SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED JANUARY 24, 1994
(TO PROSPECTUS DATED JANUARY 14, 1994)
CWMBS, INC.
Depositor
COUNTRYWIDE
HOME LOANS, INC.
Seller and Master Servicer
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1994-1
The Class A-3 certificates represent obligations of the trust only and do not
represent an interest in or obligation of CWMBS, Inc., Countrywide Home Loans,
Inc. or any of their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
THE CLASS A-3 CERTIFICATES
o This supplement relates to the offering of the Class A-3
certificates of the series referenced above. This supplement does
not contain complete information about the offering of the Class A-3
certificates. Additional information is contained in the prospectus
supplement dated January 24, 1994 prepared in connection with the
offering of the offered certificates of the series referenced above
and in the prospectus of the depositor dated January 14, 1994. You
are urged to read this supplement, the prospectus supplement and the
prospectus in full.
o As of the June 25, 1999, the class certificate balance of the Class
A-3 certificates was approximately $105,292,992.
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED THESE
SECURITIES OR DETERMINED THAT THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Class A-3
certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices related to the prevailing prices at the time of
sale.
JUNE 30, 1999
<PAGE>
THE MORTGAGE POOL
As of June 1, 1999 (the "Reference Date"), the Mortgage Pool
included approximately 872 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $254,287,117.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
June 1, 1999
<S> <C>
Total Number of Mortgage Loans................................................... 872
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.38%
60-90 days.............................................................. 0.00%
91 days or more (excluding pending foreclosures)........................ 0.00%
-----
Total Delinquencies..................................................... 0.38%
=====
Foreclosures Pending............................................................. 0.00%
-----
Total Delinquencies and foreclosures pending..................................... 0.38%
=====
</TABLE>
- --------------
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 1 in tabular format. Other than with respect to rates
of interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
Countrywide Home Loans, Inc. will continue to act as Master Servicer
under the Agreement.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency, foreclosure and loss
experience, respectively, on the dates indicated, of all mortgage loans
originated or acquired by Countrywide Home Loans, Inc., serviced or master
serviced by the Master Servicer and securitized by the Depositor. The
delinquency, foreclosure and loss percentages may be affected by the size and
relative lack of seasoning of such servicing portfolio which increased from
approximately $8.555 billion at February 29, 1996, to approximately $8.671
billion at February 28, 1997, to approximately $11.002 billion at February 28,
1998, to approximately $15.381 billion at February 28, 1999 and to
approximately $16.375 billion at May 31, 1999. Accordingly, the information
should not be considered as a basis for assessing the likelihood, amount or
severity of delinquency or losses on the Mortgage Loans and no assurances can
be given that the foreclosure, delinquency and loss experience presented in
the table below will be indicative of such experience on the Mortgage Loans:
<TABLE>
<CAPTION>
AT FEBRUARY 28, (29),
------------------------------------------------------------ AT MAY 31,
1996 1997 1998 1999 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
30-59 days............................. 0.65% 0.65% 1.08% 1.03% 0.85%
60-89 days............................. 0.09 0.15 0.16 0.18 0.13
90 days or more (excluding pending
foreclosures)..................... 0.09 0.16 0.16 0.12 0.10
---- ---- ---- ---- ----
Total of delinquencies................. 0.83% 0.96% 1.40% 1.33% 1.08%
==== ==== ==== ==== ====
Foreclosures pending............................ 0.12% 0.17% 0.17% 0.14% 0.14%
==== ==== ==== ==== ====
Total delinquencies and foreclosures pending.... 0.95% 1.13% 1.57% 1.47% 1.22%
==== ==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (2) ..... ($307,000) ($2,812,000) ($2,662,000) ($3,704,605) ($603,501)
Percentage of Net Gains/(Losses) on liquidated
loans (2)(3) .............................. 0.00% (0.032)% (0.024)% (0.028)% (0.004)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(2) ..................... (0.004)% (0.033)% (0.027)% (0.028)% (0.004)%
- -----------------
</TABLE>
(1) Excluding loans subserviced for others.
(2) "Net Gains (Losses)" are actual gains or losses incurred on liquidated
properties which are calculated as net liquidation proceeds less book
value (excluding loan purchase premium or discount).
(3) Based upon the total principal balance of the mortgage loans outstanding
on the last day of the indicated period.
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, on all mortgage loans
serviced or master serviced by the Master Servicer. Such mortgage loans have a
variety of underwriting, payment and other characteristics, many of which
differ from those of the Mortgage Loans, and no assurances can be given that
the delinquency and foreclosure experience presented in the table below will
be indicative of such experience of the Mortgage Loans. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of such servicing portfolio which increased from approximately
$136.8 billion at February 29, 1996, to approximately $158.6 billion at
February 28, 1997, to approximately $182.9 billion at February 28, 1998, to
approximately $215.5 billion at February 28, 1999 and to approximately $225.9
billion at May 31, 1999.
