SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 12/26/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-I)
(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-I
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-I, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 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-I relating to the distribution date of December 26, 1997 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of September 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: December 26, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 12/26/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-I
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-9
-------------------------------------------------
<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 2845 A-1 149,874,686.69 7.25000% 2,799,429.06 905,492.89 3,704,921.95 0.00 0.00
2846 A-2 10,744,698.00 7.25000% 0.00 64,915.88 64,915.88 0.00 0.00
2847 A-3 9,795,127.00 7.25000% 0.00 59,178.89 59,178.89 0.00 0.00
2848 A-4 34,557,363.00 6.50000% 0.00 187,185.72 187,185.72 0.00 0.00
2849 A-5 65,423,134.78 7.25000% 42,052.82 395,264.77 437,317.60 0.00 0.00
2850 A-6 12,750,000.00 7.25000% 0.00 77,031.25 77,031.25 0.00 0.00
2851 A-7 5,300,000.00 7.25000% 0.00 32,020.83 32,020.83 0.00 0.00
2852 A-8 14,986,990.42 10.00000% 276,276.33 124,891.59 401,167.92 0.00 0.00
2853 A-9 3,656,202.00 7.00000% 0.00 21,327.85 21,327.85 0.00 0.00
2854 A-10 4,386,528.00 7.15000% 0.00 26,136.40 26,136.40 0.00 0.00
2855 A-11 9,663,398.62 6.50000% 184,184.22 52,343.41 236,527.62 0.00 0.00
2856 A-12 8,927,932.27 6.50000% 828,829.00 48,359.63 877,188.63 0.00 0.00
2858 X 347,962,649.21 0.78509% N/A 227,653.06 227,653.06 0.00 0.00
2857 PO 11,468.00 N/A 8.67 N/A 8.67 0.00 N/A
Residual 2865 A-R 0.00 7.25000% 0.00 0.00 0.00 0.00 0.00
Subordinate 2859 B-1 9,395,960.75 7.25000% 6,039.56 56,767.26 62,806.82 0.00 0.00
2860 B-2 4,609,584.23 7.25000% 2,962.96 27,849.57 30,812.53 0.00 0.00
2861 B-3 2,836,667.22 7.25000% 1,823.36 17,138.20 18,961.56 0.00 0.00
2862 B-4 1,772,917.01 7.25000% 1,139.60 10,711.37 11,850.97 0.00 0.00
2863 B-5 886,458.51 7.25000% 569.80 5,355.69 5,925.49 0.00 0.00
2864 B-6 1,772,725.74 7.25000% 1,139.48 10,710.22 11,849.69 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
Totals - - 380,800,375.92 - 7,384,549.80 2,593,710.98 9,978,260.78 - -
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information ------------------------------------
- --------------------------- Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- ---------------------------------------------------------------
Senior 2845 A-1 147,075,257.63 0.00
2846 A-2 10,744,698.00 0.00
2847 A-3 9,795,127.00 0.00
2848 A-4 34,557,363.00 0.00
2849 A-5 65,381,081.95 0.00
2850 A-6 12,750,000.00 0.00
2851 A-7 5,300,000.00 0.00
2852 A-8 14,710,714.09 0.00
2853 A-9 3,656,202.00 0.00
2854 A-10 4,386,528.00 0.00
2855 A-11 9,479,214.41 0.00
2856 A-12 8,099,103.28 0.00
2858 X 343,820,777.55 0.00
2857 PO 11,459.33 0.00
Residual 2865 A-R 0.00 0.00
Subordinate 2859 B-1 9,389,921.19 0.00
2860 B-2 4,606,621.27 0.00
2861 B-3 2,834,843.86 0.00
2862 B-4 1,771,777.41 0.00
2863 B-5 885,888.71 0.00
2864 B-6 1,771,586.26 0.00
- ----------------------------------------------------------------
Totals - - 347,207,387.40
- ----------------------------------------------------------------
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-I
