The Class A-6 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.
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED February 22, 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 1994-8
-------------------------
The Class A-6 Certificates
o This supplement relates to the offering of the Class A-6 certificates
of the series referenced above. This supplement does not contain
complete information about the offering of the Class A-6
certificates. Additional information is contained in the prospectus
supplement dated February 22, 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 September 25, 2000, the class certificate balance of the
Class A-6 certificates was approximately $19,133,631.
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-6
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.
October 10, 2000
<PAGE>
THE MORTGAGE POOL
As of September 1, 2000 (the "Reference Date"), the Mortgage Pool
included approximately 340 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $70,148,306.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
September 1, 2000
<S> <C>
Total Number of Mortgage Loans................................................... 340
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.59%
60-90 days.............................................................. 0.00%
91 days or more (excluding pending foreclosures)........................ 0.00%
-----
Total Delinquencies..................................................... 0.59%
=====
Foreclosures Pending............................................................. 0.00%
-----
Total Delinquencies and foreclosures pending..................................... 0.59%
=====
--------------
(1)......As a percentage of the total number of Mortgage Loans as of the Reference Date.
</TABLE>
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, to approximately $16.801 billion at February 29, 2000 and to
approximately $18.122 billion at May 31, 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>
As of
At February 28, (29), May 31,
1997 1998 1999 2000 2000
<CAPTION>
---- ---- ---- ---- ----
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
<S> <C> <C> <C> <C> <C> <C>
30-59 days............................. 0.65% 1.08% 1.03% 1.37% 1.33%
60-89 days............................. 0.15 0.16 0.18 0.22 0.23
90 days or more (excluding pending
foreclosures)..................... 0.16 0.16 0.12 0.16 0.16
---- ---- ---- ---- ----
Total of delinquencies................. 0.96% 1.40% 1.33% 1.75% 1.75%
==== ==== ===== ==== ====
Foreclosures pending............................ 0.17% 0.17% 0.14% 0.16% 0.16%
==== ==== ==== ==== ====
Total delinquencies and foreclosures pending 1.13% 1.57% 1.47% 1.92% 1.19%
==== ==== ==== ==== ====
Net Gains/(Losses) on liquidated loans (1) ..... ($2,812,000) ($2,662,000) ($3,704,605) ($3,076,240) ($674,934)
Percentage of Net Gains/(Losses) on liquidated
loans (1)(2) .............................. (0.032)% (0.024)% (0.028)% (0.017)% (0.004)%
Percentage of Net Gains/(Losses) on liquidated
loans (based on average outstanding
principal balance)(1) ..................... (0.033)% (0.027)% (0.028)% (0.018)% (0.004)%
-----------------
(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.
</TABLE>
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 $249.9 billion at February 29, 2000 and to approximately $261.8
billion at May 31, 2000.
<TABLE>
<CAPTION>
As of
At February 28, (29), May 31,
1997 1998 1999 2000 2000
---- ---- ---- ---- -----
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
<S> <C> <C> <C> <C> <C> <C>
30-59 days.............................. 2.26% 2.68% 3.05% 3.40% 2.75%
60-89 days.............................. 0.52 0.58 0.21 0.25 0.69
90 days or more (excluding pending
foreclosures)...................... 0.66 0.65 0.29 0.32 0.69
---- ---- ---- ---- ----
Total of delinquencies.................. 3.44% 3.91% 3.55% 3.97% 4.12%
==== ==== ==== ==== ====
Foreclosures pending.................... 0.71% 0.45% 0.31% 0.39% 0.35%
==== ==== ==== ==== ====
Total delinquencies and foreclosures
pending............................ 4.15% 4.36% 3.86% 4.36% 4.48%
==== ==== ==== ==== ====
</TABLE>
DESCRIPTION OF THE CLASS A-6 CERTIFICATES
The Class A-6 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-6 Certificates are allocated principal payments as described in
the Prospectus Supplement under "Description of the Certificates --
Principal".
