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 August 25, 2000, the class certificate balance
of the Class A certificates was approximately
$142,605,427.58.
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.
September 14, 2000
<PAGE>
THE MORTGAGE POOL
As of August 1, 2000 (the "Reference Date"), the Mortgage Pool
included approximately 2,384 Mortgage Loans having an aggregate Stated
Principal Balance of approximately $158,726,970.01.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
August 1, 2000
<S> <C>
Total Number of Mortgage Loans................................................... 2,384
Delinquent Mortgage Loans and Pending Foreclosures at Period
End (1)
30-59 days.............................................................. 3.61%
60-90 days.............................................................. 1.01%
91 days or more (excluding pending foreclosures)........................ 1.09%
-----
Total Delinquencies..................................................... 5.71%
=====
Foreclosures Pending............................................................. 1.47%
-----
Total Delinquencies and foreclosures pending..................................... 7.18%
=====
</TABLE>
--------------
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
Thirty-five (35) 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 $8.671 billion at February 28, 1997, to approximately $11.002
billion at February 28, 1998, to approximately $15.381 billion at February 28,
1999, to approximately $16.801 billion at February 29, 2000 and to
approximately $18.122 billion at May 31, 2000. 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>
As of
At February 28, (29), May 31,
1997 1998 1999 2000 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
30-59 days............................. 0.65% 1.08% 1.03% 1.37% 1.33%
60-89 days............................. 0.15 0.16 0.18 0.22 0.23
90 days or more (excluding pending
foreclosures)..................... 0.16 0.16 0.12 0.16 0.16
---- ---- ---- ---- ----
Total of delinquencies................. 0.96% 1.40% 1.33.% 1.75% 1.75%
==== ==== ===== ==== ====
Foreclosures pending............................ 0.17% 0.17% 0.14% 0.16% 0.16%
==== ==== ==== ==== ====
Total delinquencies and foreclosures pending 1.13% 1.57% 1.47% 1.92% 1.19%
==== ==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (1) ..... ($2,812,000) ($2,662,000) ($3,704,605) (3,076,240) (674,934)
Percentage of Net Gains/(Losses) on liquidated
loans (1)(2) .............................. (0.032)% (0.024)% (0.028)% (0.017)% (0.004)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(1) ..................... (0.033)% (0.027)% (0.028)% (0.018)% (0.004)%
</TABLE>
-----------------
(1) "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).
(2) 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
$158.6 billion at February 28, 1997, to approximately $182.9 billion at
February 28, 1998, to approximately $215.5 billion at February 28, 1999, to
approximately $249.9 billion at February 29, 2000 and to approximately $261.8
billion at May 31, 2000.
<TABLE>
<CAPTION>
As of
At February 28,(29), May 31,
1997 1998 1999 2000 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
30-59 days.............................. 2.26% 2.68% 3.05% 3.40% 2.75%
60-89 days.............................. 0.52 0.58 0.21 0.25 0.69
90 days or more (excluding pending
foreclosures)...................... 0.66 0.65 0.29 0.32 0.69
---- ---- ---- ---- ----
Total of delinquencies.................. 3.44% 3.91% 3.55% 3.97% 4.12%
==== ==== ==== ==== ====
Foreclosures pending.................... 0.71% 0.45% 0.31% 0.39% 0.35%
==== ==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 4.15% 4.36% 3.86% 4.36% 4.48%
==== ==== ==== ==== ====
</TABLE>
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 August 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A Certificates was approximately $142,605,428 evidencing
a beneficial ownership interest of approximately 89.84% in the Trust Fund. As
of the Certificate Date, the Senior Certificates had an aggregate principal
balance of approximately $144,827,135 and evidenced in the aggregate a
beneficial ownership interest of approximately 91.24% in the Trust Fund. As of
the Certificate Date, the Subordinated Certificates had an aggregate principal
balance of $13,899,835, and evidenced in the aggregate a beneficial ownership
interest of approximately 8.76% 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>
$92,833,793.67 8.0675432142% 7.8085432142% 360 320
$65,893,176.34 8.6017488341% 8.3427488341% 360 319
</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 in the Prospectus
Supplement 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 Class
Certificate Balance of the Class A Certificates is $142,605,427.58 (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 Class A Certificates is September 14, 2000, (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.
