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Previous: CWMBS INC, 8-K, 1997-03-26 |
Next: CWMBS INC, 8-K, 1997-03-26 |
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-I)
(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-I
On October 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-I, 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-I 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
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
Class Information
Beginning Pass Thru Principal
Type Name Cert. Bal. Rate Dist Amt.
Senior A-1 5,925,796.52 7.750000% 629,923.06
A-2 18,750,000.00 7.750000% 0.00
A-3 33,100,000.00 7.750000% 0.00
A-4 20,000,000.00 7.750000% 0.00
A-5 12,873,222.00 7.750000% 0.00
A-6 21,900,000.00 7.750000% 0.00
A-7 18,800,000.00 7.750000% 0.00
A-8 30,691,376.40 7.750000% 3,262,549.73
A-9 18,226,138.62 7.750000% 9,630.46
PO PO 115,288.79 0.000000% 48,165.57
IO X 195,516,865.27 1.110000% 0.00
Residual A-R 0.00 7.750000% 0.00
Subordinate B-1 8,517,599.27 7.750000% 4,500.60
B-2 4,008,282.18 7.750000% 2,117.93
B-3 2,505.176.03 7.750000% 1,323.70
B-4 1,503,105.59 7.750000% 794.22
B-5 400,827.52 7.750000% 211.79
B-6 1,102,283.21 7.750000% 582.43
Totals 198,419,096.13 3,959,799.49
<TABLE>
<CAPTION>
Class lnformation
Interest Total Principal Interest
Type Name Dist. Amt. Dist. Losses Shortfalls
<S> <C> <C> <C> <C> <C>
Senior A-1 38,270.77 668,193.83 0.00 0.00
A-2 121,093.75 121,093.75 0.00 0.00
A-3 213,770.83 213,770.83 0.00 0.00
A-4 129,166.67 129,166.67 0.00 0.00
A-5 83,139.56 83,139.56 0.00 0.00
A-6 141,437.50 141,437.50 0.00 0.00
A-? 121,416.67 121,416.67 0.00 0.00
A-8 196,680.57 3,459,230.30 0.00 0.00
A-9 117,710.48 127,340.94 0.00 0.00
PO PO 0.00 48,165.57 0.00 0.00
IO X 180,786.20 180,786.20 0.00 0.00
Residual A-R 0.00 0.00 0.00 0.00
Subordinate B-1 55,009.50 59,510.10 0.00 0.00
B-2 25,886.82 28,004.75 0.00 0.00
B-3 16,179.26 17,502.96 0.00 0.00
B-4 9,707.56 10,501.78 0.00 0.00
B-5 2,588.68 2,800.47 0.00 0.00
B-6 7,118.91 7,701.34 0.00 0.00
Totals 1,459,963.73 5,419,763.22
</TABLE>
<PAGE>
Current Payment Information
Class Information
<TABLE>
<CAPTION>
Ending Cert./ Unpaid Principal
Type Name Notional Bal. Interest Dist.
<S> <C> <C> <C> <C>
Senior A-1 5,295,873.46 0.00 100.386145
A-2 18,750,000.00 0.00 0.000000
A-3 33,100,000.00 0.00 0.000000
A-4 20,000,000.00 0.00 0.000000
A-5 12,873,222.00 0.00 0.000000
A-6 21,900,000.00 0.00 0.000000
A-7 18,800,000.00 0.00 0.000000
A-8 27,428,826.67 0.00 100.386146
A-9 18,216,508.16 0.00 0.527863
PO PO 67,123.22 0.00 416.833866
IO X 192,997,865.28 0.00 0.000000
Residual A-R 0.00 0.00 0.000000
Subordinate B-1 8,513,098.67 0.00 0.527864
B-2 4,006,164.25 0.00 0.527864
B-3 2,503,851.79 0.00 0.527861
B-4 1,502,311.47 0.00 0.527861
B-5 400,615.73 0.00 0.527857
B-6 1,101,700.78 0.00 0.527860
Totals 194,459,296.20
</TABLE>
Factors per $1.000
Class lnformation
<TABLE>
<CAPTION>
Principal Interest Ending
Type Name Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C>
Senior A-1 100.386145 6.098927 843.963898
A-2 0.000000 6.458333 1,000.000000
A-3 0.000000 6.458333 1,000.000000
A-4 0.000000 6.458334 1,000.000000
A-5 0.000000 6.458333 1,000.000000
A-6 0.000000 6.458333 1,000.000000
A-7 0.000000 6.458334 1,000.000000
A-8 100.386146 6.051710 843.963898
A-9 0.527863 6.451919 998.478982
PO PO 416.833866 0.000000 580.896920
IO X 0.000000 0.914421 976.188369
Residual A-R 0.000000 0.000000 0.000000
Subordinate B-1 0.527864 6.451920 998.478979
B-2 0.527864 6.451919 998.478977
B-3 0.527861 6.451920 998.478980
B-4 0.527861 6.451921 998.478978
B-5 0.527857 6.451925 998.478987
B-6 0.527860 6.451918 998.479208
</TABLE>
<PAGE>
Original Certificate Information
Class Information
<TABLE>
<CAPTION>
ORIGINAL Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
<S> <C> <C> <C> <C>
Senior A-1 6,275,000.00 7.750000% 126691-WN0
A.2 18,750,000.00 7.750000% 126691-WP5
A-3 33,100,000.00 7.750000% 126691-WQ3
A-4 20,000,000.00 7.750000% 126691-WR1
A-5 12,873,222.00 7.750000% 126691-WS9
A-6 21,900,000.00 7.750000% 126691-WT7
A-7 18,800,000.00 7.750000% 126691-WU4
A-8 32,500,000.00 7.750000% 126691-WV2
A-9 18,244,258.00 7.750000% 126691-WW0
PO PO 115,551.00 0.000000% 126691-WY6
IO X 197,705,557.00 1.110000% 126691-WZ3
Residual A-R 100.00 7.750000% 126691-XA7
Subordinate B-1 8,526,067.00 7.750000% 126691-XB5
B-2 4,012,267.00 7.750000% 126691-XC3
B-3 2,507,666.00 7.750000% 126691-XD1
B-4 1,504,600.00 7.750000% N/A
B-5 401,226.00 7.750000% N/A
B-6 1,103,378.79 7.750000% N/A
Totals 260,613,335.79
</TABLE>
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Balances
Senior 90.726096% 100.000000% 176,334,430.29
Subordinate 9.273904% 0.0000000% 18,027,742.69
<PAGE>
COLLATERAL INFORMATION
Aggregate stated principal balance 194,459,296.21
Aggregate loan count 1,374
Weighted average loan rate 9.223392%
Aggregate prepayment amount 3,854,967.26
FEES & ADVANCES
Monthly master servicer fees 4,959.49
Monthly servicer fees 41,425.76
Advances included in this distribution 29,177.96
Aggregate Advances Outstanding 40,480.73
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 Hazard Loss Coverage Amount 2,548,895.00
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. 21 2,427,457.38
2 mos. 4 739,675.61
3 + mos. 1 300,000.00
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 26 3,467,132.99
-- ------------
Aggregate Amount of the Scheduled Payments on all
60+ day delinquencies for the past 12 month rolling 8,780.21
period
REO INFORMATION
Reo Date Loan Number Ending Stated Book Value
Balance
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
Totals 0 0.00 0.00
---- ----
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