Rule 424(b)(5)
333-26425
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED NOVEMBER 29, 1995
(To Prospectus dated November 23, 1994)
CWMBS, INC.
Depositor
INDYMAC, INC./*/
Seller and Master Servicer
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1995-W
--------------------
This Supplement relates to the offering by the Seller of the Class B-1,
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-1, Class B-2 and Class B-3 Certificates. Additional information is
contained in the Prospectus Supplement dated November 29, 1995 (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-1, Class B-2 and Class B-3 Certificates were
approximately $7,548,896, $2,745,231 and $1,715,524, respectively.
THE CLASS B-1, 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-1,
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-1, 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-1, 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-1, Class B-2 and Class B-3 Certificates is expected to be
approximately 98.292% of the aggregate principal balance of such Certificates
as of the Certificate Date, before deducting sale expenses payable by the
Seller.
The Class B-1, 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-1, 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-1, 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 790 Mortgage Loans having an aggregate Stated Principal Balance
of approximately $111,980,989.
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>
Total Number of Mortgage Loans . . . . . . . . . . . . . . . . . . . . . 790
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.29%
60-90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89%
91 days or more (excluding pending foreclosures) . . . . . . . . . . 0.51%
---------------
Total Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.69%
===============
Foreclosures Pending . . . . . . . . . . . . . . . . . . . . . . . . . . 0.63%
---------------
Total Delinquencies and foreclosures pending . . . . . . . . . . . . . . 5.32%
===============
</TABLE>
______________
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
Three 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
December 31, As of
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-1, CLASS B-2 AND CLASS B-3 CERTIFICATES
The Class B-1, Class B-2 and Class B-3 Certificates are Subordinated
Certificates. To the extent funds are available therefor, the Class B-1,
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-1, 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-1, 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-1, Class B-2 and Class B-3 Certificates were approximately $7,548,896,
$2,745,231 and $1,715,524, respectively, evidencing beneficial ownership
interests of approximately 6.74%, 2.45% and 1.53%, respectively, in the Trust
Fund. As of the Certificate Date, the Senior Certificates had an aggregate
principal balance of approximately $97,569,155 and evidenced in the aggregate
a beneficial ownership interest of approximately 87.13% in the Trust Fund.
As of the Certificate Date, the Class B-4, Class B-5 and Class B-6
Certificates had aggregate principal balances of $754,400, $686,798 and
$960,985, respectively, and evidenced in the aggregate a beneficial ownership
interest of approximately 0.67%, 0.61% and 0.86%, 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-1, 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>
$111,980,988.60 8.9151603592% 8.5268174028% 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-1, 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,
200% SPA assumes prepayment rates will be 0.4% per annum in month one, 0.8%
per annum in month two, and increasing by 0.4% in each succeeding month until
reaching a rate of 12.0% per annum in month 30 and remaining constant at
12.0% 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-1, 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-1, CLASS B-2 AND CLASS B-3 CERTIFICATE BALANCE
