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-G)
(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-A
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 January 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-A 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 November 25, 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
INDEPENDENT NATIONAL MORTGAGE CORP.
Mortgage Pass-Through Certificates, Series 1996-G
<TABLE>
<CAPTION>
Class Information Current Payment Information
Beginning Pass Thru Principal Interest Dist. Total Principal
Class Code Name Cert. Bal. Rate Dist. Amt. Amt. Dist. Losses
<S> <C> <C> <C> <C> <C> <C> <C>
1874 A-1 28,654,612.71 6.700000% 1,883,689.06 159,988.25 2,043,677.31 0.00
1875 A-2 37,967,000.00 7.050000% 0.00 223,056.13 223,056.13 0.00
1876 A-3 31,953,000.00 7.150000% 0.00 190,386.63 190,386.63 0.00
1877 A-4 30,594,000.00 7.300000% 0.00 186,113.50 186,113.50 0.00
1878 A-5 38,205,257.52 9.000000% 1,004,620.85 286,539.43 1,291,160.28 0.00
1879 A-6 26,625,000.00 7.500000% 0.00 166,406.25 166,406.25 0.00
1880 A-7 74,602,000.00 7.500000% 0.00 466,262.50 466,262.50 0.00
1881 A-8 11,746,846.00 7.500000% 0.00 73,417.79 73,417.79 0.00
1882 A-9 15,000,000.00 7.500000% 0.00 93,750.00 93,750.00 0.00
1883 A-10 7,000,000.00 7.500000% 0.00 43,750.00 43,750.00 0.00
1884 A-11 46,066,279.78 7.500000% 345,881.99 287,914.25 633,796.24 0.00
1885 PO-1 121,552.02 n/a 112.36 n/a 112.36 0.00
1886 PO-2 195,881.51 n/a 721.35 n/a 721.35 0.00
1887 X-1 329,483,451.94 1.088948% n/a 298,992.08 298,992.08 n/a
1888 X-2 36,009,906.50 0.700435% n/a 21,018.84 21,018.84 n/a
1889 A-R 0.00 7.500000% 0.00 2.95 2.95 0.00
1890 B-la 16,604,517.07 7.500000% 9,872.46 103,778.23 113,650.69 0.00
1891 B-1b 6,991,370.36 7.500000% 4,156.82 43,696.06 47,852.88 0.00
1892 B-1c 5,243,552.70 7.500000% 3,117.63 32,772.20 35,889.83 0.00
1893 B-1d 2,621,776.35 7.500000% 1,558.82 16,386.10 17,944.92 0.00
1894 B-1e 699,147.01 7.500000% 415.69 4,369.67 4,785.36 0.00
1895 B-1f 1,922,704.13 7.500000% 1,143.17 12,016.90 13,160.07 0.00
1896 B-2a 1,874,683.56 7.500000% 5,646.16 11,716.77 17,362.93 0.00
1897 B-2b 499,895.89 7.500000% l,505.58 3,124.35 4,629.93 0.00
1898 B-2c 374,897.27 7.500000% 1,129.11 2,343.11 3,472.22 0.00
1899 B-2d 174,978.34 7.500000% 527.00 1,093.61 1,620.61 0.00
1900 B-2e 99,959.47 7.500000% 301.06 624.75 925.81 0.00
1901 B-2f 225,070.39 7.500000% 677.87 1,406.69 2,084.56 0.00
Totals -- 386,063,982.08 -- 3,265,076.97 2,730,927.04 5,996,004.01 --
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class Information Factors per $1,000
Interest Ending Cert./ Unpaid Principal Interest Ending
Class Code Name Shortfalls Notional Bal. Interest Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C> <C>
1874 A-1 0.00 26,770,923.65 0.00 4994.138244% 424.169495% 70976.519558%
1875 A-2 0.00 37,967,000.00 0.00 0.000000% 587.500013% 100000.000000%
1876 A-3 0.00 31,953,000.00 0.00 0.000000% 595.833349% 100000.000000%
1877 A-4 0.00 30,594,000.00 0.00 0.000000% 608.333333% 100000.000000%
1878 A-5 0.00 37,200,636.67 0.00 2334.210481% 665.766932% 86434.714262%
1879 A-6 0.00 26,625,000.00 0.00 0.000000% 625.000000% 100000.000000%
