470.84
Totals: 136 24,463,503.62
- --------------------------------------------------------------------------------
<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 18,213,223.02 18,213,223.02
Principal remittance amount 13,290,726.18 13,290,726.18
Interest remittance amount 4,922,496.84 4,922,496.84