OUTSTANDING/*/
<TABLE>
<CAPTION>
Percentages of SPA
----------------------------------------------------------
Distribution Date 0% 200% 375% 450% 600% 800%
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial . . . . . . . . . . . . . . . 100% 100% 100% 100% 100% 100%
August 1998 . . . . . . . . . . . . . 99% 99% 99% 99% 99% 99%
August 1999 . . . . . . . . . . . . . 98% 98% 98% 98% 98% 98%
August 2000 . . . . . . . . . . . . . 97% 97% 97% 97% 97% 61%
August 2001 . . . . . . . . . . . . . 96% 93% 91% 90% 71% 32%
August 2002 . . . . . . . . . . . . . 95% 88% 82% 79% 45% 16%
August 2003 . . . . . . . . . . . . . 94% 81% 70% 61% 28% 8%
August 2004 . . . . . . . . . . . . . 92% 72% 57% 44% 18% 4%
August 2005 . . . . . . . . . . . . . 91% 63% 44% 32% 11% 2%
August 2006 . . . . . . . . . . . . . 89% 54% 33% 23% 7% 1%
August 2007 . . . . . . . . . . . . . 87% 47% 25% 16% 4% 1%
August 2008 . . . . . . . . . . . . . 85% 40% 19% 12% 3% 0%
August 2009 . . . . . . . . . . . . . 83% 35% 15% 8% 2% 0%
August 2010 . . . . . . . . . . . . . 81% 30% 11% 6% 1% 0%
August 2011 . . . . . . . . . . . . . 78% 25% 8% 4% 1% 0%
August 2012 . . . . . . . . . . . . . 75% 21% 6% 3% 0% 0%
August 2013 . . . . . . . . . . . . . 72% 18% 5% 2% 0% 0%
August 2014 . . . . . . . . . . . . . 69% 15% 3% 1% 0% 0%
August 2015 . . . . . . . . . . . . . 65% 13% 2% 1% 0% 0%
August 2016 . . . . . . . . . . . . . 61% 10% 2% 1% 0% 0%
August 2017 . . . . . . . . . . . . . 56% 8% 1% 0% 0% 0%
August 2018 . . . . . . . . . . . . . 51% 7% 1% 0% 0% 0%
August 2019 . . . . . . . . . . . . . 46% 5% 1% 0% 0% 0%
August 2020 . . . . . . . . . . . . . 40% 4% 0% 0% 0% 0%
August 2021 . . . . . . . . . . . . . 34% 3% 0% 0% 0% 0%
August 2022 . . . . . . . . . . . . . 27% 2% 0% 0% 0% 0%
August 2023 . . . . . . . . . . . . . 19% 1% 0% 0% 0% 0%
August 2024 . . . . . . . . . . . . . 11% 1% 0% 0% 0% 0%
August 2025 . . . . . . . . . . . . . 2% 0% 0% 0% 0% 0%
August 2026 . . . . . . . . . . . . . 0% 0% 0% 0% 0% 0%
August 2027 . . . . . . . . . . . . . 0% 0% 0% 0% 0% 0%
---- ----- ----- ---- ---- ----
Weighted Average Life (years)** . . . 19.45 10.86 8.25 7.31 5.39 3.77
==== ===== ===== ==== ==== ====
</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 $1,785,944, $100,000 and $2,576,476, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective purchasers of the Class B-1, Class B-2 and Class B-3
Certificates should consider carefully the income tax consequences of an
investment in the Class B-1, 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-1, Class B-2 and Class B-3
Certificates should consider carefully the ERISA consequences of an
investment in the Class B-1, 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-1,
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-1, Class B-2 and Class B-3 Certificates are currently rated
"AA," "A" and "BBB," respectively, by Duff & Phelps Credit Rating Company.
See "Ratings" in the Prospectus Supplement.
USE OF PROCEEDS
The Seller intends to use the net proceeds from the sale of the Class B-
1, 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-1, Class B-2 and Class B-3 Certificates. Distribution of the Class
B-1, 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-1, 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-1,
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-1, 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>
7.751 - 8.000 11 $ 1,746,448 1.56%
8.001 - 8.250 14 3,288,760 2.94
8.251 - 8.500 75 14,247,172 12.72
8.501 - 8.750 158 26,130,827 23.34
8.751 - 9.000 218 30,242,102 27.01
9.001 - 9.250 158 18,906,074 16.87
9.251 - 9.500 95 11,063,280 9.88
9.501 - 9.750 40 4,522,415 4.04
9.751 - 10.000 15 1,397,512 1.25
10.001 - 10.250 3 264,707 0.24
10.251 - 10.500 2 113,355 0.10
10.501 - 10.750 1 58,339 0.05
--------- ----------------------------------
Total 790 $111,980,989 100.0%
========= ==================================
</TABLE>
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is expected to be approximately 8.915%.
