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): September 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-J)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
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(State or other (Commission File No. (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
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Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1996-J
On September 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-J, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 1, 1996, 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
1 Report to Holders of CWMBS, Inc., Mortgage Pass-Through
Certificates Series 1996-J relating to the distribution date
of September 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of September 1, 1996.
<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: September 25, 1996
CSMBS, INC.
By: /s/ Jonathan Chayes
-------------------
Name: Jonathan Chayes
Assistant Treasurer
The Bank of New York,
as Trustee
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EXHIBIT INDEX
Exhibit Page
1. Monthly Remittance Statement dated 5
September 25, 1996
THE BANK OF NEW YORK
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-J
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENT DATED, MARCH 1, 1996
CUSIP # 126691
Distribution Date 09/25/96
Reduction of the Stated SINGLE TOTAL
Amount of Certificates CERTIFICATE AMOUNT
Class A-1 Certificates. YHI $49.96750470 $1,462,598.83
Class A-2 Certificates. YJ7 $0.00000000 $0.00
Class A-3 Certificates. YK4 $0.00000000 $0.00
Class A-4 Certificates. YL2 $0.00000000 $0.00
Class A-5 Certificates. YM0 $0.00000000 $0.00
Class A-6 Certificates. YN8 $0.00000000 $0.00
Class A-7 Certificates. YP3 $0.00000000 $0.00
Class A-8 Certificates. YQl $0.00000000 $0.00
Class A-9 Certificates. YR9 $0.00000000 $0.00
Class A-10 Certificates. YS7 $38.87140560 $664,817.65
Class A-11 Certificates. YT5 $0.00000000 $0.00
Class PO Certificates. YV0 $0.88293909 $216.40
Class A-R Certificates. YU2 $0.00000000 $0.00
Class X Certificates. YW8 $0.00000000 $0.00
Class B-1 Certificates. YX6 $0.53094899 $4,101.05
Class B-2 Certificates. YY4 $0.53094770 $2,050.52
Class B-3 Certificates. YZ1 $0.53094863 $1,281.71
Class B-4 Certificates. N/A $0.53094613 $768.81
Class B-5 Certificates. N/A $0.53095855 $204.95
Class B-6 Certificates. N/A $0.53095149 $564.22
Total 2,136,604.14
Aggregate amount of any Principal Prepayments $2,034,018.02
SINGLE TOTAL
Amounts distributed representing interest CERTIFICATE AMOUNT
Class A-1 Certificates. $5.83333333 $170,747.50
Class A-2 Certificates. $6.16666652 $143,128.33
Class A-3 Certificates. $6.35416649 $121,745.83
Class A-4 Certificates. $6.35416695 $56,329.69
Class A-5 Certificates. $6.35416637 $89,295.10
Class A-6 Certificates. $6.35416700 $63,541.67
Class A-7 Certificates. $6.35416650 $64,342.29
Class A-8 Certificates. $0.12083350 $2,416.67
Class A-9 Certificates. $6.16666650 $123,333.33
Class A-10 Certificates. $7.50000000 $128,272.50
Class A-11 Certificates. $6.35416687 $153,605.63
Class PO Certificates. $0.00000000 $0.00
Class A-R Certificates. $8.90000000 $0.89
Class X Certificates. $0.98582459 $183,912.80
Class B-1 Certificates. $6.35416624 $49,079.58
Class B-2 Certificates. $6.35416624 $24,539.79
Class B-3 Certificates. $6.35416736 $15,338.96
Class B-4 Certificates. $6.35416436 $9,200.83
Class B-5 Certificates. $6.35417098 $2,452.71
Class B-6 Certificates. $6.35416866 $6,752.31
Class B-6 Certificates.
