SUPPLEMENT Rule 424 b(5)
TO PROSPECTUS SUPPLEMENT DATED September 25, 1997
(To Prospectus dated May 27, 1997)
CWMBS, INC.
Depositor
Countrywide
Home Loans, Inc.
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1997-6
---------------
--------------------------- Mortgage Pass-Through Certificates, Series
The Class A-2 1997-6: The Class A-2 Certificates
certificates represent
obligations of the trust o This supplement relates to the offering of
only and do not the Class A-2 certificates of the series
represent an interest in referenced above. This supplement does
or obligation of not contain complete information about the
CWMBS, Inc., offering of the Class A-2 certificates.
Countrywide Home Additional information is contained in
Loans, Inc. or any of the prospectus supplement dated September
their affiliates. 25, 1997 prepared in connection with the
offering of the offered certificates of
This supplement may the series referenced above and in the
be used to offer and sell prospectus of the depositor dated May 27,
the offered certificates 1997. You are urged to read this
only if accompanied by supplement, the prospectus supplement and
the prospectus the prospectus in full.
supplement and the
prospectus. o As of the August 25, 2000, the class
certificate balance of the Class A-2
--------------------------- certificates was approximately $13,386,833.
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-2
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 25, 2000
<PAGE>
THE MORTGAGE POOL
As of August 1, 2000 (the "Reference Date"), the Mortgage Pool
included approximately 441 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $126,222,992.96.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
As of
August 1, 2000
Total Number of Mortgage Loans........................... 441
Delinquent Mortgage Loans and Pending Foreclosures at
Period End (1)
30-59 days...................................... 0.91%
60-90 days...................................... 0.00%
91 days or more (excluding pending
foreclosures)................................... 0.23%
-----
Total Delinquencies............................. 1.14%
=====
Foreclosures Pending..................................... 0.00%
-----
Total Delinquencies and foreclosures pending............. 1.14%
=====
--------------
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
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 May
At February 28, (29), 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-2 CERTIFICATES
The Class A-2 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-2 Certificates are allocated principal payments as described in
the Prospectus Supplement under "Description of the Certificates --
Principal".
As of August 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A-2 Certificates was approximately $13,386,833 evidencing
a beneficial ownership interest of approximately 10.61% in the Trust Fund. As
of the Certificate Date, the Senior Certificates had an aggregate principal
balance of approximately $114,209,264 and evidenced in the aggregate a
beneficial ownership interest of approximately 90.48% in the Trust Fund. As of
the Certificate Date, the Subordinated Certificates had an aggregate principal
balance of $12,013,541, and evidenced in the aggregate a beneficial ownership
interest of approximately 9.52% in the Trust Fund. For additional information
with respect to the Class A-2 Certificates, see "Description of the
Certificates" in the Prospectus Supplement.
Reports to Certificateholders
The August 2000 monthly statement that has been furnished to
Certificateholders of record for the related 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>
$21,230,118.13 7.4511398462% 7.1921398462% 360 324
$104,992,874.83 7.8474598202% 7.5884598202% 360 324
</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-2 Certificates is $13,386,833.09 (ix)
interest accrues on the Class A-2 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 scheduled balances
for the related Classes are as set forth in the Principal Balance Schedules,
(xii) the closing date of the sale of the Class A-2 Certificates is September
25, 2000, (xiii) the Seller is not required to repurchase or substitute for
any Mortgage Loan, (xiv) 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 (xv) 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, 250% SPA assumes prepayment rates will
be 0.5% per annum in month one, 1.0% per annum in month two, and increasing by
0.5% in each succeeding month until reaching a rate of 15% per annum in month
30 and remaining constant at 15% 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 initial Class
Certificate Balance of the Class A-2 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-2
SPA Prepayment Assumption
Distribution Date 0% 100% 250% 400% 500%
----------------- -- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
September 25, 2000**............. 66 63 58 52 48
September 2001................... 59 19 0 0 0
September 2002................... 51 0 0 0 0
September 2003................... 47 0 0 0 0
September 2004................... 43 0 0 0 0
September 2005................... 39 0 0 0 0
September 2006................... 34 0 0 0 0
September 2007................... 29 0 0 0 0
September 2008................... 23 0 0 0 0
September 2009................... 17 0 0 0 0
September 2010................... 11 0 0 0 0
September 2011................... 4 0 0 0 0
September 2012................... 0 0 0 0 0
September 2013................... 0 0 0 0 0
September 2014................... 0 0 0 0 0
September 2015................... 0 0 0 0 0
September 2016................... 0 0 0 0 0
September 2017................... 0 0 0 0 0
September 2018................... 0 0 0 0 0
September 2019................... 0 0 0 0 0
September 2020................... 0 0 0 0 0
September 2021................... 0 0 0 0 0
September 2022................... 0 0 0 0 0
September 2023................... 0 0 0 0 0
September 2024................... 0 0 0 0 0
September 2025................... 0 0 0 0 0
September 2026................... 0 0 0 0 0
September 2027................... 0 0 0 0 0
Weighted Average Life (years) *** 5.9 0.8 0.3 0.2 0.2
</TABLE>
--------------------------
* Rounded to the nearest whole percentage.
