Rule 424(b)(5)
333-26425
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED MARCH 13, 1996
(To Prospectus dated November 23, 1994)
CWMBS, INC.
Depositor
INDYMAC, INC./*/
Seller and Master Servicer
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-D
----------------
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 March 13, 1996 (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 November 23,
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 $3,028,816.
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 94.969% 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.
/*/ On July 1, 1997, Independent National Mortgage Corporation changed its
name to IndyMac, Inc.
THE MORTGAGE POOL
As of August 1, 1997 (the "Reference Date"), the Mortgage Pool included
approximately 794 Mortgage Loans having an aggregate Stated Principal Balance
of approximately $172,294,914.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
August 1, 1997
<S> <C>
Total Number of Mortgage Loans . . . . . . . . . . . . . . . . . . . . . 794
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.77%
60-90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.63%
91 days or more (excluding pending foreclosures) . . . . . . . . . . 0.76%
Total Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.16%
Foreclosures Pending . . . . . . . . . . . . . . . . . . . . . . . . . . 0.63%
Total Delinquencies and foreclosures pending . . . . . . . . . . . . . . 4.79%
</TABLE>
______________
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
Four 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 $3,208,816, evidencing a beneficial
ownership interest of approximately 1.76% in the Trust Fund. As of the
Certificate Date, the Senior Certificates had an aggregate principal
balance of approximately $151,085,042 and evidenced in the aggregate a
beneficial ownership interest of approximately 87.69% in the Trust Fund.
As of the Certificate Date, the Class B-1, Class B-2, Class B-4, Class
B-5 and Class B-6 Certificates had aggregate principal balances of
$10,604,790, $4,545,191, $1,111,222, $606,747 and $1,313,107,
respectively, and evidenced in the aggregate a beneficial ownership
interest of approximately 6.16%, 2.64%, 0.64%, 0.35% and 0.76%,
respectively, in the Trust Fund. The Class B-4, Class B-5 and Class B-6
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 one Mortgage Loan 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>
$172,294,914.21 8.6367800932% 8.2527800932% 360 20 340
</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, 200% SPA assumes
prepayment rates will be 0.4% per annum in month one, 0.8% per annum in
month two, and increasing by 0.4% in each succeeding month until reaching
a rate of 12.0% per annum in month 30 and remaining constant at 12.0% 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>
Percentages of SPA
<S> <C> <C> <C> <C> <C> <C> <C>
Distribution Date 0% 100% 200% 275% 300% 500% 600%
Initial . . . . . . . . . . . 100% 100% 100% 100% 100% 100% 100%
August 1998 . . . . . . . . . 99% 99% 99% 99% 99% 99% 99%
August 1999 . . . . . . . . . 98% 98% 98% 98% 98% 98% 98%
August 2000 . . . . . . . . . 97% 97% 97% 97% 97% 97% 97%
August 2001 . . . . . . . . . 96% 95% 95% 94% 94% 92% 91%
August 2002 . . . . . . . . . 95% 92% 89% 87% 87% 80% 77%
August 2003 . . . . . . . . . 94% 88% 83% 79% 78% 67% 56%
August 2004 . . . . . . . . . 92% 83% 75% 69% 67% 52% 35%
August 2005 . . . . . . . . . 91% 77% 66% 58% 55% 37% 22%
August 2006 . . . . . . . . . 89% 71% 57% 47% 44% 25% 14%
August 2007 . . . . . . . . . 87% 66% 49% 39% 36% 17% 9%
August 2008 . . . . . . . . . 85% 60% 42% 31% 28% 12% 5%
August 2009 . . . . . . . . . 83% 55% 36% 26% 23% 8% 3%
August 2010 . . . . . . . . . 80% 50% 31% 21% 18% 6% 2%
