<PAGE> 1
- --------------------------------------------------------------------------------
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)
September 9, 1997
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-24455 59-3284026
- ------------------------- ------------------------- --------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa Florida 33617-2362
- ----------------------------- --------------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 984-8801
3450 Buschwood Park Drive, Tampa, Florida 33618
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
In connection with the offering of IMC Adjustable Rate Home Equity
Loan Asset Backed Notes, Series 1997-5, described in a Prospectus Supplement to
be dated as of September 11, 1997, 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:
8.1 Tax Opinion of Arter & Hadden
99.1 Related Computational Materials furnished by Bear,
Stearns & Co. Inc.
99.2 Related Computational Materials furnished by
PaineWebber Incorporated
99.3 Related Computational Materials furnished by Morgan
Stanley & Co. Incorporated
<PAGE> 3
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: September 9, 1997
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
<S> <C>
8.1 Tax Opinion of Arter & Hadden
99.1 Related Computational Materials furnished by Bear, Stearns
& Co. Inc.
99.2 Related Computational Materials furnished by PaineWebber
Incorporated
99.3 Related Computational Materials furnished by Morgan
Stanley & Co. Incorporated
</TABLE>
<PAGE> 1
Exhibit 8.1
September 9, 1997
Re: IMC Securities, Inc.
Home Equity Loan Asset-Backed Pass-Through Certificates, Series 1997-5
Registration Statement on Form S-3 No. 333-24455
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 1997-5 (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 Lower-Tier REMIC and the Upper-Tier REMIC
will each be treated as a REMIC; the Class A, Class M-1, Class M-2 and Class B
Certificates will be treated as "regular interests" in the Upper-Tier REMIC;
the Class R Certificates will be the sole "residual interests" in the
Upper-Tier REMIC; the Lower-Tier A-1 through A-10, A-11IO, M-1, M-2 and B
Interests will each be treated as "regular interests" in the Lower-Tier REMIC;
and, the Lower-Tier REMIC Residual Class will be the sole "residual interest"
in the Lower-Tier 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> 1
EXHIBIT 99.1
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Collateral (page 1 of 1)
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of 9/1/97:
<TABLE>
<S> <C>
TOTAL NUMBER OF LOANS: 14,369
TOTAL OUTSTANDING LOAN BALANCE: $828,448,840
BALLOON (% OF TOTAL): 45.37%
LEVEL PAY (% OF TOTAL): 54.63%
AVERAGE LOAN PRINCIPAL BALANCE: $57,655 ($4,963 to $499,661)
WEIGHTED AVERAGE CLTV: 76.08% (8.00% to 100.00%)
% OF POOL WITH LTVs>85%: 15.94%
WEIGHTED AVERAGE COUPON: 11.60% (7.50% to 22.50%)
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 223 (20 to 360)
WEIGHTED AVERAGE SEASONING (MONTHS): 3 (0 to 90)
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 226 (36 to 360)
RANGE OF ORIGINAL TERMS: LEVEL PAY BALLOON
-------------------------------- --------------------------------
Up to 60: 0.08% Up to 60: 0.05%
61 - 120: 1.94% 61 - 120: 0.28%
121 - 180: 17.85% 121 - 180: 45.02%
181 - 240: 12.41% 181 - 240: 0.00%
241 - 300: 0.35% 241 - 300: 0.02%
301 - 360: 22.00%
LIEN POSITION: 1st Lien: 87.81%
2nd Lien: 12.19%
PROPERTY TYPE: Single Family Detached: 90.30%
Single Family Attached: 0.21%
2-4 Family: 7.36%
Condominium/Townhouse: 1.28%
Other: 0.84%
OCCUPANCY STATUS: Owner Occupied: 92.44%
Non-Owner Occupied: 7.56%
GEOGRAPHIC DISTRIBUTION: NY: 17.47% NJ: 5.77%
(states not listed individually account FL: 9.80% OH: 5.30%
for less than 5.00% of the Mortgage PA: 6.94% MI: 5.19%
Loan principal balance) MD: 6.79%
CREDIT QUALITY: A: 52.55%
(per IMC's guidelines) B: 24.05%
C: 18.89%
D: 4.51%
</TABLE>
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 2
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 1 of 7)
- -------------------------------------------------------------------------------
TRANSACTION SUMMARY (a)
<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/FITCH)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 $110,000,000 Fixed 1.15 1.07 none 27 Aaa / AAA / AAA
CLASS A-2 $139,960,000 Floating(b) 0.50 0.48 none 10 Aaa / AAA / AAA
CLASS A-3 $112,640,000 Fixed 1.20 1.12 9 10 Aaa / AAA / AAA
CLASS A-4 $122,190,000 Fixed 2.00 1.82 18 11 Aaa / AAA / AAA
CLASS A-5 $127,030,000 Fixed 3.00 2.64 28 18 Aaa / AAA / AAA
CLASS A-6 $ 20,470,000 Fixed 4.00 3.40 45 5 Aaa / AAA / AAA
CLASS A-7 $ 77,810,000 Fixed 5.00 4.09 49 24 Aaa / AAA / AAA
CLASS A-8 $ 41,930,000 Fixed 7.50 5.60 72 41 Aaa / AAA / AAA
CLASS A-9 $ 42,970,000 Fixed 12.12 7.72 112 65 Aaa / AAA / AAA
CLASS A-10 $ 70,000,000 Fixed 6.59 5.07 38 139 Aaa / AAA / AAA
CLASS M-1 $ 40,000,000 Fixed 5.95 4.53 37 129 Aa2 / AA / AA+
CLASS M-2 $ 55,000,000 Fixed 5.87 4.46 36 119 A2 / A / A+
CLASS B $ 40,000,000 Fixed 5.59 4.29 36 94 Baa3 / BBB- / BBB
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------------
</TABLE>
NOTES: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.818% per annum in each month thereafter until
month 12. On and after month 12, 24% CPR.
(b) The lesser of (i) One-Month LIBOR plus 0._ % and (ii) the
weighted average Coupon Rate of the Home Equity Loans, less
0.50375% per annum.