As of September 25, 2000 (the "Certificate Date"), the Class
Certificate Balance of the Class A-6 Certificates was approximately
$19,133,631, evidencing a beneficial ownership interest of approximately
27.68% in the Trust Fund. As of the Certificate Date, the Senior Certificates
had an aggregate principal balance of approximately $67,108,223 and evidenced
in the aggregate a beneficial ownership interest of approximately 95.67% in
the Trust Fund. As of the Certificate Date, the Subordinated Certificates had
an aggregate principal balance of $3,040,083, and evidenced in the aggregate a
beneficial ownership interest of approximately 4.33% in the Trust Fund. For
additional information with respect to the Class A-6 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>
$4,576,575.60 6.1575960927% 5.8945960927% 180 99
$65,571,730.19 6.8421152824% 6.5791152824% 180 99
</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-6 Certificates is $19,133,630.82 (ix) interest accrues
on the Class A-6 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 scheduled balances for the
related Classes are as set forth in the Principal Balance Schedules, (xii) the
closing date of the sale of the Class A-6 Certificates is October 10, 2000,
(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, 330% SPA assumes prepayment rates will
be 0.66% per annum in month one, 1.32% per annum in month two, and increasing
by 0.66% in each succeeding month until reaching a rate of 19.8% per annum in
month 30 and remaining constant at 19.8% 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-6 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-6
SPA Prepayment Assumption
----------------------------------------
Distribution Date 0% 100% 330% 600% 750%
----------------- -- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Initial Percent.................. 48 47 45 42 40
October 25, 2001................. 40 30 7 0 0
October 25, 2002................. 24 9 0 0 0
October 25, 2003................. 6 0 0 0 0
October 25, 2004................. 0 0 0 0 0
October 25, 2005................. 0 0 0 0 0
October 25, 2006................. 0 0 0 0 0
October 25, 2007................. 0 0 0 0 0
October 25, 2008................. 0 0 0 0 0
October 25, 2009................. 0 0 0 0 0
October 25, 2010................. 0 0 0 0 0
October 25, 2011................. 0 0 0 0 0
October 25, 2012................. 0 0 0 0 0
October 25, 2013................. 0 0 0 0 0
October 25, 2014................. 0 0 0 0 0
October 25, 2015................. 0 0 0 0 0
October 25, 2016................. 0 0 0 0 0
October 25, 2017................. 0 0 0 0 0
October 25, 2018................. 0 0 0 0 0
October 25, 2019................. 0 0 0 0 0
October 25, 2020................. 0 0 0 0 0
October 25, 2021................. 0 0 0 0 0
October 25, 2022................. 0 0 0 0 0
October 25, 2023................. 0 0 0 0 0
October 25, 2024................. 0 0 0 0 0
- - - - -
Weighted Average Life (years) **. 2.0 1.4 0.7 0.4 0.3
--------------------------
* As of the original issuance date. Rounded to the nearest
whole percentage.
** Determined as specified under "Weighted Average Lives of
the Offered Certificates" in the Prospectus Supplement.
</TABLE>
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $1,647,907.30, $100,000 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-6 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-6 Certificates. In
addition, the OID Regulations do not adequately address the calculation of
income with respect to prepayable securities such as the Class A-6
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-6 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A-6 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-6 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-6
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-6 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-6
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)
-----------------------------------------------------------------------------------
Mortgage Rates Number of Aggregate Percent of
Mortgage Principal Mortgage
Loans Balance Pool
Outstanding
<S> <C> <C> <C>
6.000 4 $884,208.25 1.26%
6.125 5 1,614,731.24 2.30%
6.250 10 2,077,636.11 2.96%
6.375 12 2,339,298.40 3.33%
6.500 58 12,840,066.49 18.30%
6.625 32 6,528,420.08 9.31%
6.750 57 13,015,994.86 18.55%
6.875 39 7,208,155.22 10.28%
7.000 52 10,331,681.53 14.73%
7.125 20 3,543,617.68 5.05%
7.250 31 5,751,567.90 8.20%
7.375 6 967,017.43 1.38%
7.500 10 2,014,693.44 2.87%
7.750 3 598,173.26 0.85%
8.000 1 433,043.90 0.62%
------------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
====================================================================================
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is approximately 6.797% per annum.
