- --------------------------------------------------------------------------------
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)
January 13, 1997
IMC Securities, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-4911 59-3284026
- --------------------------------------- ---------------------------------------- ---------------------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
3450 Buschwood Park Drive
Tampa Florida 33618
- --------------------------------- ---------------------------------
(Address of Principal (Zip Code)
Executive Offices)
</TABLE>
Registrant's telephone number, including area code (813) 932-2211
No Change
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
In connection with the offering of IMC Home Equity Loan
Pass-Through Certificates, Series 1997-1, described in a Prospectus Supplement
to be dated as of January 16, 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 Greenwich
Capital Markets, Inc.
99.3 Related Computational Materials furnished by Nomura
Securities International, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
--------------------------------
Name: Thomas Middleton
Title: President and Chief
Operating Officer
Dated: January 13, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
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 Greenwich
Capital Markets, Inc.
99.3 Related Computational Materials furnished by Nomura
Securities International, Inc.
Exhibit 8.1
January 13, 1997
Re: IMC Securities, Inc.
Home Equity Loan Asset-Backed Pass-Through Certificates,
Series 1997-1
Registration Statement on Form S-3 No. 333-4911
Ladies and Gentlemen:
We have acted as counsel to IMC Securities, Inc. in connection with the
preparation and filing of the registration statement on Form S-3 (such
registration statement, the "Registration Statement") filed with the Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended (the
"Act"), in respect of Home Equity Loan Asset-Backed Pass-Through Certificates,
Series 1997-1 (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 REMIC created by the Pooling and Servicing
Agreement will be treated as a REMIC, the Class A Certificates will be treated
as "regular interests" in such REMIC and the Class R Certificates will be the
sole "residual interests" in the such 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
Exhibit 99.1
IMC Home Equity Loan Trust 1997-1
- ---------------------------------
Information Relating to the Collateral
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 1/1/97:
<TABLE>
<S> <C> <C>
Total Number of Loans: 4,260
Total Outstanding Loan Balance: $249,901,898
Balloon (% of Total): 44.34%
Level Pay (% of Total): 55.66%
Average Loan Principal Balance: $58,662 ($2,988 to $376,828)
Weighted Average CLTV : 72.19% (10.86% to 98.83%)
% of Pool with LTVs greater than 85%: 9.19%
Weighted Average Coupon: 11.93% (7.80% to 18.98%)
Weighted Average Remaining Term to
Maturity (months): 223 (34 to 360)
Weighted Average Seasoning (months): 3 (0 to 43)
Weighted Average Original Term (months): 226 (36 to 360)
Range of Original Terms: Level Pay Balloon
--------------------------------- ------------------------------
Up to 60: 0.14% Up to 60: 0.02%
61 - 120: 1.98% 61 - 120: 0.08%
121 - 180: 16.63% 121 - 180: 44.25%
181 - 240: 15.65%
241 - 300: 0.09%
301 - 360: 21.16%
Lien Position: 1st Lien: 89.21%
2nd Lien: 10.79%
Property Type: Single Family Detached: 89.91%
Single Family Attached: 2.03%
2-4 Family: 5.75%
Condominium/Townhouse: 1.50%
Other: 0.81%
Occupancy Status: Owner Occupied: 91.95%
Non-Owner Occupied: 8.05%
Geographic Distribution: NY: 14.77% FL: 6.85%
(states not listed individually account NJ: 7.71% GA: 5.87%
for less than 5.00% of the Mortgage MD: 7.26% NC: 5.35%
Loan principal balance) MI: 7.06%
Credit Quality: A: 45.10%
(per IMC's guidelines) B: 27.47%
C: 20.69%
D: 6.75%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[BEAR STEARNS LOGO]
<PAGE>
IMC Home Equity Loan Trust 1997-1
- ---------------------------------
Information Relating to the Collateral
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 1/1/97:
<TABLE>
<S> <C> <C>
Total Number of Loans: 686
Total Outstanding Loan Balance: $74,874,756
Balloon (% of Total): 0.63%
Non-Balloon (% of Total): 99.37%
Average Loan Principal Balance: $109,147 ($9,931 to $612,715)
Weighted Average CLTV : 72.34% (6.50 % to 93.14%)
Weighted Average Coupon: 9.86% (3.88 % to 15.50%)
Weighted Average Gross Margin: 6.25% (2.75 % to 10.25%)
Weighted Average Lifetime Cap: 17.76% (9.88 % to 55.00%)
