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-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 October 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-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 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: 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>
Current Payment Information
Class Information
Class Beginning Pass Thru Principal Interest Total
Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist.
<S> <C> <C> <C> <C> <C> <C>
1951 A-1 27,828,364.84 6.720000% 839,693.83 155,838.84 995,532.67
1952 A-2 23,932,000.00 7.125000% 0.00 142,096.25 142,096.25
1953 A-3 22,905,000.00 7.300000% 0.00 139,338.75 139,338.75
1954 A-4 26,166,000.00 7.500000% 0.00 163,537.50 163,537.50
1955 A-5 21,892,000.00 7.500000% 0.00 136,825.00 136,825.00
1956 A-6 11,491,000.00 7.500000% 0.00 71,818.75 71,818.75
1957 A-7 10,420,000.00 7.500000% 0.00 65,125.00 65,125.00
1958 A-8 25,000,000.00 7.600000% 0.00 158,333.33 158,333.33
1959 A-9 600,000,00 0.000000% 0.00 0.00 0.00
1960 A-10 7,354,000.00 7.500000% 0.00 45,962.50 45,962.50
1961 A-11 23,507,749.72 9.000000% 436,640.79 176,308.12 612,948.91
1962 A-12 24,500,000.00 7.500000% 0.00 153,125.00 153,125.00
1963 A-13 1,000,000.00 7.500000% 0.00 6,250.00 6,250.00
1964 PO-1 521,276.00 0.000000% 450.54 0.00 450.54
1965 X-1 223,422,044.38 1.248000% 0.00 231,732.39 231,732.39
1966 A-R 100.00 7.500000% 0.00 0.63 0.63
1967 B-1 9,542,287.32 7.500000% 5,533.53 59,639.30 65,172.83
1968 B-2 5,089,619.24 7.500000% 2,951.44 31,810.12 34,761.56
1969 B-3 3,816,715.26 7.500000% 2,213.29 23,854.47 26,067.76
1570 B-4 1,908,856.81 7.500000% 1,106.94 11,930.36 13,037.30
1971 B-5 509,161.60 7.500000% 295.26 3,182.26 3,477.52
1972 B-6 1,399,901.50 7.500000% 811.80 8,749.38 9,561.18
Totals 249,384,032.28 1,289,697.42 1,785,457.95 3,075,155.37
</TABLE>
Class Information Current Payment Information
Class Principal Interest Ending Cert./ Unpaid
Code Name Losses Shortfalls Notional Bal. Interest
1951 A-1 0.00 0.00 26,988,671.01 0.00
1952 A-2 0.00 0.00 23,932,000.00 0.00
1953 A-3 0.00 0.00 22,905,000.00 0.00
1954 A-4 0.00 0.00 26,166,000.00 0.00
1955 A-5 0.00 0.00 21,892,000.00 0.00
1956 A-6 0.00 0.00 11,491,000.00 0.00
1957 A-7 0.00 0.00 10,420,000.00 0.00
1958 A-8 0.00 0.00 25,000,000.00 0.00
1959 A-9 0.00 0.00 600,000.00 0.00
1960 A-10 0.00 0.00 7,354,000.00 0.00
1961 A-11 0.00 0.00 23,071,108.93 0.00
1962 A-12 0.00 0.00 24,500,000.00 0.00
1963 A-13 0.00 0.00 1,000,000.00 0.00
1964 PO-1 0.00 0.00 520,825.46 0.00
1965 X-1 n/a 0.00 222,154,087.79 0.00
1966 A-R 0.00 0.00 100.00 0.00
1967 B-1 0.00 0.00 9,536,753.79 0.00
1968 B-2 0.00 0.00 5,086,667.80 0.00
1969 B-3 0.00 0.00 3,814,501.96 0.00
1970 B-4 0.00 0.00 1,907,749.87 0.00
1971 B-5 0.00 0.00 508,866.34 0.00
1972 B-6 0.00 0.00 1,399,089.70 0.00
Totals 0.00 0.00 248,094,334.86 0.00
<PAGE>
Class Information Factors per $1,000
Class Principal Interest Ending
Code Name Dist. Dist. Cert Bal.
