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): 9/25/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-H)
(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-H
On September 25 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-H, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of August 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-H relating to the distribution date of September 25, 1997 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of August 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: September 25, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-H
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-8
-------------------------------------------------
<TABLE>
<CAPTION>
Current Payment Information
Class 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 2757 A-1 32,120,000.00 6.75000% 2,974,661.39 180,675.00 3,155,336.39 0.00 0.00
2758 A-2 16,301,979.00 10.00000% 624,770.44 135,849.83 760,620.26 0.00 0.00
2758 A-2-1 13,164,479.00 10.00000% 622,971.10 109,703.99 732,675.09 0.00 0.00
2758 A-2-2 3,137,500.00 10.00000% 1,799.34 26,145.83 27,945.17 0.00 0.00
2759 A-3 87,754,811.00 7.00000% 0.00 511,903.06 511,903.06 0.00 0.00
2760 A-4 37,837,270.00 8.00000% 0.00 252,248.47 252,248.47 0.00 0.00
2761 A-5 36,868,000.00 7.00000% 0.00 215,063.33 215,063.33 0.00 0.00
2762 A-6 7,233,000.00 7.00000% 0.00 42,192.50 42,192.50 0.00 0.00
2763 A-7 14,553,000.00 7.25000% 0.00 87,924.38 87,924.38 0.00 0.00
2764 A-8 5,238,000.00 7.25000% 0.00 31,646.25 31,646.25 0.00 0.00
2765 A-9 36,600,005.00 7.25000% 20,989.91 221,125.03 242,114.94 0.00 0.00
2766 A-10 34,512,495.00 7.00000% 19,792.74 201,322.89 221,115.63 0.00 0.00
2767 A-11 9,767,046.00 7.00000% 903,362.88 56,974.44 960,337.32 0.00 0.00
2768 A-12 26,233,175.00 7.00000% 0.00 153,026.85 153,026.85 0.00 0.00
2769 A-13 26,225,000.00 7.00000% 0.00 152,979.17 152,979.17 0.00 0.00
2771 X 392,498,265.00 0.93400% N/A 305,359.43 305,359.43 0.00 0.00
2770 PO 23,885.00 N/A 18.30 N/A 18.30 0.00 N/A
Residual 2772 A-R 100.00 7.25000% 100.00 0.60 100.60 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
Subordinate 2773 B-1 10,861,500.00 7.25000% 6,229.02 65,621.56 71,850.58 0.00 0.00
2774 B-2 4,937,000.00 7.25000% 2,831.34 29,827.71 32,659.05 0.00 0.00
2775 B-3 2,962,000.00 7.25000% 1,698.69 17,895.42 19,594.11 0.00 0.00
2776 B-4 1,975,200.00 7.25000% 1,132.77 11,933.50 13,066.27 0.00 0.00
2777 B-5 987,415.00 7.25000% 566.28 5,965.63 6,531.91 0.00 0.00
2778 B-6 1,974,828.00 7.25000% 1,132.55 11,931.25 13,063.81 0.00 0.00
- -------------
- -------------------------------------------------------------------------------------------------------------------------
Totals -- -- 394,965,709.00 -- 4,557,286.31 2,691,466.29 7,248,752.60 -- --
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
---------------------------
- ---------------------------- Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- -------------------------------------------------------
Senior 2757 A-1 29,145,338.61 0.00
2758 A-2 15,677,208.56 0.00
2758 A-2-1 12,541,507.90 0.00
2758 A-2-2 3,135,700.66 0.00
2759 A-3 87,754,811.00 0.00
2760 A-4 37,837,270.00 0.00
2761 A-5 36,868,000.00 0.00
2762 A-6 7,233,000.00 0.00
2763 A-7 14,553,000.00 0.00
2764 A-8 5,238,000.00 0.00
2765 A-9 36,579,015.09 0.00
2766 A-10 34,492,702.26 0.00
2767 A-11 8,863,683.12 0.00
2768 A-12 26,233,175.00 0.00
2769 A-13 26,225,000.00 0.00
2771 X 387,943,044.43 0.00
2770 PO 23,866.70 0.00
Residual 2772 A-R 0.00 0.00
- -----------------------------
Subordinate 2773 B-1 10,855,270.98 0.00
2774 B-2 4,934,168.66 0.00
2775 B-3 2,960,301.31 0.00
2776 B-4 1,974,067.23 0.00
2777 B-5 986,848.72 0.00
2778 B-6 1,973,695.45 0.00
- -------------
- -------------------------------------------------------
Totals -- -- 390,384,555.99
- -------------------------------------------------------
<PAGE>
Payment Date: 09/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-H