<PAGE>
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
Decrement Tables
The following table indicates the percentage of the Certificate Date
Class Certificate 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.
<TABLE>
<CAPTION>
Percent of Class Certificate
Balance Outstanding*
Class A
SPA Prepayment Assumption
---------------------------------------------
Distribution Date 0% 150% 200% 300% 450%
----------------- -- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Initial Percent.................. 48 48 48 48 47
September 2001................... 48 43 41 38 34
September 2002................... 47 38 35 30 25
September 2003................... 47 34 30 24 18
September 2004................... 46 30 26 19 13
September 2005................... 45 27 22 15 9
September 2006................... 44 24 19 12 7
September 2007................... 43 21 16 9 5
September 2008................... 42 19 14 8 4
September 2009................... 41 17 12 6 3
September 2010................... 40 15 10 5 2
September 2011................... 39 13 9 4 2
September 2012................... 37 11 8 3 1
September 2013................... 36 10 6 2 1
September 2014................... 34 9 5 2 1
September 2015................... 33 8 4 1 0
September 2016................... 31 6 4 1 0
September 2017................... 29 5 3 1 0
September 2018................... 26 5 2 1 0
September 2019................... 24 4 2 0 0
September 2020................... 21 3 2 0 0
September 2021................... 18 2 1 0 0
September 2022................... 16 2 1 0 0
September 2023................... 12 1 1 0 0
September 2024................... 9 1 0 0 0
September 2025................... 5 0 0 0 0
September 2026................... 2 0 0 0 0
September 2027................... 0 0 0 0 0
Weighted Average Life (years) **. 17.4 7.8 6.3 4.4 3.2
</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 $1,610,664, $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.
<PAGE>
EXHIBIT 1
------------------------------------------------------------------------------
Mortgage Rates(1)
------------------------------------------------------------------------------
Mortgage Number of Aggregate Principal Percent of
Rates(%) Mortgage Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------
6.50 1 $98,324.01 0.06%
6.88 2 $135,970.32 0.09%
7.00 3 $159,354.47 0.10%
7.13 1 $63,503.68 0.04%
7.25 4 $307,328.28 0.19%
7.50 16 $1,228,208.30 0.77%
7.63 28 $1,906,449.76 1.20%
7.75 66 $5,145,774.18 3.24%
7.88 147 $11,089,765.34 6.99%
8.00 225 $17,243,153.30 10.86%
8.13 342 $22,770,865.61 14.35%
8.25 503 $32,685,096.42 20.59%
8.38 248 $16,146,984.60 10.17%
8.50 345 $21,172,593.89 13.34%
8.63 126 $8,441,075.86 5.32%
8.75 138 $8,825,558.25 5.56%
8.88 82 $5,297,509.11 3.34%
9.00 76 $4,326,908.09 2.73%
9.13 8 $559,474.61 0.35%
9.25 12 $671,804.32 0.42%
9.38 1 $32,988.46 0.02%
9.50 7 $332,567.05 0.21%
9.63 2 $85,712.10 0.05%
9.75 1 $0.00 0.00%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
==============================================================================
(1) As of Reference Date, the weighted average Gross Mortgage Rate of the
Mortgage Loan is expected to be approximately 8.438% per annum and the
weighted average mortgage rate net of LPMI is approximately 8.289% per
annum.
------------------------------------------------------------------------------
Current Mortgage Loan Principal Balances(1)
------------------------------------------------------------------------------
Current Number of Aggregate Principal Percent or
Mortgage Loan Mortgage Loans Balance Outstanding Mortgage Pool
Principal
Balance
------------------------------------------------------------------------------
$0--$50,000 630 $23,017,645.60 14.50%
$50,001--$100,000 1520 $107,127,417.42 67.49%
$100,001--$150,000 221 $25,860,891.59 16.29%
$150,001--$200,000 5 $897,413.79 0.57%
$200,001--$250,000 6 $1,292,743.46 0.81%
$250,001-- $300,000 2 $530,858.15 0.33%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
==============================================================================
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is approximately $66,580.10.
