<PAGE>
Rule 242(b)(5)
File No. 33-84910
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED March 27, 1995
(To Prospectus dated November 23, 1994)
CWMBS, INC.
Depositor
(INMC LOGO)
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1995-F
_________________________
This Supplement relates to the offering by the Seller of the Class PO
Certificates of the Series referenced above. This Supplement does not
contain complete information about the offering of the Class PO Certificates.
Additional information is contained in the Prospectus Supplement dated March
27, 1995 (the "Prospectus Supplement") prepared in connection with the
offering of the Offered Certificates of the Series referenced above and in
the Prospectus of the Depositor dated November 23, 1994 (the "Prospectus").
Prospective purchasers are urged to read this Supplement, the Prospectus
Supplement and the Prospectus in full.
As of June 25, 1996 (the "Certificate Date"), the Class Certificate
Balance of the Class PO Certificates was approximately $1,471,948.
THE CLASS PO CERTIFICATES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THE CLASS PO CERTIFICATES NOR THE
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL ENTITY, THE
DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR
AFFILIATES OR ANY OTHER PERSON. DISTRIBUTIONS ON THE CLASS PO CERTIFICATES
WILL BE PAYABLE SOLELY FROM THE ASSETS TRANSFERRED TO THE TRUST FUND FOR THE
BENEFIT OF CERTIFICATEHOLDERS.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
The Class PO Certificates offered hereby will be purchased by Donaldson,
Lufkin & Jenrette Securities Corporation (the "Underwriter") from the Seller
and will be offered by the Underwriter from time to time in negotiated
transactions or otherwise at varying prices to be determined at the time of
sale. Proceeds to the Seller from the sale of the Class PO Certificates are
expected to be approximately 71.0% of the aggregate principal balance of the
Class PO Certificates as of the Certificate Date, before deducting sale
expenses payable by the Seller.
The Class PO Certificates are offered by the Underwriter, subject to
prior sale, when, as and if delivered to and accepted by the Underwriter and
subject to its right to reject orders in whole or in part. It is expected
that the Class PO Certificates will be delivered at the offices of the
Underwriter in New York, New York, on or about June 28, 1996.
DONALDSON, LUFKIN & JENRETTE
SECURITIES CORPORATION
JUNE 28, 1996
<PAGE>
UNTIL NINETY DAYS AFTER THE DATE OF THIS SUPPLEMENT, ALL DEALERS
EFFECTING TRANSACTIONS IN THE CLASS PO CERTIFICATES, WHETHER OR NOT
PARTICIPATING IN THIS DISTRIBUTION, MAY BE REQUIRED TO DELIVER A SUPPLEMENT,
THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. THIS IS IN ADDITION TO THE
OBLIGATION OF DEALERS TO DELIVER A SUPPLEMENT, THE PROSPECTUS SUPPLEMENT AND
THE PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO THEIR UNSOLD
ALLOTMENTS OR SUBSCRIPTIONS.
This Supplement is qualified in its entirety by reference to the
detailed information appearing in the accompanying Prospectus Supplement and
Prospectus. Certain capitalized terms used in this Supplement are defined
in the Prospectus Supplement or the Prospectus.
SS-2
<PAGE>
THE MORTGAGE POOL
As of June 1, 1996 (the "Reference Date"), the Mortgage Pool included
approximately 1,632 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $118,228,645. As of the Reference Date, the
Mortgage Pool included approximately 177 Mortgage Loans having Adjusted Net
Mortgage Rates ("ANMRs") less than 8.25% (each such Mortgage Loan, a
"Discount Mortgage Loan"). As of the Reference Date, the Discount Mortgage
Loans had an aggregate Stated Principal Balance of approximately $18,791,138
and a weighted average ANMR of approximately 7.60%.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
AS OF
JUNE 1, 1996
------------
<S> <C>
Total Number of Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . 1,632
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.49%
60-89 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.74%
90 days or more (excluding pending foreclosures) . . . . . . . . . . . 0.25%
-----
Total Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.48%
=====
Foreclosures Pending . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.06%
-----
Total delinquencies and foreclosures pending . . . . . . . . . . . . . . . 4.54%
=====
</TABLE>
______________
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
None of the Mortgage Loans have been converted to REO as of the
Reference Date and, as of the Reference Date, there have been no Realized
Losses.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 1 in tabular format. Other than with respect to
rates of interest, percentages (approximate) are stated in such tables by
Stated Principal Balance of the Mortgage Loans as of the Reference Date and
have been rounded in order to total 100.00%.