</TABLE>
<TABLE>
<CAPTION>
Current Mortgage Loan Balances(1)
------------------------------------------------------------------------------------
Current Mortgage Number of Aggregate Percent of
Loan Balances(1) Mortgage Principal Balance Mortgage Pool
Loans Outstanding
<S> <C> <C> <C> <C> <C>
$0 -- $50,000 8 $188,516.65 0.27%
$50,001 -- $100,000 23 1,971,050.03 2.81%
$100,001 -- $150,000 43 5,708,293.00 8.14%
$150,001 -- $200,000 128 22,069,008.49 31.46%
$200,001 -- $250,000 62 13,717,080.79 19.55%
$250,001 -- $300,000 30 8,151,024.73 11.62%
$300,001 -- $350,000 19 6,193,502.82 8.83%
$350,001 -- $400,000 11 4,103,137.53 5.85%
$400,001 -- $450,000 8 3,443,099.56 4.91%
$450,001 -- $500,000 1 463,011.95 0.66%
$500,001 -- $550,000 3 1,564,117.92 2.23%
$550,001 -- $600,000 2 1,139,960.06 1.63%
$600,001 -- $650,000 1 612,548.61 0.87%
$750,001 -- $1,000,000 1 823,953.65 1.17%
------------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
====================================================================================
(1) As of the Reference Date, the average current Mortgage Loan principal balance
is approximately $206,318.55
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Loan -To-Value Ratios(1)
-------------------------------------------------------------------------------
Loan-To-Value Ratios (%) Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
<S> <C> <C> <C>
50.00 and below 58 $11,787,249.78 16.80%
50.01 to 55.00 22 4,762,675.26 6.79%
55.01 to 60.00 31 6,766,445.74 9.65%
60.01 to 65.00 34 8,048,397.65 11.47%
65.01 to 70.00 57 10,702,525.15 15.26%
70.01 to 75.00 60 12,571,818.64 17.92%
75.01 to 80.00 63 12,813,251.30 18.27%
80.01 to 85.00 3 566,255.73 0.81%
85.01 to 90.00 12 2,129,686.54 3.04%
-------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
===============================================================================
(1) At the Reference Date, the weighted average Loan-to-Value of the Mortgage
Loans is approximately 64.68%.
</TABLE>
Documentation Program for Mortgage Loans
-------------------------------------------------------------------------------
Type of Program Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage
Loans Pool
Full 169 $35,448,510.03 50.53%
Alternative 128 27,750,276.61 39.56%
Reduced 28 3,628,016.89 5.17%
Streamlined 15 3,321,502.26 4.73%
-------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
===============================================================================
Type of Mortgaged Properties
-------------------------------------------------------------------------------
Property Type Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage
Loans Pool
Single Family 277 $57,586,883.38 82.09%
Condominium 4 606,921.03 0.87%
Planned Unit Development 59 11,954,501.38 17.04%
-------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
===============================================================================
Occupancy Types(1)
-------------------------------------------------------------------------------
Occupancy Type Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage Pool
Loans
Primary Residence 334 $69,005,896.61 98.37%
Second Residence 6 1,142,409.18 1.63%
-------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
===============================================================================
(1) Based upon representations of the related Mortgagors at the time of
origination.