Original Loan-To-Value Ratios(1)
Original Loan- Number of Aggregate Principal Percent of
To-Value Mortgage Loans Balance Outstanding Mortgage
Ratios(%) Pool
------------------------------------------------------------------------------
50.00 and below 110 $5,485,243.67 3.46%
50.01 to 55.00 46 $2,670,101.92 1.68%
55.01 to 60.00 43 $2,923,956.97 1.84%
60.01 to 65.00 102 $6,367,276.52 4.01%
65.01 to 70.00 137 $9,523,767.39 6.00%
70.01 to 75.00 205 $13,744,185.86 8.66%
75.01 to 80.00 373 $24,501,880.53 15.44%
80.01 to 85.00 36 $2,213,117.36 1.39%
85.01 to 90.00 362 $23,983,615.17 15.11%
90.01 to 95.00 766 $53,786,348.28 33.89%
95.01 to 99.99 204 $13,527,476.34 8.52%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
===============================================================================
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is approximately 83.84%.
Documentation Program for Mortgage Loans
Type of Number of Aggregate Principal Percent of
Program Mortgage Loans Balance Outstanding Mortgage Pool
-----------------------------------------------------------------------------
Alternative 864 57,689,228.07 36.34%
Full 1510 100,363,229.57 63.23%
Reduced 4 261,415.17 0.16%
Streamline 6 413,097.20 0.26%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
==============================================================================
Type of Mortgaged Properties
------------------------------------------------------------------------------
Property Type Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------
Single Family 1726 $116,670,006.22 73.50%
Condominium 377 $20,903,211.59 13.17%
High Rise Condo 7 $533,467.80 0.34%
2-4 Family 50 $4,578,438.89 2.88%
Planned Unit
Development 224 $16,041,845.51 10.11%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
==============================================================================
Occupancy Types(1)
------------------------------------------------------------------------------
Occupancy Count Balance percent
------------------------------------------------------------------------------
Primary Residence 2032 135,260,049.33 85.22%
Investor Property 190 13,693,813.80 8.63%
Second Residence 162 9,773,106.88 6.16%
------------------------------------------------------------------------------
Total 2,384 158,726,970.01 100.00%
==============================================================================
(1) Based upon representations of the related Mortgagors at the time of loan
origination.
State Distribution of Mortgaged Properties(1)
------------------------------------------------------------------------------
State Number of Mortgage Aggregate Principal Percent of
Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------
Alabama 75 $4,879,196.45 3.07%
Arizona 116 $7,096,236.30 4.47%
California 252 $19,976,608.56 12.59%
Colorado 67 $4,838,843.80 3.05%
Florida 298 $16,655,521.28 10.49%
Georgia 48 $3,263,442.40 2.06%
Idaho 51 $3,739,350.36 2.36%
Illinois 81 $5,340,212.78 3.36%
Indiana 74 $4,652,429.29 2.93%
Michigan 60 $3,515,685.14 2.21%
Nevada 63 $4,504,484.40 2.84%
New York 52 $3,982,770.40 2.51%
North Carolina 74 $5,157,390.39 3.25%
Ohio 115 $7,201,911.11 4.54%
Oregon 43 $3,365,918.36 2.12%
Pennsylvania 57 $3,422,559.22 2.16%
Tennessee 57 $3,926,919.41 2.47%
Texas 223 $14,141,598.30 8.91%
Washington 51 $3,759,179.39 2.37%
Other (less than 2%) 527 $35,306,712.67 22.24%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
==============================================================================
(1) Other includes 30 other states and the District of Columbia with under 2%
concentration individually.