SS-3
<PAGE>
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
INMC will continue to act as Master Servicer under the Agreement.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency and foreclosure
experience, respectively, as of December 31, 1994, December 31, 1995 and
March 31, 1996 on approximately $6.8 billion, $9.4 billion and $9.9 billion,
respectively, in outstanding principal balance of conventional mortgage loans
master serviced by the Master Servicer. INMC commenced master servicing
conventional mortgage loans during April 1993. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of the servicing portfolio because many of such mortgage loans were
not outstanding long enough to give rise to some or all of the indicated
periods of delinquency. Accordingly, the information should not be
considered as a basis for assessing the likelihood, amount or severity of
delinquency or losses on the Mortgage Loans, and no assurances can be given
that the foreclosure and delinquency experience presented in the table below
will be indicative of such experience on the Mortgage Loans in the future:
<TABLE>
<CAPTION> As of As of
December 31, March 31,
---------------------- ------------
1994 1995 1996
--------- --------- ------------
<S> <C> <C> <C>
Total Number of Conventional Mortgage Loans in
Portfolio . . . . . . . . . . . . . . . . . . . . 30,803 53,101 57,435
Delinquent Mortgage Loans and Pending Foreclosures at
Period End(1):
30-59 days . . . . . . . . . . . . . . . . . 0.83% 2.30% 2.12%
60-89 days . . . . . . . . . . . . . . . . . 0.13 0.42 0.46
90 days or more (excluding pending foreclosures) . . . 0.09 0.38 0.42
--------- --------- ------------
Total Delinquencies . . . . . . . . . . . . . . . 1.05% 3.10% 3.00%
========= ========= ============
Foreclosures pending . . . . . . . . . . . . . . . . . 0.07 0.30 0.43
--------- --------- ------------
Total delinquencies and foreclosures pending . . . . . 1.12% 3.40% 3.43%
========= ========= ============
</TABLE>
______________
(1) As a percentage of the total number of loans master serviced.
DESCRIPTION OF THE CLASS PO CERTIFICATES
The Class PO Certificates are Principal Only Certificates and do not
bear interest. The Class PO Certificates are allocated amounts received in
respect of principal on the Mortgage Loans based on the PO Percentage as
described in the Prospectus Supplement under "Description of the Certificates
- -- Principal -- Class PO Principal Distribution Amount". Realized Losses
will be allocated to the Class PO Certificates based on the PO Percentage as
described in the Prospectus Supplement under "Description of the Certificates
- -- Allocation of Losses". The PO Percentage with respect to any Discount
Mortgage Loan is equal to (8.25% - ANMR) (divided by) 8.25%. The PO
Percentage with respect to any Non-Discount Mortgage Loan is 0%.
As of the Certificate Date, the Class Certificate Balance of the Class
PO Certificates was approximately $1,471,948 (the "Certificate Date Principal
Balance"). As of the Certificate Date, the Senior Certificates, excluding
the Class PO Certificates, had an aggregate principal balance of
approximately $109,246,721 and evidenced in the aggregate a beneficial
ownership interest of approximately 92.40% in the Trust Fund. As of the
Certificate Date, the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
and Class B-6 Certificates
SS-4
<PAGE>
evidenced in the aggregate beneficial ownership interests of approximately
2.42%, 1.21%, 1.21%, 0.42%, 0.18% and 0.91%, respectively, in the Trust Fund.
For additional information with respect to the Class PO Certificates, see
"Description of the Certificates" in the Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein at Exhibit 2.
