Rule 424(b)(5)
333-26425
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED JANUARY 22, 1996
(To Prospectus dated November 23, 1994)
CWMBS, INC.
Depositor
INDYMAC, INC./*/
Seller and Master Servicer
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-A
-------------------------
This Supplement relates to the offering by the Seller of the Class B-2
and Class B-3 Certificates of the Series referenced above. This Supplement
does not contain complete information about the offering of the Class B-2 and
Class B-3 Certificates. Additional information is contained in the
Prospectus Supplement dated January 22, 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
Balances of the Class B-2 and Class B-3 Certificates were approximately
$3,230,437 and $2,018,900, respectively.
THE CLASS B-2 AND 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-2 NOR 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-2 AND 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-2 and 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. The
weighted average of the proceeds to the Seller from the sale of the Class B-2
and Class B-3 Certificates is expected to be approximately 95.891% of the
aggregate principal balance of such Certificates as of the Certificate Date,
before deducting sale expenses payable by the Seller.
The Class B-2 and 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-2 and 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, INC.
AUGUST 28, 1997
UNTIL NINETY DAYS AFTER THE DATE OF THIS SUPPLEMENT, ALL DEALERS
EFFECTING TRANSACTIONS IN THE CLASS B-2 AND 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 424 Mortgage Loans having an aggregate Stated Principal Balance
of approximately $123,551,857.
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> <C>
Total Number of Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.07%
60-90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.94%
91 days or more (excluding pending foreclosures) . . . . . . . . . . . . . . . . . . . . . 0.24%
Total Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.25%
Foreclosures Pending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.65%
Total Delinquencies and foreclosures pending . . . . . . . . . . . . . . . . . . . . . . . . . 5.90%
</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-2 AND CLASS B-3 CERTIFICATES
The Class B-2 and Class B-3 Certificates are Subordinated Certificates.
To the extent funds are available therefor, the Class B-2 and 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-
2 and 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-2 and 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 Balances of the Class
B-2 and Class B-3 Certificates were approximately $3,230,437 and $2,018,900,
respectively, evidencing beneficial ownership interests of approximately
2.61% and 1.63%, respectively, in the Trust Fund. As of the Certificate
Date, the Senior Certificates had an aggregate principal balance of
approximately $107,485,690 and evidenced in the aggregate a beneficial
ownership interest of approximately 87.00% in the Trust Fund. As of the
Certificate Date, the Class B-1, Class B-4, Class B-5 and Class B-6
Certificates had aggregate principal balances of $8,479,775, $968,639,
$484,811 and $883,604, respectively, and evidenced in the aggregate a
beneficial ownership interest of approximately 6.86%, 0.78%, 0.39% and 0.72%,
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-2 and 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>
$123,551,856.72 8.8077376004% 8.4237376004% 360 22 338
</TABLE>
(ii) the Mortgage Loan prepays 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-2 and 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 TABLES
The following tables indicate the percentage of the Certificate Date
Principal Balance of the Class B-2 and Class B-3 Certificates, respectively,
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-2 AND CLASS B-3 CERTIFICATES 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% 98% 98% 98% 98%
August 2000 . . . . . . . . . . . . . 97% 97% 97% 97% 97%
August 2001 . . . . . . . . . . . . . 96% 95% 93% 91% 89%
August 2002 . . . . . . . . . . . . . 95% 90% 85% 80% 75%
August 2003 . . . . . . . . . . . . . 94% 85% 76% 67% 52%
August 2004 . . . . . . . . . . . . . 92% 78% 65% 53% 33%
August 2005 . . . . . . . . . . . . . 91% 70% 53% 39% 20%
August 2006 . . . . . . . . . . . . . 89% 63% 43% 28% 13%
August 2007 . . . . . . . . . . . . . 87% 56% 34% 20% 8%
August 2008 . . . . . . . . . . . . . 85% 50% 28% 14% 5%
August 2009 . . . . . . . . . . . . . 83% 44% 22% 10% 3%
August 2010 . . . . . . . . . . . . . 80% 39% 18% 7% 2%
August 2011 . . . . . . . . . . . . . 78% 34% 14% 5% 1%
August 2012 . . . . . . . . . . . . . 75% 30% 11% 4% 1%
