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-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 December 25,1998, 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 December 25, 1998 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: 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
------------------------------------------------------------
Independant National Mortgsage 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 134,367.09 6.750000% 134,367.09 755.81 135,122.91 0.00 0.00
1A2 33,563,334.75 6.750000% 3,724,743.82 188,793.76 3,913,537.58 0.00 0.00
1A3 1,640,968.54 6.750000% 63,230.32 9,230.45 72,460.77 0.00 0.00
1A4 100,493,000.00 6.750000% 0.00 565,273.13 565,273.13 0.00 0.00
1A5 31,362,191.83 6.750000% 640,667.52 176,412.33 817,079.85 0.00 0.00
1A6 25,000,000.00 6.750000% 405,532.58 140,625.00 546,157.58 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 5.792340% 0.00 81,728.11 81,728.11 0.00 0.00
1A9 5,643,875.00 9.622980% 0.00 45,259.08 45,259.08 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 21,123,929.12 6.750000% 893,559.88 118,822.10 1,012,381.98 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 13,759,174.85 6.750000% 2,777,148.36 77,395.36 2,854,543.71 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 136,550,442.72 6.750000% 2,685,748.32 768,096.24 3,453,844.56 0.00 0.00
X1 366,819,656.71 0.921294% 0.00 281,624.04 281,624.04 0.00 0.00
X2 280,539,273.09 0.892788% 0.00 208,718.49 208,718.49 0.00 0.00
X3 145,511,548.19 0.935827% 0.00 113,478.01 113,478.01 0.00 0.00
PO1 53,288.15 0.000000% 41.72 0.00 41.72 0.00 0.00
PO2 69,846.18 0.000000% 71.41 0.00 71.41 0.00 0.00
PO3 4,275.07 0.000000% 4.55 0.00 4.55 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,853,341.58 6.750000% 17,903.67 145,425.05 163,328.71 0.00 0.00
B2 11,867,434.47 6.750000% 8,218.30 66,754.32 74,972.62 0.00 0.00
B3 6,781,106.29 6.750000% 4,695.98 38,143.72 42,839.70 0.00 0.00
B4 4,662,633.66 6.750000% 3,228.91 26,227.31 29,456.23 0.00 0.00
B5 2,118,472.63 6.750000% 1,467.06 11,916.41 13,383.47 0.00 0.00
B6 3,815,482.86 6.750000% 2,642.26 21,462.09 24,104.35 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 802,367,058.78 - 11,363,271.73 5,116,418.57 16,479,690.30 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 29,838,590.93 0.00
1A3 1,577,738.21 0.00
1A4 100,493,000.00 0.00
1A5 30,721,524.31 0.00
1A6 24,594,467.42 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 20,230,369.25 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 10,982,026.50 0.00
2A-7-a 104,769,040.00 0.00
2A-8-a 23,643,076.00 0.00
3A1 133,864,694.40 0.00
X1 361,837,237.83 0.00
X2 276,858,413.38 0.00
X3 142,820,448.80 0.00
PO1 53,246.44 0.00
PO2 69,774.76 0.00
PO3 4,270.52 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,835,437.91 0.00
B2 11,859,216.17 0.00
B3 6,776,410.31 0.00
B4 4,659,404.74 0.00
B5 2,117,005.57 0.00
B6 3,812,840.60 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 791,003,787.05 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
Independant National Mortgsage 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 134,367.09 6.750000% 126671CX2 41.989716 0.236192 0.000000
1A2 33,563,334.75 6.750000% 126671CY0 68.077858 3.450620 545.365652
1A3 1,640,968.54 6.750000% 126671CZ7 31.615162 4.615224 788.869107
1A4 100,493,000.00 6.750000% 126671DA1 0.000000 5.625000 1,000.000000
1A5 31,362,191.83 6.750000% 126671DB9 18.304786 5.040352 877.757837
1A6 25,000,000.00 6.750000% 126671DC7 16.221303 5.625000 983.778697
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 5.792340% 126671DE3 0.000000 4.826950 1,000.000000
1A9 5,643,875.00 9.622980% 126671DF0 0.000000 8.019150 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 21,123,929.12 6.750000% 126671DL7 35.799193 4.760437 810.500678
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 13,759,174.85 6.750000% 126671DQ6 108.133568 3.013536 427.606146
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 136,550,442.72 6.750000% 126671DT0 19.140516 5.473990 954.013177
X1 366,819,656.71 0.921294% 126671DX1 0.000000 0.714580 918.109736
X2 280,539,273.09 0.892788% 126671DY9 0.000000 0.704325 934.264292
X3 145,511,548.19 0.935827% 126671DZ6 0.000000 0.760057 956.587653
PO1 53,288.15 0.000000% 126671DU7 0.761243 0.000000 971.657075
PO2 69,846.18 0.000000% 126671DV5 1.018631 0.000000 995.235866
PO3 4,275.07 0.000000% 126671DW3 1.060186 0.000000 995.560706
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,853,341.58 6.750000% 126671EB8 0.690382 5.607722 996.237917
B2 11,867,434.47 6.750000% 126671EC6 0.690382 5.607722 996.237917
B3 6,781,106.29 6.750000% 126671ED4 0.690382 5.607722 996.237917
B4 4,662,633.66 6.750000% 126671CU8 0.690382 5.607722 996.237918
B5 2,118,472.63 6.750000% 126671CV6 0.690382 5.607722 996.237917
B6 3,815,482.86 6.750000% 126671CW4 0.690382 5.607722 996.237917
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 802,367,058.78 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgsage Corporation
Mortgage Pass - Through Certificates, Series 1998-I
Residential Asset Securitization Trust 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 366,777,921.91 280,634,774.29 143,591,091.72 791,003,787.92
loan count 2321 1761 868 4950
avg loan rate 8.047823% 8.013564% 8.064691% 8.04
prepay amt 4,730,541.16 3,485,265.82 2,591,786.88 10,807,593.86
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 25,551.03 13,346.03 5,800.78 44,697.84
sub servicer fee 79,232.30 59,304.88 30,475.74 169,012.91
trustee fees 2,788.23 2,132.39 1,097.13 6,017.75
Aggregate advances N/A N/A N/A N/A
Advances this periods 88,551.12 66,437.28 36,642.82 191,631.22
- --------------------------------------------------------------------------------
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 Haz 8,023,670.60 8,023,670.60 8,023,670.60 24,071,011.79
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.137438% 100.000000% 747,268,587.30
-----------------------------------------------------------------------------
Junior 6.862562% 0.000000% 55,060,315.31
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 128 19,634,558.53
60 to 89 days 17 3,463,472.13
90 or more 18 2,136,743.18
Foreclosure 0 0.00
Totals: 163 25,234,773.84
- --------------------------------------------------------------------------------
<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 16,479,690.30 16,479,690.30
Principal remittance amount 11,363,271.73 11,363,271.73
Interest remittance amount 5,116,418.57 5,116,418.57