REVISED STRUCTURING ASSUMPTIONS
Unless otherwise specified, the information in the tables appearing in
this Supplement under "Yield, Prepayment and Maturity Considerations --
Sensitivity of the Class PO Certificates to Prepayments" and "-- Decrement
Table" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional
assumptions (collectively, the "Revised Structuring Assumptions"): (i) the
Discount Mortgage Loans consist of one Mortgage Loan with the following
characteristics:
<TABLE>
<CAPTION> Remaining
Amortizing
Original Term Term to
Adjusted Net to Maturity Loan Age Maturity
Principal Balance Mortgage Rate Mortgage Rate (in Months) (in Months) (in months)
----------------- -------------- ------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$18,791,137.67 7.9877607081% 7.6037607081% 178 26 152
</TABLE>
(ii) the Discount Mortgage Loans prepay at the specified constant percentages
of SPA, (iii) no defaults in the payment by Mortgagors of principal of and
interest on the Discount Mortgage Loans are experienced on or after the
Reference Date, (iv) scheduled payments on the Discount Mortgage Loans are
received on the first day of each month commencing in the calendar month
following the Reference Date and are computed prior to giving effect to
prepayments received on the last day of the prior month, (v) prepayments are
allocated as described in the Prospectus Supplement under "Description of the
Certificates -- Principal" without giving effect to loss and delinquency
tests, (vi) there are no Net Interest Shortfalls on or after the Reference
Date and prepayments represent prepayments in full of individual Discount
Mortgage Loans and are received on the last day of each month, commencing in
the calendar month of the Reference Date, (vii) the scheduled monthly payment
for each Discount Mortgage Loan has been calculated based on the Revised
Structuring Assumptions as set forth in clause (i) above such that each
Discount Mortgage Loan will amortize in amounts sufficient to repay the
principal balance of such Discount Mortgage Loan by its indicated remaining
amortizing term to maturity, (viii) distributions in respect of the
Certificates are received in cash on the 25th day of each month commencing
in the calendar month following the Reference Date, (ix) the closing date of
the sale of the Class PO Certificates is June 28, 1996, (x) the Seller is not
required to repurchase or substitute for any Mortgage Loan on or after the
Reference Date and (xi) the Master Servicer does not, on or after the
Reference Date, exercise any option to repurchase any Mortgage Loans
described in the Prospectus Supplement under "Description of the Certificates
- -- Optional Purchase of Defaulted Loans" and "--Optional Termination". While
it is assumed that each of the Discount Mortgage Loans prepays at the
specified constant percentages of SPA, this is not likely to be the case.
Moreover, discrepancies exist between the characteristics of the actual
Discount Mortgage Loans as of the Reference Date and characteristics of the
Discount Mortgage Loans assumed in preparing the tables herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in this Supplement is the
Standard Prepayment Assumption ("SPA"), which represents an assumed rate of
prepayment each month of the then outstanding principal balance of a pool of
new mortgage loans. SPA does not purport to be either an historical
description of the prepayment experience of any pool of mortgage loans or a
prediction of the anticipated rate of prepayment of any pool of mortgage
loans, including the Mortgage Loans. 100% SPA assumes prepayment rates of
0.2% per annum of the then unpaid principal balance of such pool of mortgage
loans and an additional 0.2% per annum in each month thereafter (for example,
0.4% per annum in the second month) until the 30th month. Beginning in the
30th month and in each
SS-5
<PAGE>
month thereafter during the life of such mortgage loans, 100% SPA assumes a
constant prepayment rate of 6% per annum. Multiples may be calculated from
this prepayment rate sequence. For example, 200% SPA assumes prepayment
rates will be 0.40% per annum in month one, 0.80% per annum in month two, and
increasing by 0.40% in each succeeding month until reaching a rate of 12.0%
per annum in month 30 and remaining constant at 12.0% per annum thereafter.