** Prior to giving effect to the September 25, 2000 distribution.
*** 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 $1,739,175, $50,000 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-2 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.
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-2 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Taxpayer Relief Act of 1997 modified the definition of U.S.
person with regard to trusts. 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, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A-2 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-2
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-2 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-2
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>
<TABLE>
<CAPTION>
EXHIBIT 1
-------------------------------------------------------------------------------------------------
Mortgage Rates(1)
-------------------------------------------------------------------------------------------------
Mortgage Rates (%) Number of Mortgage Aggregate Principal Percent of Mortgage
Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7.00 1 $271,116.71 0.21%
7.13 1 $539,466.64 0.43%
7.25 2 $629,885.20 0.50%
7.38 16 $4,335,817.53 3.44%
7.50 53 $15,453,832.05 12.24%
7.63 55 $15,821,076.78 12.53%
7.75 112 $34,070,428.07 26.99%
7.88 120 $34,007,387.24 26.94%
8.00 43 $11,684,890.53 9.26%
8.13 12 $3,681,390.96 2.92%
8.25 14 $3,101,357.40 2.46%
8.38 2 $459,525.90 0.36%
8.50 5 $988,255.77 0.78%
8.63 3 $800,661.94 0.63%
8.75 2 $377,900.24 0.30%
-------------------------------------------------------------------------------------------------
Total $126,222,992.96 100.00%
441
=================================================================================================
</TABLE>
(1) The Lender PMI Mortgage Loans are shown at the Mortgage Rates net of the
interest premium charged by the related lenders. As of the Reference
Date, the weighted average Mortgage Rate of the Mortgage Loans (as so
adjusted) is approximately 7.781%. Without such adjustment, the weighted
average Mortgage Rate of the Mortgage Loans is approximately 7.815% per
annum.
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances(1)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Remaining Mortgage Loan Number of Mortgage Aggregate Principal Percent of Mortgage
Balances Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0--$50,000 3 $47,451.14 0.04%
$50,001--$100,000 6 $449,272.32 0.36%
$100,001--$150,000 8 $987,632.79 0.78%
$150,001--$200,000 7 $1,236,926.33 0.98%
$200,001--$250,000 151 $34,942,493.30 27.68%
$250,001--$300,000 139 $38,237,437.01 30.29%
$300,001--$350,000 46 $14,754,851.98 11.69%
$350,001--$400,000 37 $13,741,591.25 10.89%
$400,001--$450,000 18 $7,616,408.89 6.03%
$450,001--$500,000 10 $4,691,193.72 3.72%
$500,001--$550,000 6 $3,196,124.27 2.53%
$550,001--$600,000 3 $1,694,429.47 1.34%
$600,001--$650,000 5 $3,079,356.76 2.44%
$650,001--$750,000 1 $678,236.41 0.54%
$750,001--$1,000,000 1 $869,587.32 0.69%
-------------------------------------------------------------------------------------------------
Total 441 $126,222,992.96 100.00%
=================================================================================================
</TABLE>
(1) As of the Reference Date, the average remaining Mortgage Loan principal
balance is approximately $286,220.
