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): October 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 October 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 October 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: October 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 October 25, 1998
Payment Date: 10/25/98
------------------------------------------------------------
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 2,032,946.40 6.750000% 799,813.61 11,435.32 811,248.94 0.00 0.00
1A2 46,661,549.05 6.750000% 5,517,878.58 262,471.21 5,780,349.79 0.00 0.00
1A3 1,863,320.57 6.750000% 93,670.13 10,481.18 104,151.31 0.00 0.00
1A4 100,493,000.00 6.750000% 0.00 565,273.13 565,273.13 0.00 0.00
1A5 33,615,125.40 6.750000% 949,092.27 189,085.08 1,138,177.35 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 6.343750% 0.00 89,508.33 89,508.33 0.00 0.00
1A9 5,643,875.00 7.968750% 0.00 37,478.86 37,478.86 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 23,154,386.23 6.750000% 640,551.33 130,243.42 770,794.75 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 20,069,754.33 6.750000% 1,990,807.92 112,892.37 2,103,700.29 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 138,576,571.98 6.750000% 539,669.18 779,493.22 1,319,162.40 0.00 0.00
X1 383,325,746.90 0.922686% 0.00 294,741.07 294,741.07 0.00 0.00
X2 288,900,567.16 0.898423% 0.00 216,295.83 216,295.83 0.00 0.00
X3 147,549,498.76 0.938243% 0.00 115,364.35 115,364.35 0.00 0.00
PO1 54,704.11 0.000000% 46.22 0.00 46.22 0.00 0.00
PO2 69,968.86 0.000000% 61.14 0.00 61.14 0.00 0.00
PO3 4,282.54 0.000000% 3.73 0.00 3.73 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,888,739.81 6.750000% 17,691.12 145,624.16 163,315.29 0.00 0.00
B2 11,883,683.29 6.750000% 8,120.74 66,845.72 74,966.46 0.00 0.00
B3 6,790,390.94 6.750000% 4,640.23 38,195.95 42,836.18 0.00 0.00
B4 4,669,017.70 6.750000% 3,190.58 26,263.22 29,453.81 0.00 0.00
B5 2,121,373.23 6.750000% 1,449.64 11,932.72 13,382.37 0.00 0.00
B6 3,820,706.99 6.750000% 2,610.89 21,491.48 24,102.36 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 830,283,290.43 - 10,569,297.33 5,296,019.38 15,865,316.71 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 1,233,132.79 0.00
1A2 41,143,670.47 0.00
1A3 1,769,650.43 0.00
1A4 100,493,000.00 0.00
1A5 32,666,033.14 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 22,513,834.90 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 18,078,946.41 0.00
2A-7-a 104,769,040.00 0.00
2A-8-a 23,643,076.00 0.00
3A1 138,036,902.80 0.00
X1 375,952,721.61 0.00
X2 286,259,042.85 0.00
X3 147,003,941.05 0.00
PO1 54,657.89 0.00
PO2 69,907.72 0.00
PO3 4,278.81 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,871,048.68 0.00
B2 11,875,562.55 0.00
B3 6,785,750.71 0.00
B4 4,665,827.12 0.00
B5 2,119,923.59 0.00
B6 3,818,096.10 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 819,713,993.10 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
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 2,032,946.40 6.750000% 126671CX2 249.941754 3.573539 385.353996
1A2 46,661,549.05 6.750000% 126671CY0 100.851326 4.797237 751.990760
1A3 1,863,320.57 6.750000% 126671CZ7 46.835067 5.240589 884.825217
1A4 100,493,000.00 6.750000% 126671DA1 0.000000 5.625000 1,000.000000
1A5 33,615,125.40 6.750000% 126671DB9 27.116922 5.402431 933.315232
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 6.343750% 126671DE3 0.000000 5.286458 1,000.000000
1A9 5,643,875.00 7.968750% 126671DF0 0.000000 6.640625 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 23,154,386.23 6.750000% 126671DL7 25.662769 5.218016 901.984448
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 20,069,754.33 6.750000% 126671DQ6 77.515903 4.395680 703.938258
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 138,576,571.98 6.750000% 126671DT0 3.846059 5.555212 983.747244
X1 383,325,746.90 0.922686% 126671DX1 0.000000 0.747863 953.925737
X2 288,900,567.16 0.898423% 126671DY9 0.000000 0.729895 965.986905
X3 147,549,498.76 0.938243% 126671DZ6 0.000000 0.772691 984.607989
PO1 54,704.11 0.000000% 126671DU7 0.843491 0.000000 997.413703
PO2 69,968.86 0.000000% 126671DV5 0.872120 0.000000 997.132309
PO3 4,282.54 0.000000% 126671DW3 0.869229 0.000000 997.493924
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,888,739.81 6.750000% 126671EB8 0.682186 5.615400 997.611101
B2 11,883,683.29 6.750000% 126671EC6 0.682186 5.615400 997.611101
B3 6,790,390.94 6.750000% 126671ED4 0.682186 5.615400 997.611101
B4 4,669,017.70 6.750000% 126671CU8 0.682186 5.615400 997.611101
B5 2,121,373.23 6.750000% 126671CV6 0.682186 5.615400 997.611100
B6 3,820,706.99 6.750000% 126671CW4 0.682186 5.615400 997.611101
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 830,283,290.43 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 381,894,980.01 290,042,323.24 147,776,689.85 819,713,993.10
loan count 2390 1802 878 5070
avg loan rate 8.042194% 8.019481% 8.067155% 8.04
prepay amt 7,113,547.88 2,443,168.90 445,185.40 10,001,902.18
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 14,419.58 21,632.93 13,593.26 49,645.76
sub servicer fees 81,278.23 61,048.31 30,900.63 173,227.17
trustee fees 2,919.55 2,195.15 1,112.42 6,227.12
Aggregate advances N/A N/A N/A N/A
Advances this periods 206,032.96 0.00 0.00 206,032.96
- --------------------------------------------------------------------------------
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 8,302,832.90 8,302,832.90 8,302,832.90 24,908,498.71
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.359048% 100.000000% 775,109,378.47
-----------------------------------------------------------------------------
Junior 6.640952% 0.000000% 55,136,208.75
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 141 20,792,252.05
60 to 89 days 32 5,186,917.20
90 or more 6 1,460,996.62
Foreclosure 0 0.00
Totals: 179 27,440,165.87
- --------------------------------------------------------------------------------
<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 15,865,316.71 15,865,316.71
Principal remittance amount 10,569,297.33 10,569,297.33
Interest remittance amount 5,296,019.38 5,296,019.38
