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 Asset Backed 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.
Asset Backed Certificates
Series 97-3
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Asset
Backed 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 May 23, 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., Asset Backed Certificates Series 1997-3
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 23, 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
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COUNTRYWIDE HOME LOANS
ASSET-BACKED CERTIFICATES, SERIES 1997-3
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Interest Applied Realized Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Carryforward. Loss Amount Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AF-1 28,069,546.37 6.575000% 567,290.55 153,797.72 0.00 0.00 27,502,255.83
AF-2 26,540,000.00 6.670000% 0.00 147,518.17 0.00 0.00 26,540,000.00
AF-3 12,110,000.00 7.195000% 0.00 72,609.54 0.00 0.00 12,110,000.00
AF-4 10,000,000.00 6.885000% 0.00 57,375.00 0.00 0.00 10,000,000.00
MF-1 3,480,000.00 7.160000% 0.00 20,764.00 0.00 0.00 03,480,000.00
MF-2 2,610,000.00 7.360000% 0.00 16,008.00 0.00 0.00 02,610,000.00
BF 1,740,000.00 7.665000% 0.00 11,114.25 0.00 0.00 01,740,000.00
AV-1 154,300,306.60 5.918750% 4,532,540.67 786,422.59 0.00 0.10 49,767,765.93
MV-1 11,340,000.00 6.078750% 0.00 59,358.99 0.00 0.00 11,340,000.00
MV-2 10,395,000.00 6.278750% 0.00 56,202.66 0.00 0.00 10,395,000.00
BV 5,670,000.00 6.718750% 0.00 32,804.30 0.00 0.00 05,670,000.00
R 0.00 N/A N/A 0.00 N/A N/A 0.00
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Totals - 266,254,852.98 5,099,831.22 1,413,975.22 0.00 0.00 261,155,021.76
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information Factors per $1,000
----------------------------------------------------------------------------------
- ------------------- Original Pass Thru Cusip Principal Interest Ending Certificate
Type Name Cert. Bal. Rate Numbers Dist. Dist. Balance
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Fix AF-1 30,520,000.00 6.575000% 126671AW6 18.58750155 5.03924387 901.12240582
FIX AF-2 26,540,000.00 6.670000% 126671AL0 0.00000000 5.55833333 1000.00000000
FIX AF-3 12,110,000.00 7.195000% 126671AM8 0.00000000 5.99583333 1000.00000000
FIX AF-4 10,000,000.00 6.885000% 126671AN6 0.00000000 5.73750000 1000.00000000
FIX MF-1 3,480,000.00 7.160000% 126671AP1 0.00000000 5.96666667 1000.00000000
FIX MF-2 2,610,000.00 7.360000% 126671AQ9 0.00000000 6.13333333 1000.00000000
FIX BF 1,740,000.00 7.665000% 126671AR7 0.00000000 6.38750000 1000.00000000
FLT AV-1 161,595,000.00 5.918750% 126671AS5 28.04876805 4.86662698 926.80940580
FLT MV-1 11,340,000.00 6.078750% 126671AT3 0.00000000 5.23447917 1000.00000000
FLT MV-2 10,395,000.00 6.278750% 126671AU0 0.00000000 5.40670139 1000.00000000
FLT BV 5,670,000.00 6.718750% 126671AV8 0.00000000 5.78559028 1000.00000000
- -----------------------------------------------------------------------------------------------------
Totals - 276,000,000.00 - - 18.47764935 5.12309862 946.213846941
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/26/97
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COUNTRYWIDE HOME LOAN, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-3
----------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Group 1
-------
Beginning Principal 85,134,224.76
Scheduled Principal 82,423.60
Prepayment Amount 285,186.70
Ending Principal Ba 84,766,614.46
Extra Principal Distribution Amount 199,680.25
Net Mortgage Rate 9.568893%
Cumulative Applied Realized Loss Amount 0.00
Trigger Event Has not Occurred
Targeted Overcollateralization Amount 652,931.91
Ending Overcollateralization Amount 784,358.64*
Group 2
-------
Beginning Principal 182,838,245.05
Scheduled Principal 103,838.37
Prepayment Amount 4,040,276.74
Ending Principal Ba1ance 178,694,129.94
Extra Principal Distribution Amount 388,425.56
Net Mortgage Rate 8.684490%
Cumulative Applied Realiized Loss Amounts 0.00
Trigger Event Has not Occurred
Targeted Overcollateralization Amount 4,901,176.66
Ending Overcollateralization Amount 1,521,364.01*
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FEES & ADVANCES
- --------------------------------------------------------------------------------
Group 1 Group 2
------- -------
Monthly master servicer fees paid 35,114.45 72,575.03
Advances included in this distribution 33,091.06 50,509.31
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TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Group 1 Group 2
------- -------
Total Number of REO Prop1rties 1 0
Total Principal Balance of REO Properties 68,556 0
- --------------------------------------------------------------------------------
LIQUIDATION AND LOSSES INFORMATION
- --------------------------------------------------------------------------------
Group 1 Group 2
------- -------
Liquidated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Liquidated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Aggregate Stated Principal Balalance of all
Liquidatedted Loans 0.00 0.00
- --------------------------------------------------------------------------------
GROUP I DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 44 2,724,655.87
2 months 10 375,802.92
3+ months 4 146,902.70
Foreclosure 11 583,520.70
Totals 69 3,830,882.19
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GROUP II DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 53 4,393,757.14
2 months 11 1,113,597.29
3+ months 5 274,550.10
Foreclosure 9 654,098.84
Totals 78 6,436,003.37
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NEW REO INFORMATION
- --------------------------------------------------------------------------------
(Mortgage Loans that became REO Properties during the preceding calendar month)
Loan Number Loan Group Stated Principal Balance
----------- ---------- -------------------------
0 1 0.00
0 1 0.00
0 2 0.00
0 2 0.00