<PAGE>
<TABLE>
<CAPTION>
Original Loan-To-Value Ratios(1)
Original Loan-To-Value Number of Mortgage Aggregate Principal Percent of Mortgage
Ratios (%) Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
50.00 and below 9 $2,905,469.94 2.30%
50.01 to 55.00 2 $577,475.46 0.46%
55.01 to 60.00 4 $906,849.97 0.72%
60.01 to 65.00 8 $1,702,611.47 1.35%
65.01 to 70.00 40 $13,044,857.65 10.33%
70.01 to 75.00 67 $19,684,930.98 15.60%
75.01 to 80.00 199 $57,929,036.94 45.89%
80.01 to 85.00 7 $2,211,456.97 1.75%
85.01 to 90.00 78 $20,816,920.20 16.49%
90.01 to 95.00 27 $6,443,383.38 5.10%
-------------------------------------------------------------------------------------------------
Total 441 $126,222,992.96 100.00%
=================================================================================================
</TABLE>
(1) As of the Reference Date, the weighted average original Loan-To-Value
Ratio of the Mortgage Loans is approximately 78.53%.
<TABLE>
<CAPTION>
Documentation Program for Mortgage Loan
Type of Program Number of Mortgage Aggregate Principal Percent of Mortgage
Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Full 232 $68,150,692.96 53.99%
Alternative 179 $50,923,508.25 40.34%
Reduced 30 $7,148,791.75 5.66%
-------------------------------------------------------------------------------------------------
Total 441 $126,222,992.96 100.00%
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Type of Mortgaged Properties
-------------------------------------------------------------------------------------------------
Property Type Number of Mortgage Aggregate Principal Percent of Mortgage
Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 331 $96,626,050.93 76.55%
Condominium 11 $2,432,303.30 1.93%
Hi Rise Condo 1 $291,906.40 0.23%
Planned Unit Development 98 $26,872,732.33 21.29%
-------------------------------------------------------------------------------------------------
Total 441 $126,222,992.96 100.00%
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Occupancy Types(1)
-------------------------------------------------------------------------------------------------
Occupancy Type Number of Mortgage Aggregate Principal Percent of Mortgage
Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Primary Residence 427 $121,660,982.97 96.39%
Second Residence 14 $4,562,009.99 3.61%
-------------------------------------------------------------------------------------------------
Total 441 $126,222,992.96 100.00%
=================================================================================================
</TABLE>
(1) Based upon representations of the related mortgagors at the time of
origination.
<PAGE>
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
-------------------------------------------------------------------------------------------------
State Number of Mortgage Aggregate Principal Percent of Mortgage
Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California 173 $52,101,909.05 41.28%
Colorado 20 $5,993,254.07 4.75%
Florida 15 $3,988,819.42 3.16%
Georgia 11 $2,813,673.81 2.23%
Illinois 14 $3,745,966.36 2.97%
Maryland 11 $3,032,687.22 2.40%
Massachusetts 11 $3,000,487.37 2.38%
Michigan 11 $2,667,173.07 2.11%
Nevada 10 $2,743,607.54 2.17%
New Jersey 17 $4,296,059.04 3.40%
New York 10 $3,487,666.10 2.76%
Texas 23 $6,108,047.63 4.84%
Washington 17 $5,261,901.93 4.17%
Other (less than 2%) 98 $26,981,740.35 21.38%
-------------------------------------------------------------------------------------------------
Total $126,222,992.96 100.00%
441
=================================================================================================
</TABLE>
(1) Other includes 27 states and the District of Columbia with under 2%
concentrations individually.
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
-------------------------------------------------------------------------------------------------
Loan Purpose Number of Mortgage Aggregate Principal Percent of Mortgage
Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 286 $81,376,523.78 64.47%
Refinance (rate/term) 122 $35,712,027.67 28.29%
Refinance (cash out) 33 $9,134,441.51 7.24%
---------------------------
Total 441 $126,222,992.96 100.00%
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Remaining Terms to Maturity(1)
-------------------------------------------------------------------------------------------------
Remaining Term to Number of Mortgage Aggregate Principal Percent of Mortgage
Maturity (months) Loans Balance Outstanding Pool
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
325 275 $80,248,609.10 63.58%
324 140 $38,973,258.07 30.88%
322 17 $4,387,640.73 3.48%
321 5 $1,374,228.04 1.09%
326 2 $706,267.26 0.56%
318 1 $285,087.79 0.23%
319 1 $247,901.97 0.20%
-------------------------------------------------------------------------------------------------
Total 441 $126,222,992.96 100%
=================================================================================================
</TABLE>
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is approximately 324 months.
