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-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, INC.
Mortgage Pass-Through Certificates
Series 1998-N
On July 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., 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, 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., Mortgage Pass-Through
Certificates Series 1998-N 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 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: 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
------------------------------------------------------------
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 131,694,580.35 6.250000% 1,855,098.56 685,909.27 2,541,007.83 0.00 0.00
A2 17,778,075.14 0.500000% 0.00 7,407.53 7,407.53 0.00 0.00
A3 17,778,075.14 5.750000% 250,428.54 85,186.61 335,615.15 0.00 0.00
PO 96,922.13 0.000000% 356.03 0.00 356.03 0.00 0.00
X 151,518,927.89 0.913220% 0.00 115,308.49 115,308.49 0.00 0.00
Residual AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 3,396,215.34 6.250000% 11,634.34 17,688.62 29,322.96 0.00 0.00
B2 994,013.60 6.250000% 3,405.17 5,177.15 8,582.32 0.00 0.00
B3 745,510.45 6.250000% 2,553.88 3,882.87 6,436.74 0.00 0.00
B4 662,675.74 6.250000% 2,270.11 3,451.44 5,721.55 0.00 0.00
B5 331,337.87 6.250000% 1,135.06 1,725.72 2,860.77 0.00 0.00
B6 497,008.98 6.250000% 1,702.59 2,588.59 4,291.18 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 156,196,339.60 - 2,128,584.27 928,326.29 3,056,910.56 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 129,839,481.79 0.00
A2 17,527,646.60 0.00
A3 17,527,646.60 0.00
PO 96,566.10 0.00
X 149,407,589.35 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 3,384,581.00 0.00
B2 990,608.43 0.00
B3 742,956.57 0.00
B4 660,405.62 0.00
B5 330,202.81 0.00
B6 495,306.39 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 154,067,755.33 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 131,694,580.35 6.250000% 12669AT53 12.908688 4.772894 903.486938
A2 17,778,075.14 0.500000% 12669AT61 0.000000 0.381832 903.486938
A3 17,778,075.14 5.750000% 12669AT79 12.908688 4.391062 903.486938
PO 96,922.13 0.000000% 12669AT87 3.566678 0.000000 967.402325
X 151,518,927.89 0.913220% 12669AT95 0.000000 0.698040 904.464590
Residual AR 0.00 6.250000% 12669AU28 0.000000 0.000225 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 3,396,215.34 6.250000% 12669AU36 3.338215 5.075358 971.130471
B2 994,013.60 6.250000% 12669AU44 3.338215 5.075358 971.130471
B3 745,510.45 6.250000% 12669AU51 3.338215 5.075358 971.130471
B4 662,675.74 6.250000% 12669AU93 3.338215 5.075358 971.130471
B5 331,337.87 6.250000% 12669AV27 3.338215 5.075358 971.130471
B6 497,008.98 6.250000% 12669AV35 3.338214 5.075357 971.130357
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 156,196,339.60 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-N
Residential Asset Securitization Trust 1998-A14
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Stated principal balance 154,067,755.33 0.00 154,067,755.33
Loan count 1124 0 1124
Average loan rate 7.516514% 0.000000% 7.52
Prepayment amount 1,593,484.42 0.00 1,593,484.42
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 11,678.96 0.00 11,678.96
Monthly sub servicer fees 32,608.40 0.00 32,608.40
Monthly trustee fees 1,171.47 0.00 1,171.47
Aggregate advances N/A N/A N/A
Advances this periods 17,397.06 0.00 17,397.06
- --------------------------------------------------------------------------------
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 Hazard 1,941,867.68 0.00 1,941,867.68
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.771334% 100.000000% 149,569,577.62
-----------------------------------------------------------------------------
Junior 4.228666% 0.000000% 6,604,060.84
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 9 1,548,046.82
60 to 89 days 0 0.00
90 or more 1 188,669.37
Foreclosure 0 0.00
Totals: 10 1,736,716.19
- --------------------------------------------------------------------------------
<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 3,056,910.56 3,056,910.56
Principal remittance amount 2,128,584.27 2,128,584.27
Interest remittance amount 928,326.29 928,326.29
