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): August 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 August 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 August 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: August 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
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 25,087,726.74 6.750000% 1,231,180.67 141,118.46 1,372,299.13 0.00 0.00
1-A-2 15,657,784.26 6.400000% 7,743.27 83,508.18 91,251.45 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 40,121,831.68 6.750000% 2,108,497.26 225,685.30 2,334,182.57 0.00 0.00
1-A-6 27,390,759.05 6.750000% 3,923,259.14 154,073.02 4,077,332.16 0.00 0.00
1-A-7 15,657,784.26 0.350000% 0.00 4,566.85 4,566.85 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-1 201,036,543.12 7.000000% 3,644,769.63 1,172,713.17 4,817,482.80 0.00 0.00
2A-A-2 7,445,798.66 0.000000% 134,991.48 0.00 134,991.48 0.00 0.00
2A-B-1 171,546,815.58 6.900000% 3,708,464.33 986,394.19 4,694,858.51 0.00 0.00
2A-B-2 3,812,151.85 0.000000% 82,410.33 0.00 82,410.33 0.00 0.00
X1 243,699,629.98 0.621069% 0.00 126,128.64 126,128.64 0.00 0.00
X2-1 0.00 0.000000% 0.00 293,749.01 293,749.01 0.00 0.00
PO1 10,160.80 0.000000% 9.78 0.00 9.78 0.00 0.00
PO2 58,370.06 0.000000% 56.97 0.00 56.97 0.00 0.00
Residual A-R 0.00 6.750000% 0.00 0.01 0.01 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,205,564.04 6.750000% 5,508.50 40,531.30 46,039.80 0.00 0.00
B2 4,072,257.22 6.750000% 3,113.16 22,906.45 26,019.60 0.00 0.00
B3 1,879,884.88 6.750000% 1,437.13 10,574.35 12,011.49 0.00 0.00
B4 1,409,665.65 6.750000% 1,077.66 7,929.37 9,007.03 0.00 0.00
B5 783,202.70 6.750000% 598.74 4,405.52 5,004.26 0.00 0.00
B6 1,096,340.59 6.750000% 838.13 6,166.92 7,005.05 0.00 0.00
B-2a 16,858,409.42 6.750000% 12,762.96 94,828.55 107,591.51 0.00 0.00
B-2b 6,840,604.74 6.750000% 5,178.80 38,478.40 43,657.20 0.00 0.00
B-2c 4,153,578.68 6.750000% 3,144.54 23,363.88 26,508.42 0.00 0.00
B-2d 2,687,919.09 6.750000% 2,034.94 15,119.54 17,154.48 0.00 0.00
B-2e 1,465,858.05 6.750000% 1,109.75 8,245.45 9,355.21 0.00 0.00
B-2f 2,199,006.14 6.750000% 1,664.80 12,369.41 14,034.21 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 664,531,073.99 - 14,879,851.97 4,160,521.11 19,040,373.08 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1-A-1 23,856,546.07 0.00
1-A-2 15,650,041.00 0.00
1-A-3 25,800,000.00 0.00
1-A-4 57,600,000.00 0.00
1-A-5 38,013,334.41 0.00
1-A-6 23,467,499.91 0.00
1-A-7 15,650,041.00 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-1 197,391,773.49 0.00
2A-A-2 7,310,807.18 0.00
2A-B-1 167,838,351.25 0.00
2A-B-2 3,729,741.52 0.00
X1 236,419,354.96 0.00
X2-1 0.00 0.00
PO1 10,151.02 0.00
PO2 58,313.08 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 7,200,055.53 0.00
B2 4,069,144.06 0.00
B3 1,878,447.74 0.00
B4 1,408,587.99 0.00
B5 782,603.96 0.00
B6 1,095,502.46 0.00
B-2a 16,845,646.46 0.00
B-2b 6,835,425.94 0.00
B-2c 4,150,434.14 0.00
B-2d 2,685,884.15 0.00
B-2e 1,464,748.29 0.00
B-2f 2,197,341.34 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 649,651,222.02 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
------------------------------------------------------------
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 25,087,726.74 6.750000% 12669AZT4 30.505475 3.496551 591.103562
