Rule 424(b)(5)
333-26425
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED APRIL 25, 1994
(To Prospectus dated January 14, 1994)
CWMBS, INC.
Depositor
INDYMAC, INC./*/
Seller and Master Servicer
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1994-H
-------------------------
This Supplement relates to the offering by the Seller of the Class B-3
Certificates of the Series referenced above. This Supplement does not
contain complete information about the offering of the Class B-3
Certificates. Additional information is contained in the Prospectus
Supplement dated April 25, 1994 (the "Prospectus Supplement") prepared in
connection with the offering of the Offered Certificates of the Series
referenced above and in the Prospectus of the Depositor dated January 14,
1994 (the "Prospectus"). Prospective purchasers are urged to read this
Supplement, the Prospectus Supplement and the Prospectus in full.
As of August 25, 1997 (the "Certificate Date"), the Class Certificate
Balance of the Class B-3 Certificates was approximately $3,633,633.
THE CLASS B-3 CERTIFICATES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THE CLASS B-3 CERTIFICATES NOR THE
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL ENTITY, THE
DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR
AFFILIATES OR ANY OTHER PERSON. DISTRIBUTIONS ON THE CLASS B-3 CERTIFICATES
WILL BE PAYABLE SOLELY FROM THE ASSETS TRANSFERRED TO THE TRUST FUND FOR THE
BENEFIT OF CERTIFICATEHOLDERS.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
The Class B-3 Certificates offered hereby will be purchased by Greenwich
Capital Markets, Inc. (the "Underwriter") from the Seller and will be offered
by the Underwriter from time to time in negotiated transactions or otherwise
at varying prices to be determined at the time of sale. Proceeds to the
Seller from the sale of the Class B-3 Certificates are expected to be
approximately 93.031% of the aggregate principal balance of the Class B-3
Certificates as of the Certificate Date, before deducting sale expenses
payable by the Seller.
The Class B-3 Certificates are offered by the Underwriter, subject to
prior sale, when, as and if delivered to and accepted by the Underwriter and
subject to its right to reject orders in whole or in part. It is expected
that the Class B-3 Certificates will be delivered at the offices of the
Underwriter in Greenwich, Connecticut, on or about August 28, 1997 and are
subsequently expected to be available for transfer through the facilities of
The Depository Trust Company.
GREENWICH CAPITAL MARKETS
---------------------------------------------------------------------
A DIVISION OF NATWEST MARKETS
AUGUST 28, 1997
UNTIL NINETY DAYS AFTER THE DATE OF THIS SUPPLEMENT, ALL DEALERS
EFFECTING TRANSACTIONS IN THE CLASS B-3 CERTIFICATES, WHETHER OR NOT
PARTICIPATING IN THIS DISTRIBUTION, MAY BE REQUIRED TO DELIVER A SUPPLEMENT,
THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. THIS IS IN ADDITION TO THE
OBLIGATION OF DEALERS TO DELIVER A SUPPLEMENT, THE PROSPECTUS SUPPLEMENT AND
THE PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO THEIR UNSOLD
ALLOTMENTS OR SUBSCRIPTIONS.
This Supplement is qualified in its entirety by reference to the
detailed information appearing in the accompanying Prospectus Supplement and
Prospectus. Certain capitalized terms used in this Supplement are defined in
the Prospectus Supplement or the Prospectus.
[FN]
/*/ On May 11, 1994, Countrywide Mortgage Conduit, Inc. changed its name to
Independent National Mortgage Corporation. On July 1, 1997, Independent
National Mortgage Corporation changed its name to IndyMac, Inc.
