SUPPLEMENT RULE 424 B(5)
TO PROSPECTUS SUPPLEMENT DATED JUNE 30, 1997
(TO PROSPECTUS DATED MAY 27, 1997)
CWMBS, INC.
Depositor
COUNTRYWIDE
HOME LOANS, INC.
Seller and Master Servicer
PASS-THROUGH ASSET CLASS EXECUTION 1997-I
- --------------------------------------------------------------------------------
The Class A certificates represent obligations of the trust only and do not
represent an interest in or obligation of CWMBS, Inc., Countrywide Home Loans,
Inc. or any of their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
- --------------------------------------------------------------------------------
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-4: THE CLASS A
CERTIFICATES
o This supplement relates to the offering of the Class A
certificates of the series referenced above. This supplement
does not contain complete information about the offering of the
Class A certificates. Additional information is contained in
the prospectus supplement dated June 30, 1997 prepared in
connection with the offering of the offered certificates of the
series referenced above and in the prospectus of the depositor
dated May 27, 1997. You are urged to read this supplement, the
prospectus supplement and the prospectus in full.
o As of the April 25, 1999, the class certificate balance of the
Class A certificates was approximately $184,388,145.
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED THESE
SECURITIES OR DETERMINED THAT THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A
certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices related to the prevailing prices at the time of
sale.
MAY 3, 1999
THE MORTGAGE POOL
As of April 1, 1999 (the "Reference Date"), the Mortgage Pool included
approximately 3,031 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $201,692,769.31.
The following table summarizes the delinquency and foreclosure experience
of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
April 1, 1999
<S> <C>
Total Number of Mortgage Loans................................................... 3,031
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 3.05%
60-90 days.............................................................. 0.63%
91 days or more (excluding pending foreclosures)........................ 0.63%
-----
Total Delinquencies..................................................... 4.31%
=====
Foreclosures Pending............................................................. 0.82%
-----
Total Delinquencies and foreclosures pending..................................... 5.13%
=====
</TABLE>
- --------------
(1) As a percentage of the total number of Mortgage Loans as of the Reference
Date.
Seventeen (17) Mortgage Loans have been converted and are, as of the
Reference Date, REO loans.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
Countrywide Home Loans, Inc. will continue to act as Master Servicer
under the Agreement.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency, foreclosure and loss
experience, respectively, on the dates indicated, of all mortgage loans
originated or acquired by Countrywide Home Loans, Inc., serviced or master
serviced by the Master Servicer and securitized by the Depositor. The
delinquency, foreclosure and loss percentages may be affected by the size and
relative lack of seasoning of such servicing portfolio which increased from
approximately $8.554 billion at February 28, 1995 to approximately $8.555
billion at February 29, 1996, to approximately $8.671 billion at February 28,
1997, to approximately $11.002 billion at February 28, 1998 and to
approximately $15.381 billion at February 28, 1999. Accordingly, the
information should not be considered as a basis for assessing the likelihood,
amount or severity of delinquency or losses on the Mortgage Loans and no
assurances can be given that the foreclosure, delinquency and loss experience
presented in the table below will be indicative of such experience on the
Mortgage Loans:
<TABLE>
<CAPTION>
AT FEBRUARY 28, (29),
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
<S> <C> <C> <C> <C> <C> <C>
30-59 days.............................. 0.41% 0.65% 0.65% 1.08% 1.03.%
60-89 days.............................. 0.03 0.09 0.15 0.16 0.18
90 days or more (excluding pending
foreclosures)...................... 0.03 0.09 0.16 0.16 0.12
---- ---- ---- ---- ----
Total of delinquencies.................. 0.47% 0.83% 0.96% 1.40% 1.33.%
==== ==== ==== ==== =====
Foreclosures pending............................. 0.05% 0.12% 0.17% 0.17% 0.14%
==== ==== ==== ==== ====
Total delinquencies and foreclosures pending.....
0.52% 0.95% 1.13% 1.57% 1.47%
==== ==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (2) ...... ($81,000) ($307,000) ($2,812,000) ($2,662,000) ($3,704,605)
Percentage of Net Gains/(Losses) on liquidated
loans (2)(3) ............................... 0.00% 0.00% (0.032)% (0.024)% (0.028)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(2) ...................... (0.001)% (0.004)% (0.033)% (0.027)% (0.028)%
- -----------------
</TABLE>
(1) Excluding loans subserviced for others.
(2) "Net Gains (Losses)" are actual gains or losses incurred on liquidated
properties which are calculated as net liquidation proceeds less book
value (excluding loan purchase premium or discount).
(3) Based upon the total principal balance of the mortgage loans outstanding
on the last day of the indicated period.
