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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 18,322,223.53 6.750000% 1,530,194.30 103,062.51 1,633,256.81 0.00 0.00
1A3 1,227,794.72 6.750000% 70,931.13 6,906.35 77,837.47 0.00 0.00
1A4 84,412,547.14 6.750000% 4,680,617.40 474,820.58 5,155,437.98 0.00 0.00
1A5 25,994,833.20 6.750000% 1,062,443.52 146,220.94 1,208,664.45 0.00 0.00
1A6 20,611,217.30 6.750000% 895,336.33 115,938.10 1,011,274.43 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 5.656250% 0.00 79,807.92 79,807.92 0.00 0.00
1A9 5,643,875.00 10.031250% 0.00 47,179.27 47,179.27 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 14,796,773.37 6.750000% 1,698,509.27 83,231.85 1,781,741.12 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 98,863,667.82 6.750000% 5,278,898.87 556,108.13 5,835,007.00 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 126,437,858.99 6.750000% 2,074,034.24 711,212.96 2,785,247.19 0.00 0.00
X1 325,125,445.33 0.923150% 0.00 250,116.32 250,116.32 0.00 0.00
X2 254,496,531.89 0.884814% 0.00 187,651.81 187,651.81 0.00 0.00
X3 135,371,042.47 0.932393% 0.00 105,182.51 105,182.51 0.00 0.00
PO1 53,061.23 0.000000% 46.96 0.00 46.96 0.00 0.00
PO2 69,484.80 0.000000% 73.55 0.00 73.55 0.00 0.00
PO3 4,252.83 0.000000% 4.07 0.00 4.07 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,762,662.19 6.750000% 18,514.80 144,914.97 163,429.77 0.00 0.00
B2 11,825,810.00 6.750000% 8,498.83 66,520.18 75,019.01 0.00 0.00
B3 6,757,321.88 6.750000% 4,856.27 38,009.94 42,866.21 0.00 0.00
B4 4,646,279.69 6.750000% 3,339.13 26,135.32 29,474.46 0.00 0.00
B5 2,111,042.19 6.750000% 1,517.14 11,874.61 13,391.75 0.00 0.00
B6 3,802,100.47 6.750000% 2,732.42 21,386.82 24,119.23 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 724,443,660.32 - 17,330,548.23 4,617,233.00 21,947,781.23 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 16,792,029.23 0.00
1A3 1,156,863.59 0.00
1A4 79,731,929.74 0.00
1A5 24,932,389.68 0.00
1A6 19,715,880.97 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 13,098,264.10 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 93,584,768.94 0.00
2A-8-a 23,643,076.00 0.00
3A1 124,363,824.75 0.00
X1 316,871,834.95 0.00
X2 247,508,783.82 0.00
X3 133,290,936.52 0.00
PO1 53,014.26 0.00
PO2 69,411.24 0.00
PO3 4,248.76 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,744,147.39 0.00
B2 11,817,311.17 0.00
B3 6,752,465.60 0.00
B4 4,642,940.55 0.00
B5 2,109,525.05 0.00
B6 3,799,368.05 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 707,113,112.09 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 18,322,223.53 6.750000% 126671CY0 27.967655 1.883693 306.911140
1A3 1,227,794.72 6.750000% 126671CZ7 35.465565 3.453173 578.431793
1A4 84,412,547.14 6.750000% 126671DA1 46.576552 4.724912 793.407797
1A5 25,994,833.20 6.750000% 126671DB9 30.355529 4.177741 712.353991
1A6 20,611,217.30 6.750000% 126671DC7 35.813453 4.637524 788.635239
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 5.656250% 126671DE3 0.000000 4.713542 1,000.000000
1A9 5,643,875.00 10.031250% 126671DF0 0.000000 8.359375 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 14,796,773.37 6.750000% 126671DL7 68.048333 3.334564 524.763132
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 98,863,667.82 6.750000% 126671DR4 50.386057 5.307943 893.248320
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 126,437,858.99 6.750000% 126671DT0 14.781015 5.068600 886.303354
X1 325,125,445.33 0.923150% 126671DX1 0.000000 0.634634 804.016520
X2 254,496,531.89 0.884814% 126671DY9 0.000000 0.633235 835.223376
X3 135,371,042.47 0.932393% 126671DZ6 0.000000 0.704495 892.760562
PO1 53,061.23 0.000000% 126671DU7 0.857009 0.000000 967.420281
PO2 69,484.80 0.000000% 126671DV5 1.049149 0.000000 990.050772
PO3 4,252.83 0.000000% 126671DW3 0.948542 0.000000 990.489210
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,762,662.19 6.750000% 126671EB8 0.713947 5.588053 992.717672
B2 11,825,810.00 6.750000% 126671EC6 0.713947 5.588053 992.717672
B3 6,757,321.88 6.750000% 126671ED4 0.713947 5.588053 992.717672
B4 4,646,279.69 6.750000% 126671CU8 0.713947 5.588053 992.717672
B5 2,111,042.19 6.750000% 126671CV6 0.713947 5.588053 992.717671
B6 3,802,100.47 6.750000% 126671CW4 0.713940 5.588053 992.717742
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 724,443,660.32 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 321,790,448.56 251,266,904.72 134,055,759.41 707,113,112.69
loan count 2158 1653 814 4625
Ave loan rate 8.047927% 8.004208% 8.060938% 8.03
Prepay amt 8,021,655.07 6,805,386.17 1,982,797.37 16,809,838.61
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Servicing fees 11,255.18 4,618.05 8,863.80 24,737.03
Sub servicer fees70,309.07 53,824.90 28,361.83 152,495.80
Trustee fees 2,475.36 1,936.94 1,021.03 5,433.33
Aggregate advances N/A N/A N/A N/A
Advances this periods 61,658.15 54,634.88 25,789.70 142,082.73
- --------------------------------------------------------------------------------
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 Hazard 7,244,436.61 7,244,436.61 7,244,436.61 21,733,309.83
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.426085% 100.000000% 669,538,443.91
-----------------------------------------------------------------------------
Junior 7.573915% 0.000000% 54,865,757.82
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 74 11,709,469.33
60 to 89 days 10 2,212,155.55
90 or more 8 1,432,317.58
Foreclosure 19 3,370,236.76
Totals: 111 18,724,179.22
- --------------------------------------------------------------------------------
<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 21,947,781.23 21,947,781.23
Principal remittance amount 17,330,548.23 17,330,548.23
Interest remittance amount 4,617,233.00 4,617,233.00