Weighted Average Lifetime Floor: 9.68% (3.88 % to 15.75%)
Weighted Average Periodic Cap: 1.42% (1.00% to 10.00%)
Weighted Average Remaining Term to Maturity (months): 350 (111 to 360)
Weighted Average Seasoning (months): 6 (0 to 45)
Weighted Average Original Term (months): 357 (120 to 360)
Weighted Average Months to First Rate Change: 11 (1 to 35)
Range of Original Terms: Non-Balloon Balloon
------------------------------- --------------------------------
61 - 120: 0.00% 61 - 120: 0.17%
121 - 180: 0.77% 121 - 180: 0.46%
181 - 240: 0.66%
241 - 300: 0.00%
301 - 360: 97.95%
Lien Position: 1st Lien: 100.00%
2nd Lien: none
Index: 6-mo LIBOR: 79.98%
1-yr CMT: 20.02%
Property Type: Single Family Detached: 94.86% Condominium/Townhouse: 0.90%
Single Family Attached: 0.91% Other: 1.04%
2-4 Family: 2.29%
Occupancy Status: Owner Occupied: 93.87%
Non-Owner Occupied: 6.13%
Geographic Distribution: CA: 11.82% GA: 5.94%
(states not listed individually account MI: 11.49% IL: 5.67%
for less than 5.00% of the Mortgage WA: 7.43% CO: 5.48%
Loan principal balance) OR: 6.01%
Credit Quality: A: 47.98%
(per IMC's guidelines) B: 25.62%
C: 19.73%
D: 6.66%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[BEAR STEARNS LOGO]
<PAGE>
IMC Home Equity Loan Trust 1997-1
- ---------------------------------
Information Relating to the Certificates
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b)
- -----------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated Estimated Expected
WAL Modified Principal Principal Ratings
Approximate to Maturity Duration Lockout Window (Moody's /
Certificate Size (years) (years) (months) (months) S&P )
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A-1 $95,086,000 0.90 0.84 0 21 Aaa/AAA (b)
Class A-2 $31,086,000 2.10 1.90 20 10 Aaa/AAA (b)
Class A-3 $46,349,000 3.20 2.78 29 20 Aaa/AAA (b)
Class A-4 $37,517,000 5.19 4.19 48 33 Aaa/AAA (b)
Class A-5 $10,065,000 7.40 5.51 80 18 Aaa/AAA (b)
Class A-6 $17,897,000 10.77 7.04 97 80 Aaa/AAA (b)
Class A-7 $12,000,000 6.87 5.12 36 141 Aaa/AAA (b)
Class A-8 $75,000,000 3.26 2.68 0 211 Aaa/AAA (b)
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: For the Fixed Rate Group, 4.0% CPR
in month 1, and an additional 1.909% per annum in each month
thereafter until month 12. On and after month 12, 25% CPR. For
the Adjustable Rate Group, constant 25% CPR.
(b) MBIA surety bond.
<TABLE>
<CAPTION>
Class A-1 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 8.91 1.58 1.14 0.90 0.75 0.65
Modified Duration (years) 6.16 1.44 1.05 0.84 0.71 0.62
First Principal Payment 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97
Last Principal Payment 10/25/11 05/25/00 04/25/99 10/25/98 06/25/98 03/25/98
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 177 40 27 21 17 14
Illustrative Yield 6.641% 6.408% 6.297% 6.194% 6.098% 6.008%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-2 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.76 4.03 2.76 2.10 1.70 1.42
Modified Duration (years) 9.11 3.42 2.44 1.90 1.56 1.32
First Principal Payment 10/25/11 05/25/00 04/25/99 10/25/98 06/25/98 03/25/98
Last Principal Payment 10/25/11 11/25/01 04/25/00 07/25/99 01/25/99 09/25/98
Principal Lockout (months) 176 39 26 20 16 13
Principal Window (months) 1 19 13 10 8 7
Illustrative Yield 6.766% 6.685% 6.633% 6.581% 6.529% 6.478%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[BEAR STEARNS LOGO]
Page 1
<PAGE>
IMC Home Equity Loan Trust 1997-1
- ---------------------------------
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.76 6.35 4.29 3.20 2.53 2.08
Modified Duration (years) 8.99 4.97 3.59 2.78 2.25 1.88
First Principal Payment 10/25/11 11/25/01 04/25/00 07/25/99 01/25/99 09/25/98
Last Principal Payment 10/25/11 04/25/05 07/25/02 02/25/01 03/25/00 08/25/99
Principal Lockout (months) 176 57 38 29 23 19
Principal Window (months) 1 42 28 20 15 12
Illustrative Yield 6.960% 6.920% 6.885% 6.849% 6.811% 6.772%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-4 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.89 10.46 7.11 5.19 4.04 3.26
Modified Duration (years) 9.72 7.10 5.37 4.19 3.39 2.81
First Principal Payment 10/25/11 04/25/05 07/25/02 02/25/01 03/25/00 08/25/99
Last Principal Payment 11/25/19 04/25/10 04/25/06 10/25/03 02/25/02 02/25/01
Principal Lockout (months) 176 98 65 48 37 30
Principal Window (months) 98 61 46 33 24 19
Illustrative Yield 7.271% 7.253% 7.232% 7.207% 7.180% 7.152%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-5 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 24.44 14.21 10.11 7.40 5.62 4.47
