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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 46,316,150.52 6.500000% 667,750.10 250,879.15 918,629.25 0.00 0.00
CB 107,975,674.07 6.500000% 1,223,188.26 584,868.23 1,808,056.49 0.00 0.00
NB 68,089,291.67 6.500000% 1,315,215.31 368,817.00 1,684,032.31 0.00 0.00
PO 198,095.29 0.000000% 819.40 0.00 819.40 0.00 0.00
X 0.00 0.000000% 0.00 142,139.75 142,139.75 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,368,116.88 6.500000% 14,605.53 23,660.63 38,266.17 0.00 0.00
B2 1,334,728.10 6.500000% 4,462.89 7,229.78 11,692.67 0.00 0.00
B3 970,698.06 6.500000% 3,245.69 5,257.95 8,503.64 0.00 0.00
B4 728,011.36 6.500000% 2,434.23 3,943.39 6,377.62 0.00 0.00
B5 485,373.39 6.500000% 1,622.93 2,629.11 4,252.03 0.00 0.00
B6 606,680.60 6.500000% 2,028.54 3,286.19 5,314.73 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 231,072,819.93 - 3,235,372.89 1,392,711.18 4,628,084.07 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 45,648,400.41 0.00
CB 106,752,485.81 0.00
NB 66,774,076.35 0.00
PO 197,275.89 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,353,511.35 0.00
B2 1,330,265.21 0.00
B3 967,452.36 0.00
B4 725,577.13 0.00
B5 483,750.47 0.00
B6 604,652.06 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 227,837,447.04 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 46,316,150.52 6.500000% 12669AD76 13.355002 5.017583 912.968008
CB 107,975,674.07 6.500000% 12669AD92 10.538039 5.038770 919.696408
NB 68,089,291.67 6.500000% 12669AD84 17.774384 4.984351 902.413528
PO 198,095.29 0.000000% 12669AE26 4.011224 0.000000 965.722622
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 4,368,116.88 6.500000% 12669AE59 3.258891 5.279329 971.386478
B2 1,334,728.10 6.500000% 12669AE67 3.258891 5.279329 971.386478
B3 970,698.06 6.500000% 12669AE75 3.258891 5.279329 971.386480
B4 728,011.36 6.500000% 12669AE83 3.258891 5.279329 971.386474
B5 485,373.39 6.500000% 12669AE91 3.258891 5.279329 971.386478
B6 606,680.60 6.500000% 12669AF25 3.258891 5.279325 971.385766
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 231,072,819.93 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgsage Corporation
Mortgage Pass - Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Principal balance 140,131,821.84 87,705,625.20 227,837,447.04
Loan count 1561 257 1818
Average loan rate 7.759424% 7.391065% 7.62
Prepayment amount 1,092,362.89 1,370,328.31 2,462,691.20
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 11,126.17 4,422.96 15,549.13
Monthly sub servicer fees 29,563.37 18,646.25 48,209.61
Monthly trustee fees 1,062.71 670.34 1,733.05
Aggregate advances N/A N/A N/A
Advances this periods 28,015.98 0.00 28,015.98
- --------------------------------------------------------------------------------
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 2,310,728.20 2,310,728.20 4,621,456.40
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.336112% 100.000000% 222,579,211.54
-----------------------------------------------------------------------------
Junior 3.663888% 0.000000% 8,465,208.57
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 20 2,372,635.75
60 to 89 days 2 201,492.48
90 or more 1 36,068.27
Foreclosure 2 187,553.55
Totals: 25 2,797,750.05
- --------------------------------------------------------------------------------
<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 4,628,084.07 4,628,084.07
Principal remittance amount 3,235,372.89 3,235,372.89
Interest remittance amount 1,392,711.18 1,392,711.18
