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-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 July 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 July 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: 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
------------------------------------------------------------
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% 3,816,287.89 529,363.13 4,345,651.01 0.00 0.00
A2 71,366,413.21 6.550000% 2,641,973.50 389,541.67 3,031,515.17 0.00 0.00
A3 11,418,511.31 8.000000% 422,702.97 76,123.41 498,826.38 0.00 0.00
A4 7,000,000.00 6.750000% 0.00 39,375.00 39,375.00 0.00 0.00
A5 93,030,544.22 6.750000% 8,846,198.24 523,296.81 9,369,495.05 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% 0.00 138,387.38 138,387.38 0.00 0.00
PO 226,342.69 0.000000% 220.33 0.00 220.33 0.00 0.00
X 670,349,550.22 0.954429% 0.00 533,167.63 533,167.63 0.00 0.00
Residual AR 0.00 6.750000% 0.00 1.37 1.37 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 31,005,565.68 6.750000% 31,364.80 174,406.31 205,771.11 0.00 0.00
B2 13,344,068.27 6.750000% 13,498.68 75,060.38 88,559.06 0.00 0.00
B3 7,064,559.27 6.750000% 7,146.41 39,738.15 46,884.56 0.00 0.00
B4 5,102,181.69 6.750000% 5,161.30 28,699.77 33,861.07 0.00 0.00
B5 2,354,753.86 6.750000% 2,382.04 13,245.49 15,627.53 0.00 0.00
B6 3,924,815.55 6.750000% 3,970.29 22,077.09 26,047.38 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 685,029,755.74 - 15,790,906.44 4,384,770.16 20,175,676.60 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 90,292,712.11 0.00
A2 68,724,439.72 0.00
A3 10,995,808.34 0.00
A4 7,000,000.00 0.00
A5 84,184,345.98 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 226,122.36 0.00
X 654,573,108.82 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 30,974,200.87 0.00
B2 13,330,569.60 0.00
B3 7,057,412.86 0.00
B4 5,097,020.39 0.00
B5 2,352,371.82 0.00
B6 3,920,845.26 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 669,238,849.30 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 40.551785 5.625000 959.448215
A2 71,366,413.21 6.550000% 12669AN26 23.769357 3.504636 618.301326
A3 11,418,511.31 8.000000% 12669AN34 23.769258 4.280540 618.311722
A4 7,000,000.00 6.750000% 12669AN42 0.000000 5.625000 1,000.000000
A5 93,030,544.22 6.750000% 12669AN59 58.061159 3.434608 552.535744
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 226,342.69 0.000000% 12669AP99 0.965365 0.000000 990.752249
X 670,349,550.22 0.954429% 12669AQ23 0.000000 0.686903 843.315487
Residual AR 0.00 6.750000% 12669AQ31 0.000000 13.695344 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 31,005,565.68 6.750000% 12669AQ49 1.003850 5.581984 991.348905
B2 13,344,068.27 6.750000% 12669AQ56 1.003850 5.581984 991.348905
B3 7,064,559.27 6.750000% 12669AQ64 1.003850 5.581984 991.348906
B4 5,102,181.69 6.750000% 12669AQ72 1.003850 5.581984 991.348905
B5 2,354,753.86 6.750000% 12669AQ80 1.003850 5.581984 991.348906
B6 3,924,815.55 6.750000% 12669AQ98 1.003850 5.581983 991.348751
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 685,029,755.74 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 669,238,849.29 669,238,849.29
Aggregated loan count 4249 4249
Aggregated average loan rate 8.065895% 8.07
Aggregated prepayment amount 15,097,964.47 15,097,964.47
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 7,751.04 7,751.04
Monthly sub servicer fees 142,799.65 142,799.65
Monthly trustee fees 5,137.72 5,137.72
Aggregate advances N/A N/A
Advances this periods 114,009.28 114,009.28
- --------------------------------------------------------------------------------
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 6,850,297.56 6,850,297.56
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 90.841531% 100.000000% 622,233,811.43
-----------------------------------------------------------------------------
Junior 9.158469% 0.000000% 62,732,420.80
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 59 9,251,130.47
60 to 89 days 6 1,141,899.34
90 or more 11 1,592,542.29
Foreclosure 19 2,765,884.36
Totals: 95 14,751,456.46
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 162,428.43
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 20,175,676.60 20,175,676.60
Principal remittance amount 15,790,906.44 15,790,906.44
Interest remittance amount 4,384,770.16 4,384,770.16