Purpose of Mortgage Loans
-------------------------------------------------------------------------------
Loan Purpose Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage
Loans Pool
Purchase 30 $6,714,993.38 9.57%
Refinance (rate/term) 210 42,457,744.46 60.53%
Refinance (cash out) 100 20,975,567.95 29.90%
-------------------------------------------------------------------------------
Total
340 $70,148,305.79 100.00%
===============================================================================
<TABLE>
<CAPTION>
Terms to Maturity(1)
---------------------------------------------------------------------------------
Remaining Terms to Number of Aggregate Principal Percent of
Maturity (Months) Mortgage Balance Outstanding Mortgage Pool
Loans
<S> <C> <C> <C>
101 1 $209,610.94 0.30%
100 206 43,122,051.85 61.47%
99 101 21,491,924.16 30.64%
98 18 2,910,556.63 4.15%
97 10 1,832,699.66 2.61%
96 2 301,640.77 0.43%
95 1 119,401.54 0.17%
94 1 160,420.24 0.23%
----------------------------------------------------------------------------------
Total 340 $70,148,305.79 100.00%
==================================================================================
(1) As of the Reference Date, the weighted average remaining terms to
maturity of the Mortgage Loans is approximately 99 months.
</TABLE>
<TABLE>
<CAPTION>
State Distribution of Mortgaged Properties(1)
-----------------------------------------------------------------------------------
State Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage
Loans Pool
<S> <C> <C> <C>
Arizona 11 $1,880,605.79 2.68%
California 75 17,549,202.53 25.02%
Connecticut 10 2,088,912.44 2.98%
Florida 21 4,325,746.31 6.17%
Georgia 12 2,125,028.16 3.03%
Hawaii 6 1,545,250.38 2.20%
Illinois 25 4,770,942.75 6.80%
Maryland 17 2,711,261.05 3.87%
Massachusetts 35 6,385,269.16 9.10%
New Jersey 21 3,575,962.53 5.10%
New York 26 6,220,412.09 8.87%
Pennsylvania 11 2,162,993.59 3.08%
Texas 8 2,464,456.51 3.51%
Other (less than 2%) 62 12,342,262.50 17.59%
-----------------------------------------------------------------------------------
Total
340 $70,148,305.79 100.00%
===================================================================================
(1) Other includes 24 other states and the District of Columbia with under
1.92% concentration individually.
</TABLE>
<PAGE>
EXHIBIT 2
Distribution Date: 9/25/00
THE
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
Certificateholder Monthly Distribution Summary
<TABLE>
<CAPTION>
Pass Current
Class Certificate Beginning Through Principal Interest Total Realized
Class Cusip Description Rate Type Balance Rate (%) Distribution Distribution Distribution Losses
----- ----- ----------- ----------- --------- -------- ------------ ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Al 126690UX2 Senior Fix-30/360 0.00 4.750000 0.00 0.00 0.00 0.00
A2 126690UY0 Senior Fix-30/360 0.00 5.450000 0.00 0.00 0.00 0.00
A3 126690UZ7 Senior Fix-30/360 5,600,495.04 5.900000 419,703.86 27,535.77 447,239.63 0.00
A4 126690VAI Senior Var-30/360 224,019.85 7.175000 16,788.15 1,339.45 18,127.61 0.00
A5 126690VB9 Strip IO Var-30/360 224,019.85 1.325000 0.00 247.36 247.36 0.00
A6 126690VC7 Senior Fix-30/360 19,741,034.71 6.000000 607,403.89 98,705.17 706,109.06 0.00
A7 126690VD5 Senior Fix-30/360 20,346,035.30 6.000000 0.00 101,730.18 101,730.18 0.00
A8 126690VE3 Senior Var-30/360 14,773,424.01 7.675000 0.00 94,488.36 94,488.36 0.00
