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): June 25, 1999
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 June 25, 1999, 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 June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 107,823,353.10 5.052500% 11,353,218.89 464,157.00 11,817,375.89 0.00 4,956.95
AF2 15,000,000.00 6.135000% 0.00 75,877.17 75,877.17 0.00 810.33
AF3 65,000,000.00 6.200000% 0.00 332,284.71 332,284.71 0.00 3,548.62
AF4 42,000,000.00 6.310000% 0.00 218,516.36 218,516.36 0.00 2,333.64
AF5 28,726,000.00 6.605000% 0.00 156,441.97 156,441.97 0.00 1,670.72
AF6 36,000,000.00 6.180000% 0.00 183,440.95 183,440.95 0.00 1,959.05
AFX 36,000,000.00 4.800000% 0.00 142,478.41 142,478.41 0.00 1,521.59
AV1 343,968,881.55 5.192500% 13,161,543.51 1,515,149.28 14,676,692.79 0.00 22,845.47
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 6.705000% 0.00 74,623.14 74,623.14 0.00 796.94
MF2 7,714,000.00 7.100000% 0.00 45,158.89 45,158.89 0.00 482.27
BF 7,713,594.00 8.401000% 0.00 53,427.22 53,427.22 0.00 570.61
MV1 24,272,000.00 5.402500% 0.00 111,239.78 111,239.78 0.00 1,677.28
MV2 10,923,000.00 5.602500% 0.00 51,913.89 51,913.89 0.00 782.76
BV 10,922,546.00 6.672500% 0.00 61,826.15 61,826.15 0.00 932.22
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 713,561,374.65 - 24,514,762.40 3,486,534.92 28,001,297.32 - 44,888.45
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 96,470,134.20 4,956.95
AF2 15,000,000.00 810.33
AF3 65,000,000.00 3,548.62
AF4 42,000,000.00 2,333.64
AF5 28,726,000.00 1,670.72
AF6 36,000,000.00 1,959.05
AFX 36,000,000.00 1,521.59
AV1 330,807,338.04 22,845.47
OC1 0.00 0.00
OC2 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate MF1 13,498,000.00 796.94
MF2 7,714,000.00 482.27
BF 7,713,594.00 570.61
MV1 24,272,000.00 1,677.28
MV2 10,923,000.00 782.76
BV 10,922,546.00 932.22
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 689,046,612.24 44,888.45
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 107,823,353.10 5.052500% 45660QAA6 66.783641 2.730335 567.471378
AF2 15,000,000.00 6.135000% 45660QAB4 0.000000 5.058478 1,000.000000
AF3 65,000,000.00 6.200000% 45660QAC2 0.000000 5.112072 1,000.000000
AF4 42,000,000.00 6.310000% 45660QAD0 0.000000 5.202770 1,000.000000
AF5 28,726,000.00 6.605000% 45660QAE8 0.000000 5.446006 1,000.000000
AF6 36,000,000.00 6.180000% 45660QAF5 0.000000 5.095582 1,000.000000
AFX 36,000,000.00 4.800000% 45660QAG3 0.000000 3.957734 1,000.000000
AV1 343,968,881.55 5.192500% 45660QAL2 29.958967 3.448859 753.000298
OC1 0.00 0.000000% OC1 0.000000 0.000000 0.000000
OC2 0.00 0.000000% OC2 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 6.705000% 45660QAH1 0.000000 5.528459 1,000.000000
MF2 7,714,000.00 7.100000% 45660QAJ7 0.000000 5.854147 1,000.000000
BF 7,713,594.00 8.401000% 45660QAK4 0.000000 6.926372 1,000.000000
MV1 24,272,000.00 5.402500% 45660QAM0 0.000000 4.583049 1,000.000000
MV2 10,923,000.00 5.602500% 45660QAN8 0.000000 4.752713 1,000.000000
BV 10,922,546.00 6.672500% 45660QAP3 0.000000 5.660416 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 713,561,374.65 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Home Equity Loan Asset-Backed Trust, Series SPMD 1998-A
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 315,014,115.91 384,206,432.23 699,220,548.14
Loan count 3421 3324 6745
Average loan rate 9.438874% 9.217520% 9.32
Prepayment amount 11,073,874.60 12,927,528.09 24,001,402.69
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 101,989.79 124,177.49 226,167.28
Monthly sub servicer fees 29,676.09 122,086.63 151,762.72
Monthly trustee fees 2,447.76 2,980.26 5,428.01
Aggregate advances N/A N/A N/A
Advances this periods 257,964.99 383,303.89 641,268.88
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 215.40 215.40
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 89.483296% 100.000000% 638,518,234.65
-----------------------------------------------------------------------------
Junior 10.516704% 0.000000% 75,043,140.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 373 42,358,346.70
60 to 89 days 98 11,461,493.91
90 or more 62 5,352,808.31
Foreclosure 128 14,500,174.81
Totals: 661 73,672,823.73
- --------------------------------------------------------------------------------
<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: 173,688.14
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 28,001,297.32 28,001,297.32
Principal remittance amount 24,514,762.40 24,514,762.40
Interest remittance amount 3,486,534.92 3,486,534.92