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, on all mortgage loans
serviced or master serviced by the Master Servicer. Such mortgage loans have a
variety of underwriting, payment and other characteristics, many of which
differ from those of the Mortgage Loans, and no assurances can be given that
the delinquency and foreclosure experience presented in the table below will
be indicative of such experience of the Mortgage Loans. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of such servicing portfolio which increased from approximately
$113.1 billion at February 28, 1995 to approximately $136.8 billion at
February 29, 1996, to approximately $158.6 billion at February 28, 1997, to
approximately $182.9 billion at February 28, 1998 and to approximately $215.5
billion at February 28, 1999.
<TABLE>
<CAPTION>
AT FEBRUARY 28, (29),
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
<S> <C> <C> <C> <C> <C> <C>
30-59 days.............................. 1.80% 2.13% 2.26% 2.68% 3.05%
60-89 days.............................. 0.29 0.48 0.52 0.58 0.21
90 days or more (excluding pending
foreclosures)...................... 0.42 0.59 0.66 0.65 0.29
---- ---- ---- ---- ----
Total of delinquencies.................. 2.51% 3.20% 3.44% 3.91% 3.55%
==== ==== ==== ==== ====
Foreclosures pending.................... 0.29% 0.49% 0.71% 0.45% 0.31%
==== ==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 2.80% 3.69% 4.15% 4.36% 3.86%
==== ==== ==== ==== ====
</TABLE>
- --------------
(1) Excluding loans subserviced for others.
YEAR 2000 COMPLIANCE
The Master Servicer has made and will continue to make investments to
identify, modify or replace any computer systems which are not year 2000
compliant and to address other related issues associated with the change of
the millennium. In the event that computer problems arise out of a failure of
such efforts to be completed on time, or in the event that the computer
systems of the Master Servicer or the Trustee (or the computer systems of any
third party upon which the Master Servicer or the Trustee relies) are not
fully year 2000 compliant, the resulting disruptions in the collection or
distribution of receipts on the Mortgage Loans could materially and adversely
affect the holders of the Offered Certificates.
DESCRIPTION OF THE CLASS A CERTIFICATES
The Class A Certificates will be entitled to receive interest in the
amount of the Interest Distribution Amount for such Class as described in the
Prospectus Supplement under "Description of the Certificates -- Interest". The
Class A Certificates are allocated principal payments as described in the
Prospectus Supplement under "Description of the Certificates -- Principal --
Senior Principal Distribution Amount".
As of April 25, 1999 (the "Certificate Date"), the Class Certificate
Balance of the Class A Certificates was approximately $184,388,145 evidencing
a beneficial ownership interest of approximately 91.42% in the Trust Fund. As
of the Certificate Date, the Senior Certificates had an aggregate principal
balance of approximately $187,176,325 and evidenced in the aggregate a
beneficial ownership interest of approximately 92.80% in the Trust Fund. As of
the Certificate Date, the Subordinated Certificates had an aggregate principal
balance of $14,516,444, and evidenced in the aggregate a beneficial ownership
interest of approximately 7.20% in the Trust Fund. For additional information
with respect to the Class A Certificates, see "Description of the
Certificates" in the Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
REVISED STRUCTURING ASSUMPTIONS
Unless otherwise specified, the information in the tables appearing in
this Supplement under "Yield, Prepayment and Maturity Considerations --
Decrement Table" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional assumptions
(collectively, the "Revised Structuring Assumptions"): (i) the Mortgage Loans
consist of two Mortgage Loans with the following characteristics:
<TABLE>
<CAPTION>
ORIGINAL TERM TO REMAINING TERM TO
PRINCIPAL BALANCE MORTGAGE RATE NET MORTGAGE RATE MATURITY (IN MONTHS) MATURITY (IN MONTHS)
<S> <C> <C> <C> <C>
$116,315,814.93 8.22% 7.81% 360 336
- -------------------------
$ 85,376,927.38 8.76% 8.35% 360 336
- -------------------------
</TABLE>
(ii) the Mortgage Loans prepay at the specified constant percentages of SPA
(as defined below), (iii) no defaults in the payment by Mortgagors of
principal of any interest on the Mortgage Loans are experienced, (iv)
scheduled payments on the Mortgage Loans are received on the first day of each
month commencing in the calendar month following the Reference Date and are
computed prior to giving effect to prepayments received on the last day of the
prior month, (v) prepayments are allocated as described herein without giving
effect to loss and delinquency tests, (vi) there are no Net Interest
Shortfalls and prepayments represent prepayments in full of individual
Mortgage Loans and are received on the last day of each month, commencing in
the calendar month of the Reference Date, (vii) the scheduled monthly payment
for each Mortgage Loan has been calculated such that each Mortgage Loan will
amortize in amounts sufficient to repay the balance of such Mortgage Loan by
its indicated remaining term to maturity, (viii) the initial Class Certificate
Balance of the Class A Certificates is $294,409,824, (ix) interest accrues on