Modified Duration (years) 10.93 8.50 6.88 5.51 4.45 3.68
First Principal Payment 11/25/19 04/25/10 04/25/06 10/25/03 02/25/02 02/25/01
Last Principal Payment 11/25/22 10/25/11 02/25/08 03/25/05 03/25/03 11/25/01
Principal Lockout (months) 273 158 110 80 60 48
Principal Window (months) 37 19 23 18 14 10
Illustrative Yield 7.515% 7.503% 7.490% 7.474% 7.454% 7.433%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-6 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.76 16.10 13.56 10.77 8.38 6.54
Modified Duration (years) 11.14 8.91 8.13 7.04 5.92 4.93
First Principal Payment 11/25/22 10/25/11 2/25/08 3/25/05 3/25/03 11/25/01
Last Principal Payment 6/25/26 6/25/20 12/25/14 10/25/11 6/25/10 1/25/08
Principal Lockout (months) 309 176 132 97 73 57
Principal Window (months) 44 105 83 80 88 75
Illustrative Yield 7.760% 7.749% 7.744% 7.735% 7.722% 7.706%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[BEAR STEARNS LOGO]
Page 2
<PAGE>
IMC Home Equity Loan Trust 1997-1
- ---------------------------------
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-7 "LOCK BOND" (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.56 8.81 7.67 6.87 6.26 5.79
Modified Duration (years) 8.19 6.10 5.54 5.12 4.79 4.51
First Principal Payment 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00
Last Principal Payment 6/25/26 6/25/20 10/25/11 10/25/11 6/25/10 1/25/08
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 317 245 141 141 125 96
Illustrative Yield 7.326% 7.307% 7.300% 7.293% 7.287% 7.281%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-8 (to maturity)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.05 6.53 4.42 3.26 2.53 2.03
Modified Duration (years) 11.33 4.69 3.45 2.68 2.16 1.78
First Principal Payment 2/25/97 2/25/97 2/25/97 2/25/97 2/25/97 2/25/97
Last Principal Payment 6/25/26 7/25/24 10/25/19 8/25/14 11/25/10 2/25/08
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 353 330 273 211 166 133
Illustrative Yield 5.842% 5.840% 5.838% 5.837% 5.835% 5.833%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-5 (to 10% clean-up call)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 24.44 14.18 10.01 7.36 5.62 4.47
Modified Duration (years) 10.93 8.50 6.84 5.49 4.45 3.68
First Principal Payment 11/25/19 4/25/10 4/25/06 10/25/03 2/25/02 2/25/01
Last Principal Payment 11/25/22 9/25/11 6/25/07 11/25/04 3/25/03 11/25/01
Principal Lockout (months) 273 158 110 80 60 48
Principal Window (months) 37 18 15 14 14 10
Illustrative Yield 7.515% 7.503% 7.490% 7.474% 7.454% 7.433%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-6 (to 10% clean-up call)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.85 14.67 10.42 7.84 6.17 5.00
Modified Duration (years) 11.04 8.53 6.95 5.70 4.76 4.02
First Principal Payment 11/25/22 9/25/11 6/25/07 11/25/04 3/25/03 11/25/01
Last Principal Payment 1/25/24 9/25/11 6/25/07 11/25/04 3/25/03 1/25/02
Principal Lockout (months) 309 175 124 93 73 57
Principal Window (months) 15 1 1 1 1 3
Illustrative Yield 7.760% 7.747% 7.734% 7.719% 7.702% 7.683%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[BEAR STEARNS LOGO]
Page 3
<PAGE>
IMC Home Equity Loan Trust 1997-1
- ---------------------------------
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-7 "LOCK BOND" (to 10% clean-up call)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.55 8.78 7.31 6.28 5.40 4.64
Modified Duration (years) 8.19 6.09 5.39 4.83 4.31 3.81
First Principal Payment 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00
Last Principal Payment 1/25/24 9/25/11 6/25/07 11/25/04 3/25/03 1/25/02
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 288 140 89 58 38 24
Illustrative Yield 7.326% 7.307% 7.297% 7.288% 7.276% 7.263%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A-8 (to 10% clean-up call)
- -----------------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.78 6.00 4.05 2.99 2.33 1.88
Modified Duration (years) 11.28 4.51 3.29 2.54 2.04 1.67
First Principal Payment 2/25/97 2/25/97 2/25/97 2/25/97 2/25/97 2/25/97
Last Principal Payment 1/25/24 9/25/11 6/25/07 11/25/04 3/25/03 1/25/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 324 176 125 94 74 60
Illustrative Yield 5.842% 5.839% 5.838% 5.837% 5.834% 5.833%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[BEAR STEARNS LOGO]
Page 4
Exhibit 99.2
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus Supplement and the related
Prospectus.
Prepared: 1/13/97
GREENWICH CAPITAL MARKETS, INC.