<PAGE>
EXHIBIT 2
<TABLE>
<CAPTION>
THE Distribution Date: 8/25/00
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
MORTGAGE PASS THROUGH CERTIFICATES
Attn: Courtney Bartholomew SERIES 1997-6
212-815-5795 CWMBS INC
Certificateholder Monthly Distribution Summary
---------------------------------------------------------------------------------------------------------------------------------
Certificate Pass
Class Rate Beginning Through Principal Interest Total
Class Cusip Description Type Balance Rate (%) Distribution Distribution Distribution
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Al I2669AAA2 Senior Fix-30/360 0.00 6.750000 0.00 0.00 0.00
A2 12669AAB0 Senior Fix-30/360 13,993,315.33 6.750000 606,482.24 78,712.40 685,194.64
A3 12669AAC8 Senior Fix-30/360 15,360,000.00 6.750000 0.00 86,400.00 86,400.00
A4 12669AAD6 Senior Fix-30/360 14,554,000.00 6.750000 0.00 81,866.25 81,866.25
A5 12669AAE4 Strip IO Fix-30/360 3,028,090.71 7.250000 0.00 18,294.71 18,294.71
A6 12669AAF1 Senior Fix-30/360 0.00 7.250000 0.00 0.00 0.00
A7 12669AAG9 Senior Fix-30/360 0.00 7.250000 0.00 0.00 0.00
A8 12669AAH7 Senior Fix-30/360 0.00 7.250000 0.00 0.00 0.00
A9 12669AAJ3 Senior Fix-30/360 10,739,000.00 7.250000 0.00 64,881.46 64,881.46
A10 12669AAK0 Senior Fix-30/360 60,000,000.00 7.250000 0.00 362,500.00 362,500.00
PO 12669AAI8 Strip PO Fix-30/360 175,251.99 0.000000 5,821.33 0.00 5,821.33
X 12669AAM6 Strip IO Fix-30/360 105,287,368.94 0.338646 0.00 29,712.65 29,712.65
AR N/A Senior Fix-30/360 0.00 7.250000 0.00 1.06 1.06
M 12669AAP9 Senior Fix-30/360 3,651,441.28 7.250000 3,649.02 22,060.79 25,709.81
B1 12669AAQ7 Senior Fix-30/360 3,651,441.28 7.250000 3,649.02 22,060.79 25,709.81
B2 12669AAR5 Senior Fix-30/360 2,482,980.57 7.250000 2,481.33 15,001.34 17,482.67
B3 12669AAS3 Senior Fix-30/360 876,345.27 7.250000 875.76 5,294.59 6,170.35
B4 12669AAT1 Senior Fix-30/360 876,345.27 7.250000 875.76 5,294.59 6,170.35
B5 12669AAU8 Senior Fix-30/360 487,004.84 7.250000 486.68 2,942.32 3,429.00
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Totals 126,847,125.83 624,321.14 795,022.95 1,419,344.09
---------------------------------------------------------------------------------------------------------------------------------
(Table Cont'd)
-------------------------------------------------------
Current Cumulative
Realized Ending Realized
Class Losses Balance Losses
-------------------------------------------------------
<S> <C> <C> <C>
Al 0.00 0.00 0.00
A2 0.00 13,386,833.09 0.00
A3 0.00 15,360,000.00 0.00
A4 0.00 14,554,000.00 0.00
A5 0.00 2,986,264.35 0.00
A6 0.00 0.00 0.00
A7 0.00 0.00 0.00
A8 0.00 0.00 0.00
A9 0.00 10,739,000.00 0.00
A10 0.00 60,000,000.00 0.00
PO 0.00 169,430.67 0.00
X 0.00 104,992,874.84 0.00
AR 0.00 0.00 0.00
M 0.00 3,647,792.26 0.00
B1 0.00 3,647,792.26 0.00
B2 0.00 2,480,499.24 0.00
B3 0.00 875,469.51 0.00
B4 0.00 875,469.51 0.00
B5 0.00 486,518.16 122,327.09
-------------------------------------------------------
-------------------------------------------------------
Totals 0.00 126,222,804.70 122,327.09
-------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE Distribution Date: 8/25/00
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
MORTGAGE PASS THROUGH CERTIFICATES
Attn: Courtney Bartholomew SERIES 1997-6
212-815-5795 CWMBS INC
Principal Distribution Detail
-------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Accretion Unscheduled Net
Certificate Certificate Principal Principal Principal
Class Cusip Balance Balance Distribution Principal Adjustments Distribution
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Al 12669AAA2 9,740,000.00 0.00 0.00 0.00 0.00 0.00
A2 12669AAB0 20,086,000.00 13,993,315.33 606,482.24 0.00 0.00 606,482.24
A3 12669AAC8 15,360,000.00 15,360,000.00 0.00 0.00 0.00 0.00
A4 12669AAD6 14,554,000.00 14,554,000.00 0.00 0.00 0.00 0.00