Purpose of Mortgage Loans
------------------------------------------------------------------------------
Loan Purpose Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------
Purchase 1745 $114,545,744.56 72.17%
Refinance 398 $26,842,334.49 16.91%
(rate/term)
Refinance (cash 241 $17,338,890.96 10.92%
out)
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100.00%
===============================================================================
<PAGE>
Remaining Terms to Maturity(1)
------------------------------------------------------------------------------
Remaining Number of Aggregate Principal Percent of
Term to Mortgage Loans Balance Outstanding Mortgage Pool
Maturity
(months)
------------------------------------------------------------------------------
322 4 $183,767.39 0.12%
321 223 $14,852,747.36 9.36%
320 881 $62,342,049.93 39.28%
319 853 $54,878,471.46 34.57%
318 280 $17,670,732.04 11.13%
317 81 $4,850,693.34 3.06%
316 29 $2,001,175.71 1.26%
315 9 $608,063.51 0.38%
314 4 $207,566.92 0.13%
313 4 $224,085.23 0.14%
312 2 $147,785.67 0.09%
311 1 $34,930.42 0.02%
310 1 $40,574.88 0.03%
309 1 $0.00 0.00%
304 1 $81,403.53 0.05%
285 1 $47,870.75 0.03%
275 1 $73,596.09 0.05%
264 1 $77,775.35 0.05%
263 2 $108,834.01 0.07%
262 1 $80,818.16 0.05%
260 1 $79,770.05 0.05%
259 1 $85,687.04 0.05%
258 1 $43,311.19 0.03%
68 1 $5,259.98 0.00%
------------------------------------------------------------------------------
Total 2,384 $158,726,970.01 100%
===============================================================================
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is expected to be approximately 319 months.
<PAGE>
<TABLE>
<CAPTION>
FICO Credit Scores by Ranges of Loan-to-Value Ratios(1)
----------------------------------------------------------------------------------------------------
FICO Credit Number of Aggregate Principal Weighted Average
Scores by Mortgage Loans Balance Outstanding Average Principal
Ranges of Loan- Loan-to-Value Balance Outstanding
to-Value Ratios Ratio (%)
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
< 620
LTV < 70 43 $2,877,272.21 63.65 $66,913.31
>70 & <80 157 11,874,671.09 77.21 75,634.85
>80 & <90 68 4,953,249.77 88.95 72,841.91
>90 138 9,639,602.19 95.33 69,852.19
----------- --------------- -------- ---------
Sub-Total 406 29,344,795.26 83.82 285,242.25
> 620 & <660
-------------
LTV <70 60 3,655,568.32 61.87 60,926.14
>70 &<80 146 9,751,967.78 77.28 66,794.30
>80 &<90 82 5,364,976.45 88.80 65,426.54
>90 233 16,546,416.40 95.30 71,014.66
----------- --------------- -------- ---------
Sub-Total 521 35,318,928.95 85.88 264,161.64
> 660
LTV <70 314 19,338,498.66 57.91 61,587.58
>70 &<80 247 15,016,795.13 77.89 60,796.74
>80 &<90 226 14,268,527.52 89.33 63,135.08
>90 550 37,816,122.21 95.18 68,756.59
----------- --------------- -------- ---------
Sub-Total 1,337 86,439,943.52 82.87 254,275.98
Not Available 120 7,623,302.28 85.40 69,128.59
----------- --------------- -------- ---------
Total 2,384 $158,726,970.01 83.84 $66,580.10
</TABLE>
(1) The weighted average FICO credit score relating to the Mortgage Loans for
which FICO credit scores are available is 645.
