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): November 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 November 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 November 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
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 11,295,164.12 6.750000% 682,896.74 63,535.30 746,432.04 0.00 0.00
1A3 902,060.09 6.750000% 31,655.22 5,074.09 36,729.31 0.00 0.00
1A4 62,917,906.55 6.750000% 2,088,870.91 353,913.22 2,442,784.13 0.00 0.00
1A5 21,115,809.86 6.750000% 474,148.42 118,776.43 592,924.85 0.00 0.00
1A6 16,499,594.63 6.750000% 399,571.65 92,810.22 492,381.87 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 6.158750% 0.00 86,898.04 86,898.04 0.00 0.00
1A9 5,643,875.00 8.523750% 0.00 40,089.15 40,089.15 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 7,469,157.56 6.750000% 523,488.30 42,014.01 565,502.31 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 76,089,730.95 6.750000% 1,626,980.70 428,004.74 2,054,985.43 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 112,427,907.30 6.750000% 1,213,772.04 632,406.98 1,846,179.02 0.00 0.00
X1 287,165,849.00 0.915493% 0.00 219,081.92 219,081.92 0.00 0.00
X2 224,330,481.81 0.868148% 0.00 162,293.37 162,293.37 0.00 0.00
X3 121,310,963.68 0.912271% 0.00 92,223.69 92,223.69 0.00 0.00
PO1 52,773.24 0.000000% 48.64 0.00 48.64 0.00 0.00
PO2 69,064.60 0.000000% 66.88 0.00 66.88 0.00 0.00
PO3 4,232.30 0.000000% 4.19 0.00 4.19 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,639,275.48 6.750000% 19,823.70 144,220.92 164,044.63 0.00 0.00
B2 11,769,171.92 6.750000% 9,099.66 66,201.59 75,301.25 0.00 0.00
B3 6,724,958.62 6.750000% 5,199.59 37,827.89 43,027.48 0.00 0.00
B4 4,624,026.97 6.750000% 3,575.19 26,010.15 29,585.34 0.00 0.00
B5 2,100,931.65 6.750000% 1,624.39 11,817.74 13,442.13 0.00 0.00
B6 3,759,467.55 6.750000% 2,906.73 21,147.00 24,053.74 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 642,205,962.40 - 7,083,732.95 4,085,298.37 11,169,031.32 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 10,612,267.38 0.00
1A3 870,404.87 0.00
1A4 60,829,035.65 0.00
1A5 20,641,661.44 0.00
1A6 16,100,022.98 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 6,945,669.26 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 74,462,750.26 0.00
2A-8-a 23,643,076.00 0.00
3A1 111,214,135.26 0.00
X1 283,473,529.48 0.00
X2 222,168,662.90 0.00
X3 120,090,678.47 0.00
PO1 52,724.60 0.00
PO2 68,997.73 0.00
PO3 4,228.11 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,619,451.78 0.00
B2 11,760,072.26 0.00
B3 6,719,759.03 0.00
B4 4,620,451.78 0.00
B5 2,099,307.25 0.00
B6 3,756,560.82 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 635,122,229.45 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
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 11,295,164.12 6.750000% 126671CY0 12.481435 1.161247 193.962447
1A3 902,060.09 6.750000% 126671CZ7 15.827610 2.537044 435.202437
1A4 62,917,906.55 6.750000% 126671DA1 20.786233 3.521770 605.306197
1A5 21,115,809.86 6.750000% 126671DB9 13.547098 3.393612 589.761755
1A6 16,499,594.63 6.750000% 126671DC7 15.982866 3.712409 644.000919
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 6.158750% 126671DE3 0.000000 5.132292 1,000.000000
1A9 5,643,875.00 8.523750% 126671DF0 0.000000 7.103125 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 7,469,157.56 6.750000% 126671DL7 20.972807 1.683231 278.268260
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 76,089,730.95 6.750000% 126671DR4 15.529213 4.085222 710.732391
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 112,427,907.30 6.750000% 126671DT0 8.650186 4.506973 792.589495
X1 287,165,849.00 0.915493% 126671DX1 0.000000 0.555889 719.273143
X2 224,330,481.81 0.868148% 126671DY9 0.000000 0.547662 749.712627
X3 121,310,963.68 0.912271% 126671DZ6 0.000000 0.617699 804.347425
PO1 52,773.24 0.000000% 126671DU7 0.887668 0.000000 962.134334
PO2 69,064.60 0.000000% 126671DV5 0.953890 0.000000 984.152588
PO3 4,232.30 0.000000% 126671DW3 0.976674 0.000000 985.673768
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,639,275.48 6.750000% 126671EB8 0.764420 5.561290 987.909296
B2 11,769,171.92 6.750000% 126671EC6 0.764420 5.561290 987.909296
B3 6,724,958.62 6.750000% 126671ED4 0.764420 5.561290 987.909296
B4 4,624,026.97 6.750000% 126671CU8 0.764420 5.561290 987.909296
B5 2,100,931.65 6.750000% 126671CV6 0.764420 5.561290 987.909295
B6 3,759,467.55 6.750000% 126671CW4 0.759486 5.525394 981.532857
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 642,205,962.40 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 288,364,708.10 225,904,508.38 120,853,013.57 635,122,230.05
loan count 1960 1505 733 4198
ave loan rate 8.038382% 7.985979% 8.040333% 8.02
prepay amt 3,472,331.34 1,987,918.53 1,126,880.35 6,587,130.22
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 16,047.57 16,921.82 9,675.94 42,645.33
sub servicer fees 62,173.84 47,535.57 25,432.13 135,141.54
trustee fees 2,190.46 1,710.53 915.56 4,816.54
Aggregate advances N/A N/A N/A N/A
Advances this periods 44,216.57 53,859.35 23,079.42 121,155.34
- --------------------------------------------------------------------------------
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 6,422,059.63 6,422,059.63 6,422,059.63 19,266,178.89
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.501295% 100.000000% 587,588,130.21
-----------------------------------------------------------------------------
Junior 8.498705% 0.000000% 54,575,602.92
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 66 10,033,668.72
60 to 89 days 11 1,546,668.45
90 or more 2 214,038.74
Foreclosure 17 3,215,886.90
Totals: 96 15,010,262.81
- --------------------------------------------------------------------------------
<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: 783,262.93
Current Total Outstanding Number of Loans: 5
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 11,169,031.32 11,169,031.32
Principal remittance amount 7,083,732.95 7,083,732.95
Interest remittance amount 4,085,298.37 4,085,298.37
