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): October 25, 1998
CWMBS
(Depositor)
(Issuer in respect of Mortgage Pass - Through Certificates, Series 1998-K)
(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
Mortgage Pass - Through Certificates
Series 1998-K
On October 25, 1998, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-K, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of August 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-K relating to the distribution date
of October 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of August 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: October 25, 1998
CWMBS
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 October 25, 1998
Payment Date: 10/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
<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 A1 49,729,826.49 6.500000% 255,616.73 269,369.89 524,986.63 0.00 0.00
CB 115,485,250.47 6.500000% 673,311.94 625,545.11 1,298,857.05 0.00 0.00
NB 73,556,414.54 6.500000% 298,373.30 398,430.58 696,803.88 0.00 0.00
PO 203,670.83 0.000000% 802.48 0.00 802.48 0.00 0.00
X 0.00 0.000000% 0.00 154,834.79 154,834.79 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,467,538.26 6.500000% 13,894.14 24,199.17 38,093.31 0.00 0.00
B2 1,365,107.44 6.500000% 4,245.51 7,394.33 11,639.85 0.00 0.00
B3 992,791.82 6.500000% 3,087.60 5,377.62 8,465.23 0.00 0.00
B4 744,581.40 6.500000% 2,315.66 4,033.15 6,348.81 0.00 0.00
B5 496,420.83 6.500000% 1,543.88 2,688.95 4,232.83 0.00 0.00
B6 620,489.08 6.500000% 1,929.74 3,360.98 5,290.72 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 247,662,091.16 - 1,255,121.00 1,495,234.57 2,750,355.57 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 49,474,209.76 0.00
CB 114,811,938.53 0.00
NB 73,258,041.24 0.00
PO 202,868.35 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,453,644.12 0.00
B2 1,360,861.93 0.00
B3 989,704.22 0.00
B4 742,265.74 0.00
B5 494,876.95 0.00
B6 618,559.34 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 246,406,970.16 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
<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 A1 49,729,826.49 6.500000% 12669AD76 5.112335 5.387398 989.484195
CB 115,485,250.47 6.500000% 12669AD92 5.800732 5.389210 989.130385
NB 73,556,414.54 6.500000% 12669AD84 4.032345 5.384562 990.040612
PO 203,670.83 0.000000% 12669AE26 3.928386 0.000000 993.099341
X 0.00 0.000000% 12669AE34 0.000000 0.000000 0.000000
Residual AR 0.00 6.500000% 12669AE42 0.000000 0.000101 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,467,538.26 6.500000% 12669AE59 3.100160 5.399490 993.728816
B2 1,365,107.44 6.500000% 12669AE67 3.100160 5.399490 993.728816
B3 992,791.82 6.500000% 12669AE75 3.100160 5.399490 993.728818
B4 744,581.40 6.500000% 12669AE83 3.100160 5.399490 993.728812
B5 496,420.83 6.500000% 12669AE91 3.100160 5.399490 993.728816
B6 620,489.08 6.500000% 12669AF25 3.100160 5.399486 993.728104
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 247,662,091.16 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg stated prin bal 150,432,570.59 95,974,399.57 246,406,970.16
Agg loan count 1617 270 1887
Agg average loan rate 7.771790% 7.405554% 7.63
Agg prepayment amount 402,307.16 82,530.61 484,837.77
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 14,466.43 10,037.74 24,504.17
Monthly sub servicer fees 31,570.27 20,111.67 51,681.94
Monthly trustee fees 1,134.75 722.72 1,857.47
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 2,489,875.00 1,938,532.45 4,428,407.45
Special Hazard 2,476,620.91 2,476,620.91 4,953,241.82
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.502954% 100.000000% 238,975,162.33
-----------------------------------------------------------------------------
Junior 3.497046% 0.000000% 8,659,912.29
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 47 7,593,065.83
60 to 89 days 2 203,002.26
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 49 7,796,068.09
- --------------------------------------------------------------------------------
<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 2,750,355.57 2,750,355.57
Principal remittance amount 1,255,121.00 1,255,121.00
Interest remittance amount 1,495,234.57 1,495,234.57
