SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED January 24, 1994
(To Prospectus dated January 14, 1994)
CWMBS, INC.
Depositor
Countrywide
Home Loans, Inc.
(formerly known as Countrywide Funding Corporation)
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1994-3
----------------
The Class A-8 Certificates
The Class A-8 certificates
represent obligations of the o This supplement relates to the
trust only and do not offering of the Class A-8 certificates
represent an interest in or of the series referenced above. This
obligation of CWMBS, Inc., supplement does not contain complete
Countrywide Home Loans, Inc. information about the offering of the
or any of their affiliates. Class A-8 certificates. Additional
information is contained in the
This supplement may be used to prospectus supplement dated January
offer and sell the offered 24, 1994 prepared in connection with
certificates only if the offering of the offered
accompanied by the prospectus certificates of the series referenced
supplement and the prospectus. 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 May 25, 2000, the class
certificate balance of the Class A-8
certificates was approximately
$28,408,000.
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-8
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 23, 2000
<PAGE>
THE MORTGAGE POOL
As of May 1, 2000 (the "Reference Date"), the Mortgage Pool included
approximately 841 Mortgage Loans having an aggregate Stated Principal Balance
of approximately $239,339,672.
The following table summarizes the delinquency and foreclosure experience
of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
<S> <C>
As of
May 1, 2000
Total Number of Mortgage Loans................................................... 841
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.24%
60-90 days.............................................................. 0.00%
91 days or more (excluding pending foreclosures)........................ 0.24%
-----
Total Delinquencies..................................................... 0.48%
=====
Foreclosures Pending............................................................. 0.08%
-----
Total Delinquencies and foreclosures pending..................................... 0.56%
=====
</TABLE>
--------------
(1) As a percentage of the total number of Mortgage Loans as of the Reference
Date.
One (1) Mortgage Loan has been converted and is, as of the Reference
Date, an REO Loan.
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. (formerly known as Countrywide Funding
Corporation), 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 $8.671 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 $16.801 billion at February 29, 2000. 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),
---------------------------------------------------------------
1997 1998 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
30-59 days.............................. 0.65% 1.08% 1.03% 1.37%
60-89 days.............................. 0.15 0.16 0.18 .022
90 days or more (excluding pending
foreclosures)...................... 0.16 0.16 0.12 0.16
---- ---- ---- ----
Total of delinquencies.................. 0.96% 1.40% 1.33% 1.73
==== ==== ==== ====
Foreclosures pending............................. 0.17% 0.17% 0.14% 0.36
==== ==== ==== ====
Total delinquencies and foreclosures pending..... 1.13% 1.57% 1.47% 1.99
==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (1) ...... ($2,812,000) ($2,662,000) ($3,704,605) (3,076,240)
Percentage of Net Gains/(Losses) on liquidated
loans (1)(2) ............................... (0.032)% (0.024)% (0.028)% (0.0017)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(1) ...................... (0.033)% (0.027)% (0.028)% (0.0018)%
</TABLE>
-----------------
(1) "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).
(2) 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
$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, to
approximately $249.0 billion at February 29, 2000.
<PAGE>
<TABLE>
<CAPTION>
At February 28, (29),
---------------------------------------------------------
1997 1998 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End(1):
30-59 days.............................. 2.26% 2.68% 3.05% 3.40%
60-89 days.............................. 0.52 0.58 0.21 0.25
90 days or more (excluding pending
foreclosures)...................... 0.66 0.65 0.29 0.32
---- ---- ---- ----
Total of delinquencies.................. 3.44% 3.91% 3.55% 3.97%
==== ==== ==== ====
Foreclosures pending.................... 0.71% 0.45% 0.31% 0.39%
==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 4.15% 4.36% 3.86% 4.36%
==== ==== ==== ====
</TABLE>
--------------
(1) Including loans subserviced for others.
DESCRIPTION OF THE CLASS A-8 CERTIFICATES
The Class A-8 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-8 Certificates are allocated principal payments as described in the
Prospectus Supplement under "Description of the Certificates -- Principal -
First and Second Tier Senior Principal Distribution Amounts".