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances (1) Aggregate
-----------------------------------------------------------------------------------------------
Number of Principal Percent of
Range of Current Mortgage Mortgage Balance Mortgage
Loan Principal Balance Loans Outstanding Pool
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 - $50,000 83 $ 3,301,410 2.95%
$50,001 - $100,000 265 20,073,425 17.93
$100,001 - $150,000 194 23,791,657 21.23
$150,001 - $200,000 94 16,108,726 14.39
$200,001 - $250,000 58 12,922,384 11.54
$250,001 - $300,000 33 9,033,318 8.07
$300,001 - $350,000 19 6,079,669 5.43
$350,001 - $400,000 20 7,577,897 6.77
$400,001 - $450,000 6 2,579,329 2.30
$450,001 - $500,000 8 3,769,701 3.37
$500,001 - $550,000 2 1,054,298 0.94
$600,001 - $650,000 3 1,896,793 1.69
$650,001 - $700,000 1 679,610 0.61
$700,001 - $750,000 2 1,449,816 1.29
$750,001 - $800,000 1 769,984 0.69
$850,001 - $900,000 1 892,972 0.80
--------- ----------------------------------
Total 790 $111,980,989 100.0%
========= ==================================
</TABLE>
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is expected to be $141,748.
<TABLE>
<CAPTION>
Original Loan-to-Value Ratios (1)
-----------------------------------------------------------------------------------------------
Aggregate Percent of
Original Loan-to-Value Number of Principal Balance Mortgage
Ratios (%) Mortgage Loans Outstanding Pool
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
60.00 and Below 100 $ 13,128,920 11.72%
60.01 - 65.00 59 8,388,851 7.49
65.01 - 70.00 118 16,094,049 14.37
70.01 - 75.00 133 18,844,609 16.83
75.01 - 80.00 278 39,078,006 34.91
80.01 - 85.00 6 834,032 0.74
85.01 - 90.00 64 9,936,574 8.87
90.01 - 95.00 32 5,675,947 5.07
--------- ----------------------------------
Total 790 $111,980,989 100.0%
========= ==================================
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is expected to be approximately 74.47%.
<TABLE>
<CAPTION>
Original Term to Maturity (1)
-----------------------------------------------------------------------------------------------
Aggregate Percent of
Original Term to Number of Principal Balance Mortgage
Maturity (Months) Mortgage Loans Outstanding Pool
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
360 790 $ 111,980,989 100.0%
--------- ----------------------------------
Total 790 $111,980,989 100.0%
========= ==================================
</TABLE>
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is expected to be approximately 339 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 54 $ 5,668,994 5.06%
California 252 45,423,173 40.57
Colorado 38 4,278,641 3.82
Florida 63 5,538,773 4.95
Hawaii 11 2,773,346 2.48
Nevada 28 3,325,298 2.97
New York 38 5,895,355 5.26
Oregon 43 5,402,828 4.82
Texas 21 2,765,043 2.47
Utah 22 3,084,100 2.75
Washington 56 6,933,207 6.19
Other (1) 164 20,892,233 18.66
--------- ----------------------------------
Total 790 $ 111,980,989 100.0%
========= ==================================
</TABLE>
(1) Other includes 29 other states, and the District of Columbia, with under
2% concentration individually. No more than approximately 1.15% of the
Mortgage Loans will be secured by Mortgaged Properties located in any one
postal zip code area.
<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 248 $ 33,641,424 30.04%
Alternative 78 10,489,829 9.37
Reduced 464 67,849,736 60.59
--------- ----------------------------------
Total 790 $ 111,980,989 100.0%
========= ==================================
</TABLE>
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
- -----------------------------------------------------------------------------------------------
Number of Aggregate Percent of
Mortgage Principal Balance Mortgage
Loan Purpose Loans Outstanding Pool
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 456 $ 60,546,928 54.07 %
Refinance (Rate or
Term) 138 23,016,363 20.55
Refinance (Cash-out) 196 28,417,698 25.38
--------- ----------------------------------
Total 790 $ 111,980,989 100.0%
========= ==================================
</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 570 $ 87,990,150 78.58%
Low Rise Condominium 68 6,253,519 5.58
2-4 Units 119 13,983,670 12.49
Planned Unit
Development (PUD) 11 1,366,011 1.22
Co-Op 4 314,265 0.28
Townhouse 2 147,208 0.13
High Rise Condominium 16 1,926,166 1.72
--------- ----------------------------------
Total 790 $ 111,980,989 100.0%
========= ==================================
</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 514 $ 87,153,635 77.83%
Investor 232 19,770,043 17.65
44 5,057,311 4.52
Second Home
--------- ----------------------------------
Total 790 $ 111,980,989 100.0%
========= ==================================
</TABLE>
(1) Based upon representation of the Mortgagors at the time of origination.
