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Previous: CWMBS INC, 8-K, 1997-03-28 |
Next: CWMBS INC, 424B5, 1997-03-28 |
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): July 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-H)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
- --------------------------------------------------------------------------------
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
- --------------------------------------------------------------------------------
(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-H
On July 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-H, 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-H relating to the distribution date
of July 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: July 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
July 25, 1996
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass-Thru Principal
Type Name Cert. Bal. Rate Dist. Amt.
<S> <C> <C> <C> <C>
Senior A-1 31,425,000.00 6.720000% 1,349,047.47
A-2 23,932,000.00 7.125000% 0.00
A-3 22,905,000.00 7.300000% 0.00
A-4 26,166,000.00 7.500000% 0.00
A-5 21,892,000.00 7.500000% 0.00
A-6 11,491,000.00 7.500000% 0.00
A-7 10,420,000.00 7.500000% 0.00
A-8 25,000,000.00 7.600000% 0.00
PO A-9 600,000.00 0.000000% 0.00
A-10 7,354,000.00 7.500000% 0.00
A-11 25,378,000.00 7.500000% 701,504.68
A-12 24,500,000.00 9.000000% 0.00
A-13 1,000,000.00 7.500000% 0.00
PO-1 523,159.33 7.500000% 513.94
IO X-1 228,857,606.00 1.248000% 0.00
Residual A-R 100.00 7.500000% 0.00
Subordinate B-1 9,558,000.00 7.500000% 4,947.44
B-2 5,098,000.00 7.500000% 2,638.84
B-3 3,823,000.00 7.500000% 1,978.87
B-4 1,912,000.00 7.500000% 989.69
B-5 510,000.00 7.500000% 263.99
B-6 1,402,206.63 7.500000% 725.81
Totals 254,889,465.96 2,062,610.73
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Interest Total Principal
Type Name Dist. Amt. Dist. Losses
<S> <C> <C> <C> <C>
Senior A-1 175,980.00 1,525,027.47 0.00
A-2 142,096.25 1,42,096.25 0.00
A-3 139,338.75 139,338.75 0.00
A-4 163,537.50 163,537.50 0.00
A-5 136,825.00 136,825.00 0.00
A-6 71,818.75 71,818.75 0.00
A-7 63,125.00 65,125.00 0.00
A-8 158,333.33 158,333.33 0.00
PO A-9 0.00 0.00 0.00
A-10 45,962.50 45,962.50 0.00
A-11 190,335.00 891,839.68 0.00
A-12 153,125.00 153,125.00 0.00
A-13 6,250.00 6,250.00 0.00
PO-1 0.00 513.94 0.00
IO X-1 237,971.11 237,971.11 0.00
Residual A-4 0.94 0.94 n/a
Subordinate B-1 59,737.50 64,684.94 0.00
B-2 31,862.50 34,501.34 0.00
B-3 23,893.75 25,872.62 0.00
B-4 11,950.00 12,939.69 0.00
B-5 3,187.50 3,451.49 0.00
B-6 8,763.79 9,489.60 0.00
Totals 1,826,094.17 3,888,704.90
</TABLE>
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Interest Ending Cert./ Unpaid
Type Name Shortfalls Notional Bal. Interest
<S> <C> <C> <C> <C>
Senior A-1 0.00 30,075,952.53 0.00
A-2 0.00 23,932,000.00 0.00
A-3 0.00 22,905,000.00 0.00
A-4 0.00 26,166,000.00 0.00
A-5 0.00 21,892,000.00 0.00
A-61 0.00 11,491,000.00 0.00
A-7 0.00 10,420,000.00 0.00
A-8 0.00 25,000,000.00 0.00
PO A-9 0.00 600,000.00
A-10 0.00 7,354,000.00 0.00
A-11 0.00 24,676,495.32 0.00
A-12 0.00 24,500,000.00 0.00
A-13 0.00 1,000,000.00 0.00
PO-1 0.00 522,645.39 0.00
IO X-1 n/a 228,857,606.00 0.00
Residual A-R 0.00 100.00 0.00
Subordinate B-1 0.00 9,553,052.56 0.00
B-2 0.00 5,095,361.16 0.00
B-3 0.00 3,821,021.13 0.00
B-4 0.00 1,911,010.31 0.00
B-5 0.00 509,736.01 0.00
B-6 0.00 1,401,480.82 0.00
Totals 282,826,855.23
</TABLE>
<PAGE>
Factors per $1,000
Principal Dist. Interest Dist. Ending Cert. Bal.