0% SPA assumes no prepayments. There is no assurance that prepayments will
occur at any SPA rate or at any other constant rate.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
SENSITIVITY OF THE CLASS PO CERTIFICATES
THE CLASS PO CERTIFICATES ARE "PRINCIPAL ONLY" CERTIFICATES AND DO NOT
BEAR INTEREST. AS INDICATED IN THE TABLE BELOW, A LOW RATE OF PRINCIPAL
PAYMENTS (INCLUDING PREPAYMENTS) OF THE DISCOUNT MORTGAGE LOANS WILL HAVE A
NEGATIVE EFFECT ON THE YIELD TO INVESTORS IN THE CLASS PO CERTIFICATES.
As described in the Prospectus Supplement under "Description of the
Certificates -- Principal," the Class PO Principal Distribution Amount is
calculated by reference to the principal payments (including prepayments) on
the Discount Mortgage Loans. The Discount Mortgage Loans will have lower
ANMRs (and lower Mortgage Rates) than the other Mortgage Loans. A slower
than expected rate of principal payments will generally have a negative
effect on the yield to maturity on the Class PO Certificates. In general,
mortgage loans with higher mortgage rates tend to prepay at higher rates than
mortgage loans with relatively lower mortgage rates in response to a given
reduction in market interest rates. As a result, the Discount Mortgage Loans
may prepay at lower rates, thereby reducing the rate of payment of principal
and the resulting yield of the Class PO Certificates.
The information set forth in the following table has been prepared on
the basis of the Revised Structuring Assumptions and on the assumption that
the aggregate purchase price (expressed as a percentage of the Class
Certificate Balance as of the Reference Date) of the Class PO Certificates
is 74.50% of the Certificate Date Principal Balance.
SENSITIVITY OF THE CLASS PO CERTIFICATES TO PREPAYMENTS
(PRE-TAX YIELDS TO MATURITY)
<TABLE>
<CAPTION>
SPA Prepayment Assumption
---------------------------------------------------------
Class of Certificates 0% 100% 200% 400% 600%
- -------------------------- ------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Class PO . . . . . . . . . . . . . . 4.2% 5.6% 7.3% 11.7% 17.4%
</TABLE>
It is highly unlikely that all of the Discount Mortgage Loans will have
the characteristics assumed, that the Discount Mortgage Loans will prepay at
the same rate until maturity or that all of the Discount Mortgage Loans will
prepay at the same rate or time. As a result of these factors, the pre-tax
yield on the Class PO Certificates is likely to differ from those shown in
the table above, even if all of the Discount Mortgage Loans prepay at the
indicated percentages of SPA. No representation is made as to the actual
rate of principal payments on the Discount Mortgage Loans for any period or
over the life of the Class PO Certificates or as to the yield on the Class
PO Certificates. Investors must make their own decisions as to the
appropriate prepayment assumptions to be used in deciding whether to purchase
the Class PO Certificates.
DECREMENT TABLE
The following table indicates the percentage of the Certificate Date
Principal Balance of the Class PO Certificates that would be outstanding
after each of the dates shown at various constant percentages of SPA and the
corresponding weighted average life thereof. The table has been prepared
based on the Revised Structuring Assumptions. However, all of the Discount
Mortgage Loans may not have the interest rates or remaining terms to maturity
described under "Revised Structuring Assumptions" herein and the Mortgage
Loans may not prepay at the indicated constant percentages of SPA or at any
constant percentage.
SS-6
<PAGE>
PERCENT OF CLASS CERTIFICATE BALANCE OUTSTANDING/*/
<TABLE>
<CAPTION>
Distribution Date SPA Prepayment Assumption
- ------------------- -----------------------------------------------------------
0% 100% 200% 400% 600%
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Certificate Date . . . . . . . 100% 100% 100% 100% 100%
June 1997 . . . . . . . . . . . 95% 90% 84% 73% 62%
June 1998 . . . . . . . . . . . 90% 80% 70% 52% 37%
June 1999 . . . . . . . . . . . 85% 70% 58% 37% 22%
June 2000 . . . . . . . . . . . 78% 61% 47% 26% 13%
June 2001 . . . . . . . . . . . 72% 53% 38% 18% 8%
June 2002 . . . . . . . . . . . 65% 45% 30% 13% 4%
June 2003 . . . . . . . . . . . 57% 37% 23% 8% 3%
June 2004 . . . . . . . . . . . 49% 30% 18% 5% 1%
June 2005 . . . . . . . . . . . 40% 23% 13% 3% 1%
June 2006 . . . . . . . . . . . 30% 16% 8% 2% 0%
June 2007 . . . . . . . . . . . 20% 10% 5% 1% 0%
June 2008 . . . . . . . . . . . 8% 4% 2% 0% 0%
June 2009 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2010 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2011 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2012 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2013 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2014 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2015 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2016 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2017 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2018 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2019 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2020 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2021 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2022 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2023 . . . . . . . . . . . 0% 0% 0% 0% 0%
June 2024 and thereafter . . . 0% 0% 0% 0% 0%
---- ---- ---- ---- ----
Weighted Average Life (years)** 7.4 5.7 4.5 2.9 2.0
=======================================================================================================
</TABLE>
_____________________
* Rounded to the nearest whole percentage.
