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 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 June 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 June 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: 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
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 132,706,726.20 6.250000% 1,012,145.85 691,180.87 1,703,326.71 0.00 0.00
A2 17,914,709.51 0.500000% 0.00 7,464.46 7,464.46 0.00 0.00
A3 17,914,709.51 5.750000% 136,634.36 85,841.32 222,475.68 0.00 0.00
PO 97,451.66 0.000000% 529.53 0.00 529.53 0.00 0.00
X 152,665,628.39 0.913775% 0.00 116,251.66 116,251.66 0.00 0.00
Residual AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 3,407,812.82 6.250000% 11,597.48 17,749.03 29,346.50 0.00 0.00
B2 997,407.99 6.250000% 3,394.38 5,194.83 8,589.21 0.00 0.00
B3 748,056.23 6.250000% 2,545.79 3,896.13 6,441.91 0.00 0.00
B4 664,938.66 6.250000% 2,262.92 3,463.22 5,726.14 0.00 0.00
B5 332,469.33 6.250000% 1,131.46 1,731.61 2,863.07 0.00 0.00
B6 498,706.18 6.250000% 1,697.20 2,597.43 4,294.63 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 157,368,278.57 - 1,171,938.97 935,370.55 2,107,309.52 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 131,694,580.35 0.00
A2 17,778,075.14 0.00
A3 17,778,075.14 0.00
PO 96,922.13 0.00
X 151,518,927.89 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 3,396,215.34 0.00
B2 994,013.60 0.00
B3 745,510.45 0.00
B4 662,675.74 0.00
B5 331,337.87 0.00
B6 497,008.98 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 156,196,339.60 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 132,706,726.20 6.250000% 12669AT53 7.043008 4.809576 916.395626
A2 17,914,709.51 0.500000% 12669AT61 0.000000 0.384766 916.395626
A3 17,914,709.51 5.750000% 12669AT79 7.043008 4.424810 916.395626
PO 97,451.66 0.000000% 12669AT87 5.304877 0.000000 970.969002
X 152,665,628.39 0.913775% 12669AT95 0.000000 0.703749 917.245941
Residual AR 0.00 6.250000% 12669AU28 0.000000 0.000225 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 3,407,812.82 6.250000% 12669AU36 3.327639 5.092689 974.468686
B2 997,407.99 6.250000% 12669AU44 3.327639 5.092689 974.468686
B3 748,056.23 6.250000% 12669AU51 3.327639 5.092689 974.468686
B4 664,938.66 6.250000% 12669AU93 3.327639 5.092689 974.468686
B5 332,469.33 6.250000% 12669AV27 3.327639 5.092689 974.468686
B6 498,706.18 6.250000% 12669AV35 3.327639 5.092689 974.468571
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 157,368,278.57 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 156,196,339.60 0.00 156,196,339.60
Loan count 1129 0 1129
Average loan rate 7.517115% 0.000000% 7.52
Prepayment amount 636,363.59 0.00 636,363.59
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 14,256.71 0.00 14,256.71
Monthly sub servicer fees 32,852.83 0.00 32,852.83
Monthly trustee fees 1,180.26 0.00 1,180.26
Aggregate advances N/A N/A N/A
Advances this periods 13,929.78 0.00 13,929.78
- --------------------------------------------------------------------------------
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 1,948,478.12 0.00 1,948,478.12
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.788405% 100.000000% 150,718,887.36
-----------------------------------------------------------------------------
Junior 4.211595% 0.000000% 6,626,761.98
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 12 1,175,703.50
60 to 89 days 2 270,553.24
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 14 1,446,256.74
- --------------------------------------------------------------------------------
<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 2,107,309.52 2,107,309.52
Principal remittance amount 1,171,938.97 1,171,938.97
Interest remittance amount 935,370.55 935,370.55
