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): February 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 February 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 February 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: February 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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 32,370,117.84 6.750000% 1,213,355.99 182,081.91 1,395,437.91 0.00 0.00
1-A-2 16,005,804.38 6.400000% 309,850.13 85,364.29 395,214.42 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% 1,184,450.93 290,812.50 1,475,263.43 0.00 0.00
1-A-6 49,903,681.90 6.750000% 3,173,439.99 280,708.21 3,454,148.20 0.00 0.00
1-A-7 16,005,804.38 0.350000% 0.00 4,668.36 4,668.36 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-1 219,665,775.30 7.000000% 2,407,965.53 1,281,383.69 3,689,349.22 0.00 0.00
2A-A-2 8,135,770.29 0.000000% 89,183.92 0.00 89,183.92 0.00 0.00
2A-B-1 198,672,551.32 6.900000% 3,032,948.44 1,142,367.17 4,175,315.61 0.00 0.00
2A-B-2 4,414,946.04 0.000000% 67,398.86 0.00 67,398.86 0.00 0.00
X1 285,478,579.79 0.645412% 0.00 153,542.72 153,542.72 0.00 0.00
X2-1 0.00 0.000000% 0.00 331,285.33 331,285.33 0.00 0.00
PO1 10,216.32 0.000000% 9.11 0.00 9.11 0.00 0.00
PO2 58,797.78 0.000000% 61.26 0.00 61.26 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,237,755.61 6.750000% 5,284.49 40,712.38 45,996.87 0.00 0.00
B2 4,090,450.44 6.750000% 2,986.55 23,008.78 25,995.34 0.00 0.00
B3 1,888,283.46 6.750000% 1,378.69 10,621.59 12,000.28 0.00 0.00
B4 1,415,963.48 6.750000% 1,033.84 7,964.79 8,998.63 0.00 0.00
B5 786,701.74 6.750000% 574.39 4,425.20 4,999.59 0.00 0.00
B6 1,101,238.60 6.750000% 804.05 6,194.47 6,998.51 0.00 0.00
B-2a 16,932,224.54 6.750000% 12,032.40 95,243.76 107,276.17 0.00 0.00
B-2b 6,870,556.56 6.750000% 4,882.36 38,646.88 43,529.25 0.00 0.00
B-2c 4,171,765.27 6.750000% 2,964.55 23,466.18 26,430.73 0.00 0.00
B-2d 2,699,688.23 6.750000% 1,918.46 15,185.75 17,104.20 0.00 0.00
B-2e 1,472,276.36 6.750000% 1,046.23 8,281.55 9,327.79 0.00 0.00
B-2f 2,208,634.56 6.750000% 1,569.50 12,423.57 13,993.07 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 753,524,041.03 - 11,515,139.68 4,726,054.24 16,241,193.92 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 31,156,761.85 0.00
1-A-2 15,695,954.25 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 50,515,549.07 0.00
1-A-6 46,730,241.92 0.00
1-A-7 15,695,954.25 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-1 217,257,809.77 0.00
2A-A-2 8,046,586.38 0.00
2A-B-1 195,639,602.87 0.00
2A-B-2 4,347,547.18 0.00
X1 279,588,046.47 0.00
X2-1 0.00 0.00
PO1 10,207.21 0.00
PO2 58,736.52 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,232,471.12 0.00
B2 4,087,463.89 0.00
B3 1,886,904.77 0.00
B4 1,414,929.64 0.00
B5 786,127.34 0.00
B6 1,100,434.56 0.00
B-2a 16,920,192.14 0.00
B-2b 6,865,674.20 0.00
B-2c 4,168,800.72 0.00
B-2d 2,697,769.78 0.00
B-2e 1,471,230.13 0.00
B-2f 2,207,065.05 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 742,008,901.35 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 32,370,117.84 6.750000% 12669AZT4 30.063826 4.511519 771.984043
1-A-2 16,005,804.38 6.400000% 12669AZU1 14.980306 4.127102 758.851370
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 22.910076 5.625000 977.089924
1-A-6 49,903,681.90 6.750000% 12669AZY3 49.010732 4.335269 721.703692
1-A-7 16,005,804.38 0.350000% 12669AZZ0 0.000000 0.225701 758.851370
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-1219,665,775.30 7.000000% 12669AB29 10.345974 5.505545 933.461696
2A-A-2 8,135,770.29 0.000000% 12669AB37 10.345974 0.000000 933.461696
2A-B-1198,672,551.32 6.900000% 12669AB45 14.315907 5.392120 923.444113
2A-B-2 4,414,946.04 0.000000% 12669AB52 14.315907 0.000000 923.444113
X1 285,478,579.79 0.645412% 12669AB86 0.000000 0.490492 893.143418
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,216.32 0.000000% 12669AB60 0.887755 0.000000 994.781486
PO2 58,797.78 0.000000% 12669AB78 1.036798 0.000000 994.019747
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.072706 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,237,755.61 6.750000% 12669AC36 0.727540 5.605063 995.728109
B2 4,090,450.44 6.750000% 12669AC44 0.727540 5.605063 995.728109
B3 1,888,283.46 6.750000% 12669AC51 0.727540 5.605063 995.728109
B4 1,415,963.48 6.750000% 12669AC93 0.727540 5.605063 995.728109
B5 786,701.74 6.750000% 12669AD27 0.727540 5.605063 995.728109
B6 1,101,238.60 6.750000% 12669AD35 0.727540 5.605063 995.728164
B-2a 16,932,224.54 6.750000% 12669AC69 0.708205 5.605872 995.891238
B-2b 6,870,556.56 6.750000% 12669AC77 0.708205 5.605872 995.891238
B-2c 4,171,765.27 6.750000% 12669AC85 0.708205 5.605872 995.891238
B-2d 2,699,688.23 6.750000% 12669AD43 0.708205 5.605872 995.891238
B-2e 1,472,276.36 6.750000% 12669AD50 0.708205 5.605872 995.891238
B-2f 2,208,634.56 6.750000% 12669AD68 0.708205 5.605872 995.891211
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 753,524,041.03 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 282,327,886.62 243,418,018.99 216,262,995.74 742,008,901.35
Loan count 764 2107 558 3429
ave loan rate 7.773031% 8.024869% 7.946504% 7.91
prepay amount 5,682,728.59 2,334,788.45 2,956,516.94 10,974,033.98
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 12,789.58 20,560.13 14,808.60 48,158.31
sub servicer fees 60,046.05 51,312.22 45,781.91 157,140.18
trustee fees 2,161.66 1,844.46 1,645.31 5,651.43
Aggregate advances N/A N/A N/A N/A
Advances this periods 63,994.89 100,563.18 0.00 164,558.07
- --------------------------------------------------------------------------------
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 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 93.252833% 100.000000% 702,648,502.19
-----------------------------------------------------------------------------
Junior 6.747167% 0.000000% 50,839,063.33
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 63 16,562,727.66
60 to 89 days 10 2,437,577.37
90 or more 11 2,742,684.61
Foreclosure 2 386,916.20
Totals: 86 22,129,905.84
- --------------------------------------------------------------------------------
<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 16,241,193.92 16,241,193.92
Principal remittance amount 11,515,139.68 11,515,139.68
Interest remittance amount 4,726,054.24 4,726,054.24