** Determined as specified in the Prospectus Supplement under "Weighted
Average Lives of the Offered Certificates."
SS-7
<PAGE>
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $3,013,949, $0.00 and $1,499,950, respectively. As of the
Reference Date, no funds were distributed in reimbursement of Class PO
Deferred Amounts that otherwise would have been available for distribution
on the Subordinated Certificates.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective purchasers of the Class PO Certificates should consider
carefully the income tax consequences of an investment in the Class PO
Certificates discussed under "Certain Federal Income Tax Consequences" in the
Prospectus Supplement and in the Prospectus. Such purchasers should also
consult their own tax advisors with respect to those consequences.
ERISA CONSIDERATIONS
Prospective purchasers of the Class PO Certificates should consider
carefully the ERISA consequences of an investment in the Class PO
Certificates discussed under "ERISA Considerations" in the Prospectus, the
Prospectus Supplement and herein, and should consult their own advisors with
respect to those consequences.
As described in the Prospectus Supplement, the Class PO Certificates
originally did not qualify for purposes of the Exemption, PTCE 83-1, or any
other issued exemption under ERISA. However, because the Class PO
Certificates are now being purchased by the Underwriter for subsequent
resale, and since all of the requirements of Prohibited Transaction Exemption
90-83, Exemption Application No. D-8346, 55 Fed. Reg. 50250 (1990)
(Donaldson, Lufkin & Jenrette Securities Corporation) are satisfied (other
than those within the control of the prospective investor), it is expected
that such exemption will apply to the acquisition and holding by Plans of the
Class PO Certificates.
RATINGS
The Class PO Certificates are currently rated "AAA" by Fitch Investors
Service, L.P. and "AAAr" by Duff & Phelps Credit Rating Co. See "Ratings"
in the Prospectus Supplement.
USE OF PROCEEDS
The Seller intends to use the net proceeds from the sale of the Class
PO Certificates for general corporate purposes.
METHOD OF DISTRIBUTION
Subject to the terms and conditions set forth in an agreement between
the Seller and the Underwriter, the Seller has agreed to sell to the
Underwriter, and the Underwriter has agreed to purchase from the Seller the
Class PO Certificates. Distribution of the Class PO Certificates will be
made by the Underwriter from time to time in negotiated transactions or
otherwise at varying prices to be determined at the time of sale. In
connection with the sale of the Class PO Certificates, the Underwriter may
be deemed to have received compensation from the Seller in the form of
underwriting discounts.
SS-8
<PAGE>
The Underwriter intends to make a secondary market in the Class PO
Certificates, but has no obligation to do so. There can be no assurance that
a secondary market for the Class PO Certificates will develop or, if it does
develop, that it will continue.
The Seller has agreed to indemnify the Underwriter against, or make
contributions to the Underwriter with respect to, certain liabilities,
including liabilities under the Securities Act of 1933, as amended.
