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): February 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 February 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 February 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: February 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 February 25, 1999
Payment Date: 02/25/99
------------------------------------------------------------
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 116,968,631.42 6.500000% 1,022,001.44 633,580.09 1,655,581.53 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 115,757,849.50 6.500000% 1,016,477.40 627,021.68 1,643,499.08 0.00 0.00
1A5 3,595,804.48 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 32,105,200.17 6.750000% 282,371.96 180,591.75 462,963.71 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 1,329,315.77 0.000000% 10,860.46 0.00 10,860.46 0.00 0.00
A10 14,893,468.38 6.500000% 130,991.17 80,672.95 211,664.13 0.00 0.00
2A1 387,203,287.78 7.000000% 3,366,456.44 2,258,685.85 5,625,142.29 0.00 0.00
2A2 20,379,120.52 0.000000% 177,181.92 0.00 177,181.92 0.00 0.00
PO1 38,623.89 0.000000% 34.40 0.00 34.40 0.00 0.00
PO2 274,656.01 0.000000% 254.64 0.00 254.64 0.00 0.00
X1A 292,701,255.46 0.545856% 0.00 133,144.06 133,144.06 0.00 0.00
X1B 62,241,882.96 1.596294% 0.00 82,796.93 82,796.93 0.00 0.00
X2 428,167,319.74 0.657637% 0.00 234,649.06 234,649.06 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,953,207.50 0.150000% 0.00 4,494.15 4,494.15 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,759,307.46 6.500000% 31,910.48 161,196.25 193,106.73 0.00 0.00
B2 14,268,144.70 6.500000% 15,299.53 77,285.78 92,585.31 0.00 0.00
B3 8,153,254.06 6.500000% 8,742.62 44,163.46 52,906.08 0.00 0.00
B4 5,707,217.96 6.500000% 6,119.77 30,914.10 37,033.87 0.00 0.00
B5 2,446,036.09 6.500000% 2,622.85 13,249.36 15,872.21 0.00 0.00
B6 4,891,968.60 6.500000% 5,245.59 26,498.16 31,743.75 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 800,471,886.79 - 6,076,570.67 4,820,747.18 10,897,317.85 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 115,946,629.98 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 114,741,372.10 0.00
1A5 3,615,281.75 0.00
1A6 31,822,828.21 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,318,455.31 0.00
A10 14,762,477.21 0.00
2A1 383,836,831.34 0.00
2A2 20,201,938.60 0.00
PO1 38,589.49 0.00
PO2 274,401.37 0.00
X1A 291,306,222.50 0.00
X1B 61,152,192.88 0.00
X2 424,611,031.88 0.00
Residual AR 0.00 0.00
X3 35,926,256.30 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,727,396.98 0.00
B2 14,252,845.17 0.00
B3 8,144,511.44 0.00
B4 5,701,098.19 0.00
B5 2,443,413.24 0.00
B6 4,886,723.01 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 794,414,793.39 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 02/25/99
------------------------------------------------------------
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 116,968,631.42 6.500000% 12669AV43 8.438226 5.231198 957.321412
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 115,757,849.50 6.500000% 12669AV76 8.480451 5.231229 957.284970
1A5 3,595,804.48 6.500000% 12669AV84 0.000000 0.000000 1,021.843345
1A6 32,105,200.17 6.750000% 12669AV92 8.492134 5.431168 957.048757
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 1,329,315.77 0.000000% 12669AW42 7.907806 0.000000 960.004156
A10 14,893,468.38 6.500000% 12669AW59 8.492134 5.230013 957.048766
2A1 387,203,287.78 7.000000% 12669AW67 8.558645 5.742326 975.840116
2A2 20,379,120.52 0.000000% 12669AW75 8.558645 0.000000 975.840112
PO1 38,623.89 0.000000% 12669AW83 0.888862 0.000000 997.123583
PO2 274,656.01 0.000000% 12669AW91 0.924940 0.000000 996.714087
X1A 292,701,255.46 0.545856% 12669AX25 0.000000 0.445877 975.536247
X1B 62,241,882.96 1.596294% 12669AX33 0.000000 1.248818 922.352779
X2 428,167,319.74 0.657637% 12669AX41 0.000000 0.539839 976.869581
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.024463 0.000000
X3 35,953,207.50 0.150000% 12669AX40 0.000000 0.124742 997.187331
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,759,307.46 6.500000% 12669AX66 1.070114 5.405697 996.904629
B2 14,268,144.70 6.500000% 12669AX74 1.070114 5.405697 996.904629
B3 8,153,254.06 6.500000% 12669AX82 1.070114 5.405697 996.904629
B4 5,707,217.96 6.500000% 12669AX90 1.070114 5.405697 996.904629
B5 2,446,036.09 6.500000% 12669AY24 1.070114 5.405697 996.904627
B6 4,891,968.60 6.500000% 12669AY32 1.070114 5.405696 996.904466
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 800,471,886.79 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 291,612,558.37 62,562,807.27 440,239,427.71 794,414,793.35
Aggregated loan count 790 206 3759 4755
ave loan rate 7.757739% 8.669867% 7.946625% 7.93
prepayment amount 912,102.44 1,050,379.22 3,238,125.71 5,200,607.37
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 12,884.15 116.66 12,977.65 25,978.46
sub servicer fees 154,882.81 28,110.48 217,201.73 400,195.02
trustee fees 2,197.57 477.39 3,328.58 6,003.54
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 91.859592% 100.000000% 735,245,957.92
-----------------------------------------------------------------------------
Junior 8.140408% 0.000000% 65,155,988.03
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 10,897,317.85 10,897,317.85
Principal remittance amount 6,076,570.67 6,076,570.67
Interest remittance amount 4,820,747.18 4,820,747.18
