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): August 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-H)
(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 1996-H
On August 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-H, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of July 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-H relating to the distribution date
of August 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of July 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: August 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
August 25, 1996
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES. SERIES 1996-H
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Total Principal Interest
Type Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 30,075,952.53 6.720000% 1,083,972.61 168,425.33 1,252,397.94 0.00 0.00
A-2 23,932,000.00 7.125000% 0.00 142,096.25 142,096.25 0.00 0.00
A-3 22,905,000.00 7.300000% 0.00 139,338.75 139,339.75 0.00 0.00
A-4 26,166,000.00 7.500000% 0.00 163,537.50 163,537.50 0.00 0.00
A-5 21,892,000.00 7.500000% 0.00 136,825.00 136,825.00 0.00 0.00
A-6 11,491,000.00 7.500000% 0.00 71,818.75 71,818.75 0.00 0.00
A-7 10,420,000.00 7.500000% 0.00 65,125.00 65,125.00 0.00 0.00
A-8 25,000,000.00 7.600000% 0.00 158,333.33 158,333.33 0.00 0.00
PO A-9 600,000.00 0.000000% 0.00 0.00 0.00 0.00 0.00
A-10 7,354,000.00 7.500000% 0.00 45,962.50 45,962.50 0.00 0.00
A-11 24,676,495.32 9.000000% 563,665.76 185,073.71 748,739.47 0.00 0.00
A-12 24,500,000.00 7.500000% 0.00 153,125.00 153,125.00 0.00 0.00
A-13 1,000,000.00 7.500000% 0.00 6,250.00 6,250.00 0.00 0.00
PO-1 522,645.39 0.000000% 430.16 0.00 430.16 0.00 0.00
IO X-1 226,806,771.40 1.248000% 0.00 235,653.10 235,653.10 n/a 0.00
Residual A-R 100.00 7.500000% 0.00 0.63 0.63 0.00 0.00
Subordinate B-1 9,553,052.56 7.500000% 5,351.85 59,706.58 65,058.43 0.00 0.00
B-2 5,095,361.16 7.500000% 2,854.55 31,846.01 34,700.56 0.00 0.00
B-3 3,821,021.13 7.500000% 2,140.63 23,881.38 26,022.01 0.00 0.00
B-4 1,911,010.31 7.500000% 1,070.59 11,943.81 13,014.40 0.00 0.00
B-5 509,736.01 7.500000% 285.57 3,185.85 3,471.42 0.00 0.00
B-6 1,401,480.82 7.500000% 785.14 8,759.26 9,544.40 0.00 0.00
Totals 252,826,855.22 1,660,556.87 1,810,887.74 3,471,444.61
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Factors per $1,000
Class Information
Ending Cert./ Unpaid Principal Interest Ending
Type Name Notional Bal. Interest Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C>
Senior A-1 28,991,979.91 0.00 3449.395752% 533.959682% 92257.692647%
A-2 23,932,000.00 0.00 0.000000% 593.750000% 100000.000000%
A-3 22,905,000.00 0.00 0.000000% 608.333333% 100000.000000%
A-4 26,166,000.00 0.00 0.000000% 625.000000% 100000.000000%
A-5 21,892,000.00 0.00 0.000000% 625.000000% 100000.000000%
A-6 11,491,000.00 0.00 0.000000% 625.000000% 100000.000000%
A-7 10,420,000.00 0.00 0.000000% 625.000000% 100000.000000%
A-8 25,000,000.00 0.00 0.000000% 633.333320% 100000.000000%
PO A-9 600,000.00 0.00 0.000000% 0.000000% 100000.000000%
A-10 7,354,000.00 0.00 0.000000% 625.000000% 100000.000000%
A-11 24,112,829.56 0.00 2211.080305% 729.268303% 95014.696018%
A-12 24,500,000.00 0.00 0.000000% 625.000000% 100000.000000%
A-13 1,000,000.00 0.00 0.000000% 625.000000% 100000.000000%
PO-1 522,215.23 0.00 82.223517% 0.000000% 99819.538724%
IO X-1 225,177,350.19 0.00 0.000000% 102.969311% 98391.901465%
Residual A-R 100.00 0.00 0.000000% 630.000000% 100000.000000%
Subordinate B-1 9,547,700.71 0.00 55.993452% 624.676501% 99892.244284%