<TABLE>
<CAPTION>
AT FEBRUARY 28, (29),
--------------------------------------------------------- AT MAY 31,
1996 1997 1998 1999 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
30-59 days............................. 2.13% 2.26% 2.68% 3.05% 2.53%
60-89 days............................. 0.48 0.52 0.58 0.21 0.18
90 days or more (excluding pending
foreclosures)..................... 0.59 0.66 0.65 0.29 0.29
---- ---- ---- ---- ----
Total of delinquencies................. 3.20% 3.44% 3.91% 3.55% 3.01%
==== ==== ==== ==== ====
Foreclosures pending................... 0.49% 0.71% 0.45% 0.31% 0.27%
==== ==== ==== ==== ====
Total delinquencies and foreclosures
pending........................... 3.69% 4.15% 4.36% 3.86% 3.28%
==== ==== ==== ==== ====
- --------------
</TABLE>
(1) Excluding loans subserviced for others.
YEAR 2000 COMPLIANCE
The Master Servicer has made and will continue to make investments to
identify, modify or replace any computer systems which are not year 2000
compliant and to address other related issues associated with the change of
the millennium. In the event that computer problems arise out of a failure of
such efforts to be completed on time, or in the event that the computer
systems of the Master Servicer or the Trustee are not fully year 2000
compliant, the resulting disruptions in the collection or distribution of
receipts on the Mortgage Loans could materially and adversely affect the
holders of the Offered Certificates.
DESCRIPTION OF THE CLASS A-3 CERTIFICATES
The Class A-3 Certificates will be entitled to receive interest in
the amount of the Interest Distribution Amount for such Class as described in
the Prospectus Supplement under "Description of the Certificates -- Interest".
The Class A-3 Certificates are Targeted Principal Class Certificates. The
Targeted Balances for the Class A-3 Certificates are set forth in the
Principal Balance Schedules in the Prospectus Supplement. The Class A-3
Certificates are allocated principal payments as described in the Prospectus
Supplement under "Description of the Certificates -- Principal -- Senior
Principal Distribution Amount".
As of June 25, 1999 (the "Certificate Date"), the Class Certificate
Balance of the Class A-3 Certificates was approximately $105,292,992,
evidencing a beneficial ownership interest of approximately 41.41% in the
Trust Fund. As of the Certificate Date, the Senior Certificates had an
aggregate principal balance of approximately $234,368,045 and evidenced in the
aggregate a beneficial ownership interest of approximately 92.17% in the Trust
Fund. As of the Certificate Date, the Subordinated Certificates had an
aggregate principal balance of $19,919,072, and evidenced in the aggregate a
beneficial ownership interest of approximately 7.83% in the Trust Fund. For
additional information with respect to the Class A-3 Certificates, see
"Description of the Certificates" in the Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
REVISED STRUCTURING ASSUMPTIONS
Unless otherwise specified, the information in the tables appearing
in this Supplement under "Yield, Prepayment and Maturity Considerations --
Decrement Table" has been prepared on the basis of the following assumed
characteristics of the Mortgage Loans and the following additional assumptions
(collectively, the "Revised Structuring Assumptions"): (i) the Mortgage Loans
consist of two Mortgage Loans with the following characteristics:
<TABLE>
<CAPTION>
PRINCIPAL BALANCE MORTGAGE RATE NET MORTGAGE RATE ORIGINAL TERM TO REMAINING TERM TO
MATURITY (IN MONTHS) MATURITY (IN MONTHS)
<S> <C> <C> <C> <C>
$154,823,071 6.95660675% 6.69360675% 360 294
$99,464,045 7.38231854% 7.11931854% 360 295
</TABLE>
(ii) the Mortgage Loans prepay at the specified constant percentages of SPA
(as defined below), (iii) no defaults in the payment by Mortgagors of
principal of any interest on the Mortgage Loans are experienced, (iv)
scheduled payments on the Mortgage Loans are received on the first day of each
month commencing in the calendar month following the Reference Date and are
computed prior to giving effect to prepayments received on the last day of the
prior month, (v) prepayments are allocated as described herein without giving
effect to loss and delinquency tests, (vi) there are no Net Interest
Shortfalls and prepayments represent prepayments in full of individual
Mortgage Loans and are received on the last day of each month, commencing in
the calendar month of the Reference Date, (vii) the scheduled monthly payment
for each Mortgage Loan has been calculated based on the assumed Mortgage Loan
characteristics set forth in clause (i) above such that each Mortgage Loan
will amortize in amounts sufficient to repay the balance of such Mortgage Loan
by its indicated remaining term to maturity, (viii) the initial Class
Certificate Balance of the Class A-3 Certificates is $105,292,992 (ix)
interest accrues on the Class A-3 Certificates at the applicable interest rate
described in the Prospectus Supplement, (x) distributions in respect of the
Certificates are received in cash on the 25th day of each month commencing in
the calendar month following the Reference Date, (xi) the Targeted Balances
for the related Targeted Principal Classes are as set forth in the Principal
Balance Schedules, (xii) the closing date of the sale of the Offered
Certificates is June 30, 1999, (xiii) the Seller is not required to repurchase
or substitute for any Mortgage Loan and (xiv) the Master Servicer does not
exercise the option to repurchase the Mortgage Loans described in the
Prospectus Supplement under the headings "--Optional Purchase of Defaulted
Loans" and "--Optional Termination". While it is assumed that each of the
Mortgaged Loans prepays at the specified constant percentages of SPA, this is
not likely to be the case. Moreover, discrepancies will exist between the
characteristics of the actual Mortgage Loans as of the Reference Date and
characteristics of the Mortgage Loans assumed in preparing the tables herein.