<TABLE>
<CAPTION>
CLASS A-1 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 3.07 1.15 1.15 1.15 1.15 1.15
MODIFIED DURATION (YEARS) 2.62 1.07 1.07 1.07 1.07 1.07
FIRST PRINCIPAL PAYMENT 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97
LAST PRINCIPAL PAYMENT 3/20/04 12/20/99 12/20/99 12/20/99 12/20/99 12/20/99
PRINCIPAL LOCKOUT (MONTHS) none none none NONE none none
PRINCIPAL WINDOW (MONTHS) 78 27 27 27 27 27
ILLUSTRATIVE YIELD @ PAR (30/360) 6.196% 6.014% 6.014% 6.014% 6.014% 6.014%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-2 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 9.85 1.01 0.65 0.50 0.42 0.36
MODIFIED DURATION (YEARS) 7.25 0.95 0.62 0.48 0.40 0.35
FIRST PRINCIPAL PAYMENT 3/20/04 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97
LAST PRINCIPAL PAYMENT 4/20/10 9/20/99 11/20/98 7/20/98 6/20/98 4/20/98
PRINCIPAL LOCKOUT (MONTHS) 77 none none NONE none none
PRINCIPAL WINDOW (MONTHS) 74 24 14 10 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 5.890% 5.879% 5.875% 5.868% 5.869% 5.874%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 3
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 2 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-3 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.04 2.67 1.69 1.20 0.95 0.80
MODIFIED DURATION (YEARS) 9.08 2.39 1.56 1.12 0.90 0.76
FIRST PRINCIPAL PAYMENT 4/20/10 9/20/99 11/20/98 7/20/98 6/20/98 4/20/98
LAST PRINCIPAL PAYMENT 6/20/12 12/20/00 12/20/99 4/20/99 11/20/98 9/20/98
PRINCIPAL LOCKOUT (MONTHS) 150 23 13 9 8 6
PRINCIPAL WINDOW (MONTHS) 27 16 14 10 6 6
ILLUSTRATIVE YIELD @ PAR (30/360) 6.326% 6.224% 6.150% 6.068% 5.994% 5.926%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-4 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.76 4.01 2.73 2.00 1.52 1.23
MODIFIED DURATION (YEARS) 9.22 3.42 2.43 1.82 1.40 1.15
FIRST PRINCIPAL PAYMENT 6/20/12 12/20/00 12/20/99 4/20/99 11/20/98 9/20/98
LAST PRINCIPAL PAYMENT 6/20/12 7/20/02 12/20/00 2/20/00 7/20/99 3/20/99
PRINCIPAL LOCKOUT (MONTHS) 176 38 26 18 13 11
PRINCIPAL WINDOW (MONTHS) 1 20 13 11 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 6.582% 6.519% 6.478% 6.430% 6.374% 6.319%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-5 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.76 6.30 4.12 3.00 2.29 1.83
MODIFIED DURATION (YEARS) 9.15 4.98 3.50 2.64 2.07 1.67
FIRST PRINCIPAL PAYMENT 6/20/12 7/20/02 12/20/00 2/20/00 7/20/99 3/20/99
LAST PRINCIPAL PAYMENT 6/20/12 4/20/06 12/20/02 7/20/01 5/20/00 12/20/99
PRINCIPAL LOCKOUT (MONTHS) 176 57 38 28 21 17
PRINCIPAL WINDOW (MONTHS) 1 46 25 18 (1) 11 10
ILLUSTRATIVE YIELD @ PAR (30/360) 6.694% 6.662% 6.632% 6.600% 6.563% 6.523%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 4
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 3 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-6 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.98 9.03 5.53 4.00 2.77 2.29
MODIFIED DURATION (YEARS) 9.11 6.54 4.47 3.40 2.45 2.06
FIRST PRINCIPAL PAYMENT 6/20/12 4/20/06 12/20/02 7/20/01 5/20/00 12/20/99
LAST PRINCIPAL PAYMENT 5/20/13 3/20/07 6/20/03 11/20/01 7/20/00 1/20/00
PRINCIPAL LOCKOUT (MONTHS) 176 102 62 45 31 26
PRINCIPAL WINDOW (MONTHS) 12 12 7 5 3 2
ILLUSTRATIVE YIELD @ PAR (30/360) 6.899% 6.883% 6.858% 6.832% 6.791% 6.763%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-7 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.92 11.44 7.34 5.00 3.61 2.58
MODIFIED DURATION (YEARS) 10.20 7.64 5.56 4.09 3.09 2.29
FIRST PRINCIPAL PAYMENT 5/20/13 3/20/07 6/20/03 11/20/01 7/20/00 1/20/00
LAST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
PRINCIPAL LOCKOUT (MONTHS) 187 113 68 49 33 27
PRINCIPAL WINDOW (MONTHS) 88 50 46 24 21 (1) 7
ILLUSTRATIVE YIELD @ PAR (30/360) 7.015% 7.003% 6.985% 6.962% 6.933% 6.892%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-8 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 25.02 14.53 10.93 7.50 5.08 3.31
MODIFIED DURATION (YEARS) 11.29 8.75 7.34 5.60 4.12 2.85
FIRST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
LAST PRINCIPAL PAYMENT 7/20/24 6/20/12 4/20/10 2/20/07 8/20/03 1/20/02
PRINCIPAL LOCKOUT (MONTHS) 274 162 113 72 53 33
PRINCIPAL WINDOW (MONTHS) 48 15 38 41 (1) 18 19 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.255% 7.245% 7.237% 7.221% 7.196% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 5
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 4 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-9 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 28.28 17.07 14.59 12.12 9.13 5.83
MODIFIED DURATION (YEARS) 11.53 9.35 8.65 7.72 6.33 4.51
FIRST PRINCIPAL PAYMENT 7/20/24 6/20/12 4/20/10 2/20/07 8/20/03 1/20/02
LAST PRINCIPAL PAYMENT 2/20/27 11/20/21 2/20/16 6/20/12 9/20/11 3/20/09
PRINCIPAL LOCKOUT (MONTHS) 321 176 150 112 70 51
PRINCIPAL WINDOW (MONTHS) 32 114 71 65 98 (1) 87 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.461% 7.453% 7.449% 7.444% 7.433% 7.408%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-10 "LOCK BOND" (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.53 7.65 6.96 6.59 6.42 6.47
MODIFIED DURATION (YEARS) 7.59 5.65 5.28 5.07 4.98 5.02
FIRST PRINCIPAL PAYMENT 10/20/00 10/20/00 10/20/00 12/20/00 4/20/01 9/20/01
LAST PRINCIPAL PAYMENT 6/20/12 6/20/12 6/20/12 6/20/12 7/20/11 1/20/09
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 38 42 47
PRINCIPAL WINDOW (MONTHS) 141 141 141 139 124 89
ILLUSTRATIVE YIELD @ PAR (30/360) 6.962% 6.946% 6.941% 6.938% 6.937% 6.938%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS M-1 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.60 10.27 7.65 5.95 4.98 4.55
