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-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
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
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(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 December 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 August 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-J 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 August 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
THE
BANK OF
NEW
YORK
21 Barclay Street 12E
New York, NY 10286
Lawrence Gerquest, MBS Unit
(212) 815-7165
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-J
<TABLE>
<CAPTION>
Current Payment Information
Class Information ----------------- --------------- ---------------- ---------------- ---------------- ------------- --------
- ----------------------- 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> <C>
2016 A-1 26,473,778.57 7.000000% 839,253.04 154,430.37 993,683.41 0.00 0.00
2017 A-2 23,210,000.00 7.400000% 0.00 143,128.33 143,128.33 0.00 0.00
2018 A-3 19,160,000.00 7.625000% 0.00 121,745.83 121,745.83 0.00 0.00
2019 A-4 8,865,000.00 7.625000% 0.00 56,329.69 56,329.69 0.00 0.00
2020 A-5 14,053,000.00 7.625000% 0.00 89,295.10 89,295.10 0.00 0.00
2021 A-6 10,000,000.00 7.625000% 0.00 63,541.67 63,541.67 0.00 0.00
2022 A-7 10,126,000.00 7.625000% 0.00 64,342.29 64,342.29 0.00 0.00
2023 A-8 20,000,000.00 0.145000% NA 2,416.67 2,416.67 0.00 0.00
2024 A-9 20,000,000.00 7.400000% 0.00 123,333.33 123,333.33 0.00 0.00
2025 A-10 15,831,535.71 9.000000% 381,478.65 118,736.52 500,215.17 0.00 0.00
2034 A-11 24,174,000.00 7.625000% 0.00 153,605.63 153,605.63 0.00 0.00
2026 PO 244,458.34 N/A 209.44 NA 209.44 0.00 0.00
2035 X 182,476,233.88 1.175444% NA 178,742.15 178,742.15 0.00 0.00
- -------------- -------- ----------------- -------------- --------------- ----------------- ----------------- ------------- ---------
2027 A-R 100.00 7.625000% 0.00 0.64 0.64 0.00 0.00
- -------------- -------- ----------------- -------------- --------------- ----------------- ----------------- ------------- ---------
2028 B-1 7,711,454.47 7.625000% 4,287.06 48,999.87 53,286.92 0.00 0.00
2029 B-2 3,855,727.24 7.625000% 2,143.53 24,499.93 26,643.46 0.00 0.00
2030 B-3 2,410,079.12 7.625000% 1,339.84 15,314.04 16,653.89 0.00 0.00
2031 B-4 1,445,648.12 7.625000% 803.68 9,185.89 9,989.57 0.00 0.00
2032 B-5 385,373.05 7.625000% 214.24 2,448.72 2,662.97 0.00 0.00
2033 B-6 1,060,932.29 7.625000% 589.81 6,741.34 7,331.15 0.00 0.00
- -------------- -------- ----------------- -------------- --------------- ----------------- ----------------- ------------- ---------
- -------------- -------- ----------------- -------------- --------------- ----------------- ----------------- ------------- ---------
Totals - 189,007,086.91 - 1,230,319.30 1,376,838.03 2,607,157.33 0.00 0.00
- -------------- -------- ----------------- -------------- --------------- ----------------- ----------------- ------------- ---------
</TABLE>
<PAGE>
Page Number: 1
Payment Date: 12/26/96
<TABLE>
<CAPTION>
Factors per $1,000
Class Information ------------------ ------------ --------------- ---------------- ------------------
- ----------------------- Ending Cert./ Unpaid Principal Interest Ending
Class Code Name National Bal. Interest Dist. Dist. Cert. Bal.
