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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 28,660,604.26 6.750000% 1,616,947.08 161,215.90 1,778,162.98 0.00 0.00
1-A-2 15,680,255.17 6.400000% 10,169.47 83,628.03 93,797.49 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 46,240,675.69 6.750000% 2,769,153.70 260,103.80 3,029,257.50 0.00 0.00
1-A-6 38,776,029.07 6.750000% 5,152,535.77 218,115.16 5,370,650.93 0.00 0.00
1-A-7 15,680,255.17 0.350000% 0.00 4,573.41 4,573.41 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-1 212,274,492.96 7.000000% 4,810,779.19 1,238,267.88 6,049,047.06 0.00 0.00
2A-A-2 7,862,019.07 0.000000% 178,177.03 0.00 178,177.03 0.00 0.00
2A-B-1 188,845,487.14 6.900000% 5,497,276.27 1,085,861.55 6,583,137.82 0.00 0.00
2A-B-2 4,196,566.82 0.000000% 122,161.71 0.00 122,161.71 0.00 0.00
X1 264,828,144.89 0.631409% 0.00 139,345.82 139,345.82 0.00 0.00
X2-1 0.00 0.000000% 0.00 315,961.71 315,961.71 0.00 0.00
PO1 10,188.82 0.000000% 9.28 0.00 9.28 0.00 0.00
PO2 58,572.95 0.000000% 76.27 0.00 76.27 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,221,840.41 6.750000% 5,329.62 40,622.85 45,952.47 0.00 0.00
B2 4,081,455.89 6.750000% 3,012.06 22,958.19 25,970.25 0.00 0.00
B3 1,884,131.28 6.750000% 1,390.46 10,598.24 11,988.70 0.00 0.00
B4 1,412,849.90 6.750000% 1,042.66 7,947.28 8,989.94 0.00 0.00
B5 784,971.85 6.750000% 579.30 4,415.47 4,994.77 0.00 0.00
B6 1,098,817.07 6.750000% 810.91 6,180.85 6,991.76 0.00 0.00
B-2a 16,895,737.97 6.750000% 12,289.51 95,038.53 107,328.04 0.00 0.00
B-2b 6,855,751.48 6.750000% 4,986.69 38,563.60 43,550.29 0.00 0.00
B-2c 4,162,775.70 6.750000% 3,027.89 23,415.61 26,443.51 0.00 0.00
B-2d 2,693,870.78 6.750000% 1,959.45 15,153.02 17,112.47 0.00 0.00
B-2e 1,469,103.81 6.750000% 1,068.59 8,263.71 9,332.30 0.00 0.00
B-2f 2,203,875.26 6.750000% 1,603.04 12,396.80 13,999.84 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 715,080,914.33 - 20,194,385.96 4,480,292.55 24,674,678.51 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 27,043,657.17 0.00
1-A-2 15,670,085.70 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 43,471,521.99 0.00
1-A-6 33,623,493.30 0.00
1-A-7 15,670,085.70 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-1 207,463,713.77 0.00
2A-A-2 7,683,842.04 0.00
2A-B-1 183,348,210.87 0.00
2A-B-2 4,074,405.11 0.00
X1 255,269,854.66 0.00
X2-1 0.00 0.00
PO1 10,179.54 0.00
PO2 58,496.68 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,216,510.79 0.00
B2 4,078,443.83 0.00
B3 1,882,740.82 0.00
B4 1,411,807.23 0.00
B5 784,392.55 0.00
B6 1,098,006.16 0.00
B-2a 16,883,448.46 0.00
B-2b 6,850,764.78 0.00
B-2c 4,159,747.81 0.00
B-2d 2,691,911.33 0.00
B-2e 1,468,035.22 0.00
B-2f 2,202,272.22 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 694,886,528.37 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 28,660,604.26 6.750000% 12669AZT4 40.063770 3.994513 670.071939
1-A-2 15,680,255.17 6.400000% 12669AZU1 0.491663 4.043159 757.600705
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 46,240,675.69 6.750000% 12669AZX5 53.561967 5.031021 840.841818
1-A-6 38,776,029.07 6.750000% 12669AZY3 79.575965 3.368579 519.282552
1-A-7 15,680,255.17 0.350000% 12669AZZ0 0.000000 0.221110 757.600705
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-1212,274,492.96 7.000000% 12669AB29 20.669812 5.320295 891.380754
2A-A-2 7,862,019.07 0.000000% 12669AB37 20.669812 0.000000 891.380754
2A-B-1188,845,487.14 6.900000% 12669AB45 25.947852 5.125406 865.427161
2A-B-2 4,196,566.82 0.000000% 12669AB52 25.947852 0.000000 865.427161
X1 264,828,144.89 0.631409% 12669AB86 0.000000 0.445140 815.459007
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,188.82 0.000000% 12669AB60 0.904536 0.000000 992.084751
PO2 58,572.95 0.000000% 12669AB78 1.290759 0.000000 989.960805
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.069842 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,221,840.41 6.750000% 12669AC36 0.733754 5.592738 993.530776
B2 4,081,455.89 6.750000% 12669AC44 0.733754 5.592738 993.530776
B3 1,884,131.28 6.750000% 12669AC51 0.733754 5.592738 993.530776
B4 1,412,849.90 6.750000% 12669AC93 0.733754 5.592738 993.530776
B5 784,971.85 6.750000% 12669AD27 0.733754 5.592738 993.530776
B6 1,098,817.07 6.750000% 12669AD35 0.733754 5.592738 993.530830
B-2a 16,895,737.97 6.750000% 12669AC69 0.723338 5.593792 993.728573
B-2b 6,855,751.48 6.750000% 12669AC77 0.723338 5.593792 993.728573
B-2c 4,162,775.70 6.750000% 12669AC85 0.723338 5.593792 993.728573
B-2d 2,693,870.78 6.750000% 12669AD43 0.723338 5.593792 993.728573
B-2e 1,469,103.81 6.750000% 12669AD50 0.723338 5.593792 993.728573
B-2f 2,203,875.26 6.750000% 12669AD68 0.723338 5.593792 993.728546
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 715,080,914.33 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin bal 258,001,680.09 233,221,698.93 203,663,149.35 694,886,528.37
Loan count 714 2049 535 3298
Avg Loan rate 7.758699% 8.017697% 7.938739% 7.90
Prepay amt 9,363,521.35 4,828,179.42 5,479,689.02 19,671,389.79
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Servicing fees 7,382.56 10,533.29 5,737.97 23,653.81
Sub servicer fees 55,742.22 49,706.87 43,681.42 149,130.51
Trustee fees 2,006.72 1,786.68 1,569.71 5,363.11
Aggregate advances N/A N/A N/A N/A
Advances this periods 42,691.92 70,496.49 0.00 113,188.41
- --------------------------------------------------------------------------------
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 92.905598% 100.000000% 664,315,732.94
-----------------------------------------------------------------------------
Junior 7.094402% 0.000000% 50,728,081.19
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 49 8,962,058.17
60 to 89 days 7 1,685,430.56
90 or more 7 1,555,070.47
Foreclosure 9 2,909,644.47
Totals: 72 15,112,203.67
- --------------------------------------------------------------------------------
<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 24,674,678.51 24,674,678.51
Principal remittance amount 20,194,385.96 20,194,385.96
Interest remittance amount 4,480,292.55 4,480,292.55
