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): March 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-M)
(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-M
On March 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-M, 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, 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, INC., Mortgage Pass-Through
Certificates Series 1998-M relating to the distribution date
of March 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: March 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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
<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 1A1 115,946,629.98 6.500000% 1,183,391.61 628,044.25 1,811,435.86 0.00 0.00
1A2 5,378,000.00 6.500000% 0.00 29,130.83 29,130.83 0.00 0.00
1A3 34,865,000.00 6.500000% 0.00 188,852.08 188,852.08 0.00 0.00
1A4 114,741,372.10 6.500000% 1,174,024.96 621,515.77 1,795,540.73 0.00 0.00
1A5 3,615,281.75 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 31,822,828.21 6.750000% 326,962.95 179,003.41 505,966.36 0.00 0.00
1A7 1,451,000.00 6.750000% 0.00 8,161.88 8,161.88 0.00 0.00
1A8 1,006,000.00 6.750000% 0.00 5,658.75 5,658.75 0.00 0.00
1A9 1,318,455.31 0.000000% 12,575.50 0.00 12,575.50 0.00 0.00
A10 14,762,477.21 6.500000% 151,676.75 79,963.42 231,640.16 0.00 0.00
2A1 383,836,831.34 7.000000% 3,272,755.70 2,239,048.18 5,511,803.89 0.00 0.00
2A2 20,201,938.60 0.000000% 172,250.30 0.00 172,250.30 0.00 0.00
PO1 38,589.49 0.000000% 34.59 0.00 34.59 0.00 0.00
PO2 274,401.37 0.000000% 2,937.18 0.00 2,937.18 0.00 0.00
X1A 289,895,608.11 0.548601% 0.00 132,530.88 132,530.88 0.00 0.00
X1B 62,562,807.27 1.562202% 0.00 81,446.47 81,446.47 0.00 0.00
X2 424,611,031.88 0.658147% 0.00 232,880.48 232,880.48 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,926,256.30 0.150000% 0.00 4,490.78 4,490.78 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,727,396.98 6.500000% 21,919.83 161,023.40 182,943.23 0.00 0.00
B2 14,252,845.17 6.500000% 10,509.50 77,202.91 87,712.41 0.00 0.00
B3 8,144,511.44 6.500000% 6,005.45 44,116.10 50,121.55 0.00 0.00
B4 5,701,098.19 6.500000% 4,203.77 30,880.95 35,084.72 0.00 0.00
B5 2,443,413.24 6.500000% 1,801.68 13,235.16 15,036.83 0.00 0.00
B6 4,886,723.01 6.500000% 3,603.28 26,469.75 30,073.03 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 794,414,793.39 - 6,344,653.05 4,783,655.45 11,128,308.49 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 114,763,238.36 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 113,567,347.14 0.00
1A5 3,634,864.53 0.00
1A6 31,495,865.26 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,305,879.81 0.00
A10 14,610,800.47 0.00
2A1 380,564,075.63 0.00
2A2 20,029,688.30 0.00
PO1 38,554.90 0.00
PO2 271,464.19 0.00
X1A 287,914,515.74 0.00
X1B 61,695,512.96 0.00
X2 421,321,957.65 0.00
Residual AR 0.00 0.00
X3 35,899,050.56 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,705,477.15 0.00
B2 14,242,335.68 0.00
B3 8,138,505.99 0.00
B4 5,696,894.42 0.00
B5 2,441,611.56 0.00
B6 4,883,119.73 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 788,089,723.12 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
<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 1A1 115,946,629.98 6.500000% 12669AV43 9.770755 5.185491 947.550657
1A2 5,378,000.00 6.500000% 12669AV50 0.000000 5.416667 1,000.000000
1A3 34,865,000.00 6.500000% 12669AV68 0.000000 5.416667 1,000.000000
1A4 114,741,372.10 6.500000% 12669AV76 9.794867 5.185294 947.490103
1A5 3,615,281.75 6.500000% 12669AV84 0.000000 0.000000 1,027.378330
1A6 31,822,828.21 6.750000% 12669AV92 9.833176 5.383399 947.215580
1A7 1,451,000.00 6.750000% 12669AW26 0.000000 5.625000 1,000.000000
1A8 1,006,000.00 6.750000% 12669AW34 0.000000 5.625000 1,000.000000
1A9 1,318,455.31 0.000000% 12669AW42 9.156573 0.000000 950.847583
A10 14,762,477.21 6.500000% 12669AW59 9.833176 5.184014 947.215589
2A1 383,836,831.34 7.000000% 12669AW67 8.320427 5.692401 967.519689
2A2 20,201,938.60 0.000000% 12669AW75 8.320427 0.000000 967.519685
PO1 38,589.49 0.000000% 12669AW83 0.893792 0.000000 996.229791
PO2 274,401.37 0.000000% 12669AW91 10.668794 0.000000 986.045292
X1A 289,895,608.11 0.548601% 12669AX25 0.000000 0.443824 964.177984
X1B 62,562,807.27 1.562202% 12669AX33 0.000000 1.228449 930.547625
X2 424,611,031.88 0.658147% 12669AX41 0.000000 0.535770 969.302664
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.033216 0.000000
X3 35,926,256.30 0.150000% 12669AX40 0.000000 0.124648 996.432194
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,727,396.98 6.500000% 12669AX66 0.735079 5.399900 996.169551
B2 14,252,845.17 6.500000% 12669AX74 0.735079 5.399900 996.169550
B3 8,144,511.44 6.500000% 12669AX82 0.735079 5.399900 996.169551
B4 5,701,098.19 6.500000% 12669AX90 0.735079 5.399900 996.169550
B5 2,443,413.24 6.500000% 12669AY24 0.735079 5.399900 996.169548
B6 4,886,723.01 6.500000% 12669AY32 0.735079 5.399899 996.169387
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 794,414,793.39 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 289,629,931.34 61,695,512.96 436,764,278.78 788,089,723.08
loan count 787 202 3735 4724
ave loan rate 7.757836% 8.671086% 7.946669% 7.93
prepay amt 1,769,212.32 828,211.78 3,141,742.85 5,739,166.95
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 9,902.75 0.00 16,944.70 26,847.44
sub servicer fees 154,147.52 27,625.87 215,361.62 397,135.01
trustee fees 2,187.09 469.22 3,301.80 5,958.11
Aggregate advances N/A N/A N/A N/A
Advances this periods 82,582.47 0.00 71,938.41 154,520.88
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.803793% 100.000000% 729,258,805.36
-----------------------------------------------------------------------------
Junior 8.196207% 0.000000% 65,107,944.53
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 92 17,517,190.15
60 to 89 days 7 1,128,811.93
90 or more 11 1,995,027.50
Foreclosure 0 0.00
Totals: 110 20,641,029.58
- --------------------------------------------------------------------------------
<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 11,128,308.49 11,128,308.49
Principal remittance amount 6,344,653.05 6,344,653.05
Interest remittance amount 4,783,655.45 4,783,655.45
