SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED February 18, 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 1994-4
The Class A-5 certificates represent obligations of the trust only and do not
represent an interest in or obligation of CWMBS, Inc., Countrywide Home Loans,
Inc. or any of their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
The Class A-5 Certificates
o This supplement relates to the offering of the Class A-5
certificates of the series referenced above. This supplement does
not contain complete information about the offering of the Class A-5
certificates. Additional information is contained in the prospectus
supplement dated February 18, 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 July 25, 2000, the class certificate balance of the Class
A-5 certificates was approximately $13,810,408.
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-5
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.
August 16, 2000
THE MORTGAGE POOL
As of July 1, 2000 (the "Reference Date"), the Mortgage Pool included
approximately 659 Mortgage Loans having an aggregate Stated Principal Balance
of approximately $184,681,418.
The following table summarizes the delinquency and foreclosure experience
of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
July 1, 2000
<S> <C>
Total Number of Mortgage Loans................................................... 659
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.61%
60-90 days.............................................................. 0.15%
91 days or more (excluding pending foreclosures)........................ 0.15%
-----
Total Delinquencies..................................................... 0.91%
=====
Foreclosures Pending............................................................. 0.15%
-----
Total Delinquencies and foreclosures pending..................................... 1.06%
=====
</TABLE>
______________
(1) As a percentage of the total number of Mortgage Loans as of the Reference
Date.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
The Master Servicer
Countrywide Home Loans, Inc. (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
---- ---- ---- ----
Delinquent Mortgage Loans and Pending
<S> <C> <C> <C> <C>
Foreclosures at Period End:
30-59 days.............................. 0.65% 1.08% 1.03% 1.37%
60-89 days.............................. 0.15 0.16 0.18 0.22
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) ($2,882,524) (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.
<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) Excluding loans subserviced for others.
DESCRIPTION OF THE CLASS A-5 CERTIFICATES
The Class A-5 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-5 Certificates are allocated principal payments as described in the
Prospectus Supplement under "Description of the Certificates -- Principal".
As of July 25, 2000 (the "Certificate Date"), the Class Certificate
Balance of the Class A-5 Certificates was approximately $13,810,408,
evidencing a beneficial ownership interest of approximately 7.50% in the Trust
Fund. As of the Certificate Date, the Senior Certificates had an aggregate
principal balance of approximately $169,285,180 and evidenced in the aggregate
a beneficial ownership interest of approximately 91.70% in the Trust Fund. As
of the Certificate Date, the Subordinated Certificates had an aggregate
principal balance of $15,396,238, and evidenced in the aggregate a beneficial
ownership interest of approximately 8.30% in the Trust Fund. For additional
information with respect to the Class A-5 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:
Original Remaining
Term to Term to
Principal Mortgage Net Mortgage Maturity Maturity
Balance Rate Rate (in months) (in months)
--------------- ----------- ------------ ----------- ----------
$107,701,344.13 7.087345223% 6.824345223% 360 282
$76,980,073.62 7.627796233% 7.364796233% 360 282
(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-5 Certificates is $13,810,408.22 (ix) interest accrues
on the Class A-5 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-5 Certificates is August 16, 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, 400% SPA assumes prepayment rates will
be 0.80% per annum in month one, 1.60% per annum in month two, and increasing
by 0.80% in each succeeding month until reaching a rate of 24.0% per annum in
month 30 and remaining constant at 24.0% 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-5 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-5
SPA Prepayment Assumption
Distribution Date 0% 125% 225% 350% 400% 550% 700%
----------------- -- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percent.................. 33 31 30 30 30 30 30
August 25, 2001.................. 28 14 14 14 14 14 14
August 25, 2002.................. 22 5 5 5 5 5 5
August 25, 2003.................. 16 0 0 0 0 0 0
August 25, 2004.................. 10 0 0 0 0 0 0
August 25, 2005.................. 30 0 0 0 0 0 0
August 25, 2006.................. 0 0 0 0 0 0 0
August 25, 2007.................. 0 0 0 0 0 0 0
August 25, 2008.................. 0 0 0 0 0 0 0
August 25, 2009.................. 0 0 0 0 0 0 0
August 25, 2010.................. 0 0 0 0 0 0 0
August 25, 2011.................. 0 0 0 0 0 0 0
August 25, 2012.................. 0 0 0 0 0 0 0
August 25, 2013.................. 0 0 0 0 0 0 0
August 25, 2014.................. 0 0 0 0 0 0 0
August 25, 2015.................. 0 0 0 0 0 0 0
August 25, 2016.................. 0 0 0 0 0 0 0
August 25, 2017.................. 0 0 0 0 0 0 0
August 25, 2018.................. 0 0 0 0 0 0 0
August 25, 2019.................. 0 0 0 0 0 0 0
August 25, 2020.................. 0 0 0 0 0 0 0
August 25, 2021.................. 0 0 0 0 0 0 0
August 25, 2022.................. 0 0 0 0 0 0 0
August 25, 2023.................. 0 0 0 0 0 0 0
August 25, 2024.................. 0 0 0 0 0 0 0
- - - - - - -
Weighted Average Life (years) **. 2.92 1.10 1.12 1.12 1.12 1.12 1.12
______________
* 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 $4,145,617 and $1,338,352 and $0, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Class A-5 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-5 Certificates. In
addition, the OID Regulations do not adequately address the calculation of
income with respect to prepayable securities such as the Class A-5
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-5 Certificates consult their tax
advisors regarding the possible application of the Amortizable Bond Premium
Regulations.
