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): October 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-G)
(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)
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Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1996-G
On October 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-G, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of May 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-G relating to the distribution date
of October 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of May 1, 1996.
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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: October 25, 1996
CSMBS, INC.
By: /s/ Jonathan Chayes
-------------------
Name: Jonathan Chayes
Assistant Treasurer
The Bank of New York,
as Trustee
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EXHIBIT INDEX
Exhibit Page
1. Monthly Remittance Statement dated 5
October 25, 1996
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<CAPTION>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-G
Class Information Current Payment Information
Class Beginning Pass Thru Principal Interest Total Principal Interest
Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1874 A-1 29,880,813.89 6.700000% 1,234,211.18 166,879.27 1,401,090.45 0.00 0.00
1875 A-2 37,967,000.00 7.050000% 0.00 223,056.13 223,056.13 0.00 0.00
1876 A-3 31,953,000.00 7.150000% 0.00 190,386.63 190,386.63 0.00 0.00
1877 A-4 30,594,000.00 7.300000% 0.00 186,113.50 186,113.50 0.00 0.00
1878 A-5 38,863,404.76 9.000000% 658,237.24 291,476.21 949,713.45 0.00 0.00
1879 A-6 26,625,300.00 7.500000% 0.00 166,406.25 166,406.25 0.00 0.00
1880 A-7 74,602,000.00 7.500000% 0.00 466,262.50 466,262.50 0.00 0.00
1881 A-8 11,746,105.00 7.500000% 0.00 73,417.79 73,417.79 0.00 0.00
1882 A-9 15,000,000.00 7.500000% 0.00 93,750.00 93,750.00 0.00 0.00
1883 A-10 7,000,000.00 7.500000% 0.00 43,750.00 43,750.00 0.00 0.00
1884 A-11 46,236,011.68 7.500000% 169,731.90 288,975.07 458,706.97 0.00 0.00
1885 PO-1 121,655.38 n/a 103.36 n/a 103.36 0.00 n/a
1886 PO-2 196,703.19 n/a 821.68 n/a 821.68 0.00 n/a
1887 X-1 331,390,301.98 1.090075% n/a 301,033.51 301.033.51 n/a 0.00
1888 X-2 36,139,648.09 0.700286% n/a 21,090.08 21,090.08 n/a 0.00
1889 A-R 0.00 7.500000% 0.00 5.67 5.67 0.00 0.00
1890 B-1a 16,614,310.38 7.500000% 9,793.30 103,839.44 113,632.74 0.00 0.00
1891 B-1b 6,995,493.85 7.500000% 4,123.49 43,721.84 47,845.33 0.00 0.00
1892 B-1c 5,246,645.33 7.500000% 3,092.63 32,791.53 35,884.16 0.00 0.00
1893 B-1d 2,623,322.67 7.500000% 1,546.32 16,395.77 17,942.09 0.00 0.00
1894 B-1e 699,559.36 7.500000% 412.36 4,372.25 4,784.61 0.00 0.00
1895 B-1f 1,923,838.14 7.500000% 1,134.01 12,023.99 13,158.00 0.00 0.00
1896 B-2a 1,880,304.85 7.500000% 5,621.29 11,751.91 17,373.20 0.00 0.00
1897 B-2b 501,394.84 7.500000% 1,498.95 3,133.72 4,632.67 0.00 0.00
1898 B-2c 376,021.41 7.500000% 1,124.14 2,350.13 3,474.27 0.00 0.00
1899 B-2d 175,503.02 7.500000% 524.68 1,096.89 1,621.57 0.00 0.00
1900 B-2e 100,259.20 7.500000% 299.73 626.62 926.35 0.00 0.00
1901 B-2f 225,744.36 7.500000% 674.88 1,410.9 2,085.78 0.00 0.00
Totals 388,156,932.31 2,092,951.14 2,746,117.60 4,839,068.74
</TABLE>
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<TABLE>
<CAPTION>
Class Information Factors per $1,000
Class Ending Cert./ Unpaid Principal Interest Ending