As of May 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A-8 Certificates was approximately $28,408,000,
evidencing a beneficial ownership interest of approximately 11.87% in the
Trust Fund. As of the Certificate Date, the Senior Certificates had an
aggregate principal balance of approximately $218,210,584 and evidenced in the
aggregate a beneficial ownership interest of approximately 91.17% in the Trust
Fund. As of the Certificate Date, the Subordinated Certificates had an
aggregate principal balance of $21,129,088, and evidenced in the aggregate a
beneficial ownership interest of approximately 8.83% in the Trust Fund. For
additional information with respect to the Class A-8 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>
Original Term to Remaining Term to
Principal Balance Mortgage Rate Net Mortgage Rate Maturity (in months) Maturity (in months)
----------------- ------------- ----------------- -------------------- --------------------
<S> <C> <C> <C> <C>
$106,415,942.61 6.8515525% 6.5890525% 360 272
$132,923,729.77 7.4016299% 7.1391299% 360 272
</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 Class Certificate
Balance of the Class A-8 Certificates is $28,408,000 (ix) interest accrues on
the Class A-8 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 closing date of the sale of the
Class A-8 Certificates is June 23, 2000, (xii) the Seller is not required to
repurchase or substitute for any Mortgage Loan and (xiii) 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, 365% SPA assumes prepayment rates will
be 0.73% per annum in month one, 1.46% per annum in month two, and increasing
by 0.73% in each succeeding month until reaching a rate of 21.9% per annum in
month 30 and remaining constant at 21.9% 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-8 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.
Percent of Class Certificate
Balance Outstanding*
<TABLE>
<CAPTION>
Class A-8
SPA Prepayment Assumption
Distribution Date 0% 75% 140% 365% 750% 900%
----------------- -- --- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Initial Percent.................. 100 100 100 100 100 100
June 25, 2001.................... 100 100 100 100 59 28
June 25, 2002.................... 100 100 100 81 0 0
June 25, 2003.................... 100 100 100 37 0 0
June 25, 2004.................... 100 100 100 4 0 0
June 25, 2005.................... 100 100 77 0 0 0
June 25, 2006.................... 100 99 53 0 0 0
June 25, 2007.................... 100 79 30 0 0 0
June 25, 2008.................... 100 59 9 0 0 0
June 25, 2009.................... 100 39 0 0 0 0
June 25, 2010.................... 100 19 0 0 0 0
June 25, 2011.................... 86 0 0 0 0 0
June 25, 2012.................... 66 0 0 0 0 0
June 25, 2013.................... 45 0 0 0 0 0
June 25, 2014.................... 23 0 0 0 0 0
June 25, 2015.................... 0 0 0 0 0 0
June 25, 2016.................... 0 0 0 0 0 0
June 25, 2017.................... 0 0 0 0 0 0
June 25, 2018.................... 0 0 0 0 0 0
June 25, 2019.................... 0 0 0 0 0 0
June 25, 2020.................... 0 0 0 0 0 0
June 25, 2021.................... 0 0 0 0 0 0
June 25, 2022.................... 0 0 0 0 0 0
June 25, 2023.................... 0 0 0 0 0 0
June 25, 2024.................... 0 0 0 0 0 0
- - - - - -
Weighted Average Life (years) **. 12.8 8.5 6.2 2.8 1.1 0.9
</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 $5,339,008 and $254,441 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-8 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-8 Certificates. In
addition, the OID Regulations do not adequately address the calculation of
income with respect to prepayable securities such as the Class A-8
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-8 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A-8 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-8 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-8
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-8 Certificates are currently rated "AAA" by Duff & Phelps
Credit Rating Company 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-8
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>
EXHIBIT 1
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Mortgage Rates(1)
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Note Rate Number of Mortgage Aggregate Principal Balance Percent of
(%) Loans Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
6.250 2 $427,134.59 0.18%
6.375 2 456,736.57 0.19%
6.500 17 4,894,774.60 2.05%
6.625 28 6,645,451.70 2.78%
6.750 101 28,257,472.83 11.81%
6.875 92 25,500,528.79 10.65%
7.000 144 40,233,843.53 16.81%
7.125 9 1,912,042.11 0.80%
7.250 209 62,548,399.94 26.13%
7.375 65 19,468,636.82 8.13%
7.500 88 26,318,778.96 11.00%
7.625 29 8,233,659.04 3.44%
7.750 38 10,260,314.34 4.29%
7.875 9 2,330,586.54 0.97%
8.000 2 413,215.59 0.17%
8.125 3 737,945.15 0.31%
8.250 1 293,905.51 0.12%
8.375 2 406,245.77 0.17%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is approximately 7.157% per annum.