A9 126690VF0 Senior Var-30/360 7,386,712.01 2.650000 0.00 16,312.32 16,312.32 0.00
PO 126690VH6 Senior Fix-30/360 81,036.95 0.000000 638.54 0.00 638.54 0.00
AR 126690VJ2 Senior Fix-30/360 0.00 6.000000 0.00 0.07 0.07 0.00
M 126690VK9 Mezzanine Fix-30/360 559,423.21 6.000000 6,106.48 2,797.12 8,903.59 0.00
B1 126690VL7 Junior Fix-30/360 1,787,882.47 6.000000 19,515.93 8,939.41 28,455.35 0.00
B2 N/A Junior Fix-30/360 614,584.76 6.000000 6,708.60 3,072.92 9,781.53 0.00
B3 N/A Junior Fix-30/360 111,743.70 6.000000 1,219.76 558.72 1,778.48 0.00
Totals 71,226,392.01 1,078,085.21 355,726.85 1,433,812.08 0.00
</TABLE>
Cumulative
Ending Realized
Class Balance Losses
----- ------ ----------
Al 0.00 0.00
A2 0.00 0.00
A3 5,180,791.18 0.00
A4 207,231.70 0.00
A5 207,231.70 0.00
A6 19,133,630.82 0.00
A7 20,346,035.30 0.00
A8 14,773,424.01 0.00
A9 7,386,712.01 0.00
PO 80,398.41 0.00
AR 0.00 0.00
M 553,316.74 0.00
B1 1,768,366.53 0.00
B2 607,876.15 0.00
B3 110,523.94 13,085.18
Totals 70,148,306.79 13,085.18
Distribution Date: 9/25/00
THE
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
Principal Distribution Detail
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled Net Current Ending
Certificate Certificate Principal Accretion Principal Principal Realized Certificate
Class Cusip Balance Balance Distribution Principal Adjustments Distribution Losses Balance
----- ----- ----------- ----------- ------------ --------- ----------- ------------ -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Al 126690UX2 18,760,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A2 126690UY0 28,498,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A3 126690UZ7 22,222,000.00 5,600,495.04 419,703.86 0.00 0.00 419,703.86 0.00 5,180,791.18
A4 126690VAI 16,538,440.00 224,019.85 16,788.15 0.00 0.00 16,788.15 0.00 207,231.70
A5 126690VB9 16,538,440.00 224,019.85 0.00 0.00 0.00 0.00 0.00 207,231.70
A6 126690VC7 39,600,000.00 19,741,034.71 607,403.89 0.00 0.00 607,403.89 0.00 19,133,630.8
A7 126690VD5 20,500,000.00 20,346,035.30 0.00 0.00 0.00 0.00 0.00 20,346,035.3
A8 126690VE3 16,014,000.00 14,773,424.01 0.00 0.00 0.00 0.00 0.00 14,773,424.0
A9 126690VF0 8,007,000.00 7,386,712.01 0.00 0.00 0.00 0.00 0.00 7,386,712.01
PO 126690VH6 157,506.00 81,036.95 638.54 0.00 0.00 638.54 0.00 80,398.41
AR 126690VJ2 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M 126690VK9 876,686.00 559,423.21 6,106.48 0.00 0.00 6,106.48 0.00 553,316.74
BI 126690VL7 2,801,835.00 1,787,882.47 19,515.93 0.00 0.00 19,515.93 0.00 1,768,366.53
B2 N/A 963,131.00 614,584.76 6,708.60 0.00 0.00 6,708.60 0.00 607,876.15
B3 N/A 175,114.94 111,743.70 1,219.76 0.00 0.00 1,219.76 0.00 110,523.94
Totals 175,114,712.94 1,226,392.01 1,078,085.21 0.00 0.00 1,078,085.21 0.00 70,148,306.79
</TABLE>
Ending
Certificate
Class Factor
----- -----------
Al 0.00000000000
A2 0.00000000000
A3 0.23313793448
A4 0.01253030493
A5 0.01253030493
A6 0.48317249543
A7 0.99248952683
A8 0.92253178531
A9 0.92253178594
PO 0.51044667688
AR 0.00000000000
M 0.63114585516
BI 0.63114585033
B2 0.63114587096
B3 0.63115083677
Totals
Distribution Date: 9/25/00
THE
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
Interest Distribution Detail
<TABLE>
<CAPTION>
Net
Beginning Pass Accrued Cumulative Total Prepayment Unscheduled
Certificate Through Optimal Unpaid Deferred Interest Int Interest Interest
