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): September 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 September 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 September 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: September 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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
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 3,000,880.88 6.750000% 967,934.48 16,879.95 984,814.43 0.00 0.00
1A2 53,339,286.01 6.750000% 6,677,736.96 300,033.48 6,977,770.44 0.00 0.00
1A3 1,976,680.17 6.750000% 113,359.60 11,118.83 124,478.43 0.00 0.00
1A4 100,493,000.00 6.750000% 0.00 565,273.13 565,273.13 0.00 0.00
1A5 34,763,716.92 6.750000% 1,148,591.52 195,545.91 1,344,137.42 0.00 0.00
1A6 25,000,000.00 6.750000% 0.00 140,625.00 140,625.00 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 6.398440% 0.00 90,279.99 90,279.99 0.00 0.00
1A9 5,643,875.00 7.804680% 0.00 36,707.20 36,707.20 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 24,464,295.45 6.750000% 1,309,909.22 137,611.66 1,447,520.88 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 24,140,899.80 6.750000% 4,071,145.47 135,792.56 4,206,938.03 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 139,640,710.15 6.750000% 1,064,138.17 785,478.99 1,849,617.17 0.00 0.00
X1 392,266,653.24 0.925933% 0.00 302,677.21 302,677.21 0.00 0.00
X2 294,291,089.01 0.896904% 0.00 219,959.08 219,959.08 0.00 0.00
X3 148,619,532.00 0.939561% 0.00 116,364.28 116,364.28 0.00 0.00
PO1 54,750.07 0.000000% 45.96 0.00 45.96 0.00 0.00
PO2 70,048.53 0.000000% 79.67 0.00 79.67 0.00 0.00
PO3 4,286.12 0.000000% 3.58 0.00 3.58 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,915,947.70 6.750000% 27,207.89 145,777.21 172,985.10 0.00 0.00
B2 11,896,172.50 6.750000% 12,489.21 66,915.97 79,405.18 0.00 0.00
B3 6,797,527.33 6.750000% 7,136.39 38,236.09 45,372.48 0.00 0.00
B4 4,673,924.63 6.750000% 4,906.93 26,290.83 31,197.75 0.00 0.00
B5 2,123,602.70 6.750000% 2,229.47 11,945.27 14,174.73 0.00 0.00
B6 3,824,722.38 6.750000% 4,015.39 21,514.06 25,529.45 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 845,694,220.34 - 15,410,929.91 5,395,304.47 20,806,234.38 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 2,032,946.40 0.00
1A2 46,661,549.05 0.00
1A3 1,863,320.57 0.00
1A4 100,493,000.00 0.00
1A5 33,615,125.40 0.00
1A6 25,000,000.00 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 23,154,386.23 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 20,069,754.33 0.00
2A-7-a 104,769,040.00 0.00
2A-8-a 23,643,076.00 0.00
3A1 138,576,571.98 0.00
X1 383,325,746.90 0.00
X2 288,900,567.16 0.00
X3 147,549,498.76 0.00
PO1 54,704.11 0.00
PO2 69,968.86 0.00
PO3 4,282.54 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,888,739.81 0.00
B2 11,883,683.29 0.00
B3 6,790,390.94 0.00
B4 4,669,017.70 0.00
B5 2,121,373.23 0.00
B6 3,820,706.99 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 830,283,290.43 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
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 3,000,880.88 6.750000% 126671CX2 302.479525 5.274986 635.295750
1A2 53,339,286.01 6.750000% 126671CY0 122.050280 5.483770 852.842086
1A3 1,976,680.17 6.750000% 126671CZ7 56.679801 5.559413 931.660284
1A4 100,493,000.00 6.750000% 126671DA1 0.000000 5.625000 1,000.000000
1A5 34,763,716.92 6.750000% 126671DB9 32.816900 5.587026 960.432154
1A6 25,000,000.00 6.750000% 126671DC7 0.000000 5.625000 1,000.000000
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 6.398440% 126671DE3 0.000000 5.332033 1,000.000000
1A9 5,643,875.00 7.804680% 126671DF0 0.000000 6.503900 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 0.000000 0.000000
2A1 55,911,153.00 6.750000% 126671DK9 0.000000 5.625000 1,000.000000
2A2 24,464,295.45 6.750000% 126671DL7 52.479631 5.513214 927.647217
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 24,140,899.80 6.750000% 126671DQ6 158.517813 5.287342 781.454161
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 139,640,710.15 6.750000% 126671DT0 7.583791 5.597871 987.593303
X1 392,266,653.24 0.925933% 126671DX1 0.000000 0.768000 972.633724
X2 294,291,089.01 0.896904% 126671DY9 0.000000 0.742256 974.900782
X3 148,619,532.00 0.939561% 126671DZ6 0.000000 0.779389 988.262044
PO1 54,750.07 0.000000% 126671DU7 0.838603 0.000000 998.257194
PO2 70,048.53 0.000000% 126671DV5 1.136335 0.000000 998.004429
PO3 4,286.12 0.000000% 126671DW3 0.834899 0.000000 998.363154
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,915,947.70 6.750000% 126671EB8 1.049161 5.621301 998.293287
B2 11,896,172.50 6.750000% 126671EC6 1.049161 5.621301 998.293287
B3 6,797,527.33 6.750000% 126671ED4 1.049161 5.621301 998.293287
B4 4,673,924.63 6.750000% 126671CU8 1.049161 5.621301 998.293287
B5 2,123,602.70 6.750000% 126671CV6 1.049161 5.621301 998.293286
B6 3,824,722.38 6.750000% 126671CW4 1.049161 5.621301 998.293287
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 845,694,220.34 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin bal 389,273,117.82 292,687,167.48 148,323,005.13 830,283,290.43
Loan count 2419 1814 883 5116
Avg loan rate 8.045706% 8.018202% 8.068499% 8.04
Prepay amt 8,358,816.79 5,193,724.80 970,309.82 14,522,851.41
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 13,349.04 17,124.24 13,019.37 43,492.65
sub servicer fees 83,142.08 62,172.17 31,123.69 176,437.93
trustee fees 2,986.64 2,235.61 1,120.45 6,342.71
Aggregate advances N/A N/A N/A N/A
Advances this periods 129,562.44 88,824.84 49,102.13 267,489.41
- --------------------------------------------------------------------------------
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 0.00 0.00 17,005,553.00
Special Haz 8,456,942.20 8,456,942.20 8,456,942.20 25,370,826.61
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.475456% 100.000000% 790,462,323.10
-----------------------------------------------------------------------------
Junior 6.524544% 0.000000% 55,173,911.96
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 216 34,312,878.30
60 to 89 days 7 1,517,870.11
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 223 35,830,748.41
- --------------------------------------------------------------------------------
<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 20,806,234.38 20,806,234.38
Principal remittance amount 15,410,929.91 15,410,929.91
Interest remittance amount 5,395,304.47 5,395,304.47