<TABLE>
<CAPTION>
Current Mortgage Loan Principal Balances(1)
----------------------------------------------------------------------------------------------
Current Mortgage Loan Number of Mortgage Aggregate Principal Balance Percent of
Balance Loans Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 -- $50,000 4 $0.00 0.00%
$50,001 -- $100,000 4 349,135.25 0.15%
$100,001 -- $150,000 13 1,667,027.17 0.70%
$150,001 -- $200,000 84 15,809,784.59 6.61%
$200,001 -- $250,000 322 72,331,319.57 30.22%
$250,001 -- $300,000 166 45,145,566.28 18.86%
$300,001 -- $350,000 78 25,105,498.93 10.49%
$350,001 -- $400,000 67 25,024,393.96 10.46%
$400,001 -- $450,000 31 13,136,898.17 5.49%
$450,001 -- $500,000 23 10,888,857.66 4.55%
$500,001 -- $550,000 19 9,934,125.18 4.15%
$550,001 -- $600,000 12 6,901,923.71 2.88%
$600,001 -- $650,000 6 3,710,459.88 1.55%
$650,001 -- $750,000 7 4,796,193.41 2.00%
$750,001 -- $1,000,000 5 4,538,488.62 1.90%
-------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
===========================================================================================
</TABLE>
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is approximately $284,589.38.
<PAGE>
<TABLE>
<CAPTION>
Original Loan-to-Value Ratios(1)
Original Loan-To-Value Number of Mortgage Aggregate Principal Balance Percent of
Ratios (%) Loans Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
50.00 and below 56 $17,510,951.20 7.32%
50.01 to 55.00 33 9,520,935.02 3.98%
55.01 to 60.00 47 16,246,486.35 6.79%
60.01 to 65.00 59 19,272,870.27 8.05%
65.01 to 70.00 76 22,541,434.03 9.42%
70.01 to 75.00 136 39,999,498.34 16.71%
75.01 to 80.00 298 82,632,645.85 34.53%
80.01 to 85.00 15 3,832,051.50 1.60%
85.01 to 90.00 121 27,782,799.82 11.61%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is approximately 71.86%.
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
----------------------------------------------------------------------------------------------
State count Balance percent
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California 465 $137,520,335.40 57.46%
Georgia 25 6,315,425.70 2.64%
Hawaii 14 5,468,363.75 2.28%
Illinois 18 4,874,888.01 2.04%
Maryland 22 6,046,950.48 2.53%
Massachusetts 55 14,206,145.77 5.94%
New Jersey 31 8,992,192.76 3.76%
New York 31 8,531,433.16 3.56%
Texas 20 5,439,231.61 2.27%
Washington 26 6,420,550.43 2.68%
Other (less than 2%) 134 35,524,155.31 14.84%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
(1) Other includes 25 other states and the District of Columbia with under 2%
concentration individually.