Prepayments of mortgage loans commonly are measured relative to a
prepayment standard or model. The model used in this Supplement is the
Standard Prepayment Assumption ("SPA"), which represents an assumed rate of
prepayment each month of the then outstanding principal balance of a pool of
new mortgage loans. SPA does not purport to be either an historical
description of the prepayment experience of any pool of mortgage loans or a
prediction of the anticipated rate of prepayment of any pool of mortgage
loans, including the Mortgage Loans. 100% SPA assumes prepayment rates of 0.2%
per annum of the then unpaid principal balance of such pool of mortgage loans
in the first month of the life of such mortgage loans and an additional 0.2%
per annum in each month thereafter (for example, 0.4% per annum in the second
month) until the 30th month. Beginning in the 30th month and in each month
thereafter during the life of such mortgage loans, 100% SPA assumes a constant
prepayment rate of 6.0% per annum. Multiples may be calculated from this
prepayment rate sequence. For example, 325% SPA assumes prepayment rates will
be 0.65% per annum in month one, 1.3% per annum in month two, and increasing
by 0.65% in each succeeding month until reaching a rate of 19.5% per annum in
month 30 and remaining constant at 19.5% per annum thereafter. 0% SPA assumes
no prepayments. There is no assurance that prepayments will occur at any SPA
rate or at any other constant rate.
YIELD, PREPAYMENT AND MATURITY CONSIDERATIONS
DECREMENT TABLE
The following table indicates the percentage of the Certificate Date
Principal Balance of the Class A-3 Certificates that would be outstanding
after each of the dates shown at various constant percentages of SPA and the
corresponding weighted average life thereof. The table has been prepared based
on the Revised Structuring Assumptions. However, all of the Mortgage Loans may
not have the interest rates or remaining terms to maturity described under
"Revised Structuring Assumptions" herein and the Mortgage Loans may not prepay
at the indicated constant percentages of SPA or at any constant percentage.
<TABLE>
<CAPTION>
PERCENT OF CLASS CERTIFICATE
BALANCE OUTSTANDING*
CLASS A-3
SPA PREPAYMENT ASSUMPTION
DISTRIBUTION DATE 0% 150% 325% 450% 600%
----------------- -- ---- ---- ---- ----
- --------------------------------------
<S> <C> <C> <C> <C> <C>
Initial Percent.................. 100 100 100 100 100
June 25, 2000.................... 98 84 69 63 49
June 25, 2001.................... 95 70 44 33 15
June 25, 2002.................... 93 58 26 12 0
June 25, 2003.................... 90 47 11 0 0
June 25, 2004.................... 87 37 0 0 0
June 25, 2005.................... 84 28 0 0 0
June 25, 2006.................... 80 20 0 0 0
June 25, 2007.................... 77 13 0 0 0
June 25, 2008.................... 73 6 0 0 0
June 25, 2009.................... 69 0 0 0 0
June 25, 2010.................... 64 0 0 0 0
June 25, 2011.................... 59 0 0 0 0
June 25, 2012.................... 54 0 0 0 0
June 25, 2013.................... 48 0 0 0 0
June 25, 2014.................... 42 0 0 0 0
June 25, 2015.................... 36 0 0 0 0
June 25, 2016.................... 29 0 0 0 0
June 25, 2017.................... 21 0 0 0 0
June 25, 2018.................... 13 0 0 0 0
June 25, 2019.................... 5 0 0 0 0
June 25, 2020.................... 0 0 0 0 0
June 25, 2021.................... 0 0 0 0 0
June 25, 2022.................... 0 0 0 0 0
June 25, 2023.................... 0 0 0 0 0
June 25, 2024.................... 0 0 0 0 0
- - - - -
Weighted Average Life (years) **. 12.7 4.2 2.0 1.6 1.1
</TABLE>
--------------------------
* Rounded to the nearest whole percentage.
** Determined as specified under "Weighted Average Lives of
the Offered Certificates" in the Prospectus Supplement.
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $5,084,998 and $125,790 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-3 Certificates discussed under
the sections titled "Certain Federal Income Tax Consequences" in the
Prospectus Supplement and the Prospectus, which the following discussion
supplements. Prospective investors should consult their tax advisors with
respect to those consequences.
The IRS issued final regulations on January 27, 1994 under Sections
1271 through 1273 and 1275 (the "OID Regulations"). The OID Regulations
generally are effective for debt instruments issued on or after April 4, 1994,
but may be relied upon as authority with respect to debt instruments issued
after December 21, 1992. In addition , the IRS issued final regulations (the
"Contingent Regulations") on June 11, 1996 governing the calculation of OID on
instruments having contingent interest payments. The Contingent Regulations
specifically do not apply for purposes of calculating OID on debt instruments
subject to Section 1272(a)(6), such as the Class A-3 Certificates. In
addition, the OID Regulations do not adequately address the calculation of
income with respect to prepayable securities such as the Class A-3
Certificates.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Class A-3 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A-3 Certificates will represent qualifying assets under
Section 856(c)(4)(A). However, the Small Business and Job Protection Act of
1996, as part of the repeal of the bad debt reserve for thrift institutions,
repealed the application of Section 593(d) for tax years beginning after
December 31, 1995.