</FN>
THE MORTGAGE POOL
As of August 1, 1997 (the "Reference Date"), the Mortgage Pool included
approximately 1,548 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $346,322,027.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
<S> <C>
Total Number of Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,548
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.55%
60-90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.26%
91 days or more (excluding pending foreclosures) . . . . . . . . . . . . . . . . . . . . . 0.32%
-----
Total Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.13%
=====
Foreclosures Pending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65%
-----
Total Delinquencies and foreclosures pending . . . . . . . . . . . . . . . . . . . . . . . . . 2.78%
=====
</TABLE>
______________
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
Five of the Mortgage Loans have been converted to REO as of the
Reference Date.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates
of interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have
been rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
IndyMac, Inc. will continue to act as Master Servicer under the
Agreement.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency and foreclosure
experience, respectively, as of December 31, 1994, December 31, 1995,
December 31, 1996 and June 30, 1997 on approximately $6.8 billion, $9.4
billion, $11.1 billion and $11.6 billion, respectively, in outstanding
principal balance of conventional mortgage loans master serviced by the
Master Servicer. IndyMac, Inc. commenced master servicing conventional
mortgage loans during April 1993. The delinquency and foreclosure
percentages may be affected by the size and relative lack of seasoning of the
servicing portfolio because many of such mortgage loans were not outstanding
long enough to give rise to some or all of the indicated periods of
delinquency. Accordingly, the information should not be considered as a
basis for assessing the likelihood, amount or severity of delinquency or
losses on the Mortgage Loans, and no assurances can be given that the
foreclosure and delinquency experience presented in the table below will be
indicative of such experience on the Mortgage Loans in the future:
<TABLE>
<CAPTION>
As of As of
December 31, June 30,
---------------------------------------- --------
1994 1995 1996 1997
------ ------ ------ ------
<S> <C> <C> <C> <C>
Total Number of Conventional Mortgage Loans in Portfolio . . . 30,803 53,101 68,209 72,652
Delinquent Mortgage Loans and Pending Foreclosures at Period
End(1):
30-59 days . . . . . . . . . . . . . . . . . . . . . 0.83% 2.30% 2.39% 2.28%
60-89 days . . . . . . . . . . . . . . . . . . . . . 0.13 0.42 0.52 0.50%
90 days or more (excluding pending foreclosures) . . . . . . . 0.09 0.38 0.81 0.94%
---- ---- ---- -----
Total Delinquencies . . . . . . . . . . . . . . . . . . . 1.05% 3.10% 3.72% 3.72%
===== ===== ===== =====
Foreclosures pending . . . . . . . . . . . . . . . . . . . . . 0.07 0.30 0.65% 0.75%
---- ---- ----- -----
Total delinquencies and foreclosures pending . . . . . . . . . 1.12% 3.40% 4.37% 4.47%
===== ===== ===== =====
</TABLE>
______________
(1) As a percentage of the total number of loans master serviced.
DESCRIPTION OF THE CLASS B-3 CERTIFICATES
The Class B-3 Certificates are Subordinated Certificates. To the extent
funds are available therefor, the Class B-3 Certificates will be entitled to
receive interest in the amount of the Interest Distribution Amount for such
Class as described in the Prospectus Supplement under "Description of the
Certificates -- Interest". The Class B-3 Certificates are allocated amounts
received in respect of principal on the Mortgage Loans based on the
Subordinated Principal Distribution Amount as described in the Prospectus
Supplement under "Description of the Certificates -- Principal --
Subordinated Principal Distribution Amount". Distributions of principal of
the Subordinated Certificates will be made sequentially to the Classes of
Subordinated Certificates in the order of their numerical Class designations,
beginning with the Class B-1 Certificates, until the respective Class
Certificate Balances thereof have been reduced to zero. Realized Losses will
be allocated to the Class B-3 Certificates as described in the Prospectus
Supplement under "Description of the Certificates -- Allocation of Losses".
Additional information relating to distributions of certain unscheduled
payments in respect of principal (including, but not limited to, partial
principal prepayments and principal prepayments in full) are set forth in the
Prospectus Supplement under "Description of the Certificates -- Principal".
