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): 5/26/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-C)
(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-C
On May 25, 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1997-C, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of March 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-C relating to the distribution date of May 26, 1997 prepared by The
Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of March 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: May 26, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 05/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-3
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-C
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest Deffered
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls Interest
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2399 A-1 50,368,100.30 7.250000% 390,174.07 304,307.27 694,481.34 0.00 0.00 0.00
2401 A-2 8,362,000.00 7.650000% 0.00 53,307.75 53,307.75 0.00 0.00 0.00
2402 A-3 6,813,416.91 7.750000% 74,627.97 44,003.32 118,631.29 0.00 0.00 0.00
2403 A-4 17,784,000.00 7.750000% 0.00 114,855.00 114,855.00 0.00 0.00 0.00
2404 A-5 5,970,692.83 7.750000% 22,750.15 38,560.72 61,310.88 0.00 0.00 0.00
2405 A-6 4,997,076.47 7.300000% 3,025.22 30,398.88 33,424.11 0.00 0.00 0.00
2407 A-7 34,552,778.16 10.000000% 298,610.32 287,939.82 586,550.14 0.00 0.00 0.00
2408 A-8 26,435,268.25 6.800000% 501,880.16 149,799.85 651,680.02 0.00 0.00 0.00
2409 A-9 17,499,999.00 6.950000% 0.00 101,354.16 101,354.16 0.00 0.00 0.00
2410 A-10 19,205,000.00 7.250000% 0.00 116,030.21 116,030.21 0.00 0.00 0.00
2411 A-11 6,015,000.00 7.250000% 0.00 36,340.63 36,340.63 0.00 0.00 0.00
2412 A-12 11,555,299.09 7.750000% 0.00 0.00 0.00 0.00 0.00 74,627.97
2413 A-13 18,739,036.75 6.920000% 11,344.59 108,061.78 119,406.37 0.00 0.00 0.00
2414 A-14 2,297,043.21 7.750000% 0.00 14,835.07 14,835.07 0.00 0.00 0.00
2415 A-15 3,522,604.17 7.750000% 0.00 0.00 0.00 0.00 0.00 22,750.15
2416 PO 608,118.05 NA 821.90 NA 821.90 0.00 NA NA
2417 X 194,316,156.11 0.661257% NA 107,077.37 107,077.37 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
2418 A-R 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
2419 B-1 9,407,395.22 7.750000% 5,695.23 60,756.09 66,451.32 0.00 0.00 0.00
2420 B-2 3,135,799.41 7.750000% 1,898.41 20,252.04 22,150.45 0.00 0.00 0.00
2421 B-3 2,006,910.86 7.750000% 1,214.98 12,961.30 14,176.28 0.00 0.00 0.00
2422 B-4 1,254,319.16 7.750000% 759.36 8,100.81 8,860.17 0.00 0.00 0.00
2423 B-5 627,160.08 7.750000% 379.68 4,050.41 4,430.09 0.00 0.00 0.00
2424 B-6 1,128,888.63 7.750000% 683.43 7,290.74 7,974.17 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals 249,988,863.33 1,313,865.49 1,620,283.22 2,934,148.70 0.00 0.00 97,378.13
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------
Ending Cert./ Unpaid
Class Code Name Notional Bal. Interest
- --------------------------------------------
2399 A-1 49,977,926.23 0.00
2401 A-2 8,362,000.00 0.00
2402 A-3 6,738,788.93 0.00
2403 A-4 17,784,000.00 0.00
2404 A-5 5,947,942.68 0.00
2405 A-6 4,994,051.24 0.00
2407 A-7 34,254,167.83 0.00
2408 A-8 25,933,388.08 0.00
2409 A-9 17,499,999.00 0.00
2410 A-10 19,205,000.00 0.00
2411 A-11 6,015,000.00 0.00
2412 A-12 11,629,927.07 0.00
2413 A-13 18,727,692.17 0.00
2414 A-14 2,295,652.59 0.00
2415 A-15 3,545,354.32 0.00
2416 PO 607,296.15 0.00
2417 X 212,885,743.61 0.00
- --------------------------------------------
2418 A-R 0.00 0.00
- --------------------------------------------
2419 B-1 9,401,699.99 0.00
2420 B-2 3,133,901.00 0.00
2421 B-3 2,005,695.88 0.00
2422 B-4 1,253,559.80 0.00
2423 B-5 626,780.40 0.00
2424 B-6 1,128,205.20 0.00
- --------------------------------------------
- --------------------------------------------
Totals 248,772,375.97 0.00
- --------------------------------------------
<PAGE>
Payment Date: 05/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-3
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-C
-------------------------------------------------
Original Certificate Information
Class Information
---------------------------------------
- ------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- ----------------------------------------------------------
Senior A-1 50,694,774.00 7.250000% 126691-T79
A-2 8,362,000.00 7.650000% 126691-T87
A-3 6,887,566.00 7.750000% 126691-T95