SS-9
<PAGE>
EXHIBIT 1
<TABLE>
<CAPTION>
Mortgage Rates (1)
- ------------------------------------------------------------------------------------------------------
Aggregate
Mortgage Number of Principal
Rates Mortgage Balance Percent of
(%) Loans Outstanding Mortgage Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6.375 1 $ 212,145 0.18%
6.500 1 245,574 0.21
6.625 2 521,936 0.44
6.750 1 342,174 0.29
6.875 1 347,583 0.29
7.000 7 651,729 0.55
7.125 5 266,682 0.23
7.250 4 369,839 0.31
7.375 19 1,165,851 0.99
7.500 10 925,411 0.78
7.625 28 1,072,562 0.91
7.750 4 510,799 0.43
7.875 4 613,173 0.52
8.000 2 310,502 0.26
8.125 3 511,145 0.43
8.250 14 2,333,411 1.97
8.375 19 1,983,340 1.68
8.500 27 3,325,247 2.81
8.625 25 3,082,034 2.61
8.750 141 10,238,349 8.66
8.875 117 9,644,533 8.16
9.000 249 14,732,297 12.46
9.125 152 7,818,934 6.61
9.250 170 10,664,883 9.02
9.375 75 7,689,352 6.50
9.500 125 9,411,932 7.96
9.535 1 48,745 0.04
9.595 1 88,344 0.07
9.625 72 6,350,774 5.37
9.750 59 4,671,414 3.95
9.875 72 5,264,496 4.45
9.990 1 25,216 0.02
10.000 42 2,941,929 2.49
10.125 37 2,430,467 2.06
10.250 28 1,759,249 1.49
10.375 23 1,454,457 1.23
10.500 34 1,576,701 1.33
10.515 1 31,136 0.03
10.595 1 192,716 0.16
10.625 13 781,105 0.66
10.750 6 243,635 0.21
10.875 10 572,837 0.48
11.000 7 213,592 0.18
11.125 1 36,823 0.03
<PAGE>
11.250 5 320,563 0.27
11.500 8 161,791 0.14
12.000 3 53,338 0.05
12.250 1 17,899 0.02
------ ------------- ------
Total 1,632 $ 118,228,645 100.00%
====== ============= ======
</TABLE>
(1) As of the Reference Date, the weighted average Mortgage
Rate of the Mortgage Loans is expected to be approxi-
mately 9.151% per annum.
2
<PAGE>
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances (1)
- ------------------------------------------------------------------------------------------------------
Aggregate
Range of Current Number of Principal Percent of
Mortgage Loan Mortgage Balance Mortgage
Principal Balances Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 -- $50,000 802 $ 25,303,685 21.40%
$50,001 -- $100,000 525 37,463,390 31.69
$100,001 -- $150,000 162 19,428,536 16.43
$150,001 -- $200,000 55 9,510,752 8.04
$200,001 -- $250,000 35 7,793,478 6.59
$250,001 -- $300,000 25 6,804,048 5.75
$300,001 -- $350,000 15 4,919,053 4.16
$350,001 -- $400,000 4 1,479,722 1.25
$400,001 -- $450,000 3 1,269,248 1.07
$450,001 -- $500,000 1 474,107 0.40
$500,001 -- $550,000 2 1,023,328 0.87
$550,001 -- $600,000 1 567,417 0.48
$700,001 -- $750,000 1 700,464 0.59
$1,000,000+ 1 1,491,417 1.26
----- ------------ ------
Total 1,632 $118,228,645 100.00%
===== ============ ======
(1) As of Reference Date, the average current Mortgage Loan
principal balance is expected to be approximately $72,444.
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
Original Terms to Maturity (1)
- ------------------------------------------------------------------------------------------------------
Aggregate
Number of Principal Percent of
Original Term to Mortgage Balance Mortgage
Maturity (Months) Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
36 1 $ 7,166 0.01%
48 1 10,911 0.01
60 16 189,892 0.16
72 6 107,353 0.09
84 27 468,633 0.40
96 8 129,732 0.11
120 129 3,163,809 2.68
144 7 321,197 0.27
180 1437 113,829,951 96.28
----- ------------ ------
Total 1,632 $118,228,645 100.00%
===== ============ ======
(1) As of the Reference Date, the weighted average remaining stated term
to maturity of the Mortgage Loans is expected to be
approximately 157 months.
