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): March 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 March 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 March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
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 21,676,860.18 6.750000% 1,368,822.20 121,932.34 1,490,754.54 0.00 0.00
1A3 1,383,296.65 6.750000% 63,450.83 7,781.04 71,231.88 0.00 0.00
1A4 94,673,839.25 6.750000% 4,187,006.19 532,540.35 4,719,546.53 0.00 0.00
1A5 28,324,022.35 6.750000% 950,399.74 159,322.63 1,109,722.37 0.00 0.00
1A6 22,574,058.27 6.750000% 800,915.44 126,979.08 927,894.52 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 5.686880% 0.00 80,240.10 80,240.10 0.00 0.00
1A9 5,643,875.00 9.939360% 0.00 46,747.09 46,747.09 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 17,712,755.67 6.750000% 1,368,208.95 99,634.25 1,467,843.20 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 3,157,384.20 6.750000% 3,157,384.20 17,760.29 3,175,144.48 0.00 0.00
2A-7-a 104,769,040.00 6.750000% 1,094,954.49 589,325.85 1,684,280.34 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 130,704,708.86 6.750000% 2,183,211.26 735,213.99 2,918,425.25 0.00 0.00
X1 343,216,697.44 0.925871% 0.00 264,812.04 264,812.04 0.00 0.00
X2 266,495,959.37 0.883685% 0.00 196,248.67 196,248.67 0.00 0.00
X3 139,649,521.83 0.933020% 0.00 108,579.79 108,579.79 0.00 0.00
PO1 53,154.34 0.000000% 46.42 0.00 46.42 0.00 0.00
PO2 69,628.60 0.000000% 70.68 0.00 70.68 0.00 0.00
PO3 4,261.34 0.000000% 4.79 0.00 4.79 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,799,288.30 6.750000% 18,310.04 145,121.00 163,431.03 0.00 0.00
B2 11,842,622.45 6.750000% 8,404.84 66,614.75 75,019.59 0.00 0.00
B3 6,766,928.59 6.750000% 4,802.56 38,063.97 42,866.54 0.00 0.00
B4 4,652,885.18 6.750000% 3,302.20 26,172.48 29,474.68 0.00 0.00
B5 2,114,043.40 6.750000% 1,500.36 11,891.49 13,391.85 0.00 0.00
B6 3,807,505.57 6.750000% 2,702.23 21,417.22 24,119.45 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 758,831,012.21 - 15,213,497.42 4,837,350.33 20,050,847.75 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 20,308,037.98 0.00
1A3 1,319,845.81 0.00
1A4 90,486,833.06 0.00
1A5 27,373,622.61 0.00
1A6 21,773,142.83 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 16,344,546.73 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 0.00 0.00
2A-7-a 103,674,085.51 0.00
2A-8-a 23,643,076.00 0.00
3A1 128,521,497.60 0.00
X1 335,832,168.11 0.00
X2 260,864,984.81 0.00
X3 137,460,936.80 0.00
PO1 53,107.92 0.00
PO2 69,557.93 0.00
PO3 4,256.55 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,780,978.26 0.00
B2 11,834,217.61 0.00
B3 6,762,126.02 0.00
B4 4,649,582.98 0.00
B5 2,112,543.04 0.00
B6 3,804,803.35 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 743,617,514.79 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
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 21,676,860.18 6.750000% 126671CY0 25.018226 2.228581 371.173907
1A3 1,383,296.65 6.750000% 126671CZ7 31.725417 3.890522 659.922906
1A4 94,673,839.25 6.750000% 126671DA1 41.664655 5.299278 900.429215
1A5 28,324,022.35 6.750000% 126671DB9 27.154278 4.552075 782.103503
1A6 22,574,058.27 6.750000% 126671DC7 32.036618 5.079163 870.925713
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 5.686880% 126671DE3 0.000000 4.739067 1,000.000000
1A9 5,643,875.00 9.939360% 126671DF0 0.000000 8.282800 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 0.048929 0.000000
2A1 55,911,153.00 6.750000% 126671DK9 0.000000 5.625000 1,000.000000
2A2 17,712,755.67 6.750000% 126671DL7 54.815326 3.991703 654.820781
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 3,157,384.20 6.750000% 126671DQ6 122.938775 0.691531 0.000000
2A-7-a104,769,040.00 6.750000% 126671DR4 10.451126 5.625000 989.548874
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 130,704,708.86 6.750000% 126671DT0 15.559086 5.239648 915.933830
X1 343,216,697.44 0.925871% 126671DX1 0.000000 0.671922 852.125627
X2 266,495,959.37 0.883685% 126671DY9 0.000000 0.662245 880.294145
X3 139,649,521.83 0.933020% 126671DZ6 0.000000 0.727249 920.690531
PO1 53,154.34 0.000000% 126671DU7 0.847072 0.000000 969.129309
PO2 69,628.60 0.000000% 126671DV5 1.008085 0.000000 992.143042
PO3 4,261.34 0.000000% 126671DW3 1.117317 0.000000 992.304287
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,799,288.30 6.750000% 126671EB8 0.706052 5.595997 994.137904
B2 11,842,622.45 6.750000% 126671EC6 0.706052 5.595997 994.137904
B3 6,766,928.59 6.750000% 126671ED4 0.706052 5.595997 994.137904
B4 4,652,885.18 6.750000% 126671CU8 0.706052 5.595997 994.137904
B5 2,114,043.40 6.750000% 126671CV6 0.706052 5.595997 994.137903
B6 3,807,505.57 6.750000% 126671CW4 0.706052 5.595997 994.137904
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 758,831,012.21 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 340,759,666.84 264,630,484.72 138,227,364.10 743,617,515.66
loan count 2237 1703 837 4777
ave loan rate 8.051604% 8.003716% 8.061712% 8.04
prepay amt 7,142,660.01 5,441,456.84 2,090,795.36 14,674,912.21
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 11,265.98 9,526.77 5,649.84 26,442.59
sub servicer fees 74,236.62 56,326.31 29,253.63 159,816.57
trustee fees 2,611.11 2,026.99 1,053.13 5,691.23
Aggregate advances N/A N/A N/A N/A
Advances this periods 72,183.74 83,269.15 28,672.96 184,125.85
- --------------------------------------------------------------------------------
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 7,588,310.13 7,588,310.13 7,588,310.13 22,764,930.39
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.758984% 100.000000% 703,847,738.72
-----------------------------------------------------------------------------
Junior 7.241016% 0.000000% 54,944,251.26
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 109 16,580,275.97
60 to 89 days 14 2,328,301.93
90 or more 21 4,537,822.56
Foreclosure 5 620,857.57
Totals: 149 24,067,258.03
- --------------------------------------------------------------------------------
<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 20,050,847.75 20,050,847.75
Principal remittance amount 15,213,497.42 15,213,497.42
Interest remittance amount 4,837,350.33 4,837,350.33