As of the Certificate Date, the Class Certificate Balance of the Class
B-3 Certificates was approximately $3,633,633, evidencing a beneficial
ownership interest of approximately 1.05% in the Trust Fund. As of the
Certificate Date, the Senior Certificates had an aggregate principal balance
of approximately $318,188,093 and evidenced in the aggregate a beneficial
ownership interest of approximately 91.88% in the Trust Fund. As of the
Certificate Date, the Class B-1, Class B-2, Class B-4 and Class B-5
Certificates had aggregate principal balances of $16,149,700, $5,046,713,
$1,413,079 and $1,890,810, respectively, and evidenced in the aggregate a
beneficial ownership interest of approximately 4.66%, 1.46%, 0.41% and 0.55%,
respectively, in the Trust Fund. The Class B-4 and Class B-5 Certificates
are the only Certificates supporting the Class B-3 Certificates. For
additional information with respect to the Class B-3 Certificates, see
"Description of the Certificates" in the Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
REVISED STRUCTURING ASSUMPTIONS
Unless otherwise specified, the information in the tables appearing in
this Supplement under "Yield, Prepayment and Maturity Considerations --
Decrement Table" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional
assumptions (collectively, the "Revised Structuring Assumptions"): (i) the
Mortgage Pool consists of two Mortgage Loans with the following
characteristics:
<TABLE>
<CAPTION>
Remaining
Original Term Term to
Adjusted Net to Maturity Loan Age Maturity
Principal Balance Mortgage Rate Mortgage Rate (in Months) (in Months) (in months)
----------------- ------------- ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
$316,656,722.31 7.6955410056% 7.3183906721% 360 34 326
$29,665,305.15 6.9815213053% 6.6052713053% 360 34 326
</TABLE>
(ii) the Mortgage Loans prepay at the specified constant percentages of SPA,
(iii) no defaults in the payment by Mortgagors of principal of and interest
on the Mortgage Loans are experienced on or after the Reference Date,
(iv) scheduled payments on the Mortgage Loans are received on the first day
of each month commencing in the calendar month following the Reference Date
and are computed prior to giving effect to prepayments received on the last
day of the prior month, (v) prepayments are allocated as described in the
Prospectus Supplement under "Description of the Certificates -- Principal"
without giving effect to loss and delinquency tests, (vi) there are no Net
Interest Shortfalls on or after the Reference Date and prepayments represent
prepayments in full of individual Mortgage Loans and are received on the last
day of each month, commencing in the calendar month of the Reference Date,
(vii) the scheduled monthly payment for each Mortgage Loan has been
calculated based on the Revised Structuring Assumptions as set forth in
clause (i) above such that each Mortgage Loan will amortize in amounts
sufficient to repay the principal balance of such Mortgage Loan by its
indicated remaining term to maturity, (viii) distributions in respect of the
Certificates are received in cash on the 25th day of each month commencing in
the calendar month following the Reference Date, (ix) the closing date of the
sale of the Class B-3 Certificates is August 29, 1997 (x) the Seller is not
required to repurchase or substitute for any Mortgage Loan on or after the
Reference Date and (xi) the Master Servicer does not, on or after the
Reference Date, exercise any option to repurchase any Mortgage Loans
described in the Prospectus Supplement under "Description of the Certificates
- -- Optional Purchase of Defaulted Loans" and "--Optional Termination". While
it is assumed that each of the Mortgage Loans prepays at the specified
constant percentages of SPA, this is not likely to be the case. Moreover,
discrepancies exist between the characteristics of the actual Mortgage Loans
as of the Reference Date and characteristics of the Mortgage Loans assumed in
preparing the table herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in this Supplement is the
Standard Prepayment Assumption ("SPA"), which represents an assumed rate of
prepayment each month of the then outstanding principal balance of a pool of
new mortgage loans. SPA does not purport to be either an historical
description of the prepayment experience of any pool of mortgage loans or a
prediction of the anticipated rate of prepayment of any pool of mortgage
loans, including the Mortgage Loans. 100% SPA assumes prepayment rates of
0.2% per annum of the then unpaid principal balance of such pool of mortgage
loans and an additional 0.2% per annum in each month thereafter (for example,
0.4% per annum in the second month) until the 30th month. Beginning in the
30th month and in each month thereafter during the life of such mortgage
loans, 100% SPA assumes a constant prepayment rate of 6.0% per annum.
