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): July 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 25,840,159.95 6.750000% 752,433.21 145,350.90 897,784.11 0.00 0.00
1-A-2 15,662,516.54 6.400000% 4,732.28 83,533.42 88,265.70 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 41,410,434.89 6.750000% 1,288,603.21 232,933.70 1,521,536.91 0.00 0.00
1-A-6 29,788,449.77 6.750000% 2,397,690.72 167,560.03 2,565,250.75 0.00 0.00
1-A-7 15,662,516.54 0.350000% 0.00 4,568.23 4,568.23 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-1 204,206,132.48 7.000000% 3,169,589.36 1,191,202.44 4,360,791.80 0.00 0.00
2A-A-2 7,563,190.87 0.000000% 117,392.21 0.00 117,392.21 0.00 0.00
2A-B-1 177,207,171.42 6.900000% 5,660,355.84 1,018,941.24 6,679,297.08 0.00 0.00
2A-B-2 3,937,937.55 0.000000% 125,785.70 0.00 125,785.70 0.00 0.00
X1 248,152,971.07 0.623119% 0.00 128,857.45 128,857.45 0.00 0.00
X2-1 0.00 0.000000% 0.00 301,200.85 301,200.85 0.00 0.00
PO1 10,170.20 0.000000% 9.40 0.00 9.40 0.00 0.00
PO2 58,437.35 0.000000% 67.29 0.00 67.29 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,211,084.19 6.750000% 5,520.15 40,562.35 46,082.50 0.00 0.00
B2 4,075,376.96 6.750000% 3,119.74 22,924.00 26,043.73 0.00 0.00
B3 1,881,325.05 6.750000% 1,440.17 10,582.45 12,022.63 0.00 0.00
B4 1,410,745.59 6.750000% 1,079.94 7,935.44 9,015.38 0.00 0.00
B5 783,802.71 6.750000% 600.01 4,408.89 5,008.90 0.00 0.00
B6 1,097,180.49 6.750000% 839.90 6,171.64 7,011.54 0.00 0.00
B-2a 16,870,996.17 6.750000% 12,586.75 94,899.35 107,486.10 0.00 0.00
B-2b 6,845,712.04 6.750000% 5,107.30 38,507.13 43,614.43 0.00 0.00
B-2c 4,156,679.81 6.750000% 3,101.13 23,381.32 26,482.45 0.00 0.00
B-2d 2,689,925.93 6.750000% 2,006.84 15,130.83 17,137.68 0.00 0.00
B-2e 1,466,952.48 6.750000% 1,094.43 8,251.61 9,346.04 0.00 0.00
B-2f 2,200,647.95 6.750000% 1,641.81 12,378.64 14,020.46 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 678,085,871.39 - 13,554,797.40 4,246,947.08 17,801,744.48 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 25,087,726.74 0.00
1-A-2 15,657,784.26 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 40,121,831.68 0.00
1-A-6 27,390,759.05 0.00
1-A-7 15,657,784.26 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-1 201,036,543.12 0.00
2A-A-2 7,445,798.66 0.00
2A-B-1 171,546,815.58 0.00
2A-B-2 3,812,151.85 0.00
X1 243,699,629.98 0.00
X2-1 0.00 0.00
PO1 10,160.80 0.00
PO2 58,370.06 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,205,564.04 0.00
B2 4,072,257.22 0.00
B3 1,879,884.88 0.00
B4 1,409,665.65 0.00
B5 783,202.70 0.00
B6 1,096,340.59 0.00
B-2a 16,858,409.42 0.00
B-2b 6,840,604.74 0.00
B-2c 4,153,578.68 0.00
B-2d 2,687,919.09 0.00
B-2e 1,465,858.05 0.00
B-2f 2,199,006.14 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 664,531,073.99 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 25,840,159.95 6.750000% 12669AZT4 18.643350 3.601420 621.609037
1-A-2 15,662,516.54 6.400000% 12669AZU1 0.228791 4.038585 757.005968
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 41,410,434.89 6.750000% 12669AZX5 24.924627 4.505487 776.050903
1-A-6 29,788,449.77 6.750000% 12669AZY3 37.030030 2.587804 423.023959
1-A-7 15,662,516.54 0.350000% 12669AZZ0 0.000000 0.220860 757.005968
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-1204,206,132.48 7.000000% 12669AB29 13.618338 5.118075 863.766015
2A-A-2 7,563,190.87 0.000000% 12669AB37 13.618338 0.000000 863.766015
2A-B-1177,207,171.42 6.900000% 12669AB45 26.717608 4.809534 809.723055
2A-B-2 3,937,937.55 0.000000% 12669AB52 26.717608 0.000000 809.723055
X1 248,152,971.07 0.623119% 12669AB86 0.000000 0.411635 778.497949
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,170.20 0.000000% 12669AB60 0.915874 0.000000 990.235086
PO2 58,437.35 0.000000% 12669AB78 1.138854 0.000000 987.817971
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.066988 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,211,084.19 6.750000% 12669AC36 0.759985 5.584408 992.023685
B2 4,075,376.96 6.750000% 12669AC44 0.759985 5.584408 992.023683
B3 1,881,325.05 6.750000% 12669AC51 0.759985 5.584408 992.023682
B4 1,410,745.59 6.750000% 12669AC93 0.759985 5.584408 992.023681
B5 783,802.71 6.750000% 12669AD27 0.759985 5.584408 992.023688
B6 1,097,180.49 6.750000% 12669AD35 0.759985 5.584408 992.023683
B-2a 16,870,996.17 6.750000% 12669AC69 0.740833 5.585601 992.254822
B-2b 6,845,712.04 6.750000% 12669AC77 0.740833 5.585601 992.254821
B-2c 4,156,679.81 6.750000% 12669AC85 0.740833 5.585601 992.254822
B-2d 2,689,925.93 6.750000% 12669AD43 0.740833 5.585601 992.254822
B-2e 1,466,952.48 6.750000% 12669AD50 0.740833 5.585601 992.254821
B-2f 2,200,647.95 6.750000% 12669AD68 0.740833 5.585601 992.254824
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 678,085,871.39 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Principal balance 246,426,018.64 226,529,455.08 191,575,600.28 664,531,074.00
Loan count 675 1990 508 3173
Average loan rate 7.750067% 8.014449% 7.938963% 7.89
Prepayment amount 4,264,014.96 3,127,778.38 5,652,165.28 13,043,958.62
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 7,739.27 12,165.32 1,219.93 21,124.52
Monthly sub servicer fees 52,267.10 47,957.89 41,197.73 141,422.72
Monthly trustee fees 1,881.62 1,723.73 1,480.30 5,085.64
Aggregate advances N/A N/A N/A N/A
Advances this periods 35,557.43 77,656.22 0.00 113,213.65
- --------------------------------------------------------------------------------
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 92.529687% 100.000000% 627,395,442.02
-----------------------------------------------------------------------------
Junior 7.470313% 0.000000% 50,652,291.19
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 39 7,350,723.91
60 to 89 days 8 2,764,138.32
90 or more 5 1,279,289.63
Foreclosure 12 3,290,694.43
Totals: 64 14,684,846.29
- --------------------------------------------------------------------------------
<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: 310,437.70
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 17,801,744.48 17,801,744.48
Principal remittance amount 13,554,797.40 13,554,797.40
Interest remittance amount 4,246,947.08 4,246,947.08
