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-N)
(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-N
On December 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-N, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of October 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-N 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 October 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
Barclay Street 12E
York, NY 10286
Larry Gerquest, MBS Unit
(212)815-7165
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-TRHOUGH CERTIFICATES, SERIES 1996-N
Current Payment Information
<TABLE>
<CAPTION>
----------------- -------------- --------------- -------------- ---------------- ------------ ---------------
Class Beginning Pass Thru Principal Interest Total Principal Interest
Information
- ------ ---------
Class Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
Code
- ------ --------- ----------------- -------------- --------------- -------------- ---------------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2109 A-1 24,750,457.50 7.500000% 518,978.51 154,690.36 673,668.86 0.00 0.00
2110 A-2 18,875,000.00 7.500000% 0.00 117,968.75 117,968.75 0.00 0.00
2111 A-3 18,224,602.00 7.500000% 0.00 113,903.76 113,903.76 0.00 0.00
2112 A-4 16,834,104.00 7.500000% 0.00 105,213.15 105,213.15 0.00 0.00
2113 A-5 20,495,277.00 7.500000% 0.00 128,095.48 128,095.48 0.00 0.00
2114 A-6 125,400.00 7.500000% 0.00 783.75 783.75 0.00 0.00
2115 A-7 12,072,988.48 7.500000% 37,916.80 75,456.18 113,372.98 0.00 0.00
2116 A-8 2,090,000.00 7.050000% 0.00 12,278.75 12,278.75 0.00 0.00
2117 PO 1,895,768.77 0.000000% 12,331.76 0.00 12,331.76 0.00 0.00
2118 X 94,455,880.46 0.000000% 0.00 74,401.87 74,401.87 0.00 0.00
- ------ --------- ----------------- -------------- --------------- -------------- ---------------- ------------ ---------------
2119 A-R 0.00 7.500000% 0.00 0.00 0.00 0.00 0.00
- ------ --------- ----------------- -------------- --------------- -------------- ---------------- ------------ ---------------
2120 B-1 1,808,678.23 7.500000% 5,680.39 11,304.24 16,984.63 0.00 0.00
2121 B-2 1,205,785.49 7.500000% 3,786.93 7,536.16 11,323.09 0.00 0.00
2122 B-3 723,471.09 7.500000% 2,272.16 4,521.69 6,793.85 0.00 0.00
2123 B-4 361,735.05 7.500000% 1,136.08 2,260.84 3,396.92 0.00 0.00
2124 B-5 241,156.70 7.500000% 757.38 1,507.23 2,264.61 0.00 0.00
2139 B-6 482,316.58 7.500000% 1,514.78 3,014.48 4,529.25 0.00 0.00
- ------ --------- ----------------- -------------- --------------- -------------- ---------------- ------------ ---------------
Totals - 120,061,340.89 - 584,374.78 812,936.70 1,397,311.48 0.00 0.00
- ------ --------- ----------------- -------------- --------------- -------------- ---------------- ------------ ---------------
</TABLE>
<PAGE>
<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>
2109 A-1 24,231,478.99 0.00 20.29807352 6.05018562 947.73162542
2110 A-2 18,875,000.00 0.00 0.00000000 6.25000000 1000.00000000
2111 A-3 18,224,602.00 0.00 0.00000000 6.25000000 1000.00000000
2112 A-4 16,834,104.00 0.00 0.00000000 6.25000000 1000.00000000
2113 A-5 20,495,277.00 0.00 0.00000000 6.25000000 1000.00000000
2114 A-6 125,400.00 0.00 0.00000000 6.25000000 1000.00000000
2115 A-7 12,035,071.68 0.00 3.13103237 6.23089827 993.81269048
2116 A-8 2,090,000.00 0.00 0.00000000 5.87500000 1000.00000000
2117 PO 1,883,437.01 0.00 6.44519880 0.00000000 984.37903127
2118 X 94,024,938.42 0.00 0.00000000 0.78225234 988.56692734
- ------------ ---------- ------------------ ---------- --------------- ---------------- -----------------------
2119 A-R 0.00 0.00 0.00000000 0.00000000 0.00000000
- ------------ ---------- ------------------ ---------- --------------- ---------------- -----------------------
2120 B-1 1,802,997.84 0.00 3.13103314 6.23089826 993.81268896