A5 12669AAE4 4,120,000.00 3,028,090.71 0.00 0.00 0.00 0.00
A6 12669AAF1 39,147,500.00 0.00 0.00 0.00 0.00 0.00
A7 12669AAG9 110,004,500.00 0.00 0.00 0.00 0.00 0.00
A8 12669AAH7 7,694,000.00 0.00 0.00 0.00 0.00 0.00
A9 12669AAJ3 10,739,000.00 10,739,000.00 0.00 0.00 0.00 0.00
A10 12669AAK0 60,000,000.00 60,000,000.00 0.00 0.00 0.00 0.00
PO 12669AAI8 268,263.00 175,251.99 5,821.33 0.00 0.00 5,821.33
X 12669AAM6 268,381,995.00 105,287,368.94 0.00 0.00 0.00 0.00
AR N/A 200.00 0.00 0.00 0.00 0.00 0.00
M 12669AAP9 3,754,486.00 3,651,441.28 3,649.02 0.00 0.00 3,649.02
B1 12669AAQ7 3,754,486.00 3,651,441.28 3,649.02 0.00 0.00 3,649.02
B2 12669AAR5 2,553,051.00 2,482,980.57 2,481.33 0.00 0.00 2,481.33
B3 12669AAS3 901,076.00 876,345.27 875.76 0.00 0.00 875.76
B4 12669AAT1 901,076.00 876,345.27 875.76 0.00 0.00 875.76
B5 12669AAU8 901,078.00 487,004.84 486.68 0.00 0.00 486.68
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Totals 300,358,716.00 126,847,125.83 624,321.14 0.00 0.00 624,321.14
-------------------------------------------------------------------------------------------------------------------------
(Table Cont'd)
--------------------------------------------------------------
Ending Ending
Current Certificate Certificate
Class Realized Losses Balance Factor
--------------------------------------------------------------
<S> <C> <C> <C>
Al 0.00 0.00 0.00000000000
A2 0.00 13,386,833.09 0.66647580875
A3 0.00 15,360,000.00 1.00000000000
A4 0.00 14,554,000.00 1.00000000000
A5 0.00 2,986,264.35 0.72482144483
A6 0.00 0.00 0.00000000000
A7 0.00 0.00 0.00000000000
A8 0.00 0.00 0.00000000000
A9 0.00 10,739,000.00 1.00000000000
A10 0.00 60,000,000.00 1.00000000000
PO 0.00 169,430.67 0.63158417768
X 0.00 104,992,874.84 0.39120684992
AR 0.00 0.00 0.00000000000
M 0.00 3,647,792.26 0.97158233066
B1 0.00 3,647,792.26 0.97158233066
B2 0.00 2,480,499.24 0.97158232950
B3 0.00 875,469.51 0.97158231856
B4 0.00 875,469.51 0.97158231856
B5 0.00 486,518.16 0.53992901391
--------------------------------------------------------------
--------------------------------------------------------------
Totals 0.00 126,222,804.70
--------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE Distribution Date: 8/25/00
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
MORTGAGE PASS THROUGH CERTIFICATES
Attn: Courtney Bartholomew SERIES 1997-6
212-815-5795 CWMBS INC
Interest Distribution Detail
----------------------------------------------------------------------------------------------------------------------
Beginning Pass Accrued Cumulative Deferred Total
Certificate Through Optimal Unpaid Interest
Class Balance` Rate (%) Interest Interest Interest Due
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Al 0.00 6.750000 0.00 0.00 0.00 0.00
A2 13,993,315.33 6.750000 78,712.40 0.00 0.00 78,712.40
A3 15,360,000.00 6.750000 86,400.00 0.00 0.00 86,400.00
A4 14,554,000.00 6.750000 81,866.25 0.00 0.00 81,866.25
A5 3,028,090.71 7.250000 18,294.71 0.00 0.00 18,294.71
A6 0.00 7.250000 0.00 0.00 0.00 0.00
A7 0.00 7.250000 0.00 0.00 0.00 0.00
A8 0.00 7.250000 0.00 0.00 0.00 0.00
A9 10,739,000.00 7.250000 64,881.46 0.00 0.00 64,881.46
A10 60,000,000.00 7.250000 362,500.00 0.00 0.00 362,500.00
PO 175,251.99 0.000000 0.00 0.00 0.00 0.00
X 105,287,368.94 0.338646 29,712.65 0.00 0.00 29,712.65
AR 0.00 7.250000 0.00 0.00 0.00 0.00
M 3,651,441.28 7.250000 22,060.79 0.00 0.00 22,060.79
B1 3,651,441.28 7.250000 22,060.79 0.00 0.00 22,060.79
B2 2,482,980.57 7.250000 15,001.34 0.00 0.00 15,001.34
B3 876,345.27 7.250000 5,294.59 0.00 0.00 5,294.59
B4 876,345.27 7.250000 5,294.59 0.00 0.00 5,294.59
B5 487,004.84 7.250000 2,942.32 0.00 0.00 2,942.32
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Totals 126,847,125.83 795,021.89 0.00 0.00 795,021.89
----------------------------------------------------------------------------------------------------------------------
