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-K)
(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-A
On October 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-A, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 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-A 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 January 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: October 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
October 25, 1996
<TABLE>
<CAPTION>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
Current Payment Information
Class 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>
2083 A-1 21,495,000.00 6.600000% 1,336,660.69 118,222.50 1,454,883.19 0.00 0.00
2084 A-2 20,011,000.00 7.050000% 0.00 117,564.63 117,564.63 0.00 0.00
2085 A-3 50,173,000.00 9.500000% 1,247,549.98 397,202.92 1,644,752.90 0.00 0.00
2086 A-4 14,863,000.00 7.200000% 0.00 89,178.00 82,178.00 0.00 0.00
2087 A-5 17,666,000.00 7.500000% 0.00 110,412.50 110,412.50 0.00 0.00
2088 A-6 l8,120,000.00 7.700000% 0.00 116,270.00 116,270.00 0.00 0.00
2089 A-7 15,996,900.00 8.000000% 0.00 106,646.00 106.646.00 0.00 0.00
2090 A-8 12,035,000.00 8.000000% 0.00 80,233.33 80,233.33 0.00 0.00
2091 A-9 6,000,000.00 8.000000% 0.00 40,000.00 40,000.00 0.00 0.00
2092 A-10 28,000,000.00 8.000000% 0.00 186,666.67 186,666.67 0.00 0.00
2093 A-11 2,000,000.00 8.000000% 0.00 13,333.33 13,333.33 0.00 0.00
2094 X-1 224,916,285.46 8.000000% 0.00 154,569.56 154,569.56 n/a 0.00
2095 A-R 100.00 8.000000% 100.00 3.52 103.52 0.00 0.00
2096 B-1 7,872,761.00 8.000000% 3,857.54 52,485.07 56,342.61 0.00 0.00
2097 B-2 4,498,326.00 0.825000% 2,204.11 29,988.84 32,192.95 0.00 0.00
2098 B-3 2,811,454.00 8.000000% 1,377.57 18,743.03 20,120.60 0.00 0.00
2099 B-4 1,686,872.00 8.000000% 826.54 11,245.81 12,072.35 0.00 0.00
2100 B-5 449,832.00 8.000000% 220.41 2,998.88 3,219.29 0.00 0.00
2101 B-6 1,237,040.46 8.000000% 606.13 8,246.94 8,853.07 0.00 0.00
Totals 224,916,285.46 2,593,402.98 1,654,011.53 4,247,414.51 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Factors per $1,000
Class Information
Class Ending Cert./ Unpaid Principal Interest Ending
Code Name Notional Bal. Interest Dist. Dist. Cert. Bal.
<C> <C> <C> <C> <C> <C> <C>
2083 A-1 20,158,339.31 0.00 62.18472622 5.50000000 937.815273
2084 A-2 20,011,000.00 0.00 0.00000000 5.87500025 1000.000000
2085 A-3 48,925,450.02 0.00 24.86496676 7.91666673 975.135033
2086 A-4 14,863,000.00 0.00 0.00000000 6.00000000 1000.000000
2087 A-5 17,666,000.00 0.00 0.00000000 6.25000000 1000.000000
2088 A-6 18,120,000.00 0.00 0.00000000 6.41666667 1000.00000(
2089 A-7 15,996,900.00 0.00 0.00000000 6.66666667 1000.000000
2090 A-8 12,035,000.00 0.00 0.00000000 6.66666639 1000.000000
2091 A-9 6,000,000.00 0.00 0.00000000 6.66666667 1000.000000
2092 A-10 28,000,000.00 0.00 0.00000000 6.66666679 1000.000000
2093 A-11 2,000,000.00 0.00 0.00000000 6.66666500 1000.000000
2094 X-1 222,322,882.48 0.00 0.00000000 0.68723152 988.469474
2095 A-R 0.00 0.00 1000.00000000 35.20000000 0.000000
2096 B-1 7,868,903.46 0.00 0.48998560 6.66666624 999.510014
2097 B-2 4,496,121.89 0.00 0.48998560 6.66666667 999.510014
2098 B-3 2,810,076.43 0.00 0.48998560 6.66666785 999.510014
2099 B-4 1,686,045.46 0.00 0.48998560 6.66666469 999.510014
2100 B-5 449,611.59 0.00 0.48998560 6.66666667 999.510014
2101 B-6 1,236,434.33 0.00 0.48998560 6.66666958 999.510014
Totals 222,322,882.48 0.00 11.53052557 7.35389848 988.469474
</TABLE>
<PAGE>
Original Certificate Information
Class Information
Type Name ORIGINAL Pass Thru Cusip
Cert. Bal. Rate- Numbers
Senior A-1 21,495,000.00 6.600000% 126691-ZB3
A-2 20,011,000.00 7.050000% 126691-ZC1
A-3 50,173,000.00 9.500000% 126691-ZD9
A-4 14,863,000.00 7.200000% 126691-ZE7
A-5 17,666,000.00 7.500000% 126691-ZF4
A-6 18,120,000.00 7.700000% 126691-ZG2
A-7 15,996,900.00 8.000000% 126691-ZH0
A-8 12,035,000.00 8.000000% 126691-ZJ6
A-9 6,000,000.00 8.000000% 126691-ZK3
A-10 28,000,000.00 8.000000% 126691-ZL1
A-11 2,000,000.00 8.000000% 126691-ZM9
IO X-1 224,916,285.46 0.825000% 126691-ZQ0
Residual A-R 100.00 8.000000% 126691-ZR8
Subordinate B-1 7,872,761.00 8.000000% 126691-ZS6
B-2 4,498,326.00 8.000000% 126691-ZT4
B-3 2,811,454.00 8.000000% 126691-ZU1
B-4 1,686,872.00 8.000000% n/a
B-5 449,832.00 8.000000% n/a
B-6 1,237,040.46 8.000000% n/a
Totals 224,916,285.46
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
Senior 91.657542% 100.00000% 203,775,689.33
Subordinate 8.342458% 0.000000% 18,547,193.15
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
COLLATERAL INFORMATION
Aggregate stated principal balance 224,916,285.46
Aggregate loan count 1,529
Weighted average remaining term 355.00
Weighted average loan rate 8.824678%
Aggregate prepayment amount 2,483,197.24
FEES & ADVANCES
Monthly master servicer fees 23,428.78
Monthly servicer fees 46,857.56
Advances included in this distribution 23,358.10
Aggregate Advances Outstanding 23,358.10
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 125,000.00
Fraud Loss Coverage Amount 4,462,963.00
Special Hazrad Loss Coverage Amount 2,254,913.00
Net principal losses 0.00
Net interest losses 0.00
Excess losses 0.00
<PAGE>
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
1 mo. 12 2,815,778.57
2 mos. 0 0.00
3 + mos. 0 0.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 12 2,815,778.87
-- ------------
Aggregate Amount of the Scheduled Payments on all
60+ day delinquencies for the past 12 month rolling period 0.00
REO INFORMATION
Reo Date Loan Number Ending Stated Balance Book Value
- -------- ----------- --------------------- ----------
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
Totals 0 0.00 0.00
- ---- ----
OTHER INFORMATION
Available remittance amount 4,247,472.05
Principal remittance amount 2,593,402.98
Interest remittance amount 1,654,069.07
Transfer Balance 0.00
