SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED September 27, 1993
(To Prospectus dated August 31, 1993)
CWMBS, INC.
Depositor
Countrywide
Home Loans, Inc.
(formerly known as Countrywide Funding Corporation)
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1993-1
-------------------
<TABLE>
<CAPTION>
<S> <C>
-------------------------- The Class A-9 Certificates
The Class A-9
certificates represent o This supplement relates to the offering of the Class A-9 certificates of the
obligations of the trust series referenced above. This supplement does not contain complete
only and do not information about the offering of the Class A-9 certificates. Additional
represent an interest in information is contained in the prospectus supplement dated September 27,
or obligation of 1993 prepared in connection with the offering of the offered certificates of
CWMBS, Inc., the series referenced above and in the prospectus of the depositor dated
Countrywide Home August 31, 1993. You are urged to read this supplement, the prospectus
Loans, Inc. or any of supplement and the prospectus in full.
their affiliates.
o As of the September 25, 2000, the class certificate balance of the Class A-9
This supplement may certificates was approximately $13,800,000.
be used to offer and sell
the offered certificates
only if accompanied by
the prospectus
supplement and the
prospectus.
-------------------------
</TABLE>
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-9
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 13, 2000
<PAGE>
THE MORTGAGE POOL
As of September 1, 2000 (the "Reference Date"), the Mortgage Pool
included approximately 620 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $173,729,386.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
As of
September 1, 2000
Total Number of Mortgage Loans.............................. 620
Delinquent Mortgage Loans and Pending Foreclosures at
Period End (1)
30-59 days....................................... 0.97%
60-90 days....................................... 0.00%
91 days or more (excluding pending foreclosures). 0.16%
-----
Total Delinquencies.............................. 1.13%
=====
Foreclosures Pending........................................ 0.00%
-----
Total Delinquencies and foreclosures pending................ 1.13%
=====
--------------
(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. (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>
<CAPTION>
As of
At February 28, (29), May 31,
1997 1998 1999 2000 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
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)%
</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 $249.9 billion at February 29, 2000 and to approximately $261.8
billion at May 31, 2000.
<TABLE>
<CAPTION>
As of May
At February 28, (29), 31,
1997 1998 1999 2000 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Delinquent Mortgage Loans and Pending
Foreclosures at Period End:
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-9 CERTIFICATES
The Class A-9 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-9 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-9 Certificates was approximately
$13,800,000, evidencing a beneficial ownership interest of approximately 7.94%
in the Trust Fund. As of the Certificate Date, the Senior Certificates had an
aggregate principal balance of approximately $154,407,101 and evidenced in the
aggregate a beneficial ownership interest of approximately 88.88% in the Trust
Fund. As of the Certificate Date, the Subordinated Certificates had an
aggregate principal balance of $19,322,285, and evidenced in the aggregate a
beneficial ownership interest of approximately 11.12% in the Trust Fund. For
additional information with respect to the Class A-9 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>
$75,492,856.65 7.6044825597% 7.3454825597% 360 276
$98,236,528.91 7.1942737645% 6.9312737645% 360 276
</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 in the Prospectus
Supplement 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-9 Certificates is $13,800,000 (ix)
interest accrues on the Class A-9 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 Principal
Balances are as set forth in the Targeted Principal Balances Schedules, (xii)
the closing date of the sale of the Class A-9 Certificates is October 13,
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, 350% SPA assumes prepayment rates will
be 0.7% per annum in month one, 1.4% per annum in month two, and increasing by
0.7% in each succeeding month until reaching a rate of 21% per annum in month
30 and remaining constant at 21% 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-9 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-9
SPA Prepayment Assumption
----------------------------------------
Distribution Date 0% 250% 350% 600% 1000%
----------------- -- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C>
Initial Percent.................. 100 100 100 100 100
October 25, 2001................. 100 88 77 48 4
October 25, 2002................. 100 63 45 7 0
October 25, 2003................. 100 42 22 0 0
October 25, 2004................. 100 25 3 0 0
October 25, 2005................. 100 11 0 0 0
October 25, 2006................. 95 0 0 0 0
October 25, 2007................. 89 0 0 0 0
October 25, 2008................. 83 0 0 0 0
October 25, 2009................. 76 0 0 0 0
October 25, 2010................. 69 0 0 0 0
October 25, 2011................. 62 0 0 0 0
October 25, 2012................. 54 0 0 0 0
October 25, 2013................. 45 0 0 0 0
October 25, 2014................. 36 0 0 0 0
October 25, 2015................. 26 0 0 0 0
October 25, 2016................. 16 0 0 0 0
October 25, 2017................. 6 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
- - - - -
Weighted Average Life (years) **. 12.1 2.9 2.1 1.1 0.6
</TABLE>
--------------------------
* 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.
