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): 12/26/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-E)
(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-E
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-E, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of May 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-E relating to the distribution date of December 26, 1997 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of May 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: December 26, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 12/26/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-5
-------------------------------------------------
<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 2515 A-1 18,103,775.07 7.125000% 1,752,023.92 107,491.16 1,859,515.08 0.00 0.00
2516 A-2 23,886,667.00 7.125000% 0.00 141,827.09 141,827.09 0.00 0.00
2517 A-3 55,845,423.09 7.125000% 1,225,759.37 331,582.20 1,557,341.57 0.00 0.00
2518 A-4 15,512,616.46 10.000000% 340,488.69 129,271.80 469,760.49 0.00 0.00
2519 A-5 46,351,018.54 9.000000% 876,011.96 347,632.64 1,223,644.60 0.00 0.00
2520 A-6 16,873,334.00 7.125000% 0.00 100,185.42 100,185.42 0.00 0.00
2521 A-7 17,014,000.00 7.125000% 0.00 101,020.63 101,020.63 0.00 0.00
2522 A-8 10,663,334.00 7.125000% 0.00 63,313.55 63,313.55 0.00 0.00
2523 A-9 15,022,000.00 7.750000% 0.00 97,017.08 97,017.08 0.00 0.00
2524 A-10 13,235,000.00 7.500000% 0.00 82,718.75 82,718.75 0.00 0.00
2525 A-11 2,000,000.00 7.750000% 0.00 12,916.67 12,916.67 0.00 0.00
2526 A-12 2,167,334.00 7.500000% 0.00 13,545.84 13,545.84 0.00 0.00
2551 A-13 32,886,000.00 7.750000% 0.00 212,388.75 212,388.75 0.00 0.00
2552 A-14 14,555,000.00 7.750000% 0.00 94,001.04 94,001.04 0.00 0.00
2553 A-15 3,916,844.31 7.750000% 32,583.30 25,296.29 57,879.58 0.00 0.00
2554 A-16 5,245,000.00 7.750000% 0.00 33,873.96 33,873.96 0.00 0.00
2555 A-17 5,045,155.69 7.750000% 0.00 0.00 0.00 0.00 0.00
2556 A-18 37,500,000.00 7.750000% 0.00 242,187.50 242,187.50 0.00 0.00
2527 PO 585,097.78 0.000000% 568.46 n/a 568.46 0.00 n/a
2528 X 327,699,251.96 0.715897% n/a 195,499.01 195,499.01 n/a 0.00
Residual 2529 A-R 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
Subordinate 2530 B-1 14,507,032.25 7.750000% 9,136.68 93,691.25 102,827.93 0.00 0.00
2531 B-2 5,488,339.42 7.750000% 3,456.61 35,445.53 38,902.14 0.00 0.00
2532 B-3 3,529,356.98 7.750000% 2,222.83 22,793.76 25,016.59 0.00 0.00
2533 B-4 1,959,978.87 7.750000% 1,234.42 12,658.20 13,892.61 0.00 0.00
2534 B-5 980,487.65 7.750000% 617.52 6,332.32 6,949.84 0.00 0.00
2535 B-6 1,960,744.37 7.750000% 1,234.90 12,663.14 13,898.04 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Totals -- -- 364,833,539.48 -- 4,245,338.65 2,515,353.56 6,760,692.21 -- --
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- -------------------------------------------------------
Senior 2515 A-1 16,351,751.15 0.00
2516 A-2 23,886,667.00 0.00
2517 A-3 54,619,663.72 0.00
2518 A-4 15,172,127.77 0.00
2519 A-5 45,475,006.58 0.00
2520 A-6 16,873,334.00 0.00
2521 A-7 17,014,000.00 0.00
2522 A-8 10,663,334.00 0.00
2523 A-9 15,022,000.00 0.00
2524 A-10 13,235,000.00 0.00
2525 A-11 2,000,000.00 0.00
2526 A-12 2,167,334.00 0.00
2551 A-13 32,886,000.00 0.00
2552 A-14 14,555,000.00 0.00
2553 A-15 3,884,261.01 0.00
2554 A-16 5,245,000.00 0.00
2555 A-17 5,077,738.99 0.00
2556 A-18 37,500,000.00 0.00
2527 PO 584,529.32 0.00
2528 X 323,520,201.49 0.00
Residual 2529 A-R 0.00 0.00
- -------------------------------------------------------
Subordinate 2530 B-1 14,497,895.57 0.00
2531 B-2 5,484,882.81 0.00
2532 B-3 3,527,134.15 0.00
2533 B-4 1,958,744.46 0.00
2534 B-5 979,870.13 0.00
2535 B-6 1,959,509.47 0.00
- -------------------------------------------------------
- -------------------------------------------------------
Totals -- -- 360,620,784.13
- -------------------------------------------------------
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-5
-------------------------------------------------
Original Certificate Information
Class Information
- -----------------------------------------------------------------------
Beginning Pass Thru Cusip
Type Class Code Name Cert. Bal.(Face) Rate Numbers
- -----------------------------------------------------------------------
Senior 2515 A-1 30,008,000.00 7.125000% 1266912M5
2516 A-2 23,886,667.00 7.125000% 1266912N3
2517 A-3 64,173,914.00 7.125000% 1266912P8
2518 A-4 17,826,086.00 10.000000% 1266912Q6
2519 A-5 52,303,131.00 9.000000% 1266912R4
2520 A-6 16,873,334.00 7.125000% 1266912S2