MODIFIED DURATION (YEARS) 9.78 6.84 5.50 4.53 3.97 3.72
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 11/20/00 1/20/01 4/20/01
LAST PRINCIPAL PAYMENT 9/20/26 7/20/16 6/20/12 7/20/11 10/20/08 10/20/06
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 37 39 42
PRINCIPAL WINDOW (MONTHS) 172 166 136 129 94 67
ILLUSTRATIVE YIELD @ PAR (30/360) 7.229% 7.212% 7.199% 7.184% 7.173% 7.166%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 6
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 5 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS M-2 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.57 10.17 7.64 5.87 4.85 4.31
MODIFIED DURATION (YEARS) 9.60 6.73 5.44 4.46 3.86 3.53
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 11/20/00 12/20/00
LAST PRINCIPAL PAYMENT 6/20/26 3/20/15 6/20/12 8/20/10 1/20/08 2/20/06
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 37 38
PRINCIPAL WINDOW (MONTHS) 169 150 136 119 87 63
ILLUSTRATIVE YIELD @ PAR (30/360) 7.464% 7.447% 7.433% 7.417% 7.404% 7.394%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.28 10.04 7.34 5.59 4.58 4.00
MODIFIED DURATION (YEARS) 9.36 6.60 5.27 4.29 3.67 3.30
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 10/20/00 10/20/00
LAST PRINCIPAL PAYMENT 6/20/25 6/20/12 9/20/11 7/20/08 4/20/06 9/20/04
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 36 36
PRINCIPAL WINDOW (MONTHS) 157 117 127 94 67 48
ILLUSTRATIVE YIELD @ PAR (30/360) 7.750% 7.732% 7.717% 7.699% 7.684% 7.671%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS A-8 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.34 14.53 10.46 7.29 5.08 3.31
MODIFIED DURATION (YEARS) 11.18 8.75 7.13 5.49 4.12 2.85
FIRST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
LAST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 8/20/03 1/20/02
PRINCIPAL LOCKOUT (MONTHS) 274 162 113 72 53 33
PRINCIPAL WINDOW (MONTHS) 22 15 16 26 (1) 18 19 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.254% 7.245% 7.235% 7.219% 7.196% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 7
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 6 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
** CLASS A-9 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.67 14.81 10.76 8.17 6.43 4.97
MODIFIED DURATION (YEARS) 11.03 8.74 7.20 5.95 4.96 4.02
FIRST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 8/20/03 1/20/02
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 295 176 128 97 70 51
PRINCIPAL WINDOW (MONTHS) 1 2 1 1 8 13
ILLUSTRATIVE YIELD @ PAR (30/360) 7.459% 7.450% 7.440% 7.429% 7.416% 7.398%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS A-10 "LOCK BOND" (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.53 7.65 6.91 6.41 5.80 5.16
MODIFIED DURATION (YEARS) 7.59 5.65 5.26 4.98 4.62 4.21
FIRST PRINCIPAL PAYMENT 10/20/00 10/20/00 10/20/00 12/20/00 4/20/01 9/20/01
LAST PRINCIPAL PAYMENT 6/20/12 6/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 38 42 47
PRINCIPAL WINDOW (MONTHS) 141 141 93 60 36 17
ILLUSTRATIVE YIELD @ PAR (30/360) 6.962% 6.946% 6.941% 6.937% 6.931% 6.924%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS M-1 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.08 10.09 7.15 5.44 4.58 4.22
MODIFIED DURATION (YEARS) 9.70 6.78 5.30 4.29 3.75 3.52
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 11/20/00 1/20/01 4/20/01
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 37 39 42
PRINCIPAL WINDOW (MONTHS) 120 118 88 61 39 22
ILLUSTRATIVE YIELD @ PAR (30/360) 7.229% 7.212% 7.196% 7.180% 7.167% 7.161%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 8
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 7 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
** CLASS M-2 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.08 10.08 7.15 5.44 4.51 4.03
MODIFIED DURATION (YEARS) 9.53 6.70 5.25 4.25 3.67 3.36
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 11/20/00 12/20/00
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 37 38
PRINCIPAL WINDOW (MONTHS) 120 118 88 62 41 26
ILLUSTRATIVE YIELD @ PAR (30/360) 7.464% 7.447% 7.430% 7.413% 7.399% 7.389%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS B (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.02 10.04 7.11 5.40 4.44 3.88
MODIFIED DURATION (YEARS) 9.32 6.60 5.18 4.20 3.59 3.23
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 10/20/00 10/20/00
LAST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 36 36
PRINCIPAL WINDOW (MONTHS) 120 117 88 62 42 28
ILLUSTRATIVE YIELD @ PAR (30/360) 7.750% 7.732% 7.716% 7.697% 7.681% 7.668%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
[BEAR STEARNS LOGO]
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> 1
EXHIBIT 99.2
PaineWebber Incorporated
PRELIMINARY
BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1997-5
DISCLAIMER
- -------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for IMC Home Equity Loan Owner
Trust 1997-5, and not by or as agent for Industry Mortgage Company L.P. or any
of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not
responsible for the accuracy hereof and has not authorized the dissemination
hereof. The analysis in this report is accurate to the best of PW's knowledge
and is based on information provided by the Depositor. PW makes no
representations as to the accuracy of such information provided by the
Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may
be differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to herein,
and may, as principal or agent, buy or sell such securities, commodities or