2121 B-2 1,201,998.56 0.00 3.13103314 6.23089826 993.81268896
2122 B-3 721,198.94 0.00 3.13103314 6.23089826 993.81268896
2123 B-4 360,598.97 0.00 3.13103314 6.23089826 993.81268896
2124 B-5 240,399.31 0.00 3.13103314 6.23089826 993.81268896
2139 B-6 480,801.81 0.00 3.13102544 6.23089831 993.81270418
- ------------ ---------- ------------------ ---------- --------------- ---------------- -----------------------
Totals - 119,476,966.11 0.00 4.83161176 6.72136210 987.8357760385
- ------------ ---------- ------------------ ----------------- --------------- ---------------- ----------------
</TABLE>
<PAGE>
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INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-TRHOUGH CERTIFICATES, SERIES 1996-N
- --------------------------------------------------------------------------------
Original Payment Information
<TABLE>
<CAPTION>
------------------- ------------------- -------------------
Class Information Beginning Pass Thru Cusip
- ----------- ----------------
Class Code Name Cert. Bal. Rate Numbers.
- ----------- ---------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
2109 A-1 25,567,870.00 7.500000% 1226691-B37
2110 A-2 18,875,000.00 7.500000% 1226691-B45
2111 A-3 18,224,602.00 7.500000% 1226691-B52
2112 A-4 16,834,104.00 7.500000% 1226691-B60
2113 A-5 20,495,277.00 7.500000% 1226691-B78
2114 A-6 125,400.00 7.500000% 1226691-B86
2115 A-7 12,110,000.00 7.500000% 1226691-B94
2116 A-8 2,090,000.00 7.500000% 1226691-C28
2117 PO 1,913,325.00 0.000000% 1226691-C44
2118 X 95,112,365.00 0.948000% 1226691-C51
- ----------- ---------------- ------------------- ------------------- -------------------
2119 A-R 100.00 7.500000% 1226691-C77
- ----------- ---------------- ------------------- ------------------- -------------------
2120 B-1 1,814,223.00 7.500000% 1226691-C85
2121 B-2 1,209,482.00 7.500000% 1226691-C93
2122 B-3 725,689.00 7.500000% 1226691-D27
2123 B-4 362,844.00 7.500000% N/A
2124 B-5 241,896.00 7.500000% N/A
2139 B-6 483,795.19 7.500000% N/A
- ------------ ----------------- ------------------ -------------------- -----------------
Totals - 120,948,207.19 - -
- ------------ --------------- -------------------- ------------------- ------------------
</TABLE>
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- -------------- ----------------- ------------------ ------------------------
Senior 95.919596% 100.000000% 114,794,370.69
Subordinate 4.080404% 0.000000% 4,807,995.42
- -------------- ----------------- ------------------ ------------------------
<PAGE>
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INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-TRHOUGH CERTIFICATES, SERIES 1996-N
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COLLATERAL INFORMATION
Aggregate Stated Principal Balance 120,061,340.89
Aggregate Prepayment Amount 205,785.02
Aggregate Liquidation Proceeds 0.00
FEES & ADVANCES
Monthly master servicer fees 37,177.38
Monthly servicer fees 25,965.61
Advances included in this distribution 11,371.13
Aggregate Advances Outstanding 14,657.60
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0
Cumulative losses (from Cut-Off) 0
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 2,418,964.00
Special Hazard Loss Coverage Amount 1,868,894.00
OTHER INFORMATION
Available remittance amount 1,397,311.48
Principal remittance amount 584,374.78
Interest remittance amount 812,936.70
<PAGE>
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 8 788,129.18
2 mos. 3 320,860.10
3+MOS. 0 0.00
In Foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 11 1,108,989.28
TOTAL REO INFORMATION
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0
Total Market Value of REO Properties Not Available
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during
the preceeding 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
11/25/96 6,960.97
