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): December 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
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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-A
On December 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 December 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: December 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
December 25, 1996
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INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------ ----------------------------------------------------------------------------------------------------
Class Information Current Payment 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 4,726,803.10 7.750000% 347,768.10 30,527.27 378,295.37 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-2 18,750,000.00 7.750000% 0.00 121,093.75 121,093.75 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-3 33,100,000.00 7.750000% 0.00 213,770.83 213,770.83 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-4 20,000,000.00 7.750000% 0.00 129,166.67 129,166.67 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-5 12,873,222.00 7.750000% 0.00 83,139.56 83,139.56 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-6 21,900,000.00 7.750000% 0.00 141,437.50 141,437.50 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-7 18,800,000.00 7.750000% 0.00 121,416.67 121,416.67 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-8 24,481,453.00 7.750000% 1,801,190.00 156,885.30 1,958,075.30 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
A-9 18,206,705.54 7.750000% 10,097.54 117,585.00 127,682.54 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
PO PO 66,992.82 0.000000% 91.58 0.00 91.58 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
IO X 189,464,077.42 1.107077% 0.00 174,792.70 174,792.70 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
Residual A-R 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
Subordinate B-1 8,508,517.87 7.750000% 4,718.87 54,950.84 59,669.71 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
B-2 4,004,008.65 7.750000% 2,220.65 25,859.22 28,079.87 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
B-3 2,502,504.90 7.750000% 1,387.90 16,162.01 17,549.91 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
B-4 1,501,502.74 7.750000% 832.74 9,697.21 10,529.95 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
B-5 400,400.16 7.750000% 222.06 2,585.92 2,807.98 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
B-6 1,101,107.68 7.750000% 610.68 7,111.32 7,722.00 0.00 0.00
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
Totals 190,923,218.46 2,169,140.12 1,406,181.77 3,575,321.89
- ------------ -------------- ----------------- ------------- -------------- --------------- --------------- ------------ ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class Information Factors per $1,000
- ------------------- ------------------- ------------------ ---------- --------------------------- --------- --------------------
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 4,379,035.00 0.00 55.421211 4.864904 697.854183
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-2 18,750,000.00 0.00 0.000000 6.458333 1,000.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-3 33,100,000.00 0.00 0.000000 6.458333 1,000.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-4 20,000,000.00 0.00 0.000000 6.458334 1,000.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-5 12,873,222.00 0.00 0.000000 6.458333 1,000.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-6 21,900,000.00 0.00 0.000000 6.458333 1,000.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-7 18,800,000.00 0.00 0.000000 6.458334 1,000.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-8 22,680,263.00 0.00 55.421231 4.827240 697.854246
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
A-9 18,196,608.00 0.00 0.553464 6.445042 997.388219
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
PO PO 66,901.24 0.00 0.792550 0.000000 578.975863
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
IO X 187,000,000.00 0.00 0.000000 0.884106 945.851006
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
Residual A-R 0.00 0.00 0.000000 0.000000 0.000000
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
Subordinate B-1 8,503,799.00 0.00 0.553464 6.445040 997.388245
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
B-2 4,001,788.00 0.00 0.553465 6.445040 997.388260
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
B-3 2,501,117.00 0.00 0.553463 6.445041 997.388408
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
B-4 1,500,670.00 0.00 0.553463 6.445042 997.388010
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
B-5 400,178.10 0.00 0.553454 6.445046 997.388255
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
B-6 1,100,497.00 0.00 0.553464 6.445040 997.388213
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
Totals 188,754,078.34 10.812542 7.009413 940.884999
- ------------------- ------------------- ------------------ ---------- ------------------ ------------------ ------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------ -------------------------------------------------------------------------
Class Information Original Certificate Information
- --------------------------- -------------------------- -------------------------- -------------------------- -------------------
ORIGINAL Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- --------------------------- -------------------------- -------------------------- -------------------------- -------------------
<S> <C> <C> <C> <C>
Senior A-1 6,275,000.00 7.750000% 126691-WN0
- --------------------------- -------------------------- -------------------------- -------------------------- -------------------
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-WI7
- --------------------------- -------------------------- -------------------------- -------------------------- -------------------
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
- --------------------------- -------------------------- -------------------------- -------------------------- -------------------
</TABLE>
<TABLE>
<CAPTION>
Aggregate Certificate Information for the following distribution date
- ---------------------------------- -------------------------------- ----------------------- -------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Balances
- ---------------------------------- -------------------------------- ----------------------- -------------------------------
<S> <C> <C> <C>
Senior 90.559364% 100.000000% 172,838,184.44
- ---------------------------------- -------------------------------- ----------------------- -------------------------------
Subordinate 9.440636% 0.000000% 18,018,042.04
- ---------------------------------- -------------------------------- ----------------------- -------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
- --------------------------------------------------------------------------------
- ----------------------------------------------
COLLATERAL INFORMATION
- ----------------------------------------------
Aggregate stated principal balance 190,923,219.31
Aggregate loan count 1,349
Weighted average loan rate 9.230453%
Aggregate prepayment amount 2,063,237.56
- ----------------------------------------------
FEES & ADVANCES
- ----------------------------------------------
Monthly master servicer fees 19,887.84
Monthly servicer fees 39,864.03
Advances included in this distribution 27,725.16
Aggregate Advances Outstanding 42,164.39
- ----------------------------------------------
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 2,548,895.00
Net principal losses 0.00
Net interest losses 0.00
Excess losses 0.00
<PAGE>
- ------------------------------
DELINQUENCY INFORMATION
- ------------------------------
- ------------------- ------------ -----------------------
Period Loan Count Ending Stated Balance
- ------------------- ------------ -----------------------
1 month 15 2,316,460.00
- ------------------- ------------ -----------------------
2 months 2 335,363.88
- ------------------- ------------ -----------------------
3 + months 4 675,053.33
- ------------------- ------------ -----------------------
In Foreclosure 1 271,869.69
- ------------------- ------------ -----------------------
In Bankruptcy 0 0.00
- ------------------- ------------ -----------------------
Totals 22 3,598,746.90
- ------------------- ------------ -----------------------
Aggregate Amount of the Scheduled Payments on all 60 + day delinquencies for the
past 12 month rolling period
- ----------- ---------------------
MONTH 1 8,653.09
- ----------- ---------------------
MONTH 2 8,780.21
- ----------- ---------------------
MONTH 3 2,866.95
- ----------- ---------------------
MONTH 4 0.00
- ----------- ---------------------
MONTH 5 0.00
- ----------- ---------------------
MONTH 6 0.00
- ----------- ---------------------
MONTH 7 0.00
- ----------- ---------------------
MONTH 9 0.00
- ----------- ---------------------
MONTH 10 0.00
- ----------- ---------------------
MONTH 11 0.00
- ----------- ---------------------
MONTH 12 0.00
- ----------- ---------------------
TOTAL 20,300.25
- ----------- ---------------------
- ---------------------
REO INFORMATION
- ---------------------
- ----------- -------------- ---------------------- ---------------------
Reo Date Loan Number Ending Stated Balance Book Value
- ----------- -------------- ---------------------- ---------------------
0 0.00 0.00
- ----------- -------------- ---------------------- ---------------------
0 0.00 0.00
- ----------- -------------- ---------------------- ---------------------
Totals 0 0.00 0.00
- ----------- -------------- ---------------------- ---------------------