derivative instruments. In addition, PW may make a market in the securities
referred to herein. Neither the information nor the opinions expressed shall be
construed to be, or constitute, an offer to sell or buy or a solicitation of an
offer to sell or buy any securities, commodities or derivative instruments
mentioned herein. Finally, PW has not addressed the legal, accounting and tax
implications of the analysis with respect to you and PW strongly urges you to
seek advice from your counsel, accountant and tax advisor.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Collateral (page 1 of 1)
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of 9/1/97:
<TABLE>
<S> <C>
TOTAL NUMBER OF LOANS: 14,369
TOTAL OUTSTANDING LOAN BALANCE: $828,448,840
BALLOON (% OF TOTAL): 45.37%
LEVEL PAY (% OF TOTAL): 54.63%
AVERAGE LOAN PRINCIPAL BALANCE: $57,655 ($4,963 to $499,661)
WEIGHTED AVERAGE CLTV: 76.08% (8.00% to 100.00%)
% OF POOL WITH LTVs>85%: 15.94%
WEIGHTED AVERAGE COUPON: 11.60% (7.50% to 22.50%)
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 223 (20 to 360)
WEIGHTED AVERAGE SEASONING (MONTHS): 3 (0 to 90)
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 226 (36 to 360)
RANGE OF ORIGINAL TERMS: LEVEL PAY BALLOON
-------------------------------- --------------------------------
Up to 60: 0.08% Up to 60: 0.05%
61 - 120: 1.94% 61 - 120: 0.28%
121 - 180: 17.85% 121 - 180: 45.02%
181 - 240: 12.41% 181 - 240: 0.00%
241 - 300: 0.35% 241 - 300: 0.02%
301 - 360: 22.00%
LIEN POSITION: 1st Lien: 87.81%
2nd Lien: 12.19%
PROPERTY TYPE: Single Family Detached: 90.30%
Single Family Attached: 0.21%
2-4 Family: 7.36%
Condominium/Townhouse: 1.28%
Other: 0.84%
OCCUPANCY STATUS: Owner Occupied: 92.44%
Non-Owner Occupied: 7.56%
GEOGRAPHIC DISTRIBUTION: NY: 17.47% NJ: 5.77%
(states not listed individually account FL: 9.80% OH: 5.30%
for less than 5.00% of the Mortgage PA: 6.94% MI: 5.19%
Loan principal balance) MD: 6.79%
CREDIT QUALITY: A: 52.55%
(per IMC's guidelines) B: 24.05%
C: 18.89%
D: 4.51%
</TABLE>
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 3
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 1 of 7)
- -------------------------------------------------------------------------------
TRANSACTION SUMMARY (a)
<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/FITCH)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 $110,000,000 Fixed 1.15 1.07 none 27 Aaa / AAA / AAA
CLASS A-2 $139,960,000 Floating(b) 0.50 0.48 none 10 Aaa / AAA / AAA
CLASS A-3 $112,640,000 Fixed 1.20 1.12 9 10 Aaa / AAA / AAA
CLASS A-4 $122,190,000 Fixed 2.00 1.82 18 11 Aaa / AAA / AAA
CLASS A-5 $127,030,000 Fixed 3.00 2.64 28 18 Aaa / AAA / AAA
CLASS A-6 $ 20,470,000 Fixed 4.00 3.40 45 5 Aaa / AAA / AAA
CLASS A-7 $ 77,810,000 Fixed 5.00 4.09 49 24 Aaa / AAA / AAA
CLASS A-8 $ 41,930,000 Fixed 7.50 5.60 72 41 Aaa / AAA / AAA
CLASS A-9 $ 42,970,000 Fixed 12.12 7.72 112 65 Aaa / AAA / AAA
CLASS A-10 $ 70,000,000 Fixed 6.59 5.07 38 139 Aaa / AAA / AAA
CLASS M-1 $ 40,000,000 Fixed 5.95 4.53 37 129 Aa2 / AA / AA+
CLASS M-2 $ 55,000,000 Fixed 5.87 4.46 36 119 A2 / A / A+
CLASS B $ 40,000,000 Fixed 5.59 4.29 36 94 Baa3 / BBB- / BBB
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------------
</TABLE>
NOTES: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.818% per annum in each month thereafter until
month 12. On and after month 12, 24% CPR.
(b) The lesser of (i) One-Month LIBOR plus 0._ % and (ii) the
weighted average Coupon Rate of the Home Equity Loans, less
0.50375% per annum.
<TABLE>
<CAPTION>
CLASS A-1 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 3.07 1.15 1.15 1.15 1.15 1.15
MODIFIED DURATION (YEARS) 2.62 1.07 1.07 1.07 1.07 1.07
FIRST PRINCIPAL PAYMENT 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97
LAST PRINCIPAL PAYMENT 3/20/04 12/20/99 12/20/99 12/20/99 12/20/99 12/20/99
PRINCIPAL LOCKOUT (MONTHS) none none none NONE none none
PRINCIPAL WINDOW (MONTHS) 78 27 27 27 27 27
ILLUSTRATIVE YIELD @ PAR (30/360) 6.196% 6.014% 6.014% 6.014% 6.014% 6.014%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-2 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 9.85 1.01 0.65 0.50 0.42 0.36
MODIFIED DURATION (YEARS) 7.25 0.95 0.62 0.48 0.40 0.35
FIRST PRINCIPAL PAYMENT 3/20/04 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97
LAST PRINCIPAL PAYMENT 4/20/10 9/20/99 11/20/98 7/20/98 6/20/98 4/20/98
PRINCIPAL LOCKOUT (MONTHS) 77 none none NONE none none
PRINCIPAL WINDOW (MONTHS) 74 24 14 10 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 5.890% 5.879% 5.875% 5.868% 5.869% 5.874%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 4
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 2 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-3 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.04 2.67 1.69 1.20 0.95 0.80
MODIFIED DURATION (YEARS) 9.08 2.39 1.56 1.12 0.90 0.76
FIRST PRINCIPAL PAYMENT 4/20/10 9/20/99 11/20/98 7/20/98 6/20/98 4/20/98
LAST PRINCIPAL PAYMENT 6/20/12 12/20/00 12/20/99 4/20/99 11/20/98 9/20/98
PRINCIPAL LOCKOUT (MONTHS) 150 23 13 9 8 6
PRINCIPAL WINDOW (MONTHS) 27 16 14 10 6 6
ILLUSTRATIVE YIELD @ PAR (30/360) 6.326% 6.224% 6.150% 6.068% 5.994% 5.926%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-4 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.76 4.01 2.73 2.00 1.52 1.23
MODIFIED DURATION (YEARS) 9.22 3.42 2.43 1.82 1.40 1.15
FIRST PRINCIPAL PAYMENT 6/20/12 12/20/00 12/20/99 4/20/99 11/20/98 9/20/98
LAST PRINCIPAL PAYMENT 6/20/12 7/20/02 12/20/00 2/20/00 7/20/99 3/20/99
PRINCIPAL LOCKOUT (MONTHS) 176 38 26 18 13 11
