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): September 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 September 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 September 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: September 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 September 25, 1999
Payment Date: 09/25/99
------------------------------------------------------------
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 23,856,546.07 6.750000% 951,289.66 134,193.07 1,085,482.73 0.00 0.00
1-A-2 15,650,041.00 6.400000% 5,982.95 83,466.89 89,449.83 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 38,013,334.41 6.750000% 1,629,161.10 213,825.01 1,842,986.11 0.00 0.00
1-A-6 23,467,499.91 6.750000% 3,031,363.27 132,004.69 3,163,367.96 0.00 0.00
1-A-7 15,650,041.00 0.350000% 0.00 4,564.60 4,564.60 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-1 197,391,773.49 7.000000% 2,618,247.11 1,151,452.01 3,769,699.12 0.00 0.00
2A-A-2 7,310,807.18 0.000000% 96,972.13 0.00 96,972.13 0.00 0.00
2A-B-1 167,838,351.25 6.900000% 4,794,666.68 965,070.52 5,759,737.20 0.00 0.00
2A-B-2 3,729,741.52 0.000000% 106,548.16 0.00 106,548.16 0.00 0.00
X1 236,419,354.96 0.620005% 0.00 122,150.92 122,150.92 0.00 0.00
X2-1 0.00 0.000000% 0.00 287,249.53 287,249.53 0.00 0.00
PO1 10,151.02 0.000000% 9.85 0.00 9.85 0.00 0.00
PO2 58,313.08 0.000000% 104.86 0.00 104.86 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,200,055.53 6.750000% 5,590.63 40,500.31 46,090.94 0.00 0.00
B2 4,069,144.06 6.750000% 3,159.57 22,888.94 26,048.51 0.00 0.00
B3 1,878,447.74 6.750000% 1,458.56 10,566.27 12,024.83 0.00 0.00
B4 1,408,587.99 6.750000% 1,093.73 7,923.31 9,017.03 0.00 0.00
B5 782,603.96 6.750000% 607.67 4,402.15 5,009.82 0.00 0.00
B6 1,095,502.46 6.750000% 850.63 6,162.20 7,012.83 0.00 0.00
B-2a 16,845,646.46 6.750000% 12,887.23 94,756.76 107,643.99 0.00 0.00
B-2b 6,835,425.94 6.750000% 5,229.23 38,449.27 43,678.50 0.00 0.00
B-2c 4,150,434.14 6.750000% 3,175.16 23,346.19 26,521.35 0.00 0.00
B-2d 2,685,884.15 6.750000% 2,054.75 15,108.10 17,162.85 0.00 0.00
B-2e 1,464,748.29 6.750000% 1,120.56 8,239.21 9,359.77 0.00 0.00
B-2f 2,197,341.34 6.750000% 1,681.01 12,360.05 14,041.05 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 649,651,222.02 - 13,273,254.48 4,063,803.47 17,337,057.95 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 22,905,256.41 0.00
1-A-2 15,644,058.05 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 36,384,173.32 0.00
1-A-6 20,436,136.64 0.00
1-A-7 15,644,058.05 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-1 194,773,526.38 0.00
2A-A-2 7,213,835.05 0.00
2A-B-1 163,043,684.57 0.00
2A-B-2 3,623,193.37 0.00
X1 230,791,802.12 0.00
X2-1 0.00 0.00
PO1 10,141.18 0.00
PO2 58,208.22 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,194,464.90 0.00
B2 4,065,984.49 0.00
B3 1,876,989.19 0.00
B4 1,407,494.26 0.00
B5 781,996.29 0.00
B6 1,094,651.83 0.00
B-2a 16,832,759.23 0.00
B-2b 6,830,196.71 0.00
B-2c 4,147,258.98 0.00
B-2d 2,683,829.40 0.00
B-2e 1,463,627.73 0.00
B-2f 2,195,660.33 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 636,377,967.54 250.00
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
------------------------------------------------------------
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 23,856,546.07 6.750000% 12669AZT4 23.570499 3.324958 567.533062
1-A-2 15,650,041.00 6.400000% 12669AZU1 0.289257 4.035369 756.342347
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 38,013,334.41 6.750000% 12669AZX5 31.511820 4.135880 703.755770
1-A-6 23,467,499.91 6.750000% 12669AZY3 46.816494 2.038686 315.616497
1-A-7 15,650,041.00 0.350000% 12669AZZ0 0.000000 0.220684 756.342347
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-1197,391,773.49 7.000000% 12669AB29 11.249462 4.947285 836.856574
2A-A-2 7,310,807.18 0.000000% 12669AB37 11.249462 0.000000 836.856574
2A-B-1167,838,351.25 6.900000% 12669AB45 22.631444 4.555257 769.587182
2A-B-2 3,729,741.52 0.000000% 12669AB52 22.631444 0.000000 769.587182
X1 236,419,354.96 0.620005% 12669AB86 0.000000 0.390211 737.263920
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,151.02 0.000000% 12669AB60 0.959753 0.000000 988.322289
PO2 58,313.08 0.000000% 12669AB78 1.774574 0.000000 985.079205
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.064316 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,200,055.53 6.750000% 12669AC36 0.769688 5.575867 990.495615
B2 4,069,144.06 6.750000% 12669AC44 0.769688 5.575867 990.495614
B3 1,878,447.74 6.750000% 12669AC51 0.769688 5.575867 990.495613
B4 1,408,587.99 6.750000% 12669AC93 0.769688 5.575867 990.495612
B5 782,603.96 6.750000% 12669AD27 0.769688 5.575867 990.495618
B6 1,095,502.46 6.750000% 12669AD35 0.769688 5.575867 990.495613
B-2a 16,845,646.46 6.750000% 12669AC69 0.758519 5.577208 990.745099
B-2b 6,835,425.94 6.750000% 12669AC77 0.758519 5.577208 990.745098
B-2c 4,150,434.14 6.750000% 12669AC85 0.758519 5.577208 990.745099
B-2d 2,685,884.15 6.750000% 12669AD43 0.758519 5.577208 990.745099
B-2e 1,464,748.29 6.750000% 12669AD50 0.758519 5.577208 990.745098
B-2f 2,197,341.34 6.750000% 12669AD68 0.758519 5.577208 990.745101
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 649,651,222.02 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 233,512,187.59 220,006,909.71 182,858,870.25 636,377,967.55
loan count 647 1936 485 3068
average loan rate 7.746657% 8.013541% 7.925308% 7.89
prepay amount 5,444,879.17 2,557,658.57 4,770,909.63 12,773,447.37
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 15,111.68 14,778.63 4,387.86 34,278.17
sub servicer fees 49,821.41 46,479.75 39,197.33 135,498.49
trustee fees 1,793.57 1,670.52 1,408.29 4,872.38
Aggregate advances N/A N/A N/A N/A
Advances this periods 32,707.57 64,928.88 0.00 97,636.45
- --------------------------------------------------------------------------------
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 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 92.214601% 100.000000% 599,037,399.95
-----------------------------------------------------------------------------
Junior 7.785399% 0.000000% 50,574,913.36
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 35 8,095,613.05
60 to 89 days 3 279,659.87
90 or more 3 283,814.72
Foreclosure 13 3,799,733.93
Totals: 54 12,458,821.57
- --------------------------------------------------------------------------------
<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: 309,959.87
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 17,337,057.95 17,337,057.95
Principal remittance amount 13,273,254.48 13,273,254.48
Interest remittance amount 4,063,803.47 4,063,803.47
