<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 17, 1996
IMC Securities, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-4911 59-3284026
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
3450 Buschwood Park Drive
Tampa Florida 33618
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 932-2211
No Change
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
In connection with the offering of IMC Home Equity Loan Pass-Through
Certificates, Series 1996-4, described in a Prospectus Supplement dated as of
October 18, 1996, certain "Computational Materials" within the meaning of the
May 20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public
Securities Association No-Action Letter were furnished to certain prospective
investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
8.2 Tax Opinion of Arter & Hadden
99.1 Related Computational Materials furnished by Bear, Stearns & Co. Inc.
99.2 Related Computational Materials furnished by Greenwich Capital Markets,
Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
Name: Thomas Middleton
Title: President and Chief Operating
Officer
Dated: October 18, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
8.2 Tax Opinion of Arter & Hadden
99.1 Related Computational Materials furnished by Bear,
Stearns & Co. Inc.
99.2 Related Computational Materials furnished by Greenwich
Capital Markets, Inc.
<PAGE>
Exhibit 8.2
October 18, 1996
Re: IMC Securities, Inc.
Home Equity Loan Asset-Backed Pass-Through Certificates, Series 1996-4
Registration Statement on Form S-3 No. 333-4911
Ladies and Gentlemen:
We have acted as counsel to IMC Securities, Inc. in connection with the
preparation and filing of the registration statement on Form S-3 (such
registration statement, the "Registration Statement") filed with the Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended (the
"Act"), in respect of Home Equity Loan Asset-Backed Pass-Through Certificates,
Series 1996-4 (the "Certificates"). Our advice formed the basis for the
description of federal income tax consequences appearing under the heading
"Federal Income Tax Consequences" in the prospectus supplement contained in the
Registration Statement. Such description does not purport to discuss all
possible federal income tax consequences of an investment in Certificates but
with respect to those tax consequences which are discussed, it is our opinion
that the description is accurate. In addition, assuming (i) the REMIC elections
are made, (ii) the Pooling and Servicing Agreement is fully executed, delivered
and enforceable against the parties thereto in accordance with its terms, (iii)
the transaction described in the prospectus supplement is completed on
substantially the terms and conditions set forth therein, and (iv) continuing
compliance with the Pooling and Servicing Agreement, it is our opinion that, for
federal income tax purposes, the Base REMIC and the Upper-Tier REMIC will each
be treated as a REMIC, the Class A Certificates and the Upper-Tier S
Certificates will be treated as "regular interests" in the Upper-Tier REMIC and
the Class R Certificates will be the sole "residual interests" in the Upper-Tier
REMIC. The Base REMIC Regular Interests will be treated as the "regular
interests" in the Base REMIC and the Base REMIC Residual Class will be the sole
"residual interest" in the Base REMIC.
We hereby consent to the filing of this letter as an Exhibit to the
Registration Statement and to the reference to this firm in the Registration
Statement and related prospectus supplement under the heading "Federal Income
Tax Consequences."
Very truly yours,
/s/ Arter & Hadden
Arter & Hadden
<PAGE>
EXHIBIT 99.1
IMC Home Equity Loan Trust 1996-4
Information Relating to the Collateral
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 10/1/96
Total Outstanding Loan Balance: $310 MM (approximate)
Balloon (% of Total): 55.43%
Level Pay (% of Total): 44.57%
Average Loan Principal Balance: $59,172 ($4,986 to $519,163)
Weighted Average CLTV: 72.88% (1.90% to 100.00%)
% of Pool with LTVs > 85%: 6.01%
Weighted Average Coupon: 11.977% (8.000% to 22.000%)
Weighted Average Remaining Term
to Maturity (months): 210 (8 to 360)
Weighted Average Seasoning
(months): 4 (0 to 124)
Weighted Average Original
Term (months): 213 (36 to 360)
Range of Original Terms: Level Pay Balloons
----------------- -----------------
36 - 60: 0.22% 36 - 60: 0.69%
61 - 120: 1.74% 61 - 120: 0.08%
121 - 180: 15.05% 121 - 180 54.64%
181 - 240: 12.12% 181 - 240: 0.02%
241 - 300: 0.03% 241 - 300: 0.00%
301 - 360: 15.40% 301 - 360: 0.004%
Lien Position: 1st Lien: 89.60%
2nd Lien: 10.40%
Property Type:
Single Family Detached: 89.95%
Two to Four Family: 5.05%
Single Family Attached: 2.12%
Condominium /Townhouse: 2.12%
Other: 0.76%
Occupancy Status:
Owner Occupied: 92.67%
Non-Owner Occupied: 7.33%
Geographic Distribution: NY: 11.66% FL: 7.46%
(states not listed individually MD: 9.74% OH: 5.56%
account for less than 5.00% of the MI: 7.95%
Pool Balance) NJ: 7.83%
Credit Quality: A: 41%
(per IMC's guidelines) B: 29%
C: 23%
D: 7%
The information contained herein will be superseded by the
description of the collateral contained in the prospectus supplement.