the Class A Certificates at the applicable interest rate described in the
Prospectus Supplement, (x) distributions in respect of the Certificates are
received in cash on the 25th day of each month commencing in the calendar
month following the Reference Date, (xi) the closing date of the sale of the
Offered Certificates is May 3, 1999, (xii) the Seller is not required to
repurchase or substitute for any Mortgage Loan, (xiii) the Master Servicer
does not exercise the option to repurchase the Mortgage Loans described in the
Prospectus Supplement under the headings "--Optional Purchase of Defaulted
Loans" and "--Optional Termination" and (xiv) no Class of Certificates becomes
a Restricted Class. While it is assumed that each of the Mortgaged Loans
prepays at the specified constant percentages of SPA, this is not likely to be
the case. Moreover, discrepancies may exist between the characteristics of the
actual Mortgage Loans as of the Reference Date and characteristics of the
Mortgage Loans assumed in preparing the tables herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in this Supplement is the
Standard Prepayment Assumption ("SPA"), which represents an assumed rate of
prepayment each month of the then outstanding principal balance of a pool of
new mortgage loans. SPA does not purport to be either an historical
description of the prepayment experience of any pool of mortgage loans or a
prediction of the anticipated rate of prepayment of any pool of mortgage
loans, including the Mortgage Loans. 100% SPA assumes prepayment rates of 0.2%
per annum of the then unpaid principal balance of such pool of mortgage loans
in the first month of the life of such mortgage loans and an additional 0.2%
per annum in each month thereafter (for example, 0.4% per annum in the second
month) until the 30th month. Beginning in the 30th month and in each month
thereafter during the life of such mortgage loans, 100% SPA assumes a constant
prepayment rate of 6.0% per annum. Multiples may be calculated from this
prepayment rate sequence. For example, 200% SPA assumes prepayment rates will
be 0.4% per annum in month one, 0.8% per annum in month two, and increasing by
0.4% in each succeeding month until reaching a rate of 12% per annum in month
30 and remaining constant at 12% per annum thereafter. 0% SPA assumes no
prepayments. There is no assurance that prepayments will occur at any SPA rate
or at any other constant rate.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
DECREMENT TABLES
The following table indicates the percentage of the Certificate Date
Principal Balance of the Class A Certificates that would be outstanding after
each of the dates shown at various constant percentages of SPA and the
corresponding weighted average life thereof. The table has been prepared based
on the Revised Structuring Assumptions. However, all of the Mortgage Loans may
not have the interest rates or remaining terms to maturity described under
"Revised Structuring Assumptions" herein and the Mortgage Loans may not prepay
at the indicated constant percentages of SPA or at any constant percentage.
PERCENT OF CLASS CERTIFICATE
BALANCE OUTSTANDING*
<TABLE>
<CAPTION>
CLASS A
SPA PREPAYMENT ASSUMPTION
DISTRIBUTION DATE 0% 150% 200% 300% 450%
----------------- -- ---- ---- ---- ----
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
Initial Percent.................. 100 100 100 100 100
April 2000....................... 99 90 87 81 71
April 2001....................... 98 80 75 64 50
April 2002....................... 97 72 64 51 34
April 2003....................... 96 64 55 40 23
April 2004....................... 95 57 47 32 16
April 2005....................... 93 51 40 25 10
April 2006....................... 92 45 35 20 7
April 2007....................... 90 40 30 16 5
April 2008....................... 88 36 26 13 4
April 2009....................... 86 32 22 10 3
April 2010....................... 84 28 19 8 2
April 2011....................... 82 25 16 7 1
April 2012....................... 79 22 14 5 1
April 2013....................... 76 20 12 4 1
April 2014....................... 73 17 10 3 0
April 2015....................... 70 15 8 3 0
April 2016....................... 67 13 7 2 0
April 2017....................... 63 11 6 2 0
April 2018....................... 59 9 5 1 0
April 2019....................... 54 8 4 1 0
April 2020....................... 49 6 3 1 0
April 2021....................... 44 5 2 0 0
April 2022....................... 38 4 2 0 0
April 2023....................... 32 3 1 0 0
April 2024....................... 25 2 1 0 0
April 2025....................... 17 1 1 0 0
April 2026....................... 9 1 0 0 0
April 2027....................... 0 0 0 0 0
Weighted Average Life (years) **. 19.1 8.1 6.5 4.4 2.8
</TABLE>
- --------------------------
* Rounded to the nearest whole percentage.
** Determined as specified under "Weighted Average Lives of the Offered
Certificates" in the Prospectus Supplement.
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $2,101,922 and $100,000 and $6,263,858, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A Certificates discussed under the
sections titled "Certain Federal Income Tax Consequences" in the Prospectus
Supplement and the Prospectus, which the following discussion supplements.
Prospective investors should consult their tax advisors with respect to those
consequences.