<TABLE>
<CAPTION>
Purpose of Mortgage Loans
Loan Purpose Number of Mortgage Aggregate Principal Balance Percent of
Loans Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchase 274 $75,383,599.70 31.50%
Refinance (rate/term) 469 135,010,662.12 56.41%
Refinance (cash out) 98 28,945,410.56 12.09%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Types of Mortgaged Property
Property Type Number of Mortgage Aggregate Principal Balance Percent of
Loans Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 690 $196,312,646.29 82.03%
Condominium 15 4,245,434.87 1.77%
Two-to Four-Family 1 360,248.66 0.15%
Planned Unit Development 135 38,421,342.56 16.05%
(PUD)
---------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
=============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Remaining Terms to Maturity(1)
Remaining Term to Number of Mortgage Aggregate Principal Balance Percent of
Maturity (Months) Loans Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
285-270 619 $183,712,506.04 76.76%
269-250 89 23,649,996.29 9.88%
249-230 55 14,485,065.11 6.05%
229-210 26 7,062,559.70 2.95%
209-190 12 3,082,172.09 1.29%
189-160 14 3,205,856.67 1.34%
159-100 15 3,224,681.36 1.35%
99-0 11 916,835.12 0.38%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is approximately 271 months.
<TABLE>
<CAPTION>
Occupancy Types(1)
Occupancy Types Number of Mortgage Aggregate Principal Percent of
Loans Balance Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Primary Residence 827 $234,974,163.01 98.18%
Second Residence 14 4,365,509.37 1.82%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
(1) Based upon representations of the related Mortgagors at the time of
origination.
<TABLE>
<CAPTION>
Documentation Program for Mortgage Loans
Type of Program Number of Mortgage Aggregate Principal Percent of
Loans Balance Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Full 407 $115,583,123.23 48.29%
Alternative 389 112,884,292.19 47.16%
Reduced 23 5,339,475.94 2.23%
Streamlined 22 5,532,781.02 2.31%
----------------------------------------------------------------------------------------------
Total 841 $239,339,672.38 100.00%
==============================================================================================
</TABLE>
<PAGE>
EXHIBIT 2
<TABLE>
<CAPTION>
Class Information Current Payment Information
----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A1 0.00 6.350000% 0.00 0.00 0.00 0.00 0.00
A2 0.02 5.850000% 0.00 0.00 0.00 0.00 0.00
A3 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
A4 0.02 6.750000% 0.00 0.00 0.00 0.00 0.00
A5 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
A6 14,913,674.40 6.750000% 277,331.63 83,889.42 361,221.05 0.00 0.00
A7 61,449,198.43 6.750000% 1,142,696.71 345,651.74 1,488,348.45 0.00 0.00
A8 28,408,000.00 6.750000% 0.00 159,795.00 159,795.00 0.00 0.00
A9 14,877,000.00 6.750000% 0.00 83,683.13 83,683.13 0.00 0.00
A10 30,962,211.57 6.750000% 47,832.31 174,162.44 221,994.75 0.00 0.00
A11 27,150,815.14 6.750000% 0.00 0.00 0.00 0.00 0.00
A12 25,270,660.35 6.750000% 127,415.90 142,147.46 269,563.37 0.00 0.00
A13 4,088,854.88 6.750000% 12,548.93 22,999.81 35,548.74 0.00 0.00
A14 10,000,000.00 6.750000% 0.00 56,250.00 56,250.00 0.00 0.00
AIO 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
PO 2,550,717.79 0.000000% 5,446.37 0.00 5,446.37 0.00 0.00
X 134,072,771.98 0.388548% 0.00 43,411.40 43,411.40 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
B1 19,519,863.22 6.750000% 97,610.01 109,799.23 207,409.25 0.00 0.00
B2 1,715,413.09 6.750000% 8,577.96 9,649.20 18,227.16 0.04 0.00
----------------------------------------------------------------------------------------------------------------------------------
Totals - - 240,906,408.92 - 1,719,459.83 1,231,438.83 2,950,898.67 0.04 -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Class Information
--------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
--------------------------------------------------------------------------------
Senior A1 0.00 0.00
A2 0.02 0.00
A3 0.00 0.00
A4 0.02 0.00
A5 0.00 0.00
A6 14,636,342.76 0.00
A7 60,306,501.72 0.00
A8 28,408,000.00 0.00
A9 14,877,000.00 0.00
A10 30,914,379.25 0.00
