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-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 November 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 November 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: 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
------------------------------------------------------------
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 1,233,132.79 6.750000% 1,098,765.70 6,931.33 1,105,697.03 0.00 5.04
1A2 41,143,670.47 6.750000% 7,580,335.72 231,264.95 7,811,600.67 0.00 168.20
1A3 1,769,650.43 6.750000% 128,681.89 9,947.05 138,628.94 0.00 7.23
1A4 100,493,000.00 6.750000% 0.00 564,862.30 564,862.30 0.00 410.82
1A5 32,666,033.14 6.750000% 1,303,841.31 183,612.90 1,487,454.20 0.00 133.54
1A6 25,000,000.00 6.750000% 0.00 140,522.80 140,522.80 0.00 102.20
1A7 51,028,000.00 6.750000% 0.00 286,823.89 286,823.89 0.00 208.61
1A8 16,931,625.00 5.969380% 0.00 84,164.87 84,164.87 0.00 61.21
1A9 5,643,875.00 9.091860% 0.00 42,730.02 42,730.02 0.00 31.08
1A10 64,731,000.00 6.750000% 0.00 363,847.25 363,847.25 0.00 264.62
1A11 10,000,000.00 6.750000% 0.00 56,209.12 56,209.12 0.00 40.88
1A12 5,269,000.00 6.750000% 0.00 29,616.59 29,616.59 0.00 21.54
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 22,513,834.90 6.750000% 1,389,905.77 126,640.32 1,516,546.09 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 18,078,946.41 6.750000% 4,319,771.55 101,694.07 4,421,465.63 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 138,036,902.80 6.750000% 1,486,460.08 776,457.58 2,262,917.66 0.00 0.00
X1 375,952,721.61 0.920689% 0.00 288,236.67 288,236.67 0.00 209.63
X2 286,259,042.85 0.897908% 0.00 214,195.29 214,195.29 0.00 0.00
X3 147,003,941.05 0.936621% 0.00 114,739.17 114,739.17 0.00 0.00
PO1 54,657.89 0.000000% 1,369.74 0.00 1,369.74 0.00 0.00
PO2 69,907.72 0.000000% 61.54 0.00 61.54 0.00 0.00
PO3 4,278.81 0.000000% 3.74 0.00 3.74 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,871,048.68 6.750000% 17,707.10 145,467.74 163,174.84 0.00 56.91
B2 11,875,562.55 6.750000% 8,128.07 66,773.92 74,901.99 0.00 26.12
B3 6,785,750.71 6.750000% 4,644.42 38,154.92 42,799.34 0.00 14.93
B4 4,665,827.12 6.750000% 3,193.46 26,235.01 29,428.48 0.00 10.26
B5 2,119,923.59 6.750000% 1,450.95 11,919.91 13,370.86 0.00 4.66
B6 3,818,096.10 6.750000% 2,613.25 21,468.39 24,081.64 0.00 8.40
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 819,713,993.10 - 17,346,934.32 5,225,761.34 22,572,695.66 - 1,785.89
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 134,367.09 5.04
1A2 33,563,334.75 168.20
1A3 1,640,968.54 7.23
1A4 100,493,000.00 410.82
1A5 31,362,191.83 133.54
1A6 25,000,000.00 102.20
1A7 51,028,000.00 208.61
1A8 16,931,625.00 61.21
1A9 5,643,875.00 31.08
1A10 64,731,000.00 264.62
1A11 10,000,000.00 40.88
1A12 5,269,000.00 21.54
Residual AR 0.00 0.00
2A1 55,911,153.00 0.00
2A2 21,123,929.12 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 13,759,174.85 0.00
2A-7-a 104,769,040.00 0.00
2A-8-a 23,643,076.00 0.00
3A1 136,550,442.72 0.00
X1 366,819,656.71 209.63
X2 280,539,273.09 0.00
X3 145,511,548.19 0.00
PO1 53,288.15 0.00
PO2 69,846.18 0.00
PO3 4,275.07 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,853,341.58 56.91
B2 11,867,434.47 26.12
B3 6,781,106.29 14.93
B4 4,662,633.66 10.26
B5 2,118,472.63 4.66
B6 3,815,482.86 8.40
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 802,367,058.78 1,785.89
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
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 1,233,132.79 6.750000% 126671CX2 343.364280 2.166041 41.989716
