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): November 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
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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)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1996-K
On November 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-K made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 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-K relating to the distribution date
of November 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of September 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: November 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
November 25, 1996
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<CAPTION>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
Current Payment
Class Information Information
Beginning Pass Principal Interest Total Principal Interest
Type Name Cert. Bal. Thru Rate Dist. Amt. Dist. Amt Dist. Losses Shortfall
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 20,158,339.31 6.600000% 2,004,985.30 110,870.87 2,115,856.17 0.00 0.00
A-2 20,011,000.00 7.050000% 0.00 117,564.63 117,564.63 0.00 0.00
A-3 48,925,450.02 9.500000% 1,871,319.61 387,320.48 2,258,646.09 0.00 0.00
A-4 14,863,000.00 7.200000% 0.00 89,178.00 89,178.00 0.00 0.00
A-5 17,666.000.00 7.500000% 0.00 110,412.50 110,412.50 0.00 0.00
A-6 18,120,000.00 7.700000% 0.00 116,270.00 116,270.00 0.00 0.00
A-7 15,996,900.00 8.000000% 0.00 106,646.00 106,646.00 0.00 0.00
A-8 12,035,000.00 8.000000% 0.00 60,233.33 80,233.33 0.00 0.00
A-9 6,000,000.00 8.000000% 0.00 40,000.00 40,000.00 0.00 0.00
A-10 28,000,000.00 8.000000% 0.00 106,666.67 188,666.67 0.00 0.00
A-11 2,000,000.00 8.000000% 0.00 13,333.33 13,333.33 0.00 0.00
IO X-1 222,322,882.48 8.000000% 0.00 151,252.96 151,952.96 n/a 0.00
Residual A-R 0.00 8.000000% 0.00 3.16 3.16 0.00 0.00
Subordinate B-1 7,868,903.46 8.000000% 4,261.33 52,469.36 56,720.69 0.00 0.00
B-2 4,496,121.89 0.825000% 2,434.83 29,974.15 32,408.98 0.00 0.00
B-3 2,810,076.43 8.000000% 1,521.77 18,733.84 20,255.61 0.00 0.00
B-4 1,686,045.46 8.000000% 913.06 11,240.30 12,153.36 0.00 0.00
B-5 449,611.59 8.000000% 243.48 2,997.41 3,240.89 0.00 0.00
B-6 1,236,434.33 8.000000% 669.58 8,242.90 8,912.48 0.00 0.00
Totals
222,322,882.48 3,886,348.97 1,634,105.89 5,520,454.86 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Factors per $ 1,000
Class Information
Ending Cert./ Unpaid Principal Interest Ending
Type Name Notional Bal. Interests Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C>
Senior A-1 18,153,354.01 0.00 93,27682230 5.15798418 844.53845149
A-2 20,011,000.00 0.00 0.00000000 5.87500025 1000.00000000
A-3 47,054,130.41 0.00 37.29734337 7.71981903 937.83768987
A-4 14,863,000.00 0.00 0.00000000 6.00000000 1000.00000000
A-5 17,666,000.00 0.00 0.00000000 6.25000000 1000.00000000
A-5 18,120,000.00 0.00 0.00000000 6.41666667 1000.00000000
A-7 15,996,900.00 0.00 0.00000000 6.66666667 1000.00000000
A-8 12,035,000.00 0.00 0.00000000 6.66866639 1000.00000000
A-9 6,000,000.00 0.00 0.00000000 6.66666667 1000.00000000
A-10 28,000,000.00 0.00 0.00000000 6.66666679 1000.00000000
A-11 2,000,000.00 0.00 0.00000000 6.66666500 1000.00000000
IO X-1 218,436,533.51 0.00 0.00000000 0.67559785 971.19038341
Residual A-R 0.00 0.00 0.00000000 31.60000000 0.00000000
Subordinate B-1 7,864,642.13 0.00 0.54127567 6.66340055 998.96873873
B-2 4,493,687.05 0.00 0.54127567 6.66340101 998.96873873
B-3 2,806,554.66 0.00 0.54127567 6.66339908 998.96873873
B-4 1,685,132.39 0.00 0.54127567 6.66339829 998.96873873
B-5 449,368.11 0.00 0.54127567 6.66339878 998.96873873
B-6 1,235,764.75 0.00 0.54127567 6.66340372 998.96873873
Totals 218,436,533.51 0.00 17.27909103 7.26539604 971.19038341
</TABLE>
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFCIATES, SERIES 1996-K
Original Certificate Information
Class Information
ORIGINAL Pass Thru Cusip
Type Name 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 91.513714% 100.000000% 199,899.384.43
Subordinate 8.486286% 0.000000% 18,537,149.08
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-K
COLLATERAL INFORMATION
Aggregate stated principal balance 218,436,533.51
Aggregate loan count 1,520
Weighted average remaining term 354
Weighted average Ioan rate 9.208943%
Aggregate prepayment amount 3,765,952.01
FEES & ADVANCES
Monthly master servicer fees 23,158.63
Monthly servicer fees 47,200.34
Advances (this period) 25,591.32
Aggregate advances outstanding 30,068.56
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0.00
Cumulative loses (from Cut-Off) 0.00
Bankruptcy loss coverage 125,000.00
Fraud loss coverage amount 4,462,932.00
Special hazard loss coverage 2,184,365.34
Net principal losses 0.00
Net interest losses 0.00
Excess losses 0.00
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 mo. 16 2,577,642.99
2 mos. 4 525,447.20
3 + mos. 0 0.00
In forclosure 0 0.00
In Bankruptcy 0 0.00
Totals 20 3,103,090.19
Aggregate Amount of the Scheduled Payments on all
60+ day delinquencies for the past 12 month rolling period
MONTH 1 4,477.24
MONTH 2 0.00
MONTH 3 0.00
MONTH 4 0.00
MONTH 5 0.00
MONTH 6 0.00
MONTH 7 0.00
MONTH 8 0.00
MONTH 9 0.00
MONTH 10 0.00
MONTH 11 0.00
MONTH 12 0.00
TOTAL 4,447.24
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 5,520,451.70
Principal remittance amount 3,886,348.97
