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): September 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 September 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 September 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: September 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 September 25, 1999
Payment Date: 09/25/99
------------------------------------------------------------
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 100,711,282.98 6.500000% 3,856,689.71 545,346.11 4,402,035.83 0.00 173.34
1A2 5,378,000.00 6.500000% 0.00 29,121.58 29,121.58 0.00 9.26
1A3 34,865,000.00 6.500000% 0.00 188,792.08 188,792.08 0.00 60.01
1A4 99,759,695.09 6.500000% 3,782,564.26 540,193.32 4,322,757.57 0.00 171.70
1A5 3,734,315.54 6.500000% 0.00 0.00 0.00 0.00 6.43
1A6 27,613,406.84 6.750000% 1,065,576.79 155,276.06 1,220,852.85 0.00 49.35
1A7 1,451,000.00 6.750000% 0.00 8,159.28 8,159.28 0.00 2.59
1A8 1,006,000.00 6.750000% 0.00 5,656.95 5,656.95 0.00 1.80
1A9 1,156,554.46 0.000000% 40,983.73 0.00 40,983.73 0.00 0.00
A10 12,809,744.21 6.500000% 494,316.62 69,364.07 563,680.69 0.00 22.05
2A1 359,321,661.39 7.000000% 4,835,338.30 2,096,043.02 6,931,381.33 0.00 0.00
2A2 18,911,667.23 0.000000% 254,491.50 0.00 254,491.50 0.00 0.00
PO1 38,378.35 0.000000% 39.10 0.00 39.10 0.00 0.00
PO2 266,026.96 0.000000% 3,403.90 0.00 3,403.90 0.00 0.00
X1A 264,312,765.96 0.544727% 0.00 119,943.69 119,943.69 0.00 38.12
X1B 51,606,200.39 1.523718% 0.00 65,506.94 65,506.94 0.00 20.82
X2 399,155,263.68 0.651225% 0.00 216,616.54 216,616.54 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,759,575.97 0.150000% 0.00 4,469.95 4,469.95 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,593,593.05 6.500000% 22,820.41 160,273.06 183,093.47 0.00 25.57
B2 14,188,692.68 6.500000% 10,941.28 76,843.16 87,784.44 0.00 12.26
B3 8,107,852.74 6.500000% 6,252.18 43,910.53 50,162.71 0.00 7.00
B4 5,675,437.37 6.500000% 4,376.48 30,737.05 35,113.53 0.00 4.90
B5 2,432,415.37 6.500000% 1,875.70 13,173.48 15,049.18 0.00 2.10
B6 4,864,727.71 6.500000% 3,751.32 26,346.41 30,097.73 0.00 4.20
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 731,885,451.97 - 14,383,421.29 4,395,773.29 18,779,194.57 - 611.49
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 96,854,593.27 173.34
1A2 5,378,000.00 9.26
1A3 34,865,000.00 60.01
1A4 95,977,130.83 171.70
1A5 3,754,536.65 6.43
1A6 26,547,830.05 49.35
1A7 1,451,000.00 2.59
1A8 1,006,000.00 1.80
1A9 1,115,570.73 0.00
A10 12,315,427.59 22.05
2A1 354,486,323.09 0.00
2A2 18,657,175.73 0.00
PO1 38,339.25 0.00
PO2 262,623.07 0.00
X1A 256,577,348.13 38.12
X1B 50,102,042.25 20.82
X2 394,249,359.15 0.00
Residual AR 0.00 0.00
X3 35,731,047.09 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,570,772.65 25.57
B2 14,177,751.40 12.26
B3 8,101,600.56 7.00
B4 5,671,060.89 4.90
B5 2,430,539.67 2.10
B6 4,860,976.39 4.20
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 717,522,251.80 611.49
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
------------------------------------------------------------
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 100,711,282.98 6.500000% 12669AV43 31.843027 4.502688 799.686684
1A2 5,378,000.00 6.500000% 12669AV50 0.000000 5.414946 1,000.000000
1A3 34,865,000.00 6.500000% 12669AV68 0.000000 5.414946 1,000.000000
1A4 99,759,695.09 6.500000% 12669AV76 31.557858 4.506822 800.735280
1A5 3,734,315.54 6.500000% 12669AV84 0.000000 0.000000 1,061.203123
1A6 27,613,406.84 6.750000% 12669AV92 32.046459 4.669816 798.406967
1A7 1,451,000.00 6.750000% 12669AW26 0.000000 5.623213 1,000.000000
1A8 1,006,000.00 6.750000% 12669AW34 0.000000 5.623213 1,000.000000
1A9 1,156,554.46 0.000000% 12669AW42 29.841399 0.000000 812.278223
A10 12,809,744.21 6.500000% 12669AW59 32.046459 4.496860 798.406975
2A1 359,321,661.39 7.000000% 12669AW67 12.293028 5.328834 901.221422
2A2 18,911,667.23 0.000000% 12669AW75 12.293029 0.000000 901.221452
PO1 38,378.35 0.000000% 12669AW83 1.010323 0.000000 990.678332
PO2 266,026.96 0.000000% 12669AW91 12.364053 0.000000 953.931503
X1A 264,312,765.96 0.544727% 12669AX25 0.000000 0.401672 859.235005
X1B 51,606,200.39 1.523718% 12669AX33 0.000000 0.988035 755.684404
X2 399,155,263.68 0.651225% 12669AX41 0.000000 0.498353 907.018843
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.017013 0.000000
X3 35,759,575.97 0.150000% 12669AY40 0.000000 0.124070 991.769005
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,593,593.05 6.500000% 12669AX66 0.765280 5.374738 991.652252
B2 14,188,692.68 6.500000% 12669AX74 0.765280 5.374738 991.652251
B3 8,107,852.74 6.500000% 12669AX82 0.765280 5.374738 991.652251
B4 5,675,437.37 6.500000% 12669AX90 0.765280 5.374738 991.652250
B5 2,432,415.37 6.500000% 12669AY24 0.765280 5.374738 991.652251
B6 4,864,727.71 6.500000% 12669AY32 0.765279 5.374736 991.651978
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 731,885,451.97 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 258,283,042.54 50,102,042.25 409,137,166.19 717,522,250.98
loan count 720 166 3542 4428
average loan rate 7.751632% 8.618988% 7.937944% 7.92
prepay amt 7,536,900.07 1,470,008.52 4,791,240.75 13,798,149.34
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 0.00 0.00 11,365.05 11,365.05
sub servicer fees 140,179.39 22,202.26 202,204.25 364,585.90
trustee fees 1,995.15 387.05 3,106.94 5,489.14
Aggregate advances N/A N/A N/A N/A
Advances this periods 52,874.48 0.00 68,135.40 121,009.88
- --------------------------------------------------------------------------------
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 91.143815% 100.000000% 667,022,733.05
-----------------------------------------------------------------------------
Junior 8.856185% 0.000000% 64,812,701.55
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 70 12,510,500.42
60 to 89 days 5 525,829.25
90 or more 8 1,160,876.98
Foreclosure 10 2,078,609.34
Totals: 93 16,275,815.99
- --------------------------------------------------------------------------------
<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 18,779,194.57 18,779,194.57
Principal remittance amount 14,383,421.29 14,383,421.29
Interest remittance amount 4,395,773.29 4,395,773.29
