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): November 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-N
(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
- --------------------------------------------------------------------------------
(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 1996-N
On November 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-A, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of October 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-N relating to the distribution date
of November 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of October 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: November 25, 1996
CSMBS, INC.
By: /s/ Jonathan Chayes
-------------------
Name: Jonathan Chayes
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit Page
1. Monthly Remittance Statement dated 5
November 25, 1996
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<CAPTION>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-N
Current Payment Information
Beginning Pass Thru Principal Interest Total Principal Interest
Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 25,567,870.00 7.500000% 817,412.50 159,799.19 977,211.69 0.00 0.00
A-2 18,875,000.00 7.500000% 0.00 117,968.75 117,968.75 0.00 0.00
A-3 18,224,602.00 7.500000% 0.00 113,908.76 113,903.76 0.00 0.00
A-4 16,834,104.00 7.500000% 0.00 105,213.15 105,213.15 0.00 0.00
A-5 20,495,277.00 7.500000% 0.00 128,095.48 128,095.48 0.00 0.00
A-6 125,000.00 7.500000% 0.00 783.75 783.75 0.00 0.00
A-7 12,110,000.00 7.500000% 37,011.52 75,687.50 112,699.02 0.00 0.00
A-8 2,090,000.00 7.050000% 0.00 12,278.75 12,278.75 0.00 0.00
PO 1,913,325.00 0.000000% 17,556.23 0.00 17,556.23 0.00 0.00
X 95,112,365.00 0.000000% 0.00 75,126.17 75,126.17 0.00 0.00
A-R 100.00 7.500000% 100.00 0.63 100.63 0.00 0.00
B-1 1,814,223.00 7.500000% 5,544.77 11,338.09 6,753.46 0.00 0.00
B-2 1,209,482.00 7.500000% 3,696.51 7,559.26 3,376.73 0.00 0.00
B-3 725,689.00 7.500000% 2,217.91 4,535.56 2,251.15 0.00 0.00
B-4 362,844.00 7.500000% 1,108.95 2,267.78 4,502.32 0.00 0.00
B-5 241,896.00 7.500000% 739.30 1,511.85 2,251.15 0.00 0.00
B-6 483,794.00 7.500000% 1,478.61 3,023.71 4,502.32 0.00 0.00
121,073,206.00 888,866.30 819,094.18 1,705,906.48 0.00 0.00
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<TABLE>
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Page Number:
Payment Date: 11/25/96
Factors per $1,000
Ending Cert./ Unpaid Principal Interest Ending
Name Notional Bal. Interest Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C>
A-1 24,750,457.50 0.00 31.97030118 6.25000000 968.02969882
A-2 18,875,000.00 0.00 0.00000000 6.25000000 1000.00000000
A-3 18,224,602.00 0.00 0.00000000 6.25000000 1000.00000000
A-4 16,834,104.00 0.00 0.00000000 6.25000000 1000.00000000
A-5 20,495,277.00 0.00 0.00000000 6.25000000 1000.00000000
A-6 125,000.00 0.00 0.00000000 6.25000000 996.81020734
A-7 12,072,988.48 0.00 3.05627718 6.25000000 996.94372282
A-8 2,090,000.00 0.00 0.00000000 5.87500000 1000.00000000
PO 1,895,768.77 0.00 9.17576993 0.00000000 990.82423007
X 95,112,365.00 0.00 0.00000000 0.78986754 1000.00000000
A-R 0.00 0.00 1000.00000000 6.25000000 0.00000000
B-1 1,808,678.23 0.00 3.05627718 6.25000000 996.94372282
B-2 1,205,785.49 0.00 3.05627718 6.25000000 996.94372282
B-3 723,471.09 0.00 3.05627718 6.25000000 996.94372282
B-4 361,735.05 0.00 3.05627718 6.25000000 996.94372282
B-5 241,156.70 0.00 3.05627718 6.25000000 996.94372282
B-6 482,315.39 0.00 3.05627718 6.25000000 996.94372282
120,186,339.70 0.00 7.33261228 6.77227223 993.7008879652
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INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-N
Original Payment Information
Original Pass Thru Cusip
Name Cert. Bal. Rate Numbers
A-1 25,567,870.00 7.500000% 1226691-B37
A-2 18,875,000.00 7.500000% 1226691-B45
A-3 18,224,602.00 7.500000% 1226691-B52
A-4 16,834,104.00 7.500000% 1226691-B60
A-5 20,495,277.00 7.500000% 1226691-B78
A-6 125,400.00 7.500000% 1226691-B86
A-7 12,110,000.00 7.500000% 1226691-B94
A-8 2,090,000.00 7.500000% 1226691-C28
P0 1,913,325.00 0.000000% 1226691-C44
X 95,112,365.00 0.948000% 1226691-C51
A-R 100.00 7.500000% 1226691-C77
B-1 1,814,223.00 7.500000% 1226691-C85
B-2 1,209,482.00 7.500000% 1226691-C93
B-3 725,689.00 7.500000% 1226691-D27
B-4 362,844.00 7.500000% N/A
B-5 241,896.00 7.500000% N/A
B-6 483,794.00 7.500000% N/A
120,948,206.00
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
Senior 95.919597% 100.000000% 99,179,440.50
Subordinate 4.080403% 0.000000% 4,823,141.95
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATE, SERIES 1996-N
COLLATERAL INFORMATION
Aggregate Stated Principal Balance, 120,948,207.19
Aggregate Prepayment Amount 515,691.99
Aggregate Liquidation Proceeds 0.00
FEES & ADVANCES
Monthly master servicer fees 37,177.38
Monthly servicer fees 25,965.61
Advances included in this distribution 6,960.97
Aggregate Advances Outstanding 6,960.97
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0
Cumulative losses (from Cut-Off) 0
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 2,418,964.00
Special Hazard Loss Coverage Amount 1,868,894.00
OTHER INFORMATION
Available remittance amount 1,705,960.48
Principal remittance amount 886,866.30
Interest remittance amount 819,094.18
DELINQUENCY INFORMATION
Period Loan Count Ending Balance
1 mo. 5 690,458.74
2 mos. 0 0.00
3+ MOS. 0 0.00
In Foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 5 690,458.74
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 preceding calendar month)
Loan Number Stated Principal Balance Date of Acquisition
0 0
0 0
0 0
Aggregate Amount of the Scheduled Payments on all
60+ day delinquencies for the past 12 month rolling period
11/25/96 6,960.97
