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): August 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 August 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 August 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: August 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
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 103,069,689.90 6.500000% 2,358,406.92 558,294.15 2,916,701.07 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 102,080,526.64 6.500000% 2,320,831.55 552,936.19 2,873,767.74 0.00 0.00
1A5 3,714,196.97 6.500000% 0.00 0.00 0.00 0.00 0.00
1A6 28,265,018.42 6.750000% 651,611.58 158,990.73 810,602.31 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 1,181,616.45 0.000000% 25,061.99 0.00 25,061.99 0.00 0.00
A10 13,112,024.10 6.500000% 302,279.89 71,023.46 373,303.35 0.00 0.00
2A1 361,953,193.41 7.000000% 2,631,532.02 2,111,393.63 4,742,925.65 0.00 0.00
2A2 19,050,168.92 0.000000% 138,501.69 0.00 138,501.69 0.00 0.00
PO1 38,414.61 0.000000% 36.25 0.00 36.25 0.00 0.00
PO2 269,112.00 0.000000% 3,085.04 0.00 3,085.04 0.00 0.00
X1A 267,885,273.28 0.547374% 0.00 122,194.57 122,194.57 0.00 0.00
X1B 53,691,699.70 1.542956% 0.00 69,036.59 69,036.59 0.00 0.00
X2 401,761,341.67 0.651893% 0.00 218,254.63 218,254.63 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
X3 35,788,009.09 0.150000% 0.00 4,473.50 4,473.50 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,616,389.62 6.500000% 22,796.57 160,422.11 183,218.68 0.00 0.00
B2 14,199,622.53 6.500000% 10,929.85 76,914.62 87,844.47 0.00 0.00
B3 8,114,098.39 6.500000% 6,245.65 43,951.37 50,197.02 0.00 0.00
B4 5,679,809.28 6.500000% 4,371.91 30,765.63 35,137.54 0.00 0.00
B5 2,434,289.11 6.500000% 1,873.74 13,185.73 15,059.47 0.00 0.00
B6 4,868,475.11 6.500000% 3,747.40 26,370.91 30,118.31 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 740,346,645.46 - 8,481,312.06 4,450,011.37 12,931,323.43 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior 1A1 100,711,282.98 0.00
1A2 5,378,000.00 0.00
1A3 34,865,000.00 0.00
1A4 99,759,695.09 0.00
1A5 3,734,315.54 0.00
1A6 27,613,406.84 0.00
1A7 1,451,000.00 0.00
1A8 1,006,000.00 0.00
1A9 1,156,554.46 0.00
A10 12,809,744.21 0.00
2A1 359,321,661.39 0.00
2A2 18,911,667.23 0.00
PO1 38,378.35 0.00
PO2 266,026.96 0.00
X1A 264,312,765.96 0.00
X1B 51,606,200.39 0.00
X2 399,155,263.68 0.00
Residual AR 0.00 0.00
X3 35,759,575.97 0.00
- --------------------------------------------------------------------------------
Subordinate B1 29,593,593.05 0.00
B2 14,188,692.68 0.00
B3 8,107,852.74 0.00
B4 5,675,437.37 0.00
B5 2,432,415.37 0.00
B6 4,864,727.71 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 731,885,451.97 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
------------------------------------------------------------
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 103,069,689.90 6.500000% 12669AV43 19.472351 4.609594 831.529710
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 102,080,526.64 6.500000% 12669AV76 19.362651 4.613136 832.293138
1A5 3,714,196.97 6.500000% 12669AV84 0.000000 0.000000 1,055.487715
1A6 28,265,018.42 6.750000% 12669AV92 19.596751 4.781532 830.453425
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 1,181,616.45 0.000000% 12669AW42 18.248334 0.000000 842.119622
A10 13,112,024.10 6.500000% 12669AW59 19.596751 4.604439 830.453433
2A1 361,953,193.41 7.000000% 12669AW67 6.690224 5.367861 913.514450
2A2 19,050,168.92 0.000000% 12669AW75 6.690225 0.000000 913.514481
PO1 38,414.61 0.000000% 12669AW83 0.936817 0.000000 991.688655
PO2 269,112.00 0.000000% 12669AW91 11.205855 0.000000 966.295556
X1A 267,885,273.28 0.547374% 12669AX25 0.000000 0.409209 885.139637
X1B 53,691,699.70 1.542956% 12669AX33 0.000000 1.041272 778.371480
X2 401,761,341.67 0.651893% 12669AX41 0.000000 0.502121 918.305476
Residual AR 0.00 6.500000% 12669AY58 0.000000 0.000000 0.000000
X3 35,788,009.09 0.150000% 12669AY40 0.000000 0.124169 992.560867
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 29,616,389.62 6.500000% 12669AX66 0.764480 5.379736 992.417531
B2 14,199,622.53 6.500000% 12669AX74 0.764480 5.379736 992.417531
B3 8,114,098.39 6.500000% 12669AX82 0.764480 5.379736 992.417530
B4 5,679,809.28 6.500000% 12669AX90 0.764480 5.379736 992.417530
B5 2,434,289.11 6.500000% 12669AY24 0.764480 5.379736 992.417530
B6 4,868,475.11 6.500000% 12669AY32 0.764480 5.379734 992.417257
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 740,346,645.46 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-M
Residential Asset Securities Trust 1998-A13
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 266,020,321.99 51,606,200.39 414,258,928.77 731,885,451.15
loan count 729 173 3568 4470
average loan rate 7.754715% 8.646457% 7.938679% 7.92
prepay amount 3,369,845.30 2,050,782.19 2,470,176.41 7,890,803.90
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 8,650.20 0.00 18,253.38 26,903.58
sub servicer fees 142,152.06 23,467.80 203,661.28 369,281.14
trustee fees 2,021.96 402.69 3,127.95 5,552.60
Aggregate advances N/A N/A N/A N/A
Advances this periods 49,067.34 0.00 64,169.66 113,237.00
- --------------------------------------------------------------------------------
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 91.238280% 100.000000% 675,433,961.42
-----------------------------------------------------------------------------
Junior 8.761720% 0.000000% 64,862,718.92
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 63 10,336,745.20
60 to 89 days 13 2,036,841.19
90 or more 4 530,957.85
Foreclosure 10 2,166,177.23
Totals: 90 15,070,721.47
- --------------------------------------------------------------------------------
<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 12,931,323.43 12,931,323.43
Principal remittance amount 8,481,312.06 8,481,312.06
Interest remittance amount 4,450,011.37 4,450,011.37
