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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 110,503,043.86 6.500000% 2,739,288.96 598,558.15 3,337,847.11 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 109,391,745.45 6.500000% 2,692,072.62 592,538.62 3,284,611.24 0.00 0.00
1A5 3,654,489.27 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 30,318,802.90 6.750000% 756,846.66 170,543.27 927,389.93 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 1,260,608.17 0.000000% 29,109.50 0.00 29,109.50 0.00 0.00
A10 14,064,766.14 6.500000% 351,098.01 76,184.15 427,282.16 0.00 0.00
2A1 375,900,507.87 7.000000% 4,247,639.44 2,192,752.96 6,440,392.40 0.00 0.00
2A2 19,784,237.45 0.000000% 223,559.97 0.00 223,559.97 0.00 0.00
PO1 38,520.12 0.000000% 34.98 0.00 34.98 0.00 0.00
PO2 271,203.30 0.000000% 1,552.49 0.00 1,552.49 0.00 0.00
X1A 280,240,915.30 0.544795% 0.00 127,228.27 127,228.27 0.00 0.00
X1B 59,165,502.64 1.556702% 0.00 76,752.54 76,752.54 0.00 0.00
X2 416,400,120.93 0.656540% 0.00 227,819.42 227,819.42 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,871,721.71 0.150000% 0.00 4,483.97 4,483.97 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,683,619.02 6.500000% 22,193.45 160,786.27 182,979.72 0.00 0.00
B2 14,231,855.77 6.500000% 10,640.69 77,089.22 87,729.91 0.00 0.00
B3 8,132,517.45 6.500000% 6,080.42 44,051.14 50,131.56 0.00 0.00
B4 5,692,702.49 6.500000% 4,256.25 30,835.47 35,091.72 0.00 0.00
B5 2,439,814.96 6.500000% 1,824.17 13,215.66 15,039.83 0.00 0.00
B6 4,879,526.59 6.500000% 3,648.26 26,430.77 30,079.03 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 772,947,960.81 - 11,089,845.87 4,651,073.42 15,740,919.28 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 107,763,754.90 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 106,699,672.83 0.00
1A5 3,674,284.42 0.00
1A6 29,561,956.24 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,231,498.68 0.00
A10 13,713,668.14 0.00
2A1 371,652,881.02 0.00
2A2 19,560,678.14 0.00
PO1 38,485.14 0.00
PO2 269,650.81 0.00
X1A 274,533,804.28 0.00
X1B 58,304,522.73 0.00
X2 411,997,226.78 0.00
Residual AR 0.00 0.00
X3 35,844,052.37 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,661,446.04 0.00
B2 14,221,224.90 0.00
B3 8,126,442.65 0.00
B4 5,688,450.17 0.00
B5 2,437,992.47 0.00
B6 4,875,881.70 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 761,877,968.26 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 110,503,043.86 6.500000% 12669AV43 22.617130 4.942037 889.758935
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 109,391,745.45 6.500000% 12669AV76 22.459908 4.943538 890.193234
1A5 3,654,489.27 6.500000% 12669AV84 0.000000 0.000000 1,038.520187
1A6 30,318,802.90 6.750000% 12669AV92 22.761621 5.128967 889.054652
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 1,260,608.17 0.000000% 12669AW42 21.195440 0.000000 896.688604
A10 14,064,766.14 6.500000% 12669AW59 22.761621 4.939005 889.054660
2A1 375,900,507.87 7.000000% 12669AW67 10.798904 5.574703 944.864487
2A2 19,784,237.45 0.000000% 12669AW75 10.798904 0.000000 944.864486
PO1 38,520.12 0.000000% 12669AW83 0.903857 0.000000 994.427377
PO2 271,203.30 0.000000% 12669AW91 5.639143 0.000000 979.458541
X1A 280,240,915.30 0.544795% 12669AX25 0.000000 0.426066 919.368199
X1B 59,165,502.64 1.556702% 12669AX33 0.000000 1.157651 879.401638
X2 416,400,120.93 0.656540% 12669AX41 0.000000 0.524126 947.849981
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.000000 0.000000
X3 35,871,721.71 0.150000% 12669AX40 0.000000 0.124459 994.905637
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,683,619.02 6.500000% 12669AX66 0.744255 5.391948 994.692973
B2 14,231,855.77 6.500000% 12669AX74 0.744255 5.391948 994.692973
B3 8,132,517.45 6.500000% 12669AX82 0.744256 5.391948 994.692973
B4 5,692,702.49 6.500000% 12669AX90 0.744256 5.391948 994.692973
B5 2,439,814.96 6.500000% 12669AY24 0.744255 5.391948 994.692972
B6 4,879,526.59 6.500000% 12669AY32 0.744255 5.391947 994.692809
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 772,947,960.81 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independant National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin bal 276,246,124.88 58,304,522.73 427,327,262.35 761,877,909.96
Loan count 761 191 3676 4628
Ave loan rate 7.753320% 8.668005% 7.945125% 7.93
Prepay amt 5,501,128.95 823,232.08 4,167,293.27 10,491,654.30
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master servicing fees 0.00 504.83 10,691.79 11,196.61
Sub servicer fees 148,901.24 26,244.99 211,313.74 386,459.97
Trustee fees 2,114.66 443.74 3,238.71 5,797.11
Aggregate advances N/A N/A N/A N/A
Advances this periods 80,279.93 0.00 63,414.54 143,694.47
- --------------------------------------------------------------------------------
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 91.588628% 100.000000% 707,887,924.53
-----------------------------------------------------------------------------
Junior 8.411372% 0.000000% 65,011,437.94
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 73 12,600,502.62
60 to 89 days 11 1,619,612.63
90 or more 14 4,943,730.29
Foreclosure 1 54,890.36
Totals: 99 19,218,735.90
- --------------------------------------------------------------------------------
<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 15,740,919.28 15,740,919.28
Principal remittance amount 11,089,845.87 11,089,845.87
Interest remittance amount 4,651,073.42 4,651,073.42
