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): December 25, 1998
CWMBS
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 1998-N)
(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
Mortgage Pass Through Certificates
Series 1998-N
On December 25, 1998, The Bank of New York, as Trustee for CWMBS, Mortgage Pass
Through Certificates Series 1998-N, made a monthly distribution to Certificate
holders of principal and/or interest pursuant to the Pooling and Servicing
Agreement, dated as of October 1, 1998, among CWMBS 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, Mortgage Pass Through
Certificates Series 1998-N relating to the distribution date
of December 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of October 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: December 25, 1998
CWMBS
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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-N
Residential Asset Securitization Trust 1998-A14
------------------------------------------------------------
<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 143,131,487.09 6.250000% 1,142,287.05 745,476.50 1,887,763.54 0.00 0.00
A2 19,321,997.35 0.500000% 0.00 8,050.83 8,050.83 0.00 0.00
A3 19,321,997.35 5.750000% 154,202.74 92,584.57 246,787.31 0.00 0.00
PO 99,481.22 0.000000% 241.19 0.00 241.19 0.00 0.00
X 164,527,558.00 0.915915% 0.00 125,577.71 125,577.71 0.00 0.00
Residual AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 3,474,206.41 6.250000% 10,221.95 18,094.83 28,316.78 0.00 0.00
B2 1,016,840.24 6.250000% 2,991.79 5,296.04 8,287.83 0.00 0.00
B3 762,630.43 6.250000% 2,243.84 3,972.03 6,215.88 0.00 0.00
B4 677,893.50 6.250000% 1,994.53 3,530.70 5,525.22 0.00 0.00
B5 338,946.75 6.250000% 997.26 1,765.35 2,762.61 0.00 0.00
B6 508,422.36 6.250000% 1,495.90 2,648.03 4,143.93 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 169,331,905.35 - 1,316,676.25 1,006,996.58 2,323,672.83 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 141,989,200.04 0.00
A2 19,167,794.61 0.00
A3 19,167,794.61 0.00
PO 99,240.03 0.00
X 163,224,797.62 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 3,463,984.46 0.00
B2 1,013,848.46 0.00
B3 760,386.59 0.00
B4 675,898.97 0.00
B5 337,949.49 0.00
B6 506,926.45 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 168,015,229.10 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-N
Residential Asset Securitization Trust 1998-A14
------------------------------------------------------------
<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 143,131,487.09 6.250000% 12669AT53 7.948595 5.187392 988.030650
A2 19,321,997.35 0.500000% 12669AT61 0.000000 0.414991 988.030650
A3 19,321,997.35 5.750000% 12669AT79 7.948595 4.772401 988.030650
PO 99,481.22 0.000000% 12669AT87 2.416220 0.000000 994.189273
X 164,527,558.00 0.915915% 12669AT95 0.000000 0.760206 988.109439
Residual AR 0.00 6.250000% 12669AU28 0.000000 0.000225 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 3,474,206.41 6.250000% 12669AU36 2.932963 5.191909 993.913531
B2 1,016,840.24 6.250000% 12669AU44 2.932963 5.191909 993.913531
B3 762,630.43 6.250000% 12669AU51 2.932963 5.191909 993.913531
B4 677,893.50 6.250000% 12669AU93 2.932963 5.191909 993.913531
B5 338,946.75 6.250000% 12669AV27 2.932963 5.191909 993.913531
B6 508,422.36 6.250000% 12669AV35 2.932963 5.191909 993.913531
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 169,331,905.35 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass Through Certificates, Series 1998-N
Residential Asset Securitization Trust 1998-A14
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal bal 168,015,229.10 0.00 168,015,229.10
loan count 1174 0 1174
avg loan rate 7.520760% 0.000000% 7.52
prepayment amt 818,526.69 0.00 818,526.69
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 15,812.81 0.00 15,812.81
sub servicer fees 35,348.58 0.00 35,348.58
trustee fees 1,269.99 0.00 1,269.99
Aggregate advances N/A N/A N/A
Advances this periods 33,551.44 0.00 33,551.44
- --------------------------------------------------------------------------------
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 1,700,696.00 0.00 1,700,696.00
Special Haz 1,987,343.40 0.00 1,987,343.40
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.007964% 100.000000% 162,552,965.66
-----------------------------------------------------------------------------
Junior 3.992036% 0.000000% 6,758,994.41
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 26 3,467,694.29
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 26 3,467,694.29
- --------------------------------------------------------------------------------
<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 2,323,672.83 2,323,672.83
Principal remittance amount 1,316,676.25 1,316,676.25
Interest remittance amount 1,006,996.58 1,006,996.58