Multiples may be calculated from this prepayment rate sequence. For example,
150% SPA assumes prepayment rates will be 0.3% per annum in month one, 0.6%
per annum in month two, and increasing by 0.3% in each succeeding month until
reaching a rate of 9.0% per annum in month 30 and remaining constant at 9.0%
per annum thereafter. 0% SPA assumes no prepayments. There is no assurance
that prepayments will occur at any SPA rate or at any other constant rate.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
DECREMENT TABLE
The following table indicates the percentage of the Certificate Date
Principal Balance of the Class B-3 Certificates that would be outstanding
after each of the dates shown at various constant percentages of SPA and the
corresponding weighted average life thereof. The table has been prepared
based on the Revised Structuring Assumptions. However, all of the Mortgage
Loans may not have the interest rates or remaining terms to maturity
described under "Revised Structuring Assumptions" herein and the Mortgage
Loans may not prepay at the indicated constant percentages of SPA or at any
constant percentage.
PERCENT OF CLASS B-3 CERTIFICATE BALANCE OUTSTANDING/*/
<TABLE>
<CAPTION>
Distribution Date Percentages of SPA
- ----------------- ------------------
0% 150% 300% 450% 600%
-- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Initial . . . . . . . . . . . . . . . . . . . . . . . 100% 100% 100% 100% 100%
August 1998 . . . . . . . . . . . . . . . . . . . . . 99% 99% 99% 99% 99%
August 1999 . . . . . . . . . . . . . . . . . . . . . 98% 97% 96% 95% 93%
August 2000 . . . . . . . . . . . . . . . . . . . . . 96% 92% 88% 84% 80%
August 2001 . . . . . . . . . . . . . . . . . . . . . 95% 87% 79% 72% 64%
August 2002 . . . . . . . . . . . . . . . . . . . . . 93% 81% 68% 57% 47%
August 2003 . . . . . . . . . . . . . . . . . . . . . 92% 73% 57% 43% 31%
August 2004 . . . . . . . . . . . . . . . . . . . . . 90% 65% 46% 31% 20%
August 2005 . . . . . . . . . . . . . . . . . . . . . 88% 58% 37% 22% 12%
August 2006 . . . . . . . . . . . . . . . . . . . . . 86% 51% 29% 16% 8%
August 2007 . . . . . . . . . . . . . . . . . . . . . 83% 46% 23% 11% 5%
August 2008 . . . . . . . . . . . . . . . . . . . . . 81% 40% 19% 8% 3%
August 2009 . . . . . . . . . . . . . . . . . . . . . 78% 35% 15% 6% 2%
August 2010 . . . . . . . . . . . . . . . . . . . . . 76% 31% 12% 4% 1%
August 2011 . . . . . . . . . . . . . . . . . . . . . 72% 27% 9% 3% 1%
August 2012 . . . . . . . . . . . . . . . . . . . . . 69% 24% 7% 2% 0%
August 2013 . . . . . . . . . . . . . . . . . . . . . 66% 20% 6% 1% 0%
August 2014 . . . . . . . . . . . . . . . . . . . . . 62% 17% 4% 1% 0%
August 2015 . . . . . . . . . . . . . . . . . . . . . 57% 15% 3% 1% 0%
August 2016 . . . . . . . . . . . . . . . . . . . . . 53% 12% 2% 0% 0%
August 2017 . . . . . . . . . . . . . . . . . . . . . 48% 10% 2% 0% 0%
August 2018 . . . . . . . . . . . . . . . . . . . . . 43% 8% 1% 0% 0%
August 2019 . . . . . . . . . . . . . . . . . . . . . 37% 7% 1% 0% 0%
August 2020 . . . . . . . . . . . . . . . . . . . . . 31% 5% 1% 0% 0%
August 2021 . . . . . . . . . . . . . . . . . . . . . 25% 4% 0% 0% 0%
August 2022 . . . . . . . . . . . . . . . . . . . . . 17% 2% 0% 0% 0%
August 2023 . . . . . . . . . . . . . . . . . . . . . 10% 1% 0% 0% 0%
August 2024 . . . . . . . . . . . . . . . . . . . . . 1% 0% 0% 0% 0%
August 2025 . . . . . . . . . . . . . . . . . . . . . 0% 0% 0% 0% 0%
August 2026 . . . . . . . . . . . . . . . . . . . . . 0% 0% 0% 0% 0%
August 2027 . . . . . . . . . . . . . . . . . . . . . 0% 0% 0% 0% 0%
----- ----- ---- ---- ----
Weighted Average Life (years)** . . . . . . . . . . . 17.99 10.61 7.58 6.08 5.19
===== ===== ==== ==== ====
</TABLE>
_____________________
* Rounded to the nearest whole percentage.
