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): January 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 January 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 January 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: January 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 January 25, 1999
Payment Date: 01/25/99
------------------------------------------------------------
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 118,237,906.34 6.500000% 1,269,274.92 640,455.33 1,909,730.25 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 117,015,446.36 6.500000% 1,257,596.86 633,833.67 1,891,430.53 0.00 0.00
1A5 3,576,432.14 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 32,455,892.07 6.750000% 350,691.91 182,564.39 533,256.30 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 1,342,803.92 0.000000% 13,488.15 0.00 13,488.15 0.00 0.00
A10 15,056,152.75 6.500000% 162,684.51 81,554.16 244,238.67 0.00 0.00
2A1 389,966,630.00 7.000000% 2,763,342.22 2,274,805.34 5,038,147.56 0.00 0.00
2A2 20,524,559.68 0.000000% 145,439.07 0.00 145,439.07 0.00 0.00
PO1 38,658.36 0.000000% 34.47 0.00 34.47 0.00 0.00
PO2 274,919.46 0.000000% 263.45 0.00 263.45 0.00 0.00
X1A 293,439,424.72 0.551915% 0.00 134,961.31 134,961.31 0.00 0.00
X1B 64,557,104.98 1.567320% 0.00 84,318.02 84,318.02 0.00 0.00
X2 431,087,940.73 0.659309% 0.00 236,666.27 236,666.27 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,979,912.79 0.150000% 0.00 4,497.49 4,497.49 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,780,859.36 6.500000% 21,551.90 161,312.99 182,864.89 0.00 0.00
B2 14,278,477.79 6.500000% 10,333.09 77,341.75 87,674.84 0.00 0.00
B3 8,159,158.70 6.500000% 5,904.64 44,195.44 50,100.08 0.00 0.00
B4 5,711,351.17 6.500000% 4,133.21 30,936.49 35,069.70 0.00 0.00
B5 2,447,807.53 6.500000% 1,771.44 13,258.96 15,030.40 0.00 0.00
B6 4,895,511.40 6.500000% 3,542.80 26,517.35 30,060.15 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 806,462,567.03 - 6,010,052.64 4,859,022.50 10,869,075.14 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 116,968,631.42 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 115,757,849.50 0.00
1A5 3,595,804.48 0.00
1A6 32,105,200.16 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,329,315.77 0.00
A10 14,893,468.24 0.00
2A1 387,203,287.78 0.00
2A2 20,379,120.61 0.00
PO1 38,623.89 0.00
PO2 274,656.01 0.00
X1A 291,290,641.07 0.00
X1B 63,652,497.35 0.00
X2 428,167,319.74 0.00
Residual AR 0.00 0.00
X3 35,953,207.50 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,759,307.46 0.00
B2 14,268,144.70 0.00
B3 8,153,254.06 0.00
B4 5,707,217.96 0.00
B5 2,446,036.09 0.00
B6 4,891,968.60 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 800,471,886.73 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 01/25/99
------------------------------------------------------------
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 118,237,906.34 6.500000% 12669AV43 10.479857 5.287964 965.759638
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 117,015,446.36 6.500000% 12669AV76 10.492105 5.288062 965.765420
1A5 3,576,432.14 6.500000% 12669AV84 0.000000 0.000000 1,016.338180
1A6 32,455,892.07 6.750000% 12669AV92 10.546808 5.490493 965.540891
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 1,342,803.92 0.000000% 12669AW42 9.821099 0.000000 967.911962
A10 15,056,152.75 6.500000% 12669AW59 10.546808 5.287142 965.540891
2A1 389,966,630.00 7.000000% 12669AW67 7.025329 5.783307 984.398762
2A2 20,524,559.68 0.000000% 12669AW75 7.025330 0.000000 984.398761
PO1 38,658.36 0.000000% 12669AW83 0.890679 0.000000 998.012445
PO2 274,919.46 0.000000% 12669AW91 0.956935 0.000000 997.639027
X1A 293,439,424.72 0.551915% 12669AX25 0.000000 0.451963 975.484068
X1B 64,557,104.98 1.567320% 12669AX33 0.000000 1.271761 960.064636
X2 431,087,940.73 0.659309% 12669AX41 0.000000 0.544480 985.051256
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.000000 0.000000
X3 35,979,912.79 0.150000% 12669AX40 0.000000 0.124835 997.935402
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,780,859.36 6.500000% 12669AX66 0.722740 5.409611 997.974744
B2 14,278,477.79 6.500000% 12669AX74 0.722740 5.409611 997.974743
B3 8,159,158.70 6.500000% 12669AX82 0.722740 5.409611 997.974744
B4 5,711,351.17 6.500000% 12669AX90 0.722741 5.409611 997.974743
B5 2,447,807.53 6.500000% 12669AY24 0.722742 5.409611 997.974741
B6 4,895,511.40 6.500000% 12669AY32 0.722741 5.409610 997.974580
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 806,462,567.03 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 293,009,117.49 63,652,497.35 443,810,271.91 800,471,886.75
loan count 795 208 3777 4780
avg loan rate 7.760543% 8.672511% 7.948286% 7.94
prepay amt 1,937,828.93 864,967.05 2,604,157.11 5,406,953.09
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 15,895.81 0.00 19,007.69 34,903.51
sub servicer fees 155,867.81 28,307.82 218,599.22 402,774.84
trustee fees 2,213.70 484.18 3,350.60 6,048.47
Aggregate advances N/A N/A N/A N/A
Advances this periods 77,195.61 0.00 66,053.03 143,248.64
- --------------------------------------------------------------------------------
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 91.911621% 100.000000% 741,189,401.08
-----------------------------------------------------------------------------
Junior 8.088379% 0.000000% 65,225,928.87
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 78 15,913,948.53
60 to 89 days 17 3,310,954.86
90 or more 1 54,963.04
Foreclosure 0 0.00
Totals: 96 19,279,866.43
- --------------------------------------------------------------------------------
<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 10,869,075.14 10,869,075.14
Principal remittance amount 6,010,052.64 6,010,052.64
Interest remittance amount 4,859,022.50 4,859,022.50
