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): 9/25/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-1)
(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 911009-7137
(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 97-1
On September 25 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-1, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 1997, 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
1997-1 relating to the distribution date of September 25, 1997 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of January 1, 1997.
<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, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 09/25/97
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COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-1
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
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Beginning Pass Thru Principal Interest Total Principal Interest Ending Cert./ Unpaid
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls Notional Bal. Interest
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
02264 A-1 113,477,804.03 7.250000% 2,368,526.05 685,595.07 3,054,121.12 0.00 0.00 111,109,277.97 0.00
02265 A-2 25,870,389.84 6.225000% 539,970.73 134,202.65 674,173.37 0.00 0.00 25,330,419.11 0.00
02266 A-3 25,870,389.84 2.775000% N/A 59,825.28 59,825.28 N/A 0.00 25,330,419.11 0.00
02267 A-4 8,500,000.00 7.400000% 0.00 52,416.67 52,416.67 0.00 0.00 8,500,000.00 0.00
02268 A-5 15,855,000.00 7.500000% 0.00 99,093.75 99,093.75 0.00 0.00 15,855,000.00 0.00
02269 A-6 30,144,950.37 7.500000% 22,100.73 188,405.94 210,506.67 0.00 0.00 30,122,849.64 0.00
02270 A-7 9,925,000.00 7.500000% 0.00 62,031.25 62,031.25 0.00 0.00 9,925,000.00 0.00
02271 A-8 6,375,000.00 7.500000% 0.00 39,843.75 39,843.75 0.00 0.00 6,375,000.00 0.00
02272 A-9 22,483,962.00 7.250000% 0.00 135,840.60 135,840.60 0.00 0.00 22,483,962.00 0.00
02273 A-10 19,260,567.37 7.250000% 871,298.19 116,365.93 987,664.12 0.00 0.00 18,389,269.18 0.00
02274 A-11 8,918,000.00 7.450000% 0.00 55,365.92 55,365.92 0.00 0.00 8,918,000.00 0.00
02275 A-12 6,000,000.00 7.500000% 0.00 37,500.00 37,500.00 0.00 0.00 6,000,000.00 0.00
02276 A-13 5,500,000.00 7.500000% 0.00 34,375.00 34,375.00 0.00 0.00 5,500,000.00 0.00
02277 PO 989,457.98 N/A 1,247.39 N/A 1,247.39 0.00 N/A 988,210.59 0.00
02278 X 215,236,403.87 0.268504% N/A 72,119.32 72,119.32 N/A 0.00 211,741,360.78 0.00
- - ------------------------------------------------------------------------------------------------------------------------------------
02279 A-R 0.00 7.500000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- - ------------------------------------------------------------------------------------------------------------------------------------
02280 M 8,276,049.96 7.500000% 6,067.58 51,725.31 57,792.89 0.00 0.00 8,269,982.39 0.00
02281 B-1 3,761,840.53 7.500000% 2,757.99 23,511.50 26,269.49 0.00 0.00 3,759,082.54 0.00
02282 B-2 1,504,735.81 7.500000% 1,103.20 9,404.60 10,507.79 0.00 0.00 1,503,632.62 0.00
02283 B-3 902,841.29 7.500000% 661.92 5,642.76 6,304.67 0.00 0.00 902,179.37 0.00
02284 B-4 1,053,314.67 7.500000% 772.24 6,583.22 7,355.45 0.00 0.00 1,052,542.44 0.00
02285 B-5 1,053,318.65 7.500000% 772.24 6,583.24 7,355.48 0.00 0.00 1,052,546.41 0.00
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
Totals - 315,722,622.35 - 3,815,278.24 1,876,431.74 5,691,709.99 0.00 0.00 286,036,954.27 0.00
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</TABLE>
<PAGE>
Payment Date: 05/27/97
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COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-1
-------------------------------------------------
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COLLATERAL INFORMATION
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Aggregate Stated Principal 212,562.42
Aggregate Prepayment Amount 3,602,715.82
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 286,036,954.27
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FEES & ADVANCES
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Monthly master servicer fees paid 58,680.32
Advances included in this distribution 22,930.65
Aggregate Advances Outstanding 32,534.13
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LOSSES & INSURANCE COVERAGES
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Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 1,341,603.06
Special Hazrad Loss Coverage Amount 2,898,522.33