The IRS issued final regulations on January 27, 1994 under Sections 1271
through 1273 and 1275 (the "OID Regulations"). The OID Regulations generally
are effective for debt instruments issued on or after April 4, 1994, but may
be relied upon as authority with respect to debt instruments issued after
December 21, 1992. In addition , the IRS issued final regulations (the
"Contingent Regulations") on June 11, 1996 governing the calculation of OID on
instruments having contingent interest payments. The Contingent Regulations
specifically do not apply for purposes of calculating OID on debt instruments
subject to Section 1272(a)(6), such as the Class A Certificates. In addition,
the OID Regulations do not adequately address the calculation of income with
respect to prepayable securities such as the Class A Certificates.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Class A Certificates consult their tax advisors
regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A Certificates will represent qualifying assets under Section
856(c)(4)(A). However, the Small Business and Job Protection Act of 1996, as
part of the repeal of the bad debt reserve for thrift institutions, repealed
the application of Section 593(d) for tax years beginning after December 31,
1995.
The Small Business and Job Protection Act of 1996 and Taxpayer Relief Act
of 1997 modified the definition of U.S. person with regard to trusts and gave
the IRS authority to modify the definition of U.S. person with respect to
partnerships. A trust is a "U.S. Person" if a court within the United States
is able to exercise primary supervision over the administration of the trust
and one or more United States persons have authority to control all
substantial decisions of the trust. In addition, U.S. Persons include certain
trusts that can elect to be treated as U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 1999, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A Certificates should consider
carefully the ERISA consequences of an investment in such Certificates
discussed under "ERISA Considerations" in the Prospectus, the Prospectus
Supplement and herein, and should consult their own advisors with respect to
those consequences. As described in the Prospectus Supplement, it is expected
that the Exemption will apply to the acquisition and holding of Class A
Certificates by Plans and that all conditions of the Exemption other than
those within the control of purchasers of the Certificates will be met.
RATINGS
The Class A Certificates are currently rated "Aaa" by Moody's Investors
Service, Inc. and "AAA" by Duff & Phelps Credit Rating Co. See "Ratings" in
the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
EXHIBIT 1
<TABLE>
<CAPTION>
MORTGAGE RATES(1) CURRENT MORTGAGE LOAN PRINCIPAL BALANCES(1)
- ------------------------------------------------------------- -------------------------------------------------------------------
AGGREGATE PERCENT NUMBER AGGREGATE
NUMBER OF PRINCIPAL OF OF PRINCIPAL
MORTGAGE BALANCE MORTGAGE CURRENT MORTGAGE MORTGAGE BALANCE PERCENT OF
MORTGAGE RATES% LOANS OUTSTANDING POOL LOAN AMOUNTS LOANS OUTSTANDING MORTGAGE POOL
- --------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.500............ 1 $ 102,542.54 0.05% $ 0 -- $ 50,000....... 805 $ 27,130,923.96 13.45%
6.875............ 2 138,318.74 0.07 $ 50,001 -- $100,000.. 1,908 135,760,731.10 67.31
7.000............ 3 224,080.90 0.11 $ 100,001 - $150,000.. 304 35,871,782.20 17.79
7.125............ 1 64,375.41 0.03 $ 150.001 -- $200,000. 6 1,081,428.56 0.54
7.250............ 4 312,637.05 0.16 $ 200,001 -- $250,000. 6 1,309,988.05 0.65
7.500............ 23 1,680,416.51 0.83 $ 250,001 -- $300,000. 2 537,915.44 0.27
-----
7.625............ 32 2,371,586.63 1.18 Total.......... 3,031 $201,692,769.31 100.00%
7.750............ 84 6,794,983.01 3.37 _____________________
7.875............ 182 13,801,318.84 6.84 (1) As of the Reference Date, the average
8.000............ 284 21,325,738.70 10.57 current Mortgage Loan principal balance is
8.125............ 427 28,616,479.35 14.19 expected to be $66,543.
8.250............ 627 40,836,570.54 20.24
8.255............ 1 46,793.71 0.02
8.375............ 309 20,310,375.42 10.07
8.500............ 447 27,609,716.98 13.69
8.625............ 163 10,666,431.64 5.29
8.750............ 181 11,141,950.52 5.52
8.875............ 107 6,741,123.70 3.34
9.000............ 108 6,332,223.59 3.14
9.125............ 13 819,612.97 0.41
9.250............ 16 981,792.31 0.49
9.375............ 2 111,384.01 0.06
9.500............ 11 519,836.15 0.26
9.625............ 2 86,675.10 0.04
9.750............ 1 55,804.99 0.03
----- --------- ----
Total............ 3,031 $201,692,769.31 100.00%
===== =============== ======
</TABLE>
- -----------------
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is expected to be approximately 8.297% per annum.