1A2 41,143,670.47 6.750000% 126671CY0 138.547251 4.226874 613.443510
1A3 1,769,650.43 6.750000% 126671CZ7 64.340947 4.973525 820.484270
1A4 100,493,000.00 6.750000% 126671DA1 0.000000 5.620912 1,000.000000
1A5 32,666,033.14 6.750000% 126671DB9 37.252609 5.246083 896.062624
1A6 25,000,000.00 6.750000% 126671DC7 0.000000 5.620912 1,000.000000
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.620912 1,000.000000
1A8 16,931,625.00 5.969380% 126671DE3 0.000000 4.970868 1,000.000000
1A9 5,643,875.00 9.091860% 126671DF0 0.000000 7.571044 1,000.000000
1A10 64,731,000.00 6.750000% 126671DG8 0.000000 5.620912 1,000.000000
1A11 10,000,000.00 6.750000% 126671DH6 0.000000 5.620912 1,000.000000
1A12 5,269,000.00 6.750000% 126671DJ2 0.000000 5.620912 1,000.000000
Residual AR 0.00 6.750000% 126671EA0 0.000000 0.048929 0.000000
2A1 55,911,153.00 6.750000% 126671DK9 0.000000 5.625000 1,000.000000
2A2 22,513,834.90 6.750000% 126671DL7 55.684578 5.073663 846.299870
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 18,078,946.41 6.750000% 126671DQ6 168.198544 3.959653 535.739714
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 138,036,902.80 6.750000% 126671DT0 10.593551 5.533578 973.153693
X1 375,952,721.61 0.920689% 126671DX1 0.000000 0.731359 930.751904
X2 286,259,042.85 0.897908% 126671DY9 0.000000 0.722806 946.685427
X3 147,003,941.05 0.936621% 126671DZ6 0.000000 0.768504 974.612190
PO1 54,657.89 0.000000% 126671DU7 24.995385 0.000000 972.418318
PO2 69,907.72 0.000000% 126671DV5 0.877812 0.000000 996.254497
PO3 4,278.81 0.000000% 126671DW3 0.873032 0.000000 996.620892
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,871,048.68 6.750000% 126671EB8 0.682802 5.609368 996.928299
B2 11,875,562.55 6.750000% 126671EC6 0.682802 5.609368 996.928299
B3 6,785,750.71 6.750000% 126671ED4 0.682802 5.609368 996.928299
B4 4,665,827.12 6.750000% 126671CU8 0.682802 5.609368 996.928299
B5 2,119,923.59 6.750000% 126671CV6 0.682802 5.609368 996.928298
B6 3,818,096.10 6.750000% 126671CW4 0.682802 5.609368 996.928299
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 819,713,993.10 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgsage Corporation
Mortgage Pass - Through Certificates, Series 1998-I
Residential Asset Securitization Trust 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 371,764,340.16 284,319,180.36 146,283,539.13 802,367,059.65
loan count 2358 1789 876 5023
avg loan rate 8.044998% 8.018866% 8.065528% 8.04
prepay amt 9,833,264.81 5,523,447.09 1,391,648.72 16,748,360.62
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 0.00 12,412.22 10,560.93 22,973.16
sub servicer fee 81,343.87 60,497.25 30,786.81 172,627.93
trustee fees 2,864.21 2,175.32 1,108.33 6,147.85
Aggregate advances N/A N/A N/A N/A
Advances this periods 93,798.40 50,260.21 22,105.70 166,164.31
- --------------------------------------------------------------------------------
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 8,197,139.94 8,197,139.94 8,197,139.94 24,591,419.82
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.278020% 100.000000% 764,577,784.35
-----------------------------------------------------------------------------
Junior 6.721980% 0.000000% 55,098,471.48
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 104 16,491,287.55
60 to 89 days 21 2,751,413.63
90 or more 16 2,846,855.41
Foreclosure 0 0.00
Totals: 141 22,089,556.59
- --------------------------------------------------------------------------------
<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 22,572,695.66 22,572,695.66
Principal remittance amount 17,346,934.32 17,346,934.32
Interest remittance amount 5,225,761.34 5,225,761.34