PRINCIPAL WINDOW (MONTHS) 1 20 13 11 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 6.582% 6.519% 6.478% 6.430% 6.374% 6.319%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-5 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.76 6.30 4.12 3.00 2.29 1.83
MODIFIED DURATION (YEARS) 9.15 4.98 3.50 2.64 2.07 1.67
FIRST PRINCIPAL PAYMENT 6/20/12 7/20/02 12/20/00 2/20/00 7/20/99 3/20/99
LAST PRINCIPAL PAYMENT 6/20/12 4/20/06 12/20/02 7/20/01 5/20/00 12/20/99
PRINCIPAL LOCKOUT (MONTHS) 176 57 38 28 21 17
PRINCIPAL WINDOW (MONTHS) 1 46 25 18 (1) 11 10
ILLUSTRATIVE YIELD @ PAR (30/360) 6.694% 6.662% 6.632% 6.600% 6.563% 6.523%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 5
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 3 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-6 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.98 9.03 5.53 4.00 2.77 2.29
MODIFIED DURATION (YEARS) 9.11 6.54 4.47 3.40 2.45 2.06
FIRST PRINCIPAL PAYMENT 6/20/12 4/20/06 12/20/02 7/20/01 5/20/00 12/20/99
LAST PRINCIPAL PAYMENT 5/20/13 3/20/07 6/20/03 11/20/01 7/20/00 1/20/00
PRINCIPAL LOCKOUT (MONTHS) 176 102 62 45 31 26
PRINCIPAL WINDOW (MONTHS) 12 12 7 5 3 2
ILLUSTRATIVE YIELD @ PAR (30/360) 6.899% 6.883% 6.858% 6.832% 6.791% 6.763%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-7 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.92 11.44 7.34 5.00 3.61 2.58
MODIFIED DURATION (YEARS) 10.20 7.64 5.56 4.09 3.09 2.29
FIRST PRINCIPAL PAYMENT 5/20/13 3/20/07 6/20/03 11/20/01 7/20/00 1/20/00
LAST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
PRINCIPAL LOCKOUT (MONTHS) 187 113 68 49 33 27
PRINCIPAL WINDOW (MONTHS) 88 50 46 24 21 (1) 7
ILLUSTRATIVE YIELD @ PAR (30/360) 7.015% 7.003% 6.985% 6.962% 6.933% 6.892%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-8 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 25.02 14.53 10.93 7.50 5.08 3.31
MODIFIED DURATION (YEARS) 11.29 8.75 7.34 5.60 4.12 2.85
FIRST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
LAST PRINCIPAL PAYMENT 7/20/24 6/20/12 4/20/10 2/20/07 8/20/03 1/20/02
PRINCIPAL LOCKOUT (MONTHS) 274 162 113 72 53 33
PRINCIPAL WINDOW (MONTHS) 48 15 38 41 (1) 18 19 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.255% 7.245% 7.237% 7.221% 7.196% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 6
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 4 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-9 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 28.28 17.07 14.59 12.12 9.13 5.83
MODIFIED DURATION (YEARS) 11.53 9.35 8.65 7.72 6.33 4.51
FIRST PRINCIPAL PAYMENT 7/20/24 6/20/12 4/20/10 2/20/07 8/20/03 1/20/02
LAST PRINCIPAL PAYMENT 2/20/27 11/20/21 2/20/16 6/20/12 9/20/11 3/20/09
PRINCIPAL LOCKOUT (MONTHS) 321 176 150 112 70 51
PRINCIPAL WINDOW (MONTHS) 32 114 71 65 98 (1) 87 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.461% 7.453% 7.449% 7.444% 7.433% 7.408%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-10 "LOCK BOND" (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.53 7.65 6.96 6.59 6.42 6.47
MODIFIED DURATION (YEARS) 7.59 5.65 5.28 5.07 4.98 5.02
FIRST PRINCIPAL PAYMENT 10/20/00 10/20/00 10/20/00 12/20/00 4/20/01 9/20/01
LAST PRINCIPAL PAYMENT 6/20/12 6/20/12 6/20/12 6/20/12 7/20/11 1/20/09
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 38 42 47
PRINCIPAL WINDOW (MONTHS) 141 141 141 139 124 89
ILLUSTRATIVE YIELD @ PAR (30/360) 6.962% 6.946% 6.941% 6.938% 6.937% 6.938%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS M-1 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.60 10.27 7.65 5.95 4.98 4.55
MODIFIED DURATION (YEARS) 9.78 6.84 5.50 4.53 3.97 3.72
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 11/20/00 1/20/01 4/20/01
LAST PRINCIPAL PAYMENT 9/20/26 7/20/16 6/20/12 7/20/11 10/20/08 10/20/06
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 37 39 42
PRINCIPAL WINDOW (MONTHS) 172 166 136 129 94 67
ILLUSTRATIVE YIELD @ PAR (30/360) 7.229% 7.212% 7.199% 7.184% 7.173% 7.166%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 7
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 5 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS M-2 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.57 10.17 7.64 5.87 4.85 4.31
MODIFIED DURATION (YEARS) 9.60 6.73 5.44 4.46 3.86 3.53
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 11/20/00 12/20/00
LAST PRINCIPAL PAYMENT 6/20/26 3/20/15 6/20/12 8/20/10 1/20/08 2/20/06
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 37 38
PRINCIPAL WINDOW (MONTHS) 169 150 136 119 87 63
ILLUSTRATIVE YIELD @ PAR (30/360) 7.464% 7.447% 7.433% 7.417% 7.404% 7.394%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.28 10.04 7.34 5.59 4.58 4.00
MODIFIED DURATION (YEARS) 9.36 6.60 5.27 4.29 3.67 3.30
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 10/20/00 10/20/00
LAST PRINCIPAL PAYMENT 6/20/25 6/20/12 9/20/11 7/20/08 4/20/06 9/20/04
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 36 36
PRINCIPAL WINDOW (MONTHS) 157 117 127 94 67 48
ILLUSTRATIVE YIELD @ PAR (30/360) 7.750% 7.732% 7.717% 7.699% 7.684% 7.671%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS A-8 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.34 14.53 10.46 7.29 5.08 3.31
MODIFIED DURATION (YEARS) 11.18 8.75 7.13 5.49 4.12 2.85
FIRST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
LAST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 8/20/03 1/20/02
PRINCIPAL LOCKOUT (MONTHS) 274 162 113 72 53 33
PRINCIPAL WINDOW (MONTHS) 22 15 16 26 (1) 18 19 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.254% 7.245% 7.235% 7.219% 7.196% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 8
