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): March 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-J)
(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-J
On March 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-J, 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-J relating to the distribution date
of March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
<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 1-A-1 31,156,761.85 6.750000% 1,214,106.60 175,256.79 1,389,363.38 0.00 0.00
1-A-2 15,695,954.25 6.400000% 7,635.88 83,711.76 91,347.64 0.00 0.00
1-A-3 25,800,000.00 6.750000% 0.00 145,125.00 145,125.00 0.00 0.00
1-A-4 57,600,000.00 6.750000% 0.00 324,000.00 324,000.00 0.00 0.00
1-A-5 50,515,549.07 6.750000% 2,079,256.52 284,149.96 2,363,406.49 0.00 0.00
1-A-6 46,730,241.92 6.750000% 3,868,851.20 262,857.61 4,131,708.81 0.00 0.00
1-A-7 15,695,954.25 0.350000% 0.00 4,577.99 4,577.99 0.00 0.00
1-A-8 8,739,483.00 6.750000% 0.00 49,159.59 49,159.59 0.00 0.00
1-A-9 8,919,358.00 6.750000% 0.00 50,171.39 50,171.39 0.00 0.00
1-A-10 534,000.00 0.000000% 0.00 0.00 0.00 0.00 0.00
1-A-11 2,300,000.00 6.750000% 0.00 12,937.50 12,937.50 0.00 0.00
1-A-12 2,200,000.00 8.000000% 0.00 14,666.67 14,666.67 0.00 0.00
1-A-13 600,000.00 7.000000% 0.00 3,500.00 3,500.00 0.00 0.00
1-A-14 600,000.00 8.000000% 0.00 4,000.00 4,000.00 0.00 0.00
1-A-15 14,418,000.00 7.000000% 0.00 84,105.00 84,105.00 0.00 0.00
2A-A-1 217,257,809.77 7.000000% 2,056,754.81 1,267,337.22 3,324,092.04 0.00 0.00
2A-A-2 8,046,586.38 0.000000% 76,176.11 0.00 76,176.11 0.00 0.00
2A-B-1 195,639,602.87 6.900000% 2,522,384.58 1,124,927.72 3,647,312.29 0.00 0.00
2A-B-2 4,347,547.18 0.000000% 56,053.00 0.00 56,053.00 0.00 0.00
X1 279,588,046.47 0.639238% 0.00 148,935.97 148,935.97 0.00 0.00
X2-1 0.00 0.000000% 0.00 325,807.76 325,807.76 0.00 0.00
PO1 10,207.21 0.000000% 9.17 0.00 9.17 0.00 0.00
PO2 58,736.52 0.000000% 92.05 0.00 92.05 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,232,471.12 6.750000% 5,298.57 40,682.65 45,981.22 0.00 0.00
B2 4,087,463.89 6.750000% 2,994.51 22,991.98 25,986.50 0.00 0.00
B3 1,886,904.77 6.750000% 1,382.36 10,613.84 11,996.20 0.00 0.00
B4 1,414,929.64 6.750000% 1,036.59 7,958.98 8,995.57 0.00 0.00
B5 786,127.34 6.750000% 575.92 4,421.97 4,997.89 0.00 0.00
B6 1,100,434.56 6.750000% 806.19 6,189.94 6,996.13 0.00 0.00
B-2a 16,920,192.14 6.750000% 12,199.18 95,176.08 107,375.26 0.00 0.00
B-2b 6,865,674.20 6.750000% 4,950.04 38,619.42 43,569.46 0.00 0.00
B-2c 4,168,800.72 6.750000% 3,005.64 23,449.50 26,455.14 0.00 0.00
B-2d 2,697,769.78 6.750000% 1,945.05 15,174.95 17,120.00 0.00 0.00
B-2e 1,471,230.13 6.750000% 1,060.73 8,275.67 9,336.40 0.00 0.00
B-2f 2,207,065.05 6.750000% 1,591.26 12,414.74 14,006.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 742,008,901.35 - 11,918,165.96 4,651,197.66 16,569,363.62 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 29,942,655.25 0.00
1-A-2 15,688,318.37 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 48,436,292.54 0.00
1-A-6 42,861,390.72 0.00
1-A-7 15,688,318.37 0.00
1-A-8 8,739,483.00 0.00
1-A-9 8,919,358.00 0.00
1-A-10 534,000.00 0.00
1-A-11 2,300,000.00 0.00
1-A-12 2,200,000.00 0.00
1-A-13 600,000.00 0.00
1-A-14 600,000.00 0.00
1-A-15 14,418,000.00 0.00
2A-A-1 215,201,054.96 0.00
2A-A-2 7,970,410.26 0.00
2A-B-1 193,117,218.30 0.00
2A-B-2 4,291,494.19 0.00
X1 272,408,746.06 0.00
X2-1 0.00 0.00
PO1 10,198.05 0.00
PO2 58,644.47 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,227,172.55 0.00
B2 4,084,469.38 0.00
B3 1,885,522.40 0.00
B4 1,413,893.05 0.00
B5 785,551.42 0.00
B6 1,099,628.37 0.00
B-2a 16,907,992.96 0.00
B-2b 6,860,724.16 0.00
B-2c 4,165,795.09 0.00
B-2d 2,695,824.73 0.00
B-2e 1,470,169.39 0.00
B-2f 2,205,473.79 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 730,090,735.39 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