1951 A-1 26.72056741 4.95907208 858.82803539
1952 A-2 0.00000000 5.93750000 1000.00000000
1953 A-3 0.00000000 6.08333333 1000.00000000
1954 A-4 0.00000000 6.25000000 1000.00000000
1955 A-5 0.00000000 6.25000000 1000.00000000
1956 A-6 0.00000000 6.25000000 1000.00000000
1957 A-7 0.00000000 6.25000000 1000.00000000
1958 A-8 0.00000000 8.33333320 1000.00000000
1959 A-9 0.00000000 0.00000000 1000.00000000
1960 A-10 0.00000000 6.25000000 1000.00000000
1961 A-11 17.20548475 6.94728190 909.09878344
1962 A-12 0.00000000 6.25000000 1000.00000000
1963 A-13 0.00000000 6.25000000 1000.00000000
1964 PO-1 0.86119080 0.00000000 995.53889252
1965 X-1 0.00000000 1.01256145 970.70878121
1966 A-R 0.00000000 6.30000000 1000.00000000
1967 B-1 0.57894174 6.23972588 997.77712824
1968 B-2 0.57894174 6.23972538 997.77712824
1969 B-3 0.57894174 6.23972535 997.77712824
1970 B-4 0.57894174 6.23972803 997.77712824
1971 B-5 0.57894174 6.23972549 997.77712824
1972 B-6 0.57894174 6.23972232 997.77712824
Totals 5.05983021 7.00483224 973.34087121
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-H
Original Certificate Information
Class Information
ORIGINAL Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
Senior A-1 31,425,000.00 6.720000% 126691-VT8
A-2 23,932,000.00 7.125000% 126691-VU5
A-3 22,905,000.00 7.300000% 126691-VV3
A-4 26,166,000.00 7.500000% 126691-VW1
A-5 21,892,000.00 7.500000% 126691-VX9
A-6 11,491,000.00 7.500000% 126691-VY7
A-7 10,420,000.00 7.500000% 126691-VZ4
A-8 25,000,000.00 7.600000% 126691-WA8
PO A-9 600,000.00 0.000000% 126691-WB6
A-10 7,354,000.00 7.500000% 126691-WC4
A-11 25,378,000.00 9.000000% 126691-WD2
A-12 24,500,000.00 7.500000% 126691-WE0
A-13 1,000,000.00 7.500000% 126691-WF7
PO-1 523,159.33 0.000000% 126691-WH3
IO X-1 228,857,606.00 1.248000% 126691-WJ9
Residual A-R 100.00 7.500000% 126691-WG5
Subordinate B-1 9,558,000.00 7.500000% 126691-WK6
B-2 5,098,000.00 7.500000% 126691-WL4
B-3 3,823,000.00 7.500000% 126691-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
Totals 254,889,465.96
<PAGE>
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
Senior 91.011304% 100.000000% 225,319,879.94
Subordinate 8.988696% 0.000000% 22,253,629.46
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1996-H
COLLATERAL INFORMATION
Aggregate stated principal balance 249,384,032.28
Aggregate loan count 1,695
Weighted average remaining term 355.00
Weighted average loan rate 8.985325%
Aggregate prepayment amount 1,144,965.46
FEES & ADVANCES
Monthly master servicer fees 25,977.50
Monthly servicer fees 52,298.13
Advances included in this distribution 42,304.69
Aggregate Advances Outstanding 49,488.09
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 5,097,789.00
Special Hazrad Loss Coverage Amount 2,480,943.35
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
<PAGE>
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
1 mo. 29 4,274,083.91
2 mos. 5 919,418.18
3 + mos. 0 0.00
In foreclosure 2 263,500.00
In Bankruptcy 0 0.00
Totals 36 5,457,002.09
-- ------------
Aggregate Amount of the Scheduled Payments on all
60+ day delinquencies for the past 12 month rolling period 11,670.88
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 3,075,155.37
Principal remittance amount 1,289,697.42
Interest remittance amount 1,785,457.95
Transfer Balance 0.00
Class A-4 163,537.50
Class A-8 158,333.33
Class A-4 Net Interest Shortfall 0.00
Class A-8 Net Interest Shortfall 0.00
Class A-4 Realized Loss Allocation 0.00
Class A-8 Realized Loss Allocation 0.00