(Table Cont'd)
-----------------------------------------------------------------
Net Unscheduled Interest
Prepayment Interest Interest
Class Int Shortfall Adjustment Paid
-----------------------------------------------------------------
<S> <C> <C> <C>
Al 0.00 0.00 0.00
A2 0.00 0.00 78,712.40
A3 0.00 0.00 86,400.00
A4 0.00 0.00 81,866.25
A5 0.00 0.00 18,294.71
A6 0.00 0.00 0.00
A7 0.00 0.00 0.00
A8 0.00 0.00 0.00
A9 0.00 0.00 64,881.46
A10 0.00 0.00 362,500.00
PO 0.00 0.00 0.00
X 0.00 0.00 29,712.65
AR 0.00 0.00 1.06
M 0.00 0.00 22,060.79
B1 0.00 0.00 22,060.79
B2 0.00 0.00 15,001.34
B3 0.00 0.00 5,294.59
B4 0.00 0.00 5,294.59
B5 0.00 0.00 2,942.32
-----------------------------------------------------------------
-----------------------------------------------------------------
Totals 0.00 0.00 795,022.95
-----------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE Distribution Date: 8/25/00
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
MORTGAGE PASS THROUGH CERTIFICATES
Attn: Courtney Bartholomew SERIES 1997-6
212-815-5795 CWMBS INC
Current Payment Information
Factors per $1,000
-------------------------------------------------------------------------------------------------------------------------------
Original Beginning Cert.
Certificate Notional Principal Interest
Class Cusip Balance Balance Distribution Distribution
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Al 12669AAA2 9,740,000.00 0.000000000 0.000000000 0.000000000
A2 12669AAB0 20,086,000.00 696.670085260 30.194276515 3.918769230
A3 12669AAC8 15,360,000.00 1,000.000000000 0.000000000 5.625000000
A4 12669AAD6 14,554,000.00 1,000.000000000 0.000000000 5.625000000
A5 12669AAE4 4,120,000.00 734.973474256 0.000000000 4.440464740
A6 12669AAF1 39,147,500.00 0.000000000 0.000000000 0.000000000
A7 12669AAG9 110,004,500.00 0.000000000 0.000000000 0.000000000
A8 12669AAH7 7,694,000.00 0.000000000 0.000000000 0.000000000
A9 12669AAJ3 10,739,000.00 1,000.000000000 0.000000000 6.041666667
A10 12669AAKO 60,000,000.00 1,000.000000000 0.000000000 6.041666667
PO 12669AAI8 268,263.00 653.284251916 21.700074237 0.000000000
X 12669AAM6 268,381,995.00 392.304144471 0.000000000 0.110710290
AR N/A 200.00 0.000000000 0.000000000 5.317437980
M 12669AAP9 3,754,486.00 972.554239232 0.971908574 5.875848529
B1 12669AAQ7 3,754,486.00 972.554239232 0.971908574 5.875848529
B2 12669AAR5 2,553,051.00 972.554238075 0.971908573 5.875848522
B3 12669AAS3 901,076.00 972.554227126 0.971908562 5.875848456
B4 12669AAT1 901,076.00 972.554227126 0.971908562 5.875848456
B5 12669AAU8 901,078.00 540.469124229 0.540110315 3.265334292
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Totals 300,358,716.00 422.318777758 2.078585061 2.646911535
------------------------------------------------------------------------------------------------------------------------------
(Table Cont'd)
-----------------------------------------------------------
Ending Cert. Pass
Notional Through
Class Balance Rate (%)
-----------------------------------------------------------
<S> <C> <C>
Al 0.000000000 6.750000
A2 666.475808745 6.750000
A3 1,000.000000000 6.750000
A4 1,000.000000000 6.750000
A5 724.821444828 7.250000
A6 0.000000000 7.250000
A7 0.000000000 7.250000
A8 0.000000000 7.250000
A9 1,000.000000000 7.250000
A10 1,000.000000000 7.250000
PO 631.584177678 0.000000
X 391.206849923 0.338646
AR 0.000000000 7.250000
M 971.582330658 7.250000
B1 971.582330658 7.250000
B2 971.582329502 7.250000
B3 971.582318563 7.250000
B4 971.582318563 7.250000
B5 539.929013914 7.250000
------------------------------------------------------------
------------------------------------------------------------
Totals 420.240192730
------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE Distribution Date: 8/25/00
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
MORTGAGE PASS THROUGH CERTIFICATES
