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): October 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-J)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
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(State or other (Commission File No. (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
- --------------------------------------------------------------------------------
(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-J
On October 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-J, 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-Jprepared 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: October 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
October 25, 1996
THE BANK OF NEW YORK
CORPORATE TRUST AND AGENCY SERVICES Revised
101 BARCLAY STREET 11/19/96
NEW YORK, NEW YORK 10286
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-J
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENT DATED MARCH 1, 1996
CUSIP # 126691
Distribution Date 10/25/96
<TABLE>
<CAPTION>
SINGLE TOTAL
Reduction of the Stated Amount of Certificates CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. YH1 $19.92881418 $583,336.32
Class A-2 Certificates. YJ7 $0.00000000 $0.00
Class A-3 Certificates. YK4 $0.00000000 $0.00
Class A-4 Certificates. YL2 $0.00000000 $0.00
Class A-5 Certificates. YM0 $0.00000000 $0.00
Class A-6 Certificates. YN8 $0.00000000 $0.00
Class A-7 Certificates. YP3 $0.00000000 $0.00
Class A-8 Certificates. YQ1 $0.00000000 $0.00
Class A-9 Certificates. YR9 $0.00000000 $0.00
Class A-10 Certificates. YS7 $15.50329591 $265,152.87
Class A-11 Certificates. YT5 $0.00000000 $0.00
Class PO Certificates. YV0 $0.88836565 $217.73
Class A-R Certificates. YU2 $0.00000000 $0.00
Class X Certificates. YW8 $0.00000000 $0.00
Class B-1 Certificates. YX6 $0.54397721 $4,201.68
Class B-2 Certificates. YY4 $0.54397721 $2,100.84
Class B-3 Certificates. YZ1 $0.54397680 $1,313.16
Class B-4 Certificates. N/A $0.54397790 $787.68
Class B-5 Certificates. N/A $0.54398964 $209.98
Class B-6 Certificates. N/A $0.54397543 $578.06
Total 857,898.32
</TABLE>
Aggregate amount of any Principal Prepayments $753,905.24
SINGLE TOTAL
Amounts distributed representing interest CERTIFICATE AMOUNT
Class A-1 Certificates. $5.54185610 $162,215.67
Class A-2 Certificates. $6.16666652 $143,128.33
Class A-3 Certificates. $6.35416649 $121,745.83
Class A-4 Certificates. $6.35416695 $56,329.69
Class A-5 Certificates. $6.35416637 $89,295.10
Class A-6 Certificates. $6.35416700 $63,541.67
Class A-7 Certificates. $6.35416650 $64,342.29
Class A-8 Certificates. $0.12083350 $2,416.67
Class A-9 Certificates. $6.16666650 $123,333.33
Class A-10 Certificates. $7.20846460 $123,286.37
Class A-11 Certificates. $6.35416687 $153,605.63
Class PO Certificates. $0.00000000 $0.00
Class A-R Certificates. $7.10000000 $0.71
Class X Certificates. $0.97124140 $181,192.20
Class B-1 Certificates. $6.35079234 $49,053.52
Class B-2 Certificates. $6.35079234 $24,526.76
Class B-3 Certificates. $6.35079122 $15,330.81
Class B-4 Certificates. $6.35079420 $9,195.95
Class B-5 Certificates. $6.35080311 $2,451.41
Class B-6 Certificates. $6.35079034 $6,748.72
Total 1,391,740.66
Amount of shortfall which is less than the full amount that would be
distributed:
Principal $0.00
Interest $0.00
Stated Amount of Certificates after this Distribution
<TABLE>
<CAPTION>
ORIGINAL SINGLE TOTAL
BALANCE CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. 29,271,000.00 $930.10368112 $27,225,064.85