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
Original Loan-to-Value Ratio (1)
- ------------------------------------------------------------------------------------------------------
Aggregate
Original Number of Principal Percent of
Loan-to-Value Mortgage Balance Mortgage
Ratios (%) Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
60.00 and Below 592 $ 29,489,866 24.94%
60.01 -- 65.00 138 11,359,757 9.61
65.01 -- 70.00 257 20,089,281 16.99
70.01 -- 75.00 246 21,642,857 18.31
75.01 -- 80.00 278 26,472,869 22.39
80.01 -- 85.00 4 837,958 0.71
85.01 -- 90.00 109 7,485,593 6.33
90.01 -- 95.00 8 850,463 0.72
----- ------------ ------
Total 1,632 $118,228,645 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the
Mortgage Loans is expected to be approximately 67.71%.
5
<PAGE>
<TABLE>
<CAPTION>
Documentation for Mortgage Loans
- ------------------------------------------------------------------------------------------------------
Aggregate
Number of Principal Percent of
Type of Mortgage Balance Mortgage
Program Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Full 474 $ 41,027,439 34.70
Alternative 598 24,743,162 20.93
Reduced 560 52,458,043 44.37
------ ------------ ------
Total 1,632 $118,228,645 100.00
====== ============ ======
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
State Distributions of Mortgaged Properties (1)
- ------------------------------------------------------------------------------------------------------
Aggregate
Number of Principal Percent of
Mortgage Balance Mortgage
State Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Puerto Rico 634 $ 25,029,534 21.17%
California 185 22,400,048 18.95
Florida 102 8,074,774 6.83
Texas 108 7,798,945 6.60
New York 48 6,303,410 5.33
New Jersey 55 6,106,988 5.17
Colorado 47 3,730,887 3.16
Massachusetts 33 2,981,548 2.52
Illinois 26 2,688,672 2.27
Georgia 20 2,634,101 2.23
Arizona 38 2,623,792 2.22
Oregon 31 2,436,443 2.06
Connecticut 11 2,392,244 2.02
Other 294 23,027,258 19.48
----- ------------ ------
Total 1,632 $118,228,645 100.00%
===== ============ ======
</TABLE>
(1) Other includes 33 other states and the District of
Columbia under 2% concentration individually. No more
than approximately 1.47% of the Mortgage Loans will be
secured by Mortgaged Properties located in any one postal
zip code area.
7
<PAGE>
<TABLE>
<CAPTION>
Type of Mortgaged Properties
- ------------------------------------------------------------------------------------------------------
Aggregate
Property Type Number of Principal Percent of
Mortgage Balance Mortgage
Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 1264 $ 89,507,082 75.71%
Planned Unit
Development (PUD) 14 2,197,384 1.86
Low Rise Condominium 103 7,180,773 6.07
2-4 Units 195 15,232,331 12.88
High Rise Condominium 49 3,464,402 2.93
Cooperative 4 362,410 0.31
Townhome 3 284,263 0.24
----- ------------- ------
Total 1,632 $118,228,645 100.00%
===== ============= ======
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
- ------------------------------------------------------------------------------------------------------
Number of Aggregate Principal Percent of
Mortgage Balance Mortgage
Loan Purpose Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 570 $ 50,528,363 42.74%
Refinance (Rate or Term) 200 21,195,408 17.93
Refinance (cash-out) 862 46,504,874 39.33
----- ------------ ------
Total 1,632 $118,228,645 100.00%
===== ============ ======
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Occupancy Types (1)
- ------------------------------------------------------------------------------------------------------
Aggregate
Principal
Number of Balance Percent of
Occupancy Type Moartgage Loans Outstanding Mortgage Pool
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Primary Home 1095 $ 82,479,005 69.76%
Second Home 67 6,653,566 5.63
Investor 470 29,096,074 24.61
----- ------------ ------
Total 1,632 $118,228,645 100.00%
===== ============ ======
</TABLE>
(1) Based upon representation of the related Mortgagors at the
time of origination.
10
<PAGE>
EXHIBIT 2
Most Recent Statement to Certificateholders