A-4 17,784,000.00 7.750000% 126691-U28
A-5 5,993,297.00 7.750000% 126691-U36
A-6 5,000,000.00 7.300000% 126691-U44
A-7 34,802,790.00 10.000000% 126691-U51
A-8 26,855,468.00 6.800000% 126691-U69
A-9 17,499,999.00 6.950000% 126691-U77
A-10 19,205,000.00 7.250000% 126691-U85
A-11 6,015,000.00 7.250000% 126691-U93
A-12 11,481,150.00 7.750000% 126691-V27
A-13 18,750,000.00 6.920000% 126691-V35
A-14 2,298,387.00 7.750000% 126691-V43
A-15 3,500,000.00 7.750000% 126691-V50
PO 608,774.00 NA 126691-V68
X 215,044,938.00 0.600000% 126691-V76
- ----------------------------------------------------------
Residual A-R 100.00 7.750000% 126691-V84
- ----------------------------------------------------------
Subordinate B-1 9,412,899.00 7.750000% 126691-V92
B-2 3,137,634.00 7.750000% 126691-W26
B-3 2,008,085.00 7.750000% 126691-W34
B-4 1,255,053.00 7.750000% N/A
B-5 627,527.00 7.750000% N/A
B-6 1,129,549.08 7.750000% N/A
- ----------------------------------------------------------
- ----------------------------------------------------------
Totals 251,010,665.08
- ----------------------------------------------------------
Factors per $1,000
Class Information
----------------------------------------
- ----------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- ----------------- ----------------------------------------
Senior A-1 7.69653439 6.00273458 985.85953323
A-2 0.00000000 6.37500000 1000.00000000
A-3 10.83517360 6.38880521 978.39918092
A-4 0.00000000 6.45833333 1000.00000000
A-5 3.79593267 6.43397525 992.43249274
A-6 0.60504463 6.07977637 998.81024884
A-7 8.58006856 8.27346940 984.23625904
A-8 18.68819282 5.57800197 965.66509597
A-9 0.00000000 5.79166667 1000.00000000
A-10 0.00000000 6.04166667 1000.00000000
A-11 0.00000000 6.04166667 1000.00000000
A-12 0.00000000 0.00000000 1012.95837674
A-13 0.60504463 5.76329486 998.81024884
A-14 0.00000000 6.45455738 998.81029090
A-15 0.00000000 0.00000000 1012.95837674
PO 1.35009133 0.00000000 997.57240832
X 0.00000000 0.49793019 989.95933403
- ----------------- ----------------------------------------
Residual A-R 0.00000000 0.00000000 0.00000000
- ----------------- ----------------------------------------
Subordinate B-1 0.60504485 6.45455710 998.81024865
B-2 0.60504485 6.45455710 998.81024865
B-3 0.60504485 6.45455710 998.81024865
B-4 0.60504485 6.45455710 998.81024865
B-5 0.60504485 6.45455710 998.81024865
B-6 0.60504485 6.45455710 998.81024865
- ----------------- ----------------------------------------
- ----------------- ----------------------------------------
Totals 5.23430144 6.45503735 991.08289238
- ----------------- ----------------------------------------
<PAGE>
Payment Date: 05/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-3
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-C
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Aggregate Stated Principal Balance 249,988,863.32
Aggregate Prepayment Amount 1,065,084.59
Aggregate Liquidation Proceeds 0.00
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 23,337.46
Monthly servicer fees paid 52,426.50
Advances included in this distribution 23,709.60
Aggregate Advances Outstanding 23,709.60
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
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 5,020,213.00
Special Hazrad Loss Coverage Amount 1,157,598.00
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Available remittance amount 2,934,148.70
Principal remittance amount 1,313,865.49
Interest remittance amount 1,620,283.22
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- --------------------------------------------------------------------------------
Senior 92.95836841% 100.00000000% 232,428,389.98
Subordinate 7.04163159% 0.00000000% 17,560,473.35
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 24 3,027,455.71
2 mos. 0 0.00
3+MOS. 0 0.00
In foreclosure 0 0.00
Totals 24 3,027,455.71
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0
Total Market Value of REO Properties Not Available
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance Date of Acquisition
----------- ------------------------ -------------------
0.00 0
0.00 0
0.00 0
- --------------------------------------------------------------------------------
Aggregate Amount of the Scheduled Payments on all
60+ day delinqencies for the past 12 month rolling period
- --------------------------------------------------------------------------------
05/27/97 0.00
04/25/97 0.00
DATE 0.00