Total 1,408,036.41
Amount of shortfall which is less than the full
amount that would be distributed:
Principal $0.00
Interest $0.00
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Stated Amount of
Certificates after ORIGINAL SINGLE TOTAL
this Distribution BALANCE CERTIFICATE AMOUNT
Class A-1 Certificates. 29,271,000.00 $950.03249530 $27,808,401.17
Class A-2 Certificates. 23,210,000.00 $1,000.00000000 $23,210,000.00
Class A-3 Certificates. 19,160,000.00 $1,000.00000000 $19,160,000.00
Class A-4 Certificates. 8,865,000.00 $1,000.00000000 $8,865,000.00
Class A-5 Certificates. 14,053,000.00 $1,000.00000000 $14,053,000.00
Class A-6 Certificates. 10,000,000.00 $1,000.00000000 $10,000,000.00
Class A-7 Certificates. 10,126,000.00 $1,000.00000000 $10,126,000.00
Class A-8 Certificates. 20,000,000.00 $ 1,000.00000000 $20,000,000.00
Class A-9 Certificates. 20,000,000.00 $1,000.00000000 $20,000,000.00
Class A-10 Certificates. 17,103,000.00 $961.12859440 $16,438,182.35
Class A-11 Certificates. 24,174,000.00 $1,000.00000000 $24,174,000.00
Class PO Certificates. 245,090.52 $999.11706091 $244,874.12
Class A-R Certificates. 100.00 $1,000.00000000 $100.00
Class X Certificates. 186,557,327.00 $1,000.00000000 $186,557,327.00
Class B-1 Certificates. 7,724,000.00 $999.46905101 $7,719,898.95
Class B-2 Certificates. 3,862,000.00 $999.46905230 $3,859,949.48
Class B-3 Certificates. 2,414,000.00 $999.46905137 $2,412,718.29
Class B-4 Certificates. 1,448,000.00 $999.46905387 $1,447,231.19
Class B-5 Certificates. 386,000.00 $999.46904145 $385,795.05
Class B-6 Certificates. 1,062,658.29 $999.46904851 $1,062,094.07
Total $190,967,244.67
The Pool Stated Principal Balance for
the following Distribution Date: $190,967,244.67
Senior Percentage for the following Distribution Date 91.8789946862%
Subordinated Percentage for the following Distribution Date 8.1210053138%
Amount of the Master Servicing Fees paid to or retained by
the Master Servicer with respect to such Distribution Date $40,790.98
Pass-Through Rate for each
such Class of Certificates
Class A-1 Certificates. 7.00000%
Class A-2 Certificates. 7.40000%
Class A-3 Certificates. 7.62500%
Class A-4 Certificates. 7.62500%
Class A-5 Certificates. 7.62500%
Class A-6 Certificates. 7.62500%
Class A-7 Certificates. 7.62500%
Class A-8 Certificates. 0.14500%
Class A-9 Certificates. 7.40000%
Class A-10 Certificates. 9.00000%
Class A-11 Certificates. 7.62500%
Class PO Certificates. N/A
Class A-R Certificates. 7.62500%
Class X Certificates. 7.62500%
Class B-1 Certificates. 7.62500%
Class B-2 Certificates. 7.62500%
Class B-3 Certificates. 7.62500%
Class B-4 Certificates. 7.62500%
Class B-5 Certificates. 7.62500%
Class B-6 Certificates. 7.62500%
Amount of Advances included in the
distribution on this Distribution Date $7,330.38
Aggregate amount of Advances outstanding as of
the close of business on such Distribution Date. $7,330.38
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A. The number and aggregate principal amounts of Mortgage Loans delinquent
30 to 59 days 6 $904,888.85
60 to 89 days 0 $0.00
90 or more 0 $0.00
B. The number and aggregate principal amounts of Mortgage Loans in foreclosure
In foreclosure 0 $0.00
Loan number and Stated Principal Balance
for any Mortgage loan that became an REO Property
during the preceding calendar month. 0 $0.00
Total number and principal balance of any REO
Properties as of the close of business on the
Determination Date preceding such Distribution Date. $0.00
Senior Prepayment Percentage for
following Distribution Date 100.000000000000%
Aggregate amount of Realized Losses
incurred during preceding month $0.00
Aggregate amount of Realized Losses
through Distribution Date $0.00
Special Hazard Loss Coverage Amount $1,931,038.00
Required Fraud Loss Coverage $5,793,115.00
Current Bankruptcy Coverage $125,000.00