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-8
-------------------------------------------------
Current Payment Information
Class Information
---------------------------------------
- -------------------------------- Original Pass Thru Cusip
Type Class Code Name Cert. Bal.(Face) Rate Numbers
- -----------------------------------------------------------------------
Senior 2757 A-1 32,120,000.00 6.75000% 1266916E9
2758 A-2 16,301,979.00 10.00000% 1266916F6
2758 A-2-1 13,164,479.00 10.00000% 1266916F6
2758 A-2-2 3,137,500.00 10.00000% 1266916F6
2759 A-3 87,754,811.00 7.00000% 1266916G4
2760 A-4 37,837,270.00 8.00000% 1266916H2
2761 A-5 36,868,000.00 7.00000% 1266916J8
2762 A-6 7,233,000.00 7.00000% 1266916K5
2763 A-7 14,553,000.00 7.25000% 1266916L3
2764 A-8 5,238,000.00 7.25000% 1266916M1
2765 A-9 36,600,005.00 7.25000% 1266916N9
2766 A-10 34,512,495.00 7.00000% 1266916P4
2767 A-11 9,767,046.00 7.00000% 1266916Q2
2768 A-12 26,233,175.00 7.00000% 1266916R0
2769 A-13 26,225,000.00 7.00000% 1266916S8
2771 X 392,498,265.00 0.93400% 1266916X7
2770 PO 23,885.00 N/A 1266916W9
Residual 2772 A-R 100.00 7.25000% 1266916Y5
- -----------------------------------------------------------------------
Subordinate 2773 B-1 10,861,500.00 7.25000% 1266916Z2
2774 B-2 4,937,000.00 7.25000% 1266917A6
2775 B-3 2,962,000.00 7.25000% 1266917B4
2776 B-4 1,975,200.00 7.25000% 1266917C2
2777 B-5 987,415.00 7.25000% 1266917D0
2778 B-6 1,974,828.00 7.25000% 1266917E8
- -----------------------------------------------------------------------
Factors per $1,000
Class Information
-------------------------------------
- -------------------------------- Principal Interest Ending Cert./
Type Class Code Name Dist. Dist. Notional Bal.
- ---------------------------------------------------------------------
Senior 2757 A-1 92.610878 5.625000 907.389122
2758 A-2 38.324822 8.333333 961.675178
2758 A-2-1 47.322123 8.333333 952.677877
2758 A-2-2 0.573495 8.333333 999.426505
2759 A-3 0.000000 5.833333 1,000.000000
2760 A-4 0.000000 6.666667 1,000.000000
2761 A-5 0.000000 5.833333 1,000.000000
2762 A-6 0.000000 5.833333 1,000.000000
2763 A-7 0.000000 6.041667 1,000.000000
2764 A-8 0.000000 6.041667 1,000.000000
2765 A-9 0.573495 6.041667 999.426505
2766 A-10 0.573495 5.833333 999.426505
2767 A-11 92.490901 5.833333 907.509099
2768 A-12 0.000000 5.833333 1,000.000000
2769 A-13 0.000000 5.833333 1,000.000000
2771 X 0.000000 0.777989 988.394291
2770 PO 0.766071 0.000000 999.233929
Residual 2772 A-R 1,000.000000 6.041667 0.000000
- ---------------------------------------------------------------------
Subordinate 2773 B-1 0.573495 6.041667 999.426505
2774 B-2 0.573495 6.041667 999.426505
2775 B-3 0.573495 6.041667 999.426505
2776 B-4 0.573495 6.041667 999.426505
2777 B-5 0.573495 6.041667 999.426505
2778 B-6 0.573495 6.041667 999.426505
- ---------------------------------------------------------------------
<PAGE>
Payment Date: 09/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-H
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-8
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 394,965,709.00 394,965,709.00
Aggregate Loan count 2,729 2,729
Weighted average loan rate 8.177316% 8.177316%
Aggregate prepayment amount 4,330,772.75 4,330,772.75
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 41,142.26 41,142.26
Monthly sub servicer fees 82,456.86 82,456.86
Monthly trustee feees 2,962.25 2,962.25
Aggregate advances 30,274.01 30,274.01
Advances this Period 30,274.01 30,274.01
- --------------------------------------------------------------------------------
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 7,899,314.00 7,899,314.00
Special Hazard 3,949,657.00 3,949,657.00
Aggregate Certificate Information
- --------------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
- --------------------------------------------------------------------------------
Senior 93.933071% 100.000000% 366,700,203.64
