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-I)
(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-I
On September 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-I 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-I 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 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: September 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
September 25, 1996
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Total Principal
Type Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 6,194,807.92 7.750000% 269,011.40 40,008.13 309,019.53 0.00
A-2 18,750,000.00 7.750000% 0.00 121,093.75 121,093.75 0.00
A-3 33,100,000.00 7.750000% 0.00 213,770.83 213,770.83 0.00
A-4 20,000,000.00 7.750000% 0.00 129,166.67 129,166.67 0.00
A-5 12,873,222.00 7.750000% 0.00 83,139.56 83,139.56 0.00
A-6 21,900,000.00 7.750000% 0.00 141,437.50 141,437.50 0.00
A-7 18,800,000.00 7.750000% 0.00 121,416.67 121,416.67 0.00
A-8 32,084,662.53 7.750000% 1,393,286.13 205,609.21 1,598,895.34 0.00
A-9 18,235,784.32 7.750000% 9,645.70 117,772.77 127,418.47 0.00
PO PO 115,551.00 0.000000% 164.63 0.00 164.63 0.00
IO X 197,195,192.95 1.110000% 0.00 182,587.88 182,587.88 0.00
Residual A-R 0.00 7.750000% 0.00 0.00 0.00 0.00
Subordinate B-1 8,522,106.98 7.750000% 4,507.71 55,038.61 59,546.32 0.00
B-2 4,010,403.46 7.750000% 2,121.28 25,900.52 28,021.80 0.00
B-3 2,506,501.83 7.750000% 1,325.80 16,187.82 17,513.62 0.00
B-4 1,503,901.07 7.750000% 795.48 9,712.70 10,508.18 0.00
B-5 401,039.65 7.750000% 212.13 2,590.05 2,802.18 0.00
B-6 1,102,866.31 7.750000% 583.34 7,122.68 7,706.20 0.00
Totals 200,100,847.07 1,681.653.60 1,472,555.35 3,154,208.95
</TABLE>
<TABLE>
<CAPTION>
Factors per $1,000
Class Information
Interest Ending Cert./ Unpaid Principal Interest Ending
Type Name Shortfalls Notional Bal. Interest Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 0.00 5,925,796.52 0.00 42.870343 6.375798 944.35004
A-2 0.00 18,750,000.00 0.00 0.000000 6.458333 1,000.00000
A-3 0.00 33,100,000.00 0.00 0.000000 6.458333 1,000.00000
A-4 0.00 20,000,000.00 0.00 0.000000 6.458334 1,000.00000
A-5 0.00 12,873,222.00 0.00 0.000000 6.458333 1,000.00000
A-6 0.00 21,900,000-00 0.00 0.000000 6.458333 1,000.00000
A-7 0.00 18,800,000-00 0.00 0.000000 6.458334 1,000.00000
A-8 0.00 30,691,376.40 0.00 42.870342 6.326437 944.35004
A-9 0.00 18,226,138.62 0.00 0.528698 6.455334 999.00684
PO PO 0.00 115,288.79 0.00 1.424739 0.000000 997.73078
IO X 0.00 197,195,192.95 0.00 0.000000 0.923534 997.41856
Residual A-R 0.00 0.00 0.00 0.000000 0.000000 0.000000
Subordinate B-1 0.00 8,517,599.27 0.00 0.528697 6.455334 999.00684
B-2 0.00 4,008,282.18 0.00 0.528699 6.455333 999.00684
B-3 0.00 2,505,176.03 0.00 0.528699 6.455333 999.00705
B-4 0.00 1,503,105.59 0.00 0.528699 6.455337 999.00677
B-5 0.00 400,827.52 0.00 0.528705 6.455339 999.00684
B-6 0.00 1,102,283.21 0.00 0.528685 6.455335 999.00706
Totals 198,419,096.13
</TABLE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-I
Original Certificate Information
Class Information
ORIGINAL Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
Senior A-1 6,275,000.00 7.750000% 126691-WNO
A-2 18,750,000.00 7.750000% 126691-WP5
A-3 33,100,000.00 7.750000% 126691-WQ3
A-4 20,000,000.00 7.750000% 126691-WR1
A-5 12,873,222.00 7.750000% 126691-WS9
A-6 21,900,000.00 7.750000% 126691-WT7
A-7 18,800,000.00 7.750000% 126691-WU4
A-8 32,500,000.00 7.750000% 126691 -WV2
A-9 18,244,258.00 7.750000% 126691-WW0
PO PO 115,551.00 0.000000% 126691-WY6
IO X 197,705,557.00 1.110000% 126691-WZ3
Residual A-R 100.00 7.750000% 126691-XA7
Subordinate B-1 8,526,067.00 7.750000% 126691-XB5
B-2 4,012,267.00 7.750000% 126691-XC3
B-3 2,507,666.00 7.750000% 126691-XD1
B-4 1,504,600.00 7.750000% N/A
B-5 401,226.00 7.750000% N/A
B-6 1,103,378.79 7.750000% N/A
Totals 200,613,335.79
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Balances
Senior 90.904222% 100.000000% 180,266,533.54
Subordinate 9.095778% 0.000000% 18,037,273.80
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-I
COLLATERAL INFORMATION
Aggregate stated principal balance 198,419,095.71
Aggregate loan count 1,713
Weighted average loan rate 8.988902%
Aggregate prepayment amount 1,575,787.08
FEES & ADVANCES
Monthly master servicer fees 20,843.83
Monthly servicer fees 41,776.16
Advances included in this distribution 66,165.58
Aggregate Advances Outstanding 100,509.65
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
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 mo. 25 3,815,830.65
2 mos. 26 4,115,830.65
3 + mos. 0 0.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 51 7,931,661.30
Aggregate Amount of the Scheduled Payments on all
160+ day delinquencies for the past 12 month rolling period 34,344.07
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
