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-J)
(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-J
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 October 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 October 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 1997-J
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-10
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<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 2927 A-1 38,053,235.51 7.250000% 1,000,778.91 229,904.96 1,230,683.87 0.00 0.00
2928 A-2 26,947,200.00 7.250000% 0.00 162,806.00 162,806.00 0.00 0.00
2929 A-3 1,609,666.67 7.250000% 0.00 0.00 0.00 0.00 0.00
2930 A-4 88,723,563.23 7.250000% 910,151.48 536,038.19 1,446,189.68 0.00 0.00
2931 A-5 30,425,485.00 7.250000% 0.00 183,820.64 183,820.64 0.00 0.00
2932 X 197,245,995.73 0.750865% n/a 123,420.89 123,420.89 n/a 0.00
- --------------------------------------------------------------------------------------------------------------------------
Residual 2933 A-R 100.00 7.250000% 0.00 0.60 0.60 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
Subordinates 2934 B-1 5,493,679.97 7.250000% 3,449.25 33,190.98 36,640.23 0.00 0.00
2935 B-2 2,197,457.20 7.250000% 1,379.69 13,276.30 14,655.99 0.00 0.00
2936 B-3 1,398,381.22 7.250000% 877.98 8,448.55 9,326.54 0.00 0.00
2937 B-4 998,844.73 7.250000% 627.13 6,034.69 6,661.82 0.00 0.00
2938 B-5 599,306.24 7.250000% 376.28 3,620.81 3,997.09 0.00 0.00
2939 B-6 799,075.98 7.250000% 501.71 4,827.75 5,329.46 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
--- 197,245,995.73 --- 1,918,142.43 1,305,390.38 3,223,532.81 --- ---
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
- ----------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- ----------------------------------------------------------
Senior 2927 A-1 37,052,456.61 0.00
2928 A-2 26,947,200.00 0.00
2929 A-3 1,619,391.74 9,725.07
2930 A-4 87,813,411.74 0.00
2931 A-5 30,425,485.00 0.00
2932 X 195,337,578.37 0.00
- ----------------------------------------------------------
Residual 2933 A-R 100.00 0.00
- ----------------------------------------------------------
Subordinates 2934 B-1 5,490,230.72 0.00
2935 B-2 2,196,077.51 0.00
2936 B-3 1,397,503.23 0.00
2937 B-4 998,217.59 0.00
2938 B-5 598,929.96 0.00
2939 B-6 798,574.27 0.00
- ----------------------------------------------------------
- ----------------------------------------------------------
--- 195,337,578.37 9,725.07
- ----------------------------------------------------------
<PAGE>
Payment Date: 12/26/97
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INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-J
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-10
- --------------------------------------------------------------------------------
<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
2928 A-2 26,947,200.00 7.250000% 12669ADC5 0.000000 6.041667 1,000.000000
2929 A-3 1,600,000.00 7.250000% 12669ADD3 0.000000 0.000000 1,012.119835
2930 A-4 90,000,000.00 7.250000% 12669ADE1 10.112794 5.955980 975.704575
2931 A-5 30,425,485.00 7.250000% 12669ADF8 0.000000 6.041667 1,000.000000
2932 X 199,921,085.00 0.750865% 12669ADL5 0.000000 0.617348 977.073421
- --------------------------------------------------------------------------------------------------------------
Residual 2933 A-R 100.00 7.250000% 12669ADG6 0.000000 6.000000 1,000.000000
- --------------------------------------------------------------------------------------------------------------
Subordinates 2934 B-1 5,497,867.00 7.250000% 12669ADH4 0.627379 6.037065 998.611046
2935 B-2 2,199,132.00 7.250000% 12669ADJ0 0.627379 6.037065 998.611046
2936 B-3 1,399,447.00 7.250000% 12669ADK7 0.627379 6.037065 998.611046
2937 B-4 999,606.00 7.250000% 12669ADQ4 0.627379 6.037065 998.611046
2938 B-5 599,763.00 7.250000% 12669ADR2 0.627379 6.037065 998.611046
2939 B-6 799,685.00 7.250000% 12669ADS0 0.627379 6.037065 998.611046
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Totals -- -- 199,921,085.00 -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/26/97
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INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-J
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-10
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- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 197,245,995.73 197,245,995.73
Aggregate Loan count 2,133 2,133
Weighted average loan rate (WAC) 8.384709% 8.384709%
Aggregate prepayment amount 1,784,575.01 1,784,575.01
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 20,520.83 20,520.83
Monthly sub servicer fees 41,092.92 41,092.92
Monthly trustee feees 1,479.34 1,479.34
Aggregate advances 27,924.77 27,924.77
Advances this Period 27,924.77 27,924.77
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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 3,998,422.00 3,998,422.00
Special Hazard 2,996,258.00 2,996,258.00
Aggregate Certificate Information
------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
------------------------------------------------------------------
Senior 94.176437% 100.000000% 183,858,045.09
------------------------------------------------------------------
Subordinate 5.823563% 0.000000% 11,479,533.28
------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 34 3,615,214.22
60 to 90 days 0 0.00
91 or more 0 0.00
Forclosure 0 0.00
Totals: 34 3,615,214.22
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
Totals: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawl Total/Ending Bal.
---------------- -----------------
Available remittance amount 3,223,532.81 3,223,532.81
Principal remittance amount 1,908,417.36 1,908,417.36
Interest remittance amount 1,315,115.45 1,315,115.45
