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): July 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 15,314,070.54 6.750000% 1,479,953.72 86,141.65 1,566,095.37 0.00 0.00
1A3 1,088,353.80 6.750000% 68,602.26 6,121.99 74,724.25 0.00 0.00
1A4 75,211,092.65 6.750000% 4,526,939.57 423,062.40 4,950,001.96 0.00 0.00
1A5 23,906,214.36 6.750000% 1,027,560.51 134,472.46 1,162,032.96 0.00 0.00
1A6 18,851,108.37 6.750000% 865,939.92 106,037.48 971,977.41 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 5.842500% 0.00 82,435.85 82,435.85 0.00 0.00
1A9 5,643,875.00 9.472500% 0.00 44,551.34 44,551.34 0.00 0.00
1A10 64,731,000.00 6.750000% 0.00 364,111.87 364,111.87 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 29,638.12 29,638.12 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 11,942,709.52 6.750000% 828,342.74 67,177.74 895,520.48 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 89,993,351.52 6.750000% 2,574,456.11 506,212.60 3,080,668.71 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 120,923,642.41 6.750000% 2,891,179.83 680,195.49 3,571,375.32 0.00 0.00
X1 308,899,371.31 0.921193% 0.00 237,130.05 237,130.05 0.00 0.00
X2 242,751,253.23 0.881855% 0.00 178,392.83 178,392.83 0.00 0.00
X3 129,844,444.80 0.922081% 0.00 99,772.60 99,772.60 0.00 0.00
PO1 52,967.01 0.000000% 47.51 0.00 47.51 0.00 0.00
PO2 69,337.26 0.000000% 74.34 0.00 74.34 0.00 0.00
PO3 4,245.00 0.000000% 4.14 0.00 4.14 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,725,445.83 6.750000% 23,283.89 144,705.63 167,989.52 0.00 0.00
B2 11,808,726.61 6.750000% 10,687.98 66,424.09 77,112.07 0.00 0.00
B3 6,747,560.35 6.750000% 6,107.16 37,955.03 44,062.19 0.00 0.00
B4 4,639,567.74 6.750000% 4,199.23 26,097.57 30,296.80 0.00 0.00
B5 2,107,992.61 6.750000% 1,907.93 11,857.46 13,765.39 0.00 0.00
B6 3,796,608.04 6.750000% 3,436.28 21,355.92 24,792.20 14,709.53 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 690,927,722.62 - 14,312,723.13 4,401,052.08 18,713,775.21 14,709.53 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 0.00 0.00
1A2 13,834,116.82 0.00
1A3 1,019,751.54 0.00
1A4 70,684,153.08 0.00
1A5 22,878,653.85 0.00
1A6 17,985,168.45 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 11,114,366.78 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 87,418,895.41 0.00
2A-8-a 23,643,076.00 0.00
3A1 118,032,462.58 0.00
X1 300,891,971.57 0.00
X2 239,337,685.32 0.00
X3 126,947,139.56 0.00
PO1 52,919.50 0.00
PO2 69,262.92 0.00
PO3 4,240.86 0.00
- --------------------------------------------------------------------------------
Subordinate B1 25,702,161.94 0.00
B2 11,798,038.63 0.00
B3 6,741,453.19 0.00
B4 4,635,368.50 0.00
B5 2,106,084.68 0.00
B6 3,778,462.23 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 676,600,289.96 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 15,314,070.54 6.750000% 126671CY0 27.049398 1.574427 252.848808
1A3 1,088,353.80 6.750000% 126671CZ7 34.301131 3.060995 509.875771
1A4 75,211,092.65 6.750000% 126671DA1 45.047312 4.209869 703.373898
1A5 23,906,214.36 6.750000% 126671DB9 29.358872 3.842070 653.675824
1A6 18,851,108.37 6.750000% 126671DC7 34.637597 4.241499 719.406738
1A7 51,028,000.00 6.750000% 126671DD5 0.000000 5.625000 1,000.000000
1A8 16,931,625.00 5.842500% 126671DE3 0.000000 4.868750 1,000.000000
1A9 5,643,875.00 9.472500% 126671DF0 0.000000 7.893750 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 11,942,709.52 6.750000% 126671DL7 33.186362 2.691380 445.281136
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 89,993,351.52 6.750000% 126671DR4 24.572680 4.831700 834.396263
2A-8-a 23,643,076.00 6.750000% 126671DS2 0.000000 5.625000 1,000.000000
3A1 120,923,642.41 6.750000% 126671DT0 20.604564 4.847547 841.181651
X1 308,899,371.31 0.921193% 126671DX1 0.000000 0.601683 763.469924
X2 242,751,253.23 0.881855% 126671DY9 0.000000 0.601990 807.649839
X3 129,844,444.80 0.922081% 126671DZ6 0.000000 0.668260 850.270863
PO1 52,967.01 0.000000% 126671DU7 0.867025 0.000000 965.690912
PO2 69,337.26 0.000000% 126671DV5 1.060382 0.000000 987.935175
PO3 4,245.00 0.000000% 126671DW3 0.965302 0.000000 988.646785
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 25,725,445.83 6.750000% 126671EB8 0.897848 5.579980 991.098675
B2 11,808,726.61 6.750000% 126671EC6 0.897848 5.579980 991.098675
B3 6,747,560.35 6.750000% 126671ED4 0.897848 5.579980 991.098675
B4 4,639,567.74 6.750000% 126671CU8 0.897848 5.579980 991.098675
B5 2,107,992.61 6.750000% 126671CV6 0.897848 5.579980 991.098674
B6 3,796,608.04 6.750000% 126671CW4 0.897848 5.579981 987.255366
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 690,927,722.62 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-I
Residential Asset Securitization Trust, 1998-A9
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 305,801,581.11 243,088,389.95 127,710,319.50 676,600,290.56
Loan count 2086 1597 782 4465
loan rate 8.045343% 8.000628% 8.050467% 8.03
Prepay amount 7,598,565.92 3,234,028.52 2,802,763.17 13,635,357.61
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 4,404.38 14,313.34 4,848.68 23,566.40
sub servicer fees 66,872.23 51,376.38 27,210.12 145,458.74
trustee fees 2,353.60 1,848.79 979.56 5,181.96
Aggregate advances N/A N/A N/A N/A
Advances this periods 41,814.61 58,746.19 19,420.56 119,981.36
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 14,709.53 0.00 0.00 14,709.53
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 17,005,553.00 6,002,639.45 3,001,534.50 26,009,726.95
Special Hazard 6,909,277.23 6,909,277.23 6,909,277.23 20,727,831.70
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.073459% 100.000000% 636,101,821.44
-----------------------------------------------------------------------------
Junior 7.926541% 0.000000% 54,761,569.17
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 56 9,586,077.94
60 to 89 days 9 1,077,976.98
90 or more 8 1,373,094.53
Foreclosure 22 3,554,622.40
Totals: 95 15,591,771.85
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 70,664.40
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 18,713,775.21 18,713,775.21
Principal remittance amount 14,312,723.13 14,312,723.13
Interest remittance amount 4,401,052.08 4,401,052.08