A11 27,303,538.48 0.00
A12 25,143,244.45 0.00
A13 4,076,305.95 0.00
A14 10,000,000.00 0.00
AIO 0.00 0.00
PO 2,545,271.43 0.00
X 132,923,729.77 0.00
Residual AR 0.00 0.00
B1 19,422,253.21 0.00
B2 1,706,835.08 0.00
--------------------------------------------------------------------------------
Totals - - 239,339,672.38 -
--------------------------------------------------------------------------------
<PAGE>
Payment Date: 05/25/00
------------------------------------------------------------
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICTAES, SERIES 1994-3
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------
Senior A1 0.00 6.350000% 126690PE0 0.000000 0.000000 0.000000
A2 0.02 5.850000% 126690PF7 0.000000 0.000000 0.000000
A3 0.00 6.750000% 126690PG5 0.000000 0.000000 0.000000
A4 0.02 6.750000% 126690PH3 0.000000 0.000000 0.000001
A5 0.00 6.750000% 126690PJ9 0.000000 0.000000 0.000000
A6 14,913,674.40 6.750000% 126690PK6 5.546633 1.677788 292.726855
A7 61,449,198.43 6.750000% 126690PL4 10.411910 3.149475 549.494772
A8 28,408,000.00 6.750000% 126690PM2 0.000000 5.625000 1,000.000000
A9 14,877,000.00 6.750000% 126690PN0 0.000000 5.625000 1,000.000000
A10 30,962,211.57 6.750000% 126690PP5 1.039833 3.786140 672.051723
A11 27,150,815.14 6.750000% 126690PQ3 0.000000 0.000000 1,531.583468
A12 25,270,660.35 6.750000% 126690PR1 4.190683 4.675201 826.956094
A13 4,088,854.88 6.750000% 126690PS9 2.731303 5.005962 887.217550
A14 10,000,000.00 6.750000% 126690PT7 0.000000 5.625000 1,000.000000
AIO 0.00 6.750000% 126690PU4 0.000000 0.000000 0.000000
PO 2,550,717.79 0.000000% 126690PV2 1.379641 0.000000 644.752999
X 134,072,771.98 0.388548% 126690PW0 0.000000 0.154372 472.678913
Residual AR 0.00 6.750000% 126690PX8 0.000000 0.000000 0.000000
B1 19,519,863.22 6.750000% 126690PY6 4.338416 4.880183 863.249620
B2 1,715,413.09 6.750000% PRIVATE 3.809638 4.285394 758.038149
------------------------------------------------------------------------------------------------------------------------
Totals - - 240,906,408.92 - - - - -
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICTAES, SERIES 1994-3
------------------------------------------------------------
--------------------------------------------------------------------------------
COLLATERAL INFORMATION
--------------------------------------------------------------------------------
Total
-----
Prin balance 239,339,672.38 239,339,672.38
Loan count 841 841
Avg loan rate 7.157771% 7.16
Prepay amount 989,742.27 989,742.27
--------------------------------------------------------------------------------
FEES AND ADVANCES
--------------------------------------------------------------------------------
Total
-----
Master serv fees 49,316.57 49,316.57
Sub servicer fees 0.00 0.00
Trustee fees 2,609.82 2,609.82
Agg advances N/A N/A
Adv this period 10,445.30 10,445.30
--------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
--------------------------------------------------------------------------------
Total
-----
Realized losses 0.00 0.00
Cumulative losses 250,292.62 250,292.62
Coverage Amounts Total
---------------- -----
Bankruptcy 254,440.79 254,440.79
Fraud 0.00 0.00
Special Hazard 5,339,007.93 5,339,007.93
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 89.831199% 240,906,408.92
-----------------------------------------------------------------------------
Junior 0.000000% 10.168801% 0.00
-----------------------------------------------------------------------------
--------------------------------------------------------------------------------
DELINQUENCY INFORMATION
--------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
30 to 59 days 2 585,266.26
60 to 89 days 0 0.00
90 or more 2 596,549.26
Foreclosure 1 201,099.33
Totals: 5 1,382,914.85
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
REO INFORMATION
--------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
--------------------------------------------------------------------------------
OTHER INFORMATION
--------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 2,950,898.67 2,950,898.67
Principal remittance amount 1,719,459.83 1,719,459.83
Interest remittance amount 1,231,438.83 1,231,438.83