August 2013 . . . . . . . . . . . . . 72% 26% 9% 2% 0%
August 2014 . . . . . . . . . . . . . 68% 23% 7% 2% 0%
August 2015 . . . . . . . . . . . . . 64% 19% 5% 1% 0%
August 2016 . . . . . . . . . . . . . 60% 17% 4% 1% 0%
August 2017 . . . . . . . . . . . . . 56% 14% 3% 1% 0%
August 2018 . . . . . . . . . . . . . 51% 12% 2% 0% 0%
August 2019 . . . . . . . . . . . . . 46% 9% 2% 0% 0%
August 2020 . . . . . . . . . . . . . 40% 8% 1% 0% 0%
August 2021 . . . . . . . . . . . . . 33% 6% 1% 0% 0%
August 2022 . . . . . . . . . . . . . 26% 4% 1% 0% 0%
August 2023 . . . . . . . . . . . . . 19% 3% 0% 0% 0%
August 2024 . . . . . . . . . . . . . 11% 1% 0% 0% 0%
August 2025 . . . . . . . . . . . . . 2% 0% 0% 0% 0%
August 2026 . . . . . . . . . . . . . 0% 0% 0% 0% 0%
August 2027 . . . . . . . . . . . . . 0% 0% 0% 0% 0%
------ ------- ------- -------- --------
Weighted Average Life (years)** . . . 19.40 12.24 9.25 7.75 6.51
====== ======= ======= ======== ========
</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 $1,603,468, $125,000 and $4,927,284, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective purchasers of the Class B-2 and Class B-3 Certificates
should consider carefully the income tax consequences of an investment in the
Class B-2 and 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-2 and Class B-3 Certificates
should consider carefully the ERISA consequences of an investment in the
Class B-2 and 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-2 and 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-2 and Class B-3 Certificates are currently rated "A" and
"BBB," respectively, 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-
2 and 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-2 and Class B-3 Certificates. Distribution of the Class B-2 and
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-2 and 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-2 and
Class B-3 Certificates, but has no obligation to do so. There can be no
assurance that a secondary market for the Class B-2 and 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)
- --------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Range of Mortgage Principal Balance Mortgage
Mortgage Rates (%) Loans Outstanding Pool
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7.501 - 7.750 3 $ 1,063,112 0.86 %
7.751 - 8.000 4 1,207,665 0.98
8.001 - 8.250 24 7,514,510 6.08
8.251 - 8.500 66 19,544,144 15.82
8.501 - 8.750 122 36,403,975 29.45
8.751 - 9.000 108 32,278,087 26.13
9.001 - 9.250 46 12,943,876 10.48
9.251 - 9.500 35 8,904,071 7.21
9.501 - 9.750 8 1,654,710 1.34
9.751 - 10.000 7 1,918,623 1.55
10.751 - 11.000 1 119,084 0.10
------------- ------------------------------------------
Total 424 $ 123,551,857 100.00 %
============= ==========================================
</TABLE>
1) As of the Reference Date, the weighted average Mortgage
Rate of the Mortgage Loans is expected to be approximately 8.808%.
<TABLE>
<CAPTION>
Original Loan-to-Value Rations(1)
- --------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Original Loan-to-Value Ratios (%) Loans Outstanding Pool
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
60.00 and Below 52 $ 17,003,288 13.76 %
60.01 - 65.00 18 6,317,091 5.11
65.01 - 70.00 48 13,947,665 11.29
70.01 - 75.00 98 28,615,023 23.16
75.01 - 80.00 144 40,978,187 33.18
80.01 - 85.00 5 1,241,303 1.00
85.01 - 90.00 33 8,701,660 7.04
90.01 - 95.00 26 6,747,640 5.46
------------- --------------------------------------------
Total 424 $123,551,857 100.00 %
============= ============================================
</TABLE>
1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is expected to be approximately 74.23%.
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances(1)
- -----------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Range of Current Mortgage Mortgage Principal Balance Mortgage
Loan Principal Balance Loans Outstanding Pool
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$100,001 - $150,000 24 $ 3,199,989 2.59 %
$150,001 - $200,000 19 3,344,343 2.71
$200,001 - $250,000 153 34,533,285 27.93
$250,001 - $300,000 100 27,405,047 22.18
$300,001 - $350,000 35 11,331,073 9.17
$350,001 - $400,000 30 11,287,525 9.14
$400,001 - $450,000 23 9,659,719 7.82
$450,001 - $500,000 11 5,240,163 4.24
$500,001 - $550,000 11 5,776,569 4.68
$550,001 - $600,000 9 5,233,708 4.24
$600,001 - $650,000 3 1,925,567 1.56
$650,001 - $700,000 2 1,384,342 1.12
$700,001 - $750,000 1 742,200 0.60
$750,001 - $800,000 1 751,840 0.61
$800,001 - $850,000 1 834752 0.68
$900,001 - $950,000 1 901,734 0.73
--------------- ------------------------------------
Total 424 $ 123,551,857 100.00%
=============== ====================================
</TABLE>
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is expected to be $291,396.