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 6 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
** CLASS A-9 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.67 14.81 10.76 8.17 6.43 4.97
MODIFIED DURATION (YEARS) 11.03 8.74 7.20 5.95 4.96 4.02
FIRST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 8/20/03 1/20/02
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 295 176 128 97 70 51
PRINCIPAL WINDOW (MONTHS) 1 2 1 1 8 13
ILLUSTRATIVE YIELD @ PAR (30/360) 7.459% 7.450% 7.440% 7.429% 7.416% 7.398%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS A-10 "LOCK BOND" (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.53 7.65 6.91 6.41 5.80 5.16
MODIFIED DURATION (YEARS) 7.59 5.65 5.26 4.98 4.62 4.21
FIRST PRINCIPAL PAYMENT 10/20/00 10/20/00 10/20/00 12/20/00 4/20/01 9/20/01
LAST PRINCIPAL PAYMENT 6/20/12 6/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 38 42 47
PRINCIPAL WINDOW (MONTHS) 141 141 93 60 36 17
ILLUSTRATIVE YIELD @ PAR (30/360) 6.962% 6.946% 6.941% 6.937% 6.931% 6.924%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS M-1 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.08 10.09 7.15 5.44 4.58 4.22
MODIFIED DURATION (YEARS) 9.70 6.78 5.30 4.29 3.75 3.52
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 11/20/00 1/20/01 4/20/01
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 37 39 42
PRINCIPAL WINDOW (MONTHS) 120 118 88 61 39 22
ILLUSTRATIVE YIELD @ PAR (30/360) 7.229% 7.212% 7.196% 7.180% 7.167% 7.161%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 9
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 7 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
** CLASS M-2 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.08 10.08 7.15 5.44 4.51 4.03
MODIFIED DURATION (YEARS) 9.53 6.70 5.25 4.25 3.67 3.36
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 11/20/00 12/20/00
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 37 38
PRINCIPAL WINDOW (MONTHS) 120 118 88 62 41 26
ILLUSTRATIVE YIELD @ PAR (30/360) 7.464% 7.447% 7.430% 7.413% 7.399% 7.389%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS B (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.02 10.04 7.11 5.40 4.44 3.88
MODIFIED DURATION (YEARS) 9.32 6.60 5.18 4.20 3.59 3.23
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 10/20/00 10/20/00
LAST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 36 36
PRINCIPAL WINDOW (MONTHS) 120 117 88 62 42 28
ILLUSTRATIVE YIELD @ PAR (30/360) 7.750% 7.732% 7.716% 7.697% 7.681% 7.668%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
- -------------------------------------------------------------------------------
[PAINEWEBBER LOGO]
<PAGE> 1
EXHIBIT 99.3
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Collateral (page 1 of 1)
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of 9/1/97:
<TABLE>
<S> <C>
TOTAL NUMBER OF LOANS: 14,369
TOTAL OUTSTANDING LOAN BALANCE: $828,448,840
BALLON (% OF TOTAL) 45.37%
LEVEL PAY (% OF TOTAL) 54.63%
AVERAGE LOAN PRINCIPAL BALANCE: $57,655 ($4,963 to $499,661)
WEIGHTED AVERAGE CLTV: 76.08% (8.00% to 100.00%)
% OF POOL WITH LTVs>85%: 15.94%
WEIGHTED AVERAGE COUPON: 11.60% (7.50% to 22.50%)
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 223 (20 to 360)
WEIGHTED AVERAGE SEASONING (MONTHS): 3 (0 to 90)
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 226 (36 to 360)
RANGE OF ORIGINAL TERMS: LEVEL PAY BALLOON
-------------------------------- --------------------------------
Up to 60: 0.08% Up to 60: 0.05%
61 - 120: 1.94% 61 - 120: 0.28%
121 - 180: 17.85% 121 - 180: 45.02%
181 - 240: 12.41% 181 - 240: 0.00%
241 - 300: 0.35% 241 - 300: 0.02%
301 - 360: 22.00%
LIEN POSITION: 1st Lien: 87.81%
2nd Lien: 12.19%
PROPERTY TYPE: Single Family Detached: 90.30%
Single Family Attached: 0.21%
2-4 Family: 7.36%
Condominium/Townhouse: 1.28%
Other: 0.84%
OCCUPANCY STATUS: Owner Occupied: 92.44%
Non-Owner Occupied: 7.56%
GEOGRAPHIC DISTRIBUTION: NY: 17.47% NJ: 5.77%
(states not listed individually account FL: 9.80% OH: 5.30%
for less than 5.00% of the Mortgage PA: 6.94% MI: 5.19%
Loan principal balance) MD: 6.79%
CREDIT QUALITY: A: 52.55%
(per IMC's guidelines) B: 24.05%
C: 18.89%
D: 4.51%
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 1 of 7)
- -------------------------------------------------------------------------------
TRANSACTION SUMMARY (a)
<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/FITCH)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 $110,000,000 Fixed 1.15 1.07 none 27 Aaa / AAA / AAA
CLASS A-2 $139,960,000 Floating(b) 0.50 0.48 none 10 Aaa / AAA / AAA
CLASS A-3 $112,640,000 Fixed 1.20 1.12 9 10 Aaa / AAA / AAA
CLASS A-4 $122,190,000 Fixed 2.00 1.82 18 11 Aaa / AAA / AAA
CLASS A-5 $127,030,000 Fixed 3.00 2.64 28 18 Aaa / AAA / AAA
CLASS A-6 $ 20,470,000 Fixed 4.00 3.40 45 5 Aaa / AAA / AAA
CLASS A-7 $ 77,810,000 Fixed 5.00 4.09 49 24 Aaa / AAA / AAA
CLASS A-8 $ 41,930,000 Fixed 7.50 5.60 72 41 Aaa / AAA / AAA
CLASS A-9 $ 42,970,000 Fixed 12.12 7.72 112 65 Aaa / AAA / AAA
CLASS A-10 $ 70,000,000 Fixed 6.59 5.07 38 139 Aaa / AAA / AAA
CLASS M-1 $ 40,000,000 Fixed 5.95 4.53 37 129 Aa2 / AA / AA+
CLASS M-2 $ 55,000,000 Fixed 5.87 4.46 36 119 A2 / A / A+
CLASS B $ 40,000,000 Fixed 5.59 4.29 36 94 Baa3 / BBB- / BBB
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------------
</TABLE>
NOTES: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.818% per annum in each month thereafter until
month 12. On and after month 12, 24% CPR.
(b) The lesser of (i) One-Month LIBOR plus 0._ % and (ii) the
weighted average Coupon Rate of the Home Equity Loans, less
0.50375% per annum.