Preliminary Term Sheet
$325,000,000
IMC Home Equity Loan Trust 1997-1
Fixed Rate Home Equity Loan Asset Backed Certificates, Series 1997-1
<TABLE>
<CAPTION>
Bond Structure: Ratings: "Aaa" / "AAA" by MDY/S&P(5)
- ---------- ------------- ------------------ ----------------- -------------------------------------------- ---------------
Principal WAL(3) Payment Window (Maturity) Legal
Class(1) Coupon(2) Amount (Mat./Call) Start Last Window(4) Final
- ---------- ------------- ------------------ ----------------- ------------ ---------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 fixed $[95,086,000] [0.90yr] 2/25/97 10/25/98 [21] mos 10/25/11
A-2 fixed $[31,086,000] [2.10yr] 10/25/98 7/25/99 [10] mos 10/25/11
A-3 fixed $[46,349,000] [3.20yr] 7/25/99 2/25/01 [20] mos 10/25/11
A-4 fixed $[37,517,000] [5.19yr] 2/25/01 10/25/03 [33] mos 11/25/19
A-5 fixed $[10,065,000] [7.40/7.36yr] 10/25/03 3/25/05 [18] mos 11/25/22
A-6 fixed $[17,897,000] [10.77/7.84yr] 3/25/05 10/25/11 [80] mos [3/25/27]
A-7(1) fixed $[12,000,000] [6.87/6.28yr] 2/25/00 10/25/11 [141] mos [3/25/27]
A-8(6) floating $[75,000,000] [3.26/2.99yr] 2/25/97 8/25/14 [211] mos 6/25/26
- ---------- ------------- ------------------ ----------------- -------------- -------------- -------------- ---------------
Total $325,000,000
- ---------- ------------- ------------------ ----------------- -------------- -------------- -------------- ---------------
Notes:
(1) Principal Payment Structure: Sequential Pay; Class A-7 Lock Bond.
(2) Payable monthly starting 2/25/97. Fixed Pass Through Rates (30/360) with
accrued from January 1, 1997.
(3) Prepayment Assumption: Fixed Rate Collateral: [4.0]% CPR ramping to [25.0]% CPR by month 12 ([4.0]% CPR in month 1, and an
additional [1.909]% precisely [21.0]%/11 per annum in each month thereafter until month 12; on and thereafter, [25]% CPR.);
Adjustable Rate Collateral: constant 25% CPR.
(4) Total number of months during which tranches receive principal payments at the pricing speed (see note 3.) including first and
last payment.
(5) Ratings, which are a condition to issuance, are based on a 100% surety wrap provided by MBIA Insurance Corp. ("MBIA").
(6) Greenwich Capital Markets is not an underwriter of the The Class A-8 Certificates.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Underwriters: Bear, Stearns & Co. Inc. (Books) - Class A-1 through A-7
Greenwich Capital Markets, Inc. - Class A-1 through A-7
Nomura Securties International, Inc. - Class A-8 only
Sponsor and Servicer: Industry Mortgage Company, L.P.
Depositor: IMC Securities, Inc.
Originator: Industry Mortgage Company, L.P
Trustee: The Chase Manhattan Bank, a New York banking corporation.
Registration: The Certificates will be available in book-entry form through DTC.
Cut-off Date: January 1, 1997
Pricing Date: January [16], 1997
Settlement Date: January [23], 1997
Distribution Dates: [25]th day of each month (or the next succeeding business day), beginning February [25], 1997.
Credit Enhancement: Overcollateralization and a 100% surety wrap to be provided by MBIA.
ERISA Eligibility: The Certificates will be ERISA eligible.
SMMEA Treatment: The Certificates will not constitute "mortgage related
securities" for purposes of SMMEA.
Optional Termination: 10% optional clean-up call (outstanding pool balance is less than 10% of the initial Mortgage
Loans).
Mortgage Loans: Fixed and floating rate closed-end home equity mortgage loans.
Pre-Funding: Less than $250,000
</TABLE>
1
<PAGE>
IMC Home Equity Loan Trust 1997-1
Information Relating to the Certificates
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b)
- ---------------- --------------- --------------- -------------- --------------- -------------- ---------------
Estimated Estimated Estimated Estimated Expected
WAL Modified Principal Principal Ratings
Approximate to Maturity Duration Lockout Window (Moody's /
Certificate Size (years) (years) (months) (months) S&P )
- ---------------- --------------- --------------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Class A-1 $95,086,000 0.90 0.84 0 21 Aaa/AAA (b)
Class A-2 $31,086,000 2.10 1.90 20 10 Aaa/AAA (b)
Class A-3 $46,349,000 3.20 2.78 29 20 Aaa/AAA (b)
Class A-4 $37,517,000 5.19 4.19 48 33 Aaa/AAA (b)
Class A-5 $10,065,000 7.40 5.51 80 18 Aaa/AAA (b)
Class A-6 $17,897,000 10.77 7.04 97 80 Aaa/AAA (b)
Class A-7 $12,000,000 6.87 5.12 36 141 Aaa/AAA (b)
Class A-8(c) $75,000,000 3.26 2.68 0 211 Aaa/AAA (b)
- ---------------- --------------- --------------- -------------- --------------- -------------- ---------------
Notes: (a) 100% Prepayment Assumption: Fixed Rate Collateral: 4.0% CPR in month 1, and an additional 1.909% per annum in
each month; thereafter until month 12. On and after month 12, 25% CPR; Adjustable Rate Collateral:
constant 25% CPR.