CREDIT ENHANCEMENT
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $2,000,393, $125,000 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-9 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-9 Certificates. In
addition, the OID Regulations do not adequately address the calculation of
income with respect to prepayable securities such as the Class A-9
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-9 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A-9 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-9 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-9
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-9 Certificates are currently rated "AAA" by Fitch, Inc.
and "Aaa" by Moody's Investors Service, 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-9
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
Mortgage Rates(1)
-------------------------------------------------------------------------------
Mortgage Rates Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage
Loans Pool
6.750 7 $2,131,479.05 1.23%
6.875 14 $4,133,457.76 2.38%
7.000 50 $15,257,257.88 8.78%
7.125 63 $18,398,053.76 10.59%
7.250 117 $32,272,236.99 18.58%
7.375 90 $26,044,043.47 14.99%
7.500 170 $47,353,186.11 27.26%
7.625 32 $9,322,833.64 5.37%
7.750 41 $10,357,452.27 5.96%
7.875 17 $4,267,087.69 2.46%
8.000 11 $2,512,106.66 1.45%
8.125 1 $142,474.78 0.08%
8.250 6 $1,262,315.10 0.73%
8.375 1 $275,400.40 0.16%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
(1) As of the Reference Date, the weighted average Mortgage
Rate of the Mortgage Loans is approximately 7.373% per
annum.
Current Mortgage Loan Principal Balances(1)
-------------------------------------------------------------------------------
Current Mortgage Number of Aggregate Percent of
Loan Principal Balances(1) Mortgage Principal Balance Mortgage Pool
Loans Outstanding
$0 -- $50,000 3 $32,065.79 0.02%
$50,001 -- $100,000 5 $436,488.50 0.25%
$100,001 -- $150,000 10 $1,319,666.04 0.76%
$150,001 -- $200,000 72 $13,408,600.87 7.72%
$200,001 -- $250,000 227 $50,505,324.46 29.07%
$250,001 -- $300,000 121 $33,052,103.85 19.03%
$300,001 -- $350,000 70 $22,722,575.45 13.08%
$350,001 -- $400,000 43 $16,089,294.62 9.26%
$400,001 -- $450,000 20 $8,620,119.42 4.96%
$450,001 -- $500,000 19 $8,923,102.41 5.14%
$500,001 -- $550,000 14 $7,381,531.75 4.25%
$550,001 -- $600,000 6 $3,440,294.53 1.98%
$650,001 -- $750,000 4 $2,665,123.74 1.53%
$750,001 -- $1,000,000 6 $5,133,094.13 2.95%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is approximately $280,208.69.
<PAGE>
Original Loan -To-Value Ratios(1)
-------------------------------------------------------------------------------
Original Loan-To-Value Number of Aggregate Principal Percent of
Ratios (%) Mortgage Balance Outstanding Mortgage Pool
Loans
50.00 and below 77 $22,910,931.78 13.19%
50.01 to 55.00 16 $5,994,031.35 3.45%
55.01 to 60.00 35 $11,190,542.20 6.44%
60.01 to 65.00 51 $16,045,879.11 9.24%
65.01 to 70.00 64 $18,596,238.62 10.70%
70.01 to 75.00 65 $17,555,355.29 10.11%
75.01 to 80.00 222 $60,371,215.04 34.75%
80.01 to 85.00 9 $2,121,176.08 1.22%
85.01 to 90.00 81 $18,944,016.09 10.90%
Total 620 $173,729,385.56 100.00%
===============================================================================
(1) At the Reference Date, the weighted average original Loan-to-Value of the
Mortgage Loans is approximately 69.73%.