<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 1-A-1 31,156,761.85 6.750000% 12669AZT4 30.082424 4.342410 741.901619
1-A-2 15,695,954.25 6.400000% 12669AZU1 0.369172 4.047207 758.482199
1-A-3 25,800,000.00 6.750000% 12669AZV9 0.000000 5.625000 1,000.000000
1-A-4 57,600,000.00 6.750000% 12669AZW7 0.000000 5.625000 1,000.000000
1-A-5 50,515,549.07 6.750000% 12669AZX5 40.217728 5.496131 936.872196
1-A-6 46,730,241.92 6.750000% 12669AZY3 59.750690 4.059583 661.953003
1-A-7 15,695,954.25 0.350000% 12669AZZ0 0.000000 0.221332 758.482199
1-A-8 8,739,483.00 6.750000% 12669AA20 0.000000 5.625000 1,000.000000
1-A-9 8,919,358.00 6.750000% 12669AA38 0.000000 5.625000 1,000.000000
1-A-10 534,000.00 0.000000% 12669AA46 0.000000 0.000000 1,000.000000
1-A-11 2,300,000.00 6.750000% 12669AA53 0.000000 5.625000 1,000.000000
1-A-12 2,200,000.00 8.000000% 12669AA61 0.000000 6.666667 1,000.000000
1-A-13 600,000.00 7.000000% 12669AA79 0.000000 5.833333 1,000.000000
1-A-14 600,000.00 8.000000% 12669AA87 0.000000 6.666667 1,000.000000
1-A-15 14,418,000.00 7.000000% 12669AA95 0.000000 5.833333 1,000.000000
2A-A-1217,257,809.77 7.000000% 12669AB29 8.836975 5.445193 924.624721
2A-A-2 8,046,586.38 0.000000% 12669AB37 8.836975 0.000000 924.624721
2A-B-1195,639,602.87 6.900000% 12669AB45 11.905980 5.309804 911.538133
2A-B-2 4,347,547.18 0.000000% 12669AB52 11.905980 0.000000 911.538133
X1 279,588,046.47 0.639238% 12669AB86 0.000000 0.475776 870.209159
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,207.21 0.000000% 12669AB60 0.893306 0.000000 993.888180
PO2 58,736.52 0.000000% 12669AB78 1.557743 0.000000 992.462004
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.071795 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,232,471.12 6.750000% 12669AC36 0.729480 5.600971 994.998630
B2 4,087,463.89 6.750000% 12669AC44 0.729480 5.600971 994.998630
B3 1,886,904.77 6.750000% 12669AC51 0.729480 5.600971 994.998630
B4 1,414,929.64 6.750000% 12669AC93 0.729480 5.600971 994.998630
B5 786,127.34 6.750000% 12669AD27 0.729480 5.600971 994.998630
B6 1,100,434.56 6.750000% 12669AD35 0.729480 5.600971 994.998684
B-2a 16,920,192.14 6.750000% 12669AC69 0.718021 5.601888 995.173217
B-2b 6,865,674.20 6.750000% 12669AC77 0.718021 5.601888 995.173217
B-2c 4,168,800.72 6.750000% 12669AC85 0.718021 5.601888 995.173217
B-2d 2,697,769.78 6.750000% 12669AD43 0.718021 5.601888 995.173217
B-2e 1,471,230.13 6.750000% 12669AD50 0.718021 5.601888 995.173217
B-2f 2,207,065.05 6.750000% 12669AD68 0.718021 5.601888 995.173190
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 742,008,901.35 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 275,145,933.10 241,272,000.41 213,672,801.88 730,090,735.39
loan count 749 2089 552 3390
ave loan rate 7.766790% 8.023057% 7.940182% 7.90
prepay amt 6,975,116.26 1,970,206.55 2,434,571.81 11,379,894.62
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 4,194.31 18,658.17 14,513.66 37,366.13
sub servicer fees 58,818.31 50,789.23 45,133.54 154,741.08
trustee fees 2,117.46 1,825.64 1,621.97 5,565.07
Aggregate advances N/A N/A N/A N/A
Advances this periods 50,869.13 97,830.74 0.00 148,699.87
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 6,315,868.00 9,849,249.00 0.00 16,165,117.00
Special Haz 870,280.00 870,280.00 870,280.00 2,610,840.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 93.153082% 100.000000% 691,169,838.02
-----------------------------------------------------------------------------
Junior 6.846918% 0.000000% 50,802,217.28
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 59 12,508,040.58
60 to 89 days 11 3,731,344.80
90 or more 9 2,896,218.82
Foreclosure 4 708,701.15
Totals: 83 19,844,305.35
- --------------------------------------------------------------------------------
<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 16,569,363.62 16,569,363.62
Principal remittance amount 11,918,165.96 11,918,165.96
Interest remittance amount 4,651,197.66 4,651,197.66
