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): 10/27/97
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 October 27 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 October 27, 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: October 27, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 10/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
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-1 152,294,719.00 7.25000% 1,130,123.96 920,113.92 2,050,237.88 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 65,500,000.00 7.25000% 35,047.82 395,729.17 430,776.99 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 15,225,824.00 10.00000% 111,532.21 126,881.87 238,414.07 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 9,822,621.00 6.50000% 74,354.80 53,205.86 127,560.67 0.00 0.00
2856 A-12 9,644,433.00 6.50000% 334,596.62 52,240.68 386,837.30 0.00 0.00
2858 X 351,593,415.00 0.78700% N/A 230,661.18 230,661.18 0.00 0.00
2857 PO 11,486.03 N/A 7.78 N/A 7.78 0.00 N/A
Residual 2865 A-R 100.00 7.25000% 100.00 0.60 100.60 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
Subordinate 2859 B-1 9,407,000.00 7.25000% 5,033.51 56,833.96 61,867.47 0.00 0.00
2860 B-2 4,615,000.00 7.25000% 2,469.40 27,882.29 30,351.69 0.00 0.00
2861 B-3 2,840,000.00 7.25000% 1,519.63 17,158.33 18,677.96 0.00 0.00
2862 B-4 1,775,000.00 7.25000% 949.77 10,723.96 11,673.73 0.00 0.00
2863 B-5 887,500.00 7.25000% 474.88 5,361.98 5,836.86 0.00 0.00
2864 B-6 1,774,808.50 7.25000% 949.67 10,722.80 11,672.47 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
Totals -- -- 354,988,409.53 -- 1,697,160.05 2,375,313.43 4,072,473.48 -- --
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
--------------------------
- ---------------------------- Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- ------------------------------------------------------
Senior 2845 A-1 151,164,595.04 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 65,464,952.18 0.00
2850 A-6 12,750,000.00 0.00
2851 A-7 5,300,000.00 0.00
2852 A-8 15,114,291.79 0.00
2853 A-9 3,656,202.00 0.00
2854 A-10 4,386,528.00 0.00
2855 A-11 9,748,266.20 0.00
2856 A-12 9,309,836.38 0.00
2858 X 349,898,171.91 0.00
2857 PO 11,478.25 0.00
Residual 2865 A-R 0.00 0.00
- ------------------------------------------------------
Subordinate 2859 B-1 9,401,966.49 0.00
2860 B-2 4,612,530.60 0.00
2861 B-3 2,838,480.37 0.00
2862 B-4 1,774,050.23 0.00
2863 B-5 887,025.12 0.00
2864 B-6 1,773,858.83 0.00
- ------------------------------------------------------
Totals -- -- 353,291,249.48
- ------------------------------------------------------
<PAGE>
Payment Date: 10/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-I
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-9
-------------------------------------------------
Current Payment Information
Class Information
-----------------------------------------
- -------------------------------- Original Pass Thru Cusip
Type Class Code Name Cert. Bal.(Face) Rate Numbers
- -------------------------------------------------------------------------
Senior 2845 A-1 152,294,719.00 7.250000% 12669AAV6
2846 A-2 10,744,698.00 7.250000% 12669AAW4
2847 A-3 9,795,127.00 7.250000% 12669AAX2
2848 A-4 34,557,363.00 6.500000% 12669AAY0
2849 A-5 65,500,000.00 7.250000% 12669AAZ7
2850 A-6 12,750,000.00 7.250000% 12669ABA1
2851 A-7 5,300,000.00 7.250000% 12669ABB9
2852 A-8 15,225,824.00 10.000000% 12669ABC7
2853 A-9 3,656,202.00 7.000000% 12669ABD5
2854 A-10 4,386,528.00 7.150000% 12669ABE3
2855 A-11 9,822,621.00 6.500000% 12669ABF0
2856 A-12 9,644,433.00 6.500000% 12669ABG8
2858 X 351,593,415.00 0.787000% 12669ABJ2
2857 PO 11,486.00 N/A 12669ABH6
Residual 2865 A-R 100.00 7.250000% 12669ABK9
- -------------------------------------------------------------------------
Subordinates 2859 B-1 9,407,000.00 7.250000% 12669ABL7
2860 B-2 4,615,000.00 7.250000% 12669ABM5
2861 B-3 2,840,000.00 7.250000% 12669ABN3
2862 B-4 1,775,000.00 7.250000% 12669ABP8
2863 B-5 887,500.00 7.250000% 12669ABQ6
2864 B-6 1,774,809.00 7.250000% 12669ABR4
- -------------------------------------------------------------------------
Factors per $1,000
Class Information
---------------------------------------
- ------------------------------ Principal Interest Ending Cert./
Type Class Code Name Dist. Dist. Notional Bal.
- ---------------------------------------------------------------------
Senior 2845 A-1 7.420638 6.041667 992.579362
2846 A-2 0.000000 6.041667 1,000.000000
2847 A-3 0.000000 6.041667 1,000.000000
2848 A-4 0.000000 5.416667 1,000.000000
2849 A-5 0.535081 6.041667 999.464919
2850 A-6 0.000000 6.041667 1,000.000000
2851 A-7 0.000000 6.041667 1,000.000000
2852 A-8 7.325200 8.333333 992.674800
2853 A-9 0.000000 5.833333 1,000.000000
2854 A-10 0.000000 5.958333 1,000.000000
2855 A-11 7.569752 5.416667 992.430248
2856 A-12 34.693239 5.416667 965.306761
2858 X 0.000000 0.656045 995.178399
2857 PO 0.676972 0.000000 999.325640
Residual 2865 A-R 1,000.000000 6.041667 0.000000
- ---------------------------------------------------------------------
Subordinates 2859 B-1 0.535081 6.041667 999.464919
2860 B-2 0.535081 6.041667 999.464919
2861 B-3 0.535081 6.041667 999.464919
2862 B-4 0.535081 6.041667 999.464919
2863 B-5 0.535081 6.041667 999.464919
2864 B-6 0.535081 6.041665 999.464637
- ---------------------------------------------------------------------
<PAGE>
Payment Date: 10/27/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-I
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-9
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 354,988,409.53 354,988,409.53
Aggregate Loan count 2,463 2,463
Weighted average loan rate 8.029491% 8.029491%
Aggregate prepayment amount 1,507,210.76 1,507,210.76
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 36,977.96 36,977.96
Monthly sub servicer fees 74,183.06 74,183.06
Monthly trustee feees 2,662.42 2,662.42
Aggregate advances 14,784.43 14,784.43
Advances this Period 14,784.43 14,784.43
- --------------------------------------------------------------------------------
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 7,099,768.00 7,099,768.00
Special Hazard 3,549,884.00 3,549,884.00
Aggregate Certificate Information
- --------------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
- --------------------------------------------------------------------------------
Senior 93.999805% 100.000000% 331,991,859.59
- --------------------------------------------------------------------------------
Subordinate 6.000195% 0.000000% 21,287,911.64
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 16 1,938,511.76
60 to 89 days 0 0.00
90 or more 0 0.00
Forclosure 0 0.00
Totals: 16 1,938,511.76
- --------------------------------------------------------------------------------
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 4,072,473.46 4,072,473.46
Principal remittance amount 1,697,160.05 1,697,160.05
Interest remittance amount 2,375,313.42 2,375,313.42
Transfer Balance 0.00 0.00
