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-K)
(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
- --------------------------------------------------------------------------------
(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-K
On December 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-K, 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-K 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 December 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: 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
101 Barclay Street, 12E
New York, NY 10286
Attn: Larry Gerquest, MBS Unit
(212) 815-7165
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INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ------------------- ---------------- ----------- -------------- -------------- ============== ----------- ------------
Beginning Pass Thru Principal Interest Total Principal Interest
Class Code Name Cert. Bal. Rate Dist. Amount Dist. Amt. Dist. Losses Shortfalls
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2083 A-1 18,153,354.01 6.600000% 1,210,269.96 99,843.45 1,310,113.41 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2084 A-2 20,011,000.00 7.050000% 0.00 117,564.63 117,564.63 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2085 A-3 47,054,130.41 9.500000% 1,129,585.30 372,511.87 1,502,097.16 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2086 A-4 14,863,000.00 7.200000% 0.00 89,178.00 89,178.00 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2087 A-5 17,666,000.00 7.500000% 0.00 110,412.50 110,412.50 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2088 A-6 18,120,000.00 7.700000% 0.00 116,270.00 116,270.00 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2089 A-7 15,996,900.00 8.000000% 0.00 106,646.00 106,646.00 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2090 A-8 12,035,000.00 8.000000% 0.00 80,233.33 80,233.33 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2091 A-9 6,000,000.00 8.000000% 0.00 40,000.00 40,000.00 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2092 A-10 28,000,000.00 8.000000% 0.00 186,666.67 186,666.67 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2093 A-11 2,000,000.00 8.000000% 0.00 13,333.33 13,333.33 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2094 X 216,085,334.75 0.825132% N/A 148,582.43 148,582.43 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2095 A-R 0.00 8.000000% 0.00 2.71 2.71 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2096 B-1 7,864,642.13 8.000000% 4,812.64 52,430.95 57,243.59 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2097 B-2 4,493,687.05 8.000000% 2,749.84 29,957.91 32,707.75 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2098 B-3 2,808,554.66 8.000000% 1,718.65 18,723.70 20,442.35 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2099 B-4 1,685,132.39 8.000000% 1,031.19 11,234.22 12,265.41 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2100 B-5 449,368.11 8.000000% 274.98 2,995.79 3,270.77 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
2101 B-6 1,235,764.75 8.000000% 756.21 8,238.43 8,994.64 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
Totals 218,436,533.51 -- 2,351,198.76 1,604,825.91 3,956,024.67 0.00 0.00
- ------------ ------ ---------------- ----------- -------------- -------------- ============== ----------- ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class Information Factors per $1,000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
End Cert./ Unpaid Principal Interest Ending
Class Code Name Notional Bal. Interest Dist. Dist. Cert. Bal.
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
<S> <C> <C> <C> <C> <C> <C>
2083 A-1 16,943,084.06 0.00 56.30472013 4.64496148 788.23373136
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2084 A-2 20,011,000.00 0.00 0.00000000 5.87500000 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2085 A-3 45,924,545.12 0.00 22.51380813 7.42454838 915.32388174
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2086 A-4 14,863,000.00 0.00 0.00000000 6.00000000 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2087 A-5 17,666,000.00 0.00 0.00000000 6.25000000 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2088 A-6 18,120,000.00 0.00 0.00000000 6.41666667 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2089 A-7 15,996,900.00 0.00 0.00000000 6.66666667 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2090 A-8 12,035,000.00 0.00 0.00000000 6.66666667 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2091 A-9 6,000,000.00 0.00 0.00000000 6.66666667 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2092 A-10 28,000,000.00 0.00 0.00000000 6.66666667 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2093 A-11 2,000,000.00 0.00 0.00000000 6.66666667 1000.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2094 X 216,085,334.75 0.00 0.00000000 0.66061215 960.73672170
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2095 A-R 0.00 0.00 0.00000000 27.10000000 0.00000000
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2096 B-1 7,859,829.49 0.00 0.61130261 6.65979159 998.35743613
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2097 B-2 4,490,937.21 0.00 0.61130261 6.65979159 998.35743613
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2098 B-3 2,806,836.01 0.00 0.61130261 6.65979159 998.35743613
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2099 B-4 1,684,101.20 0.00 0.61130261 6.65979159 998.35743613
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2100 B-5 449,093.12 0.00 0.61130261 6.65979159 998.35743613