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OTHER INFORMATION
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Guranteed Distribution 179,657.58
Guranteed Distribution Paid 179,657.58
Reserve Fund Information
Class Beg. Balance Withdrawal Ending Balance
- - --------------------------------------------------------------------------------
A-4 1,080.00 0.00 1,080.00
A-11 2,140.00 0.00 2,140.00
A-12 1,070.00 0.00 1,070.00
A-13 1,150.00 0.00 1,150.00
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Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- - --------------------------------------------------------------------------------
Senior 83.629882% 100.000000% 238,385,928.26
Subordinate 5.802504% 0.000000% 16,539,965.77
Class A-6 10.567614% 0.000000% 30,122,849.64
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DELINQUENCY INFORMATION
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Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 9 2,081,053.49
2 mos. 2 527,613.07
3+MOS. 1 330,000.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 12 2,938,666.56
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TOTAL REO INFORMATION
- - --------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0.00
Total Market Value of REO Properties Not Available
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NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- - --------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
0 0.00
<PAGE>
Payment Date: 09/25/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-1
-------------------------------------------------
Class Information Original Certificate Information
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Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- - -----------------------------------------------------------------
Senior A-1 121,196,482.00 7.250000% 126691-K60
A-2 27,630,075.00 6.225000% 126691-K78
A-3 27,630,075.00 2.775000% 126691-K86
A-4 8,500,000.00 7.400000% 126691-K94
A-5 15,855,000.00 7.500000% 126691-L28
A-6 30,293,121.00 7.500000% 126691-L36
A-7 9,925,000.00 7.500000% 126691-L44
A-8 6,375,000.00 7.500000% 126691-L51
A-9 22,483,962.00 7.250000% 126691-L69
A-10 22,100,000.00 7.250000% 126691-L77
A-11 8,918,000.00 7.450000% 126691-L85
A-12 6,000,000.00 7.500000% 126691-L93
A-13 5,500,000.00 7.500000% 126691-M27
PO 1,016,326.00 N/A 126691-M35
X 226,293,619.00 0.268504% 126691-M43
- - -----------------------------------------------------------------
Residual A-R 100.00 7.500000% 126691-M50
- - -----------------------------------------------------------------
Subordinate M 8,316,729.00 7.500000% 126691-M68
B-1 3,780,331.00 7.500000% 126691-M76
B-2 1,512,132.00 7.500000% 126691-M84
B-3 907,279.00 7.500000% 126691-M92
B-4 1,058,492.00 7.500000% 126691-N26
B-5 1,058,496.00 7.500000% 126691-L34
- - -----------------------------------------------------------------
- - -----------------------------------------------------------------
Total - 321,138,600.00 - -
- - -----------------------------------------------------------------
Class Information Factors per $1,000
- - -----------------------------------------------------------------
Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- - -----------------------------------------------------------------
Senior A-1 19.54286142 5.65688917 916.769828
A-2 19.54286142 4.85712208 916.769828
A-3 0.00000000 2.16522309 916.769828
A-4 0.00000000 6.16666667 1000.000000
A-5 0.00000000 6.25000000 1000.000000
A-6 0.72956271 6.21942981 994.379207
A-7 0.00000000 6.25000000 1000.000000
A-8 0.00000000 6.25000000 1000.000000
A-9 -0.00000000 6.04166667 1000.000000
A-10 39.42525752 5.26542660 832.093628
A-11 0.00000000 6.20833333 1000.000000
A-12 0.00000000 6.25000000 1000.000000
A-13 0.00000000 6.25000000 1000.000000
PO 1.22735323 0.00000000 972.336230
X 0.00000000 0.31869797 935.693024
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Residual A-R 0.00000000 0.00000000 0.000000
- - -----------------------------------------------------------------
Subordinate M 0.72956271 6.21942981 994.379207
B-1 0.72956271 6.21942981 994.379207
B-2 0.72956271 6.21942981 994.379207
B-3 0.72956271 6.21942981 994.379207
B-4 0.72956271 6.21942981 994.379207
B-5 0.72956271 6.21942981 994.379207
- - -----------------------------------------------------------------
- - -----------------------------------------------------------------
Total - 11.88047231 5.84305886 890.696273
- - -----------------------------------------------------------------
