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-A SPMD)
(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-A SPMD
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-A SPMD, 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-A SPMD 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
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INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES SPMD 1997-A
- --------------------------------------------------------------------------------
<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> <C>
Senior AF-1 66,329,745.53 5.808750% 3,649,214.62 331,780.01 3,980,994.62 0.00 0.00
AF-2 31,000,000.00 6.430000% 0.00 166,108.33 166,108.33 0.00 0.00
AF-3 19,000,000.00 6.700000% 0.00 106,083.33 106,083.33 0.00 0.00
AF-4 15,026,369.00 7.050000% 0.00 88,279.92 88,279.92 0.00 0.00
AF-5 13,500,000.00 6.640000% 0.00 74,700.00 74,700.00 0.00 0.00
AF-X 85,130,573.96 1.500000% n/a 106,413.22 106,413.22 0.00 0.00
AV-1 75,928,235.37 5.918750% 2,523,498.90 386,983.54 2,910,482.44 0.00 0.00
Residual R 0.00 7.390000% 0.00 0.00 0.00 0.00 0.00
OC-1 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
OC-2 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
Subordinate MF-1 7,560,000.00 6.880000% 0.00 43,344.00 43,344.00 0.00 0.00
MF-2 1,985,000.00 7.080000% 0.00 11,711.50 11,711.50 0.00 0.00
BF-1 1,596,719.38 7.390000% 0.00 9,833.13 9,833.13 0.00 0.00
MV-1 4,362,000.00 6.118750% 0.00 22,983.04 22,983.04 0.00 0.00
MV-2 2,181,000.00 6.318750% 0.00 11,867.14 11,867.14 0.00 0.00
BV-1 1,526,922.54 6.718750% 0.00 8,834.15 8,834.15 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 239,995,991.82 - 6,172,713.52 1,368,921.31 7,541,634.83 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
- ----------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- ----------------------------------------------------------
Senior AF-1 62,680,530.91 0.00
AF-2 31,000,000.00 0.00
AF-3 19,000,000.00 0.00
AF-4 15,026,369.00 0.00
AF-5 13,500,000.00 0.00
AF-X 83,029,402.29 0.00
AV-1 73,404,736.47 0.00
Residual R 0.00 0.00
OC-1 0.00 0.00
OC-2 0.00 0.00
- ----------------------------------------------------------
Subordinate MF-1 7,560,000.00 0.00
MF-2 1,985,000.00 0.00
BF-1 1,596,719.38 0.00
MV-1 4,362,000.00 0.00
MV-2 2,181,000.00 0.00
BV-1 1,526,922.54 0.00
- ----------------------------------------------------------
- ----------------------------------------------------------
Totals - - 233,823,278.30
- ----------------------------------------------------------
<PAGE>
Payment Date: 12/26/97
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INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES SPMD 1997-A
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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> <C>
Senior 2927 A-1 39,452,800.00 7.250000% 12669ADB7 25.366486 5.827342 939.159112
Senior AF-1 69,500,000.00 5.808750% 12669A-BT0 52.506685 4.773813 901.878143
AF-2 31,000,000.00 6.430000% 12669A-BU7 0.000000 5.358333 1,000.000000
AF-3 19,000,000.00 6.700000% 12669A-BV5 0.000000 5.583333 1,000.000000
AF-4 15,026,369.00 7.050000% 12669A-BW3 0.000000 5.875000 1,000.000000
AF-5 13,500,000.00 6.640000% 12669A-BX1 0.000000 5.533333 1,000.000000
AF-X 88,000,000.00 1.500000% 12669A-BY9 0.000000 1.209241 943.515935
AV-1 79,173,000.00 5.918750% 12669A-CC6 31.873226 4.887822 927.143552
Residual R 50.00 7.390000% 12669A-CG7 0.000000 0.000000 0.000000
OC-1 0.00 0.000000% n/a
OC-2 0.00 0.000000% n/a
- --------------------------------------------------------------------------------------------------------------
Subordinate MF-1 7,560,000.00 6.880000% 12669A-BZ6 0.000000 5.733333 1,000.000000
MF-2 1,985,000.00 7.080000% 12669A-CA0 0.000000 5.900000 1,000.000000
BF-1 1,596,719.38 7.390000% 12669A-CB8 0.000000 6.158333 1,000.000000
MV-1 4,362,000.00 6.118750% 12669A-CD4 0.000000 5.268924 1,000.000000
MV-2 2,181,000.00 6.318750% 12669A-CE2 0.000000 5.441146 1,000.000000
BV-1 1,526,922.54 6.718750% 12669A-CF9 0.000000 5.785590 1,000.000000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Totals - - 246,411,060.92 - - - - -
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total/Wtd. Avg.
------- ------- ---------------
<S> <C> <C> <C>
Aggregate Pool Stated Principal Balance (next) 152,920,838.18 81,985,276.82 234,906,115.00
Aggregate Loan Count 1,709 660 2,369
Weighted Average Loan Rate (WAC) 9.795786% 10.035738% 9.862636%
Aggregate Prepayment Amount 3,283,866.04 2,246,010.42 5,529,876.46
</TABLE>
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Monthly Master Servicing Fees 65,124.46 35,113.58 100,238.04
Monthly Sub Servicer Fees 0.00 0.00 0.00
Monthly Trustee Fees 1,172.24 632.04 1,804.28
Aggregate Advances 62,526.75 27,936.78 90,463.53
Advances this Period 46,021.33 39,130.10 85,151.43
</TABLE>
- --------------------------------------------------------------------------------
LOSSES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Net Realized Losses (this period) 0.00 0.00 0.00
Cumulative Losses (from Cut-Off) 0.00 0.00 0.00
</TABLE>
- --------------------------------------------------------------------------------
COLLATERALIZATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Net Monthly Excess Cash Flow 271,340.46 236,184.39 507,524.85
Allocated:
Certificates 271,340.46 236,184.39 507,524.85
Applied Realized Losses 0.00 0.00 0.00
Subordinated Amount 572,218.89 510,617.81 1,082,836.70
Required Subordinated Amount 1,591,681.38 1,526,751.14 3,118,432.53
Trigger Event Test Result FAIL FAIL
<CAPTION>
Aggregate Certificate Information
- ---------------------------------------------------------------------------------------------------------------------
Class Group 1 Agg. Group 2 Agg. Group 1 Agg. Group 2 Agg. Group 1 Agg. Group 2 Agg.
Type Percentages Percentages Prepay Pct. Prepay Pct. End Cert. Bal. End Cert. Bal.
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
All n/a n/a n/a n/a 152,348,619.29 81,474,659.01
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Group 1
- -------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 32 3,466,902.34
60 to 90 days 13 1,529,713.02
91 or more 2 190,439.51
Forclosure 0 0.00
REO's 0 0.00
Totals: 47 5,187,054.87
Group 2
- -------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 19 2,066,737.61
60 to 90 days 6 804,829.57
91 or more 2 229,949.30
Forclosure 1 74,951.83
REO's 0 0.00
Totals: 28 3,176,468.31
- --------------------------------------------------------------------------------
NEW REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
Group 1 n/a # 0.00 n/a
- -------
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
Totals: 0.00 0.00
Group 2 n/a # 0.00 n/a
- -------
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
Totals: 0.00 0.00
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Group 1 Group 2 Total
------- ------- -----
Available Remittance Amount 4,587,468.06 2,954,166.77 7,541,634.83
Principal Remittance Amount 3,377,874.16 2,287,314.51 5,665,188.67
Interest Remittance Amount 1,209,593.90 666,852.26 1,876,446.16