Class A-2 Certificates. 23,210,000.00 $1,000.00000000 $23,210,000.00
Class A-3 Certificates. 19,160,000.00 $1,000.00000000 .$19,160,000.00
Class A-4 Certificates. 8,865,000.00 $1,000.00000000 $8,865,000.00
Class A-5 Certificates. 14,053,000.00 $1,000.00000000 $14,053,000.00
Class A-6 Certificates. 10,000,000.00 $1,000.00000000 $10,000,000.00
Class A-7 Certificates. 10,126,000.00 $1,000.00000000 $10,126,000.00
Class A-8 Certificates. 20,000,000.00 $1,000.00000000 $20,000,000.00
Class A-9 Certificates. 20,000,000.00 $1,000.00000000 $20,000,000.00
Class A-10 Certificates. 17,103,000.00 $945.62529849 $16,173,029.48
Class A-11 Certificates. 24,174,000.00 $1,000.00000000 $24,174,000.00
Class PO Certificates. 245,090.52 $998.22869526 $244,656.39
Class A-R Certificates. 100.00 $1,000.00000000 $100.00
Class X Certificates. 186,557,327.00 $984.00573476 $183,573,479.63
Class B-1 Certificates. 7,724,000.00 $998.92507380 $7,715,697.27
Class B-2 Certificates. 3,862,000.00 $998.92507509 $3,857,848.64
Class B-3 Certificates. 2,414,000.00 $998.92507457 $2,411,405.13
Class B-4 Certificates. 1,448,000.00 $998.92507597 $1,446,443.51
Class B-5 Certificates. 386,000.00 $998.92505181 $385,585.07
Class B-6 Certificates. 1,062,658.29 $998.92507308 $1,061,516.01
Total $190,109,346.35
</TABLE>
The Pool Stated Principal Balance for the following 90,109,346.35
Distribution Date:
Senior Percentage for the following Distribution Date 0.9929457185%
Subordinated Percentage for the following Distribution 9.0070542815%
Date
Amount of the Master Servicing Fees paid to or S40,790.98
retained by the Master Servicer with respect to such
Distribution Date
Pass-Through Rate for each such Class of Certificates
Class A-1 Certificates. 7.00000%
Class A-2 Certificates. 7.40000%
Class A-3 Certificates. 7.62500%
Class A-4 Certificates. 7.62500%
Class A-5 Certificates. 7.62500%
Class A-6 Certificates. 7.62500%
Class A-7 Certificates. 7.62500%
Class A-8 Certificates. 0.14500%
Class A-9 Certificates. 7.40000%
Class A-10 Certificates. 9.00000%
Class A-11 Certificates. 7.62500%
Class PO Certificates. N/A
Class A-R Certificates. 7.62500%
Class X Certificates. 1.17896%
Class B-1 Certificates. 7.62500%
Class B-2 Certificates. 7.62500%
Class B-3 Certificates. 7.62500%
Class B-4 Certificates. 7.62500%
Class B-5 Certificates. 7.62500%
Class B-6 Certificates. 7.62500%
Amount of Advances included in the distribution on $20,527.44
this Distribution Date
Aggregate amount of Advances outstanding as of the $20,527.44 close of business
on such Distribution Date.
A. The number and aggregate principal amounts of
Mortgage Loans delinquent
30 to 59 days 19 $2,481,163.07
60 to 89 days 0 $0.00
90 or more 0 $0.00
B. The number and aggregate principal amounts of
Mortgage Loans in foreclosure
In foreclosure 0 $0.00
Loan number and Stated Principal Balance for any 0 $0.00
Mortgage Loan that became an REO Property during the
preceding calendar month
.
Total number and principal balance of any REO $0.00
Properties as of the close of business on the
Determination Date preceding such Distribution Date.
Senior Prepayment Percentage for following 100.000000000000%
Distribution Date
Aggregate amount of Realized Losses incurred during $0.00
preceding month
$0.00
Aggregate amount of Realized Losses through $0.00
Distribution Date
Special Hazard Loss Coverage Amount $1,909,672.00
Required Fraud Loss Coverage $5,793,115.00
Current Bankruptcy Coverage $125,000.00