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
2101 B-6 1,235,008.54 0.00 0.61130261 6.65979159 998.35743613
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
Totals 216,085,334.75 0.00 10.45366170 7.13521434 960.736721701
- ---------------- ---------- -------------------- ----------- ------------------ ------------------ --------------------
</TABLE>
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Larry Gerquest, MBS Unit
(212) 815-7165
- --------------------------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Original Class Information
- ----------------------- ---------- ---------------------- ------------------- -------------------
Original Pass Thru Cusip
Class Type Name Cert. Bal. Rate Numbers
- ----------------------- ---------- ---------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C>
Senior A-1 21,495,000.00 6.600000% 1226691-ZB3
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-2 20,011,000.00 7.050000% 1226691-ZC1
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-3 50,173,000.00 9.500000% 1226691-ZD9
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-4 14,863,000.00 7.200000% 1226691-ZE7
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-5 17,666,000.00 7.500000% 1226691-ZF4
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-6 18,120,000.00 7.700000% 1226691-ZG2
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-7 15,996,900.00 8.000000% 1226691-ZH0
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-8 12,035,000.00 8.000000% 1226691-ZJ6
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-9 6,000,000.00 8.000000% 1226691-ZK3
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-10 28,000,000.00 8.000000% 1226691-ZL1
- ----------------------- ---------- ---------------------- ------------------- -------------------
A-11 2,000,000.00 8.000000% 1226691-ZM9
- ----------------------- ---------- ---------------------- ------------------- -------------------
X 224,916,285.46 0.825000% 1226691-ZQ0
- ----------------------- ---------- ---------------------- ------------------- -------------------
Residual A-R 100.00 8.000000% 1226691-ZR8
- ----------------------- ---------- ---------------------- ------------------- -------------------
Subordinate B-1 7,872,761.00 8.000000% 1226691-ZS6
- ----------------------- ---------- ---------------------- ------------------- -------------------
B-2 4,498,326.00 8.000000% 1226691-ZT4
- ----------------------- ---------- ---------------------- ------------------- -------------------
B-3 2,811,454.00 8.000000% 1226691-ZU1
- ----------------------- ---------- ---------------------- ------------------- -------------------
B-4 1,686,872.00 8.000000% N/A
- ----------------------- ---------- ---------------------- ------------------- -------------------
B-5 449,832.00 8.000000% N/A
- ----------------------- ---------- ---------------------- ------------------- -------------------
B-6 1,237,040.46 8.000000% N/A
- ----------------------- ---------- ---------------------- ------------------- -------------------
- ----------------------- ---------- ---------------------- ------------------- -------------------
Totals 224,916,285.46 -- --
- ----------------------- ---------- ---------------------- ------------------- -------------------
</TABLE>
Aggregate Certificate Information for the following distribution date
<TABLE>
<CAPTION>
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
Aggregate Certificate
Class Type Aggregate Percentages Aggregate Prepay. Pct. Bal.
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
<S> <C> <C> <C>
Senior 91.426625% 100.000000% 197,559,529.17
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
Subordinate 8.573375% 0.000000% 18,525,805.58
- ----------------------------- ----------------------------- ---------------------------- ----------------------------
</TABLE>
- --------------------------------------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Aggregate stated principal balance 218,436,533.51
Aggregate prepayment amount 2,217,530.09
Aggregate liquidation proceeds 0.00
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 14,647.82
Monthly servicer fees paid 46,316.15
Advances included in this distribution 25,517.43
Aggregate Advances Outstanding 34,685.59
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Net realized losses (this period) 0
Cumulative losses (from Cut-off) 0
Bankruptcy Loss Coverage Amount 125,000.00
Fraud Loss Coverage Amount 4,498,326.00
Special Hazard Loss Coverage Amount 1,931,038.00
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Available remittance amount 3,956,024.67
Principal remittance amount 2,351,198.76
Interest remittance amount 1,604,825.91
<PAGE>
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
1 mo. 19 2,133,659.66
2 mos. 3 764,321.67
3+ MOS. 2 166,800.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 24 3,064,781.33
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Total Number of REO Properties 0.00
Total Principal Balance of REO Properties 0.00
Total Market Value of REO Properties Not Available
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month.)
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance Date of Acquisition
0 0
0 0
0 0
- --------------------------------------------------------------------------------
Aggregate Amount of the Scheduled Payments on all 60+ day
delinquencies for the past 12 month rolling period
- --------------------------------------------------------------------------------
12/26/96 6,260.26
11/25/96 4,477.24
10/25/96 4,477.24