** Determined as specified in the Prospectus Supplement under "Weighted
Average Lives of the Offered Certificates."
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $3,483,733, $125,000 and $4,192,097, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective purchasers of the Class B-3 Certificates should consider
carefully the income tax consequences of an investment in the Class B-3
Certificates discussed under "Certain Federal Income Tax Consequences" in the
Prospectus Supplement and in the Prospectus. Such purchasers should also
consult their own tax advisors with respect to those consequences.
ERISA CONSIDERATIONS
Prospective purchasers of the Class B-3 Certificates should consider
carefully the ERISA consequences of an investment in the Class B-3
Certificates discussed under "ERISA Considerations" in the Prospectus, the
Prospectus Supplement and herein, and should consult their own advisors with
respect to those consequences. As described in the Prospectus Supplement,
the Class B-3 Certificates originally did not qualify for purposes of the
Exemption, PTCE 83-1, or any other issued exemption under ERISA.
RATINGS
The Class B-3 Certificates are currently rated "BBB-" by Fitch Investors
Service, Inc. See "Ratings" in the Prospectus Supplement.
USE OF PROCEEDS
The Seller intends to use the net proceeds from the sale of the Class B-
3 Certificates for general corporate purposes.
METHOD OF DISTRIBUTION
Subject to the terms and conditions set forth in an agreement between
the Seller and the Underwriter, the Seller has agreed to sell to the
Underwriter, and the Underwriter has agreed to purchase from the Seller the
Class B-3 Certificates. Distribution of the Class B-3 Certificates will be
made by the Underwriter from time to time in negotiated transactions or
otherwise at varying prices to be determined at the time of sale. In
connection with the sale of the Class B-3 Certificates, the Underwriter may
be deemed to have received compensation from the Seller in the form of
underwriting discounts.
The Underwriter intends to make a secondary market in the Class B-3
Certificates, but has no obligation to do so. There can be no assurance that
a secondary market for the Class B-3 Certificates will develop or, if it does
develop, that it will continue.
The Seller has agreed to indemnify the Underwriter against, or make
contributions to the Underwriter with respect to, certain liabilities,
including liabilities under the Securities Act of 1933, as amended.
EXHIBIT 1
<TABLE>
<CAPTION>
Mortgage Rates(1)
Aggregate
Range of Number of Principal Percent of
Mortgage Mortgage Balance Mortgage
Rates(%) Loans Outstanding Pool
<S> <C> <C> <C>
6.001 - 6.250 1 $ 132,989 0.04%
6.251 - 6.500 3 786,988 0.23
6.501 - 6.750 9 2,826,974 0.82
6.751 - 7.000 54 15,423,277 4.45
7.001 - 7.250 131 34,717,374 10.02
7.251 - 7.500 411 96,463,782 27.85
7.501 - 7.750 433 95,686,629 27.63
7.751 - 8.000 317 66,063,870 19.08
8.001 - 8.250 107 19,832,616 5.73
8.251 - 8.500 58 10,890,647 3.14
8.501 - 8.750 20 2,721,374 0.79
8.751 - 9.000 4 775,507 0.22
Total 1,548 $ 346,322,027 100.00%
(1) As of the Reference Date, the weighted average Mortgage Rate of the Mortgage Loans is
expected to be approximately 7.634%.