Documentation Program for Mortgage Loans
-------------------------------------------------------------------------------
Type of Program Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage Pool
Loans
Full 274 $78,247,936.21 48.54%
Alternative 259 73,458,713.62 41.61%
Reduced 38 8,430,737.83 2.99%
Streamlined 49 13,591,997.90 6.86%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
Type of Mortgaged Properties
-------------------------------------------------------------------------------
Property Type Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage Pool
Loans
Single Family 514 $144,087,289.73 82.94%
Condominium 9 $2,934,067.42 1.69%
Planned Unit Development 97 $26,708,028.41 15.37%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
Occupancy Types(1)
--------------------------------------------------------------------------------
Occupancy Type Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage Pool
Loans
Primary Residence 618 $173,197,715.04 99.69%
Second Residence 2 $531,670.52 0.31%
--------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
================================================================================
(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 193 $51,465,166.28 29.62%
Refinance (rate/term) 340 $98,784,160.73 56.86%
Refinance (cash out) 87 $23,480,058.55 13.52%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
Terms to Maturity(1)
--------------------------------------------------------------------------------
Remaining Terms to Number of Aggregate Principal Percent of
Maturity (Months) Mortgage Balance Outstanding Mortgage
Loans Pool
275 219 $64,185,368.68 36.95%
274 364 $100,060,475.32 57.60%
273 32 $8,058,354.43 4.64%
272 4 $1,105,537.93 0.64%
271 1 $319,649.20 0.18%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
(1) As of the Reference Date, the weighted average remaining terms to
maturity of the Mortgage Loans is approximately 276 months.
State Distribution of Mortgaged Properties(1)
-------------------------------------------------------------------------------
State Number of Aggregate Principal Percent of
Mortgage Balance Outstanding Mortgage
Loans Pool
California 446 $130,710,085.04 75.24%
Hawaii 10 $3,612,456.36 2.08%
Texas 20 $4,466,584.09 2.57%
Washington 18 $4,230,742.38 2.44%
Other (less than 2%) 126 $30,709,517.69 17.68%
-------------------------------------------------------------------------------
Total 620 $173,729,385.56 100.00%
===============================================================================
(1) Other includes 25 other states and the District of Columbia with under
1.91% concentration individually.
<PAGE>
EXHIBIT 2
THE Distribution Date: 9/25/00
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
<TABLE>
<CAPTION>
CWMBS INC
Attn: Courtney Bartholomew MORTGAGE PASS THROUGH CERTIFICATES
212-815-5795 SERIES 1993-1
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> <C>
Al 126690AE6 Senior Fix-30/360 0.00 7.125000 0.00 0.00 0.00
A2 126690AC0 Senior Fix-30/360 3,156,519.32 6.000000 151,760.80 15,782.60 167,543.39
A3 126690AA4 Senior Var-30/360 8,184,884.23 7.445000 393,517.17 50,780.39 444,297.56
A4 126690AQ9 Senior Var-30/360 2,728,294.74 1.665000 131,172.39 3,785.51 134,957.90
A5 126690AP1 Senior Fix-30/360 5,505,534.12 10.000000 264,697.97 45,879.45 310,577.42
A6 126690AJ5 Senior Fix-30/360 19,190,445.00 7.125000 0.00 113,943.27 113,943.27
A7 126690AK2 Senior Fix-30/360 28,495,555.00 7.125000 0.00 169,192.36 169,192.36
A8 126690AL0 Senior Fix-30/360 20,000,000.00 7.125000 0.00 118,750.00 118,750.00
A9 126690AD8 Senior Fix-30/360 13,800,000.00 6.500000 0.00 74,750.00 74,750.00