The Small Business and Job Protection Act of 1996 and Taxpayer Relief
Act of 1997 modified the definition of U.S. person with regard to trusts and
gave the IRS authority to modify the definition of U.S. person with respect to
partnerships. A trust is a "U.S. Person" if a court within the United States
is able to exercise primary supervision over the administration of the trust
and one or more United States persons have authority to control all
substantial decisions of the trust. In addition, U.S. Persons include certain
trusts that can elect to be treated as U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Class A-3 Certificates should consider
carefully the ERISA consequences of an investment in such Certificates
discussed under "ERISA Considerations" in the Prospectus, the Prospectus
Supplement and herein, and should consult their own advisors with respect to
those consequences. As described in the Prospectus Supplement, it is expected
that the Exemption will apply to the acquisition and holding of Class A-3
Certificates by Plans and that all conditions of the Exemption other than
those within the control of purchasers of the Certificates will be met.
RATINGS
The Class A-3 Certificates are currently rated "AAA" by Fitch IBCA,
Inc. and Standard & Poor's Rating Services, a division of The McGraw-Hill
Companies, Inc. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation,
an affiliate of CWMBS, Inc. and Countrywide Home Loans, Inc., in connection
with offers and sales relating to market making transactions in the Class A-3
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 1
MORTGAGE RATES (1)
- ------------------------------------------------------------------------------------
AGGREGATE PRINCIPAL
NUMBER OF BALANCE PERCENT OF
MORTGAGE RATES (%) MORTGAGE LOANS OUTSTANDING MORTGAGE POOL
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
6.500 50 13,750,865.89 5.41%
6.625 15 5,937,130.13 2.33%
6.750 35 10,429,873.75 4.10%
6.875 36 11,284,726.97 4.44%
7.000 221 62,207,355.09 24.46%
7.125 177 51,213,119.88 20.14%
7.250 175 53,488,068.68 21.03%
7.375 47 14,865,736.16 5.85%
7.500 53 14,066,145.23 5.53%
7.625 24 5,886,908.93 2.32%
7.750 39 11,157,186.13 4.39%
- ------------------------------------------------------------------------------------
TOTAL 872 $254,287,116.84 100.00%
</TABLE>
==============================================================================
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is expected to be approximately 7.123% per annum.
<TABLE>
<CAPTION>
CURRENT MORTGAGE LOAN PRINCIPAL BALANCES (1)
- -----------------------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT OF
CURRENT MORTGAGE MORTGAGE BALANCE MORTGAGE
LOAN BALANCES LOANS OUTSTANDING POOL
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 -- $50,000 13 47,501.51 0.02%
$50,001 -- $100,000 3 276,481.57 0.11%
$100,001 -- $150,000 17 2,122,719.40 0.83%
$150,001 -- $200,000 59 11,020,596.20 4.33%
$200,001 -- $250,000 292 65,126,500.66 25.61%
$250,001 -- $300,000 203 55,173,762.35 21.70%
$300,001 -- $350,000 89 28,721,678.88 11.29%
$350,001 -- $400,000 70 26,173,890.98 10.29%
$400,001 -- $450,000 36 15263967.64 6.00%
$450,001 -- $500,000 32 15058006.87 5.92%
$500,001 -- $550,000 15 7,897,177.40 3.11%
$550,001 -- $600,000 23 13,142,290.66 5.17%
$600,001 -- $650,000 7 4,273,209.39 1.68%
$650,001 -- $750,000 8 5,503,912.03 2.16%
$750,001 -- $1,000,000 5 4,485,421.30 1.76%
- ------------------------------------------------------------------------------------
TOTAL 872 254,287,116.84 100.00%
</TABLE>
==============================================================================
(1) As of the Reference Date, that average current Mortgage Loan principal
balance is expected to be approximately $291,614.
DOCUMENTATION PROGRAM FOR MORTGAGE LOANS
- -------------------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT OF
MORTGAGE BALANCE MORTGAGE
TYPE OF PROGRAM LOANS OUTSTANDING POOL
- -------------------------------------------------------------------------------
Full 483 $40,661,841.40 55.32%
Alternative 326 97,051,093.85 38.17%
Reduced 40 9,850,085.83 3.87%
Streamlined 23 6,724,095.76 2.64%
===============================================================================
TOTAL 872 $254,287,116.84 100.00%
===============================================================================
ORIGINAL LOAN-TO-VALUE RATIOS (1)
- -------------------------------------------------------------------------------
AGGREGATE PERCENT
NUMBER OF PRINCIPAL OF
ORIGINAL LOAN-TO-VALUE MORTGAGE BALANCE MORTGAGE
RATIOS (1) LOANS OUTSTANDING POOL
- -------------------------------------------------------------------------------
50.00 and below 67 $21,237,760.23 8.35%
50.01 to 55.00 32 11,171,221.82 4.39%
55.01 to 60.00 46 14,239,258.98 5.60%
60.01 to 65.00 51 15,328,552.41 6.03%
65.01 to 70.00 98 29,340,697.20 11.54%
70.01 to 75.00 116 33,923,771.51 13.34%
75.01 to 80.00 329 96,213,202.63 37.84%
80.01 to 85.00 27 7,261,339.46 2.86%
85.01 to 90.00 106 25,571,312.60 10.06%
- -------------------------------------------------------------------------------
TOTAL 872 $254,287,116.84 100.00%
===============================================================================
(1) The weighted average original Loan-To-Value Ration of the Mortgage Loans
is 71.64%.
