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): 6/25/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-B)
(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-B
On June 25 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage Pass
Through Certificates Series 1997-B, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 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-B relating to the distribution date of June 25, 1997 prepared by The
Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of February 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: June 25, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 06/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-B
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-2
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest Ending Cert./
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls Notional Bal.
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2303 A-1 27,046,343.05 7.125000% 985,903.15 160,587.66 1,146,490.81 0.00 0.00 26,060,439.90
2304 A-2 23,968,000.00 7.125000% 0.00 142,310.00 142,310.00 0.00 0.00 23,968,000.00
2308 A-3 52,622,171.53 9.000000% 492,951.58 394,666.29 887,617.87 0.00 0.00 52,129,219.95
2309 A-4 16,780,000.00 7.125000% 0.00 99,631.25 99,631.25 0.00 0.00 16,780,000.00
2310 A-5 17,034,000.00 7.125000% 0.00 101,139.38 101,139.38 0.00 0.00 17,034,000.00
2311 A-6 20,416,000.00 7.125000% 0.00 121,220.00 121,220.00 0.00 0.00 20,416,000.00
2312 A-7 23,559,000.00 7.750000% 0.00 152,151.88 152,151.88 0.00 0.00 23,559,000.00
2317 A-8 40,198,000.00 7.750000% 0.00 259,612.08 259,612.08 0.00 0.00 40,198,000.00
2318 PO 298,614.29 NA 346.48 NA 346.48 0.00 0.00 298,267.81
2320 X 219,476,977.71 0.625668% NA 114,433.16 114,433.16 0.00 0.00 218,009,211.36
- ----------------------------------------------------------------------------------------------------------------------------
2321 A-R 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
2322 B-1 10,047,656.55 7.750000% 6,184.63 64,891.12 71,075.75 0.00 0.00 10,041,471.92
2323 B-2 3,308,654.50 7.750000% 2,036.58 21,368.39 23,404.97 0.00 0.00 3,306,617.92
2324 B-3 2,082,746.64 7.750000% 1,281.99 13,451.07 14,733.06 0.00 0.00 2,081,464.64
2335 B-4 1,225,907.86 7.750000% 754.58 7,917.32 8,671.90 0.00 0.00 1,225,153.28
2336 B-5 612,455.19 7.750000% 376.98 3,955.44 4,332.42 0.00 0.00 612,078.20
2337 B-6 1,103,212.83 7.750000% 679.06 7,124.92 7,803.98 0.00 0.00 1,102,533.77
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Totals -- 240,302,762.44 -- 1,490,515.04 1,664,459.95 3,154,974.99 0.00 0.00 238,812,247.40
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------
Unpaid
Class Code Name Interest
- --------------------------
2303 A-1 0.00
2304 A-2 0.00
2308 A-3 0.00
2309 A-4 0.00
2310 A-5 0.00
2311 A-6 0.00
2312 A-7 0.00
2317 A-8 0.00
2318 PO 0.00
2320 X 0.00
- --------------------------
2321 A-R 0.00
- --------------------------
2322 B-1 0.00
2323 B-2 0.00
2324 B-3 0.00
2335 B-4 0.00
2336 B-5 0.00
2337 B-6 0.00
- --------------------------
- --------------------------
Totals -- 0.00
- --------------------------
<PAGE>
Payment Date: 06/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-B
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-2
-------------------------------------------------
Original Certificate Information
Class Information
-------------------------------------
- ------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- --------------------------------------------------------
Senior A-1 30,606,000.00 7.125000% 126691-R30
A-2 23,968,000.00 7.125000% 126691-R48
A-3 54,402,000.00 9.000000% 126691-R55
A-4 16,780,000.00 7.125000% 126691-R63
A-5 17,034,000.00 7.125000% 126691-R71
A-6 20,416,000.00 7.125000% 126691-R89
A-7 23,559,000.00 7.750000% 126691-R97
A-8 40,198,000.00 7.750000% 126691-S21
PO 299,268.62 NA 126691-S39
X 224,818,682.13 0.628000% 126691-S47
- --------------------------------------------------------
Residual A-R 100.00 7.750000% 126691-S54
- --------------------------------------------------------
Subordinate B-1 10,073,000.00 7.750000% 126691-S62
B-2 3,317,000.00 7.750000% 126691-S70
B-3 2,088,000.00 7.750000% 126691-S88
B-4 1,229,000.00 7.750000% N/A
B-5 614,000.00 7.750000% N/A
B-6 1,105,995.49 7.750000% N/A
- --------------------------------------------------------
- --------------------------------------------------------
Totals -- 245,689,364.11 -- --
- --------------------------------------------------------
Factors per $1,000
Class Information
----------------------------------------
- ----------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- ----------------- ----------------------------------------
Senior A-1 2.21274097 5.24693400 851.48140561
A-2 0.00000000 5.93750000 000.00000000
A-3 9.06127679 7.25462826 958.22249090
A-4 0.00000000 5.93750000 000.00000000
A-5 0.00000000 5.93750000 000.00000000
A-6 0.00000000 5.93750000 000.00000000
A-7 0.00000000 6.45833333 000.00000000
A-8 0.00000000 6.45833333 000.00000000
PO 1.15776054 0.00000000 996.65582245
X 0.00000000 0.50900202 969.71127708
- ----------------- ----------------------------------------
Residual A-R 0.00000000 0.00000000 0.00000000
- ----------------- ----------------------------------------
Subordinate B-1 0.61398112 6.44208431 996.87004059
B-2 0.61398112 6.44208431 996.87004059
B-3 0.61398112 6.44208431 996.87004059
B-4 0.61398112 6.44208431 996.87004059
B-5 0.61398112 6.44208431 996.87004059
B-6 0.61398112 6.44208431 996.87004059
- ----------------- ----------------------------------------
- ----------------- ----------------------------------------
Totals -- 6.06666489 6.77465205 972.00889534
- ----------------- ----------------------------------------
<PAGE>
Payment Date: 06/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-B
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-2
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Aggregate Stated Principal Balance 240,302,762.44
Aggregate Prepayment Amount 1,342,574.35
Aggregate Liquidation Proceeds 0.00
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 17,451.18
Monthly servicer fees paid 50,419.77
Advances included in this distribution 39,530.12
Aggregate Advances Outstanding 49,770.48
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 4,913,787.00
Special Hazrad Loss Coverage Amount 2,793,800.30
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Available remittance amount 3,154,974.99
Principal remittance amount 1,490,515.04
Interest remittance amount 1,664,459.95
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- --------------------------------------------------------------------------------
Senior 92.29843057% 100.00000000% 220,144,659.85
Subordinate 7.70156943% 0.00000000% 18,369,319.74
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 27 3,903,452.72
2 mos. 3 829,328.48
3+MOS. 2 218,800.00
In foreclosure 0 0.00
Totals 32 4,951,581.20
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0
Total Market Value of REO Properties Not Available
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance Date of Acquisition
----------- ------------------------ -------------------
0.00 0
0.00 0
0.00 0
- --------------------------------------------------------------------------------
Aggregate Amount of the Scheduled Payments on all
60+ day delinqencies for the past 12 month rolling period
- --------------------------------------------------------------------------------
06/25/97 0.00
05/27/97 0.00
04/25/97 0.00
03/25/97 0.00
DATE 0.00