<TABLE>
<CAPTION>
Original Term to Maturity(1)
- ---------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Original Term to Mortgage Principal Balance Mortgage
Maturity Loans Outstanding Pool
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
360 424 $ 123,551,857 100.00 %
--------------- ---------------------------------------
Total 424 $ 123,551,857 100.00 %
=============== =======================================
</TABLE>
(1) As of the Reference Date, the weighted average remaining term to
maturity of the Mortgage Loan is expected to be approximately 340
months.
<TABLE>
<CAPTION>
State Distribution of Mortgage Properties(1)
- -----------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
State Loans Outstanding Pool
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Arizona 8 $ 2,563,453 2.07 %
California 218 64,334,241 52.08
Colorado 15 4,551,761 3.68
Florida 24 7,148,899 5.79
Hawaii 14 5,622,047 4.55
Illinois 12 3,076,990 2.49
Nevada 12 3,866,765 3.13
New Jersey 12 3,044,852 2.46
New York 28 6,968,716 5.64
Oregon 14 3,413,875 2.76
Utah 16 4,777,286 3.87
Other (1) 51 14,182,972 11.48
--------------- -----------------------------------------
Total 424 $ 123,551,857 100.00 %
=============== =========================================
</TABLE>
(1) Other includes 21 other states, with under 2% concentration
individually. No more than approximately 0.90% of the Mortgage Loans
will be secured by Mortgaged Properties locatedin any one postal zip
code area.
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
- ------------------------------------------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Loan Purpose Loans Outstanding Pool
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Purchase 197 $ 54,149,599 <C>
Refinance (Rate or
Term) 122 37,117,376 30.04
Refinance (Cash-out)
105 32,284,882 26.13
----------- ----------------------------------------
Total 424 $ 123,551,857 100.00 %
=========== ========================================
</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 141 $ 39,265,986 31.78 %
Alternative 29 7,227,953 5.85
Reduced 251 76,169,137 61.65
No Income/No Asset 3 888,780 0.72
--------- -------------------------------------
Total 424 $ 123,551,857 100.00 %
========= =====================================
</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 353 106,662,528 86.33 %
Low Rise Condominium 11 3,061,541 2.48
2-4 Units 44 9,745,791 7.89
Planned Unit Development (PUD) 4 1,098,350 0.89
Co-op 1 277,856 0.22
High Rise Condominium 11 2,705,792 2.19
----------- -------------------------------------
Total 424 $ 123,551,857 100.00 %
=========== =====================================
</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 36653 110,062,946 89.08 %
Investor 37 8,605,827 6.97
Second Home 21 4,883,083 3.95
---------- -----------------------------------------
Total 424 $ 123,551,857 100.00 %
========== =========================================
</TABLE>
(1) Based upon representation of the Mortgagors at the time of origination.
EXHIBIT 2
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-A
CURRENT PAYMENT INFORMATION
<TABLE>
<CAPTION>
Class Information
Class Beginning Pass Thru Principal Interest Total Principal
Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses
<S> <C> <C> <C> <C> <C> <C> <C>
1738 A-1 50,462,386.73 7.000000% 1,859,418.04 294,363.92 2,153,781.96 0.00
17339 A-2 9,006,220.76 7.000000% 250,306.61 52,547.95 302,854.56 0.00
1740 A-3 10,427,662.26 7.000000% 750,919.83 60,828.03 811,747.86 0.00
1741 A-4 23,460,000.00 7.000000% 0.00 136,791.67 136,791.67 0.00
1742 A-5 402,000.00 NA 0.00 0.00 0.00 0.00
1743 A-6 9,259,000.00 7.000000% 0.00 54,010.83 54,010.83 0.00
1744 A-7 7,337,000.00 7.000000% 0.00 42,799.17 42,799.17 0.00
1745 X 126,423,385.43 1.419980% NA 149,598.90 149,598.90 0.00
1746 A-R 67.45 7.000000% 2.49 0.39 2.88 0.00
1747 B-1 8,485,517.93 7.000000% 5,743.43 49,498.85 55,242.28 0.00