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-8
-------------------------------------------------
<TABLE>
<CAPTION>
Current Payment Information
Class 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> <C>
Senior 2845 A-1 152,294,719.00 7.250000% 12669AAV6 18.381655 5.945662 965.727890
2846 A-2 10,744,698.00 7.250000% 12669AAW4 0.000000 6.041667 1,000.000000
2847 A-3 9,795,127.00 7.250000% 12669AAX2 0.000000 6.041667 1,000.000000
2848 A-4 34,557,363.00 6.500000% 12669AAY0 0.000000 5.416667 1,000.000000
2849 A-5 65,500,000.00 7.250000% 12669AAZ7 0.642028 6.034577 998.184457
2850 A-6 12,750,000.00 7.250000% 12669ABA1 0.000000 6.041667 1,000.000000
2851 A-7 5,300,000.00 7.250000% 12669ABB9 0.000000 6.041667 1,000.000000
2852 A-8 15,225,824.00 10.000000% 12669ABC7 18.145247 8.202616 966.168668
2853 A-9 3,656,202.00 7.000000% 12669ABD5 0.000000 5.833333 1,000.000000
2854 A-10 4,386,528.00 7.150000% 12669ABE3 0.000000 5.958333 1,000.000000
2855 A-11 9,822,621.00 6.500000% 12669ABF0 18.751025 5.328864 965.039210
2856 A-12 9,644,433.00 6.500000% 12669ABG8 85.938592 5.014254 839.769770
2858 X 351,593,415.00 0.785095% 12669ABJ2 0.000000 0.647490 977.893109
2857 PO 11,486.00 N/A 12669ABH6 0.754902 0.000000 997.678139
Residual 2865 A-R 100.00 7.250000% 12669ABK9 0.000000 0.000000 0.000000
Subordinates 2859 B-1 9,407,000.00 7.250000% 12669ABL7 0.642028 6.034577 998.184457
2860 B-2 4,615,000.00 7.250000% 12669ABM5 0.642028 6.034577 998.184457
2861 B-3 2,840,000.00 7.250000% 12669ABN3 0.642028 6.034577 998.184457
2862 B-4 1,775,000.00 7.250000% 12669ABP8 0.642028 6.034577 998.184457
2863 B-5 887,500.00 7.250000% 12669ABQ6 0.642028 6.034577 998.184457
2864 B-6 1,774,809.00 7.250000% 12669ABR4 0.642028 6.034575 998.184176
</TABLE>
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-I
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-8s
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Aggregate stated principal balance 351,351,842.23 Total
Aggregate Loan count 2,447 351,351,842.23
Weighted average loan rate 8.027285% 2,447
Aggregate prepayment amount 3,918,610.95 8.027285%
3,918,610.95
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
Monthly master servicing fees 36,599.15 36,599.15
Monthly sub servicer fees 73,424.98 73,424.98
Monthly trustee feees 2,635.14 2,635.14
Aggregate advances 51,770.63 51,770.63
Advances this Period 46,037.64 46,037.64
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
0.00
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00
Total
Coverage Amounts 100,000.00
- ---------------- 7,099,768.00
Bankruptcy 100,000.00 3,549,884.00
Fraud 7,099,768.00
Special Hazard 3,549,884.00
- -------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
- -------------------------------------------------------------------
Senior 93.944814% 100.000000% 325,935,289.36
Subordinate 6.055186% 0.000000% 21,260,638.70
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
30 to 59 days 42 5,207,630.98
60 to 89 days 4 728,288.13
90 or more 0 0.00
Forclosure 0 0.00
Totals: 46 5,935,919.11
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balalnce 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
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 6,494,789.33 6,494,789.33
Principal remittance amount 4,144,454.84 4,144,454.84
Interest remittance amount 2,350,334.49 2,350,334.49
Transfer Balance 0.00 0.00