(b) MBIA surety bond.
(c) Greenwich Capital Markets is not an underwriter of the Class A-8 Certificates.
</TABLE>
<TABLE>
<CAPTION>
Class A-1 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 8.91 1.58 1.14 0.90 0.75 0.65
Modified Duration (years) 6.16 1.44 1.05 0.84 0.71 0.62
First Principal Payment 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97
Last Principal Payment 10/25/11 05/25/00 04/25/99 10/25/98 06/25/98 03/25/98
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 177 40 27 21 17 14
Illustrative Yield 6.641% 6.408% 6.297% 6.194% 6.098% 6.008%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.76 4.03 2.76 2.10 1.70 1.42
Modified Duration (years) 9.11 3.42 2.44 1.90 1.56 1.32
First Principal Payment 10/25/11 05/25/00 04/25/99 10/25/98 06/25/98 03/25/98
Last Principal Payment 10/25/11 11/25/01 04/25/00 07/25/99 01/25/99 09/25/98
Principal Lockout (months) 176 39 26 20 16 13
Principal Window (months) 1 19 13 10 8 7
Illustrative Yield 6.766% 6.685% 6.633% 6.581% 6.529% 6.478%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus Supplement and the related
Prospectus.
2
<PAGE>
IMC Home Equity Loan Trust 1997-1
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.76 6.35 4.29 3.20 2.53 2.08
Modified Duration (years) 8.99 4.97 3.59 2.78 2.25 1.88
First Principal Payment 10/25/11 11/25/01 04/25/00 07/25/99 01/25/99 09/25/98
Last Principal Payment 10/25/11 04/25/05 07/25/02 02/25/01 03/25/00 08/25/99
Principal Lockout (months) 176 57 38 29 23 19
Principal Window (months) 1 42 28 20 15 12
Illustrative Yield 6.960% 6.920% 6.885% 6.849% 6.811% 6.772%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.89 10.46 7.11 5.19 4.04 3.26
Modified Duration (years) 9.72 7.10 5.37 4.19 3.39 2.81
First Principal Payment 10/25/11 04/25/05 07/25/02 02/25/01 03/25/00 08/25/99
Last Principal Payment 11/25/19 04/25/10 04/25/06 10/25/03 02/25/02 02/25/01
Principal Lockout (months) 176 98 65 48 37 30
Principal Window (months) 98 61 46 33 24 19
Illustrative Yield 7.271% 7.253% 7.232% 7.207% 7.180% 7.152%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 24.44 14.21 10.11 7.40 5.62 4.47
Modified Duration (years) 10.93 8.50 6.88 5.51 4.45 3.68
First Principal Payment 11/25/19 04/25/10 04/25/06 10/25/03 02/25/02 02/25/01
Last Principal Payment 11/25/22 10/25/11 02/25/08 03/25/05 03/25/03 11/25/01
Principal Lockout (months) 273 158 110 80 60 48
Principal Window (months) 37 19 23 18 14 10
Illustrative Yield 7.515% 7.503% 7.490% 7.474% 7.454% 7.433%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus Supplement and the related
Prospectus.
3
<PAGE>
IMC Home Equity Loan Trust 1997-1
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-6 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.76 16.10 13.56 10.77 8.38 6.54
Modified Duration (years) 11.14 8.91 8.13 7.04 5.92 4.93
First Principal Payment 11/25/22 10/25/11 02/25/08 03/25/05 03/25/03 11/25/01
Last Principal Payment 06/25/26 06/25/20 12/25/14 10/25/11 06/25/10 01/25/08
Principal Lockout (months) 309 176 132 97 73 57
Principal Window (months) 44 105 83 80 88 75
Illustrative Yield 7.760% 7.749% 7.744% 7.735% 7.722% 7.706%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-7 "LOCK BOND" (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.56 8.81 7.67 6.87 6.26 5.79
Modified Duration (years) 8.19 6.10 5.54 5.12 4.79 4.51
First Principal Payment 02/25/00 02/25/00 02/25/00 02/25/00 02/25/00 02/25/00
Last Principal Payment 06/25/26 06/25/20 10/25/11 10/25/11 06/25/10 01/25/08
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 317 245 141 141 125 96
Illustrative Yield 7.326% 7.307% 7.300% 7.293% 7.287% 7.281%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-8 (to maturity)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.05 6.53 4.42 3.26 2.53 2.03
Modified Duration (years) 11.33 4.69 3.45 2.68 2.16 1.78
First Principal Payment 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97
Last Principal Payment 06/25/26 07/25/24 10/25/19 08/25/14 11/25/10 02/25/08
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 353 330 273 211 166 133
Illustrative Yield 5.842% 5.840% 5.838% 5.837% 5.835% 5.833%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus Supplement and the related
Prospectus.