</TABLE>
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances(1)
Aggregate
Range of Current Number of Principal Percent of
Mortgage Loan Mortgage Balance Mortgage
Principal Balance Loans Outstanding Pool
<S> <C> <C> <C>
$0 - $50,000 12 $ 527,310 0.15%
$50,001 - $100,000 205 16,978,567 4.90
$100,001 - $150,000 274 33,891,131 9.79
$150,001 - $200,000 189 33,017,648 9.53
$200,001 - $250,000 355 79,846,319 23.05
$250,001 - $300,000 218 59,277,169 17.12
$300,001 - $350,000 113 36,560,394 10.56
$350,001 - $400,000 67 24,962,186 7.21
$400,001 - $450,000 27 11,513,434 3.32
$450,001 - $500,000 36 17,222,151 4.97
$500,001 - $550,000 14 7,395,537 2.14
$550,001 - $600,000 12 6,919,649 2.00
$600,001 - $650,000 11 6,851,021 1.98
$650,001 - $700,000 5 3,398,475 0.98
$700,001 - $750,000 5 3,632,461 1.05
$750,001 - $800,000 2 1,521,425 0.44
$850,001 - $900,000 1 879,962 0.25
$950,000 - $1,000,000 2 1,927,189 0.56
Total 1,548 $ 346,322,027 100.00%
(1) As of the Reference Date, the average current Mortgage Loan principal balance is
expected to be $223,722.
</TABLE>
<TABLE>
<CAPTION>
Original Loan-to-Value Rates(1)
Aggregate
Number of Principal Percent of
Original Loan-to- Mortgage Balance Mortgage
Value Rations(%) Loans Outstanding Pool
<S> <C> <C> <C>
60,000 and Below 298 61,222,508 17.68%
60.01 - 65.00 116 26,016,591 7.51
65.01 - 70.00 224 48,094,155 13.89
70.01 - 75.00 250 58,821,994 16.98
75.01 - 80.00 502 114,632,668 33.10
80.01 - 85.00 16 4,398,661 1.27
85.01 - 90.00 108 27,021,987 7.80
90.01 - 95.00 34 6,113,464 1.77
Total 1,548 $ 346,322,027 100.00%
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans is expected to
be approximately 71.73%.
</TABLE>
<TABLE>
<CAPTION>
Original Term to Maturity(1)
Aggregate
Original Term Number of Principal Percent of
to Maturity Mortgage Balance Mortgage
(Months) Loans Outstanding Pool
<S> <C> <C> <C>
360 1,548 $ 346,322,027 100.00%
Total 1,548 $ 346,322,027 100.00%
(1) As of the Reference Date, the weighted average remaining term to maturity of the
Mortgage Loans is expected to be approximately 318 months.
</TABLE>
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
State Loans Outstanding Pool
<S> <C> <C> <C>
California 1,199 $ 279,696,488 80.76%
New York 61 12,049,128 3.48
Washington 44 7,832,012 2.26
Other(1) 244 46,744,399 13.50
Total 1,548 $ 346,322,027 100.00%
(1) Other includes 26 other states, and the District of Columbia, with under 2% concentration
individually. No more than approximately 1.43% of the Mortgage Loans will be secured by
Mortgaged Properties located in any one postal zip code area.