A10 126690AN6 Senior Fix-30/360 3,000,000.00 10.000000 0.00 25,000.00 25,000.00
A11 126690AF3 Senior Fix-30/360 7,605,000.00 7.125000 0.00 45,154.69 45,154.69
A12 126690AGI Senior Fix-30/360 39,070,000.00 7.125000 0.00 231,978.13 231,978.13
A13 126690AH9 Senior Fix-30/360 1,941,000.00 7.125000 0.00 11,524.69 11,524.69
A14 126690AB2 Senior Var-30/360 0.00 7.825000 0.00 0.00 0.00
A15 126690AR7 Senior Var-30/360 0.00 5.025000 0.00 0.00 0.00
A16 126690AS5 Strip IO Fix-30/360 76,090,888.39 0.215855 0.00 13,687.14 13,687.14
A17 126690AT3 Strip PO Fix-30/360 2,680,773.79 0.000000 9,757.24 0.00 9,757.24
R 126690AM8 Senior Fix-30/360 0.00 0.000000 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
B1 126690AM8 Junior Fix-30/360 16,374,559.83 7.125000 54,505.66 97,223.95 151,729.61
B2 PRIVATE Junior Fix-30/360 2,292,419.37 7.125000 7,630.73 13,611.24 21,241.97
B3 PRIVATE Junior Fix-30/360 719,838.22 7.125000 2,396.04 4,274.04 6,670.08
-----------------------------------------------------------------------------------------------------------------------------------
Totals 174,744,823.62 1,015,438.00 1,035,31 7.46 2,050,755.45
------------------------------------------------------------------------------------------------------------------------
(Table Continued)
--------------------------------------------------------------------
Current Cumulative
Realized Ending Realized
Class Cusip Losses Balance Losses
-----------------------------------------------------------
Al 126690AE6 0.00 0.00 0.00
A2 126690AC0 0.00 3,004,758.52 0.00
A3 126690AA4 0.00 7,791,367.06 0.00
A4 126690AQ9 0.00 2,597,122.35 0.00
A5 126690AP1 0.00 5,240,836.15 0.00
A6 126690AJ5 0.00 19,190,445.00 0.00
A7 126690AK2 0.00 28,495,555.00 0.00
A8 126690AL0 0.00 20,000,000.00 0.00
A9 126690AD8 0.00 13,800,000.00 0.00
A10 126690AN6 0.00 3,000,000.00 0.00
A11 126690AF3 0.00 7,605,000.00 0.00
A12 126690AGI 0.00 39,070,000.00 0.00
A13 126690AH9 0.00 1,941,000.00 0.00
A14 126690AB2 0.00 0.00 0.00
A15 126690AR7 0.00 0.00 0.00
A16 126690AS5 0.00 75,492,856.65 0.00
A17 126690AT3 0.00 2,671,016.56 0.00
R 126690AM8 0.00 0.00 0.00
--------------------------------------------------------------------
B1 126690AM8 0.00 16,320,054.17 0.00
B2 PRIVATE 0.00 2,284,788.64 0.00
B3 PRIVATE 0.07 717,442.11 256,885.56
--------------------------------------------------------------------
Totals 0.07 173,729,385.56256,885.56
--------------------------------------------------------------------
</TABLE>
THE Distribution Date: 9/25/00
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
<TABLE>
<CAPTION>
CWMBS INC
Attn: Courtney Bartholomew MORTGAGE PASS THROUGH CERTIFICATES
212-815-5795 SERIES 1993-1
Principal Distribution Detail
-------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Net
Certificate Certificate Principal Accretion Principal Principal
Class Cusip Balance Balance Distribution Principal Adjustments Distribution
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Al 126690AE6 107,151,000.00 0.00 0.00 0.00 0.00 0.00
A2 126690AC0 19,283,000.00 3,156,519.32 151,760.80 0.00 0.00 151,760.80
A3 126690AA4 50,001,000.00 8,184,884.23 393,517.17 0.00 0.00 393,517.17
A4 126690AQ9 16,667,000.00 2,728,294.74 131,172.39 0.00 0.00 131,172.39
A5 126690AP1 33,633,000.00 5,505,534.12 264,697.97 0.00 0.00 264,697.97
A6 126690AJ5 19,190,445.00 19,190,445.00 0.00 0.00 0.00 0.00
A7 126690AK2 28,495,555.00 28,495,555.00 0.00 0.00 0.00 0.00
A8 126690AL0 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00
A9 126690AD8 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00
A10 126690AN6 3,000,000.00 3,000,000.00 0.00 0.00 0.00 0.00