August 2011 . . . . . . . . . 78% 46% 26% 17% 14% 4% 1%
August 2012 . . . . . . . . . 75% 42% 22% 13% 11% 3% 1%
August 2013 . . . . . . . . . 72% 37% 19% 11% 9% 2% 0%
August 2014 . . . . . . . . . 68% 33% 16% 9% 7% 1% 0%
August 2015 . . . . . . . . . 65% 30% 13% 7% 5% 1% 0%
August 2016 . . . . . . . . . 60% 26% 11% 5% 4% 0% 0%
August 2017 . . . . . . . . . 56% 23% 9% 4% 3% 0% 0%
August 2018 . . . . . . . . . 51% 20% 7% 3% 2% 0% 0%
August 2019 . . . . . . . . . 46% 17% 6% 2% 2% 0% 0%
August 2020 . . . . . . . . . 40% 14% 4% 2% 1% 0% 0%
August 2021 . . . . . . . . . 34% 11% 3% 1% 1% 0% 0%
August 2022 . . . . . . . . . 27% 8% 2% 1% 1% 0% 0%
August 2023 . . . . . . . . . 20% 6% 1% 0% 0% 0% 0%
August 2024 . . . . . . . . . 12% 3% 1% 0% 0% 0% 0%
August 2025 . . . . . . . . . 3% 1% 0% 0% 0% 0% 0%
August 2026 . . . . . . . . . 0% 0% 0% 0% 0% 0% 0%
August 2027 . . . . . . . . . 0% 0% 0% 0% 0% 0% 0%
Weighted Average Life
(years)** . . . . . . . . . . 19.45 14.03 11.09 9.73 9.38 7.56 6.67
</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 $1,739,926, $125,000 and $1,739,926, 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
Mortgage Rates (1)
Number of Percent of
Range of Mortgage Aggregate Principal Mortgage
Mortgage Rates(%) Loans Balance Outstanding Pool
7.251 - 7.500 4 $ 785,843 0.46%
7.501 - 7.750 7 1,404,458 0.82
7.751 - 8.000 29 7,860,289 4.56
8.001 - 8.250 69 15,428,657 8.95
8.251 - 8.500 214 43,647,500 25.33
8.501 - 8.750 224 50,434,841 29.27
8.751 - 9.000 157 34,870,340 20.24
9.001 - 9.250 67 13,630,510 7.91
9.251 - 9.500 21 3,975,286 2.31
9.501 - 9.750 2 257,189 0.15
Total 794 $172,294,914 100.00%
(1) As of the Reference Date, the weighted average Mortgage
Rate of the Mortgage Loans is expected to be approximately
8.637%.
Current Mortgage Loan Principal Balances (1)
Range of Current Number of Aggregate Percent of
Mortgage Loan Principal Mortgage Principal Balance Mortgage
Balance Loans Outstanding Pool
$0 - $50,000 8 $ 293,838 0.17%
$50,001 - $100,000 24 2,052,702 1.19
$100,001 - $150,000 142 18,102,917 10.51
$150,001 - $200,000 309 53,078,813 30.81
$200,001 - $250,000 132 29,566,421 17.16
$250,001 - $300,000 70 19,165,130 11.12
$300,001 - $350,000 32 10,363,947 6.02
$350,001 - $400,000 22 8,202,085 4.76
$400,001 - $450,000 17 7,235,546 4.20
$450,001 - $500,000 11 5,342,441 3.10
$500,001 - $550,000 5 2,609,183 1.51
$550,001 - $600,000 5 2,872,549 1.67
$600,001 - $650,000 4 2,516,312 1.46
$650,001 - $700,000 4 2,753,702 1.60
$700,001 - $750,000 1 709,326 0.41
$750,001 - $800,000 1 771,184 0.45
$800,001 - $850,000 3 2,472,300 1.43
$950,001 - $1,000,000 3 2,945,070 1.71
$1,000,001 and above 1 1,241,450 0.72
Total 794 $172,294,914 100.00%
(1) As of the Reference Date, the average current Mortgage Loan
principal balance is expected to be $216,996.
Original Loan-to-Value Ratios (1)
Number of Aggregate Percent of
Original Loan-to-Value Mortgage Principal Balance Mortgage
Ratios(5) Loans Outstanding Pool
60.00 and Below 89 $ 20,770,526 12.06%
60.01 - 65.00 48 12,319,295 7.15
65.01 - 70.00 110 23,059,522 13.38
70.01 - 75.00 174 36,541,312 21.21
75.01 - 80.00 284 61,437,645 35.65
80.01 - 85.00 2 508,958 0.30
85.01 - 90.00 54 10,701,435 6.21
90.01 - 95.00 33 6,956,222 4.04
Total 794 $172,294,914 100.00%
(1) The weighted average original Loan-to-Value Ratio of the Mortgage
Loans is expected to be approximately 73.81%.
Original Term to Maturity (1)
Number of Aggregate Percent of
Original Term to Mortgage Principal Balance Mortgage
Maturity (Months) Loans Outstanding Pool
345 1 $ 211,883 0.12%
355 1 234,372 0.14
360 792 171,848,660 99.74
Total 794 $172,294,914 100.00%
(1) As of the Reference Date, the weighted average remaining term
to maturity of the Mortgage Loans is expected to be approximately
342 months.