1880 A-7 0.00 74,602,000.00 0.00 0.000000% 625.000000% 100000.000000%
1881 A-8 0.00 11,746,846.00 0.00 0.000000% 625.000021% 100000.000000%
1882 A-9 0.00 15,000,000.00 0.00 0.000000% 625.000000% 100000.000000%
1883 A-10 0.00 7,000,000.00 0.00 0.000000% 625.000000% 100000.000000%
1884 A-11 0.00 45,720,397.79 0.00 732.541700% 609.772124% 96830.997646%
1885 PO-1 n/a 121,439.66 0.00 91.979993% 0.000000% 99412.772088%
1886 PO-2 n/a 195,160.16 0.00 361.571698% 0.000000% 97822.680247%
1887 X-1 0.00 326,580,740.78 0.00 0.000000% 87.056129% 95088.990529%
1888 X-2 0.00 35,699,826.33 0.00 0.000000% 56.855056% 96566.490924%
1889 A-R 0.00 0.00 0.00 0.000000% 2950.000000% 0.000000%
1890 B-1a 0.00 16,594,644.61 0.00 59.290845% 623.258983% 99662.148056%
1891 B-lb 0.00 6,987,213.54 0.00 59.290845% 623.258925% 99662.148057%
1892 B-1c 0.00 5,240,435.07 0.00 59.290845% 623.258910% 99662.148050%
1893 B-1d 0.00 2,620,217.53 0.00 59.290845% 623.258910% 99662.148050%
1894 B-1e 0.00 698,731.32 0.00 59.299303% 623.348074% 99676.365461%
1895 B-1f 0.00 1,921,560.96 0.00 59.290845% 623.258950% 99662.147896%
1896 B-2a 0.00 1,869,037.40 0.00 296.900496% 616.120839% 98282.452714%
1897 B-2b 0.00 498,390.31 0.00 296.900490% 616.121081% 98282.450723%
1898 B-2c 0.00 373,768.16 0.00 296.900488% 616.121483% 98282.450025%
1899 B-2d 0.00 174,451.34 0.00 296.900476% 616.118310% 98282.446003%
1900 B-2e 0.00 99,658.41 0.00 296.900514% 616.124260% 98282.458461%
1901 B-2f 0.00 224,392.52 0.00 296.901698% 616.123480% 98282.850659%
Totals -- -- 382,798,905.11 -- -- -- --
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
Mortgage Pass-Through Certificates, Series 1966-G
Class Information Original Payment Information
------------------ -------- ------------------ ----------------- --------------
Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
Senior A-1 37,718,000.00 6.700000% 1226691-UR3
A-2 37,967,000.00 7.050000% 1226691-US1
A-3 31,953,000.00 7.150000% 1226691-UT9
A-4 30,594,000.00 7.300000% 1226691-UU6
A-5 43,039,000.00 9.000000% 1226691-UV4
A-6 26,625,000.00 7.500000% 1226691-UW2
A-7 74,602,000.00 7.500000% 1226691-UX0
A-8 11,746,846.00 7.500000% 1226691-UY8
A-9 15,000,000.00 7.500000% 1226691-UZ5
A-10 7,000,000.00 7.500000% 1226691-VA9
A-11 47,216,696.00 7.500000% 1226691-VB7
PO-1 122,157.00 0.000000% 1226691-VC5
PO-2 199,504.00 0.000000% 1226691-VD3
X-1 343,447,479.00 1.100000% 1226691-VE1
X-2 36,969,166.00 0.700000% 1226691-VF8
Residual A-R 100.00 7.500000% 1226691-VG6
Subordinate B-1a 16,650,900.00 7.500000% 1226691-VH4
B-1b 7,010,900.00 7.500000% 1226691-VJ0
B-1c 5,258,200.00 7.500000% 1226691-VK7
B-1d 2,629,100.00 7.500000% n/a
B-1e 701,000.00 7.500000% n/a
B-1f 1,928,075.00 7.500000% n/a
B-2a 1,901,700.00 7.500000% 1226691-VL5
B-2b 507,100.00 7.500000% 1226691-VM3
B-2c 380,300.00 7.500000% 1226691-VN1
B-2d 177,500.00 7.500000% n/a
B-2e 101,400.00 7.500000% n/a
B-2f 228,313.00 7.500000% n/a
------------------ -------- ------------------ ----------------- -------------
Totals -- 401,257,791.00 -- --
------------------ -------- ------------------ ----------------- -------------
Aggregate Certificate Information
<TABLE>
<CAPTION>
Class Group 1 Agg. Group 1 Agg. Group 1 Agg. Group 2 Agg. Group 1 Agg. Group 2 Agg.
