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
(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 January 25, 1999, 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 January 25, 1999 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: January 25, 1999
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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 48,645,711.42 6.500000% 564,331.80 263,497.60 827,829.41 0.00 0.00
CB 112,636,587.38 6.500000% 1,260,098.19 610,114.85 1,870,213.04 0.00 0.00
NB 72,283,990.53 6.500000% 885,142.58 391,538.28 1,276,680.86 0.00 0.00
PO 201,292.54 0.000000% 759.71 0.00 759.71 0.00 0.00
X 0.00 0.000000% 0.00 150,233.61 150,233.61 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,425,558.26 6.500000% 14,212.46 23,971.77 38,184.24 0.00 0.00
B2 1,352,279.97 6.500000% 4,342.78 7,324.85 11,667.63 0.00 0.00
B3 983,462.88 6.500000% 3,158.34 5,327.09 8,485.43 0.00 0.00
B4 737,584.81 6.500000% 2,368.72 3,995.25 6,363.97 0.00 0.00
B5 491,756.13 6.500000% 1,579.25 2,663.68 4,242.93 0.00 0.00
B6 614,658.54 6.500000% 1,973.95 3,329.40 5,303.35 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 242,372,882.46 - 2,737,967.78 1,461,996.39 4,199,964.17 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 48,081,379.62 0.00
CB 111,376,489.19 0.00
NB 71,398,847.95 0.00
PO 200,532.83 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,411,345.80 0.00
B2 1,347,937.19 0.00
B3 980,304.54 0.00
B4 735,216.09 0.00
B5 490,176.87 0.00
B6 612,684.60 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 239,634,914.68 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 48,645,711.42 6.500000% 12669AD76 11.286636 5.269952 961.627592
CB 112,636,587.38 6.500000% 12669AD92 10.856026 5.256275 959.533225
NB 72,283,990.53 6.500000% 12669AD84 11.962197 5.291416 964.914676
PO 201,292.54 0.000000% 12669AE26 3.718977 0.000000 981.666317
X 0.00 0.000000% 12669AE34 0.000000 0.000000 0.000000
Residual AR 0.00 6.500000% 12669AE42 0.000000 0.000103 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,425,558.26 6.500000% 12669AE59 3.171186 5.348753 984.290913
B2 1,352,279.97 6.500000% 12669AE67 3.171186 5.348753 984.290913
B3 983,462.88 6.500000% 12669AE75 3.171186 5.348753 984.290915
B4 737,584.81 6.500000% 12669AE83 3.171186 5.348753 984.290909
B5 491,756.13 6.500000% 12669AE91 3.171186 5.348753 984.290913
B6 614,658.54 6.500000% 12669AF25 3.171186 5.348749 984.290201
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 242,372,882.46 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 146,042,469.01 93,592,445.67 239,634,914.68
Agg loan count 1595 269 1864
Agg avg loan rate 7.765022% 7.401121% 7.62
Agg prepayment amount 1,141,722.56 817,827.62 1,959,550.18
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly Master servicing fees 10,180.90 7,120.18 17,301.07
Montly sub servicer fees 30,807.67 19,765.54 50,573.22
Monthly trustee fees 1,107.38 710.41 1,817.80
Aggregate advances N/A N/A N/A
Advances this periods 48,640.92 0.00 48,640.92
- --------------------------------------------------------------------------------
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 2,423,728.82 2,423,728.82 4,847,457.65
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.460560% 100.000000% 233,767,581.87
-----------------------------------------------------------------------------
Junior 3.539440% 0.000000% 8,577,665.09
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 26 4,505,604.02
60 to 89 days 4 352,948.57
90 or more 2 196,242.27
Foreclosure 0 0.00
Totals: 32 5,054,794.86
- --------------------------------------------------------------------------------
<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 4,199,964.17 4,199,964.17
Principal remittance amount 2,737,967.78 2,737,967.78
Interest remittance amount 1,461,996.39 1,461,996.39
