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): August 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 August 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 August 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: August 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
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 13,834,116.82 6.750000% 1,001,181.15 77,816.91 1,078,998.06 0.00 0.00
1A3 1,019,751.54 6.750000% 46,409.08 5,736.10 52,145.18 0.00 0.00
1A4 70,684,153.08 6.750000% 3,062,451.55 397,598.36 3,460,049.91 0.00 0.00
1A5 22,878,653.85 6.750000% 695,139.45 128,692.43 823,831.88 0.00 0.00
1A6 17,985,168.45 6.750000% 585,803.94 101,166.57 686,970.52 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 5.926250% 0.00 83,617.54 83,617.54 0.00 0.00
1A9 5,643,875.00 9.221250% 0.00 43,369.65 43,369.65 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 11,114,366.78 6.750000% 2,131,631.57 62,518.31 2,194,149.88 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 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
2A-7-a 87,418,895.41 6.750000% 6,625,025.67 491,731.29 7,116,756.95 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 118,032,462.58 6.750000% 2,049,948.94 663,932.60 2,713,881.54 0.00 0.00
X1 300,891,971.57 0.921732% 0.00 231,112.11 231,112.11 0.00 0.00
X2 239,337,685.32 0.878251% 0.00 175,165.46 175,165.46 0.00 0.00
X3 126,947,139.56 0.917488% 0.00 97,060.36 97,060.36 0.00 0.00
PO1 52,919.50 0.000000% 47.81 0.00 47.81 0.00 0.00
PO2 69,262.92 0.000000% 65.71 0.00 65.71 0.00 0.00
PO3 4,240.86 0.000000% 3.97 0.00 3.97 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,702,161.94 6.750000% 23,928.67 144,574.66 168,503.33 0.00 0.00
B2 11,798,038.63 6.750000% 10,983.96 66,363.97 77,347.92 0.00 0.00
B3 6,741,453.19 6.750000% 6,276.28 37,920.67 44,196.96 0.00 0.00
B4 4,635,368.50 6.750000% 4,315.52 26,073.95 30,389.47 0.00 0.00
B5 2,106,084.68 6.750000% 1,960.76 11,846.73 13,807.49 0.00 0.00
B6 3,778,462.23 6.750000% 3,517.74 21,253.85 24,771.59 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 676,600,289.96 - 16,248,691.78 4,308,503.43 20,557,195.21 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 12,832,935.67 0.00
1A3 973,342.46 0.00
1A4 67,621,701.53 0.00
1A5 22,183,514.41 0.00
1A6 17,399,364.50 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 8,982,735.21 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 80,793,869.75 0.00
2A-8-a 23,643,076.00 0.00
3A1 115,982,513.64 0.00
X1 295,475,899.74 0.00
X2 230,570,418.32 0.00
X3 124,890,829.23 0.00
PO1 52,871.69 0.00
PO2 69,197.21 0.00
PO3 4,236.89 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,678,233.27 0.00
B2 11,787,054.67 0.00
B3 6,735,176.90 0.00
B4 4,631,052.98 0.00
B5 2,104,123.92 0.00
B6 3,774,944.49 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 660,351,598.18 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
------------------------------------------------------------
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 13,834,116.82 6.750000% 126671CY0 18.298780 1.422275 234.550028
1A3 1,019,751.54 6.750000% 126671CZ7 23.204540 2.868051 486.671231
1A4 70,684,153.08 6.750000% 126671DA1 30.474277 3.956478 672.899620
1A5 22,878,653.85 6.750000% 126671DB9 19.861127 3.676927 633.814697
1A6 17,985,168.45 6.750000% 126671DC7 23.432158 4.046663 695.974580
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 5.926250% 126671DE3 0.000000 4.938542 1,000.000000
1A9 5,643,875.00 9.221250% 126671DF0 0.000000 7.684375 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 11,114,366.78 6.750000% 126671DL7 85.400756 2.504706 359.880380
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 87,418,895.41 6.750000% 126671DR4 63.234575 4.693479 771.161688
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 118,032,462.58 6.750000% 126671DT0 14.609366 4.731647 826.572285
X1 300,891,971.57 0.921732% 126671DX1 0.000000 0.586414 749.727424
X2 239,337,685.32 0.878251% 126671DY9 0.000000 0.591099 778.064520
X3 126,947,139.56 0.917488% 126671DZ6 0.000000 0.650094 836.498038
PO1 52,919.50 0.000000% 126671DU7 0.872432 0.000000 964.818480
PO2 69,262.92 0.000000% 126671DV5 0.937304 0.000000 986.997872
PO3 4,240.86 0.000000% 126671DW3 0.926284 0.000000 987.720502
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,702,161.94 6.750000% 126671EB8 0.922711 5.574930 990.175964
B2 11,798,038.63 6.750000% 126671EC6 0.922711 5.574930 990.175964
B3 6,741,453.19 6.750000% 126671ED4 0.922711 5.574930 990.175964
B4 4,635,368.50 6.750000% 126671CU8 0.922711 5.574930 990.175964
B5 2,106,084.68 6.750000% 126671CV6 0.922711 5.574930 990.175963
B6 3,778,462.23 6.750000% 126671CW4 0.919133 5.553311 986.336233
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 676,600,289.96 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 300,380,959.63 234,317,449.02 125,653,190.13 660,351,598.78
loan count 2048 1578 766 4392
average loan rate 8.045567% 7.996881% 8.045781% 8.03
prepay amount 5,069,156.79 8,592,262.87 1,962,385.63 15,623,805.29
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 9,839.66 0.00 6,752.16 16,591.82
sub servicer fees 65,186.81 50,664.43 26,606.32 142,457.56
trustee fees 2,293.51 1,823.16 957.83 5,074.50
Aggregate advances N/A N/A N/A N/A
Advances this periods 49,939.27 59,265.85 26,082.59 135,287.71
- --------------------------------------------------------------------------------
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 0.00 14,709.53
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 6,766,002.91 6,766,002.91 6,766,002.91 20,298,008.72
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.913289% 100.000000% 621,838,720.79
-----------------------------------------------------------------------------
Junior 8.086711% 0.000000% 54,710,586.24
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 68 11,759,486.60
60 to 89 days 5 1,536,881.27
90 or more 4 715,956.14
Foreclosure 23 3,728,060.96
Totals: 100 17,740,384.97
- --------------------------------------------------------------------------------
<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 20,557,195.21 20,557,195.21
Principal remittance amount 16,248,691.78 16,248,691.78
Interest remittance amount 4,308,503.43 4,308,503.43
