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 97-3)
(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 97-3
On May 25, 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1997-3, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of April 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
1997-3 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 April 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
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COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-3
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Net Ending Cert./ Unpaid
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Shortfall PPIS Notional Bal. Interest
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2467 A-1 25,844,000.00 7.500000% 0.00 161,525.00 161,525.00 0.00 0.00 25,844,000.00 0.00
2468 A-2 22,000,000.00 7.500000% 0.00 137,500.00 137,500.00 0.00 0.00 22,000,000.00 0.00
2469 A-3 11,149,900.00 7.500000% 0.00 69,686.88 69,686.88 0.00 0.00 11,149,900.00 0.00
2470 A-4 50,250,000.00 7.500000% 33,749.08 314,062.50 347,811.58 0.00 0.00 50,216,250.92 0.00
2471 A-5 15,632,000.00 7.500000% 0.00 97,700.00 97,700.00 0.00 0.00 15,632,000.00 0.00
2472 A-6 15,330,000.00 7.500000% 40,818.95 95,812.50 136,631.45 0.00 0.00 15,289,181.05 0.00
A-7-1 1,427,960.00 7.500000% 0.00 0.00 0.00 0.00 0.00 1,436,884.75 8,924.75
A-7-2 12,100,000.00 7.500000% 0.00 0.00 0.00 0.00 0.00 12,175,625.00 75,625.00
2473 A-7 13,527,960.00 7.500000% 0.00 0.00 0.00 0.00 0.00 13,612,509.75 84,549.75
2474 A-8 8,500,000.00 7.500000% 0.00 53,125.00 53,125.00 0.00 0.00 8,500,000.00 0.00
2475 A-9 15,000,000.00 7.500000% 0.00 93,750.00 93,750.00 0.00 0.00 15,000,000.00 0.00
2476 A-10 63,666,000.00 7.500000% 215,124.32 397,912.50 613,036.82 0.00 0.00 63,450,875.68 0.00
2483 PO 699,763.75 N/A 637.83 N/A 637.83 0.00 N/A 699,125.92 N/A
2484 x 198,007,338.00 0.372859% N/A 61,523.99 61,523.99 N/A 0.00 197,845,003.73 0.00
2485 A-R 100.00 7.500000% 100.00 0.63 100.63 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
2477 M 4,278,328.00 7.500000% 2,873.43 26,739.55 29,612.98 0.00 0.00 4,275,454.57 0.00
2478 B-1 2,013,331.00 7.500000% 1,352.20 12,583.32 13,935.52 0.00 0.00 2,011,978.80 0.00
2479 B-2 1,509,998.00 7.500000% 1,014.15 9,437.49 10,451.64 0.00 0.00 1,508,983.85 0.00
2480 B-3 754,999.00 7.500000% 507.08 4,718.74 5,225.82 0.00 0.00 754,491.92 0.00
2481 B-4 754,999.00 7.500000% 507.08 4,718.74 5,225.82 0.00 0.00 754,491.92 0.00
2482 B-5 755,000.39 7.500000% 507.08 4,718.75 5,225.83 0.00 0.00 754,493.31 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 251,666,379.14 297,191.18 1,545,515.59 1,842,706.77 0.00 0.00 251,453,737.71 169,099.50
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</TABLE>
<PAGE>
Payment Date: 05/27/97
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COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-3
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Aggregate Stated Principal 169,087.88
Aggregate Prepayment Amount 43,553.55
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 251,453,737.71
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 52,430.50
Advances included in this distribution 0.00
Aggregate Advances Outstanding 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 50,000.00
Fraud Loss Coverage Amount 5,033,328.00
Special Hazrad Loss Coverage Amount 516,664.00
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Guranteed Distribution 69,686.88
Guranteed Distribution Paid by A-3 Policy 0.00
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DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 0 0.00
2 mos. 0 0.00
3+MOS. 0 0.00
In foreclosure 0 0.00
Totals 0 0.00
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO
Properties 0.00
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
0 0.00
- --------------------------------------------------------------------------------
Aggregate Certificate Information for the following distribution date
- --------------------------------------------------------------------------------
Class Aggregate Aggregate
Type Percentages Prepay. Pct.
- --------------------------------------------------------------------------------
Senior 75.96209901% 100.00000000%
Class A-4 20.02605279% 0.00000000%
Subordinate 4.01184820% 0.00000000%
- --------------------------------------------------------------------------------
<PAGE>
Payment Date: 05/27/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-3
-------------------------------------------------
Original Certificate Information
Class Information
------------------------------------
- --------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- ---------------------------------------------------------
Senior A-1 25,844,000.00 7.500000% 126691Z49
A-2 22,000,000.00 7.500000% 126691Z56
A-3 11,149,900.00 7.500000% 126691Z64
A-4 50,250,000.00 7.500000% 126691Z72
A-5 15,632,000.00 7.500000% 126691Z80
A-6 15,330,000.00 7.500000% 126691Z98
A-7-1 1,427,960.00 7.500000% 1266912A1
A-7-2 12,100,000.00 7.500000% 1266912A1
A-7 13,527,960.00 7.500000% 1266912A1
A-8 8,500,000.00 7.500000% 1266912B9
A-9 15,000,000.00 7.500000% 1266912C7
A-10 63,666,000.00 7.500000% 1266912D5
PO 699,763.00 N/A 1266912E3
X 198,007,338.00 0.372859% 1266912F0
- ---------------------------------------------------------
Residual A-R 100.00 7.500000% 1266912G8
- ---------------------------------------------------------
Subordinate M 4,278,328.00 7.500000% 1266912H6
B-1 2,013,331.00 7.500000% 1266912J2
B-2 1,509,998.00 7.500000% 1266912K9
B-3 754,999.00 7.500000% 126691Y99
B-4 754,999.00 7.500000% 126691Z29
B-5 755,000.00 7.500000% 126691Z31
- ---------------------------------------------------------
- ---------------------------------------------------------
Total 251,666,378.00
- ---------------------------------------------------------
Factors per $1,000
Class Information
--------------------------------------
- --------------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- -----------------------------------------------------------
Senior A-1 0.00000000 6.25000000 1000.000000
A-2 0.00000000 6.25000000 1000.000000
A-3 0.00000000 6.25000000 1000.000000
A-4 0.67162342 6.25000000 999.328377
A-5 0.00000000 6.25000000 1000.000000
A-6 2.66268397 6.25000000 997.337316
A-7-1 0.00000000 0.00000000 1006.250000
A-7-2 0.00000000 0.00000000 1006.250000
A-7 0.00000000 0.00000000 1006.250000
A-8 0.00000000 6.25000000 1000.000000
A-9 0.00000000 6.25000000 1000.000000
A-10 3.37895143 6.25000000 996.621049
PO 0.91150118 0.00000000 999.089571
X 0.00000000 0.31071571 999.180160
- -----------------------------------------------------------
Residual A-R 1000.00000000 6.25000000 0.000000
- -----------------------------------------------------------
Subordinate M 0.67162342 6.25000000 999.328377
B-1 0.67162342 6.25000000 999.328377
B-2 0.67162342 6.25000000 999.328377
B-3 0.67162342 6.25000000 999.328377
B-4 0.67162342 6.25000000 999.328377
B-5 0.67162377 6.25000323 999.328893
- -----------------------------------------------------------
Total 1.18089346 6.14112858 999.155071
- -----------------------------------------------------------