1748 B-2 3,232,625.11 7.000000% 2,188.00 18,856.85 21,044.98 0.00
1749 B-3 2,020,267.69 7.000000% 1,367.42 11,784.89 13,152.31 0.00
1750 B-4 969,295.51 7.000000% 656.07 5,654.22 6,310.29 0.00
1751 B-5 485,139.77 7.000000% 328.37 2,829.98 3,158.35 0.00
1752 B-6 884,202.24 7.000000% 598.47 5,157.85 5,756.32 0.00
Totals 126,423,385.43 - 2,871,528.71 884,723.65 3,756,252.36 0.00
(table continued)
Class Information
Interest Ending Cert./ Unpaid
Class Code Name Shortfalls Notional Bal. Interest
<S> <C> <C> <C> <C>
1738 A-1 0.00 48,602,968.69 0.00
17339 A-2 0.00 8,757,914.15 0.00
1740 A-3 0.00 9,676,742.43 0.00
1741 A-4 0.00 23,450,000.00 0.00
1742 A-5 0.00 402,000.00 0.00
1743 A-6 0.00 9,259,000.00 0.00
1744 A-7 0.00 7,337,000.00 0.00
1745 X 0.00 123,551,856.72 0.00
1746 A-R 0.00 64.96 0.00
1747 B-1 0.00 8,479,774.50 0.00
1748 B-2 0.00 3,230,437.11 0.00
1749 B-3 0.00 2,018,900.27 0.00
1750 B-4 0.00 968,639.44 0.00
1751 B-5 0.00 484,811.41 0.00
1752 B-6 0.00 883,603.76 0.00
Totals 0.00 123,551,856.72 0.00
</TABLE>
<TABLE>
<CAPTION>
Original Class Information Factors per $1,000
Class Information
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 74,819,000.00 7.000000% 126691-PZ1 24.85221715 3.93434719 649.60730149
A-2 12,287,000.00 7.000000% 126691-QA5 20.37166180 4.27671152 712.77888395
A-3 20,264,000.00 7.000000% 126691-QB3 37.05684098 3.00177802 477.53367702
A-4 23,450,000.00 7.000000% 126691-QC1 0.00000000 5.83333333 1000.00000000
A-5 402,000.00 NA 126691-QD9 0.00000000 0.00000000 1000.00000000
A-6 9,259,000.00 7.000000% 126691-QE7 0.00000000 5.83333333 1000.00000000
A-7 7,337,000.00 7.000000% 126691-QF4 0.00000000 5.83333333 1000.00000000
X 164,242,792.00 1.460000% 126691-QH0 0.00000000 0.91083996 752.25131779
Residual A-R 100.00 7.000000% 126691-QG2 24.85278003 3.93443630 649.62201443
Subordinate B-1 8,623,000.00 7.000000% 126691-QJ6 0.66605887 5.74032872 983.39029352
B-2 3,285,000.00 7.000000% 126691-QK3 0.66605886 5.74032872 983.39029234
B-3 2,053,000.00 7.000000% 126691-QL1 0.66605886 5.74032872 983.39029248
B-4 985,000.00 7.000000% N/A 0.66605886 5.74032871 983.39029147
B-5 493,000.00 7.000000% N/A 0.66605886 5.74032864 983.39027920
B-6 985,692.00 7.000000% N/A 0.60715982 5.23271607 896.42988149
Totals 164,242,792.00 - 17.48343824 5.38668172 752.251317793
</TABLE>
COLLATERAL INFORMATION
Aggregate stated principal balance 126,423,385.43
Aggregate prepayment amount 2,785,959.00
Aggregate liquidation proceeds 0.00
Aggregate Certificate information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
Senior 86.996418% 100.000000% 107,485,690.23
Subordinate 13.003582% 0.000000% 16,066,188.49
FEES & ADVANCES
Monthly master servicer fees due 13,169.10
Monthly master servicer fees paid 1,231.64
Monthly servicer fees paid 26,578.05
Advances included in this distribution 42,352.49
Aggregate Advances Outstanding 55,522.25
OTHER INFORMATION
Available remittance amount 3,756,252.36
Principal remittance amount 2,871,526.71
interest remittance amount 884,723.65
Guaranteed Distributions paid on Class A- 0.00
Amount of withdrawal from Reserve Fund since prior distribution date
Class A-4 0.0
Amount remaining in Reserve Fund after Withdrawn Amounts for
Class A-4 0.00
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 mo. 13 3,828,810.68
2 mos. 4 1,149,010.33
3+MOS. 1 219,687.92
In foreclosure 7 2,103,452.83
Totals 25 7,300,961.74
TOTAL REO INFORMATION
Total Number of REO Properties 4
Total Principal Balance of REO 1,012,595.02
Properties Not Available
Total Market Value of REO Properties
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month.)
Loan Number Stated Principal Balance Date of Acquisition
#143069 218,945.77 NA
0 0
0 0
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 85,832.32
Bankruptcy Loss Coverage Amount 125,000.00
Fraud Loss Coverage Amount 4,927,284.00
Special Hazard Loss Coverage Amount 1,803,467.72