- --------------------------------------------------------------------------------
Subordinate 6.066929% 0.000000% 23,684,352.35
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 35 3,816,655.93
60 to 90 days 0 0.00
91 or more 0 0.00
Forclosure 0 0.00
Totals: 35 3,816,655.93
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balalnce Book Value
-------- ----------- ---------------------- ----------
n/a 0 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: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 7,248,752.59 7,248,752.59
Principal remittance amount 4,557,286.31 4,557,286.31
Interest remittance amount 2,691,466.28 2,691,466.28
Transfer Balance 0.00 0.00
<PAGE>
Payment Date: 10/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-H
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-8
-------------------------------------------------
<TABLE>
<CAPTION>
Current Payment Information
Class 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 2757 A-1 29,145,338.61 6.75000% 2,324,780.75 163,942.53 2,488,723.27 0.00 0.00
2758 A-2 15,677,208.56 10.00000% 488,779.35 130,643.40 619,422.75 0.00 0.00
2758 A-2-1 12,541,507.90 10.00000% 486,869.27 104,512.57 591,381.83 0.00 0.00
2758 A-2-2 3,135,700.66 10.00000% 1,910.08 26,130.84 28,040.92 0.00 0.00
2759 A-3 87,754,811.00 7.00000% 0.00 511,903.06 511,903.06 0.00 0.00
2760 A-4 37,837,270.00 8.00000% 0.00 252,248.47 252,248.47 0.00 0.00
2761 A-5 36,868,000.00 7.00000% 0.00 215,063.33 215,063.33 0.00 0.00
2762 A-6 7,233,000.00 7.00000% 0.00 42,192.50 42,192.50 0.00 0.00
2763 A-7 14,553,000.00 7.25000% 0.00 87,924.38 87,924.38 0.00 0.00
2764 A-8 5,238,000.00 7.25000% 0.00 31,646.25 31,646.25 0.00 0.00
2765 A-9 36,579,015.09 7.25000% 22,281.74 220,998.22 243,279.95 0.00 0.00
2766 A-10 34,492,702.26 7.00000% 21,010.88 201,207.43 222,218.31 0.00 0.00
2767 A-11 8,863,683.12 7.00000% 706,003.26 51,704.82 757,708.07 0.00 0.00
2768 A-12 26,233,175.00 7.00000% 0.00 153,026.85 153,026.85 0.00 0.00
2769 A-13 26,225,000.00 7.00000% 0.00 152,979.17 152,979.17 0.00 0.00
2771 X 387,943,044.43 0.93381% N/A 301,888.93 301,888.93 0.00 0.00
2770 PO 23,866.70 N/A 20.83 N/A 20.83 0.00 N/A
Residual 2772 A-R 0.00 7.25000% 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
Subordinate 2773 B-1 10,855,270.98 7.25000% 6,612.38 65,583.93 72,196.31 0.00 0.00
2774 B-2 4,934,168.66 7.25000% 3,005.60 29,810.60 32,816.20 0.00 0.00
2775 B-3 2,960,301.31 7.25000% 1,803.24 17,885.15 19,688.39 0.00 0.00
2776 B-4 1,974,067.23 7.25000% 1,202.48 11,926.66 13,129.14 0.00 0.00
2777 B-5 986,848.72 7.25000% 601.13 5,962.21 6,563.34 0.00 0.00
2778 B-6 1,973,695.45 7.25000% 1,202.26 11,924.41 13,126.67 0.00 0.00
- ------------
- -------------------------------------------------------------------------------------------------------------------------
Totals -- -- 390,408,422.69 -- 3,577,303.88 2,660,462.30 6,237,766.18 -- --
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
---------------------------
- ---------------------------- Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- -------------------------------------------------------
Senior 2757 A-1 26,820,557.86 0.00
2758 A-2 15,188,429.21 0.00
2758 A-2-1 12,054,638.63 0.00
2758 A-2-2 3,133,790.58 0.00
2759 A-3 87,754,811.00 0.00
2760 A-4 37,837,270.00 0.00
2761 A-5 36,868,000.00 0.00
2762 A-6 7,233,000.00 0.00
2763 A-7 14,553,000.00 0.00
2764 A-8 5,238,000.00 0.00
2765 A-9 36,556,733.35 0.00
2766 A-10 34,471,691.38 0.00
2767 A-11 8,157,679.86 0.00
2768 A-12 26,233,175.00 0.00
2769 A-13 26,225,000.00 0.00
2771 X 384,367,514.73 0.00
2770 PO 23,845.87 0.00
Residual 2772 A-R 0.00 0.00
- -----------------------------
Subordinate 2773 B-1 10,848,658.61 0.00
2774 B-2 4,931,163.06 0.00
2775 B-3 2,958,498.07 0.00
2776 B-4 1,972,864.75 0.00
2777 B-5 986,247.59 0.00
2778 B-6 1,972,493.19 0.00
- ------------
- -------------------------------------------------------
Totals -- -- 386,807,272.94
- -------------------------------------------------------
