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PURSUANT TO RULE 424(b)(3)
REGISTRATION STATEMENT NO. 33-47913
SUPPLEMENT TO
PROSPECTUS SUPPLEMENT DATED MARCH 27, 1998
(TO PROSPECTUS DATED MARCH 27, 1998)
$589,490,892
(APPROXIMATE)
CMC SECURITIES CORPORATION III
ISSUER
BANK OF AMERICA, FSB AND CENDANT
MORTGAGE CORPORATION
MASTER SERVICERS
COLLATERALIZED MORTGAGE OBLIGATIONS, SERIES 1998-1
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The Prospectus Supplement dated March 27, 1998 (the "Prospectus
Supplement") to the Prospectus dated March 27, 1998 with respect to the above
captioned series of bonds is hereby amended as follows:
COVER PAGE: The cross reference to "Risk Factors" at Page 17 of the
Prospectus is hereby amended to refer to Page 15 of the
Prospectus and the Bond Interest Rate for each of the Class
A-17 and Class A-18 Bonds is hereby amended to 6.40%.
PAGE S-56: The phrase "of the applicable Non-PO Percentage" is hereby
added after the term "Senior Prepayment Percentage" in
clause (a) of paragraph (iv).
The date of this Supplement is March 31, 1998