A11 126690AF3 7,605,000.00 7,605,000.00 0.00 0.00 0.00 0.00
A12 126690AGI 39,070,000.00 39,070,000.00 0.00 0.00 0.00 0.00
A13 126690AH9 1,941,000.00 1,941,000.00 0.00 0.00 0.00 0.00
A14 126690AB2 8,842,500.00 0.00 0.00 0.00 0.00 0.00
A15 126690AR7 2,947,500.00 0.00 0.00 0.00 0.00 0.00
A16 126690AS5 221,990,578.00 76,090,888.39 0.00 0.00 0.00 0.00
A17 126690AT3 4,373,160.96 2,680,773.79 9,757.24 0.00 0.00 9,757.24
R 126690AM8 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
B1 126690AM8 20,000,194.48 16,374,559.83 54,505.66 0.00 0.00 54,505.66
B2 PRIVATE 2,800,004.00 2,292,419.37 7,630.73 0.00 0.00 7,630.73
B3 PRIVATE 1,200,002.39 719,838.22 2,396.04 0.00 0.00 2,396.04
-------------------------------------------------------------------------------------------------------------------------
Totals 400,000,361.83 174,744,823.62 1,015,438.00 0.00 0.00 1,015,438.00
-------------------------------------------------------------------------------------------------------------------------
(Table Continued)
-------------------------------------------------------------------------
Current Ending Ending
Realized Certificate Certificate
Class Cusip Losses Balance` Factor
-------------------------------------------------------------------------
Al 126690AE6 0.00 0.00 0.00000000000
A2 126690AC0 0.00 3,004,758.52 0.15582422467
A3 126690AA4 0.00 7,791,367.06 0.15582422467
A4 126690AQ9 0.00 2,597,122.35 0.15582422467
A5 126690AP1 0.00 5,240,836.15 0.15582422467
A6 126690AJ5 0.00 19,190,445.00 1.00000000000
A7 126690AK2 0.00 28,495,555.00 1.00000000000
A8 126690AL0 0.00 20,000,000.00 1.00000000000
A9 126690AD8 0.00 13,800,000.00 1.00000000000
A10 126690AN6 0.00 3,000,000.00 1.00000000000
A11 126690AF3 0.00 7,605,000.00 1.00000000000
A12 126690AGI 0.00 39,070,000.00 1.00000000000
A13 126690AH9 0.00 1,941,000.00 1.00000000000
A14 126690AB2 0.00 0.00 0.00000000000
A15 126690AR7 0.00 0.00 0.00000000000
A16 126690AS5 0.00 75,492,856.65 0.34007234600
A17 126690AT3 0.00 2,671,016.56 0.61077481021
R 126690AM8 0.00 0.00 0.00000000000
-------------------------------------------------------------------------
B1 126690AM8 0.00 16,320,054.17 0.81599477390
B2 PRIVATE 0.00 2,284,788.64 0.81599477617
B3 PRIVATE 0.07 717,442.11 0.59786723609
-------------------------------------------------------------------------
Totals 0.07 173,729,385.56
-------------------------------------------------------------------------
</TABLE>
THE Distribution Date: 9/25/00
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
<TABLE>
<CAPTION>
CWMBS INC
Attn: Courtney Bartholomew MORTGAGE PASS THROUGH CERTIFICATES
212-815-5795 SERIES 1993-1
Interest Distribution Detail
------------------------------------------------------------------------------------------------------------------------------------
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 7.125000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A2 3,156,519.32 6.000000 15,782.60 0.00 0.00 15,782.60 0.00 0.00 15,782.60
A3 8,184,884.23 7.445000 50,780.39 0.00 0.00 50,780.39 0.00 0.00 50,780.39
A4 2,728,294.74 1.665000 3,785.51 0.00 0.00 3,785.51 0.00 0.00 3,785.51
A5 5,505,534.12 10.000000 45,879.45 0.00 0.00 45,879.45 0.00 0.00 45,879.45
A6 19,190,445.00 7.125000 113,943.27 0.00 0.00 113,943.27 0.00 0.00 113,943.27
A7 28,495,555.00 7.125000 169,192.36 0.00 0.00 169,192.36 0.00 0.00 169,192.36
A8 20,000,000.00 7.125000 118,750.00 0.00 0.00 118,750.00 0.00 0.00 118,750.00
A9 13,800,000.00 6.500000 74,750.00 0.00 0.00 74,750.00 0.00 0.00 74,750.00
A10 3,000,000.00 10.000000 25,000.00 0.00 0.00 25,000.00 0.00 0.00 25,000.00
A11 7,605,000.00 7.125000 45,154.69 0.00 0.00 45,154.69 0.00 0.00 45,154.69