<TABLE>
<CAPTION>
ORIGINAL LOAN-TO VALUE RATIOS(1) DOCUMENTATION PROGRAM FOR MORTGAGE LOANS
- ----------------------------------------------------------------- ----------------------------------------------------------------
AGGREGATE AGGREGATE
NUMBER OF PRINCIPAL NUMBER OF PRINCIPAL
ORIGINAL LOAN-TO-VALUE MORTGAGE BALANCE PERCENT OF MORTGAGE BALANCE PERCENT OF
RATIOS (%) LOANS OUTSTANDING MORTGAGE POOL TYPE OF PROGRAM LOANS OUTSTANDING MORTGAGE POOL
<S> <C> <C> <C> <C> <C> <C> <C>
50.00 and below........ 136 $ 6,706,235.14 3.32% Full.............. 1,930 $ 127,970,633.26 63.45%
50.01 to 55.00......... 57 3,186,980.25 1.58 Alternative....... 1,089 72,894,089.88 36.14
55.01 to 60.00......... 55 3,524,743.17 1.75 Reduced........... 4 266,921.75 0.13
60.01 to 65.00......... 130 7,937,654.05 3.94 Streamlined....... 8 561,124.42 0.28
65.01 to 70.00......... 160 11,280,341.02 5.59 ---------------- -------
70.01 to 75.00......... 260 17,336,212.82 8.60 Total............. 3,031 $ 201,692,769.31 100.00%
75.01 to 80.00......... 484 30,945,157.27 15.34 ================ =======
80.01 to 85.00......... 49 2,918,106.75 1.45
85.01 to 90.00......... 461 30,887,286.05 15.31
90.01 to 95.00......... 985 69,825,817.55 34.62
95.01 to 100.00........ 254 17,144,235.24 8.50
--- ------------- ----
Total.................. 3,031 $201,692,769.31 100.00%
===== =============== ======
</TABLE>
_____________________
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is approximately 84.11%.
<TABLE>
<CAPTION>
STATE DISTRIBUTION OF MORTGAGED PROPERTIES (1) TYPES OF MORTGAGED PROPERTIES
---------------------------------------------- -----------------------------
NUMBER OF AGGREGATE PERCENT OF AGGREGATE PERCENT OF
STATE MORTGAGE PRINCIPAL BALANCE MORTGAGE NUMBER OF PRINCIPAL MORTGAGE
LOANS OUTSTANDING POOL MORTGAGE BALANCE POOL
PROPERTY TYPE LOANS OUTSTANDING
<S> <C> <C> <C> <C> <C> <C> <C>
California...... 315 $24,489,405.27 12.14% Single Family..... 2,191 $147,450,572.58 73.10%
Florida......... 370 20,589,725.74 10.21 Condominium....... 489 27,724,049.76 13.75
Texas......... 270 17,630,209.91 8.74 High Rise Condo... 7 540,284.59 0.27
Ohio............ 155 9,522,970.28 4.72 2 - 4 Family...... 64 5,491,116.21 2.72
Arizona...... 149 9,298,774.32 4.61 Planned Unit 280 20,486,746.17 10.16
----- --------------- ------
Development
(PUD).............
Colorado...... 92 6,584,179.36 3.26 Total......... 3,031 $201,692,769.31 100.00%
North Carolina 93 6,363,503.23 3.16
Illinois........ 99 6,331,877.22 3.14
Indiana......... 99 5,903,573.29 2.93
Alabama...... 84 5,571,502.47 2.76
Nevada......... 72 5,205,289.71 2.58
Tennessee... 75 5,180,300.83 2.57
Washington... 66 5,118,434.86 2.54
New York... 63 4,990,631.30 2.47
Oregon......... 64 4,800,851.66 2.38
Michigan...... 73 4,622,068.23 2.29
Idaho......... 64 4,567,470.68 2.26
Pennsylvania 72 4,418,611.63 2.19
Other ......... 756 50,503,389.32 25.00
----- --------------- -------
Total......... 3,031 $201,692,769.31 100.00%
</TABLE>
_______________
(1) Other includes 32 other states with under 2.0% concentration
individually. No more than approximately 0.30% of the Mortgage Loans will
be secured by Mortgage Properties located in any one postal zip code
area.
<TABLE>
<CAPTION>
PURPOSE OF MORTGAGE LOANS OCCUPANCY TYPES (1)
------------------------- -------------------
LOAN PURPOSE NUMBER AGGREGATE PERCENT OCCUPANCY TYPE NUMBER AGGREGATE PERCENT OF
OF PRINCIPAL OF OF PRINCIPAL MORTGAGE
MORTGAGE BALANCE MORTGAGE MORTGAGE BALANCE POOL
LOANS OUTSTANDING POOL LOANS OUTSTANDING
<S> <C> <C> <C> <C> <C> <C> <C>
Purchase............... 2,223 $147,112,189.37 72.94% Primary Residence 2,594 $173,056,968.70 85.81%
Refinance(rate/term).. 513 33,894,398.43 16.80 Investor Residence 235 16,547,758.40 8.20
Refinance 295 20,686,181.51 10.26 Second Residence 202 12,088,042.21 5.99
--- ------------- ----- ---------------- ---- -------------- ----
(cash-out)..