BEAR STEARNS
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates (page 1 of 3)
TRANSACTION SUMMARY (a), (b)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated Estimated
WAL Modified Principal Principal Expected
Approximate to Maturity Duration Lockout Window Ratings
Certificate Size Coupon (years) (years) (months) (months) (Moody's/S&P)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $118,581,000 Fixed 0.90 0.85 none 21 Aaa/AAA (b)
Class A-2 $ 38,688,000 Fixed 2.10 1.90 20 10 Aaa/AAA (b)
Class A-3 $ 59,484,000 Fixed 3.20 2.79 29 20 Aaa/AAA (b)
Class A-4 $ 50,802,000 Fixed 5.20 4.20 48 32 Aaa/AAA (b)
Class A-5 $ 16,927,000 Fixed 7.40 5.49 79 20 Aaa/AAA (b)
Class A-6 $ 25,518,000 Fixed 10.77 7.03 98 79 Aaa/AAA (b)
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.909% per annum in each month thereafter until
month 12. On and after month 12, 25% CPR.
(b) FSA surety bond.
<TABLE>
<CAPTION>
Class A-1 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 8.68 1.56 1.13 0.90 0.76 0.66
Modified Duration (years) 6.01 1.42 1.05 0.85 0.72 0.63
First Principal Payment 11/25/96 11/25/96 11/25/96 11/25/96 11/25/96 11/25/96
Last Principal Payment 7/25/11 1/25/00 1/25/99 7/25/98 3/25/98 1/25/98
Principal Lockout (months) none none none none none none
Principal Window (months) 177 39 27 21 17 15
Illustrative Yield @ Par (30/360) 6.659% 6.421% 6.311% 6.209% 6.115% 6.027%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.75 3.94 2.74 2.10 1.70 1.43
Modified Duration (years) 9.14 3.36 2.43 1.90 1.56 1.32
First Principal Payment 7/25/11 1/25/00 1/25/99 7/25/98 3/25/98 1/25/98
Last Principal Payment 7/25/11 6/25/01 1/25/00 4/25/99 10/25/98 6/25/98
Principal Lockout (months) 176 38 26 20 16 14
Principal Window (months) 1 18 13 10 8 6
Illustrative Yield @ Par (30/360) 6.705% 6.621% 6.571% 6.520% 6.469% 6.418%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates (page 2 of 3)
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.75 6.16 4.23 3.20 2.56 2.12
Modified Duration (years) 9.04 4.86 3.56 2.79 2.28 1.91
First Principal Payment 7/25/11 6/25/01 1/25/00 4/25/99 10/25/98 6/25/98
Last Principal Payment 7/25/11 8/25/04 3/25/02 11/25/00 1/25/00 6/25/99
Principal Lockout (months) 176 55 38 29 23 19
Principal Window (months) 1 39 27 20 16 13
Illustrative Yield @ Par (30/360) 6.867% 6.824% 6.790% 6.755% 6.718% 6.680%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 15.20 9.96 6.92 5.20 4.11 3.37
Modified Duration (years) 9.00 6.89 5.28 4.20 3.45 2.90
First Principal Payment 7/25/11 8/25/04 3/25/02 11/25/00 1/25/00 6/25/99
Last Principal Payment 9/25/14 5/25/09 8/25/05 6/25/03 1/25/02 1/25/01
Principal Lockout (months) 176 93 64 48 38 31
Principal Window (months) 39 58 42 32 25 20
Illustrative Yield @ Par (30/360) 7.194% 7.178% 7.157% 7.134% 7.109% 7.083%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 19.83 13.78 9.81 7.40 5.84 4.77
Modified Duration (years) 9.96 8.30 6.71 5.49 4.57 3.87
First Principal Payment 9/25/14 5/25/09 8/25/05 6/25/03 1/25/02 1/25/01
Last Principal Payment 8/25/19 7/25/11 9/25/07 1/25/05 4/25/03 2/25/02
Principal Lockout (months) 214 150 105 79 62 50
Principal Window (months) 60 27 26 20 16 14
Illustrative Yield @ Par (30/360) 7.619% 7.609% 7.595% 7.578% 7.560% 7.540%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates (page 3 of 3)
<TABLE>
<CAPTION>
Class A-6 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.55 15.51 13.37 10.77 8.60 7.01
Modified Duration (years) 10.96 8.75 8.06 7.03 6.03 5.20
First Principal Payment 8/25/19 7/25/11 9/25/07 1/25/05 4/25/03 2/25/02