A12 39,070,000.00 7.125000 231,978.13 0.00 0.00 231,978.13 0.00 0.00 231,978.13
A13 1,941,000.00 7.125000 11,524.69 0.00 0.00 11,524.69 0.00 0.00 11,524.69
A14 0.00 7.825000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A15 0.00 5.025000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A16 76,090,888.39 0.215855 13,687.14 0.00 0.00 13,687.14 0.00 0.00 13,687.14
A17 2,680,773.79 0.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------------------------------------
B1 16,374,559.83 7.125000 97,223.95 0.00 0.00 97,223.95 0.00 0.00 97,223.95
B2 2,292,419.37 7.125000 13,611.24 0.00 0.00 13,611.24 0.00 0.00 13,611.24
B3 719,838.22 7.125000 4,274.04 0.00 0.00 4,274.04 0.00 0.00 4,274.04
------------------------------------------------------------------------------------------------------------------------------------
Totals 174,744,823.62 1,035,317.46 0.00 0.00 1,035,317.46 0.00 0.00 1,035,317.46
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE Distribution Date: 9/25/00
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
<TABLE>
<CAPTION>
CWMBS INC
Attn: Courtney Bartholomew MORTGAGE PASS THROUGH CERTIFICATES
212-815-5795 SERIES 1993-1
Current Payment Information
Factors per $1,000
---------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending Cert. Pass
Certificate Cert. Notional Principal Interest Notional Through
Class Cusip Balance Balance Distribution Distribution Balance Rate(%)
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Al 126690AE6 107,151,000.00 0.000000000 0.000000000 0.000000000 0.000000000 7.125000
A2 126690AC0 19,283,000.00 163.694410746 7.870186080 0.818472054 155.824224666 6.000000
A3 126690AA4 50,001,000.00 163.694410746 7.870186080 1.015587407 155.824224666 7.445000
A4 126690AQ9 16,667,000.00 163.694410746 7.870186080 0.227125995 155.824224666 1.665000
A5 126690AP1 33,633,000.00 163.694410746 7.870186080 1.364120090 155.824224666 10.000000
A6 126690AJ5 19,190,445.00 1,000.000000000 0.000000000 5.937500000 1,000.000000000 7.125000
A7 126690AK2 28,495,555.00 1,000.000000000 0.000000000 5.937500000 1,000.000000000 7.125000
A8 126690AL0 20,000,000.00 1,000.000000000 0.000000000 5.937500000 1,000.000000000 7.125000
A9 126690AD8 13,800,000.00 1,000.000000000 0.000000000 5.416666667 1,000.000000000 6.500000
A10 126690AN6 3,000,000.00 1,000.000000000 0.000000000 8.333333333 1,000.000000000 10.000000
A11 126690AF3 7,605,000.00 1,000.000000000 0.000000000 5.937500000 1,000.000000000 7.125000
A12 126690AG1 39,070,000.00 1,000.000000000 0.000000000 5.937500000 1,000.000000000 7.125000
A13 126690AH9 1,941,000.00 1,000.000000000 0.000000000 5.937500000 1,000.000000000 7.125000
A14 126690AB2 8,842,500.00 0.000000000 0.000000000 0.000000000 0.000000000 7.825000
A15 126690AR7 2,947,500.00 0.000000000 0.000000000 0.000000000 0.000000000 5.025000
A16 126690AS5 221,990,578.00 342.766297000 0.000000000 0.061656403 340.072345998 0.215855
A17 126690AT3 4,373,160.96 613.005974246 2.231164033 0.000000000 610.774810213 0.000000
R 126690AM8 0.00 0.000000000 0.000000000 0.000000000 0.000000000 0.000000
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
B1 126690AM8 20,000,194.48 818.720030341 2.725256441 4.861150180 815.994773899 7.125000
B2 PRIVATE 2,800,004.00 818.720032619 2.725256449 4.861150194 815.994776170 7.125000
B3 PRIVATE 1,200,002.39 599.863990960 1.996699064 3.561692446 597.867236093 7.125000
---------------------------------------------------------------------------------------------------------------------------
Totals 400,000,361.83 436.861663876 2.538592704 2.588291309 434.323071022