<TABLE>
<CAPTION>
CLASS A-1 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 3.07 1.15 1.15 1.15 1.15 1.15
MODIFIED DURATION (YEARS) 2.62 1.07 1.07 1.07 1.07 1.07
FIRST PRINCIPAL PAYMENT 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97
LAST PRINCIPAL PAYMENT 3/20/04 12/20/99 12/20/99 12/20/99 12/20/99 12/20/99
PRINCIPAL LOCKOUT (MONTHS) none none none NONE none none
PRINCIPAL WINDOW (MONTHS) 78 27 27 27 27 27
ILLUSTRATIVE YIELD @ PAR (30/360) 6.196% 6.014% 6.014% 6.014% 6.014% 6.014%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-2 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 9.85 1.01 0.65 0.50 0.42 0.36
MODIFIED DURATION (YEARS) 7.25 0.95 0.62 0.48 0.40 0.35
FIRST PRINCIPAL PAYMENT 3/20/04 10/20/97 10/20/97 10/20/97 10/20/97 10/20/97
LAST PRINCIPAL PAYMENT 4/20/10 9/20/99 11/20/98 7/20/98 6/20/98 4/20/98
PRINCIPAL LOCKOUT (MONTHS) 77 none none NONE none none
PRINCIPAL WINDOW (MONTHS) 74 24 14 10 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 5.890% 5.879% 5.875% 5.868% 5.869% 5.874%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 3
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 2 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-3 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.04 2.67 1.69 1.20 0.95 0.80
MODIFIED DURATION (YEARS) 9.08 2.39 1.56 1.12 0.90 0.76
FIRST PRINCIPAL PAYMENT 4/20/10 9/20/99 11/20/98 7/20/98 6/20/98 4/20/98
LAST PRINCIPAL PAYMENT 6/20/12 12/20/00 12/20/99 4/20/99 11/20/98 9/20/98
PRINCIPAL LOCKOUT (MONTHS) 150 23 13 9 8 6
PRINCIPAL WINDOW (MONTHS) 27 16 14 10 6 6
ILLUSTRATIVE YIELD @ PAR (30/360) 6.326% 6.224% 6.150% 6.068% 5.994% 5.926%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-4 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.76 4.01 2.73 2.00 1.52 1.23
MODIFIED DURATION (YEARS) 9.22 3.42 2.43 1.82 1.40 1.15
FIRST PRINCIPAL PAYMENT 6/20/12 12/20/00 12/20/99 4/20/99 11/20/98 9/20/98
LAST PRINCIPAL PAYMENT 6/20/12 7/20/02 12/20/00 2/20/00 7/20/99 3/20/99
PRINCIPAL LOCKOUT (MONTHS) 176 38 26 18 13 11
PRINCIPAL WINDOW (MONTHS) 1 20 13 11 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 6.582% 6.519% 6.478% 6.430% 6.374% 6.319%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-5 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.76 6.30 4.12 3.00 2.29 1.83
MODIFIED DURATION (YEARS) 9.15 4.98 3.50 2.64 2.07 1.67
FIRST PRINCIPAL PAYMENT 6/20/12 7/20/02 12/20/00 2/20/00 7/20/99 3/20/99
LAST PRINCIPAL PAYMENT 6/20/12 4/20/06 12/20/02 7/20/01 5/20/00 12/20/99
PRINCIPAL LOCKOUT (MONTHS) 176 57 38 28 21 17
PRINCIPAL WINDOW (MONTHS) 1 46 25 18 (1) 11 10
ILLUSTRATIVE YIELD @ PAR (30/360) 6.694% 6.662% 6.632% 6.600% 6.563% 6.523%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 4
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 3 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-6 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.98 9.03 5.53 4.00 2.77 2.29
MODIFIED DURATION (YEARS) 9.11 6.54 4.47 3.40 2.45 2.06
FIRST PRINCIPAL PAYMENT 6/20/12 4/20/06 12/20/02 7/20/01 5/20/00 12/20/99
LAST PRINCIPAL PAYMENT 5/20/13 3/20/07 6/20/03 11/20/01 7/20/00 1/20/00
PRINCIPAL LOCKOUT (MONTHS) 176 102 62 45 31 26
PRINCIPAL WINDOW (MONTHS) 12 12 7 5 3 2
ILLUSTRATIVE YIELD @ PAR (30/360) 6.899% 6.883% 6.858% 6.832% 6.791% 6.763%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-7 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.92 11.44 7.34 5.00 3.61 2.58
MODIFIED DURATION (YEARS) 10.20 7.64 5.56 4.09 3.09 2.29
FIRST PRINCIPAL PAYMENT 5/20/13 3/20/07 6/20/03 11/20/01 7/20/00 1/20/00
LAST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
PRINCIPAL LOCKOUT (MONTHS) 187 113 68 49 33 27
PRINCIPAL WINDOW (MONTHS) 88 50 46 24 21 (1) 7
ILLUSTRATIVE YIELD @ PAR (30/360) 7.015% 7.003% 6.985% 6.962% 6.933% 6.892%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-8 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 25.02 14.53 10.93 7.50 5.08 3.31
MODIFIED DURATION (YEARS) 11.29 8.75 7.34 5.60 4.12 2.85
FIRST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
LAST PRINCIPAL PAYMENT 7/20/24 6/20/12 4/20/10 2/20/07 8/20/03 1/20/02
PRINCIPAL LOCKOUT (MONTHS) 274 162 113 72 53 33
PRINCIPAL WINDOW (MONTHS) 48 15 38 41 (1) 18 19 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.255% 7.245% 7.237% 7.221% 7.196% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 5
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 4 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-9 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 28.28 17.07 14.59 12.12 9.13 5.83
MODIFIED DURATION (YEARS) 11.53 9.35 8.65 7.72 6.33 4.51
FIRST PRINCIPAL PAYMENT 7/20/24 6/20/12 4/20/10 2/20/07 8/20/03 1/20/02
LAST PRINCIPAL PAYMENT 2/20/27 11/20/21 2/20/16 6/20/12 9/20/11 3/20/09
PRINCIPAL LOCKOUT (MONTHS) 321 176 150 112 70 51
PRINCIPAL WINDOW (MONTHS) 32 114 71 65 98 (1) 87 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.461% 7.453% 7.449% 7.444% 7.433% 7.408%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-10 "LOCK BOND" (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.53 7.65 6.96 6.59 6.42 6.47
MODIFIED DURATION (YEARS) 7.59 5.65 5.28 5.07 4.98 5.02
FIRST PRINCIPAL PAYMENT 10/20/00 10/20/00 10/20/00 12/20/00 4/20/01 9/20/01
LAST PRINCIPAL PAYMENT 6/20/12 6/20/12 6/20/12 6/20/12 7/20/11 1/20/09
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 38 42 47
PRINCIPAL WINDOW (MONTHS) 141 141 141 139 124 89
ILLUSTRATIVE YIELD @ PAR (30/360) 6.962% 6.946% 6.941% 6.938% 6.937% 6.938%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS M-1 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.60 10.27 7.65 5.95 4.98 4.55