Type Percentages Percentages Prepay. Pct. Prepay. Pct. End. Cert. Bal. End Cert. Bal.
---------------- ----------------- ------------------ ------------------ ---------------- ------------------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Senior 89.869218% 93.410860% 100.000000% 100.000000% 335,512,686.41 45,915,557.95
---------------- ----------------- ------------------ ------------------ ---------------- ------------------ -----------------
Subordinate 10.130782% 6.589140% 0.000000% 0.000000% 35,931,840.44 3,239,698.15
---------------- ----------------- ------------------ ------------------ ---------------- ------------------ -----------------
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
Mortgage Pass-Through Certificates, Series 1996-G
COLLATERAL INFORMATION
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Aggregate stated principal balance 336,605,003.88 49,511,645.91 386,116,649.79
Aggregate loan count 2,751 442 3,193
Weighted average remaining term 356.00 176.00 332.89
Weighted average loan rate 8.947039% 8.364503% 8.879641%
Aggregate prepayment amount 2,708,544.64 207,139.94 2,915,684.58
</TABLE>
- ---------------------------------------
FEES & ADVANCES
- ---------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Monthly master servicer fees 35,057.53 5,157.46 40,214.99
Monthly servicer fees 70,115.07 10,314.93 80,430.00
Monthly trustee fees 2,524.14 371.34 2,895.48
Aggregate advances 38,645.05 3,453.24 42,098.29
Aggregate recoveries 0.00 0.00 0.00
Outstanding advances 44,786.79 4,048.49 48,835.28
</TABLE>
- -------------------------------------------------
LOSSES & INSURANCE COVERAGES
- -------------------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Special Hazard Bankruptcy Fraud
Net principal losses 0.00 0.00 0.00
Net interest losses 0.00 0.00 0.00
Excess losses 0.00 0.00 0.00
Loss coverage amount 0.00 0.00 0.00
</TABLE>
<PAGE>
- ---------------------------------------
DELINQUENCY INFORMATION
- ---------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
1 mo. 31 3,958,034.16
2 mos. 6 805,924.97
3+ mos. 6 948,646.23
In foreclosure 3 293,317.57
In Bankruptcy 0 0.00
Totals 46 6,005,922.93
-- ------------
12 month rollover delinquency 7 817,490.65
- ---------------------------------------
REO INFORMATION
- ---------------------------------------
<TABLE>
<CAPTION>
Reo Date Loan Number Ending Stated Balance Book Value
- -------- ----------- --------------------- ----------
<S> <C> <C>
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
Totals 0 0.00 0.00
- ---- ----
</TABLE>
- ----------------------------------------
OTHER INFORMATION
- ----------------------------------------
<TABLE>
<CAPTION>
Group 1 Group 2 Total
------- ------- -----
<S> <C> <C> <C>
Available remittance amount 5,310,368.58 685,632.48 5,996,001.06
Principal remittance amount 2,908,686.86 356,390.11 3,265,076.97
Interest remittance amount 2,401,681.72 329,242.37 2,730,924.09
Transfer Balance 0.00 0.00 0.00
</TABLE>