Last Principal Payment 3/25/26 12/25/18 10/25/13 7/25/11 4/25/10 11/25/07
Principal Lockout (months) 273 176 130 98 77 63
Principal Window (months) 80 90 74 79 85 70
Illustrative Yield @ Par (30/360) 7.778% 7.766% 7.761% 7.752% 7.740% 7.726%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** Class A-5 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 19.64 13.73 9.75 7.35 5.80 4.74
Modified Duration (years) 9.93 8.28 6.68 5.46 4.55 3.86
First Principal Payment 9/25/14 5/25/09 8/25/05 6/25/03 1/25/02 1/25/01
Last Principal Payment 12/25/17 4/25/11 3/25/07 8/25/04 12/25/02 11/25/01
Principal Lockout (months) 214 150 105 79 62 50
Principal Window (months) 40 24 20 15 12 11
Illustrative Yield @ Par (30/360) 7.619% 7.609% 7.595% 7.578% 7.559% 7.540%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** Class A-6 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.17 14.50 10.42 7.84 6.17 5.09
Modified Duration (years) 10.13 8.47 6.94 5.69 4.75 4.07
First Principal Payment 12/25/17 4/25/11 3/25/07 8/25/04 12/25/02 11/25/01
Last Principal Payment 12/25/17 4/25/11 3/25/07 8/25/04 12/25/02 11/25/01
Principal Lockout (months) 253 173 124 93 73 60
Principal Window (months) 1 1 1 1 1 1
Illustrative Yield @ Par (30/360) 7.774% 7.764% 7.751% 7.735% 7.717% 7.699%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
EXHIBIT 99.2
This Preliminary Term Sheet is provided for information purposes only, and
does not constitute an offer to sell, nor a solicitation of an offer to buy,
the referenced securities. It does not purport to be all-inclusive or to
contain all of the information that a prospective investor may require to make
a full analysis of the transaction. All amounts are approximate and subject to
change. The information contained herein supersedes information contained in
any prior information term sheet for this transaction. In addition, the
information contained herein may be superseded by information contained in
term sheets circulated after the date hereof and is qualified in its entirety
by information contained in the Prospectus Supplement for this transaction. An
offering may only be made through the delivery of a Prospectus Supplement and
the related Prospectus.
Prepared: 10/16/96
GREENWICH CAPITAL MARKETS, INC.
Preliminary Term Sheet
$310,000,000
IMC Home Equity Loan Trust 1996-4
Fixed Rate Home Equity Loan Asset Backed Certificates, Series 1996-4
<TABLE>
<CAPTION>
Bond Structure: Ratings: "Aaa" / "AAA" by MDY/S&P(5)
- --------------------------------------------------------------------------------------------------------------------------
Principal WAL(3) Payment Window (Maturity) Legal
Class(1) Coupon(2) Amount (Mat./Call) Start Last Window(4) Final
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 fixed $[118,581,000] [0.90 yr] [11/25/96] [7/25/98] [21] mos [7/25/2011]
A-2 fixed $[38,688,000] [2.10 yr] [7/25/98] [4/25/99] [10] mos [7/25/2011]
A-3 fixed $[59,484,000] [3.20 yr] [4/25/99] [11/25/2000] [20] mos [7/25/2011]
A-4 fixed $[50,802,000] [5.20 yr] [11/25/2000] [6/25/2003] [32] mos [9/25/2014]
A-5 fixed $[16,927,000] [7.40 yr] [6/25/2003] [1/25/2005] [20] mos [8/25/2019]
A-6 fixed $[25,518,000] [10.77 yr] [1/25/2005] [7/25/2011] [79] mos [3/25/2026]
- ---------- ------------- ------------------ ----------------- -------------- -------------- -------------- ---------------
Total $310,000,000
- ---------- ------------- ------------------ ----------------- -------------- -------------- -------------- ---------------
</TABLE>
Notes:
(1) Principal Payment Structure: Sequential Pay.