STATE DISTRIBUTION OF MORTGAGED PROPERTIES (1)
- -------------------------------------------------------------------------------
AGGREGATE PERCENT
NUMBER OF PRINCIPAL OF
MORTGAGE BALANCE MORTGAGE
STATE LOANS OUTSTANDING POOL
- -------------------------------------------------------------------------------
California 525 $158,634,609.30 62.38%
Georgia 21 5,423,879.98 2.13%
Hawaii 19 6,481,792.69 2.55%
Illinois 29 8,075,008.05 3.18%
Massachusetts 50 12,988,221.77 5.11%
New York 40 11,607,666.47 4.56%
Texas 19 5,423,728.17 2.13%
Other (less than 2%) 169 45,652,210.41 17.95%
- -------------------------------------------------------------------------------
TOTAL 872 $254,287,116.84 100.00%
===============================================================================
(1) Other includes 27 other states with under 2% concentration individually.
No more that approximately 2% of the Mortgage Loans will be secured by
Mortgaged Properties located in any one postal zip code area.
PURPOSE OF MORTGAGE LOANS
- -------------------------------------------------------------------------------
NUMBER OF AGGREGATE PRINCIPAL
MORTGAGE BALANCE PERCENT OF
LOAN PURPOSE LOANS OUTSTANDING MORTGAGE POOL
- -------------------------------------------------------------------------------
Purchase 275 $78,411,407.87 30.84%
Refinance (rate/term) 537 160,013,096.63 62.93%
Refinance (cash out) 60 15,862,612.34 6.24%
- -------------------------------------------------------------------------------
===============================================================================
TOTAL 872 $254,287,116.84 100.00%
===============================================================================
TYPES OF MORTGAGED PROPERTIES
- -------------------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT OF
MORTGAGE BALANCE MORTGAGE
PROPERTY TYPE LOANS OUTSTANDING POOL
- ------------------------------------------------------------------------------
Single Family 710 $210,151,192.11 82.64%
Condominium 17 4381181.39 1.72%
2-4 Family 3 822796.73 0.32%
Planned Unit Development 142 38,931,946.61 15.31%
===============================================================================
TOTAL 872 $254,287,116.84 100.00%
===============================================================================
OCCUPANCY TYPES (1)
- -------------------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT OF
MORTGAGE BALANCE MORTGAGE
OCCUPANCY TYPE LOANS OUTSTANDING POOL
- --------------------------------------------------------------------------------
Primary Residence 862 $250,931,750.06 98.68%
Second Residence 10 3,355,366.78 1.32%
- -------------------------------------------------------------------------------
TOTAL 872 $254,287,116.84 100.00%
==============================================================================
(1) Based upon the representations of the related Mortgagors at the time of
origination.
REMAINING TERMS TO MATURITY (1)
- ------------------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT OF
REMAINING TERMS TO MATURITY MORTGAGE BALANCE MORTGAGE
(MONTHS) LOANS OUTSTANDING POOL
- --------------------------------------------------------------------------------
295 382 $108,889,594.82 42.82%
294 325 93,447,931.11 36.75%
293 152 47,346,982.18 18.62%
292 12 4,166,195.85 1.64%
291 1 436,412.88 0.17%
- --------------------------------------------------------------------------------
TOTAL 872 $254,287,116.84 100.00%
===============================================================================
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is expected to be approximate 294 months.