2521 A-7 17,014,000.00 7.125000% 1266912T0
2522 A-8 10,663,334.00 7.125000% 1266912U7
2523 A-9 15,022,000.00 7.750000% 1266912V5
2524 A-10 13,235,000.00 7.500000% 1266912W3
2525 A-11 2,000,000.00 7.750000% 1266912X1
2526 A-12 2,167,334.00 7.500000% 1266912Y9
2551 A-13 32,886,000.00 7.750000% 1266912Z6
2552 A-14 14,555,000.00 7.750000% 1266913A0
2553 A-15 4,108,000.00 7.750000% 1266913B8
2554 A-16 5,245,000.00 7.750000% 1266913C6
2555 A-17 4,854,000.00 7.750000% 1266913D4
2556 A-18 37,500,000.00 7.750000% 1266913E2
2527 PO 636,731.94 0.000000% 1266913F9
2528 X 351,346,845.00 0.715897% 1266913G7
Residual 2529 A-R 100.00 7.750000% 1266913H5
- -----------------------------------------------------------------------
Subordinate 2530 B-1 14,559,000.00 7.750000% 1266913J1
2531 B-2 5,508,000.00 7.750000% 1266913K8
2532 B-3 3,542,000.00 7.750000% 1266913L6
2533 B-4 1,967,000.00 7.750000% 1266913Q5
2534 B-5 984,000.00 7.750000% 1266913R3
2535 B-6 1,967,768.24 7.750000% 1266913S1
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Totals -- -- 393,485,400.18 -- --
- -----------------------------------------------------------------------
Factors per $1,000
Class Information
- ----------------------------- ----------------------------------
Principal Interest Ending
Type Class Code Name Dist. Dist. Cert. Bal
- ----------------------------- ----------------------------------
Senior 2515 A-1 58.385228 3.582084 544.913062
2516 A-2 0.000000 5.937500 1,000.000000
2517 A-3 19.100586 5.166931 851.119408
2518 A-4 19.100586 7.251833 851.119408
2519 A-5 16.748748 6.646498 869.450943
2520 A-6 0.000000 5.937500 1,000.000000
2521 A-7 0.000000 5.937500 1,000.000000
2522 A-8 0.000000 5.937500 1,000.000000
2523 A-9 0.000000 6.458333 1,000.000000
2524 A-10 0.000000 6.250000 1,000.000000
2525 A-11 0.000000 6.458333 1,000.000000
2526 A-12 0.000000 6.250000 1,000.000000
2551 A-13 0.000000 6.458333 1,000.000000
2552 A-14 0.000000 6.458333 1,000.000000
2553 A-15 7.931669 6.157811 945.535787
2554 A-16 0.000000 6.458333 1,000.000000
2555 A-17 0.000000 0.000000 1,046.093734
2556 A-18 0.000000 6.458333 1,000.000000
2527 PO 0.892772 0.000000 918.014761
2528 X 0.000000 0.556427 920.800076
Residual 2529 A-R 0.000000 0.000000 0.000000
- ----------------------------- ----------------------------------
Subordinate 2530 B-1 0.627562 6.435281 995.802979
2531 B-2 0.627562 6.435281 995.802979
2532 B-3 0.627562 6.435281 995.802979
2533 B-4 0.627562 6.435281 995.802979
2534 B-5 0.627562 6.435281 995.802979
2535 B-6 0.627562 6.435281 995.802979
- ----------------------------- ----------------------------------
- ----------------------------- ----------------------------------
Totals -- -- -- -- --
- ----------------------------- ----------------------------------
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-5
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 364,833,539.48 364,833,539.48
Aggregate Loan count 2,658 2,658
Weighted average loan rate 8.380601% 8.380601%
Aggregate prepayment amount 3,982,893.71 3,982,893.71
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 38,003.49 38,003.49
Monthly sub servicer fees 76,115.19 76,115.19
Monthly trustee feees 2,736.25 2,736.25
Aggregate advances 72,316.63 72,316.63
Advances this Period 61,842.49 61,842.49
- --------------------------------------------------------------------------------
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 100,000.00 100,000.00
Fraud 7,869,708.00 7,869,708.00
Special Hazard 1,997,756.00 1,997,756.00
Aggregate Certificate Information
- --------------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- --------------------------------------------------------------------------------
Senior 92.196002% 100.000000% 332,212,747.54
- --------------------------------------------------------------------------------
Subordinate 7.803998% 0.000000% 28,408,036.59
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
30 to 59 days 45 6,447,240.99
60 to 90 days 4 1,002,528.41
91 or more 2 132,536.71
Forclosure 5 676,807.72
Totals: 56 8,259,113.83
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balalnce Book Value
- -------- ----------- ---------------------- ----------
n/a ,#233454 251,259.35 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
Totals: 251,259.35 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawl Total/Ending Bal.
---------------- -----------------
Available remittance amount 6,760,692.21 6,760,692.21
Principal remittance amount 4,212,755.35 4,212,755.35
Interest remittance amount 2,547,936.86 2,547,936.86
Transfer Balance 0.00 0.00