4
<PAGE>
IMC Home Equity Loan Trust 1997-1
<TABLE>
<CAPTION>
Information Relating to the Certificates
- --------------------------------------------------------------------------------------------------------------------------
Class A-5 (to 10% clean-up call)
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
Average Life (years) 24.44 14.18 10.01 7.36 5.62 4.47
Modified Duration (years) 10.93 8.50 6.84 5.49 4.45 3.68
First Principal Payment 11/25/19 04/25/10 04/25/06 10/25/03 02/25/02 02/25/01
Last Principal Payment 11/25/22 09/25/11 06/25/07 11/25/04 03/25/03 11/25/01
Principal Lockout (months) 273 158 110 80 60 48
Principal Window (months) 37 18 15 14 14 10
- --------------------------------------------------------------------------------------------------------------------------
Illustrative Yield 7.515% 7.503% 7.490% 7.474% 7.454% 7.433%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-6 (to 10% clean-up call)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.85 14.67 10.42 7.84 6.17 5.00
Modified Duration (years) 11.04 8.53 6.95 5.70 4.76 4.02
First Principal Payment 11/25/22 09/25/11 06/25/07 11/25/04 03/25/03 11/25/01
Last Principal Payment 01/25/24 09/25/11 06/25/07 11/25/04 03/25/03 01/25/02
Principal Lockout (months) 309 175 124 93 73 57
Principal Window (months) 15 1 1 1 1 3
Illustrative Yield 7.760% 7.747% 7.734% 7.719% 7.702% 7.683%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-7 "LOCK BOND" (to 10% clean-up call)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.55 8.78 7.31 6.28 5.40 4.64
Modified Duration (years) 8.19 6.09 5.39 4.83 4.31 3.81
First Principal Payment 02/25/00 02/25/00 02/25/00 02/25/00 02/25/00 02/25/00
Last Principal Payment 01/25/24 09/25/11 06/25/07 11/25/04 03/25/03 01/25/02
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 288 140 89 58 38 24
Illustrative Yield 7.326% 7.307% 7.297% 7.288% 7.276% 7.263%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus supplement and the related
Prospectus.
5
<PAGE>
IMC Home Equity Loan Trust 1997-1
Information Relating to the Certificates
<TABLE>
<CAPTION>
Class A-8 (to 10% clean-up call)
- --------------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0% 12.50% 18.75% 25.00% 31.25% 37.50%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.78 6.00 4.05 2.99 2.33 1.88
Modified Duration (years) 11.28 4.51 3.29 2.54 2.04 1.67
First Principal Payment 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97 02/25/97
Last Principal Payment 01/25/24 09/25/11 06/25/07 11/25/04 03/25/03 01/25/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 324 176 125 94 74 60
Illustrative Yield 5.842% 5.839% 5.838% 5.837% 5.834% 5.833%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus supplement and the related
Prospectus.
6
<PAGE>
<TABLE>
<CAPTION>
IMC Home Equity Loan Trust 1997-1
Information Relating to the Certificates
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 1/1/97:
<S> <C> <C>
Total Number of Loans: 4,260
Total Outstanding Loan Balance: $249,901,898
Balloon (% of Total): 44.34%
Level Pay (% of Total): 55.66%
Average Loan Principal Balance: $58,662 ($2,988 to $376,828)
Weighted Average CLTV: 72.19% (10.86% to 98.83%)
% of Pool with LTVs greater than 85%: 9.19%
Weighted Average Coupon: 11.93% (7.80% to 18.98%)
Weighted Average Remaining Term to Maturity (months): 223 (34 to 360)
Weighted Average Seasoning (months): 3 (0 to 43)
Weighted Average Original Term (months): 226 (36 to 360)
Range of Original Terms: Level Pay Balloon
-------------- --------------
Up to 60: 0.14% Up to 60: 0.02%
61 - 120: 1.98% 61 - 120: 0.08%
121 - 180: 16.63% 121 - 180: 44.25%
181 - 240: 15.65%
241 - 300: 0.09%
301 - 360: 21.16%
Lien Position: 1st Lien: 89.21%
2nd Lien: 10.79%
Property Type: Single Family Detached: 89.91%
Single Family Attached: 2.03%
2-4 Family: 5.75%
Condominium/Townhouse: 1.50%
Other: 0.81%
Occupancy Status: Owner Occupied: 91.95%
Non-Owner Occupied: 8.05%
Geographic Distribution: NY: 14.77% FL: 6.85%
(states not listed individually account NJ: 7.71% GA: 5.87%
for less than 5.00% of the Mortgage MD: 7.26% NC: 5.35%
Loan principal balance) MI: 7.06%
Credit Quality: A: 45.10%
(per IMC's guidelines) B: 27.47%
C: 20.69%
D: 6.75%
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus supplement and the related
Prospectus.
