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): September 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 September 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 September 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: September 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 September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
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<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 50,000,000.00 6.500000% 270,173.63 270,833.33 541,006.96 0.00 0.00
CB 116,073,614.00 6.500000% 588,363.53 628,732.08 1,217,095.60 0.00 0.00
NB 73,994,986.00 6.500000% 438,571.34 400,806.17 839,377.52 0.00 0.00
PO 204,278.00 0.000000% 607.60 0.00 607.60 0.00 0.00
X 0.00 0.000000% 0.00 155,703.09 155,703.09 0.00 0.00
Residual AR 100.00 6.500000% 100.00 0.54 100.54 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,481,750.00 6.500000% 14,211.71 24,276.15 38,487.86 0.00 0.00
B2 1,369,450.00 6.500000% 4,342.55 7,417.85 11,760.40 0.00 0.00
B3 995,950.00 6.500000% 3,158.18 5,394.73 8,552.90 0.00 0.00
B4 746,950.00 6.500000% 2,368.59 4,045.98 6,414.57 0.00 0.00
B5 498,000.00 6.500000% 1,579.17 2,697.50 4,276.67 0.00 0.00
B6 622,463.37 6.500000% 1,973.84 3,371.68 5,345.52 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 248,987,541.37 - 1,325,450.14 1,503,279.10 2,828,729.24 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 49,729,826.49 0.00
CB 115,485,250.47 0.00
NB 73,556,414.54 0.00
PO 203,670.83 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,467,538.26 0.00
B2 1,365,107.44 0.00
B3 992,791.82 0.00
B4 744,581.40 0.00
B5 496,420.83 0.00
B6 620,489.08 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 247,662,091.16 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
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 50,000,000.00 6.500000% 12669AD76 5.403473 5.416667 994.596530
CB 116,073,614.00 6.500000% 12669AD92 5.068883 5.416667 994.931117
NB 73,994,986.00 6.500000% 12669AD84 5.927041 5.416667 994.072957
PO 204,278.00 0.000000% 12669AE26 2.974397 0.000000 997.027727
X 0.00 0.000000% 12669AE34 0.000000 0.000000 0.000000
Residual AR 100.00 6.500000% 12669AE42 1,000.000000 5.416667 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,481,750.00 6.500000% 12669AE59 3.171018 5.416667 996.828975
B2 1,369,450.00 6.500000% 12669AE67 3.171018 5.416667 996.828975
B3 995,950.00 6.500000% 12669AE75 3.171018 5.416667 996.828977
B4 746,950.00 6.500000% 12669AE83 3.171018 5.416667 996.828971
B5 498,000.00 6.500000% 12669AE91 3.171018 5.416667 996.828976
B6 622,463.37 6.500000% 12669AF25 3.171018 5.416667 996.828263
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 248,987,541.37 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 151,299,800.97 96,362,290.19 247,662,091.16
Agg loan count 1620 271 1891
Agg avg loan rate 7.771399% 7.406893% 7.63
Agg prepay amount 261,304.17 274,729.32 536,033.49
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 15,766.16 10,096.52 25,862.68
Monthly sub servicer fees 31,729.69 20,230.21 51,959.91
Monthly trustee fees 1,140.46 726.95 1,867.41
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 2,489,875.41 2,489,875.41 4,979,750.83
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.510712% 100.000000% 240,272,978.00
-----------------------------------------------------------------------------
Junior 3.489288% 0.000000% 8,686,928.83
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 26 4,425,460.61
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 26 4,425,460.61
- --------------------------------------------------------------------------------
<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 2,828,729.24 2,828,729.24
Principal remittance amount 1,325,450.14 1,325,450.14
Interest remittance amount 1,503,279.10 1,503,279.10