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE Distribution Date: 9/25/00
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
<TABLE>
<CAPTION>
CWMBS INC
Attn: Courtney Bartholomew MORTGAGE PASS THROUGH CERTIFICATES
212-815-5795 SERIES 1993-1
Pool Level Data
<S> <C>
Distribution Date 9/25/00
Cut-off Date 9/ 1/93
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 400,097,246.70
Beginning Aggregate Pool Stated Principal Balance 174,744,823.63
Ending Aggregate Pool Stated Principal Balance 173,729,385.56
Beginning Aggregate Certificate Stated Principal Balance 174,744,823.63
Ending Aggregate Certificate Stated Principal Balance 173,729,385.56
Beginning Aggregate Loan Count 625
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 5
Ending Aggregate Loan Count 620
Beginning Weighted Average Loan Rate (WAC) 7.372687%
Ending Weighted Average Loan Rate (WAC) 7.372527%
Beginning Net Weighted Average Loan Rate 7.109687%
Ending Net Weighted Average Loan Rate 7.109527%
Weighted Average Maturity (WAM) (Months) 275
Servicer Advances 16,416.67
Aggregate Pool Prepayment 726,694.22
Pool Prepayment Rate 4.8778 CPR
Certificate Information
Group l
-------
Senior Percentage 88.7327902377%
Senior Prepayment Percentage 95.4931160951%
Subordinate Percentage 11.2672097623%
Subordinate Prepayment Percentage 4.5068839049%
Certificate Account
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 2,084,499.81
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
------------
Total Deposits 2,084,499.81
Withdrawals
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 47,431.51
Payment of Sub Servicer Fees 0.00
Payment of Other Fees 35,637.44
Payment of Insurance Premium(s) 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 2,050,755.44
------------
Total Withdrawals 2,133,824.39
Ending Balance -13,687.14
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 2,660.80
Compensation for Gross PPIS from Servicing Fees 2,660.80
Other Gross PPIS Compensation 0.00
------------
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 47,431.51
Sub Servicing Fees Paid 0.00
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 35,637.44
------------
Total Fees 83,068.95
</TABLE>
THE Distribution Date: 9/25/00
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
<TABLE>
<CAPTION>
CWMBS INC
Attn: Courtney Bartholomew MORTGAGE PASS THROUGH CERTIFICATES
212-815-5795 SERIES 1993-1
Delinquency Information
Group 1
-------
Delinquency 30-59 Days 60-89 Days 90+ Days Totals
----------- ---------- ---------- -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 1,894,393.49 0.00 255,071.58 2,149,465.07
Percentage of Total Pool Balance 1.090428% 0.000000% 0.146821% 1.237249%
Number of Loans 6 0 1 7
Percentage of Total Loans 0.967742% 0.000000% 0.161290% 1.129032%
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%
Foreclosure
-----------
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 256,885.15
Subordination/Credit Enhancement Information
Protection Original Current
---------- -------- -------
Bankruptcy Loss 125,000.00 125,000.00
Bankruptcy Percentage 0.031242% 0.071951%
Credit/Fraud Loss 4,000,786.00 0.00
Credit/Fraud Loss Percentage 0.999953% 0.000000%
Special Hazard Loss 2,000,393.00 2,000,393.00
Special Hazard Loss Percentage 0.499977% 1.151422%
Credit Support Original Current
-------------- -------- -------
Class A 376,000,160.96 154,407,100.64
Class A Percentage 93.999955% 88.877941%
Class B1 20,000,194.48 16,320,054.17
Class B1 Percentage 5.000044% 9.393951%
Class B2 2,800,004.00 2,284,788.64
Class B2 Percentage 0.700000% 1.315142%
Class B3 1,200,002.39 717,442.11
Class B3 Percentage 0.300000% 0.412965%
</TABLE>
