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 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 December 25, 1998, 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 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 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 December 25, 1998
Payment Date: 12/25/98
------------------------------------------------------------
Independent 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 120,516,094.23 6.500000% 2,278,187.89 652,795.51 2,930,983.40 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 119,257,170.69 6.500000% 2,241,724.33 645,976.34 2,887,700.67 0.00 0.00
1A5 3,557,164.17 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 33,085,339.69 6.750000% 629,447.62 186,105.04 815,552.65 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 1,367,013.45 0.000000% 24,209.53 0.00 24,209.53 0.00 0.00
A10 15,348,150.87 6.500000% 291,998.12 83,135.82 375,133.94 0.00 0.00
2A1 392,316,457.04 7.000000% 2,349,843.43 2,288,512.67 4,638,356.09 0.00 0.00
2A2 20,648,234.79 0.000000% 123,675.97 0.00 123,675.97 0.00 0.00
PO1 38,666.03 0.000000% 8.48 0.00 8.48 0.00 0.00
PO2 275,072.14 0.000000% 153.21 0.00 153.21 0.00 0.00
X1A 297,200,763.03 0.554163% 0.00 137,248.14 137,248.14 0.00 0.00
X1B 66,258,582.91 1.569091% 0.00 86,638.10 86,638.10 0.00 0.00
X2 433,574,348.12 0.660702% 0.00 238,719.58 238,719.58 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 36,001,187.27 0.150000% 0.00 4,500.15 4,500.15 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,798,416.23 6.500000% 17,142.19 161,408.09 178,550.27 0.00 0.00
B2 14,286,895.46 6.500000% 8,218.85 77,387.35 85,606.20 0.00 0.00
B3 8,163,968.82 6.500000% 4,696.50 44,221.50 48,918.00 0.00 0.00
B4 5,714,718.21 6.500000% 3,287.52 30,954.72 34,242.24 0.00 0.00
B5 2,449,250.60 6.500000% 1,408.98 13,266.77 14,675.76 0.00 0.00
B6 4,898,398.28 6.500000% 2,817.91 26,532.99 29,350.90 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 814,421,010.69 - 7,976,820.52 4,909,206.30 12,886,026.82 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 118,237,906.34 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 117,015,446.36 0.00
1A5 3,576,432.14 0.00
1A6 32,455,892.07 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,342,803.92 0.00
A10 15,056,152.75 0.00
2A1 389,966,630.00 0.00
2A2 20,524,559.68 0.00
PO1 38,658.36 0.00
PO2 274,919.46 0.00
X1A 293,439,424.72 0.00
X1B 64,557,104.98 0.00
X2 431,087,940.73 0.00
Residual AR 0.00 0.00
X3 35,979,912.79 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,780,859.36 0.00
B2 14,278,477.79 0.00
B3 8,159,158.70 0.00
B4 5,711,351.17 0.00
B5 2,447,807.53 0.00
B6 4,895,511.40 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 806,462,567.03 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/98
------------------------------------------------------------
Independent 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 120,516,094.23 6.500000% 12669AV43 18.810017 5.389852 976.239495
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 119,257,170.69 6.500000% 12669AV76 18.702661 5.389368 976.257526
1A5 3,557,164.17 6.500000% 12669AV84 0.000000 0.000000 1,010.862674
1A6 33,085,339.69 6.750000% 12669AV92 18.930186 5.596976 976.087699
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 1,367,013.45 0.000000% 12669AW42 17.627634 0.000000 977.733061
A10 15,348,150.87 6.500000% 12669AW59 18.930186 5.389680 976.087699
2A1 392,316,457.04 7.000000% 12669AW67 5.974079 5.818156 991.424091
2A2 20,648,234.79 0.000000% 12669AW75 5.974079 0.000000 991.424091
PO1 38,666.03 0.000000% 12669AW83 0.219076 0.000000 998.903124
PO2 275,072.14 0.000000% 12669AW91 0.556520 0.000000 998.595962
X1A 297,200,763.03 0.554163% 12669AX25 0.000000 0.459621 982.679988
X1B 66,258,582.91 1.569091% 12669AX33 0.000000 1.306754 973.708748
X2 433,574,348.12 0.660702% 12669AX41 0.000000 0.549204 991.770502
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.000000 0.000000
X3 36,001,187.27 0.150000% 12669AX40 0.000000 0.124908 998.676647
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,798,416.23 6.500000% 12669AX66 0.574861 5.412801 998.697484
B2 14,286,895.46 6.500000% 12669AX74 0.574861 5.412801 998.697483
B3 8,163,968.82 6.500000% 12669AX82 0.574861 5.412801 998.697483
B4 5,714,718.21 6.500000% 12669AX90 0.574861 5.412801 998.697484
B5 2,449,250.60 6.500000% 12669AY24 0.574861 5.412801 998.697483
B6 4,898,398.28 6.500000% 12669AY32 0.574861 5.412801 998.697321
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 814,421,010.69 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1998-M
Residential Asset Securities Trust 1998-a13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 295,159,440.14 64,557,104.98 64,557,104.98 424,273,650.10
loan count 803 213 213 1229
avg loan rate 7.763949% 8.674071% 8.674071% 8.04
prepay amt 3,587,444.35 1,661,685.11 1,661,685.11 6,910,814.57
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 4,157.76 0.00 0.00 4,157.76
sub servicer fees 158,133.52 29,042.26 29,042.26 216,218.04
trustee fees 2,241.91 496.94 0.00 2,738.85
Aggregate advances N/A N/A N/A N/A
Advances this periods 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
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 91.984950% 100.000000% 749,109,363.09
-----------------------------------------------------------------------------
Junior 8.015050% 0.000000% 65,273,165.95
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 22 9,436,967.02
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 22 9,436,967.02
- --------------------------------------------------------------------------------
<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 12,886,026.82 12,886,026.82
Principal remittance amount 7,976,820.52 7,976,820.52
Interest remittance amount 4,909,206.30 4,909,206.30