<PAGE>
EXHIBIT 2
------------------------------------------------------------
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1997-4, CWMBS INC
------------------------------------------------------------
<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>
Senior A 144,828,345.86 8.000000% 2,222,918.28 965,522.31 3,188,440.59 0.00 0.00
PO 2,266,975.87 0.000000% 45,268.90 0.00 45,268.90 0.00 0.00
X 66,808,458.25 0.342518% 0.00 19,069.26 19,069.26 0.00 0.00
M 6,051,155.94 8.000000% 8,260.63 40,341.04 48,601.67 0.00 0.00
B1 3,781,972.48 8.000000% 5,162.90 25,213.15 30,376.05 0.00 0.00
B2 1,815,345.88 8.000000% 2,478.19 12,102.31 14,580.49 0.00 0.00
B3 907,672.70 8.000000% 1,239.09 6,051.15 7,290.25 0.00 0.00
B4 907,672.70 8.000000% 1,239.09 6,051.15 7,290.25 0.00 0.00
B5 507,215.14 8.000000% 692.42 3,381.43 4,073.85 52,127.08 0.00
Residual AR 0.00 8.000000% 0.00 0.00 0.00 0.00 0.00
Totals - - 161,066,356.59 - 2,287,259.50 1,077,731.80 3,364,991.30 52,127.08 -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
--------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
--------------------------------------------------------------------------------
Senior A 142,605,427.58 0.00
PO 2,221,706.97 0.00
X 65,893,176.34 0.00
M 6,042,895.30 0.00
B1 3,776,809.59 0.00
B2 1,812,867.69 0.00
B3 906,433.61 0.00
B4 906,433.61 0.00
B5 454,395.65 0.00
Residual AR 0.00 0.00
--------------------------------------------------------------------------------
Totals - - 158,726,970.01 -
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Payment Date: 08/25/00
------------------------------------------------------------
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1997-4, CWMBS INC
------------------------------------------------------------
Class Information Current Payment Information
Factors per $1,000
------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A 144,828,345.86 8.000000% 1266913T9 7.550422 3.279518 484.377273
PO 2,266,975.87 0.000000% 1266913U6 11.588648 0.000000 568.747667
X 66,808,458.25 0.342518% 1266913V4 0.000000 0.137211 474.126332
M 6,051,155.94 8.000000% 1266913X0 1.318777 6.440286 964.724185
B1 3,781,972.48 8.000000% 1266913Y8 1.318777 6.440287 964.724252
B2 1,815,345.88 8.000000% 1266913Z5 1.318777 6.440285 964.723911
B3 907,672.70 8.000000% 1266914A9 1.318777 6.440286 964.724174
B4 907,672.70 8.000000% 1266914B7 1.318777 6.440286 964.724174
B5 507,215.14 8.000000% 1266914C5 0.736941 3.598875 483.615196
Residual AR 0.00 8.000000% 1266913W2 0.000000 0.000000 0.000000
Totals - - 161,066,356.59 - - - - -
</TABLE>
<PAGE>
------------------------------------------------------------
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1997-4, CWMBS INC
------------------------------------------------------------
--------------------------------------------------------------------------------
COLLATERAL INFORMATION
--------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 158,726,970.01 158,726,970.01
Aggregated loan count 2384 2384
Aggregated average loan rate 8.437073% 8.44
Aggregated prepayment amount 1,687,442.55 1,687,442.55
--------------------------------------------------------------------------------
FEES AND ADVANCES
--------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 32,627.75 32,627.75
Monthly sub servicer fees 19,945.24 19,945.24
Monthly trustee fees 1,208.00 1,208.00
Aggregate advances N/A N/A
Advances this periods 105,539.87 105,539.87
--------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
--------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 52,126.96 52,126.96
Cumulative losses (from Cut-Off) 432,145.00 432,145.00
Coverage Amounts Total
---------------- -----
Bankruptcy 100,000.00 100,000.00
Fraud 6,263,858.00 6,263,858.00
Special Hazard 1,610,663.57 1,610,663.57
Aggregate Certificate Information
----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 161,066,356.59
----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
----------------------------------------------------------------------------
-------------------------------------------------------------------------------
DELINQUENCY INFORMATION
-------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
30 to 59 days 86 6,077,798.27
60 to 89 days 24 1,672,691.42
90 or more 26 1,820,535.11
Foreclosure 35 2,274,952.17
Totals: 171 11,845,976.97
-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
REO INFORMATION
-------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 1,291,892.60
Current Total Outstanding Number of Loans: 17
<PAGE>
-------------------------------------------------------------------------------
OTHER INFORMATION
-------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 3,364,991.30 3,364,991.30
Principal remittance amount 2,287,259.50 2,287,259.50
Interest remittance amount 1,077,731.80 1,077,731.80
