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-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 December 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 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
------------------------------------------------------------
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 21,878,435.36 6.750000% 486,820.71 123,066.20 609,886.91 0.00 0.00
1-A-2 15,637,600.06 6.400000% 3,061.76 83,400.53 86,462.30 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 34,625,658.55 6.750000% 833,720.15 194,769.33 1,028,489.48 0.00 0.00
1-A-6 17,164,086.33 6.750000% 1,551,294.50 96,547.99 1,647,842.48 0.00 0.00
1-A-7 15,637,600.06 0.350000% 0.00 4,560.97 4,560.97 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 6.750000% 0.00 12,375.00 12,375.00 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 3,750.00 3,750.00 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-1 188,937,924.84 7.000000% 2,088,181.60 1,102,137.89 3,190,319.49 0.00 0.00
2A-A-2 6,997,701.64 0.000000% 77,340.07 0.00 77,340.07 0.00 0.00
2A-B-1 155,515,570.28 6.900000% 3,061,404.98 894,214.53 3,955,619.51 0.00 0.00
2A-B-2 3,455,901.92 0.000000% 68,031.23 0.00 68,031.23 0.00 0.00
X1 224,690,253.93 0.614712% 0.00 115,099.85 115,099.85 0.00 0.00
X2-1 0.00 0.000000% 0.00 270,030.84 270,030.84 0.00 0.00
PO1 10,121.27 0.000000% 10.06 0.00 10.06 0.00 0.00
PO2 58,083.57 0.000000% 58.13 0.00 58.13 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,175,278.30 6.750000% 5,780.87 40,360.94 46,141.81 0.00 0.00
B2 4,055,141.10 6.750000% 3,267.08 22,810.17 26,077.25 0.00 0.00
B3 1,871,983.52 6.750000% 1,508.19 10,529.91 12,038.10 0.00 0.00
B4 1,403,740.68 6.750000% 1,130.94 7,896.04 9,026.99 0.00 0.00
B5 779,910.82 6.750000% 628.35 4,387.00 5,015.34 0.00 0.00
B6 1,091,732.55 6.750000% 879.57 6,141.00 7,020.57 0.00 0.00
B-2a 16,806,582.01 6.750000% 41,188.61 94,537.02 135,725.63 0.00 0.00
B-2b 6,819,574.83 6.750000% 16,713.02 38,360.11 55,073.13 0.00 0.00
B-2c 4,140,809.44 6.750000% 10,148.06 23,292.05 33,440.11 0.00 0.00
B-2d 2,679,655.68 6.750000% 6,567.15 15,073.06 21,640.21 0.00 0.00
B-2e 1,461,351.60 6.750000% 3,581.40 8,220.10 11,801.50 0.00 0.00
B-2f 2,192,245.79 6.750000% 5,372.63 12,331.38 17,704.01 3,146.71 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 616,469,931.12 - 8,266,689.05 3,852,890.41 12,119,579.46 3,146.71 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 21,391,614.65 0.00
1-A-2 15,634,538.30 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 33,791,938.40 0.00
1-A-6 15,612,791.83 0.00
1-A-7 15,634,538.30 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-14 600,000.00 250.00
1-A-15 14,418,000.00 0.00
2A-A-1 186,849,743.25 0.00
2A-A-2 6,920,361.57 0.00
2A-B-1 152,454,165.29 0.00
2A-B-2 3,387,870.69 0.00
X1 221,805,247.45 0.00
X2-1 0.00 0.00
PO1 10,111.21 0.00
PO2 58,025.44 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,169,497.43 0.00
B2 4,051,874.01 0.00
B3 1,870,475.33 0.00
B4 1,402,609.73 0.00
B5 779,282.47 0.00
B6 1,090,852.98 0.00
B-2a 16,765,393.40 0.00
B-2b 6,802,861.81 0.00
B-2c 4,130,661.38 0.00
B-2d 2,673,088.54 0.00
B-2e 1,457,770.20 0.00
B-2f 2,183,726.45 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 608,200,095.36 250.00
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
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 21,878,435.36 6.750000% 12669AZT4 12.062159 3.049262 530.028931
1-A-2 15,637,600.06 6.400000% 12669AZU1 0.148027 4.032161 755.882097