Class Balance Rate (%) Interest Interest Interest Due Shortfall Adjustment Paid
----- ----------- -------- -------- ---------- -------- -------- ---------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Al 0.00 4.750000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A2 0.00 5.450000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A3 5,600,495.04 5.900000 27,535.77 0.00 0.00 27,535.77 0.00 0.00 27,535.77
A4 224,019.85 7.175000 1,339.45 0.00 0.00 1,339.45 0.00 0.00 1,339.45
A5 224,019.85 1.325000 247.36 0.00 0.00 247.36 0.00 0.00 247.36
A6 19,741,034.71 6.000000 98,705.17 0.00 0.00 98,705.17 0.00 0.00 98,705.17
A7 20,346,035.30 6.000000 101,730.18 0.00 0.00 101,730.18 0.00 0.00 101,730.18
A8 14,773,424.01 7.675000 94,488.36 0.00 0.00 94,488.36 0.00 0.00 94,488.36
A9 7,386,712.01 2.650000 16,312.32 0.00 0.00 16,312.32 0.00 0.00 16,312.32
PO 81,036.95 0.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AR 0.00 6.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.07
M 559,423.21 6.000000 2,797.12 0.00 0.00 2,797.12 0.00 0.00 2,797.12
B1 1,787,882.47 6.000000 8,939.41 0.00 0.00 8,939.41 0.00 0.00 8,939.41
B2 614,584.76 6.000000 3,072.92 0.00 0.00 3,072.92 0.00 0.00 3,072.92
B3 111,743.70 6.000000 558.72 0.00 0.00 558.72 0.00 0.00 558.72
Totals 71,226,392.01 355,726.78 0.00 0.00 355,726.78 0.00 0.00 355,726.85
</TABLE>
<PAGE>
Distribution Date: 9/25/00
THE
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
Current Payment Information
Factors per $1,000
<TABLE>
<CAPTION>
Original Beginning Cert. Ending Cert. Pass
Certificate Notional Principal Interest Notional Through
Class Cusip Balance Balance Distribution Distribution Balance Rate (%)
----- ----- ----------- -------------- ------------ ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
Al 126690UX2 18,760,000.00 0.000000000 0.000000000 0.000000000 0.000000000 4.750000
A2 126690UY0 28,498,000.00 0.000000000 0.000000000 0.000000000 0.000000000 5.450000
A3 126690UZ7 22,222,000.00 252.024797048 18.886862569 1.239121919 233.137934479 5.900000
A4 126690VA1 16,538,440.00 13.545403957 1.015099030 0.080990228 12.530304927 7.175000
A5 126690VB9 16,538,440.00 13.545403957 0.000000000 0.014956384 12.530304927 1.325000
A6 126690VC7 39,600,000.00 498.510977451 15.338482018 2.492554887 483.172495433 6.000000
A7 126690VD5 20,500,000.00 992.489526829 0.000000000 4.962447634 992.489526829 6.000000
A8 126690VE3 16,014,000.00 922.531785313 0.000000000 5.900359544 922.531785313 7.675000
A9 126690VF0 8,007,000.00 922.531785937 0.000000000 2.037257694 922.531785937 2.650000
PO 126690VH6 157,506.00 514.500716015 4.054039137 0.000000000 510.446676878 0.000000
AR 126690VJ2 1,000.00 0.000000000 0.000000000 0.065506907 0.000000000 6.000000
M 126690VK9 876,686.00 638.111266389 6.965411230 3.190556332 631.145855159 6.000000
BI 126690VL7 2,801,835.00 638.111261502 6.965411177 3.190556308 631.145850326 6.000000
B2 N/A 963,131.00 638.111282369 6.965411404 3.190556412 631.145870965 6.000000
B3 N/A 175,114.94 638.116302977 6.965466208 3.190581515 631.150836770 6.000000
Totals 175,114,712.94 406.741334376 6.156451345 2.031393274 400.584882973
</TABLE>
<PAGE>
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
<TABLE>
<CAPTION>
<S> <C>
Pool Level Data
Distrbution Date 9/25/00
Cut-off Date 2/ 1 /94
Determination Date 9/ 1 /00
Accrual Period Begin 8/ 1 /00
End 9/ 1 /00
Number of Days in Accrual Period 31
Collateral Information
Group 1
-------
