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-L)
(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-L
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-L, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 1, 1998, among CWMBS, INC. as
Depositor, Independant 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-L 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
September 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
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-L
Residential Asset Securitization Trust 1998-A12
------------------------------------------------------------
<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 A1 94,109,000.00 6.750000% 0.00 529,363.12 529,363.12 0.00 0.00
A2 82,644,758.32 6.550000% 5,722,532.44 451,102.64 6,173,635.08 0.00 0.00
A3 13,222,911.02 8.000000% 915,554.96 88,152.74 1,003,707.70 0.00 0.00
A4 7,000,000.00 6.750000% 0.00 39,375.00 39,375.00 0.00 0.00
A5 109,849,778.89 6.750000% 8,533,954.56 617,905.01 9,151,859.56 0.00 0.00
A6 10,000,000.00 6.200000% 0.00 51,666.67 51,666.67 0.00 0.00
A7 10,000,000.00 0.500000% 0.00 4,166.67 4,166.67 0.00 0.00
A8 19,222,000.00 6.750000% 0.00 108,123.75 108,123.75 0.00 0.00
A9 100,000,000.00 6.500000% 0.00 541,666.67 541,666.67 0.00 0.00
A10 20,000,000.00 8.000000% 0.00 133,333.33 133,333.33 0.00 0.00
A11 21,000,000.00 6.700000% 0.00 117,250.00 117,250.00 0.00 0.00
A12 21,000,000.00 6.800000% 0.00 119,000.00 119,000.00 0.00 0.00
A13 79,500,000.00 6.650000% 0.00 440,562.50 440,562.50 0.00 0.00
A14 18,758,800.00 8.000000% 0.00 125,058.67 125,058.67 0.00 0.00
A15 31,000,000.00 6.250000% 0.00 161,458.33 161,458.33 0.00 0.00
A16 24,602,200.00 6.750000% 0.00 138,387.37 138,387.37 0.00 0.00
PO 226,776.58 0.000000% 214.73 0.00 214.73 0.00 0.00
X 700,312,736.66 0.960255% 0.00 560,399.19 560,399.19 0.00 0.00
Residual AR 0.00 6.750000% 0.00 1.51 1.51 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 31,049,625.81 6.750000% 21,932.90 174,654.15 196,587.04 0.00 0.00
B2 13,363,030.72 6.750000% 9,439.40 75,167.05 84,606.45 0.00 0.00
B3 7,074,598.29 6.750000% 4,997.37 39,794.62 44,791.98 0.00 0.00
B4 5,109,432.09 6.750000% 3,609.21 28,740.56 32,349.77 0.00 0.00
B5 2,358,100.06 6.750000% 1,665.72 13,264.31 14,930.03 0.00 0.00
B6 3,930,392.86 6.750000% 2,776.36 22,108.46 24,884.82 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 715,021,404.64 - 15,216,677.65 4,580,702.31 19,797,379.96 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 94,109,000.00 0.00
A2 76,922,225.88 0.00
A3 12,307,356.06 0.00
A4 7,000,000.00 0.00
A5 101,315,824.33 0.00
A6 10,000,000.00 0.00
A7 10,000,000.00 0.00
A8 19,222,000.00 0.00
A9 100,000,000.00 0.00
A10 20,000,000.00 0.00
A11 21,000,000.00 0.00
A12 21,000,000.00 0.00
A13 79,500,000.00 0.00
A14 18,758,800.00 0.00
A15 31,000,000.00 0.00
A16 24,602,200.00 0.00
PO 226,561.84 0.00
X 685,110,143.52 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 31,027,692.92 0.00
B2 13,353,591.32 0.00
B3 7,069,600.92 0.00
B4 5,105,822.88 0.00
B5 2,356,434.34 0.00
B6 3,927,616.51 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 699,804,726.99 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-L
Residential Asset Securitization Trust 1998-A12
------------------------------------------------------------
<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 A1 94,109,000.00 6.750000% 12669AM92 0.000000 5.625000 1,000.000000
A2 82,644,758.32 6.550000% 12669AN26 51.484587 4.058489 692.055322
A3 13,222,911.02 8.000000% 12669AN34 51.483106 4.956968 692.062128
A4 7,000,000.00 6.750000% 12669AN42 0.000000 5.625000 1,000.000000
A5 109,849,778.89 6.750000% 12669AN59 56.011778 4.055559 664.976531
A6 10,000,000.00 6.200000% 12669AN67 0.000000 5.166667 1,000.000000
A7 10,000,000.00 0.500000% 12669AN75 0.000000 0.416667 1,000.000000
A8 19,222,000.00 6.750000% 12669AN83 0.000000 5.625000 1,000.000000
A9 100,000,000.00 6.500000% 12669AN91 0.000000 5.416667 1,000.000000
A10 20,000,000.00 8.000000% 12669AP24 0.000000 6.666667 1,000.000000
A11 21,000,000.00 6.700000% 12669AP32 0.000000 5.583333 1,000.000000
A12 21,000,000.00 6.800000% 12669AP40 0.000000 5.666667 1,000.000000
A13 79,500,000.00 6.650000% 12669AP57 0.000000 5.541667 1,000.000000
A14 18,758,800.00 8.000000% 12669AP65 0.000000 6.666667 1,000.000000
A15 31,000,000.00 6.250000% 12669AP73 0.000000 5.208333 1,000.000000
A16 24,602,200.00 6.750000% 12669AP81 0.000000 5.625000 1,000.000000
PO 226,776.58 0.000000% 12669AP99 0.940851 0.000000 992.675151
X 700,312,736.66 0.960255% 12669AQ23 0.000000 0.721987 882.657699
Residual AR 0.00 6.750000% 12669AQ31 0.000000 15.106856 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 31,049,625.81 6.750000% 12669AQ49 0.701976 5.589916 993.060952
B2 13,363,030.72 6.750000% 12669AQ56 0.701976 5.589916 993.060952
B3 7,074,598.29 6.750000% 12669AQ64 0.701976 5.589916 993.060952
B4 5,109,432.09 6.750000% 12669AQ72 0.701976 5.589916 993.060952
B5 2,358,100.06 6.750000% 12669AQ80 0.701976 5.589916 993.060953
B6 3,930,392.86 6.750000% 12669AQ98 0.701976 5.589916 993.060953
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 715,021,404.64 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-L
Residential Asset Securitization Trust 1998-A12
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 699,804,726.98 699,804,726.98
Aggregated loan count 4389 4389
Aggregated average loan rate 8.072504% 8.07
Aggregated prepayment amount 14,711,557.85 14,711,557.85
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 19,352.08 19,352.08
Monthly sub servicer fees 149,048.05 149,048.05
Monthly trustee fees 5,362.66 5,362.66
Aggregate advances N/A N/A
Advances this periods 135,553.94 135,553.94
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 243,821.00 243,821.00
Fraud 15,819,884.00 15,819,884.00
Special Hazard 7,150,214.05 7,150,214.05
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.210800% 100.000000% 652,136,224.81
-----------------------------------------------------------------------------
Junior 8.789200% 0.000000% 62,840,758.87
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 64 13,082,263.48
60 to 89 days 12 1,913,629.20
90 or more 4 707,040.78
Foreclosure 16 2,230,398.80
Totals: 96 17,933,332.26
- --------------------------------------------------------------------------------
<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 19,797,379.96 19,797,379.96
Principal remittance amount 15,216,677.65 15,216,677.65
Interest remittance amount 4,580,702.31 4,580,702.31
