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, 1998
CWMBS, Inc.
(Depositor)
(Issuer in respect of Home Equity Loan Asset-Backed Trust, Series SPMD 1998-A)
(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.
Home Equity Loan Asset-Backed Trust
Series SPMD 1998-A
On November 25, 1998, The Bank of New York, as Trustee for CWMBS, Inc., Home
Equity Loan Asset-Backed Trust Series SPMD 1998-A, 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, 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., Home Equity Loan
Asset-Backed Trust Series SPMD 1998-A relating to the
distribution date of November 25, 1998 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, 1998
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, 1998
Payment Date: 11/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Home Equity Loan Asset-Backed Trust, Series SPMD 1998-A
------------------------------------------------------------
<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 AF1 162,044,757.11 5.349380% 7,367,432.15 722,365.82 8,089,797.97 0.00 0.00
AF2 15,000,000.00 6.135000% 0.00 76,687.50 76,687.50 0.00 0.00
AF3 65,000,000.00 6.200000% 0.00 335,833.33 335,833.33 0.00 0.00
AF4 42,000,000.00 6.310000% 0.00 220,850.00 220,850.00 0.00 0.00
AF5 28,726,000.00 6.605000% 0.00 158,112.69 158,112.69 0.00 0.00
AF6 36,000,000.00 6.180000% 0.00 185,400.00 185,400.00 0.00 0.00
AFX 36,000,000.00 6.880000% 0.00 144,000.00 144,000.00 0.00 0.00
AV1 429,497,725.92 5.489380% 11,223,209.40 1,964,730.19 13,187,939.59 0.00 0.00
OC1 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
OC2 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
Residual R 0.00 7.390000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate MF1 13,498,000.00 6.880000% 0.00 75,420.08 75,420.08 0.00 0.00
MF2 7,714,000.00 7.080000% 0.00 45,641.17 45,641.17 0.00 0.00
BF 7,713,594.00 7.390000% 0.00 54,847.96 54,847.96 0.00 0.00
MV1 24,272,000.00 5.699380% 0.00 115,279.46 115,279.46 0.00 0.00
MV2 10,923,000.00 5.899380% 0.00 53,699.11 53,699.11 0.00 0.00
BV 10,922,546.00 6.969380% 0.00 63,436.14 63,436.14 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 853,311,623.03 - 18,590,641.55 4,216,303.45 22,806,945.01 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 154,677,324.96 0.00
AF2 15,000,000.00 0.00
AF3 65,000,000.00 0.00
AF4 42,000,000.00 0.00
AF5 28,726,000.00 0.00
AF6 36,000,000.00 185,400.00
AFX 36,000,000.00 0.00
AV1 418,274,516.52 0.00
OC1 0.00 0.00
OC2 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate MF1 13,498,000.00 0.00
MF2 7,714,000.00 0.00
BF 7,713,594.00 0.00
MV1 24,272,000.00 0.00
MV2 10,923,000.00 0.00
BV 10,922,546.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 834,720,981.48 185,400.00
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Home Equity Loan Asset-Backed Trust, Series SPMD 1998-A
------------------------------------------------------------
<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 AF1 162,044,757.11 5.349380% 45660QAA6 43.337836 4.249211 909.866617
AF2 15,000,000.00 6.135000% 45660QAB4 0.000000 5.112500 1,000.000000
AF3 65,000,000.00 6.200000% 45660QAC2 0.000000 5.166667 1,000.000000
AF4 42,000,000.00 6.310000% 45660QAD0 0.000000 5.258333 1,000.000000
AF5 28,726,000.00 6.605000% 45660QAE8 0.000000 5.504167 1,000.000000
AF6 36,000,000.00 6.180000% 45660QAF5 0.000000 5.150000 1,000.000000
AFX 36,000,000.00 6.880000% 45660QAG3 0.000000 4.000000 1,000.000000
AV1 429,497,725.92 5.489380% 45660QAL2 25.546834 4.472218 952.097488
OC1 0.00 0.000000% 0.000000 0.000000 0.000000
OC2 0.00 0.000000% 0.000000 0.000000 0.000000
Residual R 0.00 7.390000% 45660QAQ1 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate MF1 13,498,000.00 6.880000% 45660QAH1 0.000000 5.587500 1,000.000000
MF2 7,714,000.00 7.080000% 45660QAJ7 0.000000 5.916667 1,000.000000
BF 7,713,594.00 7.390000% 45660QAK4 0.000000 7.110558 1,000.000000
MV1 24,272,000.00 5.699380% 45660QAM0 0.000000 4.749483 1,000.000000
MV2 10,923,000.00 5.899380% 45660QAN8 0.000000 4.916150 1,000.000000
BV 10,922,546.00 6.969380% 45660QAP3 0.000000 5.807816 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 853,311,623.03 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Home Equity Loan Asset-Backed Trust, Series SPMD 1998-A
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal bal 372,202,515.68 466,915,904.51 839,118,420.19
loan count 3917 3887 7804
average loan rate 9.498097% 9.007442% 9.22
prepayment amt 6,090,100.74 9,763,502.55 15,853,603.29
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 157,352.43 161,365.30 318,717.73
sub servicer fees 130,476.44 187,888.81 318,365.25
trustee fees 2,839.44 3,577.19 6,416.63
Aggregate advances N/A N/A N/A
Advances this periods 240,457.37 264,601.05 505,058.42
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 7,713,033.88 9,708,730.92 17,421,764.80
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.205658% 100.000000% 778,268,483.03
-----------------------------------------------------------------------------
Junior 8.794342% 0.000000% 75,043,140.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 354 38,911,239.05
60 to 89 days 95 11,815,527.42
90 or more 36 5,950,228.33
Foreclosure 13 1,449,645.88
Totals: 498 58,126,640.68
- --------------------------------------------------------------------------------
<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 22,806,945.01 22,806,945.01
Principal remittance amount 18,590,641.55 18,590,641.55
Interest remittance amount 4,216,303.45 4,216,303.45
