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): February 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 February 25, 1999, The Bank of New York, as Trustee for CWMBS, 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 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, Mortgage Pass - Through
Certificates Series 1998-K relating to the distribution date
of February 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: February 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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 48,081,379.62 6.500000% 498,698.98 260,440.81 759,139.79 0.00 0.00
CB 111,376,489.19 6.500000% 1,162,946.12 603,289.32 1,766,235.44 0.00 0.00
NB 71,398,847.95 6.500000% 732,793.63 386,743.76 1,119,537.39 0.00 0.00
PO 200,532.83 0.000000% 768.53 0.00 768.53 0.00 0.00
X 0.00 0.000000% 0.00 148,364.52 148,364.52 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,411,345.80 6.500000% 14,352.69 23,894.79 38,247.48 0.00 0.00
B2 1,347,937.19 6.500000% 4,385.63 7,301.33 11,686.96 0.00 0.00
B3 980,304.54 6.500000% 3,189.50 5,309.98 8,499.49 0.00 0.00
B4 735,216.09 6.500000% 2,392.09 3,982.42 6,374.51 0.00 0.00
B5 490,176.87 6.500000% 1,594.83 2,655.12 4,249.96 0.00 0.00
B6 612,684.60 6.500000% 1,993.42 3,318.71 5,312.13 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 239,634,914.68 - 2,423,115.44 1,445,300.75 3,868,416.19 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 47,582,680.63 0.00
CB 110,213,543.07 0.00
NB 70,666,054.32 0.00
PO 199,764.30 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,396,993.11 0.00
B2 1,343,551.56 0.00
B3 977,115.03 0.00
B4 732,824.01 0.00
B5 488,582.04 0.00
B6 610,691.17 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 237,211,799.24 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 48,081,379.62 6.500000% 12669AD76 9.973980 5.208816 951.653613
CB 111,376,489.19 6.500000% 12669AD92 10.019039 5.197472 949.514186
NB 71,398,847.95 6.500000% 12669AD84 9.903288 5.226621 955.011388
PO 200,532.83 0.000000% 12669AE26 3.762184 0.000000 977.904133
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 4,411,345.80 6.500000% 12669AE59 3.202475 5.331576 981.088438
B2 1,347,937.19 6.500000% 12669AE67 3.202475 5.331576 981.088438
B3 980,304.54 6.500000% 12669AE75 3.202475 5.331576 981.088440
B4 735,216.09 6.500000% 12669AE83 3.202475 5.331576 981.088434
B5 490,176.87 6.500000% 12669AE91 3.202475 5.331576 981.088438
B6 612,684.60 6.500000% 12669AF25 3.202475 5.331572 981.087726
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 239,634,914.68 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgsage Corporation
Mortgage Pass - Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 144,556,348.87 92,655,450.37 237,211,799.24
Aggregated loan count 1583 267 1850
average loan rate 7.761955% 7.403347% 7.62
Prepayment amount 1,018,451.04 624,944.45 1,643,395.49
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 11,255.82 7,344.31 18,600.13
sub servicer fees 30,471.70 19,528.71 50,000.41
trustee fees 1,095.32 701.94 1,797.26
Aggregate advances N/A N/A N/A
Advances this periOds 51,966.69 0.00 51,966.69
- --------------------------------------------------------------------------------
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 2,396,349.15 2,396,349.15 4,792,698.29
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.431758% 100.000000% 231,057,249.59
-----------------------------------------------------------------------------
Junior 3.568242% 0.000000% 8,549,756.92
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 41 7,263,469.39
60 to 89 days 1 72,779.93
90 or more 3 220,318.00
Foreclosure 0 0.00
Totals: 45 7,556,567.32
- --------------------------------------------------------------------------------
<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 3,868,416.19 3,868,416.19
Principal remittance amount 2,423,115.44 2,423,115.44
Interest remittance amount 1,445,300.75 1,445,300.75