State Distribution of Mortgage Properties (1)
Number of Percent of
Mortgage Aggregate Principal Mortgage
State Loans Balance Outstanding Pool
Arizona 30 $ 5,440,666 3.16%
California 355 82,532,089 47.91
Colorado 33 8,170,685 4.74
Florida 54 9,103,213 5.28
Hawaii 18 4,779,466 2.77
Nevada 17 3,979,877 2.31
New York 29 5,513,138 3.20
Oregon 45 9,690,020 5.62
Texas 20 3,574,354 2.07
Utah 26 4,941,828 2.87
Washington 35 7,592,796 4.41
Other(1) 132 26,976,781 15.66
Total 794 $172,294,914 100.00%
(1) Other includes 24 other states, and the District of Columbia,
with under 2% concentration individually. No more than
approximately 1.05% of the Mortgage Loans will be secured by
Mortgaged Properties located in any one postal zip code area.
Documentation of Mortgage Loans
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Type of Program Loans Outstanding Pool
Full 225 $ 51,733,418 30.03%
Alternative 68 12,626,588 7.33
Reduced 499 107,595,141 62.44
No Income/No Asset 2 339,768 0.20
Total 794 $172,294,914 100.00%
Type of Mortgaged Properties
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Property Type Loans Outstanding Pool
Single Family 612 $137,614,308 79.87%
Low Rise Condominium 41 7,738,290 4.49
2-4 Units 124 23,050,368 13.38
Planned Unit
Development (PUD) 7 2,181,922 1.27
High Rise Condominium 10 1,710,026 0.99
Total 794 $172,294,914 100.00%
Purpose of Mortgage Loans
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Loan Purpose Loans Outstanding Pool
Purchase 351 $ 68,503,246 39.76%
Refinance (Rate or
Term) 210 52,707,054 30.59
Refinance (Cash-out) 233 51,084,614 29.65
Total 794 $172,294,914 100.00%
Occupancy Types (1)
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Occupancy Type Loans Outstanding Pool
Primary Home 619 $141,069,385 81.88%
Investor 144 25,083,495 14.56
Second Home 31 6,142,035 3.56
Total 794 $172,294,914 100.00%
(1) Based upon representation of the Mortgagors at the time of
origination.
Exhibit 2
THE
BANK OF Page Number: 1
NEW Payment Date: 08/25/97
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Leslie Gaskill, MBS Unit
(212) 815-2793
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-D
Current Payment Information
Class Information
<TABLE>
<CAPTION>
Beginning Pass Thru Principal Interest Total Principal Interest
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1799 A-1 0.00 7.000000% 0.00 0.00 0.00 0.00 0.00
1800 A-2 79,965,646.62 7.000000% 1,668,837.82 466,466.27 2,135,304.09 0.00 0.00
1801 A-3 15,362,000.00 7.000000% 0.00 89,611.67 89,611.67 0.00 0.00
1802 A-4 4,301,000.00 7.000000% 0.00 25,089.17 25,089.17 0.00 0.00
1803 A-5 430,000.00 NA NA NA 0.00 0.00 0.00
1804 A-6 30,100,000.00 7.000000% 0.00 175,583.33 175,583.33 0.00 0.00
1805 A-7 11,684,000.00 7.000000% 0.00 68,156.67 68,158.67 0.00 0.00
1806 A-8 10,925,193.61 7.000000% 13,960.07 63,730.30 77,690.36 0.00 0.00
1807 X 172,294,914.21 1.265087% NA 181,640.06 181,640.06 0.00 0.00
1808 A-R 0.00 7.000000% 0.00 0.00 0.00 0.00 0.00
1809 B-1 10,612,218.89 7.000000% 7,428.84 61,904.61 69,333.45 0.00 0.00
1810 B-2 4,548,374.96 7.000000% 3,183.98 26,532.19 29,716.17 0.00 0.00
1811 B-3 3,030,937.88 7.000000% 2,121.74 17,680.47 19,802.21 0.00 0.00
1812 B-4 1,111,999.93 7.000000% 778.43 6,486.67 7,265.10 0.00 0.00
1813 B-5 607,171.65 7.000000% 425.04 3,541.83 3,966.87 0.00 0.00
1814 B-6 1,314,026.45 7.000000% 919.85 7,665.15 8,585.01 0.00 0.00
Totals - 173,992,570.01 - 1,697,655.76 1,194,088.38 2,891,744.15 0.00 0.00
(table continued)
Ending Cert./ Unpaid
Class Code Notional Bal. Interest
<S> <C> <C>
1799 0.00 0.00
1800 78,296,808.80 0.00
1801 15,362,000.00 0.00
1802 4,301,000.00 0.00
1803 430,000.00 0.00
1804 30,100,000.00 0.00
1805 11,684,000.00 0.00
1806 10,911,233.55 0.00
1807 172,294,914.21 0.00