The Class A-5 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-5 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-5
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-5 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-5
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.
<TABLE>
<CAPTION>
EXHIBIT 1
-----------------------------------------------------------------------------------------------
MORTGAGE RATES(1)
-----------------------------------------------------------------------------------------------
Mortgage Rates(%) Number of Aggregate Principal Percent of
Mortgage Loans Balance Mortgage Pool
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
6.50 1 $208,709.33 0.11%
6.63 1 458,743.36 0.25%
6.75 35 9,870,051.30 5.34%
6.88 42 11,511,125.34 6.23%
7.00 80 21,508,534.38 11.65%
7.13 66 19,568,482.31 10.60%
7.25 148 44,575,698.11 24.14%
7.38 68 17,335,406.33 9.39%
7.50 74 20,764,994.56 11.24%
7.63 30 8,657,191.09 4.69%
7.75 41 10,554,332.54 5.71%
7.88 57 15,660,864.80 8.48%
8.00 8 2,228,376.25 1.21%
8.13 2 521,076.90 0.28%
8.25 5 1,034,644.38 0.56%
8.38 1 223,186.77 0.12%
----------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
==============================================================================================
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is approximately 7.313% per annum.
CURRENT MORTGAGE LOAN PRINCIPAL BALANCES(1)
Current Mortgage Loan Amounts Number of Aggregate Principal Percent of Mortgage
Mortgage Loans Balance Outstanding Pool
-----------------------------------------------------------------------------------------------
$0 -- $50,000 1 $0.00 0.00%
$50,001 -- $100,000 6 479,733.78 0.26%
$100,001 -- $150,000 13 1,587,982.94 0.86%
$150,001 -- $200,000 66 12,616,045.27 6.83%
$200,001 -- $250,000 253 56,193,351.66 30.43%
$250,001 -- $300,000 125 33,883,754.99 18.35%
$300,001 -- $350,000 75 24,077,369.92 13.04%
$350,001 -- $400,000 47 17,455,901.91 9.45%
$400,001 -- $450,000 19 7,982,641.44 4.32%
$450,001 -- $500,000 18 8,393,657.38 4.54%
$500,001 -- $550,000 13 6,797,125.02 3.68%
$550,001 -- $600,000 11 6,360,155.23 3.44%
$600,001 -- $650,000 4 2,575,954.93 1.39%
$650,001 -- $750,000 4 2,716,061.06 1.47%
$750,001 -- $1,000,000 4 3,561,682.22 1.93%
-----------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
===============================================================================================
(1) As of the Reference Date, the average current Mortgage Loan principal
balance is approximately $280,244.94.
ORIGINAL LOAN-TO-VALUE RATIOS(1)
Original Loan-To-Value Ratios(%) Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
50.00 and below 64 $19,636,832.07 10.63%
50.01 to 55.00 37 11,682,589.18 6.33%
55.01 to 60.00 57 16,777,041.92 9.08%
60.01 to 65.00 41 11,661,948.05 6.31%
65.01 to 70.00 46 12,842,050.53 6.95%
70.01 to 75.00 78 21,733,116.24 11.77%
75.01 to 80.00 231 65,836,685.98 35.65%
80.01 to 85.00 17 4,173,219.96 2.26%
85.01 to 90.00 88 20,337,933.82 11.01%
---------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
============================================================================================
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is approximately 70.270%.
STATE DISTRIBUTION OF MORTGAGED PROPERTIES
State Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------------------------
California 368 $107,442,560.32 58.18%
Georgia 15 4,124,867.95 2.23%
Illinois 19 6,222,205.59 3.37%
Massachusetts 37 9,242,019.19 5.00%
New Jersey 19 4,524,471.49 2.45%
New York 47 12,172,895.81 6.59%
Pennsylvania 15 3,904,555.64 2.11%
Texas 22 5,250,456.32 2.84%
Other (less than 2%) 117 31,797,385.44 17.22%
------------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
================================================================================================
(1) Other includes 26 states and the District of Columbia, with under 2% concentration
individually.