1-A-2 15,657,784.26 6.400000% 12669AZU1 0.374363 4.037365 756.631605
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 40,121,831.68 6.750000% 12669AZX5 40.783313 4.365286 735.267590
1-A-6 27,390,759.05 6.750000% 12669AZY3 60.590968 2.379510 362.432991
1-A-7 15,657,784.26 0.350000% 12669AZZ0 0.000000 0.220793 756.631605
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-1201,036,543.12 7.000000% 12669AB29 15.659979 5.038635 848.106036
2A-A-2 7,445,798.66 0.000000% 12669AB37 15.659979 0.000000 848.106035
2A-B-1171,546,815.58 6.900000% 12669AB45 17.504429 4.655908 792.218626
2A-B-2 3,812,151.85 0.000000% 12669AB52 17.504429 0.000000 792.218626
X1 243,699,629.98 0.621069% 12669AB86 0.000000 0.402918 755.241125
X2-1 0.00 0.000000% 12669AB94 0.000000 0.000000 0.000000
PO1 10,160.80 0.000000% 12669AB60 0.953045 0.000000 989.282042
PO2 58,370.06 0.000000% 12669AB78 0.964191 0.000000 986.853779
Residual A-R 0.00 6.750000% 12669AC28 0.000000 0.065577 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 7,205,564.04 6.750000% 12669AC36 0.758382 5.580133 991.265304
B2 4,072,257.22 6.750000% 12669AC44 0.758382 5.580133 991.265302
B3 1,879,884.88 6.750000% 12669AC51 0.758382 5.580133 991.265301
B4 1,409,665.65 6.750000% 12669AC93 0.758382 5.580133 991.265300
B5 783,202.70 6.750000% 12669AD27 0.758382 5.580133 991.265306
B6 1,096,340.59 6.750000% 12669AD35 0.758382 5.580133 991.265301
B-2a 16,858,409.42 6.750000% 12669AC69 0.751204 5.581433 991.503617
B-2b 6,840,604.74 6.750000% 12669AC77 0.751204 5.581433 991.503617
B-2c 4,153,578.68 6.750000% 12669AC85 0.751204 5.581433 991.503617
B-2d 2,687,919.09 6.750000% 12669AD43 0.751204 5.581433 991.503618
B-2e 1,465,858.05 6.750000% 12669AD50 0.751204 5.581433 991.503617
B-2f 2,199,006.14 6.750000% 12669AD68 0.751204 5.581433 991.503620
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 664,531,073.99 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-J
Residential Asset Securitization Trust, 1998-A10
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 239,142,755.20 222,736,012.37 187,772,454.46 649,651,222.03
loan count 663 1967 494 3124
average loan rate 7.747920% 8.013916% 7.932450% 7.89
prepay amount 7,094,874.63 3,621,792.93 3,658,244.32 14,374,911.88
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 3,521.15 12,849.89 2,976.04 19,347.08
sub servicer fees 51,338.75 47,270.21 39,989.72 138,598.68
trustee fees 1,848.20 1,698.97 1,436.82 4,983.98
Aggregate advances N/A N/A N/A N/A
Advances this periods 30,563.48 90,711.03 0.00 121,274.51
- --------------------------------------------------------------------------------
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 92.383087% 100.000000% 613,878,782.80
-----------------------------------------------------------------------------
Junior 7.616913% 0.000000% 50,613,822.07
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 40 8,698,761.10
60 to 89 days 4 650,086.62
90 or more 5 1,278,436.08
Foreclosure 14 5,093,950.86
Totals: 63 15,721,234.66
- --------------------------------------------------------------------------------
<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: 310,199.57
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 19,040,373.08 19,040,373.08
Principal remittance amount 14,879,851.97 14,879,851.97
Interest remittance amount 4,160,521.11 4,160,521.11