EXHIBIT 2
<TABLE>
<CAPTION>
THE Distribution Date: 6/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEHAN CWMBS INC
212-815-2007 MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-1
Certificateholder Monthly Distribution
Summary
Certificate Pass
Class Rate Beginning Through Principal Interest Total
Class Cusip Description Type Balance Rate (%) Distribution Distribution Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
Al 126690RHl Senior Fix-30/360 32,004,020.05 7.500000 693,517.07 200,025.13 893,542.19
A2 126690RJ7 Senior Fix-30/360 16,770,665.18 10.000000 363,415.07 139,755.54 503,170.61
A3 126690RK4 Senior Fix-30/360 107,625,196.40 6.250000 2,332,204.30 560,547.90 2,892,752.20
A4 126690RL2 Senior Fix-30/360 13,480,000.00 6.875000 0.00 77,229.17 77,229.17
A5 126690R0M Senior Fix-30/360 48,029,000.00 6.875000 0.00 275,166.15 275,166.15
A6 126690RN8 Senior Fix-30/360 7,709,612.94 6.875000 0.00 44,169.66 44,169.66
A7 126690RP3 Senior Fix-30/360 3,412,101.51 6.250000 178,376.23 17,771.36 196,147.59
A8 126690RQ1 Senior Fix-30/360 4,819,500.00 6.250000 0.00 25,101.56 25,101.56
PO 126690RR9 Strip PO Fix-30/360 4,138,643.30 0.000000 53,717.97 0.00 53,717.97
X 126690RS7 Strip I0 Fix-30/360 101,141,822.99 0.244500 0.00 20,607.66 20,607.66
AR 126690RT5 Senior Fix-30/360 548.04 6.250000 11.88 2.95 14.82
M 126690RU2 Mezzanine Fix-30/360 8,237,054.55 6.875000 43,916.08 47,191.46 91,107.54
B1 126690RV0 Junior Fix-30/360 8,237,054.55 6.875000 43,916.08 47,191.46 91,107.54
B2 126690TH9 Junior Fix-30/360 1,647,410.90 6.875000 8,783.22 9,438.29 18,221.51
B3 126690TJ5 Junior Fix-30/360 549,136.99 6.875000 2,927.74 3,146.10 6,073.84
B4 126690TK2 Junior Fix-30/360 1,355,183.26 6.875000 7,225.20 7,764.07 14,989.27
Totals 258,015,127.67 3,728,010.84 1,475,108.46 5,203,119.28
Current Cumulative
Realized Ending Realized
Class Cusip Losses Balance Losses
<S> <C> <C> <C> <C>
Al 126690RHl 0.00 31,310,502.98 0.00
A2 126690RJ7 0.00 16,407,250.11 0.00
A3 126690RK4 0.00 105,292,992.10 0.00
A4 126690RL2 0.00 13,480,000.00 0.00
A5 126690RM0 0.00 48,029,000.00 0.00
A6 126690RN8 0.00 7,709,612.94 0.00
A7 126690RP3 0.00 3,233,725.28 0.00
A8 126690RQ1 0.00 4,819,500.00 0.00
PO 126690RR9 0.00 4,084,925.33 0.00
X 126690RS7 0.00 99,464,045.13 0.00
AR 126690RT5 0.00 536.16 0.00
M 126690RU2 0.00 8,193,138.47 0.00
BI 126690RV0 0.00 8,193,138.47 0.00
B2 126690TH9 0.00 1,638,627.68 0.00
B3 126690TJ5 0.00 546,209.25 0.00
B4 126690TK2 0.00 1,347,958.07 115,302.05
Totals 0.00 254,287,116.84 115,302.05
</TABLE>
<TABLE>
<CAPTION>
EXHIBIT 2
THE Distribution Date: 6/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN CWMBS INC
212-815-2007 MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-1
Principal Distribution Detail
Original Beginning Scheduled Unscheduled Net Current
Certificate Certificate Principal Accretion Principal Principal Realized
Class Cusip Balance Balance Distribution Principal Adjustments Distribution Losses
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Al 126690RH1 58,395,000.00 32,004,020.05 693,517.07 0.00 0.00 693,517.07 0.00
A2 126690RJ7 30,600,000.00 16,770,665.18 363,415.07 0.00 0.00 363,415.07 0.00
A3 126690RK4 196,374,500.00 107,625,196.40 2,332,204.30 0.00 0.00 2,332,204.30 0.00
A4 126690RL2 13,480,000.00 13,480,000.00 0.00 0.00 0.00 0.00 0.00
A5 126690RMO 48,029,000.00 48,029,000.00 0.00 0.00 0.00 0.00 0.00
A6 126690RN8 10,400,613.00 7,709,612.94 0.00 0.00 0.00 0.00 0.00
A7 126690RP3 10,200,000.00 3,412,101.51 178,376.23 0.00 0.00 178,376.23 0.00
A8 126690RQ1 4,819,500.00 4,819,500.00 0.00 0.00 0.00 0.00 0.00
PO 126690RR9 5,863,454.00 4,138,643.30 53,717.97 0.00 0.00 53,717.97 0.00