B-2 5,092,506.61 0.00 55.993452% 624.676540% 99892.244284%
B-3 3,818,880.50 0.00 55.993452% 624.676432% 99892.244284%
B-4 1,909,939.71 0.00 55.993452% 624.676255% 99892.244284%
B-5 509,430.45 0.00 55.993452% 624.676471% 99892.244284%
B-6 1,400,695.67 0.00 55.993452% 624.676835% 99892.244284%
Totals 251,166,298.35
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES. SERIES 1996-H
<TABLE>
<CAPTION>
Original Certificate Information
Class Information
ORIGINAL Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
<S> <C> <C> <C> <C>
Senior A-1 31,425,000.00 6.720000% 1226691-VT8
A-2 23,932,000.00 7.125000% 1226691-VU5
A-3 22,905,000.00 7.300000% 1226691-VV3
A-4 26,166,000.00 7.500000% 1226691-VW1
A-5 21,892,000.00 7.500000% 1226691-VX9
A-6 11,491,000.00 7.500000% 1226691-VY7
A-7 10,420,000.00 7.500000% 1226691-VZ4
A-8 25,000,000.00 7.600000% 1226691-WA8
PO A-9 600,000.00 0.000000% 1226691-UWB6
A-10 7,354,000.00 7.500000% 1226691-WC4
A-11 25,378,000.00 9.000000% 1226691-WD2
A-12 24,500,000.00 7.500000% 1226691-WEO
A-13 1,000,000.00 7.500000% 1226691-WF7
PO-1 523,159.33 0.000000% 1226691-W113
IO X-1 228,857,606.00 1.248000% 1226691-WJ9
Residual A-R 100.00 7.500000% 1226691-WG5
Subordinate B-1 9,558,000.00 7.500000% 1226691-WK6
B-2 5,098,000.00 7.500000% 1226691-WL4
B-3 3,823,000.00 7.500000% 1226691-WM2
B-4 1,912,000.00 7.500000% n/a
B-5 510,000.00 7.500000% n/a
B-6 1,402,206.63 7.500000% n/a
Totals 254,889,465.96
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Aggregate Certificate Information for the following distribution date
Class Information
Class Aggregate Aggregate Aggregate
Type Name Type Percentages Prepay. Pet. Certificate
Balances
<S> <C> <C> <C> <C> <C>
Senior A-1 Senior 91.111231% 100.000000% 228,364,909.47
A-2 Subordinate 8.888769% 0.000000% 22,279,173.65
A-3
A-4
A-5
A-6
A-7
A-8
PO A-9
A-10
A-11
A-12
A-13
PO-1
IO X-1
Residual A-R
Subordinate B-1
B-2
B-3
B-4
B-5
B-6
Totals
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
COLLATERAL INFORMATION
Aggregate stated principal balance 252,826,855.22
Aggregate loan count 1.713
Weighted average remaining term 356.00
Weighted average loan rate 8.988902%
Aggregate prepayment amount 1,518,800.58
FEES & ADVANCES
Monthly master servicer fees 26,336.13
Monthly servicer fees 52,672.26
Advances included in this distribution 47,532.95
Aggregate Advances Outstanding 52,020.43
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 125,000.00
Fraud Loss Coverage Amount 5,097,789.00
Special Hazard Loss Coverage Amount 2,511,662.98
Class A-8 Reserve Fund Withdrawals 0.00
Class A-8 Reserve Fund Balm 17,000.00
Net principal losses 0.00
Net interest losses 0.00
Excess losses 0.00
GUARANTEED DISTRIBUTIONS
Class A-4 163,537.50
Class A-8 158,333.33
Class A-4 Net Interest Shortfall 0.00
Class A-8 Net Interest Shortfall 0.00
Class A-4 Realized Loss Allocation 0.00
Class A-8 Realizcd Loss Allocation 0.00
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 mo. 32 5,259,880.09
2 mos. 2 526,837.17
3+ mos. 0 0.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 34 5,786,717.26
Aggregate Amount of the Scheduled Payments on all
60+ day delinqencies for the past 12 month rolling 4,487.48
period
REO INFORMATION
Reo Date Loan Number Ending Stated Balance Book Value
0 0.00
0 0.00
0 0.00
0 0.00 0
0 0.00
0 0.00
0 0.00
Totals 0 0.00
OTHER INFORMATION
Available remittance amount 3,471,444.61
Principal remittance amount 1,660,556.87
Interest remittance amount 1,810,887.74
0.00
Transfer Balance 0.00