Cut-Off Date Balance 175,114,712.94
Beginning Aggregate Pool Stated Principal Balance 71,226,391.00
Ending Aggregate Pool Stated Principal Balance 70,148,305.79
Beginning Aggregate Certificate Stated Principal Balance 71,226,392.00
Ending Aggregate Certificate Stated Principal Balance 70,148,306.79
Beginning Aggregate Loan Count 345
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 5
Ending Aggregate Loan Count 340
Beginning Weighted Average Loan Rate (WAC) 6.797217%
Ending Weighted Average Loan Rate (WAC) 6.797456%
Beginning Net Weighted Average Loan Rate 6.534217%
Ending Net Weighted Average Loan Rate 6.534456%
Weighted Average Maturity (WAM) (Months) 281
Servicer Advances 6,231.67
Aggregate Pool Prepayment 501,417.46
Pool Prepayment Rate 8.1282 CPR
Certificate Information
Group 1
-------
Senior Percentage 95.6797824210%
Senior Prepayment Percentage 98.2719129684%
Subordinate Percentage 4.3202175790%
Subordinate Prepayment Percentage 1.7280870316%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 1,480,248.38
</TABLE>
<PAGE>
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
<TABLE>
<CAPTION>
<S> <C>
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
Total Deposits 1,480,248.38
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 46,436.32
Payment of Sub Servicer Fees 0.00
Payment of Other Fees 47,207.94
Payment of Insurance Premiums) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Service Agreement 0.00
Payment of Principal and Interest 1,433,812.05
Total Withdrawals 1,527,456.32
Ending Balance -0.00
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 516.30
Compensation for Gross PPIS from Servicing Fees 516.30
Other Gross PPIS Compensation 0.00
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 46,436.32
Sub Servicing Fees Paid 0.00
Insurance Pn:mium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 47,207.94
Total Fees 93,644.27
Delinquency Information
Group 1
-------
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
----------- ------------ ------------ -------- ------
Scheduled Principal Balance 431,952.96 0.00 0.00 431,952.96
Percentage of Total Pool Balance 0.615771 % 0.000000% 0.000000% 0.615771%
Number of Loans 2 0 0 2
Percentage of Total Loans 0.588235% 0.000000% 0.000000% 0.588235%
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%
</TABLE>
<PAGE>
BANK OF
NEW
YORK
101 BARCLAY STREET
NEW YORK, NY 10286
Attn: Courtney Bartholomew
212-815-5795
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1994-8
<TABLE>
<CAPTION>
Foreclosure
-----------
<S> <C> <C> <C> <C>
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 13,085.18
Subordination/Credit Enhancement Information
Protection Original Current
---------- -------- -------
Bankruptcy Loss 100,000.00 100,000.00
Bankruptcy Percentage 0.057105% 0.142555%
Credit/Fraud Loss 3,502,294.26 0.00
Credit/Fraud Loss Percentage 2.000000% 0.000000%
Special Hazard Loss 2,255,939.36 1,647 907.30
Special Hazard Loss Percentage 1.288264% 2.349176%
Credit Support Original Current
-------------- -------- -------
Class A 170,297,946.00 67,108,223.43
Class A Percentage 97.249365% 95.666206%
Class M 876,686.00 553,316.74
Class M Percentage 0.500635% 0.788781%
Class BI 2,801,835.00 1,768,366.53
Class B1 Percentage 1.600000% 2.520897%
Class B2 963,131.00 607,876.15
Class B2 Percentage 0.550000% 0.866559%
Class B3 175,114.94 110,523.94
Class B3 Percentage 0.100000% 0.157558%
</TABLE>