(2) Payable monthly starting 11/25/96. Fixed Pass Through Rates (30/360) with
accrued from 10/1/96.
(3) Prepayment Assumption: 4.0% CPR ramping to 25% CPR by month 12 (4% CPR in
month 1, and an additional 1.909%-precisely 21%/11 per annum in each
month thereafter until month 12; on and thereafter, 25% CPR.)
(4) Total number of months during which tranches receive principal payments
at the pricing speed (see note 3.) including first and last payment.
(5) Ratings, which are a condition to issuance, are based on a 100% surety
wrap provided by Financial Security Assurance Inc. ("FSA").
Underwriters: Bear, Stearns & Co. Inc. (Books)
Greenwich Capital Markets, Inc.
Nomura Securities International, Inc.
Sponsor and Servicer: Industry Mortgage Company, L.P.
Depositor: IMC Securities, Inc.
Originator: Industry Mortgage Company, L.P
Trustee: The Chase Manhattan Bank, a New York banking
corporation.
Registration: The Certificates will be available in book-entry form
through DTC, Cedel and Euroclear.
Cut-off Date: October [1], 1996
Pricing Date: October [17], 1996
Settlement Date: October [24], 1996
Distribution Dates: [25]th day of each month (or the next succeeding
business day), beginning November [25], 1996.
Credit Enhancement: Overcollateralization and a 100% surety wrap to be
provided by Financial Security Assurance Inc.
ERISA Eligibility: The Certificates will be ERISA eligible.
SMMEA Treatment: The Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
Optional Termination: 10% optional clean-up call (outstanding pool balance is
less than 10% of the initial Mortgage Loans).
Mortgage Loans: Fixed rate closed-end home equity mortgage loans.
Pre-Funding: Less than $100,000.
1
<PAGE>
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain
all of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by
information contained in the Prospectus Supplement for this transaction. An
offering may only be made through the delivery of a Prospectus Supplement and
the related Prospectus.
Industry Mortgage Company, L.P.
The Seller and Servicer, Industry Mortgage Company, L.P. ("IMC") is a Delaware
limited partnership. The general partner of IMC is Industry Mortgage
Corporation, a Delaware corporation, which is a subsidiary of IMC Mortgage
Company and an affiliate of IMC Securities, Inc. (the "Depositor"). IMC
Mortgage Company completed a public offering of certain shares of its common
stock on June 25, 1996. The principal executive offices of IMC are located at
3450 Buschwood Park Drive, Suite 250, Tampa, Florida 33618.
IMC is a specialized consumer finance company engaged in originating,
purchasing, servicing and selling home equity loans secured primarily by first
liens on one- to four-family residential properties. The Company focuses on
lending to individuals whose borrowing needs are generally not being served by
traditional financial institutions due to such individuals' impaired credit
profiles and other factors. Loan proceeds typically are used by IMC's borrowers
for a variety of purposes such as to consolidate debt, to finance home
improvements and to pay educational expenses.
IMC was formed in 1993 by a team of executives experienced in the
non-conforming home equity loan industry. IMC was originally structured as a
partnership, with the limited partners consisting of correspondents and other
originators of home equity loans (the "Industry Partners") and certain members
of management.
IMC purchases and originates home equity loans through a diversified network of
correspondents, which includes the Industry Partners and mortgage loan brokers.
IMC also originates loans on a retail basis through its recently initiated
direct consumer lending effort. Since its inception in August, 1993, IMC has
experienced considerable growth in loan production. IMC's network of
correspondents accounted for over 80% of IMC's loan production, with the
largest correspondent contributing between 7% and 10% of total loan production.
