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-O)
(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-O
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-O, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of November 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-O 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
November 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
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-O
Residential Asset Securitization Trust,1998- A15
------------------------------------------------------------
<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 A1 222,883,630.56 6.850000% 2,983,800.11 1,272,294.06 4,256,094.17 0.00 0.00
PO 201,404.61 0.000000% 165.24 0.00 165.24 0.00 0.00
X 231,608,833.03 0.561598% 0.00 108,392.62 108,392.62 0.00 0.00
Residual AR 0.00 6.850000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 9,812,672.03 6.850000% 7,460.75 56,014.00 63,474.75 0.00 0.00
B2 3,615,063.86 6.850000% 2,748.60 20,635.99 23,384.59 0.00 0.00
B3 2,065,736.54 6.850000% 1,570.62 11,791.91 13,362.53 0.00 0.00
B4 1,291,172.52 6.850000% 981.70 7,370.44 8,352.14 0.00 0.00
B5 774,663.66 6.850000% 588.99 4,422.04 5,011.03 0.00 0.00
B6 1,162,000.47 6.850000% 883.49 6,633.09 7,516.58 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 241,806,344.26 - 2,998,199.49 1,487,554.15 4,485,753.64 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 219,899,830.45 0.00
PO 201,239.37 0.00
X 228,619,531.58 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 9,805,211.29 0.00
B2 3,612,315.26 0.00
B3 2,064,165.93 0.00
B4 1,290,190.82 0.00
B5 774,074.67 0.00
B6 1,161,116.98 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 238,808,144.77 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-O
Residential Asset Securitization Trust,1998- A15
------------------------------------------------------------
<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 A1 222,883,630.56 6.850000% 12669A2S2 12.423545 5.297407 915.589306
PO 201,404.61 0.000000% 12669A2T0 0.816772 0.000000 994.696206
X 231,608,833.03 0.561598% 12669A2U7 0.000000 0.435446 918.434496
Residual AR 0.00 6.850000% 12669A2V5 0.000000 0.000798 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 9,812,672.03 6.850000% 12669A2W3 0.757544 5.687509 995.594428
B2 3,615,063.86 6.850000% 12669A2X1 0.757544 5.687509 995.594428
B3 2,065,736.54 6.850000% 12669A2Y9 0.757544 5.687509 995.594428
B4 1,291,172.52 6.850000% 12669A2Z6 0.757544 5.687509 995.594428
B5 774,663.66 6.850000% 12669A3A0 0.757544 5.687509 995.594428
B6 1,162,000.47 6.850000% 12669A3B8 0.757544 5.687509 995.594428
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 241,806,344.26 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-O
Residential Asset Securitization Trust,1998- A15
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 238,808,144.77 238,808,144.77
Aggregated loan count 682 682
Aggregated average loan rate 7.766800% 7.77
Aggregated prepayment amount 2,814,332.57 2,814,332.57
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 19,843.25 19,843.25
Monthly sub servicer fees 50,495.50 50,495.50
Monthly trustee fees 1,813.55 1,813.55
Aggregate advances N/A N/A
Advances this periods 25,400.40 25,400.40
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 5,183,305.00 5,183,305.00
Special Hazard 2,834,504.58 2,834,504.58
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 92.263157% 100.000000% 223,085,035.17
-----------------------------------------------------------------------------
Junior 7.736843% 0.000000% 18,707,074.95
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 9 2,831,398.89
60 to 89 days 0 0.00
90 or more 1 254,446.42
Foreclosure 1 273,929.62
Totals: 11 3,359,774.93
- --------------------------------------------------------------------------------
<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 4,485,753.64 4,485,753.64
Principal remittance amount 2,998,199.49 2,998,199.49
Interest remittance amount 1,487,554.15 1,487,554.15