Code Name Notional Bal. Interest Dist. Dist. Cert. Bal
<S> <C> <C> <C> <C> <C> <C>
1874 A-1 28,654,612.71 0.00 3272.207386% 442.439339% 75970.657802%
1875 A-2 37,967,000.00 0.00 0.000000% 587.500013% 100000.000000%
1876 A-3 31,953,000.00 0.00 0.000000% 595.833349% 100000.000000%
1877 A-4 30,594,000.00 0.00 0.000000% 603.333333% 100000.000000%
1878 A-5 38,205,257.52 0.00 1529.397146% 677.237413% 88768.924749%
1879 A-6 26,625,000.00 0.00 0.000000% 625.000000% 100000.000000%
1880 A-7 74,602,000.00 0.00 0.000000% 325.000000% 100000.000000%
1881 A-8 11,746,846.00 0.00 0.000000% 625.000021% 100000.000000%
1882 A-9 15,000,000.00 0.00 0.000000% 625.000000% 100000.000000%
1883 A-10 7,000,000.00 0.00 0.000000% 625.000000% 100000.000000%
1884 A-11 46,066,279.78 0.00 359.474321% 612.018829% 97563.539352%
1885 PO-1 121,552.02 0.00 84.612425% 0.000000% 99504.752081%
1886 PO-2 195,881.51 0.00 411.861416% 0.000000% 98184.251945%
1887 X-1 329,483,451.94 0.00 0.000000% 87.650523% 95934.159394%
1888 X-2 36,009,906.50 0.00 0.000000% 57.047757% 97405.244414%
1889 A-R 0.00 0.00 0.000000% 5670.000000% 0.000000%
1890 B-1a 16,604,517.07 0.00 58.815463% 623.626591% 99721.438920%
1891 B-1b 6,991,370.36 0.00 58.815463% 623.626639% 99721.438832%
1892 B-1c 5,243,552.70 0.00 58.815462% 623.626526% 99721.438823%
1893 B-1d 2,621,776.35 0.00 58.815463% 623.626716% 99721.439013%
1894 B-1e 699,147.01 0.00 58.823853% 623.716120% 99735.664119%
1895 B-1f 1,922,704.13 0.00 58.815463% 623.626674% 99721.438993%
1896 B-2a 1,874,683.56 0.00 295.593068% 617.968660% 98579.353033%
1897 B-2b 499,895.89 0.00 295.593061% 617.968842% 98579.350737%
1898 B-2c 374,897.27 0.00 295.593060% 617.967394% 98579.350406%
1899 B-2d 174,978.34 0.00 295.593052% 617.966197% 98579.347793%
1900 B-2e 99,959.47 0.00 295.593081% 617.968442% 98579.357609%
1901 B-2f 225,069.48 0.00 295.593073% 617.967439% 98579.354915%
Totals 386,063,981.17
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<TABLE>
<CAPTION>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-G
Class Information Original Payment Information
Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
<S> <C> <C> <C> <C>
Senior A-1 37,718,000.00 6.700000% 1226691-UR3
A-2 37,957,000.00 7.050000% 1226691-US1
A-3 31,953,000.00 7.150000% 1226691-UT9
A-4 30,594,000.00 7.300000% 1226691-UU6
A-5 43,039,000.00 9.000000% 1226691-UV4
A-6 26,625,000.00 7.500000% 1226691-UW2
A-7 74,602,000.00 7.500000% 1226691-UXO
A-8 11,746,846.00 7.500000% 1226691-UY8
A-9 15,000,000.00 7.500000% 1226691-UZ5
A-10 7,000,000.00 7.500000% 1226691-VA9
A-11 47,216,696.00 7.500000% 1226691-VB7
PO-1 122,157.00 0.000000% 1226691-VC5
PO-2 199,504.00 0.000000% 1226691-VD3
X-1 343,447,479.00 1.100000% 1226691-VE1
X-2 36,969,166.00 0.700000% 1226691-VF8
Residual A-R 100.00 7.500000% 1226691-VG6
Subordinate B-la 16,650,900.00 7.500000% 1226691-VH4
B-lb 7,010,900.00 7.500000% 1226691-VJO
B-lc 5,258,200.00 7.500000% 1226691-VK7
B-ld 2,629,100.00 7.500000% n/a
B-le 701,000.00 7.500000% n/a
B-lf 1,928,075.00 7.500000% n/a
B-2a 1,901,700.00 7.500000% 1226691-VL5
B-2b 507,100.00 7.500000% 1226691-VM3
B-2c 380,600.00 7.500000% 1226691-VN1
B-2d 177,500.00 7.500000% n/a
B-2e 101,400.00 7.500000% n/a
B-2f 228,313.00 7.500000% n/a
Totals 401,257,791.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Certificate Information
Class Group 1 Agg. Group 1 Agg. Group 1 Agg. Group 2 Agg. Group 1 Agg. Group 2 Agg.