7
<PAGE>
IMC Home Equity Loan Trust 1997-1
Information Relating to the Certificates
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of 1/1/97:
<TABLE>
<CAPTION>
<S> <C> <C>
Total Number of Loans: 686
Total Outstanding Loan Balance: $74,874,756
Balloon (% of Total): 0.63%
Non-Balloon (% of Total): 99.37%
Average Loan Principal Balance: $109,147 ($9,931 to $612,715)
Weighted Average CLTV: 72.34% (6.60% to 93.14%)
Weighted Average Coupon: 9.86% (3.88% to 15.50%)
Weighted Average Gross Margin: 6.25% (2.75% to 10.25%)
Weighted Average Lifetime Cap: 17.76% (9.88% to 55.00%)
Weighted Average Lifetime Floor: 9.68% (3.88% to 15.75%)
Weighted Average Periodic Cap: 1.42% (1.00% to 10.00%)
Weighted Average Remaining Term to Maturity (months): 350 (111 to 360)
Weighted Average Seasoning (months): 6 (0 to 45)
Weighted Average Original Term (months): 357 (120 to 360)
Weighted Average Months to First Rate Change: 11 (1 to 35)
Range of Original Terms: Non-Balloon Balloon
---------------------- ---------------------
61 - 120: 0.00% 61 - 120: 0.17%
121 - 180: 0.77% 121 - 180: 0.46%
181 - 240: 0.66%
241 - 300: 0.00%
301 - 360: 97.95%
Lien Position: 1st Lien: 100.00%
2nd Lien: none
Index: 6-mo LIBOR: 79.98%
1-yr CMT: 20.02%
Property Type: Single Family Detached: 94.86% Condominium/Townhouse: 0.90%
Single Family Attached: 0.91% Other: 1.04%
2-4 Family: 2.29%
Occupancy Status: Owner Occupied: 93.87%
Non-Owner Occupied: 6.13%
Geographic Distribution: CA: 11.82% GA: 5.94%
(states not listed individually account MI: 11.49% IL: 5.67%
for less than 5.00% of the Mortgage WA: 7.43% CO: 5.48%
Loan principal balance) OR: 6.01%
Credit Quality: A: 47.98%
(per IMC's guidelines) B: 25.62%
C: 19.73%
D: 6.66%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
Greenwich Capital Markets, Inc.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may
only be made through the delivery of a Prospectus supplement and the related
Prospectus.
8
<PAGE>
Computational Materials Disclaimer
The attached tables, including information provided on Page 1 of this
Preliminary Term Sheet (the "Computational Materials"), are privileged and
confidential and intended for use by the addressee only. These Computational
Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not
by the issuer of the securities. They may not be provided to any third party
other than the addressee's legal, tax, financial and/or accounting advisors for
the purposes of evaluating said material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
either the Computational Material's accuracy, appropriateness or completeness in
any particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayment assumptions, and changes in such
prepayment assumptions may dramatically affect such weighted average lives or
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfall. The specific characteristics of the securities may differ
from those shown in the Computational Materials due to differences between the
actual underlying assets and the hypothetical underlying assets used in
preparing the Computational Materials. The principal amount and designation of
any security described in the Computational Materials are subject to change
prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. A Final prospectus and
prospectus supplement maybe obtained by contacting GCM's Trading Desk at (203)
625-6160.
Please be advised that mortgage-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should make every effort to consider the risks of these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
9
Exhibit 99.3
Nomura Securities International, Inc. - Residential Whole Loan Desk
----------------------- --------------------- ---------------------
Trading Desk :x2266 Chris Woschenko Raymond Lafontant
----------------------- --------------------- ---------------------
IMC Home Equity Loan Trust 1997 - 1
$325,000,000
Preliminary Structure
- ----------- ------------------- -------------- -------------- -----------------
Approximate
Class Balance Coupon WAL1 Allocation
----- ------- ------ --- ----------
A-1 $95,086,000 Fixed 0.90 $0
A-2 $31,086,000 Fixed 2.10 $0
A-3 $46,349,000 Fixed 3.20 $0
A-4 $37,517,000 Fixed 5.19 $0
A-5 $10,065,000 Fixed 7.40 $0
A-6 $17,897,000 Fixed 10.77 $0
A-7 $12,000,000 Fixed 6.87 $0
A-8 $75,000,000 Floater 3.26 $75,000,000
- ----------- ------------------- -------------- -------------- -----------------
Issuer: IMC Home Equity Loan Trust 1997-1
Seller / Servicer: Industry Mortgage Company, L.P.
Structure: Sequential Pay
Underwriters: ARMs NSI
Fixed Bear Stearns / Greenwich Capital
Credit Support: Excess Spread / Over-collateralization
MBIA Insured
Collateral: Home-equity, closed-end, 1st & 2nd liens
Call Feature: 10% Clean-up
Rating: Aaa / Moody's - AAA / S&P
------
ERISA: Yes
SMMEA: No
Trustee: Chase Manhattan Bank
Anticipated Dates: Pre-Marketing Mon / Tues 1/13 & 1/14
Launch Deal Wednesday 1/15
Price Deal Thursday 1/16
Settlement Thursday 1/23
--------
1 Prepayment Assumption :
Group 1: 4% CPR in month 1 and an additional 1.909% per month in each
month through month 12, 25% CPR thereafter. Group 2: 25% CPR.
