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, 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 September 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 September 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: September 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 September 25, 1999
Payment Date: 09/25/99
------------------------------------------------------------
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 43,608,027.82 6.500000% 888,143.60 236,210.15 1,124,353.75 0.00 0.00
CB 102,526,239.91 6.500000% 1,651,935.70 555,350.47 2,207,286.17 0.00 0.00
NB 63,244,049.22 6.500000% 1,724,274.92 342,571.93 2,066,846.85 0.00 0.00
PO 182,912.05 0.000000% 801.40 0.00 801.40 0.00 0.00
X 0.00 0.000000% 0.00 133,518.95 133,518.95 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 4,309,019.07 6.500000% 15,735.35 23,340.52 39,075.87 0.00 0.00
B2 1,316,670.09 6.500000% 4,808.12 7,131.96 11,940.08 0.00 0.00
B3 957,565.14 6.500000% 3,496.76 5,186.81 8,683.57 0.00 0.00
B4 718,161.83 6.500000% 2,622.53 3,890.04 6,512.57 0.00 0.00
B5 478,806.60 6.500000% 1,748.47 2,593.54 4,342.01 0.00 0.00
B6 598,472.59 6.500000% 2,185.46 3,241.73 5,427.18 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 217,939,924.31 - 4,295,752.30 1,313,036.10 5,608,788.40 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 42,719,884.22 0.00
CB 100,874,304.20 0.00
NB 61,519,774.30 0.00
PO 182,110.65 0.00
X 0.00 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 4,293,283.72 0.00
B2 1,311,861.97 0.00
B3 954,068.37 0.00
B4 715,539.30 0.00
B5 477,058.13 0.00
B6 596,287.14 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 213,644,172.01 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
------------------------------------------------------------
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 43,608,027.82 6.500000% 12669AD76 17.762872 4.724203 854.397684
CB 102,526,239.91 6.500000% 12669AD92 14.231793 4.784468 869.054566
NB 63,244,049.22 6.500000% 12669AD84 23.302591 4.629664 831.404635
PO 182,912.05 0.000000% 12669AE26 3.923089 0.000000 891.484418
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 4,309,019.07 6.500000% 12669AE59 3.510983 5.207903 957.948060
B2 1,316,670.09 6.500000% 12669AE67 3.510983 5.207903 957.948060
B3 957,565.14 6.500000% 12669AE75 3.510983 5.207903 957.948062
B4 718,161.83 6.500000% 12669AE83 3.510983 5.207903 957.948056
B5 478,806.60 6.500000% 12669AE91 3.510983 5.207903 957.948061
B6 598,472.59 6.500000% 12669AF25 3.510983 5.207903 957.948030
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 217,939,924.31 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgsage Corporation
Mortgage Pass - Through Certificates, Series 1998-K
Residential Asset Securitization Trust 1998-A11
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 132,627,058.98 81,017,113.03 213,644,172.01
loan count 1510 244 1754
average loan rate 7.757329% 7.382044% 7.61
prepayment amount 1,604,657.43 1,895,224.24 3,499,881.67
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 9,883.93 2,092.46 11,976.40
sub servicer fees 28,109.63 17,355.58 45,465.21
trustee fees 1,010.50 624.05 1,634.55
Aggregate advances N/A N/A N/A
Advances this periods 24,838.03 0.00 24,838.03
- --------------------------------------------------------------------------------
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 2,179,399.24 2,179,399.24 4,358,798.49
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.169004% 100.000000% 209,561,229.00
-----------------------------------------------------------------------------
Junior 3.830996% 0.000000% 8,348,098.63
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 16 1,717,285.33
60 to 89 days 3 425,724.52
90 or more 0 0.00
Foreclosure 4 352,183.02
Totals: 23 2,495,192.87
- --------------------------------------------------------------------------------
<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 5,608,788.40 5,608,788.40
Principal remittance amount 4,295,752.30 4,295,752.30
Interest remittance amount 1,313,036.10 1,313,036.10