PURPOSE OF MORTGAGE LOAN
Loan Purpose Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
----------------------------------------------------------------------------------------------
Purchase 179 $47,437,534.07 25.69%
Refinance (rate/term) 401 116,064,297.24 62.85%
Refinance (cash out) 79 21,179,586.44 11.47%
----------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
===============================================================================================
DOCUMENTATION PROGRAM FOR MORTGAGE LOANS
Type of Program Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------------------------
Full 325 $89,560,926.11 48.49%
Alternative 262 76,915,163.44 41.65%
Reduced 28 5,525,232.65 2.99%
Streamlined 44 12,680,095.55 6.87%
------------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
================================================================================================
TYPE OF MORTGAGE LOANS
Property Type Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
------------------------------------------------------------------------------------------------
Single Family 529 $148,330,863.75 80.32%
Condominium 13 3,373,798.81 1.83%
2-4 Family 1 232,486.46 0.13%
Planned Unit Development (PUD) 116 32,744,268.73 17.73%
-------------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
=================================================================================================
Occupancy Type Number of Aggregate Principal Percent of
Mortgage Loans Balance Outstanding Mortgage Pool
-----------------------------------------------------------------------------------------------
Primary Residence 650 $181,266,516.79 98.15%
Second Residence 9 3,414,900.96 1.85%
-----------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
===============================================================================================
(1) Based upon representations of the related Mortgagors at the time of origination.
TERMS TO MATURITY(1)
Remaining Terms Number of Aggregate Principal Percent of
to Maturity (Months) Mortgage Loans Balance Outstanding Mortgage Pool
-----------------------------------------------------------------------------------------------
284 1 $276,119.07 0.15%
283 157 45,287,846.37 24.52%
282 415 112,028,553.79 60.66%
281 68 21,010,176.90 11.38%
280 15 5,462,151.26 2.96%
266 1 223,186.77 0.12%
260 1 193,938.34 0.11%
259 1 199,445.25 0.11%
------------------------------------------------------------------------------------------------
Total 659 $184,681,417.75 100.00%
================================================================================================
(1) As of the Reference Date, the weighted average remaining term to maturity
of the Mortgage Loans is approximately 282 months.
</TABLE>
EXHIBIT 2
Payment Date: 07/25/00
------------------------------------------------------------
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1994-4
------------------------------------------------------------
<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 5.125000% 0.00 0.00 0.00 0.00 0.00
A2 0.00 5.625000% 0.00 0.00 0.00 0.00 0.00
A3 7,070,032.48 7.256250% 164,828.16 42,751.60 207,579.77 0.00 0.00
A4 9,367,902.64 1.243750% 0.00 9,709.44 9,709.44 0.00 0.00
A5 14,140,064.55 6.250000% 329,656.33 73,646.17 403,302.50 0.00 0.00
A6 4,378,000.00 7.000000% 0.00 25,538.33 25,538.33 0.00 0.00
A7 28,335,984.03 7.000000% 0.00 165,293.24 165,293.24 0.00 0.00
A8 15,455,815.64 7.356250% 0.00 94,747.37 94,747.37 0.00 0.00
A9 4,416,385.77 5.753235% 0.00 21,173.75 21,173.75 0.00 0.00
A10 13,000,000.00 7.000000% 0.00 75,833.33 75,833.33 0.00 0.00
A11 9,000,000.00 7.000000% 0.00 52,500.00 52,500.00 0.00 0.00
A12 68,981,032.51 6.950000% 0.00 399,515.15 399,515.15 0.00 0.00
A13 2,297,870.16 7.256250% 0.00 13,894.93 13,894.93 0.00 0.00
PO 2,711,565.98 0.000000% 8,958.46 0.00 8,958.46 0.00 0.00
Residual AR 1,871.99 7.000000% 0.00 12.83 12.83 0.00 0.00
AGG 50,852,275.33 0.000000% 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 6,246,781.34 7.000000% 13,188.45 36,439.56 49,628.00 0.00 0.00
B1 3,903,912.60 7.000000% 8,242.09 22,772.82 31,014.92 0.00 0.00
B2 3,123,825.02 7.000000% 6,595.14 18,222.31 24,817.45 0.00 0.00
B3 1,405,547.50 7.000000% 2,967.45 8,199.03 11,166.47 0.00 0.00
B4 494,264.33 7.000000% 765.91 2,883.21 3,649.12 0.00 0.00
B5 254,059.54 7.000000% 393.69 1,482.01 1,875.70 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Totals - - 185,217,013.43 - 535,595.68 1,064,615.10 1,600,210.78 - -
----------------------------------------------------------------------------------------------------------------------------------
Class Information
