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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 33,689,212.53 6.750000% 1,319,094.68 189,501.82 1,508,596.50 0.00 0.00
1-A-2 16,778,190.71 6.400000% 772,386.33 89,483.68 861,870.01 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 51,700,000.00 6.750000% 0.00 290,812.50 290,812.50 0.00 0.00
1-A-6 52,354,948.57 6.750000% 2,451,266.66 294,496.59 2,745,763.25 0.00 0.00
1-A-7 16,778,190.71 0.350000% 0.00 4,893.64 4,893.64 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-1 223,723,800.78 7.000000% 4,058,025.48 1,305,055.50 5,363,080.99 0.00 0.00
2A-A-2 8,286,067.55 0.000000% 150,297.26 0.00 150,297.26 0.00 0.00
2A-B-1 201,082,929.09 6.900000% 2,410,377.77 1,156,226.84 3,566,604.61 0.00 0.00
2A-B-2 4,468,510.00 0.000000% 53,563.96 0.00 53,563.96 0.00 0.00
X1 290,030,744.57 0.647889% 0.00 156,589.74 156,589.74 0.00 0.00
X2-1 0.00 0.000000% 0.00 337,409.76 337,409.76 0.00 0.00
PO1 10,225.38 0.000000% 9.05 0.00 9.05 0.00 0.00
PO2 58,853.59 0.000000% 55.81 0.00 55.81 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,243,023.78 6.750000% 5,268.17 40,742.01 46,010.17 0.00 0.00
B2 4,093,427.77 6.750000% 2,977.33 23,025.53 26,002.86 0.00 0.00
B3 1,889,657.89 6.750000% 1,374.43 10,629.33 12,003.76 0.00 0.00
B4 1,416,994.12 6.750000% 1,030.64 7,970.59 9,001.23 0.00 0.00
B5 787,274.35 6.750000% 572.62 4,428.42 5,001.04 0.00 0.00
B6 1,102,040.16 6.750000% 801.56 6,198.98 7,000.54 0.00 0.00
B-2a 16,944,111.66 6.750000% 11,887.12 95,310.63 107,197.75 0.00 0.00
B-2b 6,875,379.97 6.750000% 4,823.41 38,674.01 43,497.43 0.00 0.00
B-2c 4,174,694.02 6.750000% 2,928.75 23,482.65 26,411.40 0.00 0.00
B-2d 2,701,583.52 6.750000% 1,895.29 15,196.41 17,091.70 0.00 0.00
B-2e 1,473,309.96 6.750000% 1,033.60 8,287.37 9,320.97 0.00 0.00
B-2f 2,210,185.11 6.750000% 1,550.55 12,432.29 13,982.84 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 764,775,261.50 - 11,251,220.47 4,798,513.44 16,049,733.91 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 32,370,117.84 0.00
1-A-2 16,005,804.38 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 51,700,000.00 0.00
1-A-6 49,903,681.90 0.00
1-A-7 16,005,804.38 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-1 219,665,775.30 0.00
2A-A-2 8,135,770.29 0.00
2A-B-1 198,672,551.32 0.00
2A-B-2 4,414,946.04 0.00
X1 285,478,579.79 0.00
X2-1 0.00 0.00
PO1 10,216.32 0.00
PO2 58,797.78 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,237,755.61 0.00
B2 4,090,450.44 0.00
B3 1,888,283.46 0.00
B4 1,415,963.48 0.00
B5 786,701.74 0.00
B6 1,101,238.60 0.00
B-2a 16,932,224.54 0.00
B-2b 6,870,556.56 0.00
B-2c 4,171,765.27 0.00
B-2d 2,699,688.23 0.00
B-2e 1,472,276.36 0.00
B-2f 2,208,634.56 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 753,524,041.03 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 33,689,212.53 6.750000% 12669AZT4 32.683757 4.695365 802.047869
1-A-2 16,778,190.71 6.400000% 12669AZU1 37.342516 4.326262 773.831676
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 51,700,000.00 6.750000% 12669AZX5 0.000000 5.625000 1,000.000000
1-A-6 52,354,948.57 6.750000% 12669AZY3 37.857459 4.548217 770.714424
1-A-7 16,778,190.71 0.350000% 12669AZZ0 0.000000 0.236592 773.831676
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-1223,723,800.78 7.000000% 12669AB29 17.435559 5.607252 943.807670
2A-A-2 8,286,067.55 0.000000% 12669AB37 17.435559 0.000000 943.807670
2A-B-1201,082,929.09 6.900000% 12669AB45 11.377293 5.457540 937.760020
2A-B-2 4,468,510.00 0.000000% 12669AB52 11.377293 0.000000 937.760020
X1 290,030,744.57 0.647889% 12669AB86 0.000000 0.500226 911.960715
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,225.38 0.000000% 12669AB60 0.882221 0.000000 995.669242
PO2 58,853.59 0.000000% 12669AB78 0.944463 0.000000 995.056545
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.073890 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,243,023.78 6.750000% 12669AC36 0.725293 5.609143 996.455650
B2 4,093,427.77 6.750000% 12669AC44 0.725293 5.609143 996.455650
B3 1,889,657.89 6.750000% 12669AC51 0.725293 5.609143 996.455650
B4 1,416,994.12 6.750000% 12669AC93 0.725293 5.609143 996.455650
B5 787,274.35 6.750000% 12669AD27 0.725293 5.609143 996.455650
B6 1,102,040.16 6.750000% 12669AD35 0.725293 5.609143 996.455704
B-2a 16,944,111.66 6.750000% 12669AC69 0.699654 5.609807 996.599443
B-2b 6,875,379.97 6.750000% 12669AC77 0.699654 5.609807 996.599443
B-2c 4,174,694.02 6.750000% 12669AC85 0.699654 5.609807 996.599443
B-2d 2,701,583.52 6.750000% 12669AD43 0.699654 5.609807 996.599443
B-2e 1,473,309.96 6.750000% 12669AD50 0.699654 5.609807 996.599443
B-2f 2,210,185.11 6.750000% 12669AD68 0.699654 5.609807 996.599416
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 764,775,261.50 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 288,221,054.78 245,928,092.74 219,374,893.51 753,524,041.03
loan count 775 2138 564 3477
ave loan rate 7.775578% 8.027877% 7.950223% 7.91
prepay amt 4,341,831.73 4,045,977.97 2,319,326.98 10,707,136.68
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 13,241.25 10,439.82 19,338.82 43,019.88
sub servicer fees 60,994.97 52,191.76 46,297.76 159,484.48
trustee fees 2,195.82 1,876.12 1,663.88 5,735.81
Aggregate advances N/A N/A N/A N/A
Advances this periods 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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 93.347334% 100.000000% 713,863,579.19
-----------------------------------------------------------------------------
Junior 6.652666% 0.000000% 50,875,538.84
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 66 18,583,227.93
60 to 89 days 14 3,310,807.05
90 or more 9 2,064,731.05
Foreclosure 0 0.00
Totals: 89 23,958,766.03
- --------------------------------------------------------------------------------
<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 16,049,733.91 16,049,733.91
Principal remittance amount 11,251,220.47 11,251,220.47
Interest remittance amount 4,798,513.44 4,798,513.44