MODIFIED DURATION (YEARS) 9.78 6.84 5.50 4.53 3.97 3.72
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 11/20/00 1/20/01 4/20/01
LAST PRINCIPAL PAYMENT 9/20/26 7/20/16 6/20/12 7/20/11 10/20/08 10/20/06
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 37 39 42
PRINCIPAL WINDOW (MONTHS) 172 166 136 129 94 67
ILLUSTRATIVE YIELD @ PAR (30/360) 7.229% 7.212% 7.199% 7.184% 7.173% 7.166%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 6
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 5 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS M-2 (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.57 10.17 7.64 5.87 4.85 4.31
MODIFIED DURATION (YEARS) 9.60 6.73 5.44 4.46 3.86 3.53
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 11/20/00 12/20/00
LAST PRINCIPAL PAYMENT 6/20/26 3/20/15 6/20/12 8/20/10 1/20/08 2/20/06
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 37 38
PRINCIPAL WINDOW (MONTHS) 169 150 136 119 87 63
ILLUSTRATIVE YIELD @ PAR (30/360) 7.464% 7.447% 7.433% 7.417% 7.404% 7.394%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B (TO MATURITY)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.28 10.04 7.34 5.59 4.58 4.00
MODIFIED DURATION (YEARS) 9.36 6.60 5.27 4.29 3.67 3.30
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 10/20/00 10/20/00
LAST PRINCIPAL PAYMENT 6/20/25 6/20/12 9/20/11 7/20/08 4/20/06 9/20/04
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 36 36
PRINCIPAL WINDOW (MONTHS) 157 117 127 94 67 48
ILLUSTRATIVE YIELD @ PAR (30/360) 7.750% 7.732% 7.717% 7.699% 7.684% 7.671%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS A-8 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.34 14.53 10.46 7.29 5.08 3.31
MODIFIED DURATION (YEARS) 11.18 8.75 7.13 5.49 4.12 2.85
FIRST PRINCIPAL PAYMENT 8/20/20 4/20/11 3/20/07 10/20/03 3/20/02 7/20/00
LAST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 8/20/03 1/20/02
PRINCIPAL LOCKOUT (MONTHS) 274 162 113 72 53 33
PRINCIPAL WINDOW (MONTHS) 22 15 16 26 (1) 18 19 (1)
ILLUSTRATIVE YIELD @ PAR (30/360) 7.254% 7.245% 7.235% 7.219% 7.196% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 7
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 6 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
** CLASS A-9 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 24.67 14.81 10.76 8.17 6.43 4.97
MODIFIED DURATION (YEARS) 11.03 8.74 7.20 5.95 4.96 4.02
FIRST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 8/20/03 1/20/02
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 295 176 128 97 70 51
PRINCIPAL WINDOW (MONTHS) 1 2 1 1 8 13
ILLUSTRATIVE YIELD @ PAR (30/360) 7.459% 7.450% 7.440% 7.429% 7.416% 7.398%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS A-10 "LOCK BOND" (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.53 7.65 6.91 6.41 5.80 5.16
MODIFIED DURATION (YEARS) 7.59 5.65 5.26 4.98 4.62 4.21
FIRST PRINCIPAL PAYMENT 10/20/00 10/20/00 10/20/00 12/20/00 4/20/01 9/20/01
LAST PRINCIPAL PAYMENT 6/20/12 6/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 38 42 47
PRINCIPAL WINDOW (MONTHS) 141 141 93 60 36 17
ILLUSTRATIVE YIELD @ PAR (30/360) 6.962% 6.946% 6.941% 6.937% 6.931% 6.924%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS M-1 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.08 10.09 7.15 5.44 4.58 4.22
MODIFIED DURATION (YEARS) 9.70 6.78 5.30 4.29 3.75 3.52
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 11/20/00 1/20/01 4/20/01
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 37 39 42
PRINCIPAL WINDOW (MONTHS) 120 118 88 61 39 22
ILLUSTRATIVE YIELD @ PAR (30/360) 7.229% 7.212% 7.196% 7.180% 7.167% 7.161%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE> 8
IMC HOME EQUITY LOAN TRUST 1997-5
Computational Materials: Information Relating to the Certificates (page 7 of 7)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
** CLASS M-2 (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.08 10.08 7.15 5.44 4.51 4.03
MODIFIED DURATION (YEARS) 9.53 6.70 5.25 4.25 3.67 3.36
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 11/20/00 12/20/00
LAST PRINCIPAL PAYMENT 5/20/22 7/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 37 38
PRINCIPAL WINDOW (MONTHS) 120 118 88 62 41 26
ILLUSTRATIVE YIELD @ PAR (30/360) 7.464% 7.447% 7.430% 7.413% 7.399% 7.389%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** CLASS B (TO 10% CLEAN-UP CALL)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.02 10.04 7.11 5.40 4.44 3.88
MODIFIED DURATION (YEARS) 9.32 6.60 5.18 4.20 3.59 3.23
FIRST PRINCIPAL PAYMENT 6/20/12 10/20/02 3/20/01 10/20/00 10/20/00 10/20/00
LAST PRINCIPAL PAYMENT 5/20/22 6/20/12 6/20/08 11/20/05 3/20/04 1/20/03
PRINCIPAL LOCKOUT (MONTHS) 176 60 41 36 36 36
PRINCIPAL WINDOW (MONTHS) 120 117 88 62 42 28
ILLUSTRATIVE YIELD @ PAR (30/360) 7.750% 7.732% 7.716% 7.697% 7.681% 7.668%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) INDICATES AN INTERRUPTION IN THE PAYMENT OF PRINCIPAL.
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This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by IMC Securities Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO
BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co.
International Limited, a member of the Securities and Futures Authority, and
Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of
their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd.
representative about the investment concerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
