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, 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 December 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, 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-M relating to the distribution date
of December 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
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 91,983,455.03 6.500000% 2,562,846.02 498,243.71 3,061,089.73 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 91,184,371.41 6.500000% 2,520,708.86 493,915.35 3,014,624.20 0.00 0.00
1A5 3,795,320.96 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 25,201,968.12 6.750000% 708,096.69 141,761.07 849,857.77 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 1,063,806.80 0.000000% 27,234.49 0.00 27,234.49 0.00 0.00
A10 11,691,087.86 6.500000% 328,483.10 63,326.73 391,809.82 0.00 0.00
2A1 348,775,733.34 7.000000% 3,635,585.24 2,034,525.11 5,670,110.35 0.00 0.00
2A2 18,356,618.36 0.000000% 191,346.60 0.00 191,346.60 0.00 0.00
PO1 38,261.67 0.000000% 39.75 0.00 39.75 0.00 0.00
PO2 261,193.26 0.000000% 7,176.02 0.00 7,176.02 0.00 0.00
X1A 249,129,854.87 0.527992% 0.00 109,615.45 109,615.45 0.00 0.00
X1B 45,863,955.03 1.509573% 0.00 57,695.81 57,695.81 0.00 0.00
X2 388,266,452.95 0.649499% 0.00 210,149.00 210,149.00 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,672,912.37 0.150000% 0.00 4,459.11 4,459.11 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,524,140.00 6.500000% 25,794.32 159,922.43 185,716.74 0.00 0.00
B2 14,155,393.31 6.500000% 12,367.13 76,675.05 89,042.17 0.00 0.00
B3 8,088,824.46 6.500000% 7,066.95 43,814.47 50,881.42 0.00 0.00
B4 5,662,117.72 6.500000% 4,946.82 30,669.80 35,616.62 0.00 0.00
B5 2,426,706.74 6.500000% 2,120.14 13,144.66 15,264.80 0.00 0.00
B6 4,853,310.71 6.500000% 4,240.19 26,288.77 30,528.95 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 699,762,309.73 - 10,038,052.31 4,196,010.06 14,234,062.37 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 89,420,609.01 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 88,663,662.55 0.00
1A5 3,815,878.95 0.00
1A6 24,493,871.42 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,036,572.31 0.00
A10 11,362,604.76 0.00
2A1 345,140,148.10 0.00
2A2 18,165,271.76 0.00
PO1 38,221.92 0.00
PO2 254,017.23 0.00
X1A 244,937,528.27 0.00
X1B 43,909,041.12 0.00
X2 384,855,117.83 0.00
Residual AR 0.00 0.00
X3 35,638,658.78 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,498,345.68 0.00
B2 14,143,026.18 0.00
B3 8,081,757.51 0.00
B4 5,657,170.90 0.00
B5 2,424,586.61 0.00
B6 4,849,070.52 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 689,744,815.41 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
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 91,983,455.03 6.500000% 12669AV43 21.160316 4.113784 738.307476
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 91,184,371.41 6.500000% 12669AV76 21.030224 4.120726 739.719161
1A5 3,795,320.96 6.500000% 12669AV84 0.000000 0.000000 1,078.541251
1A6 25,201,968.12 6.750000% 12669AV92 21.295501 4.263363 736.635633
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 1,063,806.80 0.000000% 12669AW42 19.830195 0.000000 754.757265
A10 11,691,087.86 6.500000% 12669AW59 21.295501 4.105460 736.635641
2A1 348,775,733.34 7.000000% 12669AW67 9.242860 5.172435 877.460355
2A2 18,356,618.36 0.000000% 12669AW75 9.242860 0.000000 877.460385
PO1 38,261.67 0.000000% 12669AW83 1.027065 0.000000 987.646577
PO2 261,193.26 0.000000% 12669AW91 26.065618 0.000000 922.672353
X1A 249,129,854.87 0.527992% 12669AX25 0.000000 0.367084 820.255178
X1B 45,863,955.03 1.509573% 12669AX33 0.000000 0.870221 662.275949
X2 388,266,452.95 0.649499% 12669AX41 0.000000 0.483473 885.406243
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.014842 0.000000
X3 35,672,912.37 0.150000% 12669AY40 0.000000 0.123769 989.204628
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,524,140.00 6.500000% 12669AX66 0.865009 5.362979 989.223422
B2 14,155,393.31 6.500000% 12669AX74 0.865009 5.362979 989.223422
B3 8,088,824.46 6.500000% 12669AX82 0.865009 5.362979 989.223421
B4 5,662,117.72 6.500000% 12669AX90 0.865009 5.362979 989.223421
B5 2,426,706.74 6.500000% 12669AY24 0.865009 5.362979 989.223421
B6 4,853,310.71 6.500000% 12669AY32 0.865009 5.362978 989.223149
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 699,762,309.73 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 246,637,680.38 43,909,041.12 399,198,093.09 689,744,814.59
loan count 685 149 3457 4291
avg loan rate 7.731096% 8.596953% 7.936039% 7.91
prepay amt 3,997,597.70 1,923,859.03 3,481,345.51 9,402,802.24
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 4,074.87 0.00 9,167.96 13,242.83
sub servicer fees 131,410.41 19,430.26 196,729.27 347,569.93
trustee fees 1,881.24 343.98 3,023.00 5,248.22
Aggregate advances N/A N/A N/A N/A
Advances this periods 61,860.47 0.00 64,738.36 126,598.83
- --------------------------------------------------------------------------------
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 90.759837% 100.000000% 635,051,816.79
-----------------------------------------------------------------------------
Junior 9.240163% 0.000000% 64,653,957.40
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 67 10,732,293.60
60 to 89 days 10 2,094,866.94
90 or more 8 1,425,768.42
Foreclosure 12 2,366,186.92
Totals: 97 16,619,115.88
- --------------------------------------------------------------------------------
<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 14,234,062.37 14,234,062.37
Principal remittance amount 10,038,052.31 10,038,052.31
Interest remittance amount 4,196,010.06 4,196,010.06