</TABLE>
<TABLE>
<CAPTION>
Documentation of Mortgage Loans
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Type of Program Loans Outstanding Pool
<S> <C> <C> <C>
Full 778 $ 193,879,860 55.99%
Alternative 117 28,311,676 8.17
Reduced 653 124,130,491 35.84
Total 1,548 $ 346,322,027 100.00%
</TABLE>
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Loan Purpose Loans Outstanding Pool
<S> <C> <C> <C>
Purchase 296 $ 68,015,724 19.64 %
Refinance (Rate or
Term) 751 175,544,932 50.69
Refinance (Cash-out) 501 102,761,370 29.67
Total 1,548 $ 346,322,027 100.00 %
</TABLE>
<TABLE>
<CAPTION>
Type of Mortgaged Properties
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Property Type Loans Outstanding Pool
<S> <C> <C> <C>
Single Family 1,273 $ 288,132,568 83.20%
Low Rise Condominium 57 8,336,166 2.41
2-4 Units 104 22,481,706 6.49
Planned Unit
114 27,371,588 7.90
Development (PUD)
Total 1,548 $ 346,322,027 100.00%
</TABLE>
<TABLE>
<CAPTION>
Occupancy Types(1)
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Occupancy Type Loans Outstanding Pool
<S> <C> <C> <C>
Primary Home 1,304 $ 311,344,627 89.90%
Investor 225 31,324,899 9.05
Second Home 19 3,642,502 1.05
Total 1,548 $ 346,322,027 100.00%
(1) Based upon representation of the Mortgagors at the time of origination
</TABLE>
EXHIBIT 2
THE BANK OF NEW YORK
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 12086
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1994-H
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENTS DATED APRIL 1, 1994
CUSIP#126690
<TABLE>
<CAPTION>
Distribution Date 08/25/97
SINGLE TOTAL
4.04(i) Reduction of the Stated Amount of Certificates CERTIFICATE AMOUNT
<S> <C> <C> <C> <C>
Class A-1 Certificates. G34 $14.80989854 $1,973,315.31
Class A-2 Certificates. G42 $0.00000000 $0.00
Class A-3 Certificates. G59 $0.00000000 $0.00
Class A-4 Certificates. G67 $0.00000000 $0.00
Class A-5 Certificates. G75 $0.00000000 $0.00
Class A-6 Certificates. G83 $0.00000000 $0.00
Class A-7 Certificates. G91 $0.00000000 $0.00
Class A-8 Certificates. H25 $1.61936986 $42,427.49
Class A-9 Certificates. H33 $0.00000000 $0.00
Class PO Certificates. H41 $8.50836333 $6,022.33
Class A-R Certificates. H58 $0.00000000 $0.00
Class B-1 Certificates. H66 $1.00992693 $16,935.15
Class B-2 Certificates. H74 $1.00992693 $5,292.16
Class B-3 Certificates. H82 $1.00992692 $3,810.36
Class B-4 Certificates. Q25 $1.00992693 $1,481.81
Class B-5 Certificates. Q33 $0.94558043 $1,982.77
Total Amount $2,051,267.37
Aggregate amount of any Principal Prepayments 1,686,256.24
</TABLE>
<TABLE>
<CAPTION> Distribution Date 08/25/97
INTEREST SINGLE TOTAL
4.04(ii) Amounts distributed representing interest SHORTFALL CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. $0.00 $2.74715497 $366,039.17
Class A-2 Certificates. $0.00 $5.62500008 $336,020.63
Class A-3 Certificates. $0.00 $5.62500000 $176,850.00
Class A-4 Certificates. $0.00 $5.62500023 $120,144.38
Class A-5 Certificates. $0.00 $5.62500012 $227,773.13
Class A-6 Certificates. $0.00 $5.62500009 $298,231.88
Class A-7 Certificates. $0.00 $5.62500000 $44,685.00
Class A-8 Certificates. $0.00 $5.32059351 $139,399.55
Class A-9 Certificates. $0.00 $5.62500000 $88,425.00
Class PO Certificates. N/A $0.00000000 N/A
Class A-R Certificates. $0.00 $0.00000000 $0.00
Class B-1 Certificates. $0.00 $5.42304388 $90,937.32
Class B-2 Certificates. $0.00 $5.42304475 $28,417.53
Class B-3 Certificates. $0.00 $5.42304427 $20,460.62
Class B-4 Certificates. $0.00 $5.42304599 $7,956.91
Class B-5 Certificates. $0.00 $5.07752812 $10,646.96
Amount 1,955,988.08
</TABLE>
<TABLE>
<CAPTION>
4.04(iii) Amount of shortfall which is less than the full amount that would be distributed:
<S> <C>
Principal (0.00)
Interest $0.00
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL SINGLE TOTAL