EXHIBIT 2
THE BANK OF NEW YORK
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1995-W
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENTS DATED NOVEMBER 1, 1995
CUSIP #126691
<TABLE>
<CAPTION>
Distribution Date 08/25/97
<S> <C> <C> <C> <C>
4.06(i) Reduction of the Stated Amount of SINGLE TOTAL
Certificates CERTIFICATE AMOUNT
Class A-1 Certificates PF5 $16.94063606 1,701,187.46
Class A-2 Certificates PG3 $0.00000000 0.00
Class A-3 Certificates PH1 $0.67840030 8,506.06
Class A-4 Certificates PJ7 N/A N/A
Class A-5 Certificates PK4 $0.00000000 0.00
Class A-6 Certificates PL2 $0.00000000 0.00
Class A-7 Certificates PM0 $0.00000000 0.00
Class X Certificates PP3 N/A N/A
Class A-R Certificates PQ1 $0.00000000 0.00
Class B-1 Certificates PR9 $0.67840030 5,227.07
Class B-2 Certificates PS7 $0.67840029 1,900.88
Class B-3 Certificates PT5 $0.67840029 1,187.88
Class B-4 Certificates $0.67840028 522.37
Class B-5 Certificates $0.67840030 475.56
Class B-6 Certificates $0.67840008 665.41
Total Amount 1,719,672.69
Aggregate amount of any Principal 1,640,997.53
Prepayments
4.06(i) Reduction of the Stated Amount of INTEREST SINGLE TOTAL
Certificates SHORTFALL CERTIFICATE AMOUNT
Class A-1 Certificates $0.00 $4.42089374 443,948.44
Class A-2 Certificates $0.00 $6.04166667 22,354.17
Class A-3 Certificates $0.00 $5.81714825 72,937.74
Class A-4 Certificates $0.00 $0.06498669 6,524.08
Class A-5 Certificates $0.00 $5,93750000 18,548.75
Class A-6 Certificates $0.00 $5,93750000 17,218.75
Class A-7 Certificates $0.00 $5,93750000 16,037.19
Class X Certificates $0.00 $0.86924041 121,775.26
Class A-R Certificates $0.00 $0.00000000 0.00
Class B-1 Certificates $0.00 $5.92336023 45,639.49
Class B-2 Certificates $0.00 $5.92336021 16,597.26
Class B-3 Certificates $0.00 $5.92336020 10,371.80
Class B-4 Certificates $0.00 $5.92336012 4,560.99
Class B-5 Certificates $0.00 $5.92336026 4,152.28
Class B-6 Certificates $0.00 $5.92335830 5,809.97
Total Amount 806,476.17
4.06(iii) Amount of interest shortfall 0.00
4.06(iv) Stated Amount of Certificates ORIGINAL SINGLE TOTAL
after this Distribution BALANCE CERTIFICATE AMOUNT
Class A-1 Certificates 100,420,519.00 $725.54676677 72,859,782.88
Class A-2 Certificates 3,700,000.00 $1,000.00000000 3,700,000.00
Class A-3 Certificates 12,538,402.00 $979.73984455 12,284,372.03
Class A-4 Certificates 100,391,095.00 $725.75941997 72,859,782.88
Class A-5 Certificates 3,124,000.00 $1,000.00000000 3,124,000.00
Class A-6 Certificates 2,900,000.00 $1,000.00000000 2,900,000.00
Class A-7 Certificates 2,701,000.00 $1,000.00000000 2,701,000.00
Class X Certificates 140,093,879.00 $799.32820334 111,980,988.60
Class A-R Certificates 100.00 $0.00000000 0.00
Class B-1 Certificates 7,705,000.00 $979.73984524 7,548,895.51
Class B-2 Certificates 2,802,000.00 $979.73984208 2,745,231.04
Class B-3 Certificates 1,751,000.00 $979.73983919 1,715,524.46
Class B-4 Certificates 770,000.00 $979.73982635 754,399.67