Attn: Courtney Bartholomew SERIES 1997-6
212-815-5795 CWMBS INC
<S> <C>
Pool Level Data
Distribution Date 8/25/00
Cut-off Date 9/1/97
Determination Date 8/1/00
Accrual Period Begin 7/1/00
End 8/1/00
Number of Days in Accrual Period 31
-------------------------------------------------------------------------------
Collateral Information
-------------------------------------------------------------------------------
Group 1
Cut Off Date Balance 300,358,902.03
Beginning Aggregate Pool Stated Principal Balance 126,847,314.10
Ending Aggregate Pool Stated Principal Balance 126,222,992.96
Beginning Aggregate Certificate Stated Principal Balance 126,847,125.83
Ending Aggregate Certificate Stated Principal Balance 126,222,804.69
Beginning Aggregate Loan Count 443
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 2
Ending Aggregate Loan Count 441
Beginning Weighted Average Loan Rate (WAC) 7.813848%
Ending Weighted Average Loan Rate (WAC) 7.814719%
Beginning Net Weighted Average Loan Rate 7.521071
Ending Net Weighted Average Loan Rate 7.521801
Weighted Average Maturity (WAM) (Months) 325
Servicer Advances 9,123.88
Aggregate Pool Prepayment 497,549.83
Pool Prepayment Rate 4.6067 CPR
-------------------------------------------------------------------------------
Certificate Information
-------------------------------------------------------------------------------
Group 1
Senior Percentage 90.5065282925%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 9.4934717075%
Subordinate Prepayment Percentage 0.0000000000%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 1,449,341.07
<PAGE>
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
---------------
Total Deposits 1,449,341.07
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 56,139.17
Payment of Sub Servicer Fees 3,570.45
Payment of Other Fees 30,948.33
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 1,419,344.09
---------------
Total Withdrawals 1,510,002.04
Ending Balance -29,712.65
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 0.00
Compensation for Gross PPIS from Servicing Fees 0.00
Other Gross PPIS Compensation 0.00
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 56,139.17
Sub Servicing Fees Paid 3,570.45
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
---------------
Other Fees Paid 30,948.33
---------------
Total Fees 90,657.95
-------------------------------------------------------------------------------
Delinquency Information
-------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Group 1
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
----------- ------------ ------------ -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 961,200.52 0.00 222,382.18 1,183,582.70
Percentage of Total Pool Balance 0.761510% 0.000000% 0.176182% 0.937692%
Number of Loans 4 0 1 5
Percentage of Total Loans 0.907029% 0.000000% 0.226757% 1.133787%
Foreclosure
-----------
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
<PAGE>
Foreclosure
-----------
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
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 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%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 115,121.83
-------------------------------------------------------------------------------
Subordination/Credit Enhancement Information
-------------------------------------------------------------------------------
Protection Original Current
---------- -------- -------
Bankruptcy Loss 50,000.00 50,000.00
Bankruptcy Percentage 0.016647% 0.039612%
Credit/Fraud Loss 6,007,178.00 0.00
Credit/Fraud Loss Percentage 2.000000% 0.000000%
Special Hazard Loss 3,003,589.00 1,739,174.64
Special Hazard Loss Percentage 1.000000% 1.377859%
Credit Support Original Current
-------------- -------- -------
Class A 300,358,716.00 126,222,804.69
Class A Percentage 100.000000% 100.000000%
</TABLE>
<PAGE>