Total.....................3,031 $201,692,769.31 100.00% Total 3,031 $201,692,769.31 100.00%
===== =============== ====== ===== =============== =======
(1) Based upon representations of the related Mortgagors
at the time of origination.
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY(1)
- --------------------------------------------------------------------------------
AGGREGATE
PRINCIPAL
REMAINING TERM TO MATURITY NUMBER OF BALANCE PERCENT OF
(MONTHS) MORTGAGE LOANS OUTSTANDING MORTGAGE POOL
- ------------------------------------ -------------- ----------- -------------
<S> <C> <C> <C>
339................................. 5 $296,458.97 0.15%
338................................. 277 18,443,350.54 9.14
337................................. 1,128 78,952,440.53 39.15
336................................. 1,080 69,659,829.51 34.55
335................................. 352 22,073,741.66 10.95
334................................. 107 6,756,267.07 3.35
333................................. 33 2,320,834.16 1.15
332................................. 13 916,572.27 0.45
331................................. 6 389,129.52 0.19
330................................. 5 326,646.92 0.16
329................................. 2 150,268.80 0.07
328................................. 2 93,259.25 0.05
327................................. 1 41,027.98 0.02
326................................. 1 48,612.17 0.02
322................................. 1 82,631.46 0.04
311................................. 1 72,282.32 0.04
310................................. 2 203,006.00 0.10
305................................. 2 89,134.52 0.04
302................................. 1 48,625.41 0.02
300................................. 1 76,259.16 0.04
292................................. 1 74,888.13 0.04
281................................. 1 79,179.14 0.04
280................................. 3 111,135.84 0.06
279................................. 1 82,408.15 0.04
277................................. 1 81,464.04 0.04
276................................. 1 87,393.76 0.04
275................................. 1 46,793.71 0.02
274................................. 1 81,063.82 0.04
88 ........................ 1 8,064.50 0.00
----- --------------- -------
Total.............................. 3,031 $201,692,769.31 100.00%
===== =============== =======
</TABLE>
- -----------------------
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is expected to be approximately 336 months.
EXHIBIT 2
<TABLE>
<CAPTION>
THE
BANK OF Distribution Date: 4/25/99
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 MORTGAGE PASS THROUGH CERTIFICATES
Attn: KELLY SHEAHAN
212-815-2007 SERIES 1997-4
CWMBS INC
Certificateholder Monthly Distribution Summary
Certificate Pass
Class Rate Beginning Through Principal Interest
Class Cusip Description Type Balance Rate (%) Distribution Distribution
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 1266913T9 Senior Fix-30/360 192,757,879.85 8.000000 8,369,734.62 1,285,052.53
PO 1266913U6 Strip PO Fix-30/360 2,878,313.03 0.000000 90,133.34 0.00
X 1266913V4 Strip I0 Fix-30/360 89,299,159.81 0.351395 0.00 26,149.42
M 1266913XO Senior Fix-30/360 6,164,529.00 8.000000 4,569.25 41,096.86
BI 1266913Y8 Senior Fix-30/360 3,852,830.65 8.000000 2,855.78 25,685.54
B2 1266913Z5 Senior Fix-30/360 1,849,357.78 8.000000 1,370.77 12,329.05
B3 1266914A9 Senior Fix-30/360 924,678.65 8.000000 685.39 6,164.52
B4 1266914B7 Senior Fix-30/360 924,678.65 8.000000 685.39 6,164.52
B5 1266914C5 Senior Fix-30/360 839,947.67 8.000000 622.58 5,599.65
AR Senior Fix-30/360 0.00 8.000000 0.00 0.25
Totals 210,192,215.28 8,470,657.12 1,408,242.34
Current Cumulative
Total Realized Ending Realized
Class Distribution Losses Balance Losses
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 9,654,787.15 0.00 184,388,145.23 0.00
PO 90,133.34 0.00 2,788,179.70 0.00
X 26,149.42 0.00 85,376,927.38 0.00
M 45,666.11 0.00 6,159,959.75 0.00
BI 28,541.32 0.00 3,849,974.87 0.00
B2 13,699.83 0.00 1,847,987.01 0.00
B3 6,849.91 0.00 923,993.26 0.00
B4 6,849.91 0.00 923,993.26 0.00
B5 6,222.23 28,788.86 810,536.23 114,748.18
AR 0.25 0.00 0.00 0.00
Total 9,878,899.47 28,788.86 201,692,769.31 114,748.18