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
Form No. 124
<PAGE>
IMC Home Equity Loan Trust 1997-1
<TABLE>
<CAPTION>
Illustrative Yields @ Par
Speed 0% CPR 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC
- ----- ------ ------- ------- -------- -------- --------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
----- --- ----- --- ----- --- ----- --- ----- --- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class
A1 6.641% 8.91 6.408% 1.58 6.297% 1.14 6.194% 0.90 6.098% 0.75 6.008% 0.65
A2 6.766% 14.76 6.685% 4.03 6.633% 2.76 6.581% 2.10 6.529% 1.70 6.478% 1.42
A3 6.960% 14.76 6.920% 6.35 6.885% 4.29 6.849% 3.20 6.811% 2.53 6.772% 2.08
A4 7.271% 17.89 7.253% 10.46 7.232% 7.11 7.207% 5.19 7.180% 4.04 7.152% 3.26
A5 7.515% 24.44 7.503% 14.21 7.490% 10.11 7.474% 7.40 7.454% 5.62 7.433% 4.47
A6 7.760% 27.76 7.749% 16.10 7.744% 13.56 7.735% 10.77 7.722% 8.38 7.706% 6.54
A7 7.326% 13.56 7.307% 8.81 7.300% 7.67 7.293% 6.87 7.287% 6.26 7.281% 5.79
A8 5.842% 21.05 5.840% 6.53 5.838% 4.42 5.837% 3.26 5.835% 2.53 5.833% 2.03
</TABLE>
<TABLE>
<CAPTION>
To 10% Clean-Up Call
- ----------------------------------------------------------------------------------------------------------------------------
Speed 0% CPR 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC
- ----- ------ ------- ------- -------- -------- --------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
----- --- ----- --- ----- --- ----- --- ----- --- ----- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class
A5 7.515% 24.44 7.503% 14.18 7.490% 10.01 7.474% 7.36 7.454% 5.62 7.433% 4.47
A6 7.760% 26.85 7.747% 14.67 7.734% 10.42 7.719% 7.84 7.702% 6.17 7.683% 5.00
A7 7.326% 13.55 7.307% 8.78 7.297% 7.31 7.288% 6.28 7.276% 5.40 7.263% 4.64
A8 5.842% 20.78 5.839% 6.00 5.838% 4.05 5.837% 2.99 5.834% 2.33 5.833% 1.88
</TABLE>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
Form No. 124
<PAGE>
Nomura Securities International, Inc. - Residential Whole Loan Desk
----------------------- --------------------- ---------------------
Trading Desk :x2266 Chris Woschenko Raymond Lafontant
----------------------- --------------------- ---------------------
IMC Home Equity Loan Trust 1997 - 1
Collateral Summary
- --------------------------------------------------------------------------------
Fixed Rate Home Equity Loans
- --------------------------------------------------------------------------------
Balance: $249,901,898
Average: $58,662
Maximum: $376,828
Minimum: $2,988
WA LTV: 72.19%
WAC: 11.93%
Current WAM: 223
Original WAM: 226
Mortgage Type:
30 Year Fixed: 55.65%
30/15 Balloons: 44.35%
Property Type:
SFD: 89.91%, 2-4 Units: 5.75%,
Condo: 1.50%
Occupancy Status:
Owner Occupied: 91.95%
Non-Owner: 8.05%
Geographics:
NY: 14.77%, NJ: 7.71%, MD: 7.26%, MI: 7.06%, FL: 6.85%
Lien Position:
1st Liens: 89.21%, 2nd Liens: 10.79%
Credit Quality:
A: 45.10%, B: 27.47%, C: 20.69%,
D: 6.75%
<PAGE>
- --------------------------------------------------------------------------------
Adjustable Rate Home Equity Loans
- --------------------------------------------------------------------------------
Balance: $74,874,756
Average: $109,147
Maximum: $612,715
Minimum: $9,931
WA LTV: 72.34%
WAC: 9.86%
WA Margin: 6.25%
WA Life Cap: 17.76%
WA Life Floor: 9.68%
WA Periodic Cap: 1.42%
WA First Reset: 11 mo.
Current WAM: 350
Original WAM: 357
Mortgage Type:
Non-Balloons: 99.37%
30/15 Balloons: 0.63%
Index Type:
6 Month LIBOR: 79.98%
1 Yr. CMT: 20.02%
Property Type:
SFD: 94.86%, 2-4 Units: 2.29%
Condo: 0.90%
Occupancy Status:
Owner Occupied: 93.87%
Non-Owner: 6.13%
Geographics:
CA: 11.82%, MI: 11.49%, WA: 7.43%, OR: 6.01%, GA: 5.94%
Lien Position:
1st Liens: 100.00%
Credit Quality:
A: 47.98%, B: 25.62%, C: 19.73%,
D: 6.66%
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
