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): October 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 October 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 October 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: October 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 October 25, 1999
Payment Date: 10/25/99
------------------------------------------------------------
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 96,854,593.27 6.500000% 2,536,743.63 524,629.05 3,061,372.68 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 95,977,130.83 6.500000% 2,495,024.10 519,876.13 3,014,900.22 0.00 0.00
1A5 3,754,536.65 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 26,547,830.05 6.750000% 700,884.79 149,331.54 850,216.33 0.00 0.00
1A7 1,451,000.00 6.750000% 0.00 8,161.87 8,161.87 0.00 0.00
1A8 1,006,000.00 6.750000% 0.00 5,658.75 5,658.75 0.00 0.00
1A9 1,115,570.73 0.000000% 26,957.11 0.00 26,957.11 0.00 0.00
A10 12,315,427.59 6.500000% 325,137.52 66,708.57 391,846.09 0.00 0.00
2A1 354,486,323.09 7.000000% 2,962,760.51 2,067,836.88 5,030,597.39 0.00 0.00
2A2 18,657,175.73 0.000000% 155,934.77 0.00 155,934.77 0.00 0.00
PO1 38,339.25 0.000000% 38.68 0.00 38.68 0.00 0.00
PO2 262,623.07 0.000000% 1,155.88 0.00 1,155.88 0.00 0.00
X1A 256,577,348.13 0.535364% 0.00 114,468.62 114,468.62 0.00 0.00
X1B 50,102,042.25 1.522915% 0.00 63,584.31 63,584.31 0.00 0.00
X2 394,249,359.15 0.650474% 0.00 213,707.40 213,707.40 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,731,047.09 0.150000% 0.00 4,466.38 4,466.38 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,570,772.65 6.500000% 23,193.41 160,175.02 183,368.43 0.00 0.00
B2 14,177,751.40 6.500000% 11,120.12 76,796.15 87,916.27 0.00 0.00
B3 8,101,600.56 6.500000% 6,354.37 43,883.67 50,238.04 0.00 0.00
B4 5,671,060.89 6.500000% 4,448.02 30,718.25 35,166.26 0.00 0.00
B5 2,430,539.67 6.500000% 1,906.36 13,165.42 15,071.78 0.00 0.00
B6 4,860,976.39 6.500000% 3,812.64 26,330.29 30,142.93 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 717,522,251.80 - 9,255,471.90 4,307,481.23 13,562,953.13 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 94,317,849.64 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 93,482,106.73 0.00
1A5 3,774,873.72 0.00
1A6 25,846,945.26 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,088,613.62 0.00
A10 11,990,290.06 0.00
2A1 351,523,562.58 0.00
2A2 18,501,240.96 0.00
PO1 38,300.57 0.00
PO2 261,467.19 0.00
X1A 252,388,956.43 0.00
X1B 48,205,894.06 0.00
X2 391,172,688.54 0.00
Residual AR 0.00 0.00
X3 35,702,123.21 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,547,579.23 0.00
B2 14,166,631.28 0.00
B3 8,095,246.18 0.00
B4 5,666,612.87 0.00
B5 2,428,633.31 0.00
B6 4,857,163.75 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 708,287,116.97 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/99
------------------------------------------------------------
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 96,854,593.27 6.500000% 12669AV43 20.944800 4.331636 778.741883
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 95,977,130.83 6.500000% 12669AV76 20.815936 4.337316 779.919344
1A5 3,754,536.65 6.500000% 12669AV84 0.000000 0.000000 1,066.951307
1A6 26,547,830.05 6.750000% 12669AV92 21.078608 4.491039 777.328359
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 1,115,570.73 0.000000% 12669AW42 19.628226 0.000000 792.649997
A10 12,315,427.59 6.500000% 12669AW59 21.078608 4.324704 777.328367
2A1 354,486,323.09 7.000000% 12669AW67 7.532317 5.257125 893.689105
2A2 18,657,175.73 0.000000% 12669AW75 7.532317 0.000000 893.689135
PO1 38,339.25 0.000000% 12669AW83 0.999574 0.000000 989.678758
PO2 262,623.07 0.000000% 12669AW91 4.198515 0.000000 949.732988
X1A 256,577,348.13 0.535364% 12669AX25 0.000000 0.383336 845.208776
X1B 50,102,042.25 1.522915% 12669AX33 0.000000 0.959036 727.084979
X2 394,249,359.15 0.650474% 12669AX41 0.000000 0.491660 899.940587
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.016031 0.000000
X3 35,731,047.09 0.150000% 12669AY40 0.000000 0.123971 990.966179
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,570,772.65 6.500000% 12669AX66 0.777788 5.371450 990.874463
B2 14,177,751.40 6.500000% 12669AX74 0.777788 5.371450 990.874463
B3 8,101,600.56 6.500000% 12669AX82 0.777788 5.371450 990.874462
B4 5,671,060.89 6.500000% 12669AX90 0.777788 5.371450 990.874462
B5 2,430,539.67 6.500000% 12669AY24 0.777788 5.371450 990.874463
B6 4,860,976.39 6.500000% 12669AY32 0.777788 5.371448 990.874190
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 717,522,251.80 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin bal 254,092,830.93 48,205,894.06 405,988,391.16 708,287,116.15
loan count 705 162 3503 4370
avg loan rate 7.740706% 8.617059% 7.937245% 7.91
prepay amt 3,991,281.08 1,862,724.55 2,817,556.37 8,671,562.00
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 5,581.90 0.00 17,056.08 22,637.97
sub servicer fees 135,779.90 21,508.12 199,696.13 356,984.15
trustee fees 1,937.12 375.77 3,068.53 5,381.42
Aggregate advances N/A N/A N/A N/A
Advances this periods 55,838.77 6,720.70 83,505.94 146,065.41
- --------------------------------------------------------------------------------
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 90.973596% 100.000000% 652,709,550.25
-----------------------------------------------------------------------------
Junior 9.026404% 0.000000% 64,761,866.64
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 83 13,342,930.09
60 to 89 days 14 3,053,537.29
90 or more 6 582,142.96
Foreclosure 10 1,993,290.32
Totals: 113 18,971,900.66
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 54,709.65
Current Total Outstanding Number of Loans: 1
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 13,562,953.13 13,562,953.13
Principal remittance amount 9,255,471.90 9,255,471.90
Interest remittance amount 4,307,481.23 4,307,481.23
