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, 1998
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, 1998, 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 July 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, 1998 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, 1998
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, 1998
Payment Date: 12/25/98
------------------------------------------------------------
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 35,283,700.15 6.750000% 1,594,487.63 198,470.81 1,792,958.44 0.00 0.00
1-A-2 17,711,831.39 6.400000% 933,640.67 94,463.10 1,028,103.78 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 55,317,976.49 6.750000% 2,963,027.92 311,163.62 3,274,191.54 0.00 0.00
1-A-7 17,711,831.39 0.350000% 0.00 5,165.95 5,165.95 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-1 226,509,314.43 7.000000% 2,785,513.65 1,321,304.33 4,106,817.98 0.00 0.00
2A-A-2 8,389,234.73 0.000000% 103,167.18 0.00 103,167.18 0.00 0.00
2A-B-1 203,446,126.40 6.900000% 2,363,197.32 1,169,815.23 3,533,012.54 0.00 0.00
2A-B-2 4,521,025.50 0.000000% 52,515.50 0.00 52,515.50 0.00 0.00
X1 295,531,356.15 0.650995% 0.00 160,324.44 160,324.44 0.00 0.00
X2-1 0.00 0.000000% 0.00 342,248.50 342,248.50 0.00 0.00
PO1 10,234.08 0.000000% 8.71 0.00 8.71 0.00 0.00
PO2 58,925.89 0.000000% 72.30 0.00 72.30 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,248,205.75 6.750000% 5,181.98 40,771.16 45,953.13 0.00 0.00
B2 4,096,356.39 6.750000% 2,928.62 23,042.00 25,970.62 0.00 0.00
B3 1,891,009.83 6.750000% 1,351.94 10,636.93 11,988.87 0.00 0.00
B4 1,418,007.90 6.750000% 1,013.78 7,976.29 8,990.07 0.00 0.00
B5 787,837.60 6.750000% 563.25 4,431.59 4,994.84 0.00 0.00
B6 1,102,828.61 6.750000% 788.45 6,203.41 6,991.86 0.00 0.00
B-2a 16,955,915.73 6.750000% 11,804.07 95,377.03 107,181.10 0.00 0.00
B-2b 6,880,169.69 6.750000% 4,789.72 38,700.95 43,490.67 0.00 0.00
B-2c 4,177,602.31 6.750000% 2,908.29 23,499.01 26,407.30 0.00 0.00
B-2d 2,703,465.58 6.750000% 1,882.05 15,206.99 17,089.05 0.00 0.00
B-2e 1,474,336.33 6.750000% 1,026.38 8,293.14 9,319.52 0.00 0.00
B-2f 2,211,724.83 6.750000% 1,539.72 12,440.95 13,980.67 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 775,606,670.62 - 10,831,409.12 4,868,013.11 15,699,422.23 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 33,689,212.53 0.00
1-A-2 16,778,190.71 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 52,354,948.57 0.00
1-A-7 16,778,190.71 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-1 223,723,800.78 0.00
2A-A-2 8,286,067.55 0.00
2A-B-1 201,082,929.09 0.00
2A-B-2 4,468,510.00 0.00
X1 290,030,744.57 0.00
X2-1 0.00 0.00
PO1 10,225.38 0.00
PO2 58,853.59 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,243,023.78 0.00
B2 4,093,427.77 0.00
B3 1,889,657.89 0.00
B4 1,416,994.12 0.00
B5 787,274.35 0.00
B6 1,102,040.16 0.00
B-2a 16,944,111.66 0.00
B-2b 6,875,379.97 0.00
B-2c 4,174,694.02 0.00
B-2d 2,701,583.52 0.00
B-2e 1,473,309.96 0.00
B-2f 2,210,185.11 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 764,775,261.50 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
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 35,283,700.15 6.750000% 12669AZT4 39.507283 4.917594 834.731627
1-A-2 17,711,831.39 6.400000% 12669AZU1 45.138670 4.567002 811.174192
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 55,317,976.49 6.750000% 12669AZY3 45.761120 4.805623 808.571883
1-A-7 17,711,831.39 0.350000% 12669AZZ0 0.000000 0.249758 811.174192
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-1226,509,314.43 7.000000% 12669AB29 11.968133 5.677066 961.243229
2A-A-2 8,389,234.73 0.000000% 12669AB37 11.968133 0.000000 961.243229
2A-B-1203,446,126.40 6.900000% 12669AB45 11.154596 5.521678 949.137314
2A-B-2 4,521,025.50 0.000000% 12669AB52 11.154596 0.000000 949.137314
X1 295,531,356.15 0.650995% 12669AB86 0.000000 0.512156 926.502595
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,234.08 0.000000% 12669AB60 0.848500 0.000000 996.551462
PO2 58,925.89 0.000000% 12669AB78 1.223575 0.000000 996.001008
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.074795 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,248,205.75 6.750000% 12669AC36 0.713427 5.613156 997.180943
B2 4,096,356.39 6.750000% 12669AC44 0.713427 5.613156 997.180943
B3 1,891,009.83 6.750000% 12669AC51 0.713427 5.613156 997.180943
B4 1,418,007.90 6.750000% 12669AC93 0.713427 5.613156 997.180943
B5 787,837.60 6.750000% 12669AD27 0.713427 5.613156 997.180943
B6 1,102,828.61 6.750000% 12669AD35 0.713427 5.613156 997.180997
B-2a 16,955,915.73 6.750000% 12669AC69 0.694766 5.613715 997.299097
B-2b 6,880,169.69 6.750000% 12669AC77 0.694766 5.613715 997.299097
B-2c 4,177,602.31 6.750000% 12669AC85 0.694766 5.613715 997.299097
B-2d 2,703,465.58 6.750000% 12669AD43 0.694766 5.613715 997.299097
B-2e 1,474,336.33 6.750000% 12669AD50 0.694766 5.613715 997.299097
B-2f 2,211,724.83 6.750000% 12669AD68 0.694766 5.613715 997.299070
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 775,606,670.62 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 292,775,836.25 250,149,113.42 221,850,311.83 764,775,261.50
loan count 790 2158 571 3519
avg loan rate 7.778767% 8.030751% 7.952473% 7.91
prepay amt 5,289,742.57 2,725,075.93 2,271,032.74 10,285,851.24
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 16,277.39 15,883.92 13,476.89 45,638.20
sub servicer fees 62,141.42 52,796.25 46,803.46 161,741.13
trustee fees 2,237.09 1,897.88 1,682.08 5,817.05
Aggregate advances N/A N/A N/A N/A
Advances this periods 51,719.65 114,187.07 0.00 165,906.72
- --------------------------------------------------------------------------------
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 93.435586% 100.000000% 724,659,210.07
-----------------------------------------------------------------------------
Junior 6.564414% 0.000000% 50,911,682.31
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 68 17,620,188.26
60 to 89 days 15 3,628,717.99
90 or more 7 1,018,937.67
Foreclosure 0 0.00
Totals: 90 22,267,843.92
- --------------------------------------------------------------------------------
<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 15,699,422.23 15,699,422.23
Principal remittance amount 10,831,409.12 10,831,409.12
Interest remittance amount 4,868,013.11 4,868,013.11