</TABLE>
<TABLE>
<CAPTION>
THE
BANK OF Distribution Date: 4/25/99
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 MORTGAGE PASS THROUGH CERTIFICATES
Attn: KELLY SHEAHAN
212-815-2007 SERIES 1997-4
CWMBS INC
Principal Distribiition Detail
Original Beginning Scheduled Unscheduled Net
Certificate Certificate Principal Accretion Principal Principal
Class Cusip Balance Balance Distribution Principal Adjustments Distribution
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 1266913T9 294,409,824.00 192,757,879.85 8,369,734.62 0.00 0.00 8,369,734.62
PO 1266913U6 3,906,313.85 2,878,313.03 90,133.34 0.00 0.00 90,133.34
X 1266913V4 138,978,099.00 89,299,159.81 0.00 0.00 0.00 0.00
M 1266913XO 6,263,858.00 6,164,529.00 4,569.25 0.00 0.00 4,569.25
B I 1266913Y8 3,914,911.00 3,852,830.65 2,855.78 0.00 0.00 2,855.78
B2 1266913Z5 1,879,157.00 1,849,357.78 1,370.77 0.00 0.00 1,370.77
B3 1266914A9 939,578.00 924,678.65 685.39 0.00 0.00 685.39
B4 1266914B7 939,578.00 924,678.65 685.39 0.00 0.00 685.39
B5 1266914C5 939,580.58 839,947.67 622.58 0.00 0.00 622.58
AR 100.00 0.00 0.00 0.00 0.00 0.00
313,192,900.43 210,192,215.28 8,470,657.12 0.00 0.00 8,470,657.12
Current Ending Ending
Realized Certificate Certificate
Class Losses Balance Factor
- ---------------------------------------------------------
<S> <C> <C> <C>
A 0.00 184,388,145.23 0.62629752881
PO 0.00 2,788,179.70 0.71376233524
X 0.00 85,376,927.38 0.61431929199
M 0.00 6,159,959.75 0.98341305819
B I 0.00 3,849,974.87 0.98341312705
B2 0.00 1,847,987.01 0.98341277921
B3 0.00 923,993.26 0.98341304748
B4 0.00 923,993.26 0.98341304748
B5 28,788.86 810,536.23 0.86265749454
AR 0.00 0.00 0.00000000000
28,788.86 201,692,769.31
</TABLE>
<TABLE>
<CAPTION>
THE
BANK OF Distribution Date: 4/25/99
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 MORTGAGE PASS THROUGH CERTIFICATES
Attn: KELLY SHEAHAN
212-815-2007 SERIES 1997-4
CWMBS INC
Interest Distribution Detail
Beginning Pass Accrued Cumulative Total Net
Certificate Through Optimal Unpaid Deferred Interest Prepayment
Class Balance Rate Interest Interest Interest Due Int Shortfall
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 192,757,879.85 8.000000 1,285,052.53 0.00 0.00 1,285,052.53 0.00
PO 2,878,313.03 0.000000 0.00 0.00 0.00 0.00 0.00
X 89,299,159.81 0.351395 26,149.42 0.00 0.00 26,149.42 0.00
M 6,164,529.00 8.000000 41,096.86 0.00 0.00 41,096.86 0.00
BI 3,852,830.65 8.000000 25,685.54 0.00 0.00 25,685.54 0.00
B2 1,849,357.78 8.000000 12,329.05 0.00 0.00 12,329.05 0.00
B3 924,678.65 8.000000 6,164.52 0.00 0.00 6,164.52 0.00
B4 924,678.65 8.000000 6,164.52 0.00 0.00 6,164.52 0.00
B5 839,947.67 8.000000 5,599.65 0.00 0.00 5,599.65 0.00
AR 0.00 8.000000 0.00 0.00 0.00 0.00 0.00
Totals 210,192,215.28 1,408,242.09 0.00 0.00 1,408,242.09 0.00
Unscheduled
Interest Interest
Class Adjustment Paid
- -------------------------------------------
<S> <C> <C>
A 0.00 1,285,052.53
PO 0.00 0.00
X 0.00 26,149.42
M 0.00 41,096.86
BI 0.00 25,685.54
B2 0.00 12,329.05
B3 0.00 6,164.52
B4 0.00 6,164.52
B5 0.00 5,599.65
AR 0.00 0.25
Totals 0.00 1,408,242.34
</TABLE>
<TABLE>
<CAPTION>
THE
BANK OF Distribution Date: 4/25/99
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 MORTGAGE PASS THROUGH CERTIFICATES
Attn: KELLY SHEAHAN
212-815-2007 SERIES 1997-4
CWMBS INC
Current Payment Information
Factors per $1,000
Original Beginning Cert. Ending Cert. Pass
Certificate Notional Principal Interest Notional Through
Class Cusip Balance Balance Distribution Distribution Balance Rate (%)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 1266913T9 294,409,824.00 654.726385251 28.428856443 4.364842568 626.297528808 8.000000
PO 1266913U6 3,906,313.85 736.836092144 23.073756902 0.000000000 713.762335243 0.000000
X 1266913V4 138,978,099.00 642.541238170 0.000000000 0.188154940 614.319291991 0.351395
M 1266913XO 6,263,858.00 984.142520727 0.729462536 6.560950138 983.413058191 8.000000
BI 1266913Y8 3,914,911.00 984.142589634 0.729462587 6.560950598 983.413127047 8.000000
B2 1266913Z5 1,879,157.00 984.142241535 0.729462329 6.560948277 983.412779207 8.000000
B3 1266914A9 939,578.00 984.142510011 0.729462528 6.560950067 983.413047483 8.000000