X 126690RS7 172,788,600.00 101,141,822.99 0.00 0.00 0.00 0.00 0.00
AR 126690RT5 1,000.00 548.04 11.88 0.00 0.00 11.88 0.00
M 126690RU2 9,003,885.00 8,237,054.55 43,916.08 0.00 0.00 43,916.08 0.00
B1 126690RVO 9,003,885.00 8,237,054.55 43,916.08 0.00 0.00 43,916.08 0.00
B2 126690TH9 1,800,777.00 1,647,410.90 8,783.22 0.00 0.00 8,783.22 0.00
B3 126690TJ5 600,259.00 549,136.99 2,927.74 0.00 0.00 2,927.74 0.00
B4 126690TK2 1,600,690.56 1,355,183.26 7,225.20 0.00 0.00 7,225.20 0.00
Totals 400,172,563.56 258,015,127.67 3,728,010.84 0.00 0.00 3,728,010.84 0.00
Ending Ending
Certificate Certificate
Class Cusip Balance Factor
<S> <C> <C> <C>
Al 126690RH1 31,310,502.98 0.53618465595
A2 126690RJ7 16,407,250.11 0.53618464413
A3 126690RK4 105,292,992.10 0.53618464769
A4 126690RL2 13,480,000.00 1.00000000000
A5 126690RMO 48,029,000.00 1.00000000000
A6 126690RN8 7,709,612.94 0.74126524465
A7 126690RP3 3,233,725.28 0.31703189062
A8 126690RQ1 4,819,500.00 1.00000000000
PO 126690RR9 4,084,925.33 0.69667559957
X 126690RS7 99,464,045.13 0.57564008928
AR 126690RT5 536.16 0.53615999936
M 126690RU2 8,193,138.47 0.90995592102
Bi 126690RV0 8,193,138.47 0.90995592102
B2 126690TH9 1,638,627.68 0.90995591470
B3 126690TJ5 546,209.25 0.90995594632
B4 126690TK2 1,347,958.07 0.84211033734
Totals 254,287,116.84
</TABLE>
<TABLE>
<CAPTION>
THE Distribution Date: 6/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 CWMBS INC
Attn: KELLY SHEAHAN
212-815-2007 MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-1
Interest Distribution Detail
Beginning Pass Accrued Cumulative Total Net
Certificate Through Optimal Unpaid Deferred Interest Prepayment
Class Balance Rate (%) Interest Interest Interest Due Int Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A1 32,004,020.05 7.500000 200,025.13 0.00 0.00 200,025.13 0.00
A2 16,770,665.18 10.000000 139,755.54 0.00 0.00 139,755.54 0.00
A3 107,625,196.40 6.250000 560,547.90 0.00 0.00 560,547.90 0.00
A4 13,480,000.00 6.875000 77,229.17 0.00 0.00 77,229.17 0.00
A5 48,029,000.00 6.875000 275,166.15 0.00 0.00 275,166.15 0.00
A6 7,709,612.94 6.875000 44,169.66 0.00 0.00 44,169.66 0.00
A7 3,412,101.51 6.250000 17,771.36 0.00 0.00 17,771.36 0.00
A8 4,819,500.00 6.250000 25,101.56 0.00 0.00 25,101.56 0.00
PO 4,138,643.30 0.000000 0.00 0.00 0.00 0.00 0.00
X 101,141,822.99 0.244500 20,607.66 0.00 0.00 20,607.66 0.00
AR 548.04 6.250000 2.85 0.00 0.00 2.85 0.00
M 8,237,054.55 6.875000 47,191.46 0.00 0.00 47,191.46 0.00
B1 8,237,054.55 6.875000 47,191.46 0.00 0.00 47,191.46 0.00
B2 1,647,410.90 6.875000 9,438.29 0.00 0.00 9,438.29 0.00
B3 549,136.99 6.875000 3,146.10 0.00 0.00 3,146.10 0.00
B4 1,355,183.26 6.875000 7,764.07 0.00 0.00 7,764.07 0.00
Totals 258,015,127.67 1,475,108.36 0.00 0.00 1,475,108.36 0.00
Beginning Unscheduled
Certificate Interest Interest
Class Balance Adjustment Paid
<S> <C> <C> <C>
A1 32,004,020.05 0.00 200,025.13
A2 16,770,665.18 0.00 139,755.54
A3 107,625,196.40 0.00 560,547.90
A4 13,480,000.00 0.00 77,229.17
A5 48,029,000.00 0.00 275,166.15
A6 7,709,612.94 0.00 44,169.66
A7 3,412,101.51 0.00 17,771.36
A8 4,819,500.00 0.00 25,101.56
PO 4,138,643.30 0.00 0.00
X 101,141,822.99 0.00 20,607.66
AR 548.04 0.00 2.95
M 8,237,054.55 0.00 47,191.46
B1 8,237,054.55 0.00 47,191.46
B2 1,647,410.90 0.00 9,438.29
B3 549,136.99 0.00 3,146.10
B4 1,355,183.26 0.00 7,764.07
Totals 258,015,127.67 0.00 1,475,108.46
</TABLE>
<TABLE>
<CAPTION>
THE Distribution Date: 6/25/99
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286 CWMBS INC
Attn: KELLY SHEAHAN
212-815-2007 MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-1
Current Payment Information
Factors per $ 1, 000
Original Beginning Cert.