Class B-5 Certificates 701,000.00 $979.73984948 686,797.63
Class B-6 Certificates 980,858.00 $979.73952573 960,985.35
Total $111,980,988.56
4.06(v) The Pool Stated Principal Balance for the following 111,980,988.60
Distribution Date
4.06(vi) Senior Percentage for this Distribution Date 87.13108430%
Subordinated Percentage for this Distribution Date 12.86891570%
4.06(vii) Amount of the Master Servicing Fees paid to or 35,956.66
retained by the Master Servicer and servicers
with respect to such Distribution Date
4.06(viii) Pass-Through Rate and for each
Class of Certificates
Class A-1 Certificates 7.14500000%
Class A-2 Certificates 7.25000000%
Class A-3 Certificates 7.12000000%
Class A-4 Certificates 0.10500000%
Class A-5 Certificates 7.12500000%
Class A-6 Certificates 7.12500000%
Class A-7 Certificates 7.12500000%
Class X Certificates 1.28521955%
Class A-R Certificates 7.25000000%
Class B-1 Certificates 7.25000000%
Class B-2 Certificates 7.25000000%
Class B-3 Certificates 7.25000000%
Class B-4 Certificates 7.25000000%
Class B-5 Certificates 7.25000000%
Class B-6 Certificates 7.25000000%
4.06(ix) Amount of Advances included in the distribution 45,090.70
on such Distribution Date
Aggregate amount of Advances outstanding as 61,449.34
of the close of business on such
Distribution Date
4.06(x) The number and aggregate principal amounts of
Mortgage Loans delinquent
30 to 59 26 4,189,402.28
days
60 to 89 7 582,694.41
days
90 or more 4 734,028.84
The number and aggregate principal amounts of Mortgage Loans in foreclosure
In 5 1,425,593.57
foreclosure
4.06(xi) The aggregate dollar amount of Scheduled Payments for each of
Mortgage Loan for the preceding 12 calendar months or all calendar
months since cut-off date
(a) All outstanding Mortgage loans on each Due Date 0.00
(b) Delinquent 60 days or more on each of the Due 0.00
Dates
4.06(xii) Loan number and Stated Principal Balance of any None 0.00
Mortgage loan that became an REO Property during
the preceding calendar month.
4.06(xiii) Total number and principal balance of any REO 3 $253,402.94
Propetrties as of the close of business on the
Determination Date preceding such Distribution
Date.
4.06(xiv) Senior Prepayment Percentage 100.00000000%
4.06(xv) Aggregate amount of Realized Losses incurred during the preceding 0.00
calendar month
Aggregate amount of Realized Losses through Distribution 0.00
Date
4.06(xvi) Special Hazard Loss Coverage $1,785,943.70
Amount
Required Fraud Loss Coverage $2,576,476.42
Current Bankruptcy Amount $100,000.00
4.06(xvii) Guaranteed Distributions for such Distribution date and amounts in
respect of the Guaranteed Distributions paid under the applicable
Policy
A-3 $81,443.80
A-5 $18,548.75
A-6 $17,218.75
A-7 $16,037.19
4.06(xviii) Withdrawal from Reserve Fund for such 0.00
Distribution Date
4.06(xix) Amount remaining in the Reserve Fund after 5,044.79
taking into account amounts withdrawn for such
distribution date
</TABLE>
