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-E)
(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-E
On September 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-E, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of March 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-E 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 March 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
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 1996-01 CUSIP # 126691
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENT DATED MARCII 1, 1996
CUSIP # 126691
Distribution Date 9/25/96
<TABLE>
<CAPTION>
SINGLE TOTAL
4.04(i) Reduction of the Stated Amount of Certificates CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. SW5 $10.57016648 $389,838.31
Class A-2 Certificates. SX3 0.00000000 $0.00
Class A-3 Certificates. SYI $2.20266546 $103,635.41
Class A-4 Certificates. SZ8 $0.00000000 $0.00
Class A-5 Certificates. TA2 $0.00000000 $0.00
Class A-6 Certificates. TBO $0.73743455 $8,111.78
Class A-7 Certificates. N/A $0.00000000 $0.00
Class X Certificates. TD6 $0.00000000 $0.00
Class A-R Certificates. TE4 $0.00000000 $0.00
Class PO Certificates. TC8 $0.94401091 $505.60
Class B-1 Certificates. TF1 $0.73743544 $2,912.87
Class B-2 Certificates. TG9 $0.73743259 $1,941.66
Class B-3 Certificates. TH7 $0.73743437 $1,488.88
Class B-4 Certificates. $0.73743736 $647.47
Class B-5 Certificates. $0.73743346 $387.89
Class B-6 Certificates. $0.73743805 $390.52
Total 509,860.39
Aggregate amount of any Principal Prepayments 127,354.07
</TABLE>
<TABLE>
<CAPTION>
SINGLE TOTAL
4.04(ii) Amounts distributed representing interest CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. $5.27066972 $194,387.57
Class A-2 Certificates. $5.58336521 $86,988.83
Class A-3 Certificates. $5.48393900 $258,019.33
Class A-4 Certificates. $5.24137105 $15,100.39
Class A-5 Certificates. $5.61575495 $16,178.99
Class A-6 Certificates. $6.01988727 $66,218.76
Class A-7 Certificates. $5.53182943 $266,849.92
Class X Certificates. $0.40645898 $60,276.90
Class A-R Certificates. $0.00000000 $0.00
Class PO Certificates. $0.00000000 $0.00
Class B-1 Certificates. $6.01988608 $23,778.55
Class B-2 Certificates. $6.01988606 $15,850.36
Class B-3 Certificates. $6.01988608 $12,154.15
Class B-4 Certificates. $10.04840304 $5,285.46
Class B-5 Certificates. $6.01988593 $3,166.46
Class B-6 Certificates. $6.01988662 $3,187.91
Total 1,027,443.58
</TABLE>
4.04(iii) Amount of shortfall which is less than the
full amount that would be distributed:
Principal 0.00
Interest 0.00
<TABLE>
<CAPTION>
4.04(iv) Stated Amount of Certificates after this Distribution ORIGINAL SINGLE TOTAL
BALANCE CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. $36,881,000.00 $947.73339850 $34,953,355.47
Class A-2 Certificates. $15,580,000.00 $1,000.00000000 $15,580,000.00
Class A-3 Certificates. $47,050,000.00 $972.71982508 $45,766,467.77
Class A-4 Certificates. $2,881,000.00 $898.52072544 $2,588,638.21
Class A-5 Certificates. $2,881,000.00 $898.52072544 $2,588,638.21
Class A-6 Certificates. $11,000,000.00 $995.65766000 $10,952,234.26
Class A-7 Certificates. $48,239,000.00 $996.26850577 $48,058,996.45
Class X Certificates. $148,297,622.57 $975.55504291 $144,672,493.55
Class A-R Certificates. $1,000.00 $0.00000000 $0.00
Class PO Certificates. $535,587.03 $984.89100828 $527,494.85
Class B-1 Certificates. $3,950,000.00 $995.65765823 $3,932,847.75
Class B-2 Certificates. $2,633,000.00 $995.65766046 $2,621,566.62
Class B-3 Certificates. $2,019,000.00 $995.65766221 $2,010,232.82
Class B-4 Certificates. $878,000.00 $995.65765376 $874,187.42
Class B-5 Certificates. $526,000.00 $995.65766160 $523,715.93
Class B-6 Certificates. $529,563.13 $995.65766597 $527,263.59
Total 171,505,639.35
</TABLE>
4.04(v) The Pool Stated Principal Balance for the
following Distribution Date: 171,505,639.35
4.04(vi) Senior Percentage for the following
Distribution Date 93.876068072212%
Subordinated Percentage for the following
Distribution Date 6.123931927788%
4.04(vii) Amount of the Master Servicing Fees paid to or
retained by the Master Servicer with respect
to such Distribution Date 44,608.99
<TABLE>
<CAPTION>
4.04(viii) Pass-Through Rate for each such Class of Certificates
<S> <C>
Class A-1 Certificates. 6.60000%
Class A-2 Certificates. 6.70000%
Class A-3 Certificates. 6.75000%
Class A-4 Certificates. 7.00000%
Class A-5 Certificates. 7.50000%
Class A-6 Certificates. 7.25000%
Class A-7 Certificates. 7.25000%
Class X Certificates. 0.49854%
Class A-R Certificates. 7.25000%
Class PO Certificates. 0.00000%
Class B-1 Certificates. 7.25000%
Class B-2 Certificates. 7.25000%
Class B-3 Certificates. 7.25000%
Class B-4 Certificates. 7.25000%
Class B-5 Certificates. 7.25000%
Class B-6 Certificates. 7.25000%
</TABLE>
4.04(ix) Amount of Advances included in the distribution
on this Distribution Date 11,173.83
Aggregate amount of Advances outstanding as of
the close of business on such Distribution Date. 16,334.85
<TABLE>
<CAPTION>
4.04(x) A. The number and aggregate principal amounts of Mortgage Loans delinquent
<S> <C> <C>
30 to 59 days 3 755,672.91
60 to 89 days 2 678,551.13
90 or more 0 0.00
</TABLE>
<TABLE>
<CAPTION>
B. The number and aggregate principal amounts of Mortgage Loans in foreclosure and delinquent
<S> <C> <C>
In Foreclosure 0 0.00
</TABLE>
4.04(xi) Loan number and Stated Principal Balance for any
Mortgage loan that became an REO Property during
the preceding calendar month. 0.00
4.04(xii) 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
4.04(xiii) Senior Prepayment Percentage for following
Distribution Date 100.000000000000%
4.04(xiv) Aggregate amount of Realized Losses incurred
during preceding month 0.00
Aggregate amount of Realized Losses through
Distribution Date 0.00
4.04(xv) Special Hazard Loss Coverage Amount 3,760,049.30
Required Fraud Loss Coverage 8,000,007.24
Current Bankruptcy Coverage 50.000.00