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 34,625,658.55 6.750000% 12669AZX5 16.126115 3.767298 653.615830
1-A-6 17,164,086.33 6.750000% 12669AZY3 23.958253 1.491091 241.124571
1-A-7 15,637,600.06 0.350000% 12669AZZ0 0.000000 0.220509 755.882097
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 6.750000% 12669AA61 0.000000 5.625000 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 6.250000 1,000.000000
1-A-15 14,418,000.00 7.000000% 12669AA95 0.000000 5.833333 1,000.000000
2A-A-1188,937,924.84 7.000000% 12669AB29 8.972002 4.735404 802.811547
2A-A-2 6,997,701.64 0.000000% 12669AB37 8.972002 0.000000 802.811547
2A-B-1155,515,570.28 6.900000% 12669AB45 14.450226 4.220808 719.603288
2A-B-2 3,455,901.92 0.000000% 12669AB52 14.450226 0.000000 719.603288
X1 224,690,253.93 0.614712% 12669AB86 0.000000 0.367686 708.556390
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,121.27 0.000000% 12669AB60 0.980268 0.000000 985.402100
PO2 58,083.57 0.000000% 12669AB78 0.983752 0.000000 981.985913
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.060911 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,175,278.30 6.750000% 12669AC36 0.795879 5.556679 987.058226
B2 4,055,141.10 6.750000% 12669AC44 0.795879 5.556679 987.058225
B3 1,871,983.52 6.750000% 12669AC51 0.795879 5.556679 987.058223
B4 1,403,740.68 6.750000% 12669AC93 0.795879 5.556679 987.058222
B5 779,910.82 6.750000% 12669AD27 0.795879 5.556679 987.058229
B6 1,091,732.55 6.750000% 12669AD35 0.795879 5.556679 987.058224
B-2a 16,806,582.01 6.750000% 12669AC69 2.424285 5.564275 986.780071
B-2b 6,819,574.83 6.750000% 12669AC77 2.424285 5.564275 986.780071
B-2c 4,140,809.44 6.750000% 12669AC85 2.424285 5.564275 986.780071
B-2d 2,679,655.68 6.750000% 12669AD43 2.424285 5.564275 986.780071
B-2e 1,461,351.60 6.750000% 12669AD50 2.424285 5.564275 986.780071
B-2f 2,192,245.79 6.750000% 12669AD68 2.424285 5.564275 985.360187
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 616,469,931.12 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 224,516,427.38 211,739,401.27 171,944,266.72 608,200,095.37
loan count 619 1864 454 2937
avg loan rate 7.741075% 8.006725% 7.916982% 7.88
prepay amount 2,704,889.29 1,924,313.03 2,492,774.33 7,121,976.65
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 15,157.45 15,380.03 7,432.72 37,970.19
sub servicer fees 47,375.94 44,644.35 36,564.85 128,585.15
trustee fees 1,705.53 1,604.45 1,313.54 4,623.52
Aggregate advances N/A N/A N/A N/A
Advances this periods 29,514.07 82,349.16 0.00 111,863.23
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 3,146.71 3,146.71
Cumulative losses (from Cut-Off) 0.00 0.00 3,146.71 3,146.71
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Special Hazard 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 91.826648% 100.000000% 565,991,924.81
-----------------------------------------------------------------------------
Junior 8.173352% 0.000000% 50,378,093.73
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 41 8,329,493.36
60 to 89 days 6 1,150,127.11
90 or more 2 466,766.72
Foreclosure 17 4,745,610.50
Totals: 66 14,691,997.69
- --------------------------------------------------------------------------------
<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: 135,116.09
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 12,119,579.46 12,119,579.46
Principal remittance amount 8,266,689.05 8,266,689.05
Interest remittance amount 3,852,890.41 3,852,890.41