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): November 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 November 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 November 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
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 80,674,814.07 6.750000% 3,274,737.03 453,795.83 3,728,532.86 0.00 0.00
A2 65,171,024.81 6.550000% 1,209,879.68 355,725.18 1,565,604.85 0.00 0.00
A3 10,427,266.94 8.000000% 193,579.05 69,515.11 263,094.16 0.00 0.00
A4 7,000,000.00 6.750000% 0.00 39,375.00 39,375.00 0.00 0.00
A5 81,218,896.92 6.750000% 892,442.57 456,856.30 1,349,298.87 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 87,751,192.90 6.500000% 4,268,222.17 475,318.96 4,743,541.13 0.00 0.00
A10 17,550,238.58 8.000000% 853,644.43 117,001.59 970,646.02 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 206,666.84 0.000000% 219.13 0.00 219.13 0.00 0.00
X 623,385,059.14 0.944036% 0.00 490,415.16 490,415.16 0.00 0.00
Residual AR 0.00 6.750000% 0.00 1.35 1.35 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 30,905,268.13 6.750000% 23,377.72 173,842.13 197,219.85 0.00 0.00
B2 13,300,902.56 6.750000% 10,061.22 74,817.58 84,878.80 0.00 0.00
B3 7,041,706.66 6.750000% 5,326.57 39,609.60 44,936.17 0.00 0.00
B4 5,085,677.03 6.750000% 3,846.97 28,606.93 32,453.90 0.00 0.00
B5 2,347,136.64 6.750000% 1,775.45 13,202.64 14,978.09 0.00 0.00
B6 3,912,119.46 6.750000% 2,959.25 22,005.67 24,964.92 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 637,675,911.56 - 10,740,071.24 4,075,763.00 14,815,834.24 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 77,400,077.04 0.00
A2 63,961,145.13 0.00
A3 10,233,687.89 0.00
A4 7,000,000.00 0.00
A5 80,326,454.35 0.00
A6 10,000,000.00 0.00
A7 10,000,000.00 0.00
A8 19,222,000.00 0.00
A9 83,482,970.73 0.00
A10 16,696,594.15 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 206,447.71 0.00
X 612,659,810.06 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 30,881,890.41 0.00
B2 13,290,841.34 0.00
B3 7,036,380.10 0.00
B4 5,081,830.07 0.00
B5 2,345,361.19 0.00
B6 3,909,160.21 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 626,935,840.32 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
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 80,674,814.07 6.750000% 12669AM92 34.797278 4.822024 822.451381
A2 65,171,024.81 6.550000% 12669AN26 10.885068 3.200395 575.446828
A3 10,427,266.94 8.000000% 12669AN34 10.885257 3.908945 575.456482
A4 7,000,000.00 6.750000% 12669AN42 0.000000 5.625000 1,000.000000
A5 81,218,896.92 6.750000% 12669AN59 5.857460 2.998532 527.214849
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 87,751,192.90 6.500000% 12669AN91 42.682222 4.753190 834.829707
A10 17,550,238.58 8.000000% 12669AP24 42.682222 5.850080 834.829707
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 206,666.84 0.000000% 12669AP99 0.960101 0.000000 904.548035
X 623,385,059.14 0.944036% 12669AQ23 0.000000 0.631824 789.316731
Residual AR 0.00 6.750000% 12669AQ31 0.000000 13.510156 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 30,905,268.13 6.750000% 12669AQ49 0.748219 5.563928 988.394451
B2 13,300,902.56 6.750000% 12669AQ56 0.748219 5.563928 988.394451
B3 7,041,706.66 6.750000% 12669AQ64 0.748219 5.563928 988.394451
B4 5,085,677.03 6.750000% 12669AQ72 0.748219 5.563928 988.394450
B5 2,347,136.64 6.750000% 12669AQ80 0.748219 5.563928 988.394452
B6 3,912,119.46 6.750000% 12669AQ98 0.748219 5.563927 988.394296
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 637,675,911.56 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 626,935,840.31 626,935,840.31
Aggregated loan count 3999 3999
Aggregated average loan rate 8.054852% 8.05
Aggregated prepayment amount 10,257,678.00 10,257,678.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 34,314.78 34,314.78
Monthly sub servicer fees 132,933.99 132,933.99
Monthly trustee fees 4,782.57 4,782.57
Aggregate advances N/A N/A
Advances this periods 154,410.02 154,410.02
- --------------------------------------------------------------------------------
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 0.00 0.00
Special Hazard 6,376,759.12 6,376,759.12
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 90.190925% 100.000000% 575,083,101.07
-----------------------------------------------------------------------------
Junior 9.809075% 0.000000% 62,545,463.32
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 66 11,875,760.03
60 to 89 days 9 1,045,776.22
90 or more 13 2,011,846.01
Foreclosure 27 4,719,470.19
Totals: 115 19,652,852.45
- --------------------------------------------------------------------------------
<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
Totals: 0 N/A
Current Total Outstanding Balance: 523,700.55
Current Total Outstanding Number of Loans: 4
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 14,815,834.24 14,815,834.24
Principal remittance amount 10,740,071.24 10,740,071.24
Interest remittance amount 4,075,763.00 4,075,763.00