B4 1266914B7 939,578.00 984.142510011 0.729462528 6.560950067 983.413047483 8.000000
B5 1266914C5 939,580.58 893.960230657 0.662617947 5.959734871 862.657494541 8.000000
AR 100.00 0.000000000 0.000000000 2.526647347 0.000000000 8.000000
Totals 313,192,900.43 671.127011473 27.046133895 4.496405691 643.988957071
</TABLE>
<TABLE>
<CAPTION>
THE
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 MORTGAGE PASS THROUGH CERTIFICATES
Attn: KELLY SHEAHAN
212-815-2007 SERIES 1997-4
CWMBS INC
<S> <C>
Pool Level Data
Distrbution Date 4/25/99
Cut-off Date 6/l/97
Determination Date 4/l/99
Accrual Period Begin 3/l/99
End 4/l/99
Number of Days in Accrual Period 31
Collateral Information
Group I
-------
Cut-Off Date Balance 313,192,900.43
Beginning Aggregate Pool Stated Principal Balance 210,192,215.29
Ending Aggregate Pool Stated Principal Balance 201,692,769.31
Beginning Aggregate Certificate Stated Principal Balance 210,192,215.29
Ending Aggregate Certificate Stated Principal Balance 201,692,769.31
Beginning Aggregate Loan Count 3139
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 108
Ending Aggregate Loan Count 3031
Beginning Weighted Average Loan Rate (WAC) 8.452417%
Ending Weighted Average Loan Rate (WAC) 8.449563%
Beginning Net Weighted Average Loan Rate 8.039739%
Ending Net Weighted Average Loan Rate 8.037328%
Weighted Average Maturity (WAM) (Months) 336
Servicer Advances 98~660.03
Aggregate Pool Prepayment 8,085.199.05
Certificate Information
Group I
- -------
Senior Percentage 92.9787523897%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 7.0212476103%
Subordinate Prepayment Percentage 0.0000000000%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 9,716,825.95
Liquidation Proceeds 225,193.44
All Other Proceeds 0.00
Other Amounts 0.00
-----------
Total Deposits 9,942,019.39
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 62,351.05
Payment of Sub Servicer Fees 26,918.29
Payment of Other Fees 0.00
Payment of Insurance Premium(s) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Service Agreement 0.00
Payment of Principal and Interest 9,878,899.47
------------
Total Withdrawals 9,968,168.81
Ending Balance -26,149.42
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 7.588.41
Compensation for Gross PPIS from Servicing Fees 7,588.41
Other Gross PPIS Compensation 0.00
-----------
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 62,351.05
Sub Servicing Fees Paid 26,918.29
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 0.00
-----------
Total Fees 89,269.34
</TABLE>
<TABLE>
<CAPTION>
Delinquency Information
Group I
- -------
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
- ----------- ------------ ------------ -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 6,636,445.68 1,347,780.95 1,278,258.38 9.262.485.01
Percentage of Total Pool Balance 3.290374% 0.668235% 0.633765% 4.592373%
Number of Loans 92 19 19 130
Percentage of Total Loans 3.035302% 0.626856% 0.626856% 4.289014%
Foreclosure
- -----------
Scheduled Principal Balance 0.00 0.00 0.00 11812~500.57
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.898644%
Number of Loans 0 0 0 25
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.824810%
Bankruptcy
- ----------
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
- ---
Scheduled Principal Balance 0.00 0.00 0.00 1,370.600.18
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.679548%
Number of Loans 0 0 0 17
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.560871%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 28,788.86
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 89.322.66
Subordination/Credit Enhancement Information
Protection Original Current
- ---------- -------- -------
Bankruptcy Loss 100,000.00 100,000.00
Bankruptcy Percentage 0.031929% 0.049580%
Credit/Fraud Loss 6,263,858.00 6.263,858.00
Credit/Fraud Loss Percentage 2.000000% 3.105643%
Special Hazard Loss 3,131,929.00 2.101,922.15
Special Hazard Loss Percentage 1.000000 1.042141%
Credit Support Original Current
- -------------- -------- -------
Class A 313,192,900.43 201,692,769.31
Class A Percentage 100.000000% 100.000000%
</TABLE>