Certificate Notional Principal Interest
Class Cusip Balance Balance Distribution Distribution
<S> <C> <C> <C> <C> <C>
A1 126690RH1 58,395,000.00 548.060965039 11.876309092 3.425381031
A2 126690RJ7 30,600,000.00 548.060953515 11.876309389 4.567174613
A3 126690RK4 196,374,500.00 548.060956997 11.876309304 2.854484151
A4 126690RL2 13,480,000.00 1,000.000000000 0.000000000 5.729166667
A5 126690RMO 48,029,000.00 1,000.000000000 0.000000000 5.729166667
A6 126690RN8 10,400,613.00 741.265244654 0.000000000 4.246832131
A7 126690RP3 10,200,000.00 334.519756124 17.487865508 1.742290396
A8 126690RQ1 4,819,500.00 1,000.000000000 0.000000000 5.208333333
PO 126690RR9 5,863,454.00 705.837088118 9.161488551 0.000000000
X 126690RS7 172,788,600.00 585.350092483 0.000000000 0.119265153
AR 126690RT5 1,000.00 548.036199374 11.876200014 2.945932586
M 126690RU2 9,003,885.00 914.833380021 4.877458996 5.241232906
B1 126690RV0 9,003,885.00 914.833380021 4.877458996 5.241232906
B2 126690TH9 1,800,777.00 914.833373662 4.877458962 5.241232870
B3 126690TJ5 600,259.00 914.833405456 4.877459132 5.241233052
B4 126690TK2 1,600,690.56 846.624136900 4.513799565 4.850450784
Totals 400,172,563.56 644.759664118 9.316008091 3.686180899
Ending Cert. Pass
Notional Through
Class Cusip Balance Rate (%)
<S> <C> <C> <C>
A1 126690RH1 536.184655947 7.500000
A2 126690RJ7 536.184644126 10.000000
A3 126690RK4 536.184647693 6.250000
A4 126690RL2 1,000.000000000 6.875000
A5 126690RM0 1,000.000000000 6.875000
A6 126690RN8 741.265244654 6.875000
A7 126690RP3 317.031890616 6.250000
A8 126690RQ1 1,000.000000000 6.250000
PO 126690RR9 696.675599567 0.000000
X 126690RS7 575.640089277 0.244500
AR 126690RT5 536.159999359 6.250000
M 126690RU2 909.955921025 6.875000
B1 126690RV0 909.955921025 6.875000
B2 126690TH9 909.955914700 6.875000
B3 126690TJ5 909.955946324 6.875000
B4 126690TK2 842.110337335 6.875000
Totals 635.443656051
</TABLE>
<TABLE>
<CAPTION>
THE
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: KELLY SHEAHAN CWMBS INC
212-815-2007 MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-1
<S> <C>
Pool Level Data
Distrbution Date 6/25/99
Cut-off Date 1/l/94
Determination Date 6/l/99
Accrual Period Begin 5/l/99
End 6/l/99
Number of Days in Accrual Period 31
Collateral Information
Group 1
Cut-Off Date Balance 370,357,594.79
Beginning Aggregate Pool Stated Principal Balance 258,015,127.66
Ending Aggregate Pool Stated Principal Balance 254,287,116.84
Beginning Aggregate Certificate Stated Principal Balance 258,015,127.66
Ending Aggregate Certificate Stated Principal Balance 254,287,116.84
Beginning Aggregate Loan Count 885
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Aggrement 13
Ending Aggregate Loan Count 872
Beginning Weighted Average Loan Rate (WAC) 7.123567%
Ending Weighted Average Loan Rate (WAC) 7.123123%
Beginning Net Weighted Average Loan Rate 6.860567%
Ending Net Weighted Average Loan Rate 6.860123%
Weighted Average Maturity (WAM) (Months) 294
Servicer Advances 7,168.46
Aggregate Pool Prepayment 3,363,068.01
Certificate Information
Group 1
Senior Percentage 92.1119751232%
Senior Prepayment Percentage 97.6335925370%
Subordinate Percentage 7.8880248768%
Subordinate Prepayment Percentage 2.3664074630%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 5,254,398.05
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
Total Deposits 5,254,398.05
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 71,070.43
Payment of Sub Servicer Fees 0.00
Payment of Other Fees 0.00
Payment of Insurance Premium(s) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling ans Service Agreement 0.00
Payment of Principal and Interest 5,203,119.26
Total Withdrawals 5,274,189.69
Ending Balance -19,791.64
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 3,290.38
Compensation for Gross PPIS from Servicing Fees 2,474.36
Other Gross PPIS Compensation 0,00
Total Net PPIS (Non-Supported PPIS) 816.02
Master Servicing Fees Paid 71,070.43
Sub Servicing Fees Paid 0.00
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 0.00
Total Fees 71,070.43
</TABLE>
<TABLE>
<CAPTION>
Delinquency Information
Group I
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
<S> <C> <C> <C> <C>
Scheduled Principal Balance 974,230.14 0.00 0.00 974,230.14
Percentage of Total Pool Balance 0.383122% 0.000000% 0.000000% 0.383122%
Number of Loans 4 0 0 4
Percentage of Total Loans 0.458716% 0.000000% 0.000000% 0.458716%
Foreclosure
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Bankruptcy
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 115,301.73
</TABLE>
<TABLE>
<CAPTION>
Subordination/Credit Enhancement Information
Protection Original Current
<S> <C> <C>
Bankruptcy Loss 125,790.00 125,790.00
Bankruptcy Percentage 0.033964% 0.049468%
Credit/Fraud Loss 4,003,446.00 0.00
Credit/Fraud Loss Percentage 1.080968% 0.000000%
Special Hazard Loss 6,185,201.00 5,084,997.82
Special Hazard Loss Percentage 1.670062% 1.999707%
Credit Support Original Current
Class A 378,163,067.00 234,368,044.91
Class A Percentage 94.499999% 92.166700%
Class M 9,003,885.00 8,193,138.47
Class M Percentage 2.250001% 3.222003%
Credit Support Original Current
Class B 1 9,003,885.00 8,193,138.47
Class BI Percentage 2.250001% 3.222003%
Class B2 1,800,777.00 1,638,627.68
Class B2 Percentage 0.450000% 0.644401%
Class B3 600,259.00 546,209.25
Class B3 Percentage 0.150000% 0.214800%
Class B4 1,600,690.56 1,347,958.07
Class B4 Percentage 0.400000% 0.530093%
</TABLE>
