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): December 25, 1999
CWMBS, INC.
(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, INC.
Mortgage Pass - Through Certificates
Series 1998-K
On December 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,
Independant National Mortgsage 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 December 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
Independant National Mortgsage 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 41,980,468.54 6.500000% 479,309.21 227,394.20 706,703.42 0.00 0.00
CB 99,032,252.93 6.500000% 1,162,979.76 536,424.70 1,699,404.46 0.00 0.00
NB 60,551,045.72 6.500000% 659,047.17 327,984.83 987,032.00 0.00 0.00
PO 179,832.12 0.000000% 1,279.78 0.00 1,279.78 0.00 0.00
X 0.00 0.000000% 0.00 128,367.98 128,367.98 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,262,540.00 6.500000% 15,516.47 23,088.76 38,605.23 0.00 0.00
B2 1,302,467.88 6.500000% 4,741.23 7,055.03 11,796.27 0.00 0.00
B3 947,236.40 6.500000% 3,448.12 5,130.86 8,578.99 0.00 0.00
B4 710,415.40 6.500000% 2,586.05 3,848.08 6,434.13 0.00 0.00
B5 473,641.98 6.500000% 1,724.15 2,565.56 4,289.71 0.00 0.00
B6 592,017.19 6.500000% 2,155.06 3,206.76 5,361.82 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 210,031,918.15 - 2,332,787.00 1,265,066.78 3,597,853.78 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 41,501,159.32 0.00
CB 97,869,273.17 0.00
NB 59,891,998.55 0.00
PO 178,552.34 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,247,023.53 0.00
B2 1,297,726.64 0.00
B3 943,788.27 0.00
B4 707,829.36 0.00
B5 471,917.83 0.00
B6 589,862.14 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 207,699,131.15 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
Independant National Mortgsage 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 41,980,468.54 6.500000% 12669AD76 9.586184 4.547884 830.023186
CB 99,032,252.93 6.500000% 12669AD92 10.019329 4.621418 843.165555
NB 60,551,045.72 6.500000% 12669AD84 8.906646 4.432528 809.406175
PO 179,832.12 0.000000% 12669AE26 6.264895 0.000000 874.065439
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 4,262,540.00 6.500000% 12669AE59 3.462145 5.151728 947.626158
B2 1,302,467.88 6.500000% 12669AE67 3.462145 5.151728 947.626158
B3 947,236.40 6.500000% 12669AE75 3.462145 5.151728 947.626160
B4 710,415.40 6.500000% 12669AE83 3.462145 5.151728 947.626154
B5 473,641.98 6.500000% 12669AE91 3.462145 5.151728 947.626159
B6 592,017.19 6.500000% 12669AF25 3.462145 5.151728 947.626128
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 210,031,918.15 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgsage Corporation
Mortgage Pass - Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 128,773,886.57 78,925,244.58 207,699,131.15
loan count 1483 237 1720
average loan rate 7.753453% 7.381385% 7.61
prepayment amount 1,019,453.04 548,735.96 1,568,189.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 10,430.21 6,694.51 17,124.72
sub servicer fees 27,171.67 16,635.37 43,807.04
trustee fees 976.97 598.27 1,575.24
Aggregate advances N/A N/A N/A
Advances this periods 28,746.32 0.00 28,746.32
- --------------------------------------------------------------------------------
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 1,520,609.09 969,266.23 2,489,875.32
Special Hazard 2,100,319.18 2,100,319.18 4,200,638.36
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.067581% 100.000000% 201,743,599.30
-----------------------------------------------------------------------------
Junior 3.932419% 0.000000% 8,258,147.77
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 21 1,604,396.21
60 to 89 days 3 606,117.37
90 or more 0 0.00
Foreclosure 5 479,015.78
Totals: 29 2,689,529.36
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 146,624.81
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 3,597,853.78 3,597,853.78
Principal remittance amount 2,332,787.00 2,332,787.00
Interest remittance amount 1,265,066.78 1,265,066.78
