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): July 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 July 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 July 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: July 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 July 25, 1999
Payment Date: 07/25/99
------------------------------------------------------------
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 105,293,161.38 6.500000% 2,223,471.48 570,337.96 2,793,809.44 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 104,269,615.30 6.500000% 2,189,088.66 564,793.75 2,753,882.41 0.00 0.00
1A5 3,694,186.79 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 28,879,348.27 6.750000% 614,329.85 162,446.33 776,776.18 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 1,205,244.52 0.000000% 23,628.07 0.00 23,628.07 0.00 0.00
A10 13,397,009.15 6.500000% 284,985.05 72,567.13 357,552.18 0.00 0.00
2A1 366,699,977.46 7.000000% 4,746,784.05 2,139,083.20 6,885,867.25 0.00 0.00
2A2 19,299,999.67 0.000000% 249,830.75 0.00 249,830.75 0.00 0.00
PO1 38,449.97 0.000000% 35.36 0.00 35.36 0.00 0.00
PO2 269,392.86 0.000000% 280.86 0.00 280.86 0.00 0.00
X1A 270,650,691.68 0.546507% 0.00 123,260.48 123,260.48 0.00 0.00
X1B 56,261,675.62 1.537893% 0.00 72,103.70 72,103.70 0.00 0.00
X2 406,770,224.40 0.653054% 0.00 221,368.96 221,368.96 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,816,174.03 0.150000% 0.00 4,477.02 4,477.02 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,639,019.65 6.500000% 22,630.03 160,544.69 183,174.72 0.00 0.00
B2 14,210,472.53 6.500000% 10,850.00 76,973.39 87,823.39 0.00 0.00
B3 8,120,298.41 6.500000% 6,200.02 43,984.95 50,184.97 0.00 0.00
B4 5,684,149.25 6.500000% 4,339.97 30,789.14 35,129.11 0.00 0.00
B5 2,436,149.16 6.500000% 1,860.05 13,195.81 15,055.86 0.00 0.00
B6 4,872,195.14 6.500000% 3,720.03 26,391.06 30,111.08 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 750,708,669.51 - 10,382,034.23 4,514,121.11 14,896,155.34 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 103,069,689.90 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 102,080,526.64 0.00
1A5 3,714,196.97 0.00
1A6 28,265,018.42 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,181,616.45 0.00
A10 13,112,024.10 0.00
2A1 361,953,193.41 0.00
2A2 19,050,168.92 0.00
PO1 38,414.61 0.00
PO2 269,112.00 0.00
X1A 267,885,273.28 0.00
X1B 53,691,699.70 0.00
X2 401,761,341.67 0.00
Residual AR 0.00 0.00
X3 35,788,009.09 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,616,389.62 0.00
B2 14,199,622.53 0.00
B3 8,114,098.39 0.00
B4 5,679,809.28 0.00
B5 2,434,289.11 0.00
B6 4,868,475.11 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 740,346,645.46 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/99
------------------------------------------------------------
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 105,293,161.38 6.500000% 12669AV43 18.358247 4.709035 851.002061
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 104,269,615.30 6.500000% 12669AV76 18.263523 4.712063 851.655789
1A5 3,694,186.79 6.500000% 12669AV84 0.000000 0.000000 1,049.801291
1A6 28,879,348.27 6.750000% 12669AV92 18.475530 4.885457 850.050177
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 1,205,244.52 0.000000% 12669AW42 17.204262 0.000000 860.367956
A10 13,397,009.15 6.500000% 12669AW59 18.475530 4.704514 850.050185
2A1 366,699,977.46 7.000000% 12669AW67 12.067894 5.438257 920.204674
2A2 19,299,999.67 0.000000% 12669AW75 12.067895 0.000000 920.204706
PO1 38,449.97 0.000000% 12669AW83 0.913804 0.000000 992.625472
PO2 269,392.86 0.000000% 12669AW91 1.020162 0.000000 977.501410
X1A 270,650,691.68 0.546507% 12669AX25 0.000000 0.412779 897.103372
X1B 56,261,675.62 1.537893% 12669AX33 0.000000 1.087533 809.826871
X2 406,770,224.40 0.653054% 12669AX41 0.000000 0.509286 924.301077
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.018891 0.000000
X3 35,816,174.03 0.150000% 12669AY40 0.000000 0.124266 993.350071
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,639,019.65 6.500000% 12669AX66 0.758895 5.383847 993.182011
B2 14,210,472.53 6.500000% 12669AX74 0.758895 5.383847 993.182011
B3 8,120,298.41 6.500000% 12669AX82 0.758895 5.383847 993.182010
B4 5,684,149.25 6.500000% 12669AX90 0.758895 5.383847 993.182010
B5 2,436,149.16 6.500000% 12669AY24 0.758895 5.383847 993.182011
B6 4,872,195.14 6.500000% 12669AY32 0.758895 5.383845 993.181737
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 750,708,669.51 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 269,594,464.31 53,691,699.70 417,060,480.64 740,346,644.65
Loan count 737 181 3605 4523
Avg loan rate 7.754980% 8.640847% 7.939747% 7.93
Prepay amount 2,560,876.93 2,534,397.59 4,693,114.41 9,788,388.93
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 9,449.41 0.00 7,817.33 17,266.74
sub servicer fees 143,857.39 24,565.45 205,989.53 374,412.38
trustee fees 2,042.71 421.96 3,165.64 5,630.32
Aggregate advances N/A N/A N/A N/A
Advances this periods 75,880.84 0.00 61,072.66 136,953.50
- --------------------------------------------------------------------------------
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 91.352574% 100.000000% 685,746,385.37
-----------------------------------------------------------------------------
Junior 8.647426% 0.000000% 64,912,684.05
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 72 13,943,586.81
60 to 89 days 7 1,219,056.19
90 or more 8 1,529,277.48
Foreclosure 8 1,718,970.76
Totals: 95 18,410,891.24
- --------------------------------------------------------------------------------
<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 14,896,155.34 14,896,155.34
Principal remittance amount 10,382,034.23 10,382,034.23
Interest remittance amount 4,514,121.11 4,514,121.11