2
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b)
- --------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated Estimated
WAL Modified Principal Principal Expected
Approximate to Maturity Duration Lockout Window Ratings
Certificate Size Coupon (years) (years) (months) (months) (Moody's/S&P)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $[118,581,000] Fixed [0.90] [0.85] [none] [21] Aaa/AAA (b)
Class A-2 $ [38,688,000] Fixed [2.10] [1.90] [20] [10] Aaa/AAA (b)
Class A-3 $ [59,484,000] Fixed [3.20] [2.79] [29] [20] Aaa/AAA (b)
Class A-4 $ [50,802,000] Fixed [5.20] [4.20] [48] [32] Aaa/AAA (b)
Class A-5 $ [16,927,000] Fixed [7.40] [5.49] [79] [20] Aaa/AAA (b)
Class A-6 $ [25,518,000] Fixed [10.77] [7.03] [98] [79] Aaa/AAA (b)
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.909% per annum in each month thereafter until
month 12. On and after month 12, 25% CPR.
(b) FSA surety bond.
<TABLE>
<CAPTION>
Class A-1 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 8.68 1.56 1.13 0.90 0.76 0.66
Modified Duration (years) 6.01 1.42 1.05 0.85 0.72 0.63
First Principal Payment 11/25/96 11/25/96 11/25/96 11/25/96 11/25/96 11/25/96
Last Principal Payment 7/25/11 1/25/00 1/25/99 7/25/98 3/25/98 1/25/98
Principal Lockout (months) none none none none none none
Principal Window (months) 177 39 27 21 17 15
Illustrative Yield @ Par (30/360) 6.659% 6.421% 6.311% 6.209% 6.115% 6.027%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.75 3.94 2.74 2.10 1.70 1.43
Modified Duration (years) 9.14 3.36 2.43 1.90 1.56 1.32
First Principal Payment 7/25/11 1/25/00 1/25/99 7/25/98 3/25/98 1/25/98
Last Principal Payment 7/25/11 6/25/01 1/25/00 4/25/99 10/25/98 6/25/98
Principal Lockout (months) 176 38 26 20 16 14
Principal Window (months) 1 18 13 10 8 6
Illustrative Yield @ Par (30/360) 6.705% 6.621% 6.571% 6.520% 6.469% 6.418%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain
all of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by
information contained in the Prospectus Supplement for this transaction. An
offering may only be made through the delivery of a Prospectus Supplement and
the related Prospectus.
3
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.75 6.16 4.23 3.20 2.56 2.12
Modified Duration (years) 9.04 4.86 3.56 2.79 2.28 1.91
First Principal Payment 7/25/11 6/25/01 1/25/00 4/25/99 10/25/98 6/25/98
Last Principal Payment 7/25/11 8/25/04 3/25/02 11/25/00 1/25/00 6/25/99
Principal Lockout (months) 176 55 38 29 23 19
Principal Window (months) 1 39 27 20 16 13
Illustrative Yield @ Par (30/360) 6.867% 6.824% 6.790% 6.755% 6.718% 6.680%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 15.20 9.96 6.92 5.20 4.11 3.37
Modified Duration (years) 9.00 6.89 5.28 4.20 3.45 2.90
First Principal Payment 7/25/11 8/25/04 3/25/02 11/25/00 1/25/00 6/25/99
Last Principal Payment 9/25/14 5/25/09 8/25/05 6/25/03 1/25/02 1/25/01
Principal Lockout (months) 176 93 64 48 38 31
Principal Window (months) 39 58 42 32 25 20
Illustrative Yield @ Par (30/360) 7.194% 7.178% 7.157% 7.134% 7.109% 7.083%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 19.83 13.78 9.81 7.40 5.84 4.77
Modified Duration (years) 9.96 8.30 6.71 5.49 4.57 3.87
First Principal Payment 9/25/14 5/25/09 8/25/05 6/25/03 1/25/02 1/25/01
Last Principal Payment 8/25/19 7/25/11 9/25/07 1/25/05 4/25/03 2/25/02
Principal Lockout (months) 214 150 105 79 62 50
Principal Window (months) 60 27 26 20 16 14
Illustrative Yield @ Par (30/360) 7.619% 7.609% 7.595% 7.578% 7.560% 7.540%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain
all of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by
information contained in the Prospectus Supplement for this transaction. An
offering may only be made through the delivery of a Prospectus Supplement and
the related Prospectus.
