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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A7
------------------------------------------------------------
<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 29,838,590.93 6.750000% 6,634,799.28 167,842.07 6,802,641.35 0.00 0.00
1A3 1,577,738.21 6.750000% 123,661.69 8,874.78 132,536.46 0.00 0.00
1A4 100,493,000.00 6.750000% 1,148,523.85 565,273.13 1,713,796.97 0.00 0.00
1A5 30,721,524.31 6.750000% 1,337,323.89 172,808.57 1,510,132.46 0.00 0.00
1A6 24,594,467.42 6.750000% 1,126,981.95 138,343.88 1,265,325.83 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 6.374380% 0.00 89,940.51 89,940.51 0.00 0.00
1A9 5,643,875.00 7.876860% 0.00 37,046.68 37,046.68 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 20,230,369.25 6.750000% 1,741,962.92 113,795.83 1,855,758.74 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 10,982,026.50 6.750000% 5,413,951.08 61,773.90 5,475,724.98 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 133,864,694.40 6.750000% 1,316,459.48 752,988.91 2,069,448.38 0.00 0.00
X1 361,837,237.83 0.923162% 0.00 278,361.95 278,361.95 0.00 0.00
X2 276,858,413.38 0.890999% 0.00 205,567.06 205,567.06 0.00 0.00
X3 142,820,448.80 0.933316% 0.00 111,080.52 111,080.52 0.00 0.00
PO1 53,246.44 0.000000% 45.72 0.00 45.72 0.00 0.00
PO2 69,774.76 0.000000% 71.89 0.00 71.89 0.00 0.00
PO3 4,270.52 0.000000% 4.57 0.00 4.57 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,835,437.91 6.750000% 17,953.48 145,324.34 163,277.82 0.00 0.00
B2 11,859,216.17 6.750000% 8,241.17 66,708.09 74,949.26 0.00 0.00
B3 6,776,410.31 6.750000% 4,709.04 38,117.31 42,826.35 0.00 0.00
B4 4,659,404.74 6.750000% 3,237.90 26,209.15 29,447.05 0.00 0.00
B5 2,117,005.57 6.750000% 1,471.14 11,908.16 13,379.30 0.00 0.00
B6 3,812,840.60 6.750000% 2,649.61 21,447.23 24,096.84 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 791,003,787.05 - 18,882,048.66 5,043,689.82 23,925,738.48 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 23,203,791.65 0.00
1A3 1,454,076.53 0.00
1A4 99,344,476.15 0.00
1A5 29,384,200.42 0.00
1A6 23,467,485.48 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 18,488,406.33 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 5,568,075.42 0.00
2A-7-a 104,769,040.00 0.00
2A-8-a 23,643,076.00 0.00
3A1 132,548,234.92 0.00
X1 351,452,240.00 0.00
X2 269,692,499.60 0.00
X3 141,498,517.07 0.00
PO1 53,200.71 0.00
PO2 69,702.87 0.00
PO3 4,265.94 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,817,484.43 0.00
B2 11,850,975.00 0.00
B3 6,771,701.27 0.00
B4 4,656,166.84 0.00
B5 2,115,534.43 0.00
B6 3,810,190.99 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 772,121,738.39 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A7
------------------------------------------------------------
<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 29,838,590.93 6.750000% 126671CY0 121.265500 3.067682 424.100153
1A3 1,577,738.21 6.750000% 126671CZ7 61.830843 4.437389 727.038265
1A4 100,493,000.00 6.750000% 126671DA1 11.428894 5.625000 988.571106
1A5 30,721,524.31 6.750000% 126671DB9 38.209254 4.937388 839.548583
1A6 24,594,467.42 6.750000% 126671DC7 45.079278 5.533755 938.699419
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 6.374380% 126671DE3 0.000000 5.311983 1,000.000000
1A9 5,643,875.00 7.876860% 126671DF0 0.000000 6.564050 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 20,230,369.25 6.750000% 126671DL7 69.789242 4.559066 740.711436
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 10,982,026.50 6.750000% 126671DQ6 210.802511 2.405285 216.803636
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 133,864,694.40 6.750000% 126671DT0 9.382008 5.366324 944.631169
X1 361,837,237.83 0.923162% 126671DX1 0.000000 0.706303 891.759303
X2 276,858,413.38 0.890999% 126671DY9 0.000000 0.693690 910.082771
X3 142,820,448.80 0.933316% 126671DZ6 0.000000 0.743999 947.733574
PO1 53,246.44 0.000000% 126671DU7 0.834379 0.000000 970.822696
PO2 69,774.76 0.000000% 126671DV5 1.025452 0.000000 994.210414
PO3 4,270.52 0.000000% 126671DW3 1.066425 0.000000 994.494281
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,835,437.91 6.750000% 126671EB8 0.692303 5.603838 995.545615
B2 11,859,216.17 6.750000% 126671EC6 0.692303 5.603838 995.545615
B3 6,776,410.31 6.750000% 126671ED4 0.692303 5.603838 995.545615
B4 4,659,404.74 6.750000% 126671CU8 0.692303 5.603838 995.545615
B5 2,117,005.57 6.750000% 126671CV6 0.692303 5.603838 995.545614
B6 3,812,840.60 6.750000% 126671CW4 0.692303 5.603838 995.545615
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 791,003,787.05 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A7
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 356,388,690.91 273,465,244.37 142,267,803.98 772,121,739.26
loan count 2305 1746 854 4905
ave loan rate 8.049573% 8.011421% 8.062106% 8.04
prepay amt 10,135,770.19 6,974,020.90 1,222,504.56 18,332,295.65
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 9,017.93 5,320.69 12,417.70 26,756.32
servicer fees 78,192.95 58,486.72 29,914.81 166,594.48
trustee fees 2,750.83 2,104.76 1,076.93 5,932.53
Aggregate advances N/A N/A N/A N/A
Advances this periods 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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 7,910,037.88 7,910,037.88 7,910,037.88 23,730,113.64
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.043685% 100.000000% 735,943,471.74
-----------------------------------------------------------------------------
Junior 6.956315% 0.000000% 55,022,052.96
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 99 17,921,660.55
60 to 89 days 17 2,390,511.62
90 or more 17 2,283,896.12
Foreclosure 0 0.00
Totals: 133 22,596,068.29
- --------------------------------------------------------------------------------
<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 23,925,738.48 23,925,738.48
Principal remittance amount 18,882,048.66 18,882,048.66
Interest remittance amount 5,043,689.82 5,043,689.82