Type Percentages Percentages Prepay. Pct. Prepay. Pct. End. Cert. Bal. End. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C>
Senior 89.920543% 93.415068% 100.000000% 100.000000% 338,427,019.43 46,262,161.29
Subordinate 10.079457% 6.584932% 0.000000% 0.000000% 35,957,751.17 3,249,484.01
</TABLE>
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<TABLE>
<CAPTION>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-G
COLLATERAL INFORMATION
Group 1 Group 2 Total
<S> <C> <C> <C> <C>
P&S Ref. Aggregate stated principal balance 338,464,989.76 49,691,943.15 388,156,932.91
Sec. 5.01 Aggregate loan count 2,781 443 3,224
Weighted average remaining term 356.00 176.00 332.92
Weighted average loan rate 8.949661% 8.364357% 8.882015%
Aggregate prepayment amount 1,713,114.08 31,506.34 1,744,620.42
FEES & ADVANCES
Group 1 Group 2 Total
P&S Ref. Monthly master servicer fees 35,256.77 5,176.24 40,433.01
Sec. 5.01 Monthly servicer fees 70,513.54 10,352.49 80,866.03
Monthly trustee fees 2,538.49 372.69 2,911.18
Aggregate advances 38,645.05 3,453.24 42,098.29
Aggregate recoveries 0.00 0.00 0.00
Outstanding advances 44,786.79 4,048.49 48.835.28
LOSSES & INSURANCE COVERAGES
Group 1 Group 2 Total
P&S Ref. Net realized losses (this period) 0.00 0.00 0.00
Sec. 5.01 Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Special Hazard Bankruptcy Fraud
Net principal losses 0.00 0.00 0.00
Net interest losses 0.00 0.00 0.00
Excess losses 0.00 0.00 0.00
Loss coverage amount 0.00 0.00 0.00
</TABLE>
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
P&S Ref. 1 mo. 34 4,259,415.69
Sec. 5.01 2 mos. 5 397,429.05
3 + mos. 2 512,088.55
In foreclosure 4 487,875.23
In Bankruptcy 0 0.00
Totals 45 5,656,808.52
12 month rollover delinquency 7 817,490.65
<TABLE>
<CAPTION>
REO INFORMATION
<S> <C> <C> <C> <C>
P&S Ref. Reo Date Loan Number Ending Stated Balance Book Value
Sec. 5.01 n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
n/a - 0.00 0.00
Totals 0 0.00 0.00
P&S Ref.
Sec. 5.01 OTHER INFORMATION
Group 1 Group 2 Total
P&S Ref. Available remittance amount 4,328,333.29 510,732.57 4,839,065.86
Sec. 5.01 Principal remittance amount 1,912,653.89 180,297.25 2,092,951.14
Interest remittance amount 2,415,679.40 330,435.32 2,746,114.72
Transfer Balance 0.00 0.00 0.00
</TABLE>