--------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
--------------------------------------------------------------------------------
Senior A1 0.00 0.00
A2 0.00 0.00
A3 6,905,204.31 0.00
A4 9,203,074.47 0.00
A5 13,810,408.22 0.00
A6 4,378,000.00 0.00
A7 28,335,984.03 0.00
A8 15,455,815.64 0.00
A9 4,416,385.77 0.00
A10 13,000,000.00 0.00
A11 9,000,000.00 0.00
A12 68,981,032.51 0.00
A13 2,297,870.16 0.00
PO 2,702,607.52 0.00
Residual AR 1,871.99 0.00
AGG 50,324,512.06 0.00
--------------------------------------------------------------------------------
Subordinate M 6,233,592.89 0.00
B1 3,895,670.51 0.00
B2 3,117,229.88 0.00
B3 1,402,580.05 0.00
B4 493,498.42 0.00
B5 253,665.85 0.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Totals - - 184,681,417.75 -
--------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 07/25/00
------------------------------------------------------------
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1994-4
------------------------------------------------------------
<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 5.125000% 126690VN3 0.000000 0.000000 0.000000
A2 0.00 5.625000% 126690VP8 0.000000 0.000000 0.000000
A3 7,070,032.48 7.256250% 126690VQ6 2.394853 0.621155 100.328427
A4 9,367,902.64 1.243750% 126690VR4 0.000000 0.136214 129.109783
A5 14,140,064.55 6.250000% 126690VS2 8.007587 1.788918 335.464638
A6 4,378,000.00 7.000000% 126690VT0 0.000000 5.833333 1,000.000000
A7 28,335,984.03 7.000000% 126690VU7 0.000000 3.078086 527.671956
A8 15,455,815.64 7.356250% 126690VV5 0.000000 4.703503 767.266463
A9 4,416,385.77 5.753235% 126690VW3 0.000000 3.678553 767.266464
A10 13,000,000.00 7.000000% 126690VX1 0.000000 5.833333 1,000.000000
A11 9,000,000.00 7.000000% 126690VY9 0.000000 5.833333 1,000.000000
A12 68,981,032.51 6.950000% 126690VZ6 0.000000 5.420977 935.995991
A13 2,297,870.16 7.256250% 126690WA0 0.000000 5.659851 935.995992
PO 2,711,565.98 0.000000% 126690WB8 2.122444 0.000000 640.303601
Residual AR 1,871.99 7.000000% 126690WC6 0.000000 6.415196 935.995000
AGG 50,852,275.33 0.000000% 0.000000 0.000000 495.320001
------------------------------------------------------------------------------------------------------------------------
Subordinate M 6,246,781.34 7.000000% 126690WD4 1.834021 5.067384 866.860366
B1 3,903,912.60 7.000000% 126690WE2 1.834021 5.067384 866.860372
B2 3,123,825.02 7.000000% 126690WF9 1.834021 5.067384 866.860368
B3 1,405,547.50 7.000000% 126690YA8 1.834021 5.067384 866.860352
B4 494,264.33 7.000000% 126690YB6 1.420985 5.349181 915.581476
B5 254,059.54 7.000000% 126690YC4 0.273554 1.029770 176.258498
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Totals - - 185,217,013.43 - - - - -
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
CWMBS INC
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1994-4
------------------------------------------------------------
--------------------------------------------------------------------------------
COLLATERAL INFORMATION
--------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 184,681,417.75 184,681,417.75
Aggregated loan count 659 659
Aggregated average loan rate 7.312401% 7.31
Aggregated prepayment amount 248,420.38 248,420.38
--------------------------------------------------------------------------------
FEES AND ADVANCES
--------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 38,586.88 38,586.88
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 2,006.52 2,006.52
Aggregate advances N/A N/A
Advances this periods 16,348.86 16,348.86
--------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
--------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 1,122,156.57 1,122,156.57
Coverage Amounts Total
---------------- -----
Bankruptcy 1,338,351.69 1,338,351.69
Fraud 0.00 0.00
Special Hazard 4,145,617.00 4,145,617.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 91.686017% 96.618536% 169,788,623.10
-----------------------------------------------------------------------------
Junior 8.313983% 3.381464% 15,396,237.60
-----------------------------------------------------------------------------
--------------------------------------------------------------------------------
DELINQUENCY INFORMATION
--------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
30 to 59 days 4 1,272,046.38
60 to 89 days 1 144,099.46
90 or more 1 523,384.97
Foreclosure 1 222,454.76
Totals: 7 2,161,985.57
--------------------------------------------------------------------------------
<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 1,600,210.78 1,600,210.78
Principal remittance amount 535,595.68 535,595.68
Interest remittance amount 1,064,615.10 1,064,615.10