4.04(iv) Stated Amount of Certificates after this Distribution BALANCE CERTIFICATE AMOUNT
<S> <C> <C> <C> <C>
Class A-1 Certificates. $133,243,000.00 $473.57320628 $63,100,314.72
Class A-2 Certificates. $59,737,000.00 $1,000.00000000 $59,737,000.00
Class A-3 Certificates. $31,440,000.00 $1,000.00000000 $31,440,000.00
Class A-4 Certificates. $21,359,000.00 $1,000.00000000 $21,359,000.00
Class A-5 Certificates. $40,493,000.00 $1,000.00000000 $40,493,000.00
Class A-6 Certificates. $53,019,000.00 $1,000.00000000 $53,019,000.00
Class A-7 Certificates. $7,944,000.00 $1,000.00000000 $7,944,000.00
Class A-8 Certificates. $26,200,000.00 $944.26395071 $24,739,715.51
Class A-9 Certificates. $15,720,000.00 $1,000.00000000 $15,720,000.00
Class PO Certificates. $707,812.98 $898.63055351 $636,062.37
Class A-R Certificates. $1,000.00 $0.00000000 $0.00
Class B-1 Certificates. $16,768,686.00 $963.08680457 $16,149,700.22
Class B-2 Certificates. $5,240,143.00 $963.08680776 $5,046,712.59
Class B-3 Certificates. $3,772,903.00 $963.08680249 $3,633,633.09
Class B-4 Certificates. $1,467,240.00 $963.08680777 $1,413,079.49
Class B-5 Certificates. $2,096,881.19 $901.72467816 $1,890,809.52
Total Amount 346,322,027.50
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(v) The Pool Stated Principal Balance for the following Distribution Date: 346,322,027.45
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(vi) Senior Percentage for the following Distribution Date 91.9008025978%
Subordinated Percentage for the following Distribution Date 8.0991974022%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(vii) Amount of the Master Servicing Fees paid to or retained by the
Master Servicer with respect to such Distribution Date 109,104.44
</TABLE>
<TABLE>
<CAPTION>
4.04(viii) Pass-Through Rate for each such Class of Certificates
<S> <C> <C>
Class A-1 Certificates. 6.75000%
Class A-2 Certificates. 6.75000%
Class A-3 Certificates. 6.75000%
Class A-4 Certificates. 6.75000%
Class A-5 Certificates. 6.75000%
Class A-6 Certificates. 6.75000%
Class A-7 Certificates. 6.75000%
Class A-8 Certificates. 6.75000%
Class A-9 Certificates. 6.75000%
Class PO Certificates. N/A
Class A-R Certificates. 6.75000%
Class B-1 Certificates. 6.75000%
Class B-2 Certificates. 6.75000%
Class B-3 Certificates. 6.75000%
Class B-4 Certificates. 6.75000%
Class B-5 Certificates. 6.75000%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(ix) Amount of Advances included in the distribution on such Distribution Date 46,069.32
Aggregate amount of Advances outstanding as of the close of business on 67,413.58
such Distribution Date
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(x) The number and aggregate principal amounts of Mortgage Loans delinquent
30 to 59 days 24 4,480,215.35
60 to 89 days 4 654,337.61
90 or more 5 1,120,553.52
The number and aggregate principal amounts of Mortgage Loans in foreclosure
In foreclosure 10 2,717,302.10
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(xi) Loan number and Stated Principal Balance of any Mortgage Loan that became
an REO Property during the preceding calendar month. #51265 99,731.20
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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. 5 458,352.45
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(xiii) Senior Prepayment Percentage 100.0000000000%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(xiv) Aggregate amount of Realized Losses incurred during the preceding
calendar month. 0.00
Aggregate amount of Realized Losses through Distribution Date 127,083.39
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(xv) Special Hazard Loss Coverage Amount 3,483,732.95
Required Fraud Loss Coverage 4,192,096.66
Current Bankruptcy Amount 125,000.00
</TABLE>