4292.911599% 560.000000% 95707.088401%
0.000000% 593.750000% 100000.000000%
0.000000% 608.333333% 100000.000000%
0.000000% 625.000000% 100000.000000%
0.000000% 625.000000% 100000.000000%
0.000000% 625.000000% 100000.000000%
0.000000% 625.000000% 100000.000000%
0.000000% 633.333320% 100000.000000%
0.000000% 0.000000% 100000.000000%
0.000000% 625.000000% 100000.000000%
2764.223658% 750.000000% 97235.776342%
0.000000% 625.000000% 100000.000000%
0.000000% 625.000000% 100000.000000%
98.237759% 0.000000% 99901.762241%
0.000000% 103.982172% 100000.000000%
0.000000% 940.000000% 100000.000000%
51.762293% 625.000000% 99948.237707%
51.762260% 625.000000% 99948.237740%
51.762229% 625.000000% 99948.237771%
51.762029% 625.000000% 99948.237971%
51.762745% 625.000000% 99948.237255%
51.761986% 624.999897% 99948.238014%
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
<S> <C> <C> <C> <C>
Senior A-1 31,425,000.00 6.720000% 1226691-VT8
A-2 23,932,000.00 7.125000% 1226691-VU5
A-3 22,90,000.00 7.300000% 1226691-VV3
A-4 26,165,000.00 7.500000% 1226691-VW1
A-5 21,892,000.00 7.500000% 1226691-VX9
A-6 11,491,000.00 7.500000% 1226691-VY7
A-7 10,420,000.00 7.500000% 1226691-VZ4
A-8 25,000.000.00 7.600000% 1226691-WA8
A-9 600,000.00 0.000000% 1226691-UWB6
A-10 7,354,000.00 7.500000% 1226691-WC4
A-11 25,378,000.00 7.500000% 1226691-WD2
A-12 24,500,000.00 9.000000% 1226691-WE0
A-13 1,000,000.00 7.500000% 1226691-WF7
PO-1 523,159.33 7.500000% 1226691-WH3
X-1 228,857,606.00 1.248000% 1226691-WJ9
Residual A-R 100.00 7.500000% 1226691-WG5
Subordinate B-1 9,558,000.00 7.500000% 1226691-WK6
B-2 5,098,000.00 7.500000% 1226691-WL4
B-3 3,823,000.00 7.500000% 1226691-WM2
B-4 1,912,000.00 7.500000% n/a
B-5 510,000.00 7.500000% n/a
B-6 1,402,206.63 7.500000% n/a
</TABLE>
<PAGE>
Aggregate Certificate Information
Class Type Percentages
Senior 91.231855%
Subordinate 8.768145%
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
P&S Ref.
Sec. 5.01 COLLATERAL INFORMATION
Aggregate stated principal balance 254,889,465.96
Aggregate loan count 1,721
Weighted average remaining term 357.00
Weighted average loan rate 8.990860%
Aggregate prepayment amount 1,930,552.95
P&S Ref.
Sec. 5.01 FEES & ADVANCES
Monthly master servicer fees 26,550.99
Monthly servicer fees 53,101.97
Advances included in this distribution 12,296.32
Aggregate Advances Outstanding 12,296.32
P&S Ref.
Sec. 5.01 LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bakruptcy Loss Coverage Amount 125,000.00
Fraud Loss Coverage Amount 5,097,789.00
Special Hazard Loss Coverage Amount 2,528,268.55
Class A-8 Reserve Fund Withdrawals 0.00
Class A-8 Reserve Fund Balance 17,000.00
Net principal losses 0.00
Net interest losses 0.00
Excess losses 0.00
GUARANTEED DISTRIBUTIONS
<PAGE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
P&S Ref.
Sec. 5.01 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 13 1,454,348.43
2 mos. 0 0.00
3 + mos. 0 0.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 13 1,454,348.43
-- ------------
12 month rollover delinquency 0 0.00
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.01 REO INFORMATION
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
Totals 0 0.00
----
</TABLE>
P&S Ref.
Sec. 5.01 OTHER INFORMATION
Available remittance amount 3,888,704.60
Principal remittance amount 2,062,610.74
Interest remittance amount 1,826,093.86
Transfer Balance 0.00
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