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): November 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-I)
(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-I
On November 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-I, 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-I relating to the distribution date
of November 25, 1996 prepared 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: November 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
November 25, 1996
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
Class Information Current Payment Information
Beginning Pass Thur Principal Interest Total Principal Interest
Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 5,295,873.46 7.750000% 569,069.86 34,202.52 603,272.38 0.00 0.00
A-2 18,750,000.00 7.750000% 0.00 121,093.75 121,093.75 0.00 0.00
A-3 33,100,000.00 7.750000% 0.00 213,770.83 213,770.83 0.00 0.00
A-4 20,000,000.00 7.750000% 0.00 129,166.67 129,166.67 0.00 0.00
A-5 12,873,222.00 7.750000% 0.00 83,139.56 83,139.56 0.00 0.00
A-6 21,900,000.00 7.750000% 0.00 141,437.50 141,437.50 0.00 0.00
A-7 18,800,000.00 7.750000% 0.00 121,416.67 121,416.67 0.00 0.00
A-8 27,428,826.67 7.750000% 2,947,373.77 175,773.00 3,123,146.77 0.00 0.00
A-9 18,216,506.16 7.750000% 9,802.22 117,648.28 127,450.50 0.00 0.00
PO 67,123.22 0.000000% 130.40 0.00 130.40 0.00 0.00
X 189,464,077.42 1.127067% 0.00 177,948.92 177,948.92 0.00 0.00
A-R 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00
B-1 8,513,098.67 7.750000% 4,580.86 54,980.43 59,561.29 0.00 0.00
B-2 4,006,164.25 7.750000% 2,155.10 25,873.14 28,028.84 0.00 0.00
B-3 2,503,851.79 7.750000% 1,347.31 16,170.71 17,518.02 0.00 0.00
B-4 1,502,311.47 7.750000% 808.32 9,702.43 10,510.82 0.00 0.00
B-5 400,615.73 7.750000% 215.57 2,587.31 2,802.88 0.00 0.00
B-6 1,101,700.78 7.750000% 592.82 7,115.15 7,707.97 0.00 0.00
194,459,296.20 3,536,076.90 1,432,026.87 4,968,103.77
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class Information Factors per $1,000
Type Name Ending Cert./ Unpaid Principal Interest Ending
Notional Bal. Interest Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C>
Senior A-1 4,726,803.60 0.00 90.688424 5.450601 753.275474
A-2 18,750,000.00 0.00 0.000000 6.458333 1,000.000000
A-3 33,100,000.00 0.00 0.000000 6.458333 1,000.000000
A-4 20,000,000.00 0.00 0.000000 6.458334 1,000.000000
A-5 12,873,222.00 0.00 0.000000 6.458333 1,000.000000
A-6 21,900,000.00 0.00 0.000000 6.458333 1,000.000000
A-7 18,800,000.00 0.00 0.000000 6.458334 1,000.000000
A-8 24,481,452.90 0.00 90.688424 5.408400 753.275474
A-9 18,206,705.94 0.00 0.537277 6.448510 997.941705
PO PO 66,992.82 0.00 1.128506 0.000000 579.768414
IO X 189,464,077.42 0.00 0.000000 0.900070 958.314376
Residual A-R 0.00 0.00 0.000000 0.000000 0.000000
Subordinate B-1 8,508,517.81 0.00 0.537277 6.448510 997.941702
B-2 4,004,008.55 0.00 0.537277 6.448509 997.941700
B-3 2,502,504.48 0.00 0.537276 6.448510 997.941704
B-4 1,501,503.08 0.00 0.537279 6.448511 997.941699
B-5 400,400.16 0.00 0.537278 6.448510 997.941709
B-6 1,101,107.96 0.00 0.537277 6.448511 997.941931
Totals 190,923,219.30 17.626330 7.138244 951.697546
</TABLE>
<PAGE>
Original Certificate Information
Class Information
ORIGINAL Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
Senior A-1 6,275,000.00 7.750000% 126691-WNO
A-2 18,750,000.00 7.750000% 126691-WPS
A-3 33,100,000.00 7.750000% 126691-WQ3
A-4 20,000,000.00 7.750000% 126691-WR1
A-5 12,873,222.00 7.750000% 126691-WS9
A-6 21,900,000.00 7.750000% 126691-WT7
A-7 l8,800,000.00 7.750000% 126691-WU4
A-8 32,500,000.00 7.750000% 126691-WV2
A-9 18,244,258.00 7.750000% 126691-WW0
PO PO 115,551.00 0.000000% 126691-WY6
10 X 197,705,557.00 1.110000% 126691-WZ3
Residual A-R 100.00 7.750000% 126691-XA7
Subordinate B-1 8,526,067.00 7.750000% 126691-XB5
B-2 4,012,267.00 7.750000% 126691-XC3
B-3 2,507,666.00 7.750000% 126691-XDI
B-4 1,504,600.00 7.750000% N/A
B-5 401,226.00 7.750000% N/A
B-6 1,103,378.79 7.750000% N/A
Totals 200,613,335.79
Aggregate Certificate Information for the following distributon date
Classs Aggregate Aggregate Aggregate
Type Percentages Prepay. Percentage Certificate Balances
Senior 90.559364% 100.000000% 172,838,184.44
Subordinate 9.440636% 0.000000% 18,018,042.04
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
COLLATERAL INFORMATION
Aggregate stated principal balance 194,392,172.75
Aggregate loan count 1,359
Weighted average loan rate 9.233172%
Aggregate prepayment amount 3,431,423.99
ADVANCES & FEES
Monthly master servicer fees 20,256.18
Monthly servicer fees 40,600.76
Advances included in this distribution 36,395.10
Aggregate Advances Outstanding 55,704.68
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Lost Coverage Amount 125,000.00
Fraud Loss Coverage Amount 5,097,789.00
Special Hazrad Loss Coverage Amount 2,548,895.00
Net principal losses 0.00
Net interest losses 0.00
Excess losses 0.00
<PAGE>
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 month 17 3,035,122.00
2 months 3 375,053.33
3 + months 4 955,175.61
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 24 4,365,350.94
Aggregate Amount of the Scheduled Payments on all
60+ day delinqencies for the past 12 month tolling period
MONTH 1 11,286.58
MONTH 2 8,780.21
MONTH 3 0.00
MONTH4 0.00
MONTH 5 0.00
MONTH 6 0.00
MONTH 7 0.00
MONTH 8 0.00
MONTH 9 0.00
MONTH 10 0.00
MONNTH 11 0.00
MONTH 12 0.00
TOTAL 20.066.79
REO INFORMATION
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
0 0.00 0.00
0 0.00 0.00
Totals 0 0.00 0.00