1808 0.00 0.00
1809 10,604,790.06 0.00
1810 4,545,190.99 0.00
1811 3,028,816.14 0.00
1812 1,111,221.50 0.00
1813 606,746.61 0.00
1814 1,313,106.59 0.00
Totals 172,294,914.25 0.00
</TABLE>
THE
BANK OF Page Number: 2
NEW Payment Date: 08/25/97
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Leslie Gaskill, MBS Unit
(212) 815-2793
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-D
Original Class Information Factors per $1,000
Class Information
<TABLE>
<CAPTION>
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Numbers Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 28,557,900.00 7.000000% 126691-RS5 0.00000000 0.00000000 0.00000000
A-2 82,155,000.00 7.000000% 126691-RT3 20.31328367 5.67788049 953.03765809
A-3 15,362,000.00 7.000000% 126691-RU0 0.00000000 5.83333333 1000.00000000
A-4 4,301,000.00 7.000000% 126691-RV8 0.00000000 5.83333333 1000.00000000
A-5 430,000.00 NA 126691-RW6 0.00000000 0.00000000 1000.00000000
A-6 30,100,000.00 7.000000% 126691-RX4 0.00000000 5.83333333 1000.00000000
A-7 11,664,000.00 7.000000% 126691-RY2 0.00000000 5.83333333 1000.00000000
A-8 112,480.00 7.000000% 126691-RZ9 1.24111543 5.66592248 970.05988136
X 205,406,296.72 1.460000% 126691-SC9 0.00000000 0.88429645 838.80054780
Residual A-R 100.00 7.000000% 126691-SA3 0.00000000 0.00000000 0.00000000
Subordinate B-1 10,784,000.00 7.000000% 126691-SD7 0.68887571 5.74041267 983.38186750
B-2 4,622,000.00 7.000000% 126691-SE5 0.68887571 5.74041267 983.38186791
B-3 3,080,000.00 7.000000% 126691-SF2 0.68887571 5.74041265 983.38186504
B-4 1,130,000.00 7.000000% N/A 0.68887571 5.74041264 983.38186198
B-5 617,000.00 7.000000% N/A 0.68887571 5.74041264 983.38186302
B-6 1,335,296.72 7.000000% N/A 0.68887572 5.74041271 983.38187498
8.26486719 5.81329980 838.8005479845
Totals - 205,406,296.72 - -
</TABLE>
THE
BANK OF Page Number: 3
NEW Payment Date: 08/25/97
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Leslie Gaskill, MBS Unit
(212) 815-2793
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-D
<TABLE>
<CAPTION>
COLLATERAL INFORMATION DELINQUENCY INFORMATION
<S> <C> <C> <C> <C>
Aggregate stated principal balance 173,992,569.97 Period Loan Count Ending Stated Balance
Aggregate prepayment amount 1,575,856.33 1 mo. 22 5,401,979.97
Aggregate liquidation proceeds 0.00 2 mos. 5 1,023,769.49
3+ MOS. 6 1,939,202.45
In foreclosure 5 2,019,238.86
Aggregate Certificate information for the following
distribution date Totals 38 10,384,190.77
</TABLE>
<TABLE>
<CAPTION>
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal. TOTAL REO INFORMATION
<S> <C> <C> <C> <C> <C>
Senior 87.689786% 100.000000% 151,085,042.35 Total Number of REO Properties 4
Subordinate 12.310214% 0.000000% 21,209,871.90 Total Principal Balance of REO Properties 976,327.85
Total Market Value of REO Properties Not Available
</TABLE>
<TABLE>
<CAPTION>
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding
FEES & ADVANCES calendar month.)
<S> <C> <C> <C> <C>
Monthly master servicer fees due 4,651.33 Loan Number Stated Principal Balance Date of Acquisition
Monthly masterservicer fees paid 13,272.89
Monthly servicer fees paid 36,370.58 #151202 138,691.54 N/A
#155955 210,888.44 N/A
Advances included in this distribution 1,688,837.82 #160799 377,699.95 N/A
Aggregate Advances Outstanding 0.00
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION LOSSES & INSURANCE COVERAGES
<S> <C> <C> <C>
Available remittance amount 2,891,744.15 Net realized losses (this period) 0.00
Principal remittance amount 1,697,655.78 Cumulative losses (from Cut-Off) 0.00
Interest remittance amount 1,194,088.38
Bankruptcy Loss Coverage Amount 125,000.00
Fraud Loss Coverage Amount 1,739,925.70
Special Hazard Loss Coverage Amount 1,739,925.70
</TABLE>