- -------------- -------- ------------------ ------------ --------------- ---------------- ------------------
<S> <C> <C> <C> <C> <C> <C>
2016 A-1 25,634,525.53 0.00 28.67182671 5.27588313 875.76528067
2017 A-2 23,210,000.00 0.00 0.00000000 6.16666667 1000.00000000
2018 A-3 19,160,000.00 0.00 0.00000000 6.35416667 1000.00000000
2019 A-4 8,865,000.00 0.00 0.00000000 6.35416667 1000.00000000
2020 A-5 14,053,000.00 0.00 0.00000000 6.35416667 1000.00000000
2021 A-6 10,000,000.00 0.00 0.00000000 6.35416667 1000.00000000
2022 A-7 10,126,000.00 0.00 0.00000000 6.35416667 1000.00000000
2023 A-8 20,000,000.00 0.00 0.00000000 0.12083333 1000.00000000
2024 A-9 20,000,000.00 0.00 0.00000000 6.16666667 1000.00000000
2025 A-10 15,450,057.06 0.00 22.30478012 6.94243804 903.35362564
2034 A-11 24,174,000.00 0.00 0.00000000 6.35416667 1000.00000000
2026 PO 244,248.90 0.00 0.85454142 0.00000000 996.56608505
2035 X 181,251,161.74 0.00 0.00000000 0.95810844 971.55745451
- -------------- -------- ------------------ ------------ --------------- -------------- -------------------
2027 A-R 100.00 0.00 0.00000000 6.43044792 1000.00000000
- -------------- -------- ------------------ ------------ --------------- -------------- -------------------
2028 B-1 7,707,167.41 0.00 0.55503081 6.34384606 997.82074247
2029 B-2 3,853,583.71 0.00 0.55503081 6.34384606 997.82074247
2030 B-3 2,408,739.27 0.00 0.55503081 6.34384606 997.82074247
2031 B-4 1,444,844.44 0.00 0.55503081 6.34384606 997.82074247
2032 B-5 385,158.81 0.00 0.55503081 6.34384606 997.82074247
2033 B-6 1,060,342.48 0.00 0.55503081 6.34384606 997.82074247
- -------------- -------- ------------------ ------------ --------------- -------------- -------------------
- -------------- -------- ------------------ ------------ --------------- -------------- -------------------
Totals - 187,776,767.61 0.00 6.37128316 7.13003928 972.41338672
- -------------- -------- ------------------ ------------ --------------- -------------- -------------------
</TABLE>
<PAGE>
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INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-J
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Original Class Information
Class Information ------------------ ------------- ---------------
- ----------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- -------------- -------- ------------------ ------------- ---------------
<S> <C> <C> <C> <C> <C>
Senior A-1 29,271,000.00 7.000000% 1226691-YH1
A-2 23,210,000.00 7.400000% 1226691-YJ7
A-3 19,160,000.00 7.625000% 1226691-YK4
A-4 8,865,000.00 7.625000% 1226691-YL2
A-5 14,053,000.00 7.625000% 1226691-YM0
A-6 10,000,000.00 7.625000% 1226691-YN8
A-7 10,126,000.00 7.625000% 1226691-YP3
A-8 20,000,000.00 0.145000% 1226691-YQ1
A-9 20,000,000.00 7.400000% 1226691-YR9
A-10 17,103,000.00 9.000000% 1226691-YS7
A-11 24,174,000.00 7.625000% 1226691-YT5
PO 245,090.52 NA 1226691-YV0
X 186,557,327.00 1.183000% 1226691-YW8
- -------------- -------- ------------------ ------------- ---------------
Residual A-R 100.00 7.625000% 1226691-YU2
- -------------- -------- ------------------ ------------- ---------------
Subordinate B-1 7,724,000.00 7.625000% 1226691-YX6
B-2 3,862,000.00 7.625000% 1226691-YY4
B-3 2,414,000.00 7.625000% 1226691-YZ1
B-4 1,448,000.00 7.625000% N/A
B-5 386,000.00 7.625000% N/A
B-6 1,062,658.29 7.625000% N/A
- -------------- -------- ------------------ ------------- ---------------
- -------------- -------- ------------------ ------------- ---------------
Totals - 193,103,848.81 - -
- -------------- -------- ------------------ ------------- ---------------
</TABLE>
Aggregate Certificate Information for the following distribution date
<TABLE>
<CAPTION>
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- --------------------------- ---------------------- ----------------- --------------------
<S> <C> <C> <C>
Senior 91.145408% 100.000000% 170,916,931.49
Subordinate 8.854592% 0.000000% 16,859,836.12
- --------------------------- ---------------------- ----------------- --------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-J
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
COLLATERAL INFORMATION
- -----------------------------------------------------------------------------------
<S> <C>
Aggregate stated principal balance 189,007,086.91
Aggregate prepayment amount 1,125,187.78
Aggregate liquidation proceeds 0.00
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
<S> <C>
Monthly master servicer fees paid 14,682.13
Monthly servicer fees paid 39,735.81
Advances included in this distribution 22,661.61
Aggregate Advances Outstanding 28,468.24
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
<S> <C>
Net realized losses (this period) 0
Cumulative losses (from Cut-Off) 0
Bankruptcy Loss Coverage Amount 1,931,038.00
Fraud Loss Coverage Amount 5,793,115.00
Special Hazrad Loss Coverage Amount 125,000.00
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
<S> <C>
Available remittance amount 2,607,157.33
Principal remittance amount 1,230.319.30
Interest remittance amount 1,376,838.03
</TABLE>
<PAGE>
Page Number: 3
Payment Date: 12/26/96
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
<S> <C> <C>
1 mo. 17 2,375,027.02
2 mos. 2 253,804.72
3+MOS 3 332,032.70
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 22 2,960,864.44
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
<S> <C>
Total Number of REO Properties 0.00
Total Principal Balance of REO Properties 0.00
Total Market Value of REO Properties Not Available
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month.)
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance Date of Acquisition
- ----------- ------------------------ -------------------
<S> <C> <C>
0 0
0 0
0 0
</TABLE>
