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, 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 December 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 December 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
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 10,612,267.38 6.750000% 472,732.33 59,694.00 532,426.33 0.00 0.00
1A3 870,404.87 6.750000% 21,913.19 4,896.03 26,809.22 0.00 0.00
1A4 60,829,035.65 6.750000% 1,446,011.89 342,163.33 1,788,175.21 0.00 0.00
1A5 20,641,661.44 6.750000% 328,227.20 116,109.35 444,336.55 0.00 0.00
1A6 16,100,022.98 6.750000% 276,601.75 90,562.63 367,164.38 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 6.340000% 0.00 89,455.42 89,455.42 0.00 0.00
1A9 5,643,875.00 7.980000% 0.00 37,531.77 37,531.77 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 6,945,669.26 6.750000% 1,076,919.88 39,069.39 1,115,989.27 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 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
2A-7-a 74,462,750.26 6.750000% 3,347,023.92 418,852.97 3,765,876.89 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 111,214,135.26 6.750000% 2,064,313.26 625,579.51 2,689,892.77 0.00 0.00
X1 283,473,529.48 0.913868% 0.00 215,881.10 215,881.10 0.00 0.00
X2 222,168,662.90 0.866039% 0.00 160,339.01 160,339.01 0.00 0.00
X3 120,090,678.47 0.913138% 0.00 91,382.84 91,382.84 0.00 0.00
PO1 52,724.60 0.000000% 48.94 0.00 48.94 0.00 0.00
PO2 68,997.73 0.000000% 67.26 0.00 67.26 0.00 0.00
PO3 4,228.11 0.000000% 3.88 0.00 3.88 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,619,451.78 6.750000% 19,969.17 144,109.42 164,078.59 0.00 0.00
B2 11,760,072.26 6.750000% 9,166.43 66,150.41 75,316.84 0.00 0.00
B3 6,719,759.03 6.750000% 5,237.74 37,798.64 43,036.38 0.00 0.00
B4 4,620,451.78 6.750000% 3,601.43 25,990.04 29,591.47 0.00 0.00
B5 2,099,307.25 6.750000% 1,636.31 11,808.60 13,444.92 0.00 0.00
B6 3,756,560.82 6.750000% 2,928.06 21,130.65 24,058.72 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 635,122,229.45 - 9,076,402.64 4,039,457.02 13,115,859.66 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 10,139,535.05 0.00
1A3 848,491.68 0.00
1A4 59,383,023.76 0.00
1A5 20,313,434.23 0.00
1A6 15,823,421.23 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 5,868,749.38 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 71,115,726.34 0.00
2A-8-a 23,643,076.00 0.00
3A1 109,149,822.00 0.00
X1 280,912,585.51 0.00
X2 217,733,412.31 0.00
X3 118,019,593.29 0.00
PO1 52,675.66 0.00
PO2 68,930.46 0.00
PO3 4,224.22 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,599,482.61 0.00
B2 11,750,905.83 0.00
B3 6,714,521.29 0.00
B4 4,616,850.35 0.00
B5 2,097,670.94 0.00
B6 3,753,632.75 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 626,045,826.81 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
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 10,612,267.38 6.750000% 126671CY0 8.640219 1.091039 185.322228
1A3 870,404.87 6.750000% 126671CZ7 10.956595 2.448014 424.245842
1A4 60,829,035.65 6.750000% 126671DA1 14.389180 3.404847 590.917017
1A5 20,641,661.44 6.750000% 126671DB9 9.377920 3.317410 580.383835
1A6 16,100,022.98 6.750000% 126671DC7 11.064070 3.622505 632.936849
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 6.340000% 126671DE3 0.000000 5.283333 1,000.000000
1A9 5,643,875.00 7.980000% 126671DF0 0.000000 6.650000 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 0.033709 0.000000
2A1 55,911,153.00 6.750000% 126671DK9 0.000000 5.625000 1,000.000000
2A2 6,945,669.26 6.750000% 126671DL7 43.145248 1.565259 235.123012
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 0.00 6.750000% 126671DQ6 0.000000 0.000000 0.000000
2A-7-a 74,462,750.26 6.750000% 126671DR4 31.946689 3.997870 678.785702
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 111,214,135.26 6.750000% 126671DT0 14.711736 4.458316 777.877759
X1 283,473,529.48 0.913868% 126671DX1 0.000000 0.547767 712.775117
X2 222,168,662.90 0.866039% 126671DY9 0.000000 0.541067 734.745785
X3 120,090,678.47 0.913138% 126671DZ6 0.000000 0.612067 790.475641
PO1 52,724.60 0.000000% 126671DU7 0.893018 0.000000 961.241316
PO2 68,997.73 0.000000% 126671DV5 0.959413 0.000000 983.193174
PO3 4,228.11 0.000000% 126671DW3 0.905303 0.000000 984.768465
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,619,451.78 6.750000% 126671EB8 0.770029 5.556990 987.139267
B2 11,760,072.26 6.750000% 126671EC6 0.770029 5.556990 987.139267
B3 6,719,759.03 6.750000% 126671ED4 0.770029 5.556990 987.139267
B4 4,620,451.78 6.750000% 126671CU8 0.770029 5.556990 987.139267
B5 2,099,307.25 6.750000% 126671CV6 0.770029 5.556990 987.139266
B6 3,756,560.82 6.750000% 126671CW4 0.765059 5.521122 980.767798
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 635,122,229.45 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 285,799,113.85 221,465,485.74 118,781,227.82 626,045,827.41
loan count 1937 1489 727 4153
avg loan rate 8.036654% 7.983767% 8.041142% 8.02
prepay amtt 2,340,122.94 4,263,173.86 1,978,102.09 8,581,398.89
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 20,618.95 4,046.74 5,353.30 30,019.00
sub servicer fees 61,402.70 47,084.39 25,177.71 133,664.79
trustee fees 2,162.74 1,694.28 906.40 4,763.42
Aggregate advances N/A N/A N/A N/A
Advances this periods 58,120.28 56,963.09 31,328.31 146,411.68
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 14,709.53 0.00 9,749.77 24,459.30
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 4,000,689.66 3,001,319.72 1,500,767.25 8,502,776.64
Special Hazard 6,351,222.30 6,351,222.30 6,351,222.30 19,053,666.90
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.413194% 100.000000% 580,546,626.53
-----------------------------------------------------------------------------
Junior 8.586806% 0.000000% 54,533,063.78
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 81 13,219,992.79
60 to 89 days 8 1,236,954.88
90 or more 2 224,043.92
Foreclosure 21 3,664,155.20
Totals: 112 18,345,146.79
- --------------------------------------------------------------------------------
<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
Totals: 0 N/A
Current Total Outstanding Balance: 782,749.22
Current Total Outstanding Number of Loans: 5
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 13,115,859.66 13,115,859.66
Principal remittance amount 9,076,402.64 9,076,402.64
Interest remittance amount 4,039,457.02 4,039,457.02