4
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-6 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.55 15.51 13.37 10.77 8.60 7.01
Modified Duration (years) 10.96 8.75 8.06 7.03 6.03 5.20
First Principal Payment 8/25/19 7/25/11 9/25/07 1/25/05 4/25/03 2/25/02
Last Principal Payment 3/25/26 12/25/18 10/25/13 7/25/11 4/25/10 11/25/07
Principal Lockout (months) 273 176 130 98 77 63
Principal Window (months) 80 90 74 79 85 70
Illustrative Yield @ Par (30/360) 7.778% 7.766% 7.761% 7.752% 7.740% 7.726%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 19.64 13.73 9.75 7.35 5.80 4.74
Modified Duration (years) 9.93 8.28 6.68 5.46 4.55 3.86
First Principal Payment 9/25/14 5/25/09 8/25/05 6/25/03 1/25/02 1/25/01
Last Principal Payment 12/25/17 4/25/11 3/25/07 8/25/04 12/25/02 11/25/01
Principal Lockout (months) 214 150 105 79 62 50
Principal Window (months) 40 24 20 15 12 11
Illustrative Yield @ Par (30/360) 7.619% 7.609% 7.595% 7.578% 7.559% 7.540%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-6 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.5% 18.75% 25% 31.25% 37.5%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.17 14.50 10.42 7.84 6.17 5.09
Modified Duration (years) 10.13 8.47 6.94 5.69 4.75 4.07
First Principal Payment 12/25/17 4/25/11 3/25/07 8/25/04 12/25/02 11/25/01
Last Principal Payment 12/25/17 4/25/11 3/25/07 8/25/04 12/25/02 11/25/01
Principal Lockout (months) 253 173 124 93 73 60
Principal Window (months) 1 1 1 1 1 1
Illustrative Yield @ Par (30/360) 7.774% 7.764% 7.751% 7.735% 7.717% 7.699%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain
all of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by
information contained in the Prospectus Supplement for this transaction. An
offering may only be made through the delivery of a Prospectus Supplement and
the related Prospectus.
5
<PAGE>
IMC Home Equity Loan Trust 1996-4
Information Relating to the Certificates
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 10/1/96
Total Outstanding Loan Balance: $310 MM (approximate)
Balloon (% of Total): 55.43%
Level Pay (% of Total): 44.57%
Average Loan Principal Balance: $59,172 ($4,986 to $519,163)
Weighted Average CLTV: 72.88% (1.90% to 100.00%)
% of Pool with LTVs > 85%: 6.01%
Weighted Average Coupon: 11.977% (8.000% to 22.000%)
Weighted Average Remaining Term
to Maturity (months): 210 (8 to 360)
Weighted Average Seasoning
(months): 4 (0 to 124)
Weighted Average Original
Term (months): 213 (36 to 360)
Range of Original Terms: Level Pay Balloons
----------------- -----------------
36 - 60: 0.22% 36 - 60: 0.69%
61 - 120: 1.74% 61 - 120: 0.08%
121 - 180: 15.05% 121 - 180 54.64%
181 - 240: 12.12% 181 - 240: 0.02%
241 - 300: 0.03% 241 - 300: 0.00%
301 - 360: 15.40% 301 - 360: 0.004%
Lien Position: 1st Lien: 89.60%
2nd Lien: 10.40%
Property Type:
Single Family Detached: 89.95%
Two to Four Family: 5.05%
Single Family Attached: 2.12%
Condominium /Townhouse: 2.12%
Other: 0.76%
Occupancy Status:
Owner Occupied: 92.67%
Non-Owner Occupied: 7.33%
Geographic Distribution: NY: 11.66% FL: 7.46%
(states not listed individually MD: 9.74% OH: 5.56%
account for less than 5.00% of the MI: 7.95%
Pool Balance) NJ: 7.83%
Credit Quality: A: 41%
(per IMC's guidelines) B: 29%
C: 23%
D: 7%
The information contained herein will be superseded by the
description of the collateral contained in the prospectus supplement.
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only,
and does not constitute an offer to sell, nor a solicitation of an
offer to buy, the referenced securities. It does not purport to be
all-inclusive or to contain all of the information that a prospective
investor may require to make a full analysis of the transaction. All
amounts are approximate and subject to change. The information contained
herein supersedes information contained in any prior information term sheet
for this transaction. In addition, the information contained herein may
be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained
in the Prospectus Supplement for this transaction. An offering may only
be made through the delivery of a Prospectus Supplement and
the related Prospectus.
6
